Income Collected and Expenses. PAID ON BEHALF OF OWNERS
7.1 All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account.
7.2 All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7.1 but shall in any event remain payable by the Owners to the Managers on demand.
Income Collected and Expenses. Paid on Behalf of Owners
Income Collected and Expenses. Paid on Behalf of Owners
(a) Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account.
(b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 12(c) may be debited against the Owners in the account referred to under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand.
(c) All monies collected by the Managers under Clause 6 (Commercial Management) shall be paid into a bank account in the name of the Owners or as may be otherwise advised by the Owners in writing.
Income Collected and Expenses. Paid on Behalf of Owners 7.1 All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account.
Income Collected and Expenses. Paid on Behalf of Owners 231 (i) the Owners shall continue to pay Crew Support Costs during 271
7.1 Without prejudice to the provisions of Section 10.7 of the 232 the said further period of three calendar months and 272 Partnership Management Agreement, Aall moneys collected by the (ii) the Owners shall pay an equitable proportion of any 273 Managers under the terms of Severance Costs which may materialize, not exceeding 274 this Agreement (other than moneys payable by the Owners to 233 the amount stated in Box 16. 275 the Managers) and any interest thereon shall be held to the 234 8.5 If the Owners decide to lay up the Vessel whilst this 276 credit of the Owners in a separate bank account. 235 Agreement remain in force and such lay up lasts for more 277 7.2 Without prejudice to the provisions of Section 9.7, Section 236 than three months, an appropriate reduction of the management 278 10.5 and Section 10.8 of the Partnership Management Agreement, Aall fee for the period exceeding three months until one month 279 expenses incurred by the Managers under the terms before the Vessel is again put into service shall be mutually 280 of this Agreement on behalf of the Owners (including expenses 237 agreed between the parties. 281 as provided in Clause 8) may be debited against the Owners 238 8.6 Unless otherwise agreed in writing all discounts and 282 in the account referred to under sub-clause 7.1 but shall in any 239 commissions obtained by the Managers in the course of the 283 event remain payable by the Owners to the Managers on 240 management of the Vessel shall be credited to the Owners 284 demand. For the avoidance of doubt, the Managers can make 241 such demand on the Owners as well as on the Partnership as 9. Budgets and Management of Funds 285
9.1 The Owners are aware that the Managers will be preparing 286 Furthermore and without prejudice to the generality of the budgets in connection with, inter alia, the provision of the provisions of this Clause 7, the Managers shall, subject to being Management Services which the Managers will be submitting placed in funds by the Owners or the Partnership, arrange for the for approval to the Partnership in accordance with the provisions of payment of all ordinary charges incurred in connection with the Article X of the Partnership Management Agreement. The Managers Management Services, including, but not limited to, all canal shall present to the Owners annually a tolls, port charges, any amounts due to any govern...
Income Collected and Expenses. Paid on Behalf of Owners 233
(a) Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this 234 Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be 235 held to the credit of the Owners in a separate bank account. 236
(b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners 237 (including expenses as provided in Clause 12(c)) may be debited against the Owners in the account referred to 238 under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand. 239
(c) All monies collected by the Managers under Clause 6 (Commercial Management) shall be paid into a 240 bank account in the name of the Owners or as may be otherwise advised by the Owners in writing. 241 12. Management Fee and Expenses 242
Income Collected and Expenses. Paid on Behalf of Owners
(a) Except as provided in Sub-clause 11 (c) all monies collected by the Managers under the terms of this Agreement (other than monies payable by the Owners to the Managers) (if any) and any interest thereon shall be held to the credit of the Owners in a separate bank account.
(b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners PART II XXXXXXX 2009 Standard ship management agreement (including expenses as provided in Clause 12(c)) (if any) may be debited against the Owners in the account referred to under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand.
(c) All monies collected by the Managers under Clause 6 (Commercial Management) (if any) shall be paid into a bank account in the name of the Owners or as may be otherwise advised by the Owners in writing.
12. Management Fee and Expenses
(a) The Owners shall pay to the Managers an annual management fee as stated in Box 14 for their services as Managers under this Agreement, (i) a flat management fee as stated in the Confirmation and which shall be payable monthly in advance against proper invoice in equal monthly instalments in advance, the first instalment (pro rata if appropriate) being payable on the commencement of this Agreement (see Clause 2 (Commencement and Appointment) and Box 2) and subsequent instalments being payable at the beginning of every calendar month; and
Income Collected and Expenses. Paid on Behalf of the --------------------------------------------------- Owners ------ A. All moneys collected by the Managers under the terms of this Agreement and any interest thereon shall be held to the credit of the Owners in a separate bank account in the name of the Owners with the Managers named as agent.
Income Collected and Expenses. Paid on Behalf of Owners 231
7.1 All moneys collected by the Managers under the terms of 232 this Agreement (other than moneys payable by the Owners to 233 the Managers) and any interest thereon shall be held to the 234 credit of the Owners in a separate bank account. 235
7.2 Without prejudice to the provisions of Clause 9.5 hereof, Aall 236 expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses 237 as provided in Clause 8) may be debited against the Owners 238 in the account referred to under sub-clause 7.1 but shall in any 239 event remain payable by the Owners to the Managers on 240 demand. For the avoidance of doubt, the Managers can make 241
Income Collected and Expenses. PAID ON BEHALF OF OWNERS
7.1 All Vessel Revenue and other monies to be paid in relation to the Vessels, or otherwise in relation to Euromar and/or the Owners, shall be paid to various accounts ("Revenue Accounts") in the name of Euromar or the relevant Owner (at Euromar's sole discretion) with such bank as may be nominated by Euromar, such account to be established and operated in accordance with Section 9.6 of the Limited Liability Company Agreement.
7.2 All amounts required to be paid into a charged account with any financing bank as security for the financing of any Vessel or Vessels shall be transferred from the Revenue Account to such earnings or retention account in accordance with the terms of the loan documentation in relation to such financing.
7.3 Following the transfer to such earnings or retention accounts, if required by Euromar, the balance standing to the credit of each of the Revenue Accounts on the first (1st) Business Day of each Month, shall be remitted to an account ("Overhead Account") in the name of Euromar with such bank as may be nominated by Euromar, such account to be established and operated in accordance with Section 9.6 of the Limited Liability Company Agreement.
7.4 An amount equal to 110% of the aggregate of the Monthly Vessel Budget for each Vessel shall be remitted from the relevant Overhead Account on the first (1st) Business Day of each month to a separate account in the name of Eurobulk ("Management Account") with such bank as may be nominated by Eurobulk.
7.5 Each of the Manager, Eurobulk and Eurochart shall provide the respective Management Services in consideration of the payment of the Vessel Management Fee, the Fixed Daily Fee and other fees payable under Clause 8. All fees payable by Euromar to the Manager under Clause 8 (including the Vessel Management Fee and the Fixed Daily Fee) shall be paid by Euromar to the Manager from the Overhead Account. All costs and disbursements incurred by the Manager, Eurobulk and/or Eurochart under the terms of this Agreement on behalf of Euromar and/or the Owners in the performance of the respective Management Services may be debited by the Manager (on behalf of itself, Eurobulk and/or Eurochart, as the case may be) from the Management Account in accordance with Clause 9 but shall in any event remain payable by Euromar to the Manager, Eurobulk or Eurochart (as the case may be) on demand.
