Common use of Income Collection Clause in Contracts

Income Collection. The Manager shall collect all income and other receipts in respect of the Vessel for the account of the Owner and to be paid into the Owner's designated bank account without any deductions / set offs, unless collected by any of the Owner's lender(s) to whom such receipts are assigned in accordance with Clause 15 below. If any amount is paid to the Owner's lender(s) the amount shall, for the purposes of this Agreement and the Manager's obligations to account for the income from the Vessel to the Owner, be deemed to be a payment to the Owner.

Income Collection. The Manager shall collect all income and other receipts in respect of the Vessel for the account of the Owner and to be paid into the Owner's designated bank account without any deductions / set offs, unless collected by any of the Owner's lender(s) to whom such receipts are assigned in accordance with Clause 15 below. If any amount is paid to the Owner's lender(s) the amount shall, for the purposes of this Agreement and the Manager's obligations to account for the income from trom the Vessel to It the Owner, be deemed to be a payment to the Owner.

Income Collection. The Manager shall collect all income and other receipts in respect of the Vessel for the account of the Owner and to be paid into the Owner's designated bank account without any deductions / set offs, unless collected by any of the Owner's lender(s) to whom such receipts are assigned in In accordance with Clause 15 below. If any amount is paid to the Owner's lender(s) the amount shall, for the purposes of this Agreement and the Manager's obligations to account for the income from the Vessel to the Owner, be deemed to be a payment to the Owner.