Common use of Management Fee and Expenses Clause in Contracts

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be payable 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. The management fee shall be payable to the Managers' no minated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for each calendar year and will be automatically adjusted to the Greek CPI index for the previous year. It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). (d) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by the Managers' personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed in the budget shall be charged at the daily rate stated in Box 16. (e) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the parties. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). (f) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual a daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be due and payable in equal monthly instalments in advance, the first instalment (pro rata if appropriate) being due and payable on the commencement date of this Agreement (see Clause 2 (Commencement and Appointment) and Box 2) delivery of the Vessel to the Owners and subsequent instalments being due and payable at the beginning every first New York banking day of every calendar month. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for (at the end of each calendar year year) in order to reflect any increases in the salaries of Managers’ employees and will be automatically adjusted to the Greek CPI index for the previous yearother expenses (inflation). It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). Subject always to the prior written approval of the Owners, the management fee may increase annually on January 1 of each year by not more than two and one-half percent (2.5%). (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expensesreasonable postage, communication, travelling and accommodation expenses, and other reasonable out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by Services including but not limited to the Vessel apportioned cost of the Managers' personnel travelling ’ “flying squad” and the “on board the Vessel” allowances as well as any other sundry administrative expenses, it being understood that the Managers shall not make any expenditure with respect to or from or attending on the Vessel or otherwise used items described in connection with this sub-paragraph ( c ) in the Management Services aggregate in excess of those agreed US$5,000 in any given calendar month, without the prior written consent of the Owners. Notwithstanding the foregoing, any of the above items that may be included in the annual budget shall will not be charged at the daily rate stated in Box 16part of this reimbursement. (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee is agreed to be Euro [190] per day and will be applicable for the period exceeding such period agreed in Box 17 until one month before the Vessel is again put into service shall be mutually agreed between the partiesservice. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be payable 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. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for each calendar year and will be automatically adjusted to the Greek CPI index for the previous year. It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by the Managers' ’ personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed in the budget shall be charged at the daily rate stated in Box 16. (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the parties. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be payable 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. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for each calendar year review, if so required by the Managers. and will be automatically adjusted to the Greek CPI index for the previous year. It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by the Managers' ’ personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed in the budget shall be charged at the daily rate stated in Box 16. (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the parties. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause Sub -clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be payable 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. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for each calendar year and will be automatically adjusted to the Greek CPI index for the previous year. It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a).in (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by the Managers' ’ personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed in the budget shall be charged at the daily rate stated in Box 16.Management Fee and Expenses (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the parties. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.Management Fee and Expenses

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be payable 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. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for increase of ***** on the 1st of January of each calendar year and will be automatically adjusted to the Greek CPI index for the previous year. It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses ***** properly incurred by the Managers in pursuance of the Management Services. Any days used by the Managers' ’ personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed in the budget shall be charged at the daily rate stated in Box 16. The Manager can revise the daily rates on a quarterly basis to reflect the current market conditions. (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the parties. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-Sub clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. (f) Fleet wide programs (i) Training program The owners agree to participate in the Manager’s fleet wide training program which encompasses seafarer conferences, courses in excess of STCW requirements, etc. For The owners agree to contribute monthly to the avoidance of any doubt, it is understood that insurance is charged training fund (ii) Volume purchasing agreement The owners join in on a gross rate basisthe lub oil volume purchasing agreement.

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual daily management fee as stated Managers, who shall be named (i) broker in Box 14 each charterparty (or equivalent agreement) providing for their services as Managers under this Agreementthe charter fixture of a vessel, or (ii) broker in each memorandum of agreement (or equivalent agreement) providing for the sale and purchase of a Vessel, a commission of (i) one and one quarter percent (1.25%) on all monies earned by the relevant Owners on each charter fixture of a Vessel and (ii) one percent (1.00%) based on the sale and purchase price for any sale and purchase of a Vessel (directly or via sale of a Controlling interest in the relevant Vessel owners) (the Commission), which shall be payable in equal monthly instalments in advancepayable: a. on receipt of the sales proceeds, freights, demurrage or hire by the first instalment Technical Managers or the Owners (pro rata if appropriate) being payable as the case may be); and b. on the commencement delivery date of this Agreement (see Clause 2 (Commencement and Appointment) and Box 2) and subsequent instalments being payable at the beginning of every calendar month. The management fee shall be payable any vessel purchased, to the Managers' no minated ’ nominated account stated in Box 15.Xxx 00; (b) The Owners shall place with not pay the Commission to the Managers for any CMA CGM Charter in effect as at the duration date of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within and neither shall the security or any portion thereof, if the amounts due Commission be paid to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) if any such CMA CGM Charter is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law extended or in equityamended. (c) The management fee Owners shall be subject pay to an annual review the Managers a commission at 0.75% if CMA CGM or any of its Affiliates enters into a new charter for each calendar year and the Vessel (the “CMA CGM Charter Brokerage Fee”). However, no CMA CGM Charter Brokerage Fee will be automatically adjusted payable by the Owners to the Greek CPI index for the previous year. It is understood that any Managers if CMA CGM or its Affiliate waives their own address commission in such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a).charter; (d) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expensesfor, reasonable postage, communication, travelling and accommodation expenses, and other reasonable out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used , including travelling in order to assist in settlements of disputes and outstanding accounts as requested by Owners, it being understood that the Managers' personnel travelling to or from or attending on Managers shall not make any expenditure in the Vessel or otherwise used in connection with the Management Services aggregate in excess of those agreed US$20,000 in any given calendar month without the budget shall be charged at prior written consent of the daily rate stated in Box 16Owners. (e) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period until one month before the Vessel is again put into service shall be mutually agreed between the partiesDeleted. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). N/A (f) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the OwnersDeleted. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.N/A

Management Fee and Expenses. (a) The Owners shall pay to the Managers an annual a daily management fee as stated in Box 14 for their services as Managers under this Agreement, which shall be due and payable in equal monthly instalments in advance, the first instalment (pro rata if appropriate) being due and payable on the commencement date of this Agreement (see Clause 2 (Commencement and Appointment) and Box 2) delivery of the Vessel to the Owners and subsequent instalments being due and payable at the beginning every first New York banking day of every calendar month. The management fee shall be payable to the Managers' no minated ’ nominated account stated in Box 15. (b) The Owners shall place with the Managers for the duration of this Agreement an amount equal to three months of management fee as stated in Box 14 as security. Upon termination of this Agreement, all moneys remaining within the security or any portion thereof, if the amounts due to the Managers pursuant with the obligations set forth in the management agreement and their addenda(if any) is less than the security amount paid as per above shall be returned to the Owners subject to the terms and conditions of this agreement. It is being understood that in event of default from the part of the Owner is forfeited in favor of the Manager without prejudice to any rights which the Managers may have against the Owner in law or in equity. (c) The management fee shall be subject to an annual review for (at the end of each calendar year year) in order to reflect any increases in the salaries of Managers’ employees and will be automatically adjusted to the Greek CPI index for the previous yearother expenses (inflation). It is understood that any such increase will not be less than 3% and not more than 5% and t The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). Subject always to the prior written approval of the Owners, the management fee may increase annually on January 1 of each year by not more than two and one-half percent (2.5%). (dc) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for postage and communication expensesreasonable postage, communication, travelling and accommodation expenses, and other reasonable out of pocket expenses properly incurred by the Managers in pursuance of the Management Services. Any days used by Services including but not limited to the Vessel apportioned cost of the Managers' personnel travelling ’ “flying squad” and the “on board the Vessel” allowances as well as any other sundry administrative expenses, it being understood that the Managers shall not make any expenditure with respect to or from or attending on the Vessel or otherwise used items described in connection with this sub-paragraph ( c ) in the Management Services aggregate in excess of those agreed US$5,000 in any given calendar month, without the prior written consent of the Owners. Notwithstanding the foregoing, any of the above items that may be included in the annual budget shall will not be charged at the daily rate stated in Box 16part of this reimbursement. (ed) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 17, an appropriate reduction of the Management Fee is agreed to be Euro 190 per day and will be applicable for the period exceeding such period agreed in Box 17 until one month before the Vessel is again put into service shall be mutually agreed between the partiesservice. If the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' ’ account. If agreement cannot be reached then either party may terminate this Agreement in accordance with Sub-clause 22(e). (fe) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners. For the avoidance of any doubt, it is understood that insurance is charged on a gross rate basis.