Common use of Revenue Sharing Key Clause in Contracts

Revenue Sharing Key. (a) For each of the Member Vessels a key figure ("Revenue Sharing Key") shall be established, expressing the relative theoretical earning capacity of such Member Vessel on a time charter basis (based upon the description of that Member Vessel for the time being contained in the relevant Charterparty), such theoretical earning capacity to be based (inter alia) on the cargo carrying capacity and capabilities and efficiency of operation in and between the respective trades in which the Member Vessels will or would be employed and on any deficiency whatsoever attributable to any Member Vessel, including the consequences of such Member Vessel's age or flag or crewing. (b) The initial Revenue Sharing Key for each Member Vessel shall be a outlined in Schedule 3. (c) The Revenue Sharing Key for any Member Vessel may be varied, no more than once every year (and in any way not with retroactive effect, but only with effect as from the date of such variation), by unanimous agreement of the Members from time to time (provided such variation in any way cannot be done until the end of the first employment of each Member Vessel or before 1st January 2014 whichever is the later) to reflect the actual capability of that Member Vessel compared to the description of that Member Vessel for the time being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous decision of the Members without the need for such a reference, the matter shall be referred to an independent specialist shipbroker or maritime consultant appointed for the purpose by the Manager, and the determination of such shipbroker or consultant shall be final and binding on the Members from time to time. The costs of appointing such a shipbroker or consultant shall be borne by the Manager, if the variation was requested by the Member, or by the Member requesting such variation. If the Revenue Sharing Key for any Member Vessel is varied in accordance with this clause, the description of that Member Vessel for the time being contained in the relevant charterparty shall be amended to reflect the variations in that Member Vessel's actual capability by reason of which such variation of its Revenue Sharing Key was made.

Revenue Sharing Key. (a) For each of the Member Vessels a key figure ("“Revenue Sharing Key"”) shall be established, expressing the relative theoretical earning capacity of such Member Vessel on a time charter basis (based upon the description of that Member Vessel for the time being contained in the relevant Charterparty), such theoretical earning capacity to be based (inter alia) on the cargo carrying capacity and capabilities and efficiency of operation in and between the respective trades in which the Member Vessels will or would be employed and on any deficiency whatsoever attributable to any Member Vessel, including the consequences of such Member Vessel's ’s age or flag or crewing. (b) The initial Revenue Sharing Key for each Member Vessel shall be a as outlined in Schedule 3. (c) The Revenue Sharing Key for any Member Vessel may be varied, no more than once every year (and in any way not with retroactive effect, but only with effect as from the date of such variation), by unanimous agreement of the Members from time to time (provided such variation in any way cannot be done until the end of the first employment of each Member Vessel or before 1st January 2014 whichever is the later) to reflect the actual capability of that Member Vessel compared to the description of that Member Vessel for the time being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous decision of the Members without the need for such a reference, the matter shall be referred to an independent specialist shipbroker or maritime consultant appointed for the purpose by the Manager, and the determination of such shipbroker or consultant shall be final and binding on the Members from time to time. The costs of appointing such a shipbroker or consultant shall be borne by the Manager, if the variation was requested by the Member, or by the Member requesting such variation. If the Revenue Sharing Key for any Member Vessel is varied in accordance with this clause, the description of that Member Vessel for the time being contained in the relevant charterparty shall be amended to reflect the variations in that Member Vessel's ’s actual capability by reason of which such variation of its Revenue Sharing Key was made.

Revenue Sharing Key. (a) For each of the Member Vessels a key figure ("“Revenue Sharing Key"”) shall be established, expressing the relative theoretical earning capacity of such Member Vessel on a time charter chatter basis (based upon the description of that Member Vessel for the time being contained in the relevant Charterparty), such theoretical earning capacity to be based (inter alia) on the cargo ,carrying capacity and capabilities and efficiency of operation in and between the respective trades in which the Member Vessels will or would be employed and on any deficiency whatsoever attributable to any Member Vessel, including the consequences of such Member Vessel's ’s age or flag or crewing. (b) The initial Revenue Sharing Key for each Member Vessel shall be a as outlined in Schedule 3. (c) The Revenue Sharing Key for any Member Vessel may be varied, no more than once every year (and in any way not with retroactive effect, but only with effect as from the date of such variation), by unanimous agreement of the Members from time to time (provided such variation in any way cannot be done until the end of the first employment of each Member Vessel or before 1st January 2014 whichever is the later) to reflect the actual capability of that Member Vessel compared to the description of that Member Vessel for the time being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous decision of the Members without the need for such a reference, the matter shall be referred to an independent specialist shipbroker or maritime consultant appointed for the purpose by the Manager, and the determination of such shipbroker or consultant shall be final and binding on the Members from time to time. The costs of appointing such a shipbroker or consultant shall be borne by the Manager, if the variation was requested by the Member, or by the Member requesting such variation. If the Revenue Sharing Key for any Member Vessel is varied in accordance with this clause, the description of that Member Vessel for the time being contained in the relevant charterparty shall be amended to reflect the variations in that Member Vessel's ’s actual capability by reason of which such variation of its Revenue Sharing Key was made.

Revenue Sharing Key. (a) For each of the Member Vessels a key figure ("Revenue Sharing Key") shall be established, expressing the relative theoretical earning capacity of such Member Vessel on a time charter basis (based upon the description of that Member Vessel for the time being contained in the relevant Charterparty), such theoretical earning capacity to be based (inter alia) on the cargo carrying capacity and capabilities and efficiency of operation in and between the respective trades in which the Member Vessels will or would be employed and on any deficiency whatsoever attributable to any Member Vessel, including the consequences of such Member Vessel's age or flag or crewing. (b) The initial Revenue Sharing Key for each Member Vessel shall be a as outlined in Schedule 3. (c) The Revenue Sharing Key for any Member Vessel may be varied, no more than once every year (and in any way not with retroactive effect, but only with effect as from the date of such variation), by unanimous agreement of the Members from time to time (provided such variation in any way cannot be done until the end of the first employment of each Member Vessel or before 1st January 2014 whichever is the later) to reflect the actual capability of that Member Vessel compared to the description of that Member Vessel for the time being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous decision of the Members without the need for such a reference, the matter shall be referred to an independent specialist shipbroker or maritime consultant appointed for the purpose by the Manager, and the determination of such shipbroker or consultant shall be final and binding on the Members from time to time. The costs of appointing such a shipbroker or consultant shall be borne by the Manager, if the variation was requested by the Member, or by the Member requesting such variation. If the Revenue Sharing Key for any Member Vessel is varied in accordance with this clause, the description of that Member Vessel for the time being contained in the relevant charterparty shall be amended to reflect the variations in that Member Vessel's actual capability by reason of which such variation of its Revenue Sharing Key was made.