Managers’ Default. 595 If the Managers fail to meet their obligations under Clauses 3 and 4 of 596 this Agreement for any reason within the control of the Managers, the 597 Owners may give notice to the Managers of the default, requiring them 598 to remedy it within 20 Business Daysas soon as practically possible. In 599 the event that the Managers fail to remedy it within a reasonable 600 timesuch period to the satisfaction of the Owners, the Owners shall be 601 entitled to terminate the Agreement with immediate effect by notice in 602 writing. 603 18.3 Extraordinary Termination 604 This Agreement shall be deemed to be terminated in the case of the 605 sale of the Vessel or if the Vessel becomes a total loss or is declared as 606 a constructive or compromised or arranged total loss or is requisitioned. 607 18.4 For the purpose of sub-clause 18.3 hereof 608 (i) the date upon which the Vessel Is to be treated as having 609 been sold or otherwise disposed of shall be the date on 610 which the Owners cease to be registered as Owners of the 611 Vessel; 612 (ii) the Vessel shall not be deemed to be lost unless either she 613 has become an actual total loss or agreement has been 614 reached with her underwriters in respect of her constructive, 615 compromised or arranged total loss or if such agreement 616 with her underwriters is not reached it is adjudged by a 617 competent tribunal that a constructive loss of the Vessel has 618 occurred. 619 18.5 The parties agree that the provisions of Sections 13.4(a) to 620 13.4(o) (inclusive) of the Group Management Agreement, shall apply to 621 this Agreement mutatis mutandis. This Agreement shall terminate 622 forthwith in the event of an order being made or resolution passed for 623 the winding up, dissolution, liquidation or bankruptcy of either party 624 (otherwise than for the purpose of reconstruction or amalgamation) or if 625 a receiver is appointed, or if it suspends payment, ceases to carry on 626 business or makes any special arrangement or composition with its 627 creditors. 628 18.6 The termination of this Agreement shall be without prejudice to all 629 rights accrued due between the parties prior to the date of termination. 630 19. Law and Arbitration 631 19.1 This Agreement shall be governed by and construed in 632 accordance with English law and any dispute arising out of or in 633 connection with this Agreement shall be referred to arbitration in London 634 in accordance with the Arbitration ▇▇▇ ▇▇▇▇ or any statutory modification 635 or re-enactment thereof save to the extent necessary to give effect to 636 the provisions of this Clause. The arbitration shall be conducted in 637 accordance with the London Maritime Arbitrators Association (LMAA) 638 Terms current at the time when the arbitration proceedings are 639 commenced. The reference shall be to three arbitrators. A party wishing 640 to refer a dispute to arbitration shall appoint its arbitrator and send 641 notice of such appointment in writing to the other party requiring the 642 other party to appoint its own arbitrator within 1420 calendarBusiness 643 dDays of that notice and stating that it will appoint its arbitrator as sole 644 arbitrator unless the other party appoints its own arbitrator and gives 645 notice that it has done so within the 1420 Business dDays specified. If 646 the other party does not appoint its own arbitrator and give notice that It 647 has done so within the 1420 Business dDays specified, the party 648 referring a dispute to arbitration may, without the requirement of any 649 further prior notice to the other party, appoint its arbitrator as sole 650 arbitrator and shall advise the other party accordingly. The award of a 651 sole arbitrator shall be binding on both parties as if he had been 652 appointed by agreement. Nothing herein shall prevent the parties 653 agreeing in writing to vary these provisions to provide for the 654 appointment of a sole arbitrator. In cases where neither the claim nor 655 any counterclaim exceeds the sum of USD50,000 (or such other sum as 656 the parties may agree) the arbitration shall be conducted in accordance 657 with the LMAA Small Claims Procedure current at the time when the 658 arbitration proceedings are commenced. 659 19.2 This Agreement shall be governed by and construed in 660 accordance with Title 9 of the United States Code and the Maritime Law 661 of the United States and any dispute arising out of or in connection with 662 this Agreement shall be referred to three persons at New York, one to 663 be appointed by each of the parties hereto, and the third by the two so 664 chosen; their decision or that of any two of them shall be final, and for 665 the purposes of enforcing any award, judgement may be entered on an 666 award by any court of competent jurisdiction. The proceedings shall be 667 conducted in accordance with the rules of the Society of Maritime 668 Arbitrators, Inc. In cases where neither the claim nor any counterclaim 669 exceeds the sum of USD50,000 (or such other sum as the parties may 670 agree) the arbitration shall be conducted in accordance with the 671 Shortened Arbitration Procedure of the Society of Maritime Arbitrators, 672 Inc. current at the time when the arbitration proceedings are 673 commenced. 674 19.3 This Agreement shall be governed by and construed in 675 accordance with the laws of the place mutually agreed by the parties 676 and any dispute arising out of or in connection with this Agreement shall 677 be referred to arbitration at a mutually agreed place, subject to the 678 procedures applicable there. 679 19.4 If Box 18 in Part I is not appropriately filled in, sub-clause 19.1 of 680 this Clause shall apply.
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Managers’ Default. 595 If the Managers fail to meet their obligations under Clauses 3 and 4 of 596 this Agreement for any reason within the control of the Managers, the 597 Owners may give notice to the Managers of the default, requiring them 598 to remedy it within 20 Business Daysas soon as practically possible. In 599 the event that the Managers fail to remedy it within a reasonable 600 timesuch period to the satisfaction of the Owners, the Owners shall be 601 entitled to terminate the Agreement with immediate effect by notice in 602 writing. 603 18.3 Extraordinary Termination 604 This Agreement shall be deemed to be terminated in the case of the 605 sale of the Vessel or if the Vessel becomes a total loss or is declared as 606 a constructive or compromised or arranged total loss or is requisitioned. 607 18.4 For the purpose of sub-clause 18.3 hereof 608 (i) the date upon which the Vessel Is to be treated as having 609 been sold or otherwise disposed of shall be the date on 610 which the Owners cease to be registered as Owners of the 611 Vessel; 612 (ii) the Vessel shall not be deemed to be lost unless either she 613 has become an actual total loss or agreement has been 614 reached with her underwriters in respect of her constructive, 615 compromised or arranged total loss or if such agreement 616 with her underwriters is not reached it is adjudged by a 617 competent tribunal that a constructive loss of the Vessel has 618 occurred. 619 18.5 The parties agree that the provisions of Sections 13.4(a) to 620 13.4(o) (inclusive) of the Group Management Agreement, shall apply to 621 this Agreement mutatis mutandis. This Agreement shall terminate 622 forthwith in the event of an order being made or resolution passed for 623 the winding up, dissolution, liquidation or bankruptcy of either party 624 (otherwise than for the purpose of reconstruction or amalgamation) or if 625 a receiver is appointed, or if it suspends payment, ceases to carry on 626 business or makes any special arrangement or composition with its 627 creditors. 628 18.6 The termination of this Agreement shall be without prejudice to all 629 rights accrued due between the parties prior to the date of termination. 630 19. Law and Arbitration 631 19.1 This Agreement shall be governed by and construed in 632 accordance with English law and any dispute arising out of or in 633 connection with this Agreement shall be referred to arbitration in London 634 in accordance with the Arbitration Act ▇▇▇▇ ▇▇▇▇ or any statutory modification 635 or re-enactment thereof save to the extent necessary to give effect to 636 the provisions of this Clause. The arbitration shall be conducted in 637 accordance with the London Maritime Arbitrators Association (LMAA) 638 Terms current at the time when the arbitration proceedings are 639 commenced. The reference shall be to three arbitrators. A party wishing 640 to refer a dispute to arbitration shall appoint its arbitrator and send 641 notice of such appointment in writing to the other party requiring the 642 other party to appoint its own arbitrator within 1420 calendarBusiness 643 dDays of that notice and stating that it will appoint its arbitrator as sole 644 arbitrator unless the other party appoints its own arbitrator and gives 645 notice that it has done so within the 1420 Business dDays specified. If 646 the other party does not appoint its own arbitrator and give notice that It 647 has done so within the 1420 Business dDays specified, the party 648 referring a dispute to arbitration may, without the requirement of any 649 further prior notice to the other party, appoint its arbitrator as sole 650 arbitrator and shall advise the other party accordingly. The award of a 651 sole arbitrator shall be binding on both parties as if he had been 652 appointed by agreement. Nothing herein shall prevent the parties 653 agreeing in writing to vary these provisions to provide for the 654 appointment of a sole arbitrator. In cases where neither the claim nor 655 any counterclaim exceeds the sum of USD50,000 (or such other sum as 656 the parties may agree) the arbitration shall be conducted in accordance 657 with the LMAA Small Claims Procedure current at the time when the 658 arbitration proceedings are commenced. 659 19.2 This Agreement shall be governed by and construed in 660 accordance with Title 9 of the United States Code and the Maritime Law 661 of the United States and any dispute arising out of or in connection with 662 this Agreement shall be referred to three persons at New York, one to 663 be appointed by each of the parties hereto, and the third by the two so 664 chosen; their decision or that of any two of them shall be final, and for 665 the purposes of enforcing any award, judgement may be entered on an 666 award by any court of competent jurisdiction. The proceedings shall be 667 conducted in accordance with the rules of the Society of Maritime 668 Arbitrators, Inc. In cases where neither the claim nor any counterclaim 669 exceeds the sum of USD50,000 (or such other sum as the parties may 670 agree) the arbitration shall be conducted in accordance with the 671 Shortened Arbitration Procedure of the Society of Maritime Arbitrators, 672 Inc. current at the time when the arbitration proceedings are 673 commenced. 674 19.3 This Agreement shall be governed by and construed in 675 accordance with the laws of the place mutually agreed by the parties 676 and any dispute arising out of or in connection with this Agreement shall 677 be referred to arbitration at a mutually agreed place, subject to the 678 procedures applicable there. 679 19.4 If Box 18 in Part I is not appropriately filled in, sub-clause 19.1 of 680 this Clause shall apply.
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