Managers’ Default. If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Managers’ Default. (i) If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing.
(ii) If the Managers are convicted of, or admits guilt for, a crime, then the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Managers’ Default. If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give written notice to the Managers of the default, such notice specifying the nature of such default and requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing to the Managers. In the event of termination by Owner’s hereunder, no further Management Fee will be payable by Owners, although Owners shall reimburse Managers for any reasonable costs associated with the management of the Vessel incurred by the Manager prior to such termination.
Managers’ Default. 465 If the Managers fail to meet their obligations under Clauses 3 466 and 4 of this Agreement for any reason within the control of the 467 Managers, the Owners may give notice to the Managers of the 468 default, requiring them to remedy it within 20 Business Daysas 469 soon as practically possible. In the event that the Managers fail to remedy it within a 470 reasonable timesuch period to the satisfaction of the Owners, the 471 shall be entitled to terminate the Agreement with immediate effect 472 by notice in writing. 473
Managers’ Default. (i) The Owners may terminate this Agreement for Cause (as hereinafter defined), but only after the Owners have provided the Managers with notice of such Cause and such Cause has not been cured within twenty (20) days of such notice; provided, however, that if any Cause is incapable of being cured, then no notice and cure period shall be required.
Managers’ Default. Each of the following events shall constitute a default by the Manager under this Agreement and shall entitle the Owner to terminate this Agreement upon ten days prior written notice to the Manager (specifying the reasons therefor) with respect to a default pursuant to Section 8.1.1, or immediately upon written notice to Manager (specifying the reasons therefor) with respect to a default pursuant to Section 8.1.2, in each case without any further obligation or liability to the Owner:
8.1.1 Any willful breach by the Manager of a material term of this Agreement, the willful failure by the Manager to perform the material duties required under this Agreement, or any act or omission by the Manager constituting gross negligence with respect to the operation of the Business, and, in the case of gross negligence, the continuation of or failure to cure the same (to the extent the same is susceptible to cure) for a period of 45 days after the Manager's receipt of written notice thereof from the Owner (and the parties agree that the Manager shall not be liable to the Owner in performing its duties hereunder except in the case of any such willful breach or failure or gross negligence); or
8.1.2 The Manager's dissolution, liquidation, bankruptcy, or insolvency, including (i) the filing of a voluntary petition seeking liquidation or reorganization of its debts under Title 11 of the United States Code or any other federal or state insolvency law, or its filing of an answer consenting to or acquiescing in any such petition, or (ii) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the United States Code, and application for the appointment of a receiver for its assets, or an involuntary petition seeking liquidation or reorganization of its debts under any other federal or state insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60-day period.
Managers’ Default. If the Managers engage in fraud or deceit or fulfill their obligations under this agreement in a crossly negligent manner or engage in willful misconduct that is detrimental to the Owners’ interest, this Agreement may be terminated immediately upon the issuance of a notice by the Owners. If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it within 15 days after being notified by Owners. In the event that the Managers fail to remedy it within reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing.
Managers’ Default. 465 If the Managers fail to meet their obligations under Clauses 3 466 and 4 of this Agreement for any reason within the control of the 467 Managers, the Owners may give notice to the Managers of the 468 default, requiring them to remedy it as soon as practically 469 possible. In the event that the Managers fail to remedy it within a 470 reasonable time to the satisfaction of the Owners, the Owners 471 shall be entitled to terminate the Agreement with immediate effect 472 by notice in writing. This Agreement may be cancelled by Owners 473 if the Managers fail to meet their obligation under this Agreement for any reason within their control and fails to remedy the default. In addition, Owners have after a period of one year the option of terminating this Agreement upon three months notice if they can secure more competitive pricing and other commercial terms from a recognized third party, such party to be approved by charterers of the vessel, and such approval shall not be unduly withheld, subject to Managers’ right to match the third party’s terms within one month of receipt of such notice of termination. Owners’ notice of termination shall set forth in detail and reasonably documented the more competitive pricing and other commercial terms offered to Owners by such third party. If Managers agree to match all such terms, then Managers shall send written notice of acceptance to Owners and this Agreement shall not terminate and shall be deemed amended to incorporate such revised terms.
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 0000 xx any statutory modif...
Managers’ Default. The term "Manager's Default" shall mean those occurrences described in Section 6.2.
