Common use of Owners’ default   441 Clause in Contracts

Owners’ default   441. (i) The Managers shall be entitled to terminate the Agreement 442 with immediate effect by notice in writing if any moneys 443 payable by the Owners under this Agreement and/or the 444 owners of any associated vessel, details of which are listed 445 in Annex “D”, shall not have been received in the Managers’ 446 nominated account within ten thirty running days of receipt by 447 the Owners of the Managers written request or if the Vessel 448 is repossessed by the Mortgagees. 449 (ii) If the Owners: 450 (a) fail to meet their obligations under sub-clauses 5.2 451 and 5.3 of this Agreement for any reason within their 452 control, or 453 (b) proceed with the employment of or continue to employ 454 the Vessel in the carriage of contraband, blockade 455 running, or in an unlawful trade, or on a voyage which 456 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458 the Managers may give notice of the default to the Owners, 459 requiring them to remedy it as soon as practically possible. 460 In the event that the Owners fail to remedy it within a 461 reasonable time to the satisfaction of the Managers, the 462 Managers shall be entitled to terminate the Agreement 463 with immediate effect by notice in writing. 464

Owners’ default   441. (i) The Managers shall be entitled to terminate the Agreement 442 with immediate effect by notice in writing if any moneys 443 payable by the Owners under this Agreement and/or the 444 owners of any associated vessel, details of which are listed 445 in Annex “D”, shall not have been received in the Managers’ 446 nominated account within ten thirty ten20 running days Business dDays of 447 receipt by 447 the Owners of the Managers written request or if the Vessel 448 is repossessed by the Mortgagees. 449 (ii) If the Owners: 450 (a) fail to meet their obligations under sub-clauses 5.2 451 and 5.3 of this Agreement for any reason within their 452 control, or 453 (b) proceed with the employment of or continue to employ 454 the Vessel in the carriage of contraband, blockade 455 running, or in an unlawful trade, or on a voyage which 456 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458 the Managers may give notice of the default to the Owners, 459 requiring them to remedy it as soon as practically possible. 460 In the event that the Owners fail to remedy it within a 461 reasonable time time20 Business Days of receipt by the Owners of 462 the Managers’ written request to the satisfaction of the Managers, the 462 Managers shall be entitled to terminate the Agreement 463 with immediate effect by notice in writing. 464

Owners’ default   441. (i) The Managers shall be entitled to terminate the Agreement 442 with immediate effect by notice in writing if any moneys 443 payable by the Owners under this Agreement and/or the 444 owners of any associated vessel, details of which are listed 445 in Annex “D”, shall not have been received in the Managers’ 446 nominated account within ten thirty ten20 running days Business dDays of 447 receipt by 447 the Owners of the Managers written request or if the Vessel 448 is repossessed by the Mortgagees. 449 (ii) If the Owners: 450 (a) fail to meet their obligations under sub-clauses 5.2 451 and 5.3 of this Agreement for any reason within their 452 control, or 453 (b) proceed with the employment of or continue to employ 454 the Vessel in the carriage of contraband, blockade 455 running, or in an unlawful trade, or on a voyage which 456 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458 the Managers may give notice of the default to the Owners, 459 requiring them to remedy it as soon as practically possible. 460 In the event that the Owners fail to remedy it within a 461 reasonable time time20 Business Days of receipt by the Owners 462 of the Managers’ written request to the satisfaction of the Managers, the 462 Managers shall be entitled to terminate the Agreement 463 with immediate effect by notice in writing. 464

Owners’ default   441. (i) The Managers shall be entitled to terminate the Agreement 442 with immediate effect by notice in writing if any moneys 443 payable by the Owners under this Agreement and/or the 444 owners of any associated vessel, details of which are listed 445 in Annex “D”, shall not have been received in the Managers’ 446 nominated account within ten thirty ten20 running days Business dDays of 447 receipt by 447 the Owners of the Managers written request or if the Vessel 448 is repossessed by the Mortgagees. 449 (ii) If the Owners: 450 (a) fail to meet their obligations under sub-clauses 5.2 451 and 5.3 of this Agreement for any reason within their 452 control, or 453 (b) proceed with the employment of or continue to employ 454 the Vessel in the carriage of contraband, blockade 455 running, or in an unlawful trade, or on a voyage which 456 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458 the Managers may give notice of the default to the Owners, 459 requiring them to remedy it as soon as practically possible. 460 In the event that the Owners fail to remedy it within a 461 reasonable time 20 Business Days of receipt by the Owners 462 of the Managers’ written request to the satisfaction of the Managers, the 462 Managers shall be entitled to terminate the Agreement 463 with immediate effect by notice in writing. 464

Owners’ default   441. (i) The Managers shall be entitled to terminate the Agreement 442 with immediate effect by notice in writing if any moneys 443 payable by the Owners under this Agreement and/or the 444 owners of any associated vessel, details of which are listed 445 in Annex “D”, shall not have been received in the Managers’ 446 nominated account within ten thirty running days of receipt by 447 the Owners of the Managers written request or if the Vessel 448 is repossessed by the Mortgagees. 449 (ii) If the Owners: 450 (a) fail to meet their obligations under sub-clauses 5.2 451 and 5.3 of this Agreement for any reason within their 452 control, or 453 (b) proceed with the employment of or continue to employ 454 the Vessel in the carriage of contraband, blockade 455 running, or in an unlawful trade, or on a voyage which 456 in the reasonable opinion of the Managers is unduly 457 hazardous or improper, 458 the Managers may give notice of the default to the Owners, 459 requiring them to remedy it as soon as practically possible. 460 In the event that the Owners fail to remedy it within a 461 reasonable time to the satisfaction of the Managers, the 462 Managers shall be entitled to terminate the Agreement 463 with immediate effect by notice in writing. 464