Section 2 (Immediate Termination)
Furthermore, either party shall have the right to terminate this Agreement immediately by giving the other party notice:-
(i) if the performance of the whole or any part of this Agreement be prohibited or rendered impossible de jure or de facto in particular and without prejudice to the generality of the preceding words in consequence of any law or regulation which is or shall be in force in any country or territory or if any law or regulation shall prevent directly or indirectly the remittance of any payments due to or from either party,
(ii) if the other party has become insolvent or unable to pay its debts or has lost 20% or more of its paid up capital or has had any authority to transact any class of insurance the subject matter of this Agreement or reinsurance withdrawn, suspended or made conditional,
(iii) if there is any material change in the management or control of the other party,
(iv) if there is a severance or obstruction of free and unfettered communication and/or normal commercial and/or financial intercourse between the parties due to the country in which the other party has its domicile or head office becoming involved in armed hostilities with another country, whether war be declared or not, or being partly or completely occupied by another power, or affected by civil war.
Section 3 (Effect)
(a) After the date of termination, under either Sections 1 or 2 above, the liability of the Reinsurer hereunder shall cease outright other than in respect of losses which have occurred or commenced prior thereto. Liability for loss occurrences that are in progress at the date of termination is dealt with in accordance with the Extended Expiration Clause.
(b) All notices of termination served in accordance with any of the provisions of Sections 1 or 2 above shall be by telex, telefax or any other means of instantaneous communication that provides a permanent record of such communication and shall be deemed to be served upon dispatch or where communications between the parties are interrupted upon attempted dispatch.
(c) All notices of termination served in accordance with any of the provisions of Sections 1 or 2 above shall be addressed to the party concerned at its head office or at any other address previously designated by that party.
(d) In the event of termination in accordance with the provisions of Sections 1 or 2 above the exact premium payable hereunder shall be calculated upon the Premium Income of the Reinsured up to the date of termination or pro rata temporis of the Minimum and Deposit Premium, whichever is the greater.
ARTICLE 22
ARBITRATION
1. All matters in difference between the parties in relation to this Agreement, including formation and validity, and whether arising during or after the period of this Agreement, shall be referred to an arbitration tribunal in the manner hereinafter set out.
2. Unless the parties agree upon a single arbitrator within thirty days of one receiving a written request from the other for arbitration, the claimant (the party requesting arbitration) shall appoint his arbitrator and give written notice thereof to the respondent. Within thirty days of receiving such notice the respondent shall appoint his arbitrator and give written notice thereof to the claimant, failing which the claimant may apply to the appointor hereinafter named to nominate an arbitrator on behalf of the respondent.
3. Before they enter upon a reference the two arbitrators shall appoint a third arbitrator. Should they fail to appoint such a third arbitrator within thirty days of the appointment of the respondent's arbitrator then either of them or either of the parties may apply to the appointor for the appointment of the third arbitrator. The three arbitrators shall decide by majority. If no majority can be reached the verdict of the third arbitrator shall prevail. He shall also act as Chairman of the Tribunal.
4. Unless the parties otherwise agree, the arbitration tribunal shall consist of persons (including those who have retired) with not less than ten years' experience of insurance or reinsurance as persons engaged in the industry itself.