Laserfiche WebLink
9 <br /> of the United States Code), notwithstanding any conflicting choice of law <br />provision in any of the documents between Company and Bank; and (iii) be <br />conducted by the AAA, or such other administrator as Company and Bank <br />shall mutually agree upon, in accordance with the AAA’s commercial <br />dispute resolution procedures, unless the claim or counterclaim is at least <br />$1,000,000.00 exclusive of claimed interest, arbitration fees and costs in <br />which case the arbitration shall be conducted in accordance with the AAA’s <br />optional procedures for large, complex commercial disputes (the <br />commercial dispute resolution procedures or the optional procedures for <br />large, complex commercial disputes to be referred to, as applicable, as the <br />“Rules”). If there is any inconsistency between the terms hereof and any <br />such Rules, the terms and procedures set forth herein shall control. Any <br />party who fails or refuses to submit to arbitration following a lawful demand <br />by any other party shall bear all costs and expenses incurred by such other <br />party in compelling arbitration of any Dispute. Nothing contained herein <br />shall be deemed to be a waiver by Bank of the protections afforded to it <br />under 12 U.S.C. Section 91 or any similar applicable state law. <br /> <br />No Waiver of Self-Help or Provisional Remedies. <br />This arbitration requirement does not limit the right of either party to (i) <br />exercise self-help remedies including setoff or (ii) obtain provisional or <br />ancillary remedies such as injunctive relief or attachment, before, during or <br />after the pendency of any arbitration proceeding. This exclusion does not <br />constitute a waiver of the right or obligation of either party to submit any <br />Dispute to arbitration or reference hereunder, including those arising from <br />the exercise of the actions detailed in (i) and (ii) of this subsection. <br /> <br />Arbitrator Qualifications and Powers. <br />Any Dispute in which the amount in controversy is $5,000,000.00 or less <br />will be decided by a single arbitrator selected according to the Rules, and <br />who shall not render an award of greater than $5,000,000.00. Any Dispute <br />in which the amount in controversy exceeds $5,000,000.00 shall be <br />decided by majority vote of a panel of three arbitrators; provided however, <br />that all three arbitrators must actively participate in all hearings and <br />deliberations. Each arbitrator will be a neutral attorney licensed in the state <br />whose laws govern Company’s Account and who has a minimum of ten (10) <br />years experience in the substantive law applicable to the subject matter of <br />the Dispute to be arbitrated. The arbitrator(s) will determine whether or not <br />an issue is arbitratable and will give effect to the statutes of limitation in <br />determining any claim. In any arbitration proceeding the arbitrator(s) will <br />decide (by documents only or with a hearing at the discretion of the <br />arbitrator(s)) any pre-hearing motions which are similar to motions to <br />dismiss for failure to state a claim or motions for summary adjudication. <br />6.1.D. - Page 51