Consequences of Risks Becoming Uninsurable Sample Clauses

Consequences of Risks Becoming Uninsurable. If the requirements of Section 6.11 are satisfied but the parties cannot agree within 20 Business Days on how to manage a Principal Insured Risk that becomes Uninsurable (the “Uninsurable Risk”): (a) if the Uninsurable Risk is third party liability, if and for so long as the Uninsurable Risk is Uninsurable, the Authority may by notice to Project Co terminate this Agreement whereupon Project Co will be entitled to compensation on termination as provided in Section 4 of Schedule 9 [Compensation on Termination]; (b) if the Uninsurable Risk is not third party liability or if (and for as long as) the Authority has not terminated this Agreement under Section 6.12(a), then this Agreement will continue, but neither Project Co nor the Authority will be obligated by this Agreement to maintain insurance in respect of the Uninsurable Risk and references in this Agreement to the insurance required by this Section 6 (Insurance, Damage and Destruction) or Schedule 5 [Insurance] will be construed accordingly. In such event the Service Payments will thereafter be adjusted in accordance with Section 10.3 (Adjustments to Service Payments) by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became Uninsurable, to reflect any savings in Project Co’s insurance cost as a result of Project Co not having to insure against the Uninsurable Risk; and (c) subject to Section 6.13, on the occurrence of the Uninsurable Risk the Authority will either: (1) pay to Project Co an amount equal to the Insurance Proceeds that would have been payable directly to Project Co under the relevant policies in respect of the Uninsurable Risk had the relevant insurance continued to be available and in effect, and this Agreement will continue; or (2) by notice to Project Co, terminate this Agreement whereupon Project Co will be entitled to compensation on termination as provided in Section 4 of Schedule 9 [Compensation on Termination], except that the Authority may not in any such case terminate this Agreement pursuant to Section 6.12(c)(2) if Project Co releases the Authority from all obligations under Section 6.12(c)(1) and deposits with the Account Trustee an amount equal, in the reasonable opinion of the Authority, to the insurance proceeds, and all amounts in respect of deductibles and waiting periods that would have been the responsibility of Project Co under Section 5.7 of Schedule 5 [Insurance]...
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Consequences of Risks Becoming Uninsurable. If the requirements of Section 6.9 are satisfied but the parties cannot agree within 20 Business Days on how to manage a Principal Insured Risk that becomes Uninsurable (the “Uninsurable Risk”): (a) if the Uninsurable Risk is third party liability, the Authority shall terminate this Project Agreement whereupon Project Co will be entitled to compensation on termination as provided in Section 4 of Schedule 9 [Compensation on Termination]; or (b) if the Uninsurable Risk is not third party liability: (1) the Authority may, by notice to Project Co and Operations Co, terminate this Project Agreement whereupon Project Co will be entitled to compensation on termination as provided in Section 4 of Schedule 9 [Compensation on Termination]; or (2) if and for as long as the Authority has not terminated this Project Agreement under Section 6.10(b)(1): (A) this Project Agreement will continue;
Sample 1

Related to Consequences of Risks Becoming Uninsurable

  • Consequences of Breach Without prejudice to any rights that may be available to the Principal/Owner under law or the Contract or its established policies and laid down procedures, the Principal/Owner shall have the following rights in case of breach of this Integrity Pact by the Tenderer(s)/Contractor(s) and the Tenderer/ Contractor accepts and undertakes to respect and uphold the Principal/Owner’s absolute right: 1) If the Tenderer(s)/Contractor(s), either before award or during execution of Contract has committed a transgression through a violation of Article 2 above or in any other form, such as to put his reliability or credibility in question, the Principal/Owner after giving 14 days notice to the contractor shall have powers to disqualify the Tenderer(s)/ Contractor(s) from the Tender process or INTEGRITYPACT terminate/determine the Contract, if already executed or exclude the Tenderer/Contractor from future contract award processes. The imposition and duration of the exclusion will be determined by the severity of transgression and determined by the Principal/Owner. Such exclusion may be forever or for a limited period as decided by the Principal/Owner. 2) Forfeiture of EMD/Performance Guarantee/Security Deposit: If the Principal/Owner has disqualified the Tenderer(s) from the Tender process prior to the award of the Contract or terminated/determined the Contract or has accrued the right to terminate/determine the Contract according to Article 3(1), the Principal/Owner apart from exercising any legal rights that may have accrued to the Principal/Owner, may in its considered opinion forfeit the entire amount of Xxxxxxx Money Deposit, Performance Guarantee and Security Deposit of the Tenderer/Contractor.