Uninsurable Risks Sample Clauses
Uninsurable Risks. 9.1 The provisions of this paragraph 9 apply if the Building or a substantial part of it (whether or not directly affecting the Premises) is destroyed or damaged by an Uninsurable Risk so as to make the continued use of the Premises impracticable.
9.2 If the Landlord elects to rebuild or reinstate the Building by giving notice to the Tenant to that effect:
(a) the Landlord is as soon as may reasonably be practicable to use its reasonable endeavours to rebuild or reinstate the Building providing the cost of doing so out of its own resources;
(b) paragraph 4.4 is to apply; and
(c) the provisions of paragraph 6.2,6.3 and 6.4 are to apply with effect from the date of the destruction or damage.
9.3 The Landlord may at any time before it has made an election under paragraph 9.2 decide not to rebuild or reinstate the Building and may accordingly terminate this Lease by giving notice to the Tenant to that effect to expire immediately.
9.4 If the Landlord has not made an election under paragraph 9.2 within nine months after the date of damage or destruction of the Building, the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter to expire immediately unless the Landlord has made such an election in the meantime.
9.5 During the period before the Landlord makes an election under paragraph 2.2 or terminates this Lease under paragraph 9.3 the rent and additional rent reserved by this Lease, or a fair proportion of them according to the nature and extent of the damage sustained is to be suspended and cease to be payable and paragraph 6.3 is to apply in case of dispute.
9.6 If the Landlord has not commenced rebuilding or reinstating the Building within twelve months after making the election under paragraph 9.2, the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter to expire immediately or at the end of such period as the notice specifies, unless the Landlord has commenced the works of rebuilding or reinstating the Building in the meantime.
9.7 If the Landlord has not practically completed the works of rebuilding or reinstating the Building (as evidenced by the issue of the certificate or statement of practical completion under the building contract for the works) within the period of three years after making the election under paragraph 9.2, the Tenant may terminate this Lease by giving to the Landlord not less than three months’ notice to that effect to expire at the...
Uninsurable Risks. (a) Nothing in this clause 26 will oblige the Seller or the Buyer to take out or maintain the insurances required to be effected under clause 26 in respect of a risk which is, or becomes after the Signing Date, an Uninsurable Risk. The Seller must Notify the Buyer as soon as it becomes aware of any event, fact, matter or thing which causes it to believe that a risk will or may become an Uninsurable Risk.
(b) If any risk required to be insured against pursuant to clause 26 is, or becomes after the Signing Date, an Uninsurable Risk, then:
(1) the Seller must Notify the Buyer within 10 Business Days after the earlier of becoming aware the risk has become an Uninsurable Risk or of ceasing to have insurance in respect of the risk; and
(2) if both Parties agree (or it is determined pursuant to clause 30) that the risk is an Uninsurable Risk and that:
(A) the risk being an Uninsurable Risk is not caused by the actions or insurance history (but excluding any events caused or contributed to by the Buyer) of the Seller or any of its Subcontractors either in respect of the Project or otherwise; and
(B) the Seller has demonstrated to the reasonable satisfaction of the Buyer that other prudent contractors or service providers undertaking the same or substantially similar businesses are faced with the same Uninsurable Risk, the Parties must meet to discuss the means by which the risk should be managed (including by self-insurance by either Party).
(c) If a risk is an Uninsurable Risk and the requirements of clause 26.6(b)(2) are satisfied, but the Parties cannot agree as to how to manage the risk, then this Agreement will continue but the Payment calculated in accordance with Schedule 9 will be adjusted each Month to deduct an amount equal to 1/12 of the premium that was payable by the Seller for the annual insurance of such a risk immediately prior to such risk becoming an Uninsurable Risk.
(d) On the occurrence of an event which is an Uninsurable Risk which has been Notified to the Buyer under clause 26.6(b)(1) and is subsequently agreed or determined pursuant to clause 30 to be an Uninsurable Risk, the Buyer must (at the Buyer’s option) either:
(1) pay to the Seller an amount equal to the insurance proceeds that would have been payable had the relevant insurance continued to be available, in which case this Agreement will continue and the Seller must apply the amount received from the Buyer to overcoming the consequences of the event; or
(2) where the Facility has be...
Uninsurable Risks. If during the Concession Period, any risk which has been previously insured becomes un- insurable due to the fact that the insurers have ceased to insure such a risk and therefore insurance cannot be maintained/ re-instated in respect of such risk, the Concessionaire shall not be deemed to be in breach of its obligations regarding insurance under this Agreement.
Uninsurable Risks. 16.2.1 If a risk usually covered by the Project Insurances in Part [y] of Schedule 18, becomes Uninsurable, then the Facility Operator shall notify TNPA within [3 (three)] days of that risk becoming Uninsurable.
16.2.2 If both Parties agree, or it is determined in accordance with clause 56.7 (fast- track dispute resolution), that:
Uninsurable Risks. Nothing in this Part X (Insurance) shall oblige the Contractor to take out insurance in respect of a risk which is Uninsurable save where the predominant cause of the risk being Uninsurable is any act(s) or omission(s) of the Contractor or a Contractor Related Party.
Uninsurable Risks. 43.1. If a risk usually covered by the Concession Insurances in Schedule 14 (Concession Insurances) becomes Uninsurable, then the Concessionaire shall notify Transnet within 14 (fourteen) days of the risk becoming Uninsurable or the Concessionaire becoming aware that such risk shall become Uninsurable on the renewal of any Concession Insurance. Such notice shall include the Concessionaire’s proposals on what it reasonably considers appropriate to manage, mitigate and control the Uninsurable risk.
43.2. If the Parties agree, or it is determined in accordance with clause 62 (Dispute Resolution), that –
43.2.1. the risk is Uninsurable;
43.2.2. the risk being Uninsurable is not caused by the actions or omissions of the Concessionaire or a contractor of the Concessionaire; and
43.2.3. other service providers carrying on businesses similar to the Concession would cease to do so as a result of such Uninsurability, then the Parties shall meet to discuss and agree on the means by which the risk should be managed (including by way of self-insurance by either Transnet or the Concessionaire with an appropriate limit of liability). Pending determination thereof, the Uninsurable risk shall be at the risk of the Concessionaire.
43.3. The Concessionaire shall bear the onus of proving the circumstances in clauses 43.2.1 to 43.2.3 (inclusive).
43.4. If the requirements of clauses 43.1 and 43.2 are met -
43.4.1. this Agreement shall continue in force and effect;
43.4.2. on the occurrence of a Transnet owned risk (but only if that risk has continued to be Uninsurable) Transnet shall, at its election, either pay -
43.4.2.1. for the reinstatement of the damaged Concession Asset(s); or
43.4.2.2. the Termination Payment, if due, on the basis set out in clause 48 (Non Default Termination) and this Agreement will terminate as if for Force Majeure;
43.4.3. on the occurrence of a Concessionaire owned risk (but only if that risk has continued to be Uninsurable) the Concessionaire shall reinstate the damaged or destroyed assets up to an amount agreed pursuant to clause 43.2, and if that amount is insufficient to complete the reinstatement, then the Concessionaire, at its election, shall either -
43.4.3.1. make available and pay the shortfall required to complete the reinstatement balance; or
43.4.3.2. terminate this Agreement for force majeure as contemplated in clause 45 (Force Majeure), after paying to Transnet the total sum of the amount agreed to pursuant to clause 43.2, if same ha...
Uninsurable Risks. Project Co shall notify the Trust of any risk becoming an Uninsurable Risk within 5 Business Days of becoming aware of the same and, in any event, at least 30 Business Days before the expiry of any existing insurance in respect of such risk.
Uninsurable Risks. (a) If a risk usually covered by construction all risks, third party liability, all risks property or statutory insurances, in each case required under this PPA, becomes an Uninsurable Risk then the Development Entity shall notify the Department as soon as reasonably practicable and in any event within fifteen (15) Business Days of the earlier of:
(i) the Development Entity becoming aware that the risk is likely to be an Uninsurable Risk; and
(ii) the risk becoming an Uninsurable Risk, and in any event at least five Business Days before expiration or cancellation of any existing insurance in respect of that risk (in each case irrespective of the reason for the same). The Development Entity shall provide the Department with such information as the Department reasonably requests regarding the Uninsurable Risk.
(b) If both Parties agree, or it is determined pursuant to the Dispute Resolution Procedures, that the risk is an Uninsurable Risk the Department and the Development Entity shall consider in good faith alternative insurance packages and programs that provide coverage as comparable to that contemplated in this Article 19 (Insurance) as is possible under then-existing insurance market conditions and other means by which the risk should be managed or shared (including considering the issue of self-insurance by either party).
(c) If the Department and the Development Entity are not able to reach an agreement as to how to manage or share the relevant Uninsurable Risk within five (5) Business Days of the date on which the Development Entity provides notice under Section 19.3(a), the Department may refer the matter to a mediator acceptable to the Department and the Development Entity.
Uninsurable Risks. If a risk is or becomes uninsurable – either because it is not available in the international insurance market or because the associated premiums become so high that the risk is not generally being insured against by prudent, competent and experienced service providers – the Project Company must notify the State within five business days. If both parties agree that the risk is uninsurable and has not become uninsurable because of the actions or insurance history of the Project Company, its subcontractors or their employees or agents then the parties must meet to discuss the best way to manage the risk, through self-insurance or otherwise. If agreement cannot be reached in respect of a “material risk” as defined in the Project Deed, the State may deduct from the monthly service payments an amount equal to the premium that was payable for that risk. If an uninsurable risk occurs which is a “material risk”, and notice had been provided to the State that the material risk had become uninsurable, then the State can either: • pay to the Project Company an amount equal to the insurance proceeds that would have been payable had the relevant insurance coverage continued; or • where the school facility/facilities have been substantially damaged or destroyed, either terminate the Project Deed and invoke a termination payment (see termination section below), or propose a variation where the affected school facility/facilities are excised from the Project Deed.
Uninsurable Risks. In this clause 17.11 “