Extraordinary Premium Increases and Uninsurable Risk Sample Clauses

Extraordinary Premium Increases and Uninsurable Risk. (a) The Contractor must notify the Contracting Authority within 5 Business Days of an Extraordinary Premium Increase that occurs during the Availability Period. In the event of such Extraordinary Premium Increase, the Contracting Authority must choose between the following two options: (i) The Contracting Authority shall regard the Extraordinary Premium Increase as a Compensation Event, for which the Contractor, notwithstanding the provisions of Schedule 3 (Compensation for Supervening Events), Section 2 (Compensation Event) will be paid 85% of the Financial Disadvantage of the Extraordinary Premium Increase. In such instances, the Contractor shall continue to bear the risks against which it has purchased insurance coverage with respect to which there has been an Extraordinary Premium Increase. For the avoidance of doubt, the Parties hereby establish that the Financial Disadvantage of the Extraordinary Premium Increase applies only to the part of the total premium increase that exceeds 30%; or (ii) the Contractor classes one or more risks which give rise to an Extraordinary Premium Increase as an Uninsurable risk, whereupon the provisions of Paragraph (b) shall apply (unless the occurrence of the risk renders the Contractor liable to the Contracting Authority) so that an Extraordinary Premium Increase no longer arises. (b) If a risk for which the Contractor has taken out insurance according to an insurance policy referred to in Schedule 9 (Insurance) becomes an Uninsurable risk during the Availability Period pursuant, the Contractor must inform the Contracting Authority thereof within 5 Business Days. In this event, the Parties must consult to determine how the Uninsurable risk should be managed. If the Parties fail to reach agreement within 10 Business Days of notification by the Contractor regarding the manner in which the Uninsurable risk should be managed, the Contracting Authority shall proceed as follows: (i) If the Uninsurable risk is a third-party liability, it shall choose between the following two options: (A) The Contracting Authority shall allow this Agreement to continue, whereupon Paragraph (b) (ii) of this Article shall apply by analogy to the said risk; or (B) the Contracting Authority shall terminate this Agreement and compensate the Contractor in accordance with Article 10.6 (
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Related to Extraordinary Premium Increases and Uninsurable Risk

  • Replacement Cost The term “full replacement cost” as used herein shall mean the actual replacement cost of the Leased Property requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Lease Term, it shall have the right to have such full replacement cost re-determined.

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

  • Increase in Insurance Premiums If an increase in any insurance premiums paid by Landlord for the Building is caused by Tenant's use of the Premises or if Tenant vacates the Premises and causes an increase in such premiums, then Tenant shall pay as additional rent the amount of such increase to Landlord.

  • Rent Increases The Rent payable shall not be increased or otherwise modified during the Term of this Lease. Any increase in Rent shall only take effect after the expiration of the Term provided in this Lease. Any increase in Rent to take effect upon renewal or extension of the Term of this Lease must be preceded by a - day notice of the same from the Landlord to the Tenant.

  • RENT INCREASE 6.1 The Landlord is entitled to increase the Rent payable under this tenancy, either during the Tenancy Term or any subsequent renewal or periodic term, on each anniversary of the start date of this tenancy (“The Rent Increase Date”). The increase will be a minimum 5% in addition to the current Rent payable. Should the Landlord elect to do so they will first serve written notice on the Tenant in accordance with these Tenancy Terms and Conditions of at least one calendar month prior to the Rent Increase Date (“the Rent Increase Notice”). 6.2 If the Landlord chooses not to increase the Rent on the Rent Increase Date they may defer doing so to any date thereafter provided they shall at any time thereafter be entitled to serve a Rent Increase Notice and the said rent increase shall take effect on the expiry of such notice – the Landlord will not be entitled to then increase the rent in this way for another 12 months.