If any risk is insurable at the date of the Project Deed but becomes uninsurable either because:
• the insurance becomes unavailable in the international insurance market; or
• the insurance premium payable is prohibitive, or the available terms and conditions are such that, Reputable Insurers in Australia or the United Kingdom are no longer insuring against the risk,
then:
• Project Co must notify the State within 5 Business Days after becoming aware that the risk has become, or is likely during the Term to become an Uninsurable Risk; and
• the State must meet with Project Co within 5 Business Days after receipt of Project Co's notice to discuss the risk, including whether in fact the risk is an Uninsurable Risk.
If the parties agree (or in the absence of agreement, it is determined) that a risk is an Uninsurable Risk, the parties must meet further to discuss the means by which the risk should be managed.
Unless the parties agree otherwise, then each Service Payment will be adjusted by deducting the amount corresponding to the proportion of total Insurance premium that was payable by Project Co for insurance of that risk before it became an Uninsurable Risk, with a corresponding re-adjustment to each Service Payment if a risk again ceases to be an Uninsurable Risk.