(a) (Copies of Operational Phase Insurances): No less than 30 Business Days prior to:
(i) the Date for Commercial Acceptance; and
(ii) the date on which any Operational Phase Insurance is due to be renewed during the Operational Phase (as detailed in the Insurance Schedule),
Project Co must, if it is able to do so, provide the State with copies of the proposed Operational Phase Insurances for the State to review in accordance with the Review Procedures.
(b) (Project Co to make terms available): If Project Co is unable to provide copies of the Operational Phase Insurances to the State under clause 44.7(a), it must:
(i) make the terms of such Insurances available to the Victorian Managed Insurance Authority, the State's insurance broker and the State's lawyers to review confidentially on behalf of the State, in accordance with the Review Procedures; and
(ii) provide the evidence in respect of such Insurances as required under clause 44.8.
(c) (Acknowledgement by parties): The parties acknowledge and agree that:
(i) the terms and requirements specified in this Deed for the Operational Phase Insurances are a reflection of the insurance market at Financial Close;
(ii) if, prior to Commercial Acceptance or throughout the Operational Phase, either party reasonably considers that the terms or requirements relating to an Operational Phase Insurance set out in the Insurance Schedule no longer represent the terms or requirements of such insurance that an operator of assets similar to the Project Assets or services provider providing services similar to the Services, in each case exercising Best Industry Practices, would procure and maintain, then that party may send a written notice to the other party advising it of the same and then the State and Project Co (both acting reasonably) must promptly confer in good faith with a view to reaching agreement on the replacement terms or requirements (as applicable); and
(iii) if the parties do not reach agreement on any replacement terms or requirements under clause 44.7(c)(ii), within 5 Business Days after the date on which a written notice was first given under that clause, either party may refer the matter to expert determination in accordance with clause 48.1.