Amendment by the Facility Agent Sample Clauses

Amendment by the Facility Agent. (a) Notwithstanding any other provision of this Schedule 8, the Facility Agent may, by at least thirty (30) days notice in writing to the Borrower, amend the minimum insurance requirements set out in this Schedule 8, if, in the Facility Agent’s opinion (acting reasonably and following consultation with the Insurance Adviser), the failure to amend such minimum requirements (and the relevant insurance or reinsurance or related provisions (including the limits or deductibles thereof)) would pose a material risk to the Project and provided always that the relevant amendments to the insurance or reinsurance or related provisions (including the limits or deductibles thereof) proposed by the Facility Agent are available on commercially reasonable terms in the commercial insurance market and the Borrower (acting reasonably and following consultation with its insurance adviser) does not notify the Facility Agent in writing within thirty (30) days of such notice from the Facility Agent that it disagrees with the Facility Agent. (b) In the event that the Facility Agent and the Borrower disagree as to the matters set out in paragraph (a), above, and fail to reach agreement on such matters within twenty (20) days of such disagreement, they shall jointly refer the matter to an independent insurance expert (whose identity and terms of reference shall be agreed upon by the Borrower and the Facilty Agent or in the absence of such agreement, specified by the Chairman of the Association of British Insurers) who shall make a determination within thirty (30) days as to the matters set out in paragraph (a). In making such determination, the independent insurance expert shall act as an expert and not as an arbitrator. The determination by the independent expert shall be binding upon the Borrower, the Facility Agent and the other Finance Parties. In the event that the independent expert makes a determination in favour of the Facility Agent, the Borrower shall promptly procure such insurance or reinsurance or related provisions, as the case may be.