53.18 All insurance proceeds received by Sub-hubco under the insurances referred to in [] of Schedule Part 1 (Definitions and Interpretation) and [ ] of Schedule Part 2 (Completion Documents) and paragraph 1 (Contractor's "All Risk" Insurance) of Section 1 (Insurance Requirements) and paragraph 1 (Property Damage Insurance) of Section 2 (Policies to be taken out by Sub-hubco and Maintained from the Actual Completion Date) of Schedule Part 15 (Insurance Requirements) shall be paid into the Insurance Proceeds Account and shall be applied in accordance with this Agreement and in accordance with the Insurance Proceeds Accounts Agreement.
53.19 Subject to the provisions of the Funders' Direct Agreement and Clause 53.22 (Reinstatement) [and Clause 53.23 (Economic Test)], Sub-hubco shall apply any proceeds of any policies of Insurance:
53.19.1 in the case of third party legal liability or employers' liability insurance, in satisfaction of the claim, demand, proceeding or liability in respect of which such proceeds are payable; and
53.19.2 in the case of any other insurance other than delay in start up or business interruption insurance, so as to ensure the performance by Sub-hubco of its obligations under this Agreement, including where necessary the reinstatement, restoration or replacement of the Facilities, assets, materials or goods affected by the event giving rise to the insurance claim and consequent payment of proceeds.
53.20 Where reinstatement monies are required to be released from the Insurance Proceeds Account Sub-hubco shall obtain the Authority's consent in accordance with the Insurance Proceeds Account Agreement. The Authority shall give its consent (or confirm that it is withholding its consent) to the release of monies from the Insurance Proceeds Account within one (1) Business Day of a request from Sub-hubco (provided that such consent must not be unreasonably withheld).
53.21 If the proceeds of any insurance claim are insufficient to cover the settlement of such claims, Sub-hubco will make good any deficiency forthwith.
53.22 Reinstatement
53.22.1 [Subject to Clause 53.23 (Economic Test)], all insurance proceeds received under any Physical Damage Policy shall be applied to repair, reinstate and replace each part or parts of the Facilities in respect of which the proceeds were received.
53.22.2 [Subject to Clause 53.23 (Economic Test)], where a claim is made or proceeds of insurance are received or are receivable under any Physical Damage Policy in respect of a single event (or a series of related events) (the ("Relevant Incident") in an amount in excess of [ ] pounds £( ) (index-linked):
(a) Sub-hubco shall deliver as soon as practicable and in any event within [28] days after the making of the claim a plan prepared by Sub-hubco for the carrying out of the works necessary (the "Reinstatement Works") to repair, reinstate or replace (the "Reinstatement Plan") the assets which are the subject of the relevant claim or claims in accordance with Clause (b)(iv)below. The Reinstatement Plan shall set out:
(i) if not the Contractor, the identity of the person proposed to effect the Reinstatement Works, which shall be subject to the prior written approval of the Authority; and
(ii) the proposed terms and timetable or, if not then established, the reasonably anticipated terms and timetable upon which the Reinstatement Works are to be effected (including the date that the Project will become fully operational), the final terms of which shall be subject to the prior written approval of the Authority, which approval shall not be unreasonably delayed;
(b) provided that the Authority is satisfied that the Reinstatement Plan will enable Sub-hobco to comply with Clause 53.22.2(b)(iv) below within a reasonable timescale:
(i) the Reinstatement Plan will be adopted and carried out by Sub-hubco;
(ii) Sub-hubco shall enter into contractual arrangements to effect the Reinstatement Works with the person identified in the Reinstatement Plan approved by the Authority;
(iii) prior to the earlier to occur of the Termination Date or the Expiry Date, any amounts standing to the credit of the Insurance Proceeds Account (the "Relevant Proceeds") (together with any interest accrued) may be withdrawn by Sub-hubco from the Insurance Proceeds Account as required to enable it to make payments in accordance with the terms of the contractual arrangements referred to in Clause 53.22.2(b)(ii) above, and to meet any other reasonable costs and expenses of Sub-hubco for the sole purposes of funding the Reinstatement Works and the parties shall operate the signatory requirements of the Insurance Proceeds Account in order to give effect to such payments. Following the earlier to occur of the Termination Date and the Expiry Date, the Authority may withdraw amounts standing to the credit of the Insurance Proceeds Account for the purposes of funding any Reinstatement Works;
(iv) the Authority agrees and undertakes that, subject to compliance by Sub-hubco with its obligations under this Clause, and provided that Sub-hubco procures that the Reinstatement Works are carried out and completed in accordance with the contractual arrangements referred to in Clause 53.22.2(b)(ii), it shall not exercise any right which it might otherwise have to terminate this Agreement by virtue of the event which gave rise to the claim for the Relevant Proceeds;
(v) the Authority undertakes to use reasonable endeavours to assist Sub-hubco in the carrying out of the Reinstatement Plan; and
(vi) after the Reinstatement Plan has been implemented to the reasonable satisfaction of the Authority and in accordance with Clause 53.22.3 below the Authority shall permit withdrawal by Sub-hubco of any Relevant Proceeds then held in the Insurance Proceeds Account that have not been paid under Clause 53.22.2(b)(ii) above, in respect of the Relevant Incident, together with any interest accrued.
(vii) subject to the provisions of Clause 49.1 (Sub-hubco Indemnities to Authority) Sub-hubco shall be solely responsible for the payment of any deficiency.
53.22.3 Where insurance proceeds are to be used, in accordance with this Agreement, to repair, reinstate or replace any Facility, Sub-hubco shall carry out the work in accordance with the Authority's Construction Requirements so that on completion of the work, the provisions of this Agreement are complied with.
53.22.4 If and to the extent that a breach by Sub-hubco of its obligations under Clause 53.22.2(b) leads to a delay in the completion of the Reinstatement Works, any entitlement that Sub-hubco has to relief under Clause 30 (Relief Events) shall be suspended.