53.23 If all of the Facilities are destroyed or substantially destroyed in a single event and the insurance proceeds (when taken together with any other funds available to Sub-hubco) are equal to or greater than the amount required to repair or reinstate the Facilities, then Sub-hubco shall calculate the [senior debt loan life cover ratio] as used in the Financial Model as at Financial Close (on the assumption that the Facilities are repaired or reinstated in accordance with Clause 53.22 (Reinstatement).
53.24 If the calculation referred to in Clause 53.23 above shows that the [senior debt loan life cover ratio] is greater than or equal to [event of default level] then Sub-hubco shall be subject to the procedure set out in Clause 53.22 (Reinstatement).
53.25 If the calculation referred to in Clause 53.23 above shows that the [senior debt loan life cover ratio] is less than [event of default level] then the amount equal to the lesser of:
(a) the insurance proceeds; and
(b) the Base Senior Debt Termination Amount, or, if any Additional Permitted Borrowing has been advanced, the Revised Senior Debt Termination Amount,
shall be released from the Insurance Proceeds Account to Sub-hubco.
53.26 If, pursuant to Clause 53.25 above, insurance proceeds are released from the Insurance Proceeds Account, Sub-hubco shall be in breach of its obligations under this Agreement and shall not, pursuant to Clause 30 (Relief Events), be relieved of its obligations unless it can demonstrate to the satisfaction of the Authority that it can carry out the works necessary to repair, reinstate or replace the assets which are subject to the relevant claims in accordance with Clause 53.22.3 and within a reasonable timescale.