58A.3  Release into the Joint Insurance Account  

If the calculation referred to in clause 58A.1 above shows that the senior debt loan life ratio is less than [event of default level] then an amount equal to the lesser of:

58A.3.1  the insurance proceeds; and

58A.3.2 the Base Senior Debt Termination Amount, or, if any Additional Permitted Borrowing has been advanced, the Revised Senior Debt Termination Amount296,

shall be released from the Joint Insurance Account to the Contractor297.

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296 As set out in the relevant definition, excluded from this will be amounts standing to the credit of the Joint Insurance Account.

297 This will mean the amounts are released to the accounts secured to the Senior Lenders and the Senior Lenders will apply such amounts as a prepayment against Senior Debt.