3  Receipts and Payments

3.1  The Account may only be used in accordance with the terms of and for the purposes set out in this clause 3.

3.2  The Account shall be used for receiving, to the extent required by clause 40.16 (Insurance Proceeds Account) of the Project Agreement, the proceeds of all insurances referred to in clause 40.16(b) (Insurance Proceeds Account) of the Project Agreement).

3.3  Subject to restrictions set out in this Deed, the Account shall only be used for applying the proceeds of the insurances in accordance with clause 40.16 (Insurance Proceeds Account) of the Project Agreement either directly or indirectly by way of the reimbursement to the Issuer of costs or expenses incurred or monies paid by it (or on its behalf) in or towards satisfaction of the reinstatement restoration or replacement requirements of that clause.  In the event that any amount standing to the credit of the Account is not so required to be applied, such amount shall (subject to clause 4.3 (General Provisions for the Account) and 4.5 (General Provisions for the Account)) be paid by the Account Bank to the Receipts Account, or as otherwise instructed by the Security Authority pursuant to clause 4.5 (General Provisions for the Account).