(a) Notwithstanding any other provisions of this Agreement and the terms and conditions of the [Senior Financing Agreements], the Agent shall only permit amounts to be released from the Joint Insurance Account in accordance with the requirements of Clause 17.5 (Reinstatement) of the Contract41 and shall not exercise any rights under the [Senior Financing Agreements] or take any other steps to prevent amounts being released from the Joint Insurance Account in accordance with Clause 17.6 (Application of Insurance Proceeds) of the Contract.
(b) Notwithstanding any terms of any other document, the parties agree and shall, to the extent it is within their power, direct that all insurance proceeds receivable or received by the Contractor under the insurances referred to in Clause 17 (Insurance) of the Contract shall be paid directly into the Insurance Proceeds Account and applied in accordance with the Contract.
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41 Under the terms of the Senior Financing Agreements, the Senior Lenders will take security over all of the assets of the Contractor, including the Contractor's interests in the Joint Insurance Account. However, the Senior Lenders should accept that any proceeds standing to the credit of the Joint Insurance Account should be applied in reinstatement of the assets except where no reinstatement is required as a result of Section 17.6 (even if the Contract has terminated) and accordingly the Authority should not agree to any request from the Senior Lenders for the Authority to grant security to the Senior Lenders over its interests in the Joint Insurance Account.