Common use of Receipts and Payments Clause in Contracts

Receipts and Payments. The Account may only be used in accordance with the terms of and for the purposes set out in this Clause 3 (Receipts and Payments). The Account shall be used for receiving, to the extent required by Clause 53 (Insurance) of the Design Build Finance and Maintain Agreement, the proceeds of all Insurances (as defined in the Design Build Finance and Maintain Agreement). Subject to restrictions set out in this Agreement, the Account shall only be used for applying the proceeds of the Authority Insurances in accordance with Clause 53 (Insurance) of the Design Build Finance and Maintain 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 53 (Insurance). 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 and 4.5 below) be paid by the Account Bank to the Receipts Account, or as otherwise instructed by the Security Trustee pursuant to Clause 4.5 below.

Receipts and Payments. The Account may only be used in accordance with the terms of and for the purposes set out in this Clause 3 314 (Receipts and Payments). The Account shall be used for receiving, to the extent required by Clause 53 (Insurance) of the Design Build Finance and Maintain Agreement, the proceeds of all Insurances (as defined in the Design Build Finance and Maintain Agreement). Subject to restrictions set out in this Agreement, the Account shall only be used for applying the proceeds of the Authority Insurances in accordance with Clause 53 (Insurance) of the Design Build Finance and Maintain 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 53 (Insurance). 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 4.3 315.3 and 4.5 315.5 below) be paid by the Account Bank to the Receipts Account, or as otherwise instructed by the Security Trustee pursuant to Clause 4.5 315.5 below.