(o) Insurance proceeds: at any time upon the receipt of the Insurance proceeds (except for those under a third party liability insurance) for the claims amount of not exceeding Baht twenty million (20,000,000) per claim, it shall use such insurance proceeds to compensate the loss or damage incurred in respect of the Project, or to replace, repair or reinstate the relevant assets (as the case may be), provided always that at any time upon the Security Agent’s receipt of the insurance proceeds (except for those under a third party liability insurance) for the amount exceeding Baht twenty million (20,000,000), per claim, the Security Agent shall deposit such amount to any bank account of the Borrower which has been conditionally assigned to the Security Agent. The Security Agent, as an [exclusive/joint] loss payee, shall, if there is no Event of Default which is continuing :