Excluded insurance proceeds - Кредитный договор

[Мак Клауд]

Вас ист дас? Кредитны договор. Про insurance proceeds все ясно, а что значит вот это excluded?
Контекст:
Excluded Insurance Proceeds means any proceeds of an insurance claim which the Borrower notifies the Bank are, or are to be, applied in replacing, reinstating and/or repairing the Goods or otherwise in amelioration of the loss in respect of which the relevant insurance claim was made provided that such action is taken as soon as possible (but in any event within three Months, or such longer period as the Bank may agree) after receipt (and no Insurance Proceeds may be Excluded Insurance Proceeds if a Default is continuing at any relevant time);

Спасибо!