Common use of Administrative Agent May Purchase Insurance Clause in Contracts

Administrative Agent May Purchase Insurance. If the Borrowers at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above (and provide evidence thereof to Administrative Agent) or to pay any premium relating thereto, then Administrative Agent, without waiving or releasing any obligation or default by the Borrowers hereunder, may (but shall be under no obligation to) obtain and maintain such policies of insurance and pay such premiums and take such other actions with respect thereto as Administrative Agent deems advisable upon notice to the Representative. Such insurance, if obtained by Administrative Agent, may, but need not, protect the Borrowers’ interests or pay any claim made by or against the Borrowers with respect to the Collateral. Such insurance may be more expensive than the cost of insurance the Borrowers may be able to obtain themselves and may be cancelled only upon the Borrowers providing evidence that they have obtained the insurance as required above. All sums disbursed by Administrative Agent in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ fees, shall constitute Loans hereunder, shall be payable within five (5) Business Days after receipt of demand thereof from Administrative Agent, by the Borrowers to Administrative Agent and, until paid, shall bear interest at the highest rate then applicable to Loans hereunder. This provision shall constitute the notice to the Borrowers required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).

Administrative Agent May Purchase Insurance. If the Borrowers Borrower at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above (and provide evidence thereof to Administrative Agent) or to pay any premium relating thereto, then Administrative Agent, without waiving or releasing any obligation or default by the Borrowers Borrower hereunder, may (but shall be under no obligation to) obtain and maintain such policies of insurance and pay such premiums and take such other actions with respect thereto as Administrative Agent deems advisable upon notice to the RepresentativeBorrower. Such insurance, if obtained by Administrative Agent, may, but need not, protect the Borrowers’ Borrower’s interests or pay any claim made by or against the Borrowers Borrower with respect to the Collateral. Such insurance may be more expensive than the cost of insurance the Borrowers Borrower may be able to obtain themselves on its own and may be cancelled only upon the Borrowers Borrower providing evidence that they have it has obtained the insurance as required above. All sums disbursed by Administrative Agent in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ feesAttorney Costs, shall constitute Loans hereunder, shall be payable within five (5) Business Days after receipt of on demand thereof from Administrative Agent, by the Borrowers Borrower to Administrative Agent and, until paid, shall bear interest at the highest rate then applicable to Loans hereunder. This provision shall constitute the notice to the Borrowers Borrower required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).