Failure to Pay Insurance. If any Borrower fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if the Required Lenders so elect, may obtain such insurance and pay the premium therefor on behalf of such Borrower, and charge Borrowers’ Account therefor as a Revolving Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations, and such charge shall be deemed authorized by Borrowers and Lenders shall be obliged to fund their respective Revolving Commitment Percentages of the same regardless of whether any of the conditions under Sections 8.2 or 2.2 shall not be satisfied at such time or whether the Revolving Credit Commitments of the Lenders hereunder shall have otherwise been terminated at such time.
Appears in 2 contracts
Samples: Credit and Security Agreement, Credit and Security Agreement
Failure to Pay Insurance. If any Borrower fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if the Required Lenders Agent so electelects, may obtain such insurance and pay the premium therefor on behalf of such Borrower, and charge Borrowers’ Account therefor as a Revolving Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations, and such charge shall be deemed authorized by Borrowers and Lenders shall be obliged to fund their respective Revolving Commitment Percentages of the same regardless of whether any of the conditions under Sections 8.2 or 2.2 shall not be satisfied at such time or whether the Revolving Credit Commitments revolving credit commitments of the Lenders hereunder shall have otherwise been terminated at such time.
Appears in 2 contracts
Samples: Security Agreement (UniTek Global Services, Inc.), Security Agreement (UniTek Global Services, Inc.)
