Common use of Failure to Pay Insurance Clause in Contracts

Failure to Pay Insurance. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, the Lender, if the Lender so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party, and such premium shall be charged to the Loan Account as a Revolving Loan of a Domestic Rate Loan and added to the Obligations.

Failure to Pay Insurance. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, the Lender, if the Lender so electsat its option, may obtain such insurance and pay the premium therefor on behalf of such Loan Partyfor the Borrowers’ Account, and charge the Borrowers’ Account therefor and such premium expenses so paid shall be charged to the Loan Account as a Revolving Loan part of a Domestic Rate Loan and added to the Obligations.

Failure to Pay Insurance. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, the Lender, if the Lender so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party, and such premium shall be charged to charge the Loan Account therefor as a Revolving Loan Advance of a Domestic Rate Loan and added to such expenses so paid shall be part of the Obligations.

Failure to Pay Insurance. If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, the Lender, if the Lender so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party, and such premium shall be charged to the Loan Account as a Revolving Loan of a Domestic Base Rate Loan and added to the Obligations. The Lender shall give notice to the Borrower Representative of any action it takes pursuant to this Section, provided that the failure to give such notice shall not limit the Lender’s rights hereunder.