Common use of Lender May Purchase Insurance Clause in Contracts

Lender May Purchase Insurance. If Loan Parties 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 Lender) or to pay any premium relating thereto, then Lender, without waiving or releasing any obligation or default by Loan Parties 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 Lender deems advisable upon notice to Representative. Such insurance, if obtained by Lender, may, but need not, protect Loan Parties’ interests or pay any claim made by or against Loan Parties with respect to the Collateral. Such insurance may be more expensive than the cost of insurance Loan Parties may be able to obtain on its own and may be cancelled only upon Loan Parties providing evidence that it has obtained the insurance as required above. All sums disbursed by Lender in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ fees, shall constitute Obligations hereunder, shall be payable on demand by Loan Parties to Lender and, until paid, at the option of Lender, shall bear interest at the Default Rate then applicable to Base Rate Revolving Loans hereunder. This provision shall constitute the notice to Loan Parties required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).

Lender May Purchase Insurance. If Loan Parties any 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 Lender) or to pay any premium relating thereto, then Lender, without waiving or releasing any obligation or default by Loan Parties any 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 Lender deems advisable upon notice to RepresentativeBorrowers. Such insurance, if obtained by Lender, may, but need not, protect Loan PartiesBorrowers’ interests or pay any claim made by or against Loan Parties any Borrower with respect to the Collateral. Such insurance may be more expensive than the cost of insurance Loan Parties any Borrower may be able to obtain on its own and may be cancelled only upon Loan Parties Borrowers providing evidence that it has obtained the insurance as required above. All sums disbursed by Lender in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ fees, shall constitute Obligations Loans hereunder, shall be payable on demand by Loan Parties Borrowers to Lender and, until paid, at the option of Lender, shall bear interest at the Default Rate highest rate then applicable to Base Rate Revolving Loans hereunder. This provision shall constitute the notice to Loan Parties Borrowers required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).

Lender May Purchase Insurance. If any Borrower or any other Loan Parties Party 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 Lender) or to pay any premium relating thereto, then Lender, without waiving or releasing any obligation or default by Borrowers and the other Loan Parties 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 Lender deems advisable upon notice to RepresentativeBorrowers. Such insurance, if obtained by Lender, may, but need not, protect such Borrower’s or such other Loan Parties’ Party’s interests or pay any claim made by or against such Borrower or such Loan Parties Party with respect to the Collateral. Such insurance may be more expensive than the cost of insurance any Borrower or any other Loan Parties Party may be able to obtain on its own and may be cancelled only upon Loan Parties such Person’s providing evidence that it has obtained the insurance as required above. All sums disbursed by Lender in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ fees, shall constitute Obligations Loans hereunder, shall be payable on demand by Loan Parties Borrowers to Lender and, until paid, at the option of Lender, shall bear interest at the Default Rate highest rate then applicable to Base Rate Revolving Loans hereunder. This provision shall constitute the notice to Loan Parties Borrowers required pursuant to paragraph Paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).

Lender May Purchase Insurance. If Loan Parties 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 Lender) or to pay any premium relating thereto, then Lender, without waiving or releasing any obligation or default by Loan Parties 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 Lender deems advisable upon notice to the Representative. Such insurance, if obtained by Lender, may, but need not, protect Loan Partiesthe Borrowers’ interests or pay any claim made by or against Loan Parties the Borrowers with respect to the Collateral. Such insurance may be more expensive than the cost of insurance Loan Parties the Borrowers may be able to obtain on its own themselves and may be cancelled only upon Loan Parties the Borrowers providing evidence that it has they have obtained the insurance as required above. All sums disbursed by Lender in connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable attorneys’ fees, shall constitute Obligations Loans hereunder, shall be payable on within five (5) Business Days after receipt of demand thereof from Lender, by Loan Parties the Borrowers to Lender and, until paid, at the option of Lender, shall bear interest at the Default Rate highest rate then applicable to Base Rate Revolving Loans hereunder. This provision shall constitute the notice to Loan Parties the Borrowers required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled Statutes (2004).