Common use of Placement of Collateral Protection Insurance Clause in Contracts

Placement of Collateral Protection Insurance. Unless Borrower provides Lender with evidence of the insurance coverage required by Xxxxxxxx’s agreement with Lender, Lender may purchase insurance at Borrower’s expense to protect Xxxxxx’s interests in Borrower’s collateral. This insurance may, but need not, protect Xxxxxxxx’s interests. The coverage that Lender purchases may not pay any claim that Xxxxxxxx makes or any claim that is made against Borrower in connection with the collateral. Borrower may later cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Xxxxxxxx has obtained insurance as required by Xxxxxxxx's and Lender's agreement. If Lender purchases insurance for the collateral, Borrower will be responsible for the costs of that insurance, including interest and any other charges Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to Borrower’s total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own.

Placement of Collateral Protection Insurance. Unless Borrower provides Lender with evidence of the insurance coverage required by Xxxxxxxx’s agreement with Lender, Lender may purchase insurance at Borrower’s expense to protect Xxxxxx’s interests in Borrower’s collateral. This insurance may, but need not, protect Xxxxxxxx’s interests. The coverage that Lender purchases may not pay any claim that Xxxxxxxx makes or any claim that is made against Borrower in connection with the collateral. Borrower may later cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Xxxxxxxx has obtained insurance as required by Xxxxxxxx's ’s and Lender's ’s agreement. If Lender purchases insurance for the collateral, Borrower will be responsible for the costs of that insurance, including interest and any other charges Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to Borrower’s total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own.

Placement of Collateral Protection Insurance. Unless Borrower provides Lender with evidence of the insurance coverage required by Xxxxxxxx’s 's agreement with Lender, Lender may purchase insurance at Borrower’s 's expense to protect Xxxxxx’s 's interests in Borrower’s Xxxxxxxx's collateral. This insurance may, but need not, protect Xxxxxxxx’s 's interests. The coverage that Lender purchases may not pay any claim that Xxxxxxxx makes or any claim that is made against Borrower in connection with the collateral. Borrower may later cancel any insurance purchased by Xxxxxx, but only after providing Lender with evidence that Xxxxxxxx has obtained insurance as required by Xxxxxxxx's and Lender's agreement. If Lender purchases insurance for the collateral, Borrower will be responsible for the costs of that insurance, including interest and any other charges Lender may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to Borrower’s 's total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance Borrower may be able to obtain on its own.