Common use of Right to Purchase Insurance Clause in Contracts

Right to Purchase Insurance. In the event the Borrower fails to provide the Administrative Agent with evidence of the insurance coverage required by this Agreement within three (3) Business Days after request therefor, the Administrative Agent may after twenty (20) days’ notice to the Borrower, purchase insurance at the Borrower’s expense to protect the Administrative Agent’s interests in the Collateral. This insurance may, but need not, protect the Borrower’s interests. The coverage purchased by the Administrative Agent may not pay any claim made by the Borrower or any claim that is made against the Borrower in connection with the Collateral. The Borrower may later cancel any insurance purchased by the Administrative Agent, but only after providing the Administrative Agent with evidence that the Borrower has obtained insurance as required by this Agreement. If the Administrative Agent purchases insurance for the Collateral, the Borrower will be responsible for the costs of that insurance to the fullest extent provided by Law, including interest and other charges imposed by the Administrative Agent 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 the DIP Obligations. The costs of the insurance may be more than the cost of insurance that the Borrower is able to obtain on its own.

Right to Purchase Insurance. In the event the Borrower fails to provide the Administrative Agent with evidence of the insurance coverage required by this Agreement within three (3) Business Days after request therefor, the Administrative Agent may after twenty (20) days’ notice to the Borrower, purchase insurance at the Borrower’s expense to protect the Administrative Agent’s interests in the Collateral. This insurance may, but need not, protect the Borrower’s interests. The coverage purchased by the Administrative Agent may not pay any claim made by the Borrower or any claim that is made against the Borrower in connection with the Collateral. The Borrower may later cancel any insurance purchased by the Administrative Agent, but only after providing the Administrative Agent with evidence that the Borrower has obtained insurance as required by this Agreement. If the Administrative Agent purchases insurance for the Collateral, the Borrower will be responsible for the costs of that insurance to the fullest extent provided by Law, including interest and other charges imposed by the Administrative Agent 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 the DIP Obligations. The costs of the insurance may be more than the cost of insurance that the Borrower is able to obtain on its own.

Right to Purchase Insurance. In the event the Borrower fails to provide the Administrative Agent with evidence of the insurance coverage required by this Agreement within three (3) Business Days after request thereforAgreement, the Administrative Agent may after twenty may, following not less than fifteen (2015) days’ prior written notice to the BorrowerBorrower (or such shorter notice as may be necessary to prevent any lapse in such insurance coverage), purchase insurance at the Borrower’s expense to protect the Administrative Agent’s interests in the Collateral. This insurance may, but need not, protect the Borrower’s interests. The coverage purchased by the Administrative Agent may not pay any claim made by the Borrower or any claim that is made against the Borrower in connection with the Collateral. The Borrower may later cancel any insurance purchased by the Administrative Agent, but only after providing the Administrative Agent with evidence that the Borrower has obtained insurance as required by this Agreement. If the Administrative Agent purchases insurance for the Collateral, the Borrower will be responsible for the costs of that insurance to the fullest extent provided by Law, Law including interest and other charges imposed by the Administrative Agent 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 the DIP Obligations. The costs of the insurance may be more than the cost of insurance that the Borrower is able to obtain on its own.