EXHIBIT 10(l)
AGREEMENT TO PROVIDE INSURANCE
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Principal Loan Date Maturity Loan No Call Collateral Account Officer Initials
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$3,000,000.00 04-06-1998 06-15-1999 43262 4 330 SCA
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References in the shaded area are for Lender's use only and do not limit the applicability of this
document to any particular loan or item.
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BORROWER: Credit Concepts, Inc. LENDER: Pacific Continental Bank
0000 Xxxxxxxxxx Xxxxx, Xxxxx 0 X.X. Xxx 00000
Xxxxxx, XX 00000 Xxxxxx, XX 00000
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INSURANCE REQUIREMENTS. Credit Concepts, Inc. ("Grantor") understands that
insurance coverage is required in connection with the extending of a loan or
the providing of other financial accommodations to Grantor by Lender. These
requirements are set forth in the security documents. The following minimum
insurance coverages must be provided on the following described collateral (the
"Collateral"):
Collateral: All Inventory and Equipment, including including, but not
limited to, all promissory notes, loans receivable, notes
receivable, installment contracts, security agreements and
motor vehicle titles related to any of the foregoing
vehicle loans; and furniture.
Type. All risks, including fire, theft and liability.
Amount. Full insurable value.
Basis. Replacement value.
Endorsements. Lender's loss payable clause with stipulation
that coverage will not be cancelled or diminished without a
minimum of ten (10) days' prior written notice to Lender.
Deductibles. $250.00.
INSURANCE COMPANY. Grantor may obtain insurance from any insurance company
Grantor may choose that is reasonably acceptable to Lender.
PROVISION OF INSURANCE. Grantor agrees to deliver to Lender, ten (10) days
from the date of this Agreement, evidence of the required insurance as provided
above, with an effective date of December 15, 1997, or earlier.
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WARNING
Unless GRANTOR provides Lender with evidence of the insurance coverage as
required by Grantor's security documents, Lender may purchase insurance at
Grantor's expense to protect Lender's interest. This insurance may, but need
not, also protect Grantor's interest. If the collateral becomes damaged, the
coverage Lender purchases may not pay any claim Grantor makes or any claim made
against Grantor. Grantor may Later cancel this coverage by providing evidence
that Grantor s obtained property coverage elsewhere. Grantor will be
responsible for the cost of any insurance purchased by Lender. The cost of
this insurance may be added to Grantor's Indebtedness. If the cost is added to
Grantor's Indebtedness, the interest rate on the underlying Indebtedness will
apply to this added amount. The effective date of coverage may be the date
Grantor's prior coverage lapsed or the date Grantor failed to provide proof of
coverage. The coverage Lender purchases may be considerably more expensive
than insurance Grantor can obtain on Grantor's own and may not satisfy any need
for property damage coverage or any mandatory liability insurance requirements
imposed by applicable law.
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AUTHORIZATION. For purposes of insurance coverage on the Collateral,
Grantor authorizes Lender to provide to any person (including any insurance
agent or company) all information Lender deems appropriate, whether regarding
the Collateral, the loan or other financial accommodations, or both.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO
PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED APRIL 6,
1998.
GRANTOR:
CREDIT CONCEPTS, INC.
By: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, President Xxxxxx X. Xxxxxx, Secretary
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FOR LENDER USE ONLY
INSURANCE VERIFICATION
DATE:_____________________ PHONE: __________________
AGENT'S NAME: ____________________________________
INSURANCE COMPANY: ______________________________________________________
POLICY NUMBER: _______________________________________________________________
EFFECTIVE DATES: _____________________________________________________________
COMMENTS: ____________________________________________________________________
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