Common use of Advances by Bank Clause in Contracts

Advances by Bank. In the event the Borrower shall fail to maintain, or cause to be maintained, (i) the full insurance coverage required pursuant to Section 4.3 or (ii) the Collateral in good repair and good operating condition, the Bank may (but shall be under no obligation to), after 10 days written notice to the Borrower and the Issuer and the failure of the Borrower to obtain the required insurance or to commence (and complete with due diligence) the making of the required repairs, renewals and replacements, contract for the required policies of insurance and pay the premiums on the same or make any required repairs, renewals and replacements; and the Borrower and the Issuer agree to reimburse the Bank to the extent of the amounts so advanced with interest thereon at a rate per annum equal to the Prime Rate plus two (2) percentage points, or the maximum rate permitted by law, whichever is lower, from the date of advance to the date of reimbursement. Any amounts so advanced by the Bank shall become an additional obligation of the Borrower secured by the Security Instruments.

Advances by Bank. In the event the Borrower shall fail to maintain, or cause to be maintained, (i) the full insurance coverage required pursuant to Section 4.3 or (ii) the Collateral Project Site in good repair and good operating condition, the Bank may (but shall be under no obligation to), after 10 days days' written notice to the Borrower and the Issuer and the failure of the Borrower to obtain the required insurance or to commence (and complete with due diligence) the making of the required repairs, renewals and replacements, contract for the required policies of insurance and pay the premiums on the same or make any required repairs, renewals and replacements; and the Borrower and the Issuer agree agrees to reimburse the Bank to the extent of the amounts so advanced with interest thereon at a rate per annum equal to the Prime Rate plus two (2) percentage points, or the maximum rate permitted by law, whichever is lower, from the date of advance to the date of reimbursement. Any amounts so advanced by the Bank shall become an additional obligation of the Borrower secured by the Security InstrumentsGuaranty.

Advances by Bank. In the event the Borrower shall fail to maintain, or cause to be maintained, (i) the full insurance coverage required pursuant to Section 4.3 or (ii) the Collateral in good repair and good operating condition, the Bank may (but shall be under no obligation to), after 10 days written notice to the Borrower and the Issuer and the failure of the Borrower to obtain the required insurance or to commence (and complete with due diligence) the making of the required repairs, renewals and replacements, contract for the required policies of insurance and pay the premiums on the same or make any required repairs, renewals and replacements; and the Borrower and the Issuer agree agrees to reimburse the Bank to the extent of the amounts so advanced with interest thereon at a rate per annum equal to the Prime Reimbursement Rate plus two (2) percentage points, or the maximum rate permitted by law, whichever is lower, from the date of advance to the date of reimbursement. Any amounts so advanced by the Bank shall become an additional obligation of the Borrower secured by the Security Instruments.

Advances by Bank. In the event the Borrower shall fail to maintain, or cause to be maintained, (i) the full insurance coverage required pursuant to Section 4.3 or (ii) the Collateral in good repair and good operating operation condition, the Bank may (but shall be under no obligation to), after 10 days written notice to the Borrower and the Issuer and the failure of the Borrower to obtain the required insurance or to commence (and complete with due diligence) the making of the required repairs, renewals and replacements, contract for the required policies of insurance and pay the premiums on the same or make any required repairs, renewals and replacements; and the Borrower and the Issuer agree agrees to reimburse the Bank to the extent of the amounts so advanced with interest thereon at a rate per annum equal to the Prime then applicable Reimbursement Rate plus two (2) percentage points, or the maximum rate permitted by law, whichever is lower, from the date of advance to the date of reimbursement. Any amounts so advanced by the Bank shall become an additional obligation of the Borrower secured by the Security Instruments.