Common use of Costs Reimbursed Clause in Contracts

Costs Reimbursed. If an Event of Default hereunder shall occur, ---------------- Obligor shall pay to Bank attorneys' and paralegal fees equal to 15% of the unpaid balance of the Obligations at the time of default (but not exceeding the amount permitted by applicable law), plus Court costs and other expenses which may be incurred by Bank in the administration hereof during the continuance of any Event of Default or the enforcement or attempted enforcement of its rights hereunder, whether against any third party or Obligor (or any endorser, guarantor or co-maker of any Collateral or Obligations). Obligor shall reimburse Bank for all costs of collection including salaries, out-of-pocket, travel and living expenses and the hiring of agents, consultants and accountants. All sums of money thus expended, and all other monies expended by Bank to protect its interests in the Collateral (including insurance taxes or repairs) shall be Obligations payable on demand.