Common use of Borrowing Base Property Defaults Clause in Contracts

Borrowing Base Property Defaults. As to any non-monetary Defaults which are capable of being cured or remedied by the removal of any Individual Property or Individual Properties from being Borrowing Base Properties, there shall be a thirty (30) day grace period following such Default for the Borrower to cure or remedy such Default by removing such Individual Properties from being Borrowing Base Properties, if required, or by removing such Borrowing Base Properties from the Borrowing Base Value.

Borrowing Base Property Defaults. As to any non-monetary Defaults which are reasonably capable of being cured or remedied by the removal of any Individual Property or Individual Properties from being Borrowing Base Properties, there shall be a thirty (30) day grace period following such Default notice from the Administrative Agent for the Borrower to cure or remedy such Default by removing such Individual Properties from being Borrowing Base Propertiespaying the Release Price with respect thereto, if required, or by removing such Borrowing Base Properties from the Borrowing Base Value.