Common use of Failure to Cure Title Defects Clause in Contracts

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day period or the Borrower does not substitute acceptable Oil and Gas Properties sufficient to cause the Eighty Percent Coverage Requirement to be maintained, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Property shall not count towards the Eighty Percent Coverage Requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as to the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 90-day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the such proved Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is Obligors are unable to cure any material title defect requested by the U.S. Agent or the Lenders to be cured within the ninety sixty (90)-day 60) day period or the Borrower does Obligors do not substitute acceptable Oil and Gas Properties sufficient comply with the requirements to cause the Eighty Percent Coverage Requirement provide title information pursuant to be maintainedSection 8.08(a), such default shall not be a Default or an Event of Default, but instead the U.S. Agent and the Majority Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the U.S. Agent or the Majority Lenders. To the extent that the U.S. Agent or the Majority Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirement80% requirement, and the U.S. Agent may send a notice to the Borrower Obligors and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower Obligors to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on 80% of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after the Obligors' receipt of such notice.

Failure to Cure Title Defects. If the Borrower Xxxxxxxx is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day period or the Borrower does not substitute comply with the requirements to provide acceptable Oil and Gas title information covering at least eighty percent (80%) of the engineered value of the Borrowing Base Properties sufficient to cause the Eighty Percent Coverage Requirement to be maintained(including in connection with Borrower’s obligations under Section 8.08(d) below), such default failure shall not be a Default or an Event of Default, but instead the Agent and the Supermajority Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time ​ ​ shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Supermajority Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b) has elapsedMortgaged Property, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementminimum eighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Supermajority Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on at least eighty percent (80%) of the engineered value of the Oil and Gas Borrowing Base Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.notice and shall not constitute a special redetermination under Section 2.08(e). ​

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 60 day period or the Borrower does not substitute comply with the requirements in Section 8.08(a) to provide acceptable title information covering at least (80%) of the value of the Oil and Gas Properties sufficient evaluated in the most recent Reserve Report that are Proven Reserves (subject to cause the Eighty Percent Coverage Requirement to be maintainedproviso in the parenthetical at the end of Section 8.08(a)), such default failure shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in this Section 8.08(b8.08(c) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementminimum eighty percent (80%) requirement set forth in Section 8.08(a), and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement set forth in Section 8.08(a) to provide acceptable title information on at least eighty percent (80%) of the value of the Oil and Gas PropertiesProperties evaluated in the most recent Reserve Report that are Proven Reserves). This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is Obligors are unable to cure ----------------------------- any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 90-day period or the Borrower does Obligors do not substitute comply with the requirements to provide acceptable title information covering 80% of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirement80% requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower Obligors to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on 80% of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 60 day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering at least (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report that are Proven Reserves), such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementminimum eighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on at least eighty percent (80%) of the value of the Oil and Gas PropertiesProperties evaluated in the most recent Reserve Report that are Proven Reserves). This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day period or the Borrower does not substitute comply with the requirement to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Administrative Agent or the Lenders to be cured within the ninety (90)-day 60 day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty-five percent (85%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Administrative Agent and the Lenders shall have the right to exercise the following remedy exercise, in their sole discretion from time to time, the remedy described in the next sentence, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the such remedy by the Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Lenders are not satisfied with title to any such Oil and Gas Property Properties comprising Collateral after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Property Collateral shall not count towards the Eighty Percent Coverage Requirementeighty-five percent (85%) requirement, and the Administrative Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty-five percent (85%) of the value of the Oil and Gas PropertiesProperties comprising Collateral. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 45 day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 90) day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section Subsection 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base existing Aggregate Credit Commitments shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the proved Oil and Gas Properties. This The new Borrowing Base Aggregate Credit Commitments shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 90-day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b5.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the such proved Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Administrative Agent or the Lenders to be cured within the ninety (90)-day 60 day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Administrative Agent and the Lenders shall have the right to exercise the following remedy exercise, in their sole discretion from time to time, the remedy described in the next sentence, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the such remedy by the Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Lenders are not satisfied with title to any such Oil and Gas Property Properties comprising Collateral after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Property Collateral shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Administrative Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the Oil and Gas PropertiesProperties comprising Collateral. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day period or the Borrower does not substitute comply with the requirement to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b8.08(c) has elapsed, such unacceptable Oil and Gas Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day 90-day period or the Borrower does not substitute comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties sufficient to cause evaluated in the Eighty Percent Coverage Requirement to be maintainedmost recent Reserve Report, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Mortgaged Property shall not count towards the Eighty Percent Coverage Requirementeighty percent (80%) requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty percent (80%) of the value of the proved Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.

Failure to Cure Title Defects. If the Borrower is unable to cure any title defect requested by the Agent or the Lenders to be cured within the ninety (90)-day period or the Borrower does not substitute acceptable Oil and Gas Mortgage Properties sufficient to cause the Eighty Percent 85% Coverage Requirement to be maintained, such default shall not be a Default or an Event of Default, but instead the Agent and the Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of CREDIT AGREEMENT the remedy by the Agent or the Lenders. To the extent that the Agent or the Lenders are not satisfied with title to any such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Oil and Gas Property shall not count towards the Eighty Percent 85% Coverage Requirement, and the Agent may send a notice to the Borrower and the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by all of the Lenders to cause the Borrower to be in compliance with the Eighty Percent Coverage Requirement as requirement to provide acceptable title information on eighty-five percent (85%) of the value of the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.