Borrowing Base Property Defaults Clause Samples

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 the earlier of (i) the date on which the Borrower obtains knowledge of such Default and (ii) the date on which the Borrower has received written notice of such Default from the Administrative Agent, 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.