Common use of Curing Defaults Under Security Documents Clause in Contracts

Curing Defaults Under Security Documents. The Lenders agree that the Borrower may cure a Default occurring under Section 11.1.(b)(ii) relating to any Security Document by causing the Borrowing Base Property to which such Security Document relates to be released from the Liens of the applicable Security Document in accordance with the terms of Section 4.2.; provided, however, the provisions of this Section shall not apply (a) to a Default the circumstances giving rise to which constitute a Default or Event of Default under any other provision of Section 11.1. or (b) if, after giving effect to such release, the aggregate principal amount of all outstanding Revolving Loans would exceed the Borrowing Base.

Curing Defaults Under Security Documents. The Lenders agree that the Borrower may cure a Default occurring under Section 11.1.(b)(ii) relating to any Security Document by causing the Borrowing Base Property to which such Security Document relates to be released from the Liens of the applicable Security Document in accordance with the terms of Section 4.2.; provided, however, the provisions of this Section shall not apply (a) to a Default the circumstances giving rise to which constitute a Default or Event of Default under any other provision of Section 11.1. or (b) if, after giving effect to such release, the aggregate principal amount of all outstanding Revolving Loans together with the aggregate amount of all Letter of Credit Liabilities would exceed the Borrowing Base.