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 90-day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of 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 Agent or the Lenders to be cured within the 90-day ninety (90)-day period or the Borrower does not comply with the requirements to provide substitute acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in sufficient to cause the most recent Reserve ReportEighty 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 Mortgaged such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the eighty percent (80%) requirementEighty 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 all of the Lenders to cause the Borrower to be in compliance with the requirement Eighty Percent Coverage Requirement as to provide acceptable title information on eighty percent (80%) of the value of such proved 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 90-45 day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such proved 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 90-day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section 8.08(b5.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of 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 Agent or the Lenders to be cured within the 90-day period or the Borrower does not comply with the requirements requirement to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such proved 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 90-60 day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty eighty-five percent (8085%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property Oil and Gas Properties comprising Collateral after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property Collateral shall not count towards the eighty eighty-five percent (8085%) 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 requirement to provide acceptable title information on eighty eighty-five percent (8085%) of the value of such proved 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 Obligors are unable to cure any material title defect requested by the U.S. Agent or the Lenders to be cured within the 90-sixty (60) day period or the Borrower does Obligors do not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve Reportpursuant to Section 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the eighty percent (80%) % 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 requirement to provide acceptable title information on eighty percent (80%) % of the value of such proved 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 is unable to cure any title defect requested by the Agent or the Lenders to be cured within the 90-60 day period or the Borrower does not comply with the requirements in Section 8.08(a) to provide acceptable title information covering eighty percent at least (80%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve ReportReport that are Proven Reserves (subject to the proviso 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 Mortgaged Property after the time period in this Section 8.08(b8.08(c) has elapsed, such unacceptable Mortgaged Property shall not count towards the minimum eighty percent (80%) requirementrequirement 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 requirement set forth in Section 8.08(a) to provide acceptable title information on at least eighty percent (80%) of the value of such proved 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 90-day ninety (90)-day period or the Borrower does not comply with substitute acceptable Mortgage Properties sufficient to cause the requirements 85% Coverage Requirement to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve Reportbe 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 Mortgaged such Oil and Gas Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the eighty percent (80%) requirement85% 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 requirement to provide acceptable title information on eighty eighty-five percent (8085%) of the value of such proved 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 90-60 day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent at least (80%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve ReportReport 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the minimum 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 requirement to provide acceptable title information on at least eighty percent (80%) of the value of such proved 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 Administrative Agent or the Lenders to be cured within the 90-60 day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property Oil and Gas Properties comprising Collateral after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property Collateral shall not count towards the eighty 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such proved 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 90-day period or the Borrower does not comply with the requirements requirement to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Oil and Gas Property after the time period in Section 8.08(b8.08(c) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such proved 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 Xxxxxxxx is unable to cure any title defect requested by the Agent or the Lenders to be cured within the 90-day period or the Borrower does not comply with the requirements to provide acceptable title information covering at least eighty percent (80%) of the engineered value of the Oil and Gas Borrowing Base Properties evaluated (including in the most recent Reserve Reportconnection 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 Mortgaged Property after the time period in Section 8.08(b) has elapsedProperty, such unacceptable Mortgaged Property shall not count towards the minimum 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 Supermajority Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information on at least eighty percent (80%) of the engineered value of such proved Oil and Gas the 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 90-day period or the Borrower does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such 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 comply with the requirements to provide acceptable title information covering eighty percent (80%) of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section Subsection 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the eighty 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 requirement to provide acceptable title information on eighty percent (80%) of the value of such 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 Obligors are unable to cure ----------------------------- any title defect requested by the Agent or the Lenders to be cured within the 90-day period or the Borrower does Obligors do not comply with the requirements to provide acceptable title information covering eighty percent (80%) % of the value of the Oil and Gas Properties evaluated in the most 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 Mortgaged Property after the time period in Section 8.08(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 Obligors to be in compliance with the requirement to provide acceptable title information on eighty percent (80%) % of the value of such proved the Oil and Gas Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.