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 required to be cured under Section 11(h)(ii) above as reasonably 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 80% of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Properties, 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 Required Lenders are not satisfied with title to any Mortgaged Property after the time period in Section 11(h)(ii) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 Agent with the concurrence of the Required Lenders to cause the Borrower to be in compliance with the 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 required to be cured under Section 11(h)(ii) above as reasonably 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 80% seventy percent (70%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Propertiesincluded in the determination of the then current Borrowing Base, 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 in their sole discretion from time to time, after September 30, 2002, 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Lenders are not satisfied with title to any Mortgaged Oil and Gas Property after the time period in Section 11(h)(ii8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the 80% seventy percent (70%) 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 the Agent with the concurrence all of the Required Tranche A Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information on 80% seventy percent (70%) of the value of the Mortgaged Oil and Gas PropertiesProperties included in the determination of the Borrowing Base. 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 required to be cured under Section 11(h)(ii) above as reasonably 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 Mortgaged Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Propertiesincluded in the determination of the then current Borrowing Base, 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Lenders are not satisfied with title to any Mortgaged Oil and Gas Property after the time period in Section 11(h)(ii8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property 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 the Agent with the concurrence all of the Required 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 the Mortgaged Oil and Gas PropertiesProperties included in the determination of the Borrowing Base. 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 required to be cured under Section 11(h)(ii7.16(b) above as reasonably requested by the Administrative Agent or the Lenders to be cured within the 90-day period or the Borrower does not comply with the requirements to provide reasonably acceptable title information covering 80% of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Properties, 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Majority Lenders are not satisfied with title to any Mortgaged Property after the time period in Section 11(h)(ii7.15(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 reasonably determined by the Administrative Agent with the concurrence of the Required Majority Lenders to cause the Borrower to be in compliance with the requirement to provide reasonably acceptable title information on 80% of the value of the Oil and Gas Mortgaged 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 required to be cured under Section 11(h)(ii) above as reasonably 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 80% seventy percent (70%) of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Propertiesincluded in the determination of the then current Borrowing Base, 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Lenders are not satisfied with title to any Mortgaged Oil and Gas Property after the time period in Section 11(h)(ii8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the 80% seventy percent (70%) 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 the Agent with the concurrence all of the Required Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information on 80% seventy percent (70%) of the value of the Mortgaged Oil and Gas PropertiesProperties included in the determination of the Borrowing Base. 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 required to be cured under Section 11(h)(ii) above as reasonably 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 80% seventy-five percent (75%) of the value of the Mortgaged Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Propertiesincluded in the determination of the then current Borrowing Base, 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Lenders are not satisfied with title to any Mortgaged Oil and Gas Property after the time period in Section 11(h)(ii8.08(b) has elapsed, such unacceptable Mortgaged Oil and Gas Property shall not count towards the 80% seventy-five percent (75%) 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 the Agent with the concurrence all of the Required Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information on 80% seventy-five percent (75%) of the value of the Mortgaged Oil and Gas PropertiesProperties included in the determination of the Borrowing Base. 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 required to be cured under Section 11(h)(ii7.16(b) above as reasonably requested by the Administrative Agent or the Lenders to be cured within the 90-day period or the Borrower does not comply with the requirements to provide reasonably acceptable title information MRC Energy Company Credit Agreement 98 covering 8085% of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged PropertiesPropertiesas set forth in Section 7.16(a), 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Majority Lenders are not satisfied with title to any Mortgaged Property after the time period in Section 11(h)(ii7.15(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 8085% requirementrequirementCollateral Coverage Minimum, 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 reasonably determined by the Administrative Agent with the concurrence of the Required Supermajority Lenders to cause the Borrower to be in compliance with the requirement to provide reasonably acceptable title information on 8085% of the value of the Oil and Gas PropertiesMortgaged PropertiesCollateral Coverage Minimum. 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 required to be cured under Section 11(h)(ii7.16(b) above as reasonably requested by the Administrative Agent or the Lenders to be cured within the 90-day period or the Borrower does not comply with the requirements to provide reasonably acceptable title information covering 80% of the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Properties, 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 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 Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Majority Lenders are not satisfied with title to any Mortgaged Property after the time period in Section 11(h)(ii7.15(b) has elapsed, such unacceptable Mortgaged Property shall not count towards the 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 reasonably determined by the Administrative Agent with the concurrence of the Required Supermajority Lenders to cause the Borrower to be in compliance with the requirement to provide reasonably acceptable title information on 80% of the value of the Oil and Gas Mortgaged Properties. This new Borrowing Base shall become effective immediately after receipt of such notice.