Common use of Limitation of Cure Periods Clause in Contracts

Limitation of Cure Periods. (a) In the event that there shall occur any Default under §12.1(c), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the Borrower may elect to cure such Default by providing additional Borrowing Base Property consisting of Potential Borrowing Base Property, and/or to reduce the outstanding Loans to it, in which event such actions shall be completed within such five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base Property). The Borrower’s notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base Property and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(a) to provide additional Borrowing Base Property consisting of Potential Borrowing Base Property, the Real Estate to be added to the Borrowing Base Property shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base Property shall have been satisfied.

Limitation of Cure Periods. (a) In the event that there shall occur any Default that affects only certain Unencumbered Property or the owner(s) thereof (including, without limitation, the imposition of a Lien not permitted under §12.1(cthis Agreement), or if any Default shall occur in any covenant contained in Section 9.1(b) through Section 9.1(h), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the Borrower may elect to cure such Default by providing additional Borrowing Base electing to remove such Unencumbered Property consisting of Potential Borrowing Base Property, and/or to from the Unencumbered Pool and reduce the outstanding Loans or by substituting for such Unencumbered Property additional Unencumbered Property consisting of Eligible Real Estate for the Unencumbered Property to itwhich such Default relates (provided that the value of such Unencumbered Property is such that after acceptance thereof, the Borrower is in compliance with the Unencumbered Property requirements), in which event such actions shall be completed within such five (5) Business Days following the expiration of the initial five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base or substitute Unencumbered Property). The Borrower’s notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base or substitute Unencumbered Property and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(ato cure any Default in any covenant contained in Section 9.1(b) through Section 9.1(h), by providing additional Unencumbered Property to provide additional Borrowing Base Property consisting of Potential Borrowing Base Propertythe Unencumbered Pool, the Real Estate to be added to the Borrowing Base Property Unencumbered Pool shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s expense and provided to the Agent for the benefit of the Lenders and above, all other conditions in this Agreement to the acceptance of such Real Estate as a Borrowing Base Property to the Unencumbered Pool shall have been satisfied.

Limitation of Cure Periods. (a) In the event that there shall occur any Default that affects only certain Unencumbered Property or the owner(s) thereof (including, without limitation, the imposition of a Lien not permitted under §12.1(cthis Agreement), or if any Default shall occur in any covenant contained in Section 9.1(b) through Section 9.1(h), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the Borrower may elect to cure such Default by providing additional Borrowing Base electing to remove such Unencumbered Property consisting of Potential Borrowing Base Property, and/or to from the Unencumbered Pool and reduce the outstanding Loans or by substituting for such Unencumbered Property additional Unencumbered Property consisting of Eligible Real Estate for the Unencumbered Property to itwhich such Default relates (provided that the value of such Unencumbered Property is such that after acceptance thereof, the Borrower is in compliance with the Unencumbered Property requirements), in which event such actions shall be completed within such five (5) Business Days following the expiration of the initial five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base or substitute Unencumbered Property). The Borrower’s notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base or substitute Unencumbered Property and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(ato cure any Default in any covenant contained in Section 9.1(b) to provide through Section 9.1(h), by providing additional Borrowing Base Unencumbered Property consisting of Potential Borrowing Base Property, the Real Estate to be added to the Borrowing Base Property shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base Property shall have been satisfiedEstate.

Limitation of Cure Periods. (a) In the event that there shall occur any Default Non-Advance Condition under §12.1(css.12.1(c), then within five (5) Business Days after receipt of notice of such Default Non-Advance Condition from the Agent or the Required Lenders, Lenders the Borrower may elect to cure such Default Non-Advance Condition by providing additional Borrowing Base Property Collateral consisting of Potential Borrowing Base PropertyCollateral, and/or to reduce the outstanding Loans to it, in which event such actions shall be completed within such five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base Mortgaged Property). The Borrower’s 's notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s 's cure period shall immediately terminate and such Default Non-Advance Condition shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base Mortgaged Property and fails within the time provided herein, the cure period shall terminate and such Default Non-Advance Condition immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(ass.12.2(a) to provide additional Borrowing Base Property Collateral consisting of Potential Borrowing Base PropertyCollateral, the Real Estate to be added to the Borrowing Base Property Collateral shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s 's expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base Mortgaged Property shall have been satisfied.

Limitation of Cure Periods. (a) In the event that there shall occur any Default under §12.1(css.12.1(c), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the Borrower may elect to cure such Default by providing additional Borrowing Base Property consisting of Potential Borrowing Base Property, and/or to reduce the outstanding Loans to it, in which event such actions shall be completed within such five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base Property). The Borrower’s 's notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s 's cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base Property and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(ass.12.2(a) to provide additional Borrowing Base Property consisting of Potential Borrowing Base Property, the Real Estate to be added to the Borrowing Base Property shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s 's expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base Property shall have been satisfied.

Limitation of Cure Periods. (a) In the event that there shall occur any Default under §12.1(c12.1(d), then within five (5) Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the Borrower may elect to cure such Default by providing additional Borrowing Base Property Asset consisting of Potential Borrowing Base PropertyAsset, and/or to reduce the outstanding Loans to it, in which event such actions shall be completed within such five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrower intends to provide additional Borrowing Base PropertyAsset). The Borrower’s notice of its election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrower elects to add additional Borrowing Base Property Asset and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrower shall elect under §12.2(a) to provide additional Borrowing Base Property Asset consisting of Potential Borrowing Base PropertyAsset, the Real Estate to be added to the Borrowing Base Property Asset shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been completed at the Borrower’s expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base Property Asset shall have been satisfied.