Common use of Cure of Title Defects Clause in Contracts

Cure of Title Defects. The Borrower shall promptly proceed in good faith to cure any title defects or exceptions which are not Excepted Liens raised by such title information, or substitute acceptable Oil and Gas Properties with no material title defects or exceptions except for Excepted Liens covering Oil and Gas Property sufficient to cause the Eighty Percent Coverage Requirement to be maintained, as promptly as reasonable, and in any event, within ninety (90) days after a request by the Agent or the Lenders to cure such defects or exceptions. With respect to this Section 8.08(b), “material title defects or exceptions” shall mean the defects and exceptions relating to all the Oil and Gas Properties that could reasonably be expected to materially affect the revenue stream attributable to such Oil and Gas Properties and the cost to cure such defects or exceptions could reasonably be expected to exceed $100,000 individually or $1,000,000 in the aggregate to cure. 63

Cure of Title Defects. The Borrower shall promptly proceed in good faith to cure any title defects or exceptions which are not Excepted Liens raised by such title information, or substitute acceptable Oil and Gas Properties with no material title defects or exceptions except for Excepted Liens covering Oil and Gas Property sufficient to cause the Eighty Percent Coverage Requirement to be maintained, as promptly as reasonable, and in any event, within ninety (90) days after a request by the Agent or the Lenders to cure such defects or exceptions. With respect to this Section 8.08(b), “material title defects or exceptions” shall mean the defects and exceptions relating to all the Oil and Gas Properties that could reasonably be expected to materially affect the revenue stream attributable to such Oil and Gas Properties and the cost to cure such defects or exceptions could reasonably be expected to exceed $100,000 individually or $1,000,000 in the aggregate to cure. 6362