Common use of Failure to Cure Title Defects Clause in Contracts

Failure to Cure Title Defects. If the Borrower and the other Obligors are unable to cure any title defect requested by the Administrative Agent to be cured within such 90-day period or the Borrower and the other Obligors do not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the present value of the Oil and Gas Properties evaluated in the most recent Reserve Report, such default shall not be a Default, but instead the Administrative Agent and the Required Lenders shall have the right to send a notice to the Borrower that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to reflect the economic value on the Borrowing Base of such defect. This new Borrowing Base shall become effective immediately after receipt of such notice. Such designation of the new Borrowing Base shall not constitute a special redetermination pursuant to Section 2.8.3;

Failure to Cure Title Defects. If the Borrower and the other Obligors are is unable to cure any title defect requested by the Administrative Agent or the Lenders to be cured within such 90-day period or the Borrower and the other Obligors do does not comply with the requirements to provide acceptable title information covering eighty percent (80%) of the present value PV-9 of the Oil and Gas Properties evaluated in the most recent Reserve Report, such default shall not be a Default, but instead the Administrative Agent and the Required Lenders shall have the right to send a notice to the Borrower that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to reflect the economic value on the Borrowing Base of such defect. This new Borrowing Base shall become effective immediately after receipt of such notice. Such designation of the new Borrowing Base shall not constitute a special an unscheduled redetermination pursuant to Section 2.8.3;2.08(c).