Common use of Bank Accounts; Cash Balances Clause in Contracts

Bank Accounts; Cash Balances. (a) Xxxxxx Oil and Xxxxxx USA each agrees to take, or cause the respective members of their respective Groups to take, at the Distribution Date (or such earlier date as Xxxxxx Oil and Xxxxxx USA may agree), all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by Xxxxxx USA or any other member of the Xxxxxx USA Group (collectively, the “Xxxxxx USA Accounts”) so that such Xxxxxx USA Accounts, if currently linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “linked”) to any bank or brokerage account owned by Xxxxxx Oil or any other member of the Xxxxxx Oil Group (collectively, the “Xxxxxx Oil Accounts”), are de-linked from the Xxxxxx Oil Accounts.

Appears in 4 contracts

Samples: Separation and Distribution Agreement, Separation and Distribution Agreement (Murphy Oil Corp /De), Separation and Distribution Agreement (Murphy USA Inc.)

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Bank Accounts; Cash Balances. (a) Xxxxxx Mxxxxx Oil and Xxxxxx Mxxxxx USA each agrees to take, or cause the respective members of their respective Groups to take, at the Distribution Date (or such earlier date as Xxxxxx Mxxxxx Oil and Xxxxxx Mxxxxx USA may agree), all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by Xxxxxx Mxxxxx USA or any other member of the Xxxxxx Mxxxxx USA Group (collectively, the “Xxxxxx Mxxxxx USA Accounts”) so that such Xxxxxx Mxxxxx USA Accounts, if currently linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “linked”) to any bank or brokerage account owned by Xxxxxx Mxxxxx Oil or any other member of the Xxxxxx Mxxxxx Oil Group (collectively, the “Xxxxxx Mxxxxx Oil Accounts”), are de-linked from the Xxxxxx Mxxxxx Oil Accounts.

Appears in 1 contract

Samples: Separation and Distribution Agreement (Murphy USA Inc.)

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