Waivers to Existing Credit Agreement. Subject to the occurrence of the Seventh Amendment Effective Date, certain limited provisions of the Existing Credit Agreement are hereby waived in accordance with this Article III. Except as expressly so waived, the Existing Credit Agreement shall continue in full force and effect.
Waivers to Existing Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 5 below, on the Waiver Effective Date, the Lender (constituting the sole Lender) agrees to waive Borrower’s compliance with Section 7.1 and Section 7.2 of the Credit Agreement solely in respect of the acquisition of the Designated Assets and the arrangements contemplated by the Escrow Agreement as in effect on the date hereof (including the production payments in respect of the Designated Assets as contemplated by the Escrow Agreement as in effect on the date hereof).
Waivers to Existing Credit Agreement. Parent and the Borrower have requested, and Administrative Agent and the Lenders have agreed to waive, and do hereby waive, effective on the Amendment Effective Date, the Specified Defaults under the Existing Credit Agreement and the other Loan Documents, as applicable (the “Specified Waiver”). Except for the Specified Waiver, neither this Amendment, nor any other actions taken by, or any inaction on the part of, Administrative Agent or the Lenders, shall be deemed to be (i) a waiver of any Default or Event of Default which exists or may exist hereafter, or (ii) a waiver of (or an agreement to forbear from exercising) any rights or remedies that Administrative Agent or the Lenders have pursuant to the Credit Agreement and applicable law by reason of any Default or Event of Default.
