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).