Post-Closing Condition. The continued obligation of each Lender under the Credit Agreement is subject to: A. Borrower, successor Administrative Agent and Amegy Bank National Association, within thirty (30) days after the Effective Date, entering into a Deposit Account Control Agreement with respect to all of Borrower’s operating and depository accounts maintained with Amegy Bank National Association. B. Borrower shall have caused all of its existing crude oil and natural gas Swap Agreements to be novated to a Lender or Affiliate of a Lender on or prior to March 1, 2013. C. If Borrower fails to consummate its acquisition of certain Oil and Gas Properties from Addison Oil, L.L.C., a Delaware corporation, or any of its affiliates, by April 15, 2013, Borrower shall unwind Swap Agreements for natural gas in aggregate notional volumes of at least 207,000 mmbtu.
Appears in 2 contracts
Sources: Credit Agreement (Pyramid Oil Co), Credit Agreement (Pyramid Delaware Merger Subsidiary, Inc.)