Use of Loan Proceeds and Letters of Credit. (a) Proceeds of all Loans shall be used solely by the Borrowers for general corporate purposes, acquisitions and working capital.
Use of Loan Proceeds and Letters of Credit. (a) On the Closing Date, each of the Lenders shall pay to Existing Lenders an amount equal to the outstanding principal balance under the Existing Credit Agreement times such Lender's Percentage Share. Such Existing Indebtedness under the Existing Credit Agreement shall be assigned, renewed, extended, and rearranged pursuant to the terms of this Agreement and the Notes and shall, for all purposes, be deemed a Borrowing hereunder;
Use of Loan Proceeds and Letters of Credit. (a) Proceeds of all Loans shall be used solely by the Borrower (i) to acquire and develop Oil and Gas Properties, (ii) for the Borrower’s working capital and general business purposes and capital expenditures not otherwise prohibited under applicable provisions of this Agreement and (iii) to pay fees and expenses incurred in connection with this Agreement.
Use of Loan Proceeds and Letters of Credit b) Proceeds of all Loans shall be used solely by the Borrower (i) to acquire and develop Oil and Gas Properties, (ii) to advance funds to the Subsidiary Guarantors for working capital and general business purposes and capital expenditures not prohibited under the provisions of this Agreement or to acquire and develop Oil and Gas Properties, (iii) to advance funds to the Parent needed by the Parent for payment of its cash operating expenses, including general and administrative expenses, Taxes and scheduled debt service on the Indebtedness of the Parent listed on Schedule 6.1 (provided that scheduled debt service shall not include payment at maturity when such maturity arises by way of acceleration following a default), (iv) for the Borrower’s working capital and general business purposes and capital expenditures not otherwise prohibited under applicable provisions of this Agreement and (v) to pay fees and expenses incurred in connection with this Agreement and for other general business purposes of the Borrower.
Use of Loan Proceeds and Letters of Credit. (a) As of the date hereof, indebtedness in the amount of $6,099,236.79 is outstanding under the Existing Note. The Lender shall use proceeds of the initial Loan to purchase such indebtedness. Such indebtedness shall be renewed, extended, and rearranged pursuant to the terms of this Agreement, the Note, and the relevant Borrowing Request and shall for all purposes be deemed a borrowing hereunder. Proceeds of all subsequent Loans shall be used solely for acquisitions and development of Oil and Gas Properties and for general corporate purposes.
Use of Loan Proceeds and Letters of Credit. (a) Proceeds of all Loans shall be used to refinance the existing debt with Bank of Oklahoma, for general corporate purposes of the Borrower, including, without limitation, costs of acquiring, exploring on and developing Oil and Gas Properties and general working capital needs; and
Use of Loan Proceeds and Letters of Credit. (a) Proceeds of all Loans shall be used solely by the Borrower (i) to refinance the Indebtedness of the Borrower under the Existing Credit Agreement, (ii) to acquire and develop Oil and Gas Properties, (iii) for the Borrower’s working capital and general business purposes and capital expenditures not otherwise prohibited under applicable provisions of this Agreement, (iv) to advance funds to the Guarantors for working capital and general business purposes and capital expenditures not prohibited under the provisions of this Agreement or to acquire and develop Oil and Gas Properties and (v) to pay fees and expenses incurred in connection with this Agreement and for other general business purposes of the Borrower.
Use of Loan Proceeds and Letters of Credit. (a) Proceeds of the Loan shall be used solely to finance Borrower’s share of capital expenditures for the development of the Project Fields, to refinance shareholder debt and other projects and/or acquisitions evaluated by and acceptable to the Agent.
Use of Loan Proceeds and Letters of Credit. Except for any amounts advanced by Agent under Section 2.11(b)(iii), the proceeds of the Loans and the Letters of Credit issued for the account of any Borrower hereunder shall be used directly (or indirectly in the case of Letters of Credit) only (i) to refinance existing indebtedness; (ii) to provide financing for income-producing properties; (iii) to fund leasehold improvements, renovation, expansion and construction of income-producing properties; (iv) for working capital purposes.
Use of Loan Proceeds and Letters of Credit. The proceeds of the Loans will be used only for general corporate purposes of the Borrower and its Subsidiaries including Acquisitions permitted hereunder and to refinance amounts owing under the Existing Credit Agreement. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board, including Regulations U and X. Letters of Credit will be issued only for use in the ordinary course of business of the Borrower and its Subsidiaries.
