Common use of Use of Loans and Letters of Credit Clause in Contracts

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used to refinance the Existing Indebtedness, to provide funding for, and to pay fees and expenses in connection with, the Transactions, for permitted Capital Expenditures and permitted Investments, for general corporate, working capital, limited liability company or partnership purposes, as the case may be, of the Borrower and its Subsidiaries, and to make a distribution to the Existing Borrower on or within five (5) Business Days after the Effective Date to the extent permitted under Section 9.04(d) hereof. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used (a) to provide working capital for lease acquisitions, for exploration and production operations and for development (including the drilling and completion of producing xxxxx), (b) for the acquisition, exploration and development of Oil and Gas Properties permitted hereunder, (c) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Indebtedness, to provide funding for, Credit Agreement and to pay fees and expenses in connection with, the Transactions, (e) for permitted Capital Expenditures and permitted Investments, for other lawful general corporate, working capital, limited liability company or partnership corporate purposes, as the case may be, of the Borrower and its Subsidiaries, and to make a distribution to the Existing Borrower on or within five (5) Business Days after the Effective Date to the extent including Restricted Payments permitted under Section 9.04(d) hereofhereunder. The Borrower Obligors and its the Restricted Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations Regulation T, U or X of the Board.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used (a) to refinance existing Debt outstanding under the Existing IndebtednessCredit Agreement on the Effective Date, (c) to pay Transaction Expenses, (d) to provide funding for, and to pay fees and expenses in connection with, the Transactionsworking capital for lease acquisitions, for exploration and production operations and for development (including the drilling and completion of producing xxxxx), (e) for acquisitions and Investments permitted Capital Expenditures hereunder (including acquisitions of Oil and permitted InvestmentsGas Properties and joint ventures) and (f) for ongoing working capital and for funding general corporate purposes. Parent, for general corporate, working capital, limited liability company or partnership purposes, as the case may be, of the Borrower and its Subsidiaries, and to make a distribution to the Existing Borrower on or within five (5) Business Days after the Effective Date to the extent permitted under Section 9.04(d) hereof. The Borrower and its Restricted Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

Use of Loans and Letters of Credit. The Borrower will use the proceeds of the Loans and the Letters of Credit: (a) for working capital, to reimburse drawings under Letters of Credit shall be used to refinance and for other general corporate purposes (including capital expenditures, acquisitions permitted hereunder, share repurchases, prepayment or refinancing of debt, dividends and payments in connection with the termination of Hedging Agreements); (b) for refinancing amounts payable under or in connection with the Existing Indebtedness, to provide funding for, Credit Agreement; and to pay (c) for paying fees and expenses in connection with, with the Transactions, for permitted Capital Expenditures foregoing clauses (a) and permitted Investments, for general corporate, working capital, limited liability company or partnership purposes, as the case may be, of the Borrower (b) and its Subsidiaries, and to make a distribution to the Existing Borrower on or within five (5) Business Days after the Effective Date to the extent permitted under Section 9.04(d) hereofthis Agreement. The Borrower and its Subsidiaries are is not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No , and no part of the proceeds of any Loan or Letter of Credit hereunder will be used for any purpose purposes which violates the provisions of Regulations Regulation T, U or X of the Board).

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used (a) for the acquisition, exploration, operation, maintenance and development of Oil and Gas Properties and Midstream Properties and related properties, facilities, rights and interests located in any of the United States of America (including the Palmetto Acquisition), (b) for general corporatebusiness purposes, including Restricted Payments, provided that if the Borrowing Base Utilization Percentage is equal to refinance or exceeds 90% before or after giving effect to the Existing Indebtednessrequested Loan or Letter of Credit, then no proceeds of any Loan or any Letter of Credit may be used to provide funding forfund Restricted Payments under Section 9.04, and to pay fees and (c) for the payment of expenses incurred by the Borrower in connection with, with the Transactions, for permitted Capital Expenditures and permitted Investments, for general corporate, (d) to provide working capital, limited liability company or partnership purposes, as and (e) for the case may be, issuance of the Borrower and its Subsidiaries, and to make a distribution to the Existing Borrower on or within five (5) Business Days after the Effective Date to the extent permitted under Section 9.04(d) hereofLetters of Credit. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used (a) to refinance the Existing Indebtedness, to provide funding for, and to pay fees and expenses in connection with, the Transactions, for permitted Capital Expenditures and permitted Investments, for general corporate, working capital, limited liability company or partnership purposes, as the case may be, existing debt of the Borrower (including the Subordinated Debt), (b) for the acquisition, exploration and its Subsidiariesdevelopment of oil and gas properties, (c) for the issuance of Letters of Credit, (d) for any distribution advances of Available Cash, provided that if the Borrowing Base Utilization Percentage is equal to or exceeds 90% before or after giving effect to the requested Loan or Letter of Credit, then no proceeds of any Loan or any Letter of Credit may be used to fund Restricted Payments under Section 9.04, and to make a distribution to the Existing Borrower on or within five (5e) Business Days after the Effective Date to the extent permitted under Section 9.04(d) hereoffor general corporate purposes. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.