Common use of Receipt of Loan Documents and Other Items Clause in Contracts

Receipt of Loan Documents and Other Items. The Lenders shall have obligation under this Agreement unless and until all matters incident to the consummation of transactions contemplated herein, including, without limitation, the review by the Agent or counsel of the title of the Borrower to its Oil and Gas Properties, shall be satisfactory to Agent, and the Agent shall have received, reviewed, and approved the following documents and other items, appropriately executed when necessary and, where applicable, acknowledged by one or more authorized officers of the Borrower, all in form and substance satisfactory to the Agent and dated, where applicable, of even date herewith or a date prior thereto and acceptable to Agent: (a) multiple counterparts of this Agreement, as requested by the Agent; (b) the Notes and the Revolving Line of Credit Number 2 Notes; (c) Security Agreement from EOWS Midland Company and Eastern Oil Well Service Company pledging various service rigs together with Financing Statement; (d) unaudited Financial Statements of the Borrower as of September 30, 2006; (e) engineering reports covering the Mortgaged Properties; (f) certificates evidencing the insurance coverage required pursuant to Section 5.18; (g) payment of the fees described in the Fee Letter Agreement; (h) Letter of even date from Agent, PEC and Prime OffShore L.L.C; and (i) such other agreements, documents, instruments, opinions, certificates, waivers, consents, and evidence as the Agent may reasonably request. (j) Borrower will cooperate with Agent to amend the Security Documents within 30 days from December 28, 2006.