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 (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operations, for acquisitions of Oil and Gas Properties permitted hereunder and for 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.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used (a) to (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration lease acquisitions, exploration, production operations and production operations, for acquisitions development (including the drilling and completion of Oil producing xxxxx) and Gas Properties permitted hereunder and (b) for general corporate purposespurposes of the Borrower and the Guarantors. 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 to (i) repay the Existing Vitesse Oil Indebtedness and (ii) refinance existing indebtedness, to provide working capital for exploration and production operations, for acquisitions of Oil pipeline construction, oil and Gas Properties gas lease acquisitions, permitted hereunder acquisitions, and for general corporate business purposes, including the issuance of letters of credit. The Borrower Borrowers and its their 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 to (i) repay provide funding in connection with the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operationsAcquisition, for acquisitions to refinance existing debt of Oil and Gas Properties permitted hereunder the Borrower, and for general corporate purposespurposes of the Borrower or any of its Subsidiaries (including in connection with Investments permitted by Section 9.05(i)). 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 to (ia) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operations, for acquisitions of Oil and Gas Properties permitted hereunder and for general corporate purposespurposes of the Borrower and its Subsidiaries, (b) for any distribution advances of Available Cash and (c) Investments in any E&P Subsidiary permitted by Section 9.05(l). 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 to (ia) repay finance acquisitions, (b) finance exploration and production operations of the Existing Vitesse Oil Indebtedness Borrower and its Subsidiaries and (iic) provide for working capital for exploration and production operations, for acquisitions of Oil and Gas Properties permitted hereunder and for general corporate purposespurposes of the Borrower and its Subsidiaries. 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 (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration lease acquisitions, exploration, production operations and production operations, for acquisitions development (including the drilling and completion of Oil producing xxxxx) and Gas Properties permitted hereunder and (b) for general corporate purposespurposes of the Borrower and the Guarantors. The Borrower 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 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 to (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operationsoperations as set forth in the Development Plan, for acquisitions of Oil and Gas Properties permitted hereunder to refinance Debt under the Existing Credit Agreement, and for general corporate purposes, including, without limitation, to redeem the Touradji Preferred Equity. 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 to (i) repay refinance the Debt under the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operationsCredit Agreement, for acquisitions of Oil and Gas Properties permitted hereunder and for general corporate purposes, working capital, capital expenditures and acquisitions (including, without limitation, the Shelby Acquisition) of the Borrower and its Subsidiaries. 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 to (i) repay the Existing Vitesse Oil Indebtedness and (ii) to provide working capital for exploration and production operationsproduction, for acquisitions of Oil midstream trading and Gas Properties permitted hereunder marketing operations and (ii) for general corporate purposespurposes of the Borrower and its Subsidiaries, including the acquisition of exploration and production and midstream properties. 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 to (i) repay the Existing Vitesse Oil Indebtedness and (iia) provide working capital for exploration and production operations, (b) to refinance Debt under the Existing Credit Agreement, and (c) for acquisitions general corporate purposes, including, without limitation, the acquisition of Oil and Gas Properties otherwise permitted hereunder and for general corporate purposeshereby. 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 for the deemed restructuring and rearrangement of the Debt under the Prepetition Credit Agreement, to (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operations, for acquisitions of Oil and Gas Properties permitted hereunder and for 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.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used to (i) repay the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operations, for acquisitions to refinance Debt under the Existing Credit Agreement and other Debt of Oil the Borrower, its Subsidiaries and Gas Properties permitted hereunder other entities managed or operated by the Borrower and for 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.

Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used to (i) repay pay fees and expenses in connection with the Transactions, to refinance the Existing Vitesse Oil Indebtedness and (ii) provide working capital for exploration and production operations, for acquisitions of Oil and Gas Properties permitted hereunder Credit Agreement and for working capital, permitted Capital Expenditures, Permitted Acquisitions and general corporate purposespurposes of the Borrower and its Subsidiaries. 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 used, whether immediate, incidental or ultimate, to buy or carry margin stock (within the provisions meaning of Regulations Regulation T, U or X of the Board).