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 (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 Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties and 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 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 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 exploration, operation, maintenance and development of Oil and Gas Properties permitted hereunderand related properties, facilities, rights and interests, (b) for general corporate purposes, including Restricted Payments, 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, (c) for the payment of expenses incurred by the Borrower in connection with the Transactions, (d) to provide working capital, and (d) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties Borrower and the Restricted 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 Regulation 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 provide working capital (a) to provide working capital for lease acquisitions, for exploration refinance the Existing Credit Agreement and production operations pay fees and for development (including the drilling and completion of producing xxxxx)expenses incurred therewith, (b) for the acquisitionCapital Expenditures and Permitted Acquisitions, 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 Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments distributions permitted hereunderunder Section 9.04(d). The Credit Parties Borrower and the 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 Regulation the provisions of Regulations T, U or X of the Board. Following the application of any Loan or Letter of Credit, not more than 25% of the value of the assets of the Borrower and its Restricted Subsidiaries will be represented by or made up of margin stock.

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 exploration, operation, maintenance and development of Oil and Gas Properties permitted hereunderand 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 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, (c) for the payment of expenses incurred by the Borrower in connection with the Transactions, (d) to provide working capital, and (e) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties Borrower and the Restricted 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 Regulation 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 refinance the existing debt of the Borrower (including the drilling and completion of producing xxxxxSubordinated Debt), (b) for the acquisition, exploration and development of Oil oil and Gas Properties permitted hereundergas 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 refinance obligations outstanding 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 the Existing Credit AgreementSection 9.04, and (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties Borrower and the Restricted 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 Regulation 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 exploration, operation, maintenance and development of Oil and Gas Properties permitted hereunderand related properties, facilities, rights and interests located in any of the United States of America, (b) for general corporate purposes, including Restricted Payments, 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, (c) for the payment of expenses incurred by the Borrower in connection with the Transactions, (d) to provide working capital, and (e) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties Borrower and the Restricted 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 Regulation 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 (a) satisfy the Allowed RBL Secured Claims pursuant to the Plan of Reorganization and this Agreement, (b) fund the Borrower and applicable Group Members’ emergence from the Chapter 11 Cases, and (c) provide working capital for lease acquisitions, for exploration and production operations and operations, for development (including the drilling and completion of producing xxxxx), (b) for the acquisition, exploration and development acquisitions of Oil and Gas Properties permitted hereunder, hereunder (c) including for the issuance of Letters of Credit, (dAcquired Assets) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunderpurposes of the Borrower and its Subsidiaries. The Credit Parties and the Restricted Subsidiaries are not No Group Member is 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 Regulation 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 exploration, operation, maintenance and development of Oil and Gas Properties permitted hereunderand related properties, facilities, rights and interests located in any of the United States of America, (b) for general corporate purposes, including Restricted Payments, 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, (c) for the payment of expenses incurred by the Borrower in connection with the Transactions, (d) to provide working capital, and (d) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement, (f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties Borrower and the Restricted 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 Regulation the provisions of Regulations T, U or X of the Board.