Common use of Use of Loans Clause in Contracts

Use of Loans. The proceeds of the Loans and Letters of Credit shall be used to pay-off certain outstanding Debt and for working capital, capital expenditures, acquisitions and general partnership purposes. The Borrower is not engaged principally, or as one of its 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 of Governors of the Federal Reserve System) and no part of the proceeds of any Loan hereunder will be used to buy or carry any margin stock.

Use of Loans. The proceeds of the Loans and Letters of Credit shall be used to pay-off certain outstanding Debt and for working capital, capital expenditures, acquisitions and general partnership purposes. The Borrower is not engaged principally, or as one of its 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 of Governors of the Federal Reserve System) and no part of the proceeds of any Loan hereunder will be used to buy or carry any margin stock.

Use of Loans. The proceeds of the Loans and Letters of Credit shall be used to pay-off certain outstanding retire existing Debt of the Borrower and for the acquisition and development by the Borrower of its Oil and Gas Properties and working capital, capital expenditures, acquisitions and general partnership purposesin connection therewith. The Borrower is not engaged principally, or as one of its 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 of Governors of the Federal Reserve System) and no part of the proceeds of any Loan hereunder will be used to buy or carry any margin stock.