Common use of Use of Proceeds; Margin Stock Clause in Contracts

Use of Proceeds; Margin Stock. The proceeds of the Loans will be used solely as provided in this Agreement, and none of such proceeds will be used (i) for the purpose of purchasing or carrying any “margin stock” as defined in Regulations T, U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224), (ii) for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” or (iii) for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither Borrower nor any Person acting on behalf of Borrower has taken or will take any action which might cause any of the Financing Documents to violate Regulations T, U or X, or any other regulations of the Board of Governors of the Federal Reserve System or to violate the Exchange Act or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans loans hereunder will be used solely as provided by Borrower for working capital, acquisition, letters of credit and general corporate purposes. Borrower is not engaged in this Agreement, and none the business of such proceeds will be used (i) extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. said Regulation U. 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, purpose of buying purchasing or carrying “margin stock.” . Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Security Instruments, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans will Commitment may be used solely as provided in this Agreement, and none by the Borrower for the purposes of such proceeds will be used (i) working capital, (ii) Letters of Credit, and (iii) general corporate purposes. Borrower is not engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” stock " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations Tsaid Regulation U. Neither Borrower, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither Borrower any Subsidiary nor any other Person or entity acting on behalf of Borrower or any Subsidiary has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of availability under the Loans Revolving Commitment will be used solely as provided in this Agreement, and none by Borrower for the purposes of such proceeds will be used (i) refinancing existing debt, (ii) letters of credit, (iii) working capital and (iv) general corporate purposes. Borrower is not engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” said Regulation U. Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans Note will be used solely as provided by the Borrower for the following purposes: Construction of Residences in this Agreement, accordance with the terms and none provisions hereof. None of such proceeds will be used (i) for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. such Regulation U. The Borrower is not engaged principally, or as one of the Borrower's important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, purpose of buying purchasing or carrying “margin stock.” stocks. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause the Note or any of the Financing Documents Security Instruments, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter hereinafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of availability under the Loans Revolving Commitment will be used solely as provided in this Agreement, and none by Borrowers for the purposes of such proceeds will be used (i) refinancing existing debt, (ii) for letters of credit, and (iii) general corporate purposes other than hostile acquisitions. Neither Borrower is engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” said Regulation U. Neither Borrower Borrowers nor any Person person or entity acting on behalf of Borrower has Borrowers have taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans will Revolving Commitment may be used solely as provided in this Agreement, and none of such proceeds will be used by the Borrowers only for the following purposes: (i) as to the initial Advance hereunder, for the purchase by the Banks from the lenders under the Prior Credit Agreement of the loan made pursuant to the Prior Credit Agreement and related documents, and (ii) as to any and all subsequent Advances, for exploration, development or acquisition of oil and/or gas properties, working capital. and general corporate purposes. No Borrower is engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” stock " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, Regulation G or Regulation U or X. Borrower is not engaged in of the business Board of extending credit for Governors of the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither Federal Reserve System. No Borrower nor any Person acting on behalf of any Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation G or U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of availability under the Loans Revolving Commitment will be used solely as provided in this Agreement, and none by Borrower for the purposes of such proceeds will be used (i) funding of capital expenditures to upgrade and modernize existing fleet of offshore drilling rigs, (ii) working capital and (iii) general corporate purposes. Borrower is not engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” said Regulation U. Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans will Revolving Commitment may be used solely as provided in this Agreement, and none by the Borrower for the purposes of such proceeds will be used (i) acquisition and development of oil and gas properties, (ii) Letters of Credit, and (iii) general corporate purposes. Borrower is not engaged principally or as one of their important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” stock " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U said Regulation G or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” U. Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation G or U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans will Revolving Commitment may be used solely as provided in this Agreement, and none by the Borrowers for the purposes of such proceeds will be used (i) financing the Plan of Combination, (ii) refinancing existing Debt, and (iii) general corporate purposes. Neither Borrower is engaged principally or as one of its important activities in the business of extending credit for the purpose of purchasing or carrying any “"margin stock” stock " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U said Regulation G or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither U. No Borrower nor any Person person or entity acting on behalf of any Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation G or U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of availability under the Loans Revolving Commitment will be used solely by Borrower for general corporate purposes other than hostile acquisitions including, but not limited to, the purchase of offshore drilling rigs and the stock and/or assets of companies which own or operate offshore rigs. Borrower is not engaged principally or as provided one of its important activities in this Agreement, and none the business of such proceeds will be used (i) extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” said Regulation U. Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans will Revolving Commitment may be used solely by the Borrower for the purposes of general corporate purposes. Borrower is not engaged principally or as provided one of its important activities in this Agreement, and none the business of such proceeds will be used (i) extending credit for the purpose of purchasing or carrying any “margin stock” as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulations Tsaid Regulation G or U. Specifically, U Borrower will not and shall not use the proceeds of the Loan to purchase or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither ”. Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Loan Documents, including this Agreement, to violate Regulations T, Regulation G or U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans loans hereunder will be used solely as provided by Borrower for working capital, acquisition, letters of credit and general corporate purposes. Borrower is not engaged in this Agreement, and none the business of such proceeds will be used (i) extending credit for the purpose of purchasing or carrying any “margin stock” as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulations T, U or X. said Regulation U. 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, purpose of buying purchasing or carrying “margin stock.” . Neither Borrower nor any Person person or entity acting on behalf of Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Documents Security Instruments, including this Agreement, to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans Loan will be used solely as provided in this Agreement, and none of such proceeds will be used (i) for the purpose of purchasing or carrying any “margin stock” as defined in Regulations T, U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224), (ii) for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” or (iii) for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulations T, U or X. Borrower is not engaged in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock.” Neither Borrower nor any Person acting on behalf of Borrower has taken or will take any action which might cause any of the Financing Documents to violate Regulations T, U or X, or any other regulations of the Board of Governors of the Federal Reserve System or to violate the Exchange Act or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.

Use of Proceeds; Margin Stock. The proceeds of the Loans loans hereunder will be used solely as provided by Borrowers for working capital and general corporate purposes. No Borrower is engaged in this Agreement, and none the business of such proceeds will be used (i) extending credit for the purpose of purchasing or carrying any “"margin stock” " as defined in Regulations T, Regulation U or X of the Board of Governors of the Federal Reserve System (12 C.F.R. Parts 220, 221 and 224Part 221), (ii) or for the purpose of maintaining, reducing or retiring any indebtedness which was originally incurred to purchase or carry a “margin stock,” stock or (iii) for any other purpose which might constitute this transaction a “"purpose credit” " within the meaning of Regulations T, U or X. said Regulation U. No 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, purpose of buying purchasing or carrying “margin stock.” Neither . No Borrower nor any Person person or entity acting on behalf of any Borrower has taken or will take any action which might cause the loans hereunder or any of the Financing Loan Documents to violate Regulations T, Regulation U or X, or any other regulations regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereafter be in effect.