Payments Pro Rata Treatment Computations Etc. 29 Section 4.01 Payments 29 Section 4.02 Pro Rata Treatment 29 Section 4.03 Computations 29 Section 4.04 Non-receipt of Funds by the Agent 30 Section 4.05 Set-off, Sharing of Payments, Etc. 30 Section 4.06 Taxes 31 Section 4.07 Disposition of Proceeds 34 Section 4.08 Revenue Clearing Account 34 ARTICLE V Capital Adequacy 35 Section 5.01 Additional Costs 35 Section 5.02 Limitation on Eurodollar Loans 36 Section 5.03 Illegality 37 Section 5.04 Base Rate Loans Pursuant to Sections 5.01, 5.02 and 5.03 37 Section 5.05 Compensation 37 Section 5.06 Replacement Lenders. 38 ARTICLE VI Conditions Precedent 39 Section 6.01 Initial Funding 39 Section 6.02 Initial and Subsequent Loans and Letters of Credit 41 Section 6.03 Conditions Relating to Letters of Credit 41 ARTICLE VII Representations and Warranties 42 Section 7.01 Existence 42 Section 7.02 Financial Condition 42 Section 7.03 Litigation 43 Section 7.04 No Breach 43 Section 7.05 Authority 43 Section 7.06 Approvals 43 Section 7.07 Use of Loans 43 Section 7.08 ERISA 44 Section 7.09 Taxes 45 Section 7.10 Titles, etc. 45 Section 7.11 No Material Misstatements 46 Section 7.12 Investment Company Act 46 Section 7.13 Public Utility Holding Company Act 46 Section 7.14 Subsidiaries 46 Section 7.15 Location of Business and Offices 46 Section 7.16 Defaults 47 Section 7.17 Environmental Matters 47 Section 7.18 Compliance with the Law 48 Section 7.19 Insurance 48 Section 7.20 Hedging Agreements 49 Section 7.21 Restriction on Liens 49 Section 7.22 Reserved 49 Section 7.23 Gas Imbalances 49 ARTICLE VIII Affirmative Covenants 50 Section 8.01 Financial Statements 50 Section 8.02 Litigation 52 Section 8.03 Maintenance, Etc. 52 Section 8.04 Environmental Matters 53 Section 8.05 Further Assurances 54 Section 8.06 Performance of Obligations 54 Section 8.07 Engineering Reports 55 Section 8.08 Title Information 56 Section 8.09 Collateral 57 Section 8.10 ERISA Information and Compliance 57 Section 8.11 Accounts 58 ARTICLE IX Negative Covenants 58 Section 9.01 Debt 58 Section 9.02 Liens 59 Section 9.03 Investments, Loans and Advances 60 Section 9.04 Dividends, Distributions and Redemptions 61 Section 9.05 Sales and Leasebacks 61 Section 9.06 Nature of Business 62 Section 9.07 Mergers, Etc. 62 Section 9.08 Proceeds of Notes 62 Section 9.09 ERISA Compliance 63 Section 9.10 Sale or Discount of Receivables 64 Section 9.11 Debt Service Coverage Ratio 64 Section 9.12 Reserved 64 Section 9.13 Sale of Oil and Gas Properties 64 Section 9.14 Environmental Matters 64 Section 9.15 Transactions with Affiliates 65 Section 9.16 Subsidiaries 65 Section 9.17 Negative Pledge Agreements 66 Section 9.18 Gas Imbalances, Take-or-Pay or Other Prepayments 66 Section 9.19 Margin Calls on Hedging Agreements 66 ARTICLE X Events of Default; Remedies 66 Section 10.01 Events of Default 66 Section 10.02 Remedies 68 ARTICLE XI The Agent 69 Section 11.01 Appointment, Powers and Immunities 69 Section 11.02 Reliance by Agent 69 Section 11.03 Defaults 70 Section 11.04 Rights as a Lender 70 Section 11.05 indemnification 70 Section 11.06 Non-Reliance on Agent and other Lenders 70 Section 11.07 Action by Agent 71 Section 11.08 Resignation or Removal of Agent 71 ARTICLE XII Miscellaneous 72 Section 12.01 Waiver 72 Section 12.02 Notices 72 Section 12.03 Payment of Expenses, Indemnities, etc 73 Section 12.04 Amendments, Etc. 75 Section 12.05 Successors and Assigns 75 Section 12.06 Assignments and Participations 75 Section 12.07 Invalidity 77 Section 12.08 Counterparts 77 Section 12.09 References 77 Section 12.10 Survival 77 Section 12.11 Captions 78 Section 12.12 no oral agreements 78 Section 12.13 governing law; submission to jurisdiction78 Section 12.14 Interest 79 Section 12.15 Confidentiality 80 Section 12.16 Effectiveness 81 Section 12.17 exculpation provisions 81 THIS CREDIT AGREEMENT dated as of July 1, 2002 is among: McMoRan OIL & GAS LLC (successor by merger with McMoRan Oil & Gas Co.), a limited liability company formed under the laws of the State of Delaware (together with its successors and assigns, the "Borrower"); each of the lenders that is a signatory hereto or which becomes a signatory hereto as provided in Section 12.06 (individually, together with its successors and assigns, a "Lender" and, collectively, the "Lenders"); and Hibernia National Bank, a national banking association (in its individual capacity, "Hibernia"), as agent for the Lenders (in such capacity, together with its successors in such capacity, the "Agent").
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Payments Pro Rata Treatment Computations Etc. 29 29- Section 4.01 Payments 29 -29- Section 4.02 Pro Rata Treatment 29 -30- Section 4.03 Computations 29 -30- Section 4.04 Non-receipt of Funds by the Agent 30 -31- Section 4.05 Set-off, Sharing of Payments, Etc. 30 Etc -31- Section 4.06 Taxes 31 -32- Section 4.07 Disposition of Proceeds 34 Section 4.08 Revenue Clearing Account 34 -35- ARTICLE V Capital Adequacy 35 -35- Section 5.01 Additional Costs 35 -35- Section 5.02 Limitation on Tranche A Eurodollar Loans 36 -37- Section 5.03 Illegality 37 -38- Section 5.04 Tranche A Base Rate Loans Pursuant to Sections 5.01, 5.02 and 5.03 37 -38- Section 5.05 Compensation 37 -38- Section 5.06 Replacement Lenders. 38 Lenders -39- ARTICLE VI Conditions Precedent 39 -40- Section 6.01 Initial Funding 39 -40- Section 6.02 Initial and Subsequent Tranche A Loans and Tranche A Letters of Credit 41 -42- Section 6.03 Conditions Relating to Tranche A Letters of Credit 41 -42- ARTICLE VII Representations and Warranties 42 -43- Section 7.01 Existence 42 -43- Section 7.02 Financial Condition 42 -43- Section 7.03 Litigation 43 -44- Section 7.04 No Breach 43 -44- Section 7.05 Authority 43 -44- Section 7.06 Approvals 43 -45- Section 7.07 Use of Tranche A Loans 43 -45- Section 7.08 ERISA 44 -45- Section 7.09 Taxes 45 -46- Section 7.10 Titles, etc. 45 etc -46- Section 7.11 No Material Misstatements 46 -47- Section 7.12 Investment Company Act 46 -47- Section 7.13 Public Utility Holding Company Act 46 -47- Section 7.14 Subsidiaries 46 -48- Section 7.15 Location of Business and Offices 46 -48- Section 7.16 Defaults 47 -48- Section 7.17 Environmental Matters 47 -48- Section 7.18 Compliance with the Law 48 -49- Section 7.19 Insurance 48 -50- Section 7.20 Hedging Agreements 49 -50- Section 7.21 Restriction on Liens 49 -50- Section 7.22 Reserved 49 Material Agreements -50- Section 7.23 Gas Imbalances 49 -51- ARTICLE VIII Affirmative Covenants 50 -51- Section 8.01 Financial Statements 50 -51- Section 8.02 Litigation 52 -53- Section 8.03 Maintenance, Etc. 52 -53- Section 8.04 Environmental Matters 53 -55- Section 8.05 Further Assurances 54 -56- Section 8.06 Performance of Obligations 54 -56- Section 8.07 Engineering Reports 55 -56- Section 8.08 Title Information 56 -57- Section 8.09 Collateral 57 -58- Section 8.10 ERISA Information and Compliance 57 -59- Section 8.11 Accounts 58 Applicability of Affirmative Covenants -59- ARTICLE IX Negative Covenants 58 -59- Section 9.01 Debt 58 -60- Section 9.02 Liens 59 -61- Section 9.03 Investments, Loans and Advances 60 -62- Section 9.04 Dividends, Distributions and Redemptions 61 -63- Section 9.05 Sales and Leasebacks 61 -63- Section 9.06 Nature of Business 62 -63- Section 9.07 Mergers, Etc. 62 -64- Section 9.08 Proceeds of Tranche A Notes 62 -64- Section 9.09 ERISA Compliance 63 -64- Section 9.10 Sale or Discount of Receivables 64 -66- Section 9.11 Ratio of Debt Service to EBITDAX -66- Section 9.12 Interest Coverage Ratio 64 Section 9.12 Reserved 64 -66- Section 9.13 Sale of Oil and Gas Properties 64 -66- Section 9.14 Environmental Matters 64 -66- Section 9.15 Transactions with Affiliates 65 -66- Section 9.16 Subsidiaries 65 -67- Section 9.17 Negative Pledge Agreements 66 -67- Section 9.18 Gas Imbalances, Take-or-Pay or Other Prepayments 66 -68- Section 9.19 Applicability of Negative Covenants -68- Section 9.20 "Margin Calls Calls" on Hedging Agreements 66 ARTICLE X Events of Default; Remedies 66 Section 10.01 Events of Default 66 Section 10.02 Remedies 68 ARTICLE XI The Agent 69 Section 11.01 Appointment, Powers and Immunities 69 Section 11.02 Reliance by Agent 69 Section 11.03 Defaults 70 Section 11.04 Rights as a Lender 70 Section 11.05 indemnification 70 Section 11.06 Non-Reliance on Agent and other Lenders 70 Section 11.07 Action by Agent 71 Section 11.08 Resignation or Removal of Agent 71 ARTICLE XII Miscellaneous 72 Section 12.01 Waiver 72 Section 12.02 Notices 72 Section 12.03 Payment of Expenses, Indemnities, etc 73 Section 12.04 Amendments, Etc. 75 Section 12.05 Successors and Assigns 75 Section 12.06 Assignments and Participations 75 Section 12.07 Invalidity 77 Section 12.08 Counterparts 77 Section 12.09 References 77 Section 12.10 Survival 77 Section 12.11 Captions 78 Section 12.12 no oral agreements 78 Section 12.13 governing law; submission to jurisdiction78 Section 12.14 Interest 79 Section 12.15 Confidentiality 80 Section 12.16 Effectiveness 81 Section 12.17 exculpation provisions 81 THIS CREDIT AGREEMENT dated as of July 1, 2002 is among: McMoRan OIL & GAS LLC (successor by merger with McMoRan Oil & Gas Co.), a limited liability company formed under the laws of the State of Delaware (together with its successors and assigns, the "Borrower"); each of the lenders that is a signatory hereto or which becomes a signatory hereto as provided in Section 12.06 (individually, together with its successors and assigns, a "Lender" and, collectively, the "Lenders"); and Hibernia National Bank, a national banking association (in its individual capacity, "Hibernia"), as agent for the Lenders (in such capacity, together with its successors in such capacity, the "Agent").-68-
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Payments Pro Rata Treatment Computations Etc. 29 30- Section 4.01 Payments 29 -30- Section 4.02 Pro Rata Treatment 29 -30- Section 4.03 Computations 29 -31- Section 4.04 Non-receipt of Funds by the Agent 30 -31- Section 4.05 Set-off, Sharing of Payments, Etc. 30 -32- Section 4.06 Taxes 31 -32- Section 4.07 Disposition of Proceeds 34 Section 4.08 Revenue Clearing Account 34 -35- ARTICLE V Capital Adequacy 35 -36- Section 5.01 Additional Costs 35 Costs. -36- Section 5.02 Limitation on Tranche B Eurodollar Loans 36 -37- Section 5.03 Illegality 37 -38- Section 5.04 Tranche B Base Rate Loans Pursuant to Sections 5.01, 5.02 and 5.03 37 -38- Section 5.05 Compensation 37 -38- Section 5.06 Replacement Lenders. 38 -39- ARTICLE VI Conditions Precedent 39 -40- Section 6.01 Initial Funding 39 -40- Section 6.02 Initial and Subsequent Tranche B Loans and Tranche B Letters of Credit 41 -42- Section 6.03 Conditions Relating to Tranche B Letters of Credit 41 -42- ARTICLE VII Representations and Warranties 42 -43- Section 7.01 Existence 42 -43- Section 7.02 Financial Condition 42 -43- Section 7.03 Litigation 43 -44- Section 7.04 No Breach 43 -44- Section 7.05 Authority 43 -44- Section 7.06 Approvals 43 -44- Section 7.07 Use of Tranche B Loans 43 -44- Section 7.08 ERISA 44 -45- Section 7.09 Taxes 45 -46- Section 7.10 Titles, etc. 45 -46- Section 7.11 No Material Misstatements 46 -47- Section 7.12 Investment Company Act 46 -47- Section 7.13 Public Utility Holding Company Act 46 -47- Section 7.14 Subsidiaries 46 -47- Section 7.15 Location of Business and Offices 46 -47- Section 7.16 Defaults 47 -47- Section 7.17 Environmental Matters 47 -47- Section 7.18 Compliance with the Law 48 -49- Section 7.19 Insurance 48 -49- Section 7.20 Hedging Agreements 49 -49- Section 7.21 Restriction on Liens 49 -50- Section 7.22 Reserved 49 Material Agreements -50- Section 7.23 Gas Imbalances 49 -50- ARTICLE VIII Affirmative Covenants 50 -50- Section 8.01 Financial Statements 50 -51- Section 8.02 Litigation 52 -53- Section 8.03 Maintenance, Etc. 52 -53- Section 8.04 Environmental Matters 53 -54- Section 8.05 Further Assurances 54 -55- Section 8.06 Performance of Obligations 54 -55- Section 8.07 Engineering Reports 55 Title Information -55- Section 8.08 Title Information 56 Section 8.09 Collateral 57 Section 8.10 ERISA Information and Compliance 57 -56- Section 8.11 Accounts 58 8.09 Engineering Reports -56- Section 8.10 Liens. -57- ARTICLE IX Negative Covenants 58 -57- Section 9.01 Debt 58 -57- Section 9.02 Liens 59 -59- Section 9.03 Investments, Loans and Advances 60 -59- Section 9.04 Dividends, Distributions and Redemptions 61 -60- Section 9.05 Sales and Leasebacks 61 [Intentionally left blank] -60- Section 9.06 Nature of Business 62 -60- Section 9.07 Mergers, Etc. 62 -60- Section 9.08 Proceeds of Tranche B Notes 62 -61- Section 9.09 ERISA Compliance 63 -61- Section 9.10 Sale or Discount of Receivables 64 -62- Section 9.11 Debt Service Coverage Ratio 64 Section 9.12 Reserved 64 Section 9.13 Sale of Oil and Gas Properties 64 -62- Section 9.14 9.12 Environmental Matters 64 -63- Section 9.15 9.13 Transactions with Affiliates 65 -63- Section 9.14 [Intentionally left blank.] -63- Section 9.15 Interest Coverage Ratio -63- Section 9.16 Subsidiaries 65 -63- Section 9.17 Negative Pledge Agreements 66 -64- Section 9.18 Gas Imbalances, Take-or-Pay or Other Prepayments 66 Section 9.19 Margin Calls on Hedging Agreements 66 ARTICLE X Events of Default; Remedies 66 Section 10.01 Events of Default 66 Section 10.02 Remedies 68 ARTICLE XI The Agent 69 Section 11.01 Appointment, Powers and Immunities 69 Section 11.02 Reliance by Agent 69 Section 11.03 Defaults 70 Section 11.04 Rights as a Lender 70 Section 11.05 indemnification 70 Section 11.06 Non-Reliance on Agent and other Lenders 70 Section 11.07 Action by Agent 71 Section 11.08 Resignation or Removal of Agent 71 ARTICLE XII Miscellaneous 72 Section 12.01 Waiver 72 Section 12.02 Notices 72 Section 12.03 Payment of Expenses, Indemnities, etc 73 Section 12.04 Amendments, Etc. 75 Section 12.05 Successors and Assigns 75 Section 12.06 Assignments and Participations 75 Section 12.07 Invalidity 77 Section 12.08 Counterparts 77 Section 12.09 References 77 Section 12.10 Survival 77 Section 12.11 Captions 78 Section 12.12 no oral agreements 78 Section 12.13 governing law; submission to jurisdiction78 Section 12.14 Interest 79 Section 12.15 Confidentiality 80 Section 12.16 Effectiveness 81 Section 12.17 exculpation provisions 81 THIS CREDIT AGREEMENT dated as of July 1, 2002 is among: McMoRan OIL & GAS LLC (successor by merger with McMoRan Oil & Gas Co.), a limited liability company formed under the laws of the State of Delaware (together with its successors and assigns, the "Borrower"); each of the lenders that is a signatory hereto or which becomes a signatory hereto as provided in Section 12.06 (individually, together with its successors and assigns, a "Lender" and, collectively, the "Lenders"); and Hibernia National Bank, a national banking association (in its individual capacity, "Hibernia"), as agent for the Lenders (in such capacity, together with its successors in such capacity, the "Agent").-64-
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