Margin Regulations. None of the Loan Parties is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of the provisions of the Regulations of the Federal Reserve Board, including Regulation T, U or X.

Margin Regulations. None of the Loan Parties is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U ofissued by the Federal Reserve Board)FRB), or extending credit for the purpose of purchasing or carrying margin stock. No part of thestock and no proceeds of any LoanBorrowings or drawings under any Letter of Credit will be used, whether directlyused to purchase or indirectly,carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any purpose that entails a violationmargin stock. Neither the making of any Credit Extension hereunder nor the use of proceeds thereof will violate any regulations of the FRB, including the provisions of the Regulations of the Federal Reserve Board, including Regulation T, U or X.X of the FRB. At the time of each Credit Extension occurring on or after the Closing Date, not more than 25% of the value of the assets of the Borrower and the Restricted Subsidiaries taken as a whole will constitute margin stock.

MarginSection # Federal Reserve Regulations. NoneNo part of the Loan Parties is engagedproceeds of the Loans will be used by ​ or will engage, principally or as one of its important activities, inSubsidiaries for the businesspurpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board)Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purposestock, in each case, in a manner that entails a violation (including on the part of any Lender) of any of the provisionsregulations of the Board of Governors, including Regulations of the Federal Reserve Board, including Regulation T, U orand X.

Margin Regulations.Stock. None of theParent, any Loan PartiesParty or any of their respective Subsidiaries is engaged or will engage, principallyprincipally, or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purpose of purchasing or carrying margin stock.any Margin Stock. No part of the proceeds of any Loanthe Loans made to Borrower will be used, whether directlyused to purchase or indirectly,carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purpose that entails a violation ofviolates the provisions of the Regulations of the Federal Reserve Board, including Regulation T, U or X.X of the Board of Governors.

Margin Regulations. None§6.19 Regulations T, U and X. No portion of any Loan is to be used for the purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Loan PartiesBoard of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224. Neither Borrower nor any other Credit Party is engaged orengaged, nor will it engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purpose of purchasing or carrying margin stock. No partany “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the proceedsBoard of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of the provisions of the RegulationsGovernors of the Federal Reserve Board, including Regulation T, U or X.System, 12 C.F.R. Parts 220, 221 and 224.

MarginSECTION # Federal Reserve Regulations. NoneNo part of the Loan Parties is engagedproceeds of the Loans will be used by the Borrower or will engage, principally or as one of its important activities, inSubsidiaries for the businesspurpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board)Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purposestock, in each case, in a manner that entails a violation (including on the part of any Lender) of any of the provisionsregulations of the Board of Governors, including Regulations of the Federal Reserve Board, including Regulation T, U orand X.

Margin Regulations. NoneStock. No Loan Party nor any of the Loan Partiesits Subsidiaries is engaged or will engage, principallyprincipally, or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purpose of purchasing or carrying margin stock.any Margin Stock. No part of the proceeds of any Loanthe loans made to Borrowers will be used, whether directlyused to purchase or indirectly,carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or for any purposepurpose, in each case that entails a violation ofviolates the provisions of the Regulations of the Federal Reserve Board, including Regulation T, U or X.X of the Board of Governors.

MarginSECTION # Federal Reserve Regulations. None of Holdings, the Loan PartiesBorrower or any other Subsidiary is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board)Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loanthe Loans will be used, whether directly or indirectly, for any purpose that entails a violation (including on the part of any Lender) of any of the provisionsregulations of the Board of Governors, including Regulations of the Federal Reserve Board, including Regulation T, U orand X.

Section # Margin Regulations. None of the Loan Partiesproceeds of any of the Loans or Letters of Credit will be used, directly or indirectly, for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of such terms under Regulation U or for any purpose that violates the provisions of Regulation T, Regulation U or Regulation X. Neither the Borrower nor any of its Subsidiaries is engaged or will engage, principallyprincipally, or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of the provisions of the Regulations of the Federal Reserve Board, including Regulation T, U or X.“margin stock”.

Margin Regulations. NoneBorrower will not directly or indirectly apply any part of the proceeds of the Loan Parties is engaged or will engage, principally or as one of its important activities, into the business of purchasing or carrying margin stock (withinof any “margin stock” within the meaning of Regulation U of the Federal Reserve Board), or extending credit for the purposeBoard of purchasing or carrying margin stock. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of the provisions of the RegulationsGovernors of the Federal Reserve Board, including Regulation T, USystem, or X.any regulations, interpretations or rulings thereunder.