Common use of Regulation U Clause in Contracts

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The Neither the Borrower nor any of its Subsidiaries 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 as defined in Regulation U or Regulation XU); , and after applying the proceeds of each AdvanceCredit Extension, margin stock (as defined in Regulation U) constitutes not more less than twenty-five percent (25%) % of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale or sale, pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The Neither such Borrower nor any of its Subsidiaries 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 ultimate, of buying or carrying margin stock (within the meaning of as defined in Regulation U or Regulation XU); , and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more will constitute less than twenty-five percent (25%) % of the value of those assets of the such Borrower which and its Subsidiaries that are subject to any limitation on sale or sale, pledge, or any other restriction hereunder.

Regulation U. The Borrower is not engaged principallyand will not engage, principally or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate of buying purchasing or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) ), or extending credit for the purpose of purchasing or carrying margin stock. Margin stock constitutes not more less than twenty-five percent (25%) % of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale sale, pledge or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The Neither the Borrower nor any of its Restricted Subsidiaries 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 as defined in Regulation U or Regulation XU); , and after applying the proceeds of each AdvanceCredit Extension, margin stock (as defined in Regulation U) constitutes not more less than twenty-five percent (25%) % of the value of those assets of the Borrower and its Restricted Subsidiaries which are subject to any limitation on sale or sale, pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each AdvanceLoan, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 purpose of buying purchasing or carrying margin stock (within the meaning of Regulation U or Regulation Xof the Board of Governors of the Federal Reserve System); and after applying . After application of the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five 25 percent of the value (25%as determined by any reasonable method) of the value of those assets of the Borrower which are and its Subsidiaries, on a consolidated basis, subject to any limitation on sale provision of this Agreement under which the sale, pledge or pledgedisposition of assets is restricted, or any other restriction hereunderwill consist of margin stock.

Regulation U. The Neither the Borrower nor any of its Subsidiaries 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 U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more less than twenty-five percent (25%) of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 ultimate, of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The Neither the Borrower nor any of its Subsidiaries 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 ultimate, of buying or carrying margin stock (within the meaning of as defined in Regulation U or Regulation XU); , and after applying the proceeds of each Advance, margin stock (as defined in Regulation Uso defined) constitutes not more less than twenty-five percent (25%) % of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale or sale, pledge, or any other restriction hereunder.

Regulation U. The Borrower is not engaged principallyand will not engage, principally or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate of buying purchasing or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) ), or extending credit for the purpose of purchasing or carrying margin stock. Margin stock constitutes not more less than twenty-five percent (25%) of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale sale, pledge or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each AdvanceLoan, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 ultimate, of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each AdvanceAdvance or drawing under each Letter of Credit, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower WBA and its Subsidiaries which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each Advancethe Loans, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of the Loans or drawing under each AdvanceLetter of Credit, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each AdvanceAdvanceBorrowing, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. The 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 of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and after applying the proceeds of each AdvanceAdvance or drawing under each Letter of Credit, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the any Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.

Regulation U. 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 U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes not more than twenty-five percent (25%) of the value of those assets of the Borrower which are subject to any limitation on sale or pledge, or any other restriction hereunder.X.