No Default TC. “SECTION 3.15. No Default.” \f c \l “2” \* MERGEFORMAT AUTONF D3_TC. No Default has occurred and is continuing. SECTION 3.16. Margin Regulations TC “SECTION 3.16. Margin Regulations.” \f c \l “2” \* MERGEFORMAT AUTONF D3_TC. No part of the proceeds of any Loan have been used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board, including Regulations T, U, and X. No Loan Party is engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds of each Borrowing, not more than 25% of the value of the assets (either of any Loan Party only or of the Loan Parties and their Subsidiaries on a consolidated basis) will be Margin Stock.
No Default TC. 5.07No Default." \f c \l "2" \* MERGEFORMAT AUTONF D3_TC. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
No Default TC. 5.07 No Default" \f C \l "2" \* MERGEFORMAT AUTONF D3_TC. Neither the Company nor any Subsidiary is in default under or with respect to any Contractual Obligation that would be reasonably expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
