Common use of Regulation T, U or X Clause in Contracts

Regulation T, U or X. The Company does not own any “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of the Shares will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.

Regulation T, U or X. The Neither the Company does not nor any of its subsidiaries own any “"margin securities” " as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “"Federal Reserve Board”"), and none of the proceeds of the sale of the Common Shares will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Common Shares to be considered a “"purpose credit” " within the meanings of Regulation T, U or X of the Federal Reserve Board.

Regulation T, U or X. The Company does not own any “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of the Shares Securities will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares Securities to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.

Regulation T, U or X. The Company does not own any “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of the Shares Securities will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares or Warrant Shares to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.