Common use of Regulation U Clause in Contracts

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Board of Governors of the Federal Reserve System.

Regulation U. The Borrower is not engaged principally, or as one of its principal activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations U of the Board of Governors or X of the Federal Reserve SystemBoard), and no . No part of the proceeds of any Advance the Loans will be used by Borrower to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The No Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is and its Material Subsidiaries are not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance Borrowing by the Borrower will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. Not more than 25% of the value of the assets of the Borrower and its Material Subsidiaries is represented by margin stock.

Regulation U. The Borrower is Borrowers are not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Neither the Borrower nor any Subsidiary is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), Board) and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Federal Reserve Board.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of U) and the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry Borrower does not hold any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock(as defined in Regulation U).

Regulation U. The Neither Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The No Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.stock in violation of Regulation U.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part Letter of the Credit or proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve SystemBoard), and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Federal Reserve Board.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Loan or advance made by Bank to Borrower hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance the Loan will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Board of Governors of the Federal Reserve System.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business ------------ of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged principally, or as one of its principal activities in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations G, T, U of the Board of Governors or X of the Federal Reserve SystemBoard), and no . No part of the proceeds of any Advance the Loans will be used by Borrower to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit ------------ for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Revolving Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of any Advance Term Loan have been or will be used to purchase or carry any margin stock or stock, to extend credit to others for the purpose of purchasing or carrying any margin stock, or for any other purpose not permitted by Regulations G, U, V or X of the Federal Reserve Board.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Borrowing will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the Loans will be used to purchase or carry any margin stock or to reduce or retire any indebtedness incurred for such purpose or to extend credit to others for the purpose of purchasing or carrying any margin stocksuch purpose.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not and will not be engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve SystemBoard), and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose purposes of purchasing or carrying any margin stock.

Regulation U. The Borrower borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is and its Subsidiaries are not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of any Advance Loan will be used to purchase or carry in violation of any margin stock or to extend credit to others for the purpose provision of purchasing or carrying any margin stock.Regulation U.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying "margin stock (stock" within the meaning of Regulation U of the Board of Governors of the Federal Reserve SystemSystem (12 CFR Part 221), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.does

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the Term Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit will make no borrowing hereunder for the purpose of purchasing buying or carrying any "margin stock (within the meaning of stock" as such term is used in Regulation U of the Board of Governors of the Federal Reserve System), and no part . The Borrower is not engaged in the business of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend extending credit to others for the purpose purposes of purchasing buying or carrying any "margin stock."

Regulation U. The None of the Borrower is not or any of its Subsidiaries has engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock stock, or to extend credit to others for the purpose of purchasing or carrying any margin stock., in a manner that would result in a violation of Regulation U.

Regulation U. The Borrower is not engaged in the ------------ business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.any

Regulation U. The Borrower is not engaged in the ------------- business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance of the Loans will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The No Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock stocks (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Loan hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will shall be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance of the Loans made hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is not no engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The No Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.. Section 1.38

Regulation U. The Borrower is not engaged in the business of extending obtaining credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance loan hereunder will be used to purchase or carry any margin stock or to extend credit to others any other Person for the purpose of purchasing or carrying any margin stock.

Regulation U. The No Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.. Sportsman's Guide Credit and Security Agreement

Regulation U. The Borrower is not engaged in the business of extending obtaining credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System)) , and no part of the proceeds of any Advance loan hereunder will be used to purchase or carry any margin stock or to extend credit to others any other Person for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying "margin stock stock" (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of any Advance Term Loan will be used used, directly or indirectly, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance advance hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is Borrowers are not engaged in the business of ------------ extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Loan or advance made by Bank to Borrowers hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the Term Advances will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business ------------ of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Revolving Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not nor will it be engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations T, U or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance or the Term Loan (or other extension of credit hereunder) will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower None of the Borrowers is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance of the Loans made hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the loan will be used to purchase or carry any margin stock or to reduce or retire any indebtedness incurred for such purpose or to extend credit to others for the purpose of purchasing or carrying any margin stocksuch purpose.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used by Borrower to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of ------------ extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Revolving Loan or advance made by Bank to Borrower hereunder will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying "margin stock (within the meaning of Regulation stock", as such term is used in Regulations U of promulgated by the Board of Governors of the Federal Reserve System), and no System as amended from time to time. No part of the proceeds of any Advance the Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any "margin stock". Borrower does not own any "margin stock".

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any the Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Such Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U the Regulations of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Board of Governors of the Federal Reserve System.

Regulation U. The Borrower is has not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance or Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing “purchasing” or carrying “carrying” any “margin stock stock” (within the meaning of all as defined in Regulation U of the Board of Governors of the Federal Reserve System, as amended from time to time), and no . No part of the proceeds of any Advance Revolving Loans will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any such “margin stock.”

Regulation U. The Borrower is not engaged principally, or as one of its principal activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations U of the Board of Governors or X of the Federal Reserve SystemBoard), and no . No part of the proceeds of any Advance the extensions of credit will be used by Borrower to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is Borrowers are not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of ------------ extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve SystemSystem of the United States), and no . No part of the proceeds of any Advance borrowing hereunder will be used at any time to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Advances or draw under any Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), U) and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and and, except for the stock purchase described in Section 2.6, no part proceeds of the proceeds of any Advance Term Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of any Advance Term Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing buying or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance and no Facility LC will be used to purchase buy or carry any margin stock or to extend credit to others for the purpose of purchasing buying or carrying any margin stock.

Regulation U. The Borrower is and its Material Subsidiaries are not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance Borrowing will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. Not more than 25% of the value of the assets of the Borrower and its Material Subsidiaries is represented by margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the term loan advance(s) will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve SystemSystem of the United States), and no . No part of the proceeds of any Advance borrowing hereunder will be used at any time to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of Term Loan or any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is Borrowers not engaged principally, or as one of its principal activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations U of the Board of Governors or X of the Federal Reserve SystemBoard), and no . No part of the proceeds of any Advance the Loans will be used by Borrower to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock.

Regulation U. The Each Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance Loan will be used to purchase or carry for any purpose which would violate any of the margin stock or to extend credit to others for requirements of the purpose Board of purchasing or carrying any margin stockGovernors of the Federal Reserve System.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Health Fitness Corporation - Credit Agreement - 22 - Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance this loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase directly or carry any margin stock or to extend credit to others indirectly for the purpose of purchasing or carrying any margin stocksuch purpose.

Regulation U. The Borrower None of the Borrowers is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance or of any Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance the Loan will be used by the Borrower to purchase or carry any margin stock or to reduce or retire any indebtedness incurred for such purpose or to extend credit to others for the purpose of purchasing or carrying any margin stocksuch purpose.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will Loan shall be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Any Borrower nor the Guarantor is or will not be engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part proceeds of the proceeds of any Advance Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is Borrowers are not engaged in the business of extending credit for the purpose of purchasing or carrying selling margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) or extending credit to others for the purpose of purchasing or carrying margin stock and no part of the proceeds of any Advance borrowing hereunder will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin regulations of purchasing or carrying any margin stocksaid Board of Governors.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of as defined in Regulation U of the Board of Governors of the Federal Reserve System), ) and no part of the proceeds of any Advance the Loans will be used to purchase or carry any margin stock or to extend credit to others for any other purpose which would violate any of the purpose margin requirements of purchasing or carrying any margin stockthe Board of Governors of the Federal Reserve System.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying carrying, margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any RLC Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The No Borrower is not now nor will it be engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation Regulations T, U or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of issued by the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. ARTICLEV.

Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning 18 19 of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.