Common use of Restriction on Use of Proceeds Clause in Contracts

Restriction on Use of Proceeds. No Borrower nor any agent acting on behalf of any Borrower has taken or will take any action, or has suffered to exist or will suffer to exist any condition, that might cause this Agreement or any Loan to violate Regulation G, Regulation U, Regulation X, or any other regulation of the Board or to violate the Securities Exchange Act of 1934, as amended, in each case as in effect now or as the same may hereafter be in effect. No Borrower will use, directly or indirectly, the proceeds of any Loan hereunder to acquire any security (within the meaning of the Securities Exchange Act of 1934, as amended), in any tender offer subject to Section 13 or 14 of the Securities Exchange Act of 1934, as amended, unless such tender offer has been approved by the Board of Directors (or other analogous body) of the issuer of the securities that are the subject of such tender offer, so long as a majority of the directors (or members) constituting such Board (or such body) were directors (or members) at least 30 days prior to the making of such tender offer.