The proceeds of the Loans will be used for (i) funding needs resulting from Exchange Act Rule 15c3-3 timing differences, (ii) funding National Securities Clearing Corporation and other clearing agency margin deposits and (iii) other short-term operational needs. No part of the proceeds of any Loan will be 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.