All proceeds of each Loan, and each Letter of Credit, will be used by the Borrower only in accordance with the provisions of Section 8.8 . No part of the proceeds of any Loan will be used by the Borrower to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. Neither the making of any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulations U or X.