Common use of Risk Retention Rules Clause in Contracts

Risk Retention Rules. VWFS and the Issuer agree and acknowledge that the Notes sold on the Closing Date may not be purchased by any person except for persons that are not “U.S. persons” as defined in the U.S. Risk Retention Rules (“Risk Retention U.S. Persons”). Whilst the definition of “U.S. person” in the U.S. Risk Retention Rules is substantially similar to the definition of “U.S. person” in Regulation S, the definitions are not identical and persons who are not “U.S. persons” under Regulation S may be “U.S. persons” under the U.S. Risk Retention Rules.. Each Purchaser of Notes, including beneficial interests therein will be deemed, and in certain circumstances will be required, to have made certain representations and agreements, including that it (1) is not a Risk Retention U.S. Person

Risk Retention Rules. 5.1 VWFS and the Issuer agree and acknowledge that the Notes sold on the Closing Date may not be purchased by any person except for persons that are not “U.S. persons” as defined in the U.S. Risk Retention Rules (“Risk Retention U.S. Persons”). Whilst the definition of “U.S. person” in the U.S. Risk Retention Rules is substantially similar to the definition of “U.S. person” in Regulation S, the definitions are not identical and persons who are not “U.S. persons” under Regulation S may be “U.S. persons” under the U.S. Risk Retention Rules.. . Each Purchaser of Notes, including beneficial interests therein will be deemed, and in certain circumstances will be required, to have made certain representations and agreements, including that it (1) is not a Risk Retention U.S. Person