EU Risk Retention. Santander Consumer hereby covenants and agrees, in connection with the EU Retention Rules, on an ongoing basis, so long as any Notes remain Outstanding:
EU Risk Retention. TMCC, in its capacity as the originator of the Receivables, hereby agrees, with reference to the E.U. Retention Rules:
EU Risk Retention. World Omni hereby covenants and agrees, in connection with the EU Securitization Rules as in effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain Outstanding:
EU Risk Retention. The Bank hereby covenants and agrees, in connection with the EU Retention Rules, in each case as in effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain Outstanding:
EU Risk Retention. None of Regional Management, the Issuer, the Initial Purchasers or their respective Affiliates or any other person intends to retain a material net economic interest in the transaction in accordance with the EU Securitization Regulation or take any other action that may be required by EU Institutional Investors for the purpose of their compliance with the EU Securitization Regulation.
EU Risk Retention. Each of the representations and warranties of Xxxxx Corning Sales set forth in Schedule VI to this Agreement (EU Risk Retention Provisions) is true and correct.
EU Risk Retention. Xxxxx Corning Sales shall perform each of its covenants set forth in Schedule VI to this Agreement (EU Risk Retention Provisions).
EU Risk Retention. Credit Acceptance hereby undertakes to the Issuer, in connection with the European Securitization Rules as in effect on the Closing Date, that from the date hereof and for so long as any Notes remain outstanding:
EU Risk Retention. As used in this agreement, “EU risk retention rules” refers, collectively, to (i) Articles 404-410 of the European Union’s (“EU”) Capital Requirements Regulation ((EU) No. 575/2013) (the “CRR”) (as supplemented by EU secondary legislation, including Commission Delegated Regulation (EU) No. 625/2014 (the “CRR Delegated Regulation”)), (ii) Article 17 of the EU’s Alternative Investment Fund Managers Directive (2011/61/EU) and Articles 50-56 of the Alternative Investment Fund Managers Regulation ((EU) No. 231/2013) (the “AIFM Regulation”) and (iii) Articles 254-257 of Commission Delegated Regulation (EU) No. 2015/35 (the “Solvency II Regulation”), in each case as in effect on the date the Notes are issued. With reference to Article 405(1) of the CRR, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation, each as in effect on the date of the issuance of the Notes, Citibank covenants and agrees with each Underwriter that (i) Citibank, as “originator” for the purposes of the EU risk retention rules, currently retains a material net economic interest that is not less than five percent of the nominal value of the securitized exposures, in a form that is intended to qualify as an originator’s interest as provided in option (b) of each of Article 405(1) of the CRR, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation, by holding all or part of the Sellers’ Interest; and (ii) Citibank has not allowed the retained interest to be subject to any credit risk mitigation, short position or other hedge or to be sold if, as a result, Citibank would not currently retain a material net economic interest in an amount that is not less than five percent of the nominal value of the securitized exposures, except to the extent permitted in accordance with Article 405(1) of the CRR (as supplemented by Article 12 of the CRR Delegated Regulation), Article 51(1) of the AIFM Regulation and Article 254 of the Solvency II Regulation.
EU Risk Retention. World Oxxx xxxxxx represents and confirms, covenants and agrees, in connection with the EU Securitization Rules as in effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain Outstanding, that:
