Common use of With Respect to the Exempt Status of the Purchased Notes Clause in Contracts

With Respect to the Exempt Status of the Purchased Notes. (a) Neither the Issuer nor the Depositor, nor any of their respective Affiliates, nor any Person acting on their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Purchased Notes under the Securities Act.

With Respect to the Exempt Status of the Purchased Notes. (a) Neither the Issuer nor the Depositor, nor any of their its respective Affiliates, nor any Person acting on their its behalf will, directly or indirectly, (i) make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Purchased Notes under the Securities 1933 Act or under any state securities laws, or (ii) permit the Issuer to become an “investment company” registered or required to be registered under the 1940 Act.