No public offering
The Subscriber acknowledges that no action has been or will be undertaken in any jurisdiction by the Issuer that would permit or imply a public offering of the Bonds. No distribution of any offering material in relation hereto has been prepared or is in the possession of either the Issuer or the Subscriber

United States
The Subscriber acknowledges that Issuer has not been registered under the United States Investment Company Act of 1940, and that the Bonds have not been and will not be registered under the United States Securities Act of 1933. Consequently, the Bonds may not be offered or sold within the United States or to, or for the account of benefit of, U.S. persons except in certain transactions exempt under the registration requirements of the United States Securities Act of 1933, as amended.
The Bonds are subject to United States tax law requirements and may not be offered, sold or delivered within the United States or to a U.S. person, except in certain transactions permitted by the United States tax regulations.