Common use of Beneficial Ownership Rule Clause in Contracts

Beneficial Ownership Rule. The Borrower is an entity that is organized under the laws of the United States or of any State and at least 51% of whose common stock or analogous equity interest is owned by a listed entity and is excluded on that basis from the definition of “Legal Entity Customer” as defined in the Beneficial Ownership Rule.

Beneficial Ownership Rule. The Borrower is an entity that is organized under the laws of the United States or of any State state of the United States and at least 51% 51 percent of whose common stock or analogous equity interest is owned by a listed entity and is excluded on that basis from the definition of “Legal Entity Customer” Customer as defined set forth in the Beneficial Ownership Rule.

Beneficial Ownership Rule. The Borrower is an entity that is organized under the laws of the United States or of any State state of the United States and at least 51% 51 percent of whose common stock or analogous equity interest is owned by a listed entity and is excluded on that basis from the definition of “Legal Entity Customer” Customer as defined set forth in the Beneficial Ownership Rule. 1.3. Section 5.1(b) of the Credit and Security Agreement is hereby amended by inserting the following new clause at the end thereof:

Beneficial Ownership Rule. The Borrower is an entity that is organized under the laws of the United States or of any State and at least 51% of whose common stock or analogous equity interest is owned by a listed entity and is excluded on that basis from the definition of “Legal Entity Customer” as defined in the Beneficial Ownership Rule.”.