Determination of Ownership or Control Interest Percentages Sample Clauses

Determination of Ownership or Control Interest Percentages. ‌ Direct Ownership or Control Interest is determined by multiplying the percentage of interest that a person (individual or corporation) owns by the percentage of Insurer’s assets used to secure the obligation. By way of example, if a person owns ten percent (10%) of a note secured by sixty percent (60%) of Insurer’s assets, the person’s direct interest in Insurer is six percent (6%) and must be reported. Indirect Ownership or Control Interest is determined by multiplying the percentage of ownership in each entity. By way of example, if a person owns ten percent (10%) of the stock in a corporation which owns eighty percent (80%) of Insurer’s stock, the person’s indirect interest in Insurer is eight percent (8%) and must be reported.
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