Owner Status. Neither the Owner nor any principal of an Owner is a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, xxxx://xxx.xxxxx.xxx/ofac/t11sdn.pdf.
Owner Status. Such Holder does not have an ownership interest equal to or greater than either 5% of the number of Common Shares of the Company or 5% of the voting power outstanding of the Company, in each case before the consummation of the Exchange Transaction.
Owner Status. The parties hereto acknowledge that Owner and its agents are intended third party beneficiaries of this Agreement with full legal right and authority to enforce its terms.
Owner Status. A new Member may join as an Owner, provided that it (i) owns, operates, or controls facilities used for the transmission of electricity in interstate commerce (as determined by the Company by applying the seven-factor (7-factor) test set forth in FERC Order No. 888, 61 Fed. Reg. 21,540, 21,620 (1996), or any successor test adopted by the FERC or the state regulatory authority) that are physically interconnected with the facilities of an existing Owner; and (ii) agrees to sign this Agreement, to be bound by all of its terms, and to make any and all payments or contributions required by this Agreement. Upon fulfillment of these conditions, and upon completion of any physical integration of the new Owner's facilities with the Transmission System in a fashion consistent with the President's direction, the Board shall allow the new Member to become a signatory to this Agreement. In general, an Owner must own, operate, or control interstate transmission facilities as detailed above; however, on a case-by-case basis, the Board may waive the requirement that such facilities be physically interconnected if allowing the Member also to become an Owner will result in significant net benefits to the Company and its Members.
Owner Status
