Identity of Interest means a situation in which a Project Participant has a direct or indirect interest in the ownership of an entity which contracts with a Project Participant to provide land, goods, loans, financial support, or services for the project or where there is a financial, familial, or business relationship that permits less than arm’s length transactions.
Identity of Interest means, for the purpose of the HUD Risk Sharing Program, any person or entity that has a one percent or more financial interest in the Development and in any entity providing services for a fee to the Development.
Identity of Interest means the existence of any of the following conditions:
Examples of Identity of Interest in a sentence
As a condition of disbursement, Recipient shall execute a Certificate of Identity of Interest (“Certificate”) listing all relationships constituting an identity of interest with entities providing goods or services in connection with Recipient’s performance of the Work.
In addition, LHC will have the right, in its sole but reasonable discretion, during the term hereof, to require the cancellation of any contract between the Borrower and any Identity of Interest entity, and all Identity of Interest contracts must permit such cancellation.
Borrower hereby acknowledges that in order to comply with the MRLF Program and LHC’s rules and regulations under the MRLF Loan Agreement, it must and does hereby covenant and agree that Borrower shall notify LHC in writing prior to contracting with any Identity of Interest entity, and Borrower must include in its audited annual financial statements a disclosure of all amounts paid to Identity of Interest entities.
More Definitions of Identity of Interest
Identity of Interest means a situation in which a Project Participant has a direct or indirect interest in the ownership of an entity which contracts with a Project Participant to provide land, goods or services for the project.
Identity of Interest or "related party" means ownership of 50% or more of a separate entity of the development team (Related Entity) by the sponsor or developer, alone or as part of a group of other persons or entities, or ownership of 50% or more of the respective sponsor or developer by the Related Entity. In this definition, an identity of interest is present even if the sponsor or developer has no voting rights in the Related Entity, or if the Related Entity has no voting rights in the respective sponsor or developer. Registered agents, executive directors, officers, employees, or family members of such sponsor, developer or Related Entity may be considered as a "related party."
Identity of Interest means, for the purpose of the HUD Risk Sharing Program, any person or entity that has a one percent or more financial interest in the Development and in any entity providing services for a fee to the Development. Unless otherwise excluded, persons or entities that share in the net profits of the Development shall be construed as having an ownership interest to the extent that they share in Development or project revenues. The Identity of Interest definition shall not apply to the tax credit syndicator, limited partner investors, or professionals who are retained pursuant to a negotiated fee arrangement consistent with industry standards and which fee arrangement does not incorporate the payment of fees from Development operating revenues.
Identity of Interest means a situation exists in which a person, principal, or entity with an interest in the Ownership of the property contracts with the Owner to provide services.
Identity of Interest means a relationship in which a purchaser and seller are related
Identity of Interest or "related persons" means ownership by 50% or more by the sponsor or developer, alone or in a group of other persons or entities, in the other entity, or, 50% or more ownership by the other entity (or person), alone or in a group of other persons or entities, in the sponsor or developer. In this definition, an identity of interest is present even if the person has no voting rights in a corporate or legal entity structure. Registered agents, executive directors, officers, employees, or family members of such persons may be considered as "related persons."
Identity of Interest. (whether or not such term is capitalized) shall be deemed to exist between two entities if: (i) an entity, or any owner of any direct or indirect ownership interest of such entity, or any family member of any such owner, is an owner of any direct or indirect interest in the other party or is an officer, director, trustee or manager of such other party; or (ii) any officer, director, trustee, manager, principal staff or contract employee of an entity, or any family member of any such officer, director, trustee, manager, principal staff or contract employee, is an owner of any direct or indirect interest in the other party or is an officer, director, trustee or manager of such other party. As used herein, "family member" means, with respect to any person, his/her spouse, parents, siblings, children, grandparents, grandchildren, aunts, uncles, mother-in-law, father-in-law, brothers-in-law and sisters-in-law.