Maximum Ownership Level means the lesser of: (i) that number which would constitute 10% of the net assets of the Fund; and (ii) that number which, if combined with other securities of such Exchange Issuer held, directly or indirectly, or over which control or direction is exercised by the Manager or Investment Manager, would result in the Manager or Investment Manager directly or indirectly holding or exercising control or direction over more than 9.9% of the outstanding securities of such Exchange Issuer;
Maximum Ownership Level means the number of Exchange Eligible Securities of any one Exchange Issuer that the Fund may acquire under the Offering pursuant to the Exchange Option, which is the least of: (i) that number that would constitute 10% of the net assets of the Fund, (ii) that number that, if combined with the other securities of such Exchange Issuer held, directly or indirectly, or over which control or direction is exercised by the Manager, the Portfolio Manager or any party acting jointly or in concert with the Manager or the Portfolio Manager, would result in the Manager, Portfolio Manager and any such party directly or indirectly holding or exercising control or direction over 19.9% of the outstanding securities of such Exchange Issuer, (iii) if the Exchange Issuer is a corporation or a trust resident in Canada under the Tax Act, that number of securities with a fair market value that constitutes 9.9% of the equity value of such Exchange Issuer for purposes of section 122.1 of the Tax Act, (iv) if the Exchange Issuer is a corporation that is not resident in Canada, that number of securities that would ensure that the Exchange Issuer is not a “foreign affiliate” of the Fund under the Tax Act, and (v) if the Exchange Issuer is a trust that is not resident in Canada, that number of securities that would result in the total fair market value of all interests in the Exchange Issuer held by the Fund and persons not dealing at arm’s length with the Fund being less than 10% of the total fair market value of all interests in the Exchange Issuer.
Maximum Ownership Level means the number of Exchange Eligible Securities of any one Exchange Issuer that the Fund may acquire under the Offering pursuant to the Exchange Option, which is the lesser of (i) that number that would constitute 10% of the net assets of the Fund, (ii) that number that, if combined with the other securities of such Exchange Issuer either held, directly or indirectly, or over which control or direction is exercised by the Manager, the Investment Manager or any party acting jointly or in concert with the Manager or the Investment Manager, would result in the Manager, the Investment Manager and any such party directly or indirectly holding or exercising control or direction over 19.9% of the outstanding securities of such Exchange Issuer and (iii) that number of securities with a fair market value that constitutes 9.9% of the equity value of such Exchange Issuer for purposes of section 122.1 of the Tax Act.
More Definitions of Maximum Ownership Level
Maximum Ownership Level means the number of shares that is equal to 10% of the sum of the number of shares of Common Stock outstanding as of the date of any such proposed Acquisition plus the maximum number of shares issuable upon exercise of the Warrant (in each case as adjusted for stock splits, stock dividends and the like occurring after the date of this Agreement); provided, however, to the extent the Maximum Ownership Level
Maximum Ownership Level means the maximum number of securities of any one Exchange Eligible Issuer which the Company may acquire under the Offering pursuant to the Exchange Option, being that number of securities which constitutes 19.9% of the outstanding securities of that class of such Exchange Eligible Issuer.
Maximum Ownership Level means the number of Exchange Eligible Securities of an Issuer which the Fund may acquire pursuant to the Exchange Option which is the lesser of: (i) that number of securities with a fair market value which constitutes 9.9% of the equity value of such Issuer for purposes of section 122.1 of the Tax Act; (ii) that number which would constitute 10% of the net assets of the Fund; and (iii) that number which if combined with the other securities of such Issuer held, either directly or indirectly, or over which control or direction is exercised, by the Manager, would result in the Manager or any party acting jointly or in concert with the Manager holding directly or indirectly, or exercising control or direction over, 9.9% of the outstanding voting or equity securities of a class of securities of such Issuer.
Maximum Ownership Level means the number of Exchange Eligible Securities of an Issuer which the Fund may acquire pursuant to the Exchange Option which is that number which would constitute 10% of the net assets of the Fund.