Common use of /Core/Portal Clause in Contracts

/Core/Portal. xxxx. For the purposes of this Certification, “Principal” means the following: if a sole proprietorship, the proprietor; if a partnership, each managing partner and each partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the private entity, and each natural person who is a direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the private entity. Lender agrees to notify the VSBFA if and when it becomes aware of an event which occurs that renders this certification to be obsolete. Such event could be a change in principals or a conviction of an existing principal for a sex offense against a minor. The VSBFA, in its own discretion, may require a periodic resubmission of the certifications on an annual basis.

/Core/Portal. xxxx. For the purposes of this Certification, “Principal” means the following: if a sole proprietorship, the proprietor; if a partnership, each managing partner and each partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the private entity, and each natural person who is a direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the private entity. Lender Xxxxxx agrees to notify the VSBFA if and when it becomes aware of an event which occurs that renders this certification to be obsolete. Such event could be a change in principals or a conviction of an existing principal for a sex offense against a minor. The VSBFA, in its own discretion, may require a periodic resubmission of the certifications on an annual basis.

/Core/Portal. xxxx. For the purposes of this Certification, “Principal” means the following: if a sole proprietorship, the proprietor; if a partnership, each managing partner and each partner who is a natural person and holds a 20% or more ownership interest in the partnership; and if a corporation, limited liability company, association or a development company, each director, each of the five most highly compensated executives or officers of the private entity, and each natural person who is a direct or indirect holder of 20% or more of the ownership stock or stock equivalent of the private entity. Lender agrees to notify the VSBFA if and when it Lender becomes aware of an the occurrence of any event which occurs that renders this certification to be these certifications obsolete. Such event could be a change in Borrower’s principals or a conviction of an existing principal for a sex offense against a minor. The VSBFA, in its own discretion, may require a periodic resubmission of the these certifications on an annual basis.