20% Entity definition

20% Entity means any Person that, after giving effect to a proposed Transfer, would beneficially own, on an as converted basis, greater than 20% of the then outstanding Common Stock, on an as converted basis.

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20% Entity means any Project Entity formed pursuant to Section 3.1 hereof and as to which ALE is obligated to contribute 20% of the Mandatory Capital Call Contributions of the members as more fully set forth in a form of Project Entity Operating Agreement to be mutually agreed upon by ALS and ALE, such agreement to be based on the form of Operating Agreement for the 49% Entities, with such changes as are contemplated hereby.

Examples of 20% Entity in a sentence

• If required by the construction loan lender, ALS will guaranty the construction financing for each new Facility to be constructed by a 20% Entity.

• You will not disclose the terms of this agreement to any third party without our prior written consent, except to your attorney, accountants, or otherwise as part of your standard business practices in the securitization of artworks, or because of valid legal process compelling the disclosure, provided you first give us prompt written notice of such service of process and allow us an opportunity to seek a protective order.

• With respect to any payment or call upon such guaranty occurring prior to such time as a 75% Occupancy has been initially attained at such Facility, provided that the interest of ALE in the 20% Entity has not been acquired by ALS pursuant to Section 3.12, ALE and ALS shall, as between each other, bear a portion of any risk or obligation arising under any guarantee given by ALS to secure financing for such Facility on a 20%/80% basis, respectively.