KYC Threshold definition
KYC Threshold means, (i) as of the Closing Date, 24.9% of the direct or indirect interests in any Loan Party, and (ii) thereafter 24.9% (or with respect to any Person that is not a U.S. Person and holds an interest in the Fund, 10%), or, if reasonably determined by the Administrative Agent or a Lender, such lower percentage (not to be less than 10% unless specifically required by applicable Laws) of the direct or indirect interests in any Loan Party as the Administrative Agent may notify the Borrower that is the percentage of ownership which the Administrative Agent or any Lender would be required to review, identify, and/or and investigate pursuant to Administrative Agent’s or such Lenders internal policies designed to comply with applicable Anti-Corruption Laws, Laws governing Sanctions, requirements under the Patriot Act, the Beneficial Ownership Regulation or other applicable “know your customer” Laws.
KYC Threshold. Means, 20% of the direct or indirect interests in any Credit Party (or 10% with respect to a beneficial owner that is not formed or domiciled in the United States), or, in the future, such lower percentage as the Agent may notify the Parent Borrower that is the percentage of ownership which the Agent or any Lender would be required to review, identify, and/or and investigate pursuant to Agent’s or such Lenders internal policies designed to comply with applicable Anti-Corruption Laws, laws governing Sanctions, requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable “know your customer” laws.
Examples of KYC Threshold in a sentence
For avoidance of doubt, if any proposed Permitted Transfer under clause (i) above does not result in any Person previously owning, directly or indirectly, less than a twenty-five percent (25%) ownership interest in any Borrower now owning, directly or indirectly, greater than or equal to the KYC Threshold, then no prior written notice to Administrative Agent shall be required under this subsection (c).