Portfolio Owner means any wholly owned direct or indirect subsidiary of the Borrowers owning Existing Loan Portfolios and/or Approved Loan Portfolios in accordance with clause 14.2.15 (Ownership of Loan Portfolios) which for the avoidance of doubt shall not include the Polish Securitization Funds.
The Secretary of the Corporation will inform each Covered Person whether he or she is deemed a Significant Portfolio Owner as of each Annual Calculation Date.
Upon a Disposal of whole or part of an Existing Loan Portfolio or Approved Loan Portfolio (directly or indirectly through a sale of a Portfolio Owner) the Borrowers shall no later than five (5) Business Days prior to such Disposal document to the Facility Agent's satisfaction that the Group will be in compliance with the ERC Ratio immediately after such Disposal.
A Covered Person who is deemed a Significant Portfolio Owner will not engage in any Disposition that would cause him or her to cease to Beneficially Own a Significant Portfolio (on the basis of the number of shares of Common Stock Beneficially Owned on the date of any proposed Disposition).2.
He must retain 100 shares in his account to build a Significant Portfolio.Example 2:A Covered Person who is not a Significant Portfolio Owner is granted 2,000 Performance-based Restricted Stock Units.
Seller is, and at all times since formation of Portfolio has been, the sole member and sole owner of one hundred percent (100%) of the limited liability company membership interests in Portfolio (the "Portfolio Owner Membership Interest").