Definition of Qualified Institutional Buyer

"Qualified institutional buyers" include (1) institutions (not individuals) who own and invest on a discretionary basis at least $100 million of securities, (2) dealers in securities (including individuals) registered under the 1934 Act who own and invest on a discretionary basis at least $10 million of securities and (3) entities that are wholly owned by qualified institutional buyers. Banks and savings and loans must also have an audited net worth of at least $25 million to be qualified institutional investors.