Covered Subsidiary

Covered Subsidiary. Shall mean any Granting Subsidiary in which a Party owns or controls an interest sufficient to receive at least forty percent (40%) of the profits and/or losses of such Granting Subsidiary, provided that such Granting Subsidiary shall be deemed to be also a Covered Subsidiary only so long as: (a) the Party owning or controlling such interest has not contractually or otherwise surrendered, limited, or in any other way forfeited any part of its share of the profits or... losses distributed by the Granting Subsidiary; (b) the Party owning or controlling the shares, securities, or other interest required under Sections 1.19(a), 1.19(b) or 1.19(c) for such Granting Subsidiary to be a Subsidiary has not contractually or otherwise surrendered, limited, or in any other way constrained its authority to elect the managing authority or make decisions for the entity; and (c) all requisite conditions of being a Covered Subsidiary are met. -3- For clarity, any event causing a Person that was once a Covered Subsidiary to no longer meet the requisite conditions of being a Covered Subsidiary as set forth in this Section 1.8, whether by Change of Control or otherwise, shall render such Person to be no longer a Covered Subsidiary. View More