definiens: shall mean only those Majority - Owned Subsidiaries of Lophius ( i ) that have beenapproved in writing both by Licensor as set forth below and by Licensee, ( ii ) that have agreed in writing to bebound by the applicable terms and conditions of this Agreement, and ( iii ) whose compliance with theapplicable terms and conditions of this Agreement has been guaranteed by a written guarantee by Lophius infavour of Licensor and Licensee . A of Lophius means a corporation or otherentity with respect to which Lophius directly or indirectly owns or otherwise controls more than fifty percent(50 % ) of the voting shares, stock or other participating interest carrying the right to vote or to distribution ofprofits . Isis shall have the right to approve each Authorised Subsidiary, but shall only be entitled to refuse suchapproval on the basis of a reasonable belief that extension of the sub - licence to the proposed AuthorisedSubsidiary is likely to result in reputational harm to the University of Oxford