definiens: shall mean any corporation or other business entit y : ( i ) with respect to which a Party owns or controls, directly or indirectly, at least fifty percent ( 50 % ) of the outstanding stock, voting rights or equivalent ownership intere sts, or with respect to which the Party otherwise has the right or power to appoint the gov erning authority ( e.g. the officers or directors ) or manage the operations ; ( ii ) which own s or controls, directly or indirectly, at least fifty percent ( 50 % ) of the outstanding stock, voting rights or equivalent ownership interests in the Party, or otherwise has the right or power to appoint the governing authority of the Party ( e.g. the officers or directors ) or ma nage the operations of the Party ; or ( iii ) which is under common ownership or control with the Party, directly or indirectly, to the extent of at least fifty percent ( 50 % ) of the outst anding stock, voting rights or equivalent ownership interests, or with respect to the right o r power to appoint the governing authority ( e.g. the officers or directors ) or manage the oper ations . Notwithstanding the foregoing, in any country where the local law does not permit for eign equity participation of at least fifty ( 50 % ) of the outstanding stock, voting rights or eq uivalent ownership interests, then an includes any corporation or other busin ess entity with respect to which the Party owns or controls, or which owns or controls the Par ty, or which is under common ownership or control with the Party, directly or indirectly, to the maximum percentage of the outstanding stock, voting rights or equivalent owne rship interests, permitted by local law