definiens: means any corporation or other business entity : ( i ) in which Licensee owns or controls, directly or indirectly, atleast fifty percent ( 50 % ) of the outstanding stock or other voting rights entitled to elect directors ; or ( ii ) which owns, directlyor indirectly, at least fifty percent ( 50 % ) of the outstanding stock or other voting rights entitled to elect directors of theLicensee ; or ( iii ) which is under common ownership or control with Licensee to the extent of at least fifty percent ( 50 % ) of theoutstanding stock or other voting rights entitled to elect directors . Notwithstanding the foregoing, in any country where thelocal law does not permit foreign equity participation of at least fifty percent ( 50 % ), then an includes any companyin which Licensee owns or controls, or is owned or controlled by, or is under common ownership or control with, directly orindirectly, the maximum percentage of outstanding stock or voting rights permitted by local law