definiens: shall mean Regulus ; provided, however, that if, after the Restatement Date, one or both of theother Licensees ( or any of their respective Affiliates or Sublicensees ) initiates any drug discovery or development efforts withrespect to any Licensed Product, then each of Regulus and such other Licensee(s ) shall be deemed an Page 2***Confidential Treatment Requested1.2 of a Licensee shall mean any legal entity ( such as a corporation, partnership, or limited liability company)that is controlled by such Licensee . For the purposes of this definition, the term means ( i ) beneficial ownership of atleast fifty percent ( 50 % ) of the voting securities of a legal entity with voting securities or ( ii ) a fifty percent ( 50 % ) or greaterinterest in the net assets or profits of a legal entity without voting securities, or ( iii ) possession, directly or indirectly, of thepower to elect or direct the management of a legal entity . Notwithstanding the foregoing or any other provision of thisAgreement to the contrary, Regulus shall not be considered an Affiliate of [COMPANY] and/or Isis for purposes of this Agreement