Definitions and Usages Clause Samples

Definitions and Usages. A. An “affiliate” of a first individual or organization is a second individual or organization that controls, is controlled by, or is under common control with the first organization. For purposes of this definition, “control” of an organization refers to the direct or indirect possession of: i. voting control of securities of the organization carrying at least the specified percentage of the aggregate right to vote for the organization's board of directors or comparable governing body, or ii. the right to select, or to prevent the selection, of a majority of the members of such board or other body.

Definitions and Usages