Direct Wholly Owned Subsidiary definition
Direct Wholly Owned Subsidiary means each Subsidiary of the Borrower, all of the Capital Stock of which (other than directors’ qualifying shares) is owned by the Borrower directly all of whose Capital Stock (other than directors’ qualifying shares) is at the time owned, directly or indirectly by the Lead Borrower.
Direct Wholly Owned Subsidiary means, as to any Person, any other Person which would constitute a Wholly-Owned Subsidiary of such Person even if the phrase "and/or one or more Wholly-Owned Subsidiaries of such Person" appearing in the definition of the term "Wholly-Owned Subsidiary" were deleted.