L&R Entity definition
L&R Entity means SAFG Retirement Services, Inc., a Delaware corporation (“L&R Parent”), or, if applicable, a newly formed holding company which will be the direct or indirect parent of L&R Parent and will own, directly or indirectly, all of the life and retirement insurance business of American International Group, Inc. and its Subsidiaries (the “L&R Business”) (such holding company, the “IPO Corporation”) effective as of the separation of the L&R Business from Parent or the initial public offering of shares of common stock of L&R Parent or the IPO Corporation. “Subsidiary” for purposes of this definition only shall mean with respect to any Person at the time in question, another Person more than 50% of the total combined voting power of all classes of capital stock or other voting interests of which, or more than 50% of the equity securities of which, is at such time owned directly or indirectly by such first Person.