Passive Interest definition
Passive Interest means a common equity interest or preferred equity interest (other than Debt-Like Preferred Equity) held by the Company or its controlled Affiliate in a Person, which interest entitles the Company or its controlled Affiliate to less than 5% of the fully-diluted equity in such Person; provided that, to be a Passive Interest, neither the Company nor any of its controlled Affiliates (w) shall work for, advise or consult for such Person, (x) shall have voting rights in excess of 5% of the voting interests in such Person, (y) shall have a seat on any managing body of such Person or have the right to nominate or select a member of its governing body and (z) shall have any veto or consent rights with respect to actions of such Person or investors therein; provided , further , that any equity interests in a diversified public fund shall be deemed to be a Passive Interest.
Passive Interest means a common equity interest or preferred equity interest (other than Debt-Like Preferred Equity) held by the Company or its controlled Affiliate in a Person, which interest entitles the Company or its controlled Affiliate to less than 5% of the fully-diluted equity in such Person; provided that, to be a Passive Interest, neither the Company nor any of its controlled Affiliates (w) shall work for, advise or consult for such Person, (x) shall have voting rights in excess of 5% of the voting interests in such Person, (y) shall have a seat on any managing body of such Person or have the right to nominate or select a member of its governing body and (z) shall have any veto or consent rights with respect to actions of such Person or investors therein; provided, further, that any equity interests in a diversified public fund shall be deemed to be a Passive Interest.