SAP Subsidiary definition
SAP Subsidiary means any corporation, limited liability company, joint venture, partnership, trust, association or other entity in which SAP SE: (i) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (a) the total combined voting power of all classes of voting securities of such entity, (b) the total combined equity interests, or (c) the capital or profits interest, in the case of a partnership; or (ii) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body, but in each case shall not include the Corporation or any Subsidiary of the Corporation.
Examples of SAP Subsidiary in a sentence
Loss and loss adjustment expense reserves, and unearned premium reserves, in each case as determined for Tax purposes, for each SAP Subsidiary have been computed and maintained in the manner required under Sections 832 and 846 of the Code in all material respects.