Non-Controlling Party definition

Non-Controlling Party means, at any time, any Trustee, Liquidity Provider or other Person which is not the Controlling Party at such time.

Non-Controlling Party means the party not controlling the defense of any Third Party Action.

Non-Controlling Party has the meaning set forth in Section 9.02(c) of this Agreement.

Examples of Non-Controlling Party in a sentence

• The Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest without obtaining the prior consent of the Non-Controlling Party.

• Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the Controlling Party hereunder; provided, however, that nothing herein contained shall prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the other Operative Agreements.

• In such case, the other party (Seller or Purchaser, as the case may be, the “Non-Controlling Party”) shall be entitled to participate fully (at the Non-Controlling Party’s sole expense) in the conduct of such Tax Claim and the Controlling Party shall not settle such Tax Claim without the consent of such Non-Controlling Party (which consent shall not be unreasonably withheld, conditioned or delayed).

• The Parties hereby acknowledge and agree that the Non-Controlling Parties are not able to exert any control or influence over the Litigation Trust Advisory Board, the administration of the Litigation Trust, the pursuit of the Preserved Causes of Action or any other business of the Litigation Trust, and accordingly no Non-Controlling Party shall be liable for any act or omission of the Litigation Trust or any member, designee, professional, agent or representative of the Litigation Trust Advisory Board.

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More Definitions of Non-Controlling Party

Non-Controlling Party has the meaning set forth in Section 5.3(a).

Non-Controlling Party has the meaning set forth in Section 11.1(f).

Non-Controlling Party means, with respect to a Tax Contest, the Party that is not the Controlling Party with respect to such Tax Contest.

Non-Controlling Party has the meaning set forth in Section 7.2.2.

Non-Controlling Party means whichever of Seller or Purchaser is not the Controlling Party with respect to such Tax Proceeding.

Non-Controlling Party has the meaning set forth in Section 8.3(d)(ii).

Non-Controlling Party shall have the meaning set forth in Section 9.1(c).