Meaning of “subsidiary”. A company (5) is a subsidiary of another company (P) if: (a) a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or (b) P has direct or indirect control over a majority of the voting rights attaching to the issued shares of S; or (c) P has the direct or indirect power to appoint or remove a majority of the directors of S; or (d) P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P, and any company of which S is a subsidiary is a parent company of S.
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Sources: Loan Agreement (Box Ships Inc.)
Meaning of “subsidiary”. A company (5) is a subsidiary of another company (P) if:
(a) a majority of the issued shares in S (or a majority of the issued shares in S 5 which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or
(b) P has direct or indirect control over a majority of the voting rights attaching to the issued shares of S5; or
(c) P has the direct or indirect power to appoint or remove a majority of the directors of S5; or
(d) P otherwise has the direct or indirect power to ensure that the affairs of S 5 are conducted in accordance with the wishes of P, and any company of which S is a subsidiary is a parent company of S.5.
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