...consolidation or sale that would result in the voting securities of Licensee or Parent OUTSTANDING immediately prior thereto controlling or continuing to represent, directly or indirectly, either by remaining outstanding or by being converted into equity securities of the surviving Person, at least fifty percent (50%) of the total outstanding voting securities of Licensee, Parent or the surviving Person OUTSTANDING immediately after such transaction.

...консолидации или продажи, что приведет к тому, что голосующие ценные бумаги лицензиата или материнской компании ??? непосредственно...

Не могу понять смысл этого слова в отрыве от voting securities.