Common use of Designation of Restricted Subsidiaries and Unrestricted Subsidiaries Clause in Contracts

Designation of Restricted Subsidiaries and Unrestricted Subsidiaries. (a) After the Issue Date, the Board of Directors of the Company may designate any Restricted Subsidiary of Holdings (other than the Company) to be an Unrestricted Subsidiary if that designation would not cause a Default. If such Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments in such Restricted Subsidiary by Holdings and its Restricted Subsidiaries will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.14 or under one or more clauses of the definition of “Permitted Investments,” as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if such Restricted Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary”.

Designation of Restricted Subsidiaries and Unrestricted Subsidiaries. (a) After the Issue Date, the Board of Directors of the Company may designate any Restricted Subsidiary of Holdings (other than the Company) to be an Unrestricted Subsidiary if that designation would not cause a Default. If such Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments in such Restricted Subsidiary by Holdings and its Restricted Subsidiaries will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.14 or under one or more clauses of the definition of “Permitted Investments,” as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if such Restricted Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary”.

Designation of Restricted Subsidiaries and Unrestricted Subsidiaries. (a) After the Issue Date, the Board of Directors of the Company may designate any of its Restricted Subsidiary of Holdings the Parent Guarantor (other than the Companya Co-Issuer) to be an Unrestricted Subsidiary if that designation would not cause a Default. If such Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments in such Restricted Subsidiary by Holdings the Parent Guarantor and its Restricted Subsidiaries will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.14 4.07 or under one or more clauses of the definition of “Permitted Investments,” as determined by the CompanyCo-Issuers. That designation will only be permitted if the Investment would be permitted at that time and if such Restricted Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary”.