Common use of Restricted and Unrestricted Subsidiaries Clause in Contracts

Restricted and Unrestricted Subsidiaries. Unless defined or designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Company or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary subject to the provisions of the next paragraph. The Company may designate a Subsidiary (including a newly formed or newly acquired Subsidiary) of the Company or any of its Restricted Subsidiaries as an Unrestricted Subsidiary if: (a) such Subsidiary does not at such time own any Capital Stock or Indebtedness of, or own or hold any Lien on any Property of, the Company or any other Restricted Subsidiary; (b) such Subsidiary does not at such time have any Indebtedness or other obligations that, if in default, would result (with the passage of time or notice or otherwise) in a default on any Indebtedness of the Company or any Restricted Subsidiary; and (c) (1) such designation is effective immediately upon such Subsidiary becoming a Subsidiary of the Company or of a Restricted Subsidiary,

Restricted and Unrestricted Subsidiaries. Unless defined (a) The Management Board may designate or designated as an Unrestricted Subsidiary, redesignate any Person that becomes a Subsidiary of the Company Guarantor or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary subject to the provisions of the next paragraph. The Company may designate a Subsidiary (including a newly formed or newly acquired Subsidiary) of the Company or any of its Restricted Subsidiaries as be an Unrestricted Subsidiary if: (ai) such the Subsidiary to be so designated does not at such time own any Capital Stock, Redeemable Stock or Indebtedness Debt of, or own or hold any Lien on any Property property or assets of, the Company Guarantor or any other Restricted Subsidiary; (bii) such the Subsidiary does to be so designated is not at such time have obligated by any Indebtedness Debt, Lien or other obligations obligation that, if in default, would result (with the passage of time or notice or otherwise) in a default on any Indebtedness Debt of the Company Guarantor or any Restricted Subsidiary; and (ciii) either (1A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) such designation is effective immediately upon such Subsidiary becoming a Subsidiary of the Company Guarantor or of a Restricted Subsidiary,. Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Guarantor or of any Restricted Subsidiary will be classified as a Restricted Subsidiary.