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

Designation of Unrestricted Subsidiaries and Restricted Subsidiaries. Borrowers shall be permitted to designate any Subsidiary (except for the Swiss Borrower or a Guarantor) as an Unrestricted Subsidiary by written notice to the Administrative Agent; provided that Borrowers shall only be permitted to so designate a new Unrestricted Subsidiary so long as (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) after giving effect to such designation, Borrowers are in compliance with Section 11.1(t); provided, however, that such designation shall constitute an Investment by Borrowers therein at the date of designation in an amount equal to the portion of the fair market value (as determined by Borrowers in good faith in consultation with the Administrative Agent) of the net assets of such subsidiary attributable to such Borrower’s equity interest therein (and such designation shall only be permitted to the extent such Investment is permitted hereunder). Borrowers may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of this Agreement so long as no Event of Default has occurred and is continuing or would result therefrom.

Designation of Unrestricted Subsidiaries and Restricted Subsidiaries. Borrowers The Borrower shall be permitted to designate any Subsidiary (except for the Swiss Borrower or a Guarantor) of its Subsidiaries as an Unrestricted Subsidiary by written notice to the Administrative Agent; provided that Borrowers the Borrower shall only be permitted to so designate a new Unrestricted Subsidiary so long as (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) after giving effect to such designation, Borrowers are the Borrower is in compliance with Section 11.1(t); provided, however, that such designation shall constitute an Investment by Borrowers the Borrower therein at the date of designation in an amount equal to the portion of the fair market value (as determined by Borrowers the Borrower in good faith in consultation with the Administrative Agent) of the net assets of such subsidiary attributable to such the Borrower’s equity interest therein (and such designation shall only be permitted to the extent such Investment is permitted hereunder). Borrowers The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of this Agreement so long as no Event of Default has occurred and is continuing or would result therefrom.

Designation of Unrestricted Subsidiaries and Restricted Subsidiaries. Borrowers shall be permitted to designate any Subsidiary (except for the Swiss Borrower or a Guarantor) as an Unrestricted Subsidiary by written notice to the Administrative Agent; provided that Borrowers shall only be permitted to so designate a new Unrestricted Subsidiary so long as (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) after giving effect to such designation, Borrowers are in compliance with Section 11.1(t); provided, however, that such designation shall constitute an Investment by Borrowers therein at the date of designation in an amount equal to the portion of the fair market value (as determined by Borrowers in good faith in consultation with the Administrative Agent) of the net assets of such subsidiary attributable to such Borrower’s equity interest therein (and such designation shall only be permitted to the extent such Investment is permitted hereunder). Borrowers may designate any Unrestricted ​ ​ Subsidiary to be a Restricted Subsidiary for purposes of this Agreement so long as no Event of Default has occurred and is continuing or would result therefrom.. ​