Designation Criteria. (i) No Unrestricted Subsidiary shall at any time after the Effective Date be designated as a Restricted Subsidiary unless: (A) such Subsidiary at such time meets all of the requirements of a Restricted Subsidiary as set forth in the definition thereof; and (B) immediately before and after, and after giving effect to such designation, and assuming that all Investments of, all obligations and liabilities of, and all Liens on the Property of, such Subsidiary being so designated were made or incurred contemporaneously with such designation, no Default or Event of Default exists or would exist. (ii) No Restricted Subsidiary shall at any time after the Effective Date be designated as an Unrestricted Subsidiary.
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Sources: Note Purchase Agreement (Birmingham Steel Corp), Note Purchase Agreement (Birmingham Steel Corp)
Designation Criteria. (i) No Unrestricted Subsidiary shall at any time after the Effective Fifth Amendment Date be designated as a Restricted Subsidiary unless:
(A) such Subsidiary at such time meets all of the requirements of a Restricted Subsidiary as set forth in the definition thereof; and
(B) immediately before and after, and after giving effect to such designation, and assuming that all Investments of, all obligations and liabilities of, and all Liens on the Property of, such Subsidiary being so designated were made or incurred contemporaneously with such designation, no Default or Event of Default exists or would exist.
(ii) No Restricted Subsidiary shall at any time after the Effective Fifth Amendment Date be designated as an Unrestricted Subsidiary.
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