Common use of Designation of an Unrestricted Subsidiary Clause in Contracts

Designation of an Unrestricted Subsidiary. From time to time the Canadian Borrower may designate an existing Restricted Subsidiary or a newly formed Subsidiary as an Unrestricted Subsidiary; provided that: (a) after giving effect to such designation, all representations and warranties contained in Section 8.01 of this Agreement will be true and correct in all material respects with the same force and effect as if such representations and warranties had been made on and as of the date of such designation with respect to such Unrestricted Subsidiary; (b) the Borrowers are in compliance with all covenants contained herein and no Pending Event of Default or Event of Default shall have occurred and be continuing or will occur as a result of such designation; (c) the Canadian Borrower shall have provided the Agent with a certificate of an officer certifying the foregoing; and (d) the Canadian Borrower shall have delivered to the Agent a revised Schedule 8.01(16) showing all Restricted Subsidiaries and Unrestricted Subsidiaries of JustEnergy following such designation. In the event that a Restricted Subsidiary becomes an Unrestricted Subsidiary pursuant to the terms hereof, the Collateral Agent will release the Security provided by such Person in accordance with the terms of the Intercreditor Agreement.

Designation of an Unrestricted Subsidiary. From time to time the Canadian Borrower may designate an existing Restricted Subsidiary or a newly formed Subsidiary as an Unrestricted Subsidiary; provided that: (a) after giving effect to such designation, all representations and warranties contained in Section 8.01 of this Agreement will be true and correct in all material respects with the same force and effect as if such representations and warranties had been made on and as of the date of such designation with respect to such Unrestricted Subsidiary; (b) the Borrowers are in compliance with all covenants contained herein and no Pending Event of Default or Event of Default shall have occurred and be continuing or will occur as a result of such designation; (c) the Canadian Borrower shall have provided the Agent with a certificate of an officer certifying the foregoing; and (d) the Canadian Borrower shall have delivered to the Agent a revised Schedule 8.01(16) showing all Restricted Subsidiaries and Unrestricted Subsidiaries of JustEnergy following such designation. In the event that a Restricted Subsidiary becomes an Unrestricted Subsidiary pursuant to the terms hereof, the Collateral Agent will release the Security provided by such Person in accordance with the terms of the Intercreditor Agreement.