Common use of Eligible Subsidiaries Clause in Contracts

Eligible Subsidiaries. Each Subsidiary of the Borrowers which owns or ground-leases any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Agreement is either an Eligible Subsidiary or a Guarantor. Schedule 6.25 sets forth a list of all Eligible Subsidiaries which own or ground-lease any Property that is treated as Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under this Agreement as of the Closing Date (after giving pro-forma effect to the Acquisition). Schedule 6.25 shall be updated as of the end of each fiscal quarter as set forth in Section 7.1(c).