Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to own or create directly or indirectly any Subsidiaries other than (i) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date; (ii) Excluded Foreign Subsidiaries, and (iii) any Subsidiary, subject to the limitations contained in Section 8.2.4 [Loans and Investments], formed or acquired after the Closing Date which joins this Agreement as a Guarantor by complying with the requirements of Section 8.1.13 [Covenant to Guaranty Obligations and Give Security] to the extent required therein and (iv) in connection with a Permitted Transaction . Each of the Loan Parties shall not become or agree to become a party to a Joint Venture, other than the Parent’s 49% ownership in Minda Stoneridge Instruments Ltd. or pursuant to a Permitted JV Transaction.