(i) Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, own or create directly or indirectly any Subsidiaries, except (a) any Domestic Subsidiary that has joined this Agreement as a Borrower or Guarantor on the Closing Date, (b) any Material Subsidiary acquired, incorporated or otherwise formed after the Closing Date so long as such Material Subsidiary joins this Agreement as a Loan Party pursuant to Section 11.16 [Joinder], (c) any Immaterial Subsidiary, (d) any Foreign Subsidiary existing as of the Closing Date, and (e) any Foreign Subsidiary created, acquired or otherwise formed after the Closing Date in compliance with this Agreement (including, without limitation, Section 8.2.4 [Loans and Investments] and Section 8.2.6 [Liquidations, Mergers, Etc.] hereof).