On the Closing Date, except for Subsidiaries shown on Schedule 4.16 , or thereafter permitted by Section 6.9 below, Borrower has no direct or indirect Subsidiaries and none of the Loan Parties has any Investment in any Affiliate (other than such Subsidiaries). Except for joint ventures shown on Schedule 4.16 , neither Borrower nor any of the Loan Parties has any interest in any joint venture.
affiliates