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This excerpt taken from the FL 8-K filed May 21, 2008. Excluded Subsidiary means, (i) with respect to each Obligor, any Direct Subsidiary of such Obligor other than any such Direct Subsidiary which neither transacts any substantial portion of its business nor regularly maintains any substantial portion of its fixed assets within the United States, Canada or Germany, (ii) until September 15, 2008, Foot Locker Spain S.L. and (iii) until December 31, 2008, Woolworth Holding, S. de R.L. de C.V. An Excluded Subsidiary shall cease to be an Excluded Subsidiary when (x) in the case of clause (i), the conditions set forth in the first sentence of Section 3(d) are satisfied and (y) in the case of each of clauses (ii) and (iii), the applicable date has passed.
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