A discussion of the role of the subsidiaries of a US issuer in the context of high-yield indenture covenants. This Practice Note examines how the terms "subsidiary," "restricted subsidiary," and "unrestricted subsidiary" are each defined in the indenture and discusses the distinction of restricted versus unrestricted subsidiaries. It also examines subsidiary debt and subsidiary guarantees, guarantees by foreign subsidiaries, and the impact of subsidiary guarantors on disclosure documents.