Common use of No Restrictions on Subsidiaries Clause in Contracts

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company, except for any such restrictions (a) as described in each of the Time of Sale Information and the Offering Memorandum or (b) that will be permitted by the Indenture.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no No subsidiary of the Company (including the Operating Partnership) is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, except for agreements with respect to the Company’s revolving credit facility and management and franchise agreements and as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no No subsidiary of the Company is currently prohibitedprohibited (except as may be limited by applicable laws of the jurisdictions of such subsidiary’s incorporation or formation and as set forth in the Registration Statement and the Prospectus), directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s share capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except for any restrictions of applicable corporate or limited liability company law, no subsidiary of the Company is or, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as disclosed described in each of the Time of Sale Information and the Offering MemorandumProspectus, no subsidiary of the Company is currently will be prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock equity securities or similar ownership ownerships interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of the Time of Sale Information and or the Final Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s 's capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s 's properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company No Subsidiary is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiarySubsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary Subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiarySubsidiary’s properties or assets to the Company or any other subsidiary of the Company, except for limitations on the foregoing set forth in the PDCM Credit Facility and described in each of the Time of Sale Information and the Offering Memorandum.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no No subsidiary of the Company (including the Operating Partnership) is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, except for agreements with respect to the Company’s $115 million revolving credit facility and management and franchise agreements and as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, no No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the CompanyCompany except as set forth in the Senior Secured Credit Facility or as described in or contemplated by the Time of Sale Offering Memorandum and the Offering Memorandum.

No Restrictions on Subsidiaries. Except as otherwise disclosed in each of the Time of Sale Information and the Offering MemorandumMemorandum or as provided in the Credit Facility, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except (i) as disclosed described in each of the Time of Sale Information and or the Offering MemorandumMemorandum or (ii) as permitted by the Indenture, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of or expressly contemplated by the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed otherwise described in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of the Time of Sale Information and Information, the Offering MemorandumMemorandum or the Indenture, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.

No Restrictions on Subsidiaries. Except as disclosed described in each of the Time of Sale Information and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock or similar ownership intereststock, from repaying to the Company any loans or advances to such subsidiary from the Company or, except as described in each of the Time of Sale Information and the Offering Memorandum, or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.