Common use of No Restrictions on Subsidiaries Clause in Contracts

No Restrictions on Subsidiaries. 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, 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 stockstock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or 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. No Except for any restrictions of applicable corporate or limited liability company law, no subsidiary of the Company (including is or, after giving effect to the Operating Partnership) is currently offering and sale of the Securities and the application of the proceeds thereof as described in the Time of Sale Information and the Prospectus, will be 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as described in the Time of Sale Information and the Offering Memorandum, 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 stockequity securities or similar ownerships interest, from repaying to the Company any loans or advances to such subsidiary from the Company 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. 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except (i) as described in the Time of Sale Information or the Offering Memorandum or (ii) as permitted by the Indenture, 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 stockstock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as described in the Time of Sale Information and the Offering Memorandum, 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No subsidiary of the Company (including the Operating Partnership) Subsidiary 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 subsidiarySubsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary Subsidiary from the Company 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. No Except as otherwise described in each of the Time of Sale Information and the Offering Memorandum, 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum or as provided in the Credit Facility, 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as described in the Time of Sale Information or the Final Offering Memorandum, 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 's capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as described in the Time of Sale Information, the Offering Memorandum or the Indenture, 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 stockstock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except as described in each of the Time of Sale Information and the Offering Memorandum, 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, from repaying to the Company any loans or advances to such subsidiary from the Company 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. No Except for any restrictions under any applicable corporate, limited partnership, limited liability company or other similar organizational law, 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 stockstock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company, in each case except as disclosed in each of the Registration Statement, the Time of Sale Information and the Prospectus.

No Restrictions on Subsidiaries. No Except as described in or expressly contemplated by the Time of Sale Information and the Offering Memorandum, 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 stockstock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.