Common use of Subsidiaries; DownREIT Partnerships Clause in Contracts

Subsidiaries; DownREIT Partnerships. As of the Effective Date, the Borrower has only the Subsidiaries set forth on Schedule 4.4. Schedule 4.4 sets forth the name of, and the ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each Subsidiary that is a Subsidiary Guarantor, in each case as of the Effective Date. The shares of each corporate Subsidiary of the Borrower that are owned by the Borrower are duly authorized, validly issued, fully paid and nonassessable and are owned free and clear of any Liens. The interest of the Borrower in each non-corporate Subsidiary is owned free and clear of any Liens (other than Liens applicable to a partner under the terms of any partnership agreement, or those applicable to a member under the terms of any limited liability company operating agreement, to secure the Borrower’s obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnership is Excel Realty Partners, L.P. and the only Subsidiaries of Excel Realty Partners, L.P. are as set forth on Schedule 4.4. As of the Effective Date, there is no Subsidiary of the Borrower (other than ERT Development Corporation) that is a guarantor of any unsecured Indebtedness of Borrower (other than the Loans) that is not also a Subsidiary Guarantor.

Subsidiaries; DownREIT Partnerships. As of the Effective Date, the Borrower has only the Subsidiaries set forth on Schedule 4.4. Schedule 4.4 sets forth the name of, and the ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each Subsidiary that is a Subsidiary Guarantor, in each case as of the Effective Date. The shares of each corporate Subsidiary of the Borrower that are owned by the Borrower are duly authorized, validly issued, fully paid and nonassessable and are owned free and clear of any Liens. The interest of the Borrower in each non-corporate Subsidiary is owned free and clear of any Liens (other than Liens applicable to a partner under the terms of any partnership agreement, or those applicable to a member under the terms of any limited liability company operating agreement, to secure the Borrower’s obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnership is Excel Realty Partners, L.P. and the only Subsidiaries of Excel Realty Partners, L.P. are as set forth on Schedule 4.4. As of the Effective Date, there is no Subsidiary of the Borrower (other than ERT Development Corporation) that is a guarantor of any unsecured Indebtedness of Borrower (other than the Loans) that is not also a Subsidiary Guarantor.

Subsidiaries; DownREIT Partnerships. As of the Effective Date, the Borrower has only the Subsidiaries set forth on Schedule 4.4. Schedule 4.4 sets forth the name of, and the ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each Subsidiary that is a Subsidiary Guarantor, in each case as of the Effective Date. The shares of each corporate Subsidiary of the Borrower that are owned by the Borrower are duly authorized, validly issued, fully paid and nonassessable and are owned free and clear of any Liens. The interest of the Borrower in each non-non corporate Subsidiary is owned free and clear of any Liens (other than Liens applicable to a partner under the terms of any partnership agreement, or those applicable to a member under the terms of any limited liability company operating agreement, to secure the Borrower’s obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnership is Excel Realty Partners, L.P. and the only Subsidiaries of Excel Realty Partners, L.P. are as set forth on Schedule 4.4. As of the Effective Date, there is no Subsidiary of the Borrower (other than ERT Development Corporation) that is a guarantor of any unsecured Indebtedness of the Borrower (other than the Loans) that is not also a Subsidiary Guarantor.

Subsidiaries; DownREIT Partnerships. As of the Effective Date, the Borrower has only the Subsidiaries set forth on Schedule SCHEDULE 4.4. Schedule SCHEDULE 4.4 sets forth the name of, and the ownership interest of the Borrower in, each Subsidiary of the Borrower and identifies each Subsidiary that is a Subsidiary Guarantor, in each case as of the Effective Date. The shares of each corporate Subsidiary of the Borrower that are owned by the Borrower are duly authorized, validly issued, fully paid and nonassessable and are owned free and clear of any Liens. The interest of the Borrower in each non-corporate Subsidiary is owned free and clear of any Liens (other than Liens applicable to a partner under the terms of any partnership agreement, or those applicable to a member under the terms of any limited liability company operating agreement, to secure the Borrower’s 's obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnership is Excel Realty Partners, L.P. and the only Subsidiaries of Excel Realty Partners, L.P. are as set forth on Schedule 4.4. As of the Effective Date, there is no Subsidiary of the Borrower (other than ERT Development Corporation) that is a guarantor of any unsecured Indebtedness of Borrower (other than the Loans) that is not also a Subsidiary Guarantor.