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 to secure the Borrower's obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnerships are Excel Realty Partners, L.P. and E.H. Properties, L.P.

Subsidiaries; DownREIT Partnerships. As of the Effective Date, the 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 to secure the Borrower's ’s obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnerships are Excel Realty Partners, L.P. and E.H. Properties, L.P.

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 39 40 Subsidiary is owned free and clear of any Liens (other than Liens applicable to a partner under the terms of any partnership agreement to secure the Borrower's obligation to make capital contributions or similar payments thereunder). As of the Effective Date, the only DownREIT Partnerships are Excel Realty Partners, L.P. and E.H. Properties, L.P.