Common use of Entities Owned Clause in Contracts

Entities Owned. (a) Schedule 4.4 sets forth, updated as of the last day of the most recent quarter, the names and jurisdictions of incorporation or formation of all Subsidiaries, Homebuilding Joint Ventures, and other entities in which Borrower has a direct or indirect ownership interest (but excluding publicly-traded Persons in which Borrower, directly or indirectly, holds less than a five percent (5%) ownership interest). Except as described in Schedule 4.4, as of the end of the most recent fiscal quarter of Borrower, excluding publicly-traded Persons in which Borrower, directly or indirectly, holds less than a five percent (5%) ownership interest, Borrower does not own any Capital Stock or ownership interest in any Person other than its Subsidiaries and Homebuilding Joint Ventures. All outstanding shares of Capital Stock or ownership interests, as the case may be, of each Subsidiary (other than an Excluded Subsidiary) and Homebuilding Joint Venture that are owned by Borrower or any Subsidiary are (i) owned of record and beneficially by Borrower and/or by one (1) or more Subsidiaries, free and clear of all material Liens, claims, encumbrances, and rights of others (other than Liens permitted under this Agreement), and are (ii) duly authorized, validly issued, fully paid, nonassessable (except for capital calls or contribution requirements in connection with ownership interests in Homebuilding Joint Ventures), and issued in compliance with all applicable state and federal securities and other laws, except where the failure to comply could not reasonably be expected to have a Material Adverse Effect. Borrower may update Schedule 4.4 from time to time by sending written notice to Administrative Agent.

Entities Owned. (a) Schedule 4.4 5.8 sets forth, updated as of the last day of the most recent quarterEffective Date, the names and jurisdictions of incorporation or formation of all Subsidiaries, Homebuilding Subsidiaries and Joint Ventures, and other entities Ventures in which Borrower has a direct or indirect ownership interest (but excluding publicly-traded Persons in which Borrower, directly or indirectly, Borrower holds less than a five percent (5%) ownership interest). Except as described in Schedule 4.45.8, as of the end of the most recent fiscal quarter of BorrowerEffective Date, excluding publicly-traded Persons in which Borrower, directly or indirectly, Borrower holds less than a five percent (5%) ownership interest, Borrower does not own any Capital Stock or ownership interest in any Person other than its Subsidiaries and Homebuilding Joint Ventures. All outstanding shares of Capital Stock or ownership interests, as the case may be, of each Subsidiary (other than an Excluded Subsidiary) and Homebuilding Joint Venture that are owned by Borrower or any Subsidiary other Loan Party are (i) owned of record and beneficially by Borrower and/or by one (1) or more SubsidiariesLoan Parties, free and clear of all material Liens, claims, encumbrances, and rights of others (other than Liens permitted under this AgreementPermitted Liens), and are (ii) (to the knowledge of the Borrower in the case of any such Person that is not a Subsidiary of the Borrower) duly authorized, validly issued, fully paid, nonassessable (except for capital calls or contribution requirements in connection with ownership interests in Homebuilding limited liability companies, limited partnerships and Joint Ventures), and issued in compliance with all applicable state and federal securities and other laws, except where the failure to comply could not reasonably be expected to have a Material Adverse Effect. Borrower may update Schedule 4.4 from time to time by sending written notice to Administrative Agent.