All issued and outstanding Capital Securities of each Co-Borrower and each Subsidiary are duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens other than those in favor of the Administrative Agent, and such securities were issued in compliance with all applicable state and federal laws concerning the issuance of securities. Schedule 5.07 sets forth the authorized Capital Securities of each Co-Borrower and each Subsidiary as of the Sixth Amendment Effective Date. All of the issued and outstanding Capital Securities of the Co-Borrowers are owned as set forth on Schedule 5.07 as of the Sixth Amendment Effective Date, and all of the issued and outstanding Capital Securities of each Wholly-Owned Subsidiary are, directly or indirectly, owned by the Co-Borrowers. As of the Sixth Amendment Effective Date, except as set forth on Schedule 5.07 , there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Securities of any Co-Borrower or any Subsidiary.