As of the June 30, 2016, Schedule 5.22 sets forth a true, complete and accurate description of the equity capital structure of the PAC REIT and each of its Subsidiaries showing accurate ownership percentages of the equityholders of record of each such Person (other than the PAC REIT) and accompanied by a statement of authorized and issued Equity Interests for each such Person. Except as set forth on Schedule 5.22 , as of the Closing Date (a) there are no preemptive rights, outstanding subscriptions, warrants or options to purchase any Equity Interests of any Credit Party or any of its Subsidiaries, (b) there are no obligations of any Credit Party or any of its Subsidiaries to redeem or repurchase any of its Equity Interests and (c) there is no agreement, arrangement or plan to which any Credit Party or any of its Subsidiaries is a party or of which any Credit Party or any of its Subsidiaries has knowledge that could directly or indirectly affect the capital structure of any Credit Party or any of its Subsidiaries. The Equity Interests of each Credit Party and each of its Subsidiaries described on Schedule 5.22 (i) are validly issued and fully paid and non‑assessable (to the extent such concepts are applicable to the respective Equity Interests) and (ii) are owned of record and beneficially as set forth on Schedule 5.22 , free and clear of all Liens (other than Liens created under the Security Documents). No Subsidiary is organized under laws other than the laws of the United States, any State thereof, or the District of Columbia.