Common use of Assets Other than Real Property Interests Clause in Contracts

Assets Other than Real Property Interests. The Target Companies and Target Subsidiaries have good and valid title to all material assets owned by them, in each case free and clear of all pledges, claims, charges, mortgages, liens, security interests or encumbrances of any kind except (i) mechanics', carriers', workmen's, repairmen's or other like liens arising or incurred in the ordinary course of business, liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business if the underlying obligations are not overdue for a period of more than 90 days, and liens for Taxes which are not yet due and payable, (ii) mortgages, liens, security interests and encumbrances which secure debt that is reflected as a liability on the Balance Sheet and the existence of which is indicated in the notes thereto and (iii) other imperfections of title or encumbrances, if any, which do not, individually or in the aggregate, materially impair the continued use and operation or the marketability of the assets to which they relate in the Businesses as presently conducted (the mortgages, liens, security interests, encumbrances and imperfections of title described in clauses (i), (ii) and (iii) above are hereinafter referred to collectively as "Permitted Liens"). All the material tangible personal property of the Target Companies and Target Subsidiaries has been maintained in all material respects in accordance with the past practice of the Target Companies and the Target Subsidiaries and generally accepted industry practice. Each item of material tangible personal property of the Target Companies and the Target Subsidiaries is in all material respects in good working order and is adequate and sufficient for the Target Company's or Target Subsidiary's intended purposes, ordinary wear and tear excepted.

Assets Other than Real Property Interests. The Target Companies and Target Subsidiaries have Company or a subsidiary of the Company has good and valid title to all material assets owned by them, in each case free and clear of all pledges, claims, charges, mortgages, liens, security interests or encumbrances of any kind except (i) mechanics', carriers', workmen's, repairmen's or other like liens arising or incurred in the ordinary course of business, liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business if the underlying obligations are not overdue for a period of more than 90 days, and liens for Taxes which are not yet due and payable, (ii) mortgages, liens, security interests and encumbrances which secure debt that is reflected as a liability on the Balance Sheet and the existence of which is indicated in the notes thereto and (iii) other imperfections of title or encumbrances, if any, which do not, individually or in the aggregate, materially impair the continued use and operation or the marketability of the assets to which they relate in the Businesses business of the Company and its subsidiaries as presently conducted (the mortgages, liens, security interests, encumbrances and imperfections of title described in clauses (i), (ii) and (iii) above are hereinafter referred to collectively as "Permitted Liens"). All the material tangible personal property of the Target Companies Company and Target Subsidiaries its subsidiaries has been maintained in all material respects in accordance with the past practice of the Target Companies Company and the Target Subsidiaries its subsidiaries and generally accepted industry practice. Each item of material tangible personal property of the Target Companies Company and the Target Subsidiaries its subsidiaries is in all material respects in good working order and is adequate and sufficient for the Target Company's or Target Subsidiary's intended purposes, ordinary wear and tear excepted.

Assets Other than Real Property Interests. The Target Companies and Target Subsidiaries have Company or a ----------------------------------------- subsidiary of the Company has good and valid title to all material assets owned by them, in each case free and clear of all pledges, claims, charges, mortgages, liens, security interests or encumbrances of any kind except (i) mechanics', carriers', workmen's, repairmen's or other like liens arising or incurred in the ordinary course of business, liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business if the underlying obligations are not overdue for a period of more than 90 days, and liens for Taxes which are not yet due and payable, (ii) mortgages, liens, security interests and encumbrances which secure debt that is reflected as a liability on the Balance Sheet and the existence of which is indicated in the notes thereto and (iii) other imperfections of title or encumbrances, if any, which do not, individually or in the aggregate, materially impair the continued use and operation or the marketability of the assets to which they relate in the Businesses business of the Company and its subsidiaries as presently conducted (the mortgages, liens, security interests, encumbrances and imperfections of title described in clauses (i), (ii) and (iii) above are hereinafter referred to collectively as "Permitted Liens"). All the material tangible personal property of the Target Companies Company and Target Subsidiaries its subsidiaries has been maintained in all material respects in accordance with the past practice of the Target Companies Company and the Target Subsidiaries its subsidiaries and generally accepted industry practice. Each item of material tangible personal property of the Target Companies Company and the Target Subsidiaries its subsidiaries is in all material respects in good working order and is adequate and sufficient for the Target Company's or Target Subsidiary's intended purposes, ordinary wear and tear excepted.