Common use of Leased Properties Clause in Contracts

Leased Properties. Except as disclosed in the SEC Reports filed prior to the date of this Agreement, the Corporation is the valid lessee of all material leasehold estates reflected in the latest audited financial statements included in such SEC Reports or acquired after the date thereof (except for leases that have expired without default by their terms since the date thereof) and is in valid possession of the properties purported to be leased thereunder, and each such lease is in full force and effect and without default thereunder in any material respect by the lessee or, to the Corporation's knowledge, the lessor.