Common use of Ownership/No Claims Clause in Contracts

Ownership/No Claims. Except to the extent the same would not be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) each Loan Party owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted, (ii) to the knowledge of such Loan Party, no claim has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim and (iii) to the knowledge of such Loan Party, the use of such Intellectual Property by each Loan Party does not infringe the rights of any Person.

Ownership/No Claims. Except to the extent the same would not be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) each Each Loan Party owns, or is licensed to use, all Intellectual Property necessary for or useful in the conduct of its business as currently conducted, (ii) except for those the failure of which to own or license, individually or in the knowledge of such Loan Partyaggregate, could not reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule 3.06(a), no material claim has been asserted and is pending by any Person person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim and (iii) to the knowledge of such Loan Party, the claim. The use of such Intellectual Property by each Loan Party does not infringe the rights of any Personperson, except for such claims and infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.