Common use of Ownership of Property; Insurance Clause in Contracts

Ownership of Property; Insurance. (a) Each Loan Party and each of its Restricted Subsidiaries has good title to, or valid leasehold interests in, all of its real and personal property material to the operation of its business, including all such properties reflected in the most recent consolidated balance sheet of the MLP and its Restricted Subsidiaries delivered pursuant to Section 5.1 (except as sold or otherwise disposed of as permitted by Section 7.6), in each case free and clear of Liens prohibited by this Agreement, but, for the avoidance of doubt, subject to the Permitted Encumbrances and other Liens permitted by Section 7.2. All leases that individually or in the aggregate are material to the business or operations of the MLP and its Restricted Subsidiaries are valid and subsisting and are in full force.