Common use of Title to Assets; No Encumbrances Clause in Contracts

Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) insurable legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their respective material assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for (i) assets disposed of since the date of such financial statements to the extent permitted hereby and (ii) Permitted Liens. All of such assets are free and clear of Liens except for Permitted Liens. As of the Closing Date, the fair market value of the Real Properties located at (x) 000 X. Xxxxxx Xxx., Xxxxx Xxxxx, XX 00000 and (y) 0000 Xxxxx Xx. Xxxxx Xxxx, XX 00000 do not exceed $600,000 in the aggregate. As of the Closing Date, the trademark "SUPERIOR" (0696503) is not material to, or necessary in the conduct of, the business of any Loan Party or its Subsidiaries and the fair market value of such trademark does not exceed $500,000.

Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) insurable legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their respective material assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for (i) assets disposed of since the date of such financial statements to the extent permitted hereby and (ii) Permitted Liens. All of such assets are free and clear of Liens except for Permitted Liens. As of the Closing Date, the fair market value of the Real Properties located at (x) 000 800 X. Xxxxxx Xxx., Xxxxx Xxxxx, XX 00000 and (y) 0000 2000 Xxxxx Xx. Xxxxx Xxxx, XX 00000 do not exceed $600,000 in the aggregate. As of the Closing Date, the trademark "SUPERIOR" (0696503) is not material to, or necessary in the conduct of, the business of any Loan Party or its Subsidiaries and the fair market value of such trademark does not exceed $500,000.

Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) insurable legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their respective material assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for (i) assets disposed of since the date of such financial statements to the extent permitted hereby and (ii) Permitted Liens. All of such assets are free and clear of Liens except for Permitted Liens. As of the Closing Date, the fair market value of the Real Properties located at (x) 000 805 X. Xxxxxx Xxx., Xxxxx Xxxxx, XX 00000 and xxx (y) 0000 2030 Xxxxx Xx. Xxxxx Xxxx, XX 00000 do xx not exceed $600,000 in the aggregate. As of the Closing Date, the trademark "“SUPERIOR" ” (0696503) is not material to, or necessary 122846886v7 in the conduct of, the business of any Loan Party or its Subsidiaries and the fair market value of such trademark does not exceed $500,000.