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) good, marketable and 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 assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent permitted hereby and except for de minimis defects in title to property that do not interfere with such Person's ability to conduct its business as currently conducted. All of such assets are free and clear of Liens except for Permitted Liens.

Appears in 2 contracts

Samples: Credit Agreement (Quantum Corp /De/), Credit Agreement (Quantum Corp /De/)

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Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good, marketable sufficient and 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 assets reflected in their the 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 hereby, and except for de minimis (ii) minor defects in title to property that do not interfere with any sale, transfer, or other disposition of such Person's property, or its ability to conduct its business as currently conductedconducted or to utilize such properties for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens.

Appears in 1 contract

Samples: Credit Agreement (Birks Group Inc.)

Title to Assets; No Encumbrances. Each of the Loan Parties and its Restricted Subsidiaries has (a) good, marketable sufficient and 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 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 (ii) Permitted Liens and except for de minimis (iii) minor defects in title to property that do not interfere with such Person's Loan Party’s ability to conduct its business as currently conductedconducted or to utilize such properties for their intended purpose. All of such assets are free and clear of Liens except for Permitted Liens.

Appears in 1 contract

Samples: Credit Agreement (Weatherford International PLC)

Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (ai) good, marketable sufficient and legal title to (in the case of fee interests in Real Property), (bii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (ciii) good and marketable title to (in the case of all other personal property), all of their respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent permitted hereby and except for de minimis defects in title with respect to property that do not interfere with such Person's ability to conduct its business as currently conducteda de minimis portion of the assets of the Loan Parties and their Subsidiaries. All of such assets are free and clear of Liens except for Permitted Liens.

Appears in 1 contract

Samples: Credit Agreement (Captaris Inc)

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Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good, marketable sufficient and 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 assets reflected in their the most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent permitted hereby (i) [Reserved], and except for de minimis (ii) minor defects in title to property that do not interfere with any sale, transfer, or other disposition of such Person's property, or its ability to conduct its business as currently conductedconducted or to utilize such properties for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens.

Appears in 1 contract

Samples: Credit Agreement (Birks Group Inc.)

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