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, sufficient and marketable title to (in the case of fee interests in Real Property), (b) valid leasehold interests in or valid rights to use (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all Accounts, Inventory and other material personal property, other than assets subject to Capitalized Lease Obligations), 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, other than minor defects in title (but excluding any Accounts or Inventory included in the Borrowing Base) that do not materially interfere with its ability to conduct its business as currently conducted and to utilize such property and assets for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens.

Title to Assets; No Encumbrances. Each Parent and each of the Loan Parties and its Restricted Subsidiaries has (a) good, sufficient and marketable legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in or valid rights to use (in the case of leasehold interests in real or personal property), and (c) in the case of personal property, has good and marketable title to (in the case of all Accountsto, Inventory and other material personal property, other than assets subject to Capitalized Lease Obligations)or a valid leasehold interest in, all of their respective assets reflected in their most recent financial statements delivered pursuant which are material to Section 5.1the conduct of such Person’s business, in each case except (i) for assets disposed of since the date of such financial statements to the extent permitted hereby, other than (ii) that the LKE Joint Accounts are jointly owned by the Borrowers and the LKE Qualified Intermediary pursuant to the terms and conditions of the LKE Master Exchange Agreement, and (iii) minor defects in title (but excluding any Accounts or Inventory included in the Borrowing Base) that do not materially interfere with its such Person’s ability to conduct its business as currently conducted and or to utilize such property and assets properties for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens.

Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good, sufficient and marketable title to (in the case of fee interests in Real Property), (b) valid leasehold interests in or valid rights to use (in the case of leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all Accounts, Inventory and other material personal property, other than assets subject to Capitalized Capital Lease Obligations), 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, other than minor defects in title (but excluding any Accounts or Inventory included in the Borrowing Base) that do not materially interfere with its ability to conduct its business as currently conducted and to utilize such property and assets for their intended purposes. All of such assets are free and clear of Liens except for Permitted Liens.