Title to Collateral Pool Properties Clause Samples

Title to Collateral Pool Properties. Property Borrowers have good and marketable title to all Collateral Pool Properties and to all other assets which each purports to own or which are reflected as owned on its books and records, free and clear of all Liens and encumbrances except the Permitted Exceptions and such other Liens as are permitted pursuant to the Loan Documents. The Permitted Exceptions do not and will not materially and adversely affect (i) the ability of Borrower to pay in full all sums due under the Revolving Credit Note or any of its other Obligations in a timely manner, (ii) the use of any Collateral Pool Property for the use currently being made thereof, (iii) the operation of any Collateral Pool Property as currently being operated, or (iv) the value of any Collateral Pool Property.

Title to Collateral Pool Properties. Borrower (other than BHOP solely to the extent of the Collateral Pool Properties) has good and marketable (or, solely in the case of Collateral Pool Properties located in Texas, indefeasible) title to all Collateral Pool Properties and to all other assets which it purports to own or which are reflected as owned on its books and records (except for those assets (not including Collateral Pool Properties) that a Borrower has disposed of since the date of such books and records, either in the ordinary course of business or because they were no longer used or useful in the conduct of such Borrower’s business, provided that any such disposed assets have been replaced by items of comparable value to the extent necessary for such Borrower to operate its property in a manner comparable to that which prevailed prior to such disposition), free and clear of all Liens and encumbrances except the Permitted Exceptions. The Permitted Exceptions do not and will not materially and adversely affect (i) the ability of Borrower to pay in full all sums due under the Revolving Credit Note or any of its other Obligations in a timely manner, (ii) the use of any Collateral Pool Property for the use currently being made thereof, (iii) the operation of any Collateral Pool Property as currently being operated, or (iv) the value of any Collateral Pool Property.