Common use of Title to Properties; Absence of Encumbrances Clause in Contracts

Title to Properties; Absence of Encumbrances. (a) The Company does not own or lease any real property. (b) Except as set forth in Section 4.9(b) of the Disclosure Schedule, each SPV has good title to the Vessel listed as owned by such SPV in Schedule 2, and has either good title to or a valid leasehold, license or similar interest in all other properties and assets, real and personal, tangible and intangible, that it owns, purports to own, or are necessary in the operation of its business, and all those other properties and assets reflected on its books and records and on the Balance Sheet (except those sold or disposed of subsequent to the date thereof in the ordinary course of business consistent with past practice), free and clear of all Encumbrances. None of such properties or assets leased by the Company is subject to any sublease, sublicense or other agreement granting to any other Person any right to the use, occupancy or enjoyment of such property or any portion thereof.