Common use of Title to Properties; Priority of Liens Clause in Contracts

Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, included on the most recent Borrowing Base Certificate, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens.

Appears in 2 contracts

Samples: Loan and Security Agreement (Select Interior Concepts, Inc.), Loan and Security Agreement (Select Interior Concepts, Inc.)

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Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, including the Initial Mortgaged Properties, and good title to all of its personal Property, included on the most recent Borrowing Base Certificateincluding all Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries Subsidiary has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of the Lender in the Collateral are or, when granted, will be duly perfected, continuing first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over the Lender’s Liens.

Appears in 2 contracts

Samples: Loan and Guaranty Agreement (Seneca Foods Corp), Loan and Guaranty Agreement (Seneca Foods Corp)

Title to Properties; Priority of Liens. Each of Borrower and each of its Subsidiaries has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, included on the most recent Borrowing Base Certificateincluding all Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each of Borrower and each of its Subsidiaries has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Lender’s Liens.

Appears in 1 contract

Samples: Loan and Security Agreement (Nortech Systems Inc)

Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries has have good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its material personal Property, included on the most recent Borrowing Base Certificateincluding all material Property reflected in any financial statements delivered to Administrative Agent or Lenders, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries has have paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender Agents in the Collateral are duly perfected, first priority Liens, subject only to Permitted LiensLiens that are not required to be junior to Agents’ Liens pursuant to Section 10.2.2.

Appears in 1 contract

Samples: Loan Agreement (Superior Essex Inc)

Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, included on the most recent Borrowing Base Certificateincluding all Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries Subsidiary has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted LiensLiens or as could not reasonably be expected to have a Material Adverse Effect. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Lender’s Liens.

Appears in 1 contract

Samples: Loan and Security Agreement (Arlo Technologies, Inc.)

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Title to Properties; Priority of Liens. Each of Borrower BorrowerParent and its Subsidiaries has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, included on the most recent Borrowing Base Certificate, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens.

Appears in 1 contract

Samples: Loan and Security Agreement (Select Interior Concepts, Inc.)

Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to valid leasehold interests in, or valid license to use all of its personal Property, included on the most recent Borrowing Base Certificateincluding all Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries Subsidiary has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted LiensLiens that are expressly allowed to have priority over Lender’s Liens under this Agreement or that have priority by operation of Applicable Law.

Appears in 1 contract

Samples: Loan and Security Agreement (Ashworth Inc)

Title to Properties; Priority of Liens. Each of Borrower and its Subsidiaries has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to valid leasehold interests in, or valid license to use all of its personal Property, included on the most recent Borrowing Base Certificateincluding all Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each of Borrower and its Subsidiaries has paid and discharged all lawful claims (other than such claims Properly Contested) that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted LiensLiens that are expressly allowed to have priority over Lender’s Liens under this Agreement or that have priority by operation of Applicable Law.

Appears in 1 contract

Samples: Loan Agreement (Ashworth Inc)

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