Common use of Title to Property; Encumbrances Clause in Contracts

Title to Property; Encumbrances. (a) The Company does not own any real property or any Structures. (b) The Company has, and immediately prior to the Closing will have, good, valid and marketable title in fee simple to all personal property reflected on the Balance Sheet as owned by the Company and all personal property acquired by the Company since the Balance Sheet Date, in each case free and clear of all Liens except (i) as set forth on Schedule 3.05(a) and (ii) Permitted Liens. (c) Schedule 3.05(c) contains a list of all tangible personal property having a cost or fair market value in excess of $5,000 owned by the Company (other than personal property held by the Company as lessee under a personal property lease). (d) Schedule 3.05