Common use of Title to Property; Leases; Liens; Subordination Clause in Contracts

Title to Property; Leases; Liens; Subordination. Each of the Borrowers and each of their Subsidiaries has (a) good and marketable title to its real properties and (b) good and sufficient title to, or valid, subsisting and enforceable leasehold interest in, its other material properties, including all real properties (other than property disposed of since the date of such financial statements in the ordinary course of business). None of such properties is subject to a Lien, except as allowed under Section 6.13. Neither of the Borrowers and none of their Subsidiaries have subordinated any of their rights under any obligation owing to them to the rights of any other person.

Appears in 1 contract

Samples: Credit Agreement (Pilgrim America Capital Corp)

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Title to Property; Leases; Liens; Subordination. Each of the Borrowers and each of their Subsidiaries has (a) good and marketable title to its real properties and (b) good and sufficient title to, or valid, subsisting and enforceable leasehold interest in, its other material properties, including all real properties (other than property disposed of since the date of such financial statements in the ordinary course of business). None of such properties is subject to a Lien, except as allowed under Section 6.13SECTION 6.12. Neither of the Borrowers and none of their Subsidiaries have no Subsidiary has subordinated any of their rights under any obligation owing to them to the rights of any other person.

Appears in 1 contract

Samples: Credit Agreement (Pilgrim Capital Corp)

Title to Property; Leases; Liens; Subordination. Each of the Borrowers and each of their Subsidiaries has (a) good and marketable title to its real properties and (b) good and sufficient title to, or valid, subsisting and enforceable leasehold interest in, its other material properties, including all real properties (other than property disposed of since the date of such financial statements in the ordinary course of business). None of such properties is subject to a Lien, except as allowed under Section 6.136.12. Neither of the Borrowers and none of their Subsidiaries have no Subsidiary has subordinated any of their rights under any obligation owing to them to the rights of any other person.

Appears in 1 contract

Samples: Credit Agreement (Pilgrim America Capital Corp)

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Title to Property; Leases; Liens; Subordination. Each of the Borrowers Borrower and each of their the Subsidiaries has (a) good and marketable title to its real properties and (b) good and sufficient title to, or valid, subsisting and enforceable leasehold interest in, its other material properties, including all real properties (other than property disposed of since the date of such financial statements in the ordinary course of business). None of such properties is subject to a Lien, except as allowed under Section 6.13. Neither of the Borrowers and none of their Subsidiaries have The Borrower has not subordinated any of their its rights under any obligation owing to them it to the rights of any other person.

Appears in 1 contract

Samples: Credit Agreement (Express America Holdings Corp)

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