Common use of Title to Property; Liens Clause in Contracts

Title to Property; Liens. NCFC and the Company each has good, ------------------------ sufficient and legal title to all the properties and assets reflected in the balance sheets dated as at March 31, 1999 referred to in Section 3.03 and all assets held by NCFC and the Company on the Signing Date but acquired subsequent to the date of such balance sheet, except for assets disposed of in the ordinary course of business. All such properties and assets are free and clear of Liens, except as permitted hereunder. The grants of security interests pursuant to the Pledge and Security Agreement and the Servicing Security Agreement create valid security interests in the property subject thereto and the Liens on the Collateral created by the Pledge and Security Agreement and the Servicing Security Agreement will be first priority Liens thereon, free and clear of any other Liens except as permitted hereunder.

Title to Property; Liens. NCFC and the Company each has good, ------------------------ sufficient and legal title to all the properties and assets reflected in the balance sheets sheet dated as at March 31November 30, 1999 1995 referred to in Section 3.03 and all assets held by NCFC and the Company on the Signing Date but acquired subsequent to the date of such balance sheet, except for assets disposed of in the ordinary course of business. All such properties and assets are free and clear of Liens, except as permitted hereunder. The grants grant of a security interests interest pursuant to the Pledge and Security Agreement and the Servicing Security Agreement create creates a valid security interests interest in the property subject thereto and the Liens Lien on the Collateral created by the Pledge and Security Agreement and the Servicing Security Agreement will be a first priority Liens Lien thereon, free and clear of any other Liens except as permitted hereunder.

Title to Property; Liens. NCFC and the Company each has good, ------------------------ sufficient and legal title to all the properties and assets reflected in the balance sheets dated as at March 31, 1999 1998 referred to in Section 3.03 and all assets held by NCFC and the Company on the Signing Date but acquired subsequent to the date of such balance sheet, except for assets disposed of in the ordinary course of business. All such properties and assets are free and clear of Liens, except as permitted hereunder. The grants of security interests pursuant to the Pledge and Security Agreement and the Servicing Security Agreement create valid security interests in the property subject thereto and the Liens on the Collateral created by the Pledge and Security Agreement and the Servicing Security Agreement will be first priority Liens thereon, free and clear of any other Liens except as permitted hereunder.

Title to Property; Liens. NCFC and the Company NCMC each has good, ------------------------ sufficient and legal title to all the properties and assets reflected in the balance sheets dated as at March 31, 1999 2001 referred to in Section 3.03 and all assets held by NCFC and the Company NCMC on the Signing Date but acquired subsequent to the date of such balance sheet, except for assets disposed of in the ordinary course of business. All such properties and assets are free and clear of Liens, except as permitted hereunder. The grants of security interests pursuant to the Pledge and Security Agreement and the Servicing Security Agreement create valid security interests in the property subject thereto and the Liens on the Collateral created by the Pledge and Security Agreement and the Servicing Security Agreement will be first priority Liens thereon, free and clear of any other Liens except as permitted hereunder.

Title to Property; Liens. NCFC and the Company each has good, ------------------------ sufficient and legal title to all the properties and assets reflected in the balance sheets dated as at March May 31, 1999 1997 referred to in Section 3.03 and all assets held by NCFC and the Company on the Signing Date but acquired subsequent to the date of such balance sheet, except for assets disposed of in the ordinary course of business. All such properties and assets are free and clear of Liens, except as permitted hereunder. The grants grant of a security interests interest pursuant to the Pledge and Security Agreement and the Servicing Security Agreement create creates a valid security interests interest in the property subject thereto and the Liens Lien on the Collateral created by the Pledge and Security Agreement and the Servicing Security Agreement will be a first priority Liens Lien thereon, free and clear of any other Liens except as permitted hereunder.