Common use of Title to Property; Liens Clause in Contracts

Title to Property; Liens. Except for Permitted Liens, each Loan Party and each of its Subsidiaries: (a) has good and marketable title to all of its Property (including the Collateral pledged by the Borrower) purported to be owned by it, free and clear of all Liens, and holds such title and all of such Property in its own name and not in the name of any nominee or other Person, (b) has not created and is not contractually bound to create any Lien on or with respect to any of its Properties other than Permitted Liens and (c) except under the Loan Documents, is not restricted by contract from creating Liens on any material portion of the Collateral. Except as set forth in Schedule 6.17 hereto, as of the Closing Date and each Borrowing Date there are no Permitted Liens under clause (b) of the definition thereof securing payments by the Borrower (or any of its Subsidiaries) in excess of $1,000,000 (except where such payments are not yet due).