Common use of Other Tangible Personal Property Clause in Contracts

Other Tangible Personal Property. The Company has good and marketable title to, or a valid leasehold interest in, each item of tangible personal property used by it or reflected on its books and records as owned by it, including all automobiles, aircraft, machinery and equipment and all physical inventories, free and clear of any Security Interest or other encumbrance. Each fixture, machine, piece of equipment and other tangible asset used or owned by the Company is free from material defects (patent and, to the Sellers' Knowledge, latent), has been maintained in accordance with normal industry practice, is in good operating condition and repair subject to normal wear and tear, and is suitable for the purposes for which it is presently used. The Company owns or leases all fixtures, machinery, equipment and other tangible assets necessary for the conduct of its business as presently conducted.