Common use of OWNERSHIP OF PERSONAL PROPERTY Clause in Contracts

OWNERSHIP OF PERSONAL PROPERTY. (a) Each of the Borrower and its Subsidiaries has good and valid title to (or other similar title in jurisdictions outside the United States of America) or other personal property interests in, or is licensed to use, all its material personal properties and assets, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such personal property and assets for their intended purposes and except where the failure to have such title, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. All such material personal property and assets are free and clear of Liens, other than Permitted Liens. (b) Each of the Borrower and its Subsidiaries owns, possesses, is licensed or otherwise has the right to use, or could obtain ownership or possession of, on terms not materially adverse to it, all patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto (collectively, "Intellectual Property") necessary for the present conduct of its business, without any known conflict with the rights of others, except where such conflicts could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.