Common use of Title and Interest Clause in Contracts

Title and Interest. Each of the Company and its Subsidiaries has good title to, or a valid leasehold interest in, all of the property and assets used by it, located on its premises, or shown on its financial books and records, free and clear of all claims, liens, charges, restrictions, reservations and agreements, mortgages, pledges, security interests, guarantees, easements, rights of way and encumbrances of any kind or character ("Liens") other than the security interests and other collateral security granted in connection with the credit agreement made as of December 4, 1996, as amended, between the Company and the Canadian Imperial Bank of Commerce and the Permitted Encumbrances (as defined below), and except for properties and assets disposed of in the ordinary course of business.