The Company and its Subsidiaries have good and marketable title in fee simple to all real property (including the Collateral) and good and marketable title to all personal property (including the Collateral) owned by them, in each case free and clear of all Liens, encumbrances and defects other than Permitted Liens, except where failure to have such title would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Any real property and facilities held under lease by the Company or its Subsidiaries are held under valid, subsisting and enforceable leases.