Each of Borrower and its Significant Subsidiaries has title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, except where failure to have such title or valid leasehold interest would not be likely to have a Material Adverse Effect and except for Liens permitted by Section 6.3, and none of such property is subject to any Lien except as permitted by Section 6.3.