Except as set forth in Schedule 4.8 , each Group Member has good and indefeasible title in fee simple to, or a valid leasehold or subleasehold interest in, all its real property, and good title to, or a valid leasehold interest in or right to use, all its Property (other than Intellectual Property), in each case, that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and none of such Property is subject to any Lien other than Permitted Liens. As of the Closing Date, except as set forth in Schedule 4.8 , no real property is owned by any Loan Party in fee simple or leased by any Loan Party.