Each Borrower and Subsidiary owns or has the lawful right to use all intellectual and similar property necessary for the conduct of its business, without conflict with any rights of others. There is no pending or, to Borrower’s knowledge, threatened claim with respect to Borrower or any of its Property (including any intellectual property). Except as disclosed on Schedule 9.1.11 , no Borrower or Subsidiary pays or owes any License, Royalty or other compensation to any Person with respect to use or License of any intellectual property. All intellectual property owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Subsidiary have been disclosed on Schedule 9.1.11 or constitutes (x) license agreements for commercially available off-the-shelf software that is generally available to the public which have been licensed to a Borrower pursuant to end-user licenses, and for the avoidance of doubt, such commercially available software includes commercially available open source, shareware and freeware software and (y) non-exclusive licenses to Intellectual Property granted by consultants, service providers, research associates, data vendors, or other content providers as a component of or ancillary to a consulting agreement, services agreement, research agreement or similar agreement entered into by such Borrower in the ordinary course of business.