Each member of the Company and its Subsidiaries has good and valid title to all of its real property, or, with respect to leased real property, valid leasehold interests in such leased real property (other than negligible property and properties not material to the operations of the Company and its Subsidiary, taken as a whole) which afford the Company or one of its Subsidiaries valid leasehold possession of the properties and assets that are the subject of such leases in all material respects, in each case, free and clear of all Liens, other than Permitted Liens.