The Borrower and the Restricted Subsidiaries each have good and valid title to, or valid leasehold interest in, all material Property owned or leased by it (including Mortgaged Real Property), and all such assets and Property are subject to no Liens other than Permitted Encumbrances and other Liens permitted by Section 8.03 . The Borrower and each of the Restricted Subsidiaries have good record and marketable title in fee simple with respect to owned Real Property that is Mortgaged Real Property.