Common use of Material Assets Clause in Contracts

Material Assets. All assets of the Company Group are listed in Schedule 5 and are: (a) fully paid for; (b) either the absolute property of a Company Group Member free and clear of all Encumbrances (other than a Permitted Encumbrance) or used by a Company Group Member under a contract under which it is entitled to use the assets on the terms and conditions of such a contract; (c) not the subject of any lease or hire purchase agreement or agreement for purchase on deferred terms, other than in the ordinary course of business; and (d) in the possession of a Company Group Member, its agent or nominee, except as identified in Schedule 5 or otherwise as provided for or taken into account in the preparation of the Accounts.