Advanced Medical Optics (EYE)

6.08 Property; Liens.

(a) Each of the Borrower and each of its Subsidiaries have good title to, or valid leasehold interests in, all its property material to its business free and clear of all Liens except for Liens permitted by Section 8.01 and minor irregularities or deficiencies in title that, individually or in the aggregate, do not interfere with the ability to conduct business as currently conducted.

(b) No Mortgage encumbers improved Real Estate that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section 7.07.

(c) Each of the Borrower and each of its Subsidiaries owns or has rights to use all of the Collateral necessary for or material to such Person’s business as currently conducted. The use by the Borrower or such Subsidiary of such Collateral and all such rights with respect to the foregoing do not infringe on the rights of any person other than such infringement which could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No claim has been made and remains outstanding that the Borrower’s or any Subsidiary’s use of any Collateral does or may violate the rights of any third party that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.