3.13 Property and Leases.
Except as would not reasonably be expected to be, individually or in the aggregate, material to Asterias, Asterias owns, and has
good title to, each of the tangible assets reflected as owned by Asterias on the 2018 Asterias Balance Sheet (except for tangible
assets sold or disposed of since that date in the ordinary course of business and consistent with past practices), free of any
Encumbrances other than Permitted Encumbrances. Except as would not reasonably be expected to be, individually or in the aggregate,
material to Asterias, all of the machinery, equipment and other tangible personal property and assets owned or used by Asterias
are usable in the ordinary course of business.
Asterias does not own any real property.
Section 3.13(c)(1) of the Asterias Disclosure Letter sets forth a complete and accurate list of all material leases of
real property to which Asterias is a party, as lessee (“Asterias Real Property Leases”). Section 3.13(c)(2)
of the Asterias Disclosure Letter sets forth a complete and accurate list of all subleases with respect to the Asterias Real
Property Leases. All of the fixtures and other improvements located on the premises subject to the Asterias Real Property Leases
are reasonably adequate and suitable for the purpose of conducting Asterias’ business as presently conducted.
3.14 Intellectual Property.
Section 3.14(a) of the Asterias Disclosure Letter identifies (i) the name (or names for co-applicants/registrants/owners)
of applicant/registrant/current owner, (ii) the jurisdiction of application/registration and (iii) the application or registration
number for each item of Registered Intellectual Property, owned or purported to be owned by or exclusively licensed or purported
to be exclusively licensed to Asterias. Each of the Patents included in the Asterias Owned Intellectual Property properly identifies
by name each and every inventor of the claims thereof as determined in accordance with the Laws of the jurisdiction in which such
patent is issued or such patent application is pending. Asterias owns and possesses all right, title and interest in and to or
have the right to use, pursuant to a valid and enforceable agreement, all Asterias Intellectual Property, free and clear of all
Encumbrances or royalties other than Permitted Encumbrances. No interference, opposition, reissue, reexamination, cancellation
or other proceeding of any nature (other than initial examination proceedings) is pending or was pending during the past three
(3) years or threatened, in which the scope, validity, enforceability or ownership of any Asterias Intellectual Property is being
or has been contested or challenged. All Trademarks and designs included in Asterias Intellectual Property have been in continuous
use by Asterias since they were first used by Asterias or are planned to be in use by Asterias. To the knowledge of Asterias,
there has been no prior use of such Trademarks or designs by any Person which would confer upon such Person superior rights in
such Trademarks or designs, respectively. Since January 1, 2015, no Patent included in the Asterias Registered Intellectual Property,
has been or is now involved in any infringement, interference, reissue, re-examination, opposition, invalidity or nullity proceeding.
To the knowledge of Asterias, there are no (i) Trademarks of any Third Party potentially conflicting with the Trademarks included
in the Asterias Intellectual Property, (ii) designs of any Third Party potentially conflicting with the designs included in Asterias
Intellectual Property or (iii) Patents of any Third Parties potentially interfering with the Patents included in Asterias Registered
Intellectual Property. Section 3.14(a) of the Asterias Disclosure Letter describes each filing, payment, and action that,
as of the date of this Agreement, must be made or taken on or before the date that is ninety (90) days after the date of this
Agreement with respect to such Asterias Registered Intellectual Property and intellectual property that is exclusively licensed
to Asterias and for which Asterias is responsible. All Asterias Intellectual Property owned or purported to be owned by Asterias
is (x) subsisting and is valid and enforceable and in full force and effect and valid and (y) has not lapsed (except for any Patents
that lapsed or expired at the end of their statutory term), been abandoned, been disclaimed, been cancelled or been forfeited.