Common use of No Security Interests Clause in Contracts

No Security Interests. The Agent shall have received evidence reasonably satisfactory to the Agent that the Aircraft and all other Collateral is the property of the Borrower or the Borrower Parent, as applicable, in each case free and clear of any and all Security Interests and adverse claims or rights except Permitted Liens, and that the Security Trustee has, or will on the Advance Date have, a first priority perfected Security Interest therein (subject only to such Permitted Liens);