Common use of Ownership and Power to Transfer Clause in Contracts

Ownership and Power to Transfer. Seller is the lawful owner, of record and beneficially, of the JET Shares free and clear of all liabilities, security interests, liens, pledges, claims and encumbrances. Upon delivery of certificates representing the JET Shares as contemplated by this Agreement, Buyer will acquire good title to the JET Shares, free and clear of any liability, security interest, lien, pledge, claim or encumbrance of any nature whatsoever other than any restrictions on the transfer of the JET Shares required by the Securities Act of 1933, as amended (the "Securities Act").