Encumbrances. Seller has not previously sold, assigned, encumbered, transferred or conveyed and, except as contemplated hereby, has no obligation to sell, assign, encumber, transfer or convey, any of its right, title or interest in, to or under the Aircraft;

Encumbrances. Each Borrower and Guarantor shall not, and shall not permit any Subsidiary to, create, incur, assume or suffer to exist any security interest, mortgage, pledge, lien, charge or other encumbrance of any nature whatsoever on any of its assets or properties, including the Collateral, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any security interest or lien with respect to any such assets or properties, except:

Encumbrances. The Borrowers shall have taken or caused to be taken such actions in such a manner so that the Agent has valid and perfected first priority Liens as of the Closing Date with respect to the Mortgages, subject only to Permitted Encumbrances, and the Agent shall have received satisfactory evidence thereof.

Seller warrants that the goods are now free, and that at the time of delivery shall be free from any security interest or other lien or encumbrance.

No Prior Assignment. No Borrower has assigned, and to each Borrower’s knowledge there are no prior assignments of, the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding other than the Assignment of Leases.

Liens on any property or asset of a Subsidiary securing Indebtedness of such Subsidiary to the Borrower or to another Subsidiary;

any Lien existing on any property or asset prior to the acquisition thereof by the Company or any of its Subsidiaries, or existing on any property of any Person that becomes a Subsidiary after the date of this Agreement prior to the time such Person becomes a Subsidiary or that is merged with or into or consolidated with the Company or any Subsidiary prior to such merger or consolidation, provided that # such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary or such merger, as the case may be, # such Lien shall not apply to any other property or asset of the Company or any of the Subsidiaries, and # such Lien shall secure only those obligations and liabilities that it secures on the date of such acquisition or the date such Person becomes a Subsidiary of the Company or such merger, as the case may be;

Liens existing on Effective Date; provided that any Lien securing Indebtedness or other obligations in excess of $5,000,000 individually shall only be permitted if set forth on [Schedule 6.02], and any modifications, replacements, renewals or extensions thereof; provided that # such modified, replacement, renewal or extension Lien does not extend to any additional property other than # after-acquired property that is affixed or incorporated into the property covered by such Lien and # proceeds and products thereof, and # the obligations secured or benefited by such modified, replacement, renewal or extension Lien are permitted by Section 6.01;

any Lien on any asset of the Borrower or any Restricted Subsidiary existing on the Effective Date and set forth on [Schedule 6.02] or, to the extent not listed in such Schedule, such property or assets have a fair market value that does not exceed $5,000,000 in the aggregate; provided that # such Lien shall not attach to any other asset of the Borrower or any Restricted Subsidiary other than after-acquired property that is affixed or incorporated into the property covered by such Lien and the proceeds and products thereof and # such Lien shall secure only those obligations that it secures on the Effective Date and any extensions, renewals and refinancings thereof that do not increase the outstanding principal amount thereof and, in the case of any such obligations constituting Indebtedness, that are permitted under Section 6.01 as Refinancing Indebtedness in respect thereof;

Title to Assets; No Encumbrances. Parent, each of the Loan Parties and each of their respective Subsidiaries has # good, sufficient and legal title to (in the case of fee interests in Real Property), # valid leasehold interests in (in the case of leasehold interests in real or personal property), and # good and marketable title to (in the case of all other personal property), all of their respective assets (except for assets with a fair market value and net book value of not more than $500,000 in the aggregate) reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent permitted hereby. All of such assets are free and clear of Liens except for Permitted Liens.