Common use of No Property Interest Created Clause in Contracts

No Property Interest Created. The Agreement is a service contract and does not grant, and Customer shall not assert, any property interest in or to, or lien upon, the property or assets of Intelsat, including but not limited to, the Satellite and/or any component(s) thereof and/or any Intelsat-Provided Facilities (collectively, the “Intelsat Assets”). Without prejudice to and/or waiver of the protection of Intelsat provided for in the preceding sentence, Customer hereby grants to Intelsat, as security for the obligations of Customer under the Agreement, a first priority security interest in any property right, title or interest of any kind which Customer may be deemed to have in and/or to all or any part of the Intelsat Assets and/or any and all proceeds thereof.