Common use of Properties, Priority of Liens Clause in Contracts

Properties, Priority of Liens. All of the Collateral is owned by Borrowers, free and clear of any Lien of any nature whatsoever, except as provided for in the Security Documents to be executed and delivered pursuant hereto. The Liens which will be created and granted by the Security Documents upon their execution and delivery by the parties thereto, will thereupon and thereafter constitute valid first Liens on the properties and assets covered by the Security Documents as security for the Secured Obligations, subject to no Lien other than in favor of the Lenders.

Properties, Priority of Liens. All of the Collateral is owned by Borrowers, free and clear of any Lien of any nature whatsoever, except as provided for in the Security Documents to be executed and delivered pursuant hereto. The Liens which will be created and granted by the Security Documents upon their execution and delivery by the parties thereto, will thereupon and thereafter constitute valid first Liens on the properties and assets covered by the Security Documents as security for the Secured ObligationsDocuments, subject to no Lien other than in favor of the Lenders.