Common use of Properties, Priority of Liens Clause in Contracts

Properties, Priority of Liens. All of the properties and assets owned by the Borrower and the Guarantors (excluding HIL) are owned by each of them, respectively, free and clear of any Lien of any nature whatsoever, except as provided for in the Security Documents, and Permitted Liens. The Liens that, simultaneously with the execution and delivery of this Agreement and the consummation of the initial extensions of credit, have been created and granted by the Security Documents constitute valid perfected first Liens on the properties and assets covered by the Security Documents, subject to no prior or equal Lien except Permitted Liens.