Common use of First Lien Clause in Contracts

First Lien. Upon the execution by the Borrower and the recording of the Deed of Trust, and upon the execution and filing of any required UCC-1 financing statements or amendments thereto, the Trustee will have a valid first lien on the Property and a valid security interest in the personal property constituting a part of the Project subject to no liens, charges or encumbrances other than the Permitted Encumbrances;

First Lien. Upon the execution by the Borrower Trustor and the recording of the this Deed of Trust, and upon the execution and filing of any required UCC-1 financing statements or amendments thereto, the Trustee Beneficiary will have a valid first lien on the Property and a valid first security interest in the all personal property constituting a part of the Project secured hereby, subject to no liens, charges or encumbrances other than the Permitted Encumbrances;Exceptions (as defined in the Loan Agreement).