Common use of Reaffirmation of Security Interest and Liens Clause in Contracts

Reaffirmation of Security Interest and Liens. The Borrower ------------------------------------------------- acknowledges and agrees that the security interests and other liens granted to the Lender in the collateral described in the Loan Agreement given by the Borrower in favor of the Lender are and remain valid and first priority liens on the assets subject thereto. The Borrower further represents and warrants that there are no claims, set-offs or defenses to the Lender's exercise of any rights or remedies available to it as a creditor in realizing upon such collateral under the terms and conditions of the Loan Documents. The Borrower further acknowledges and agrees that the obligations secured by and under the Loan Agreement include, but are not limited to, all such obligations of the Borrower evidenced by the Note, as modified by this Agreement.