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 by it to the Bank under the Agreement and the Loan Documents are and remain valid and first priority Liens on the Collateral (other than Permitted Encumbrances), and the Borrower represents and warrants that, as of the date hereof, there are no set-offs or defenses to the Bank's exercise of any rights or remedies available to it as a creditor in realizing upon the Collateral under the terms and conditions of the Loan Documents. The Borrower agrees that the Liens granted by it under the Agreement shall continue and shall secure the Obligations of the Borrower to the Bank, as amended as set forth herein.