Such Grantor is the sole beneficial owner of the Collateral and no Lien exists upon the Collateral (and no right or option to acquire the same exists in favor of any other Person) other than (a) the security interest created or provided for herein, which security interest constitutes a valid first and prior perfected Lien on the Collateral and (b) the Liens expressly permitted by the Loan Documents. There exists no Lien on the Pledged Equity Interests of such Grantor.