An OL loan must be secured:
    
    
        
        (a) 
         In accordance with  §§ 764.103 through 764.106.
     
    
    
        
        (1) 
         First lien on all property or products acquired or produced with loan funds;
     
    
        
        (2) 
         Lien of equal or higher position of that held by the creditor being refinanced with loan funds.