Common use of Covenants: General Clause in Contracts

Covenants: General. Without limiting the agreements and covenants contained in the Service Agreement or in any related document to which the Grantor is a party, the Grantor hereby covenants and agrees with the Secured Party that: (i) the Grantor shall preserve and maintain the lien created by this Agreement and will protect and defend its title to the Collateral so that the lien so granted shall be and remain a continuing first priority perfected security interest in the Collateral; and (ii) the Grantor will not create, assume or suffer to exist any other lien or other encumbrance in the Collateral except for liens in favor of the Secured Party created by this Agreement. If, in violation of this Agreement, in the Secured Party’s sole opinion exercised in a commercially reasonable manner, any lien or other encumbrance (other than liens in favor of the Secured Party created by this Agreement) may create an obligation having priority over the lien granted hereby, the Secured Party may make written demand to the Grantor to pay such lien or other encumbrance and if such lien or other encumbrance shall remain unpaid five days after any such demand by the Secured Party, the Secured Party may pay such lien or other encumbrance and the amount of such payment shall be charged to the Grantor, be repaid within five business days of notice given by the Secured Party, and be secured by the lien granted hereby.