Common use of Second Lien Status Clause in Contracts

Second Lien Status. Grantor shall preserve and protect the second Lien and security interest status of this Deed of Trust (subject only to the First Liens and Permitted Liens). If any material Lien or security interest other than the First Liens or a Permitted Lien is asserted against the Mortgaged Property, Grantor shall promptly, and at its expense, (a) give Beneficiary a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement.