Common use of Security for Bonds Clause in Contracts

Security for Bonds. This Indenture constitutes a continuing, irrevocable pledge of the Pledged Revenues and certain other funds of the Authority pledged in Article II to secure payment of the principal of and redemption premium, if any, and interest on all Bonds that may, from time to time, be executed, authenticated and delivered under this Indenture. Except as otherwise provided in this Indenture, Bonds will in all respects be equally and ratably secured under this Indenture with other Bonds without preference, priority or distinction on account of the time of their authentication, delivery or maturity, so that Bonds at any time Outstanding under this Indenture will have the same right, lien and preference under this Indenture with like effect as if they had all been executed, authenticated and delivered simultaneously with other Bonds.