Commitment of the Net System Revenues Sample Clauses

Commitment of the Net System Revenues. (a) All Parity Obligations, including Parity Installment Payment Obligations, shall be secured by a prior first priority lien on and pledge of Net System Revenues, and w ithin such lien priority, such Parity O bligations shall be of equal rank w ithout preference, priority or distinction of any Parity Obligations over any other Parity Obligations. The City does hereby grant such first priority lien on and pledge of Net System Revenues to secure Parity Obligations. Such lien and pledge shall constitute a first priority lien on Net System Revenues. All Parity Obligations shall be of equal rank with each other without preference, priority or distinction of any Parity Obligations over any other Parity Obligations. (b) All Subordinated Obligations shall be secured by a second priority lien on and pledge of Net System Revenues that is junior and subordinate to the lien on and pledge of Net System Revenues securing Parity Obligations. The City does hereby grant such second priority lien on and pledge of Net System Revenues to secure Subordinated Obligations. Such lien and pledge shall constitute a second priority lien on Net System Revenues. All Subordinated Obligations shall be of equal rank with each other without preference, priority or distinction of any Subordinated Obligations over any other Subordinated Obligations. (c) The City hereby represents and states that it has not previously granted any lien or charge on any of the Net System Revenues except as provided herein; provided, however, that out of Net System Revenues there may be apportioned such sums for such purposes as are expressly permitted by this Article V. (d) Nothing contained herein shall limit the right and ability of the City to grant liens on and pledges of Net System Revenues that are subordinate to the liens on and pledges of N et S ystem R evenues for the benefit of P arity O bligations or Subordinated Obligations contained herein.
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