Common use of DISCLAIMER OF SECURITY Clause in Contracts

DISCLAIMER OF SECURITY. Notwithstanding any other provision of this Agreement, the COMMUNITY expressly acknowledges (1) that it has no pledge of or lien upon any real property (including, specifically, the town’s system), any personal property, or any existing or future revenue source of the TOWN (including, specifically, any revenues or rates, fees, or charges collected by the TOWN in connection with the TOWN’s Wastewater System) as security for any amounts of money payable by the TOWN under this agreement; and (2) that its rights to any payments or credits under this agreement are subordinate to the rights of all holders of any stocks, bonds, or notes of the TOWN, whether currently outstanding or hereafter issued.

DISCLAIMER OF SECURITY. Notwithstanding any other provision of this Agreementagreement, the COMMUNITY BOARD expressly acknowledges (1) that it has no pledge of or lien upon any real property (including, specifically, the town’s CITY's system), any personal property, or any existing or future revenue source of the TOWN CITY (including, specifically, any revenues or rates, fees, or charges collected by the TOWN CITY in connection with the TOWN’s Wastewater SystemCITY's system) as security for any amounts of money payable by the TOWN CITY under this agreement; and (2) that its rights to any payments or credits under this agreement are subordinate to the rights of all holders of any stocks, bonds, or notes of the TOWNCITY, whether currently outstanding or hereafter issued.