Common use of Security for Bank Note Clause in Contracts

Security for Bank Note. (a) The City hereby pledges and grants to the Bank, on an equal and ratable basis with the Holders of the Commercial Paper Notes and as collateral security for the payment by the City of all amounts now or at any time hereafter payable to the Bank under this Agreement, including, without limitation, under the Bank Note, and under any Related Document, the due and punctual observance and performance of all other obligations of the City under this Agreement and under the Related Documents, and the due and punctual observance and performance of the City’s obligations to the Holders of the Commercial Paper Notes arising under the Commercial Paper Notes, a lien on and security interest in the following:

Security for Bank Note. (a) The City hereby pledges and grants to the Bank, on an equal and ratable basis with the Holders of the Commercial Paper Notes and as collateral security for the payment by the City of all amounts now or at any time hereafter payable to the Bank under this Agreement, including, without limitation, under the Bank Note, Agreement and under any Related Document, the due and punctual observance and performance of all other obligations of the City under this Agreement and under the Related Documents, and the due and punctual observance and performance of the City’s obligations to the Holders of the Commercial Paper Notes arising under the Commercial Paper Notes, a lien on and security interest in the following: