Common use of Equal Security Clause in Contracts

Equal Security. In consideration of the acceptance of the 2021 Sewer Notes by the Owners, this Agreement shall be deemed to be and shall constitute a contract by and among the District and the Owners to secure the full and final payment of the interest and principal and repayment premiums, if any, to be made by the District on the 2021 Sewer Notes, subject to the agreements, conditions, covenants and terms contained herein; and all agreements, conditions, covenants and terms contained herein required to be observed or performed by or on behalf of the District shall be for the equal and proportionate benefit, protection and security of all Owners without distinction, preference or priority as to benefit, protection or security of any 2021 Sewer Notes over any other 2021 Sewer Notes by reason of the number or date thereof or the time of execution or delivery thereof or otherwise for any cause whatsoever, except as expressly provided herein or therein.