Common use of Pledge and Security Clause in Contracts

Pledge and Security. Subject only to the right of the City, for and on behalf of its Department of Aviation, to pay Operating and Maintenance Expenses and to the obligations of the City in respect of Senior Bonds and Senior Obligations as provided by the General Bond Ordinance, the Gross Revenues and all moneys and securities paid or to be paid to, or held or to be held in the Subordinate Bond Fund and any other fund or account created and pledged for such purpose under the General Subordinate Bond Ordinance or any Supplemental Subordinate Bond Ordinance (except moneys and securities held in any Subordinate Bond Escrow Account and except as otherwise provided in the General Subordinate Bond Ordinance or any Supplemental Subordinate Bond Ordinance as being unavailable to secure the payment of Subordinate Bond Requirements) are hereby irrevocably pledged by the City, for and on behalf of its Department of Aviation, to secure the payment of its obligations under this Agreement, to the extent and with the priorities provided for herein and in the General Bond Ordinance, the General Subordinate Bond Ordinance and Supplemental Subordinate Bond Ordinance No. [ ]. This pledge shall be valid and binding from and after the Effective Date, and such moneys and securities, as received by the City, for and on behalf of its Department of Aviation, and hereby pledged, shall immediately be subject to the Lien of this pledge without any physical delivery, filing or further act. The Lien of this pledge and the contractual obligations hereby made shall have priority over any or all other liabilities and obligations of the City, for and on behalf of its Department of Aviation (except in respect of (i) Bonds and any the Senior Obligations with respect to which it shall be subordinate and (ii) except in respect of (i) Subordinate Bonds and any other Subordinate Obligations with respect to which it shall be pari passu ); and the Lien of this pledge shall be valid and binding against all Persons having claims of any kind in tort, contract or otherwise against the City, for and on behalf of its Department of Aviation (except as otherwise provided in the General Bond Ordinance or the General Subordinate Bond Ordinance), whether or not such Persons have notice thereof. Notwithstanding the foregoing, the provisions of this Section 8.13 shall not prohibit or otherwise restrict the ability of the City, for and on behalf of its Department of Aviation, to cause moneys to be disbursed from any fund or account held under the General Bond Ordinance and the General Subordinate Bond Ordinance on the terms and subject to the conditions specified therein.