Issuance of Subordinate Bonds. The Issuer and Borrower have contracted for the sale of the Subordinate Bonds authorized by the Indenture, and the Borrower has and does approve the terms of the Indenture. Forthwith upon execution of the Indenture, the Related Loan Documents, and all other documents required to be executed by the aforementioned documents, or as soon thereafter as practicable, the Issuer will execute the Subordinate Bonds and cause them to be authenticated by the Trustee and delivered to the Original Purchaser upon payment of the purchase price of the Subordinate Bonds and filing with the Trustee the opinion of Bond Counsel as to the legality of the Subordinate Bonds and the furnishing of all other documents required by this Loan Agreement, the Disbursing Agreement, the Bond Purchase Agreement and the Indenture to be furnished before delivery. If for any reason such documents are not furnished and the approving opinion of Bond Counsel in customary form cannot be obtained, then this Loan Agreement shall be terminated and be void and of no effect and the Borrower shall be obligated to pay all costs and expenses enumerated in Section 3.2 hereof and incurred on or before the date of such termination.
Issuance of Subordinate Bonds. Notwithstanding anything in this Indenture to the contrary, the State shall have the right to issue Subordinate Bonds for any of the purposes set forth in Section 2.03(i)-(iv) hereof that are secured on a subordinated basis by the Assigned Lease Rights, the Pledged Revenues, the Pledged Funds and the APCOA Guaranty, to the extent provided in a Supplemental Indenture; provided that Debt Service on the Subordinate Bonds shall be payable only from amounts deposited into and available in the Garage Surplus Fund and provided further that the State shall have furnished to the Trustee the following:
Issuance of Subordinate Bonds. (a) In addition to the Series 2011 Bonds and any Additional Bonds issued pursuant to Section 3.02, one or more Series of Additional Bonds that are Subordinate Bonds may be issued for the purposes set forth in this Section 3.04, as may be requested by the Authority, provided that the issuance of any Series of Subordinate Bonds shall be conditioned upon the Trustee's receipt of (x) the items set forth in subsections (i) through (v) of Section 3.02(a), plus (y) a certificate of the Authority or a Consultant stating that the additional debt test, if any, set forth in the Supplemental Agreement entered into in connection with the issuance of such Subordinate Bonds has been satisfied.
