Subordinate Xxxx Xxxxx. The Governmental Agency covenants that it will not issue any obligations payable out of, or secured by a lien or charge on, the Pledged Property that is subordinate to the lien or charge of this Loan Agreement on the Pledged Property, unless the Governmental Agency certifies to the Authority that for any 12 consecutive months out of the 18 months preceding the month in which such obligations are to be issued Net Revenue (as defined in Paragraph (3) of Exhibit A to this Loan Agreement) was at least 100% of the maximum annual debt service due in any one year on (a) all obligations outstanding during such period that are payable out of, or secured by a lien or charge on, the Pledged Property and (b) such proposed obligations to be issued.
Subordinate Xxxx Xxxxx. The Authority reserves the right to issue, for any lawful purpose, bonds, notes or other obligations secured in whole or in part by liens on all or part of the Trust Estate that are inferior and subordinate to the pledge of and lien on the Trust Estate securing payment of the Senior Lien Parity Obligations. Such Subordinate Xxxx Xxxxx may be further secured by any other source of payment lawfully available for such purposes and shall be issued pursuant to a Supplemental Indenture which sets forth the terms of such Subordinate Xxxx Xxxxx. The Authority reserves the right to establish such other funds and accounts as may be necessary for the issuance of such Subordinate Xxxx Xxxxx as provided in the resolutions and Supplemental Indentures authorizing such Subordinate Xxxx Xxxxx.
