Subordination To Revenue Bonds. This Loan is subordinate to 2008 Bonds (as defined in the Master Resolution) and future Additional Bonds (as defined in the Master Resolution) issued pursuant to that Master Resolution but shall be senior to all other Subordinate Obligations (as defined in the Master Resolution). The Borrower may only issue Parity Bonds (as defined in the Master Resolution) under the provisions of the Master Resolution if the Borrower gives prior written notice to DEQ. The Borrower covenants that it shall not amend the Master Resolution in any way that may reasonably be interpreted to materially and adversely affect DEQ’s rights in regard to, or the security for, this Loan.
Subordination To Revenue Bonds. This Loan is subordinate to the 2000, 2002, 2005 and 2008 Bonds (as defined in the Master Resolution) and future Additional Bonds (as defined in the Master Resolution) issued pursuant to that Master Resolution but shall be senior to all other Subordinate Obligations (as defined in the Master Resolution). Unless the Borrower obtains the prior written consent of DEQ, the Borrower may only issue Parity Bonds (as defined in the Master Resolution) under the provisions of the Master Resolution if the Borrower has given DEQ 15 days prior written notice of the issuance of such Additional Bonds. The Borrower covenants that it shall not amend the Master Resolution in any way that may reasonably be interpreted to materially and adversely affect DEQ’s rights in regard to, or the security for, this Loan.
