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City of Santa Ana <br />Agreement No.: D2202006 <br />Project No.: 3010038-002C <br />Page 21 of 49 <br />(b) The Recipient may issue additional parity or subordinate debt only if all of the following conditions are <br />met: <br />I. Net Revenues in the most recent Fiscal Year, excluding transfers from a rate stabilization <br />fund, if any, meet the ratio for rate covenants set forth in this Exhibit with respect to any <br />outstanding and proposed additional obligations; <br />ii. The Recipient is in compliance with any reserve fund requirement of this Obligation. <br />B.5 NO LIENS. <br />The Recipient must not make any pledge of or place any lien on the Project, System, or Revenues except <br />as otherwise provided or permitted by this Agreement. <br />Exhibit B <br />