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project, the amount due with regard to that project shall be paid <br />in annual installments thereafter to the extent tax increment from <br />the subject project area is available for such purpose. The Agency <br />recognizes and agrees that the commitments under this Agreement <br />constitute an obligation to pay the City and, as such, create debt <br />for which tax increment revenues may be allocated to the Agency. <br />Said indebtedness shall be considered as an indebtedness of the <br />Agency as the same is intended for purposes of the filing of a <br />statement of indebtedness with the County of Orange pursuant to <br />Health and Safety Code Section 33675. <br />3. SUBORDINATION OF CITY INDEBTEDNESS <br />The indebtedness of the Agency to the City created by this <br />Agreement is subordinate to any pledge of tax increments to the <br />bondholders of any tax increment bonds which are or may be issued <br />by the Agency and to any obligations of the Agency incurred <br />pursuant to any agreement entered into with any person or entity <br />other than the City. The City and Agency hereby agree to execute <br />any and all ancillary documents as may reasonably be requested by <br />any bondholder or other purchaser of bonds, notes or other forms of <br />indebtedness of the Agency or any other person entitled to receive <br />the tax increment revenues of the Project area for the repayment of <br />any other indebtedness of the Agency for which the tax increment <br />revenues of the Project area have been or may hereafter be pledged <br />or promised. <br />4. FINDINGS <br />By their approval, of this Agreement, the City Council of the <br />3 <br />