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t ~~""' 11~r3.ir:-y "Permitted Encumbrances" means, as of any particular time, {i) liens for taxes and assessments not then delin- quent, or which Company may, pursuant to the provisions of Section 5.5 of the Agreement, permit to remain unpaid, (ii) the Agreement, this Indenture, and any financing statements naming Issuer or Company as debtor and naming Trustee or Issuer as secured party filed to perfect the security inter- ests granted by this Indenture and the Agreement, (iii) utility access and other easements and rights of way, restrictions and exceptions that Company certifies will not interfere with or impair the Project, (iv) any liens, mort- gages or security interests on the Project in favor of InterFirst Bank Houston, N.A. and (v) such minor defects, irregularities, encumbrances and clouds on title as normally exist with respect to property similar in character to the Project and as do not, in the opinion of Independent Counsel, materially impair the property affected thereby for the purpose for which it was acquired or held by Issuer. "Prime Rate" means the rate of interest established from time to time by InterFirst Bank Houston, N.A. as its general reference rate of interest, each change in such rate to be effective without notice to Issuer, Company or any other person or entity. "Project" means the Project Building and the Project Site. "Project Building" means {i} the property which is described generally in Exhibit B hereto and which is acquired with the proceeds of the sale of the Bonds or the proceeds of any payment by Company pursuant to the provisions of Section 4.6 of the Agreement, and (ii) any item of machinery, equip- ment or other tangible property acquired in substitution for, or as a renewal or replacement of, or a modification or improvement to, any property described in (i) above, pursuant to the provisions of Sections S.? and 6.2(a) of the Agree- ment. Nothing herein is intended to affect the status or classification of any property for taxation or any other purpose under the laws o£ the State. "Project Site" means the real estate described in Exhibit A attached hereto or. which the Project Building will be situated, which real estate is owned in fee simple by Issuer, and any other interests in real property, leasehold interests, easements, licenses and rights in real property hereafter acquired by Issuer for use in connection with the Project, but not including any interests in real property, easements, licenses, rights of way or similar rights and privileges as may be released from the Agreement pursuant to -8-