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"Paying Agent" or "Paying Agents" means such financial irstitutions and their successors and assigns as a__*e appointed, Paying Agent or additional Paying Agents. pursuant. to Section 4.A8 hereof. "Permitted Encumbrances" means, as of any particular -time, (i) liens for taxes and assessmentsnot then delin- quent, oz which Company may, pursuant to the provisions of Section S'.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 ecured party. filed to perfect the. security interests granted by this Indenture and the Agreement, (iii} '...utility access-and otrier easements and nigh s of way,' restrictions an3 exceptions that Company Representative certifies wilt not interfere. with or impair the Project, and {iv) 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 oY held by Issuer. "Project" means the Project Building and the Project Site. ".Project Building'' means (i} the property which is: described general y in'Exhib~t B hereto and which is acquired with the proceeds of the sale of the Bonds or the :proceeds cf any payment by Company pursuant to'the provisions of Section 4.6 of the Agreement, 'and (ii) any,item of machinery; equ_p- ment or other tangible property,acqui_*ed 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 provi ions-of Sections 5.4_and 6.2 (a) of the"Agree- menu,. Nothing herein is intended to affect the status or classification of any proper y for taxation or any-other .purpose under the. laws; of the'.State. "Project Site" means the real estate described'in '.Exhibit A-1-and Exhibit A-2 attached hereto on which the ..Project will be situated, which real estate described in Exhibit A-1 is owned in, fee simple 'by ;Issuer, Wand which real estate'. described in Exhibit A-2 is subject of an Option Agreement dated .January 18,'1982, pursuant to the terms of which Company may; on August 1, 1983 acquire fee simple to such real estate; and any other interests in real property, leasehold interests, easements, licenses and rights in real property hereafter acquired by Zssuer for use in connection _g_ ~: