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( c) Bonds for the redemption of which cash shall have oeen ::heretofore cleposited with the Trustee in an amount equal to the ,.111paid principal thereof and the premium, if an',·, and interi?st ther":!on to the date of such redemption; provided, that notice of such redemption shall have been given as required in the l;1denture or provision satisfactory to the Trustee shall have been ~ade therefor: (~) Oonds otherwise deemed to be paid as provided in Sec ti.on l 2. l of the. Indenture: and (e) Bonds in lieu of or in substitution for which other aonJs sh3ll have been authenticated and delivered pursuant to Article [I of the Indenture, ;~here the holders of a certain percentage of Bonds is re,p1ired to take or to consent to any action taken hereunder, Bonds ~hich are owned by the Borrower, ~ffiliates of the Borrower or the Issuer shall be disregarded and deemed not to be outstanding for the purpose of any such determination. "Paying Agent" shall mean any paying agent for the Bonds (~nJ ~ay include the Trustee) and its successor or successors appointed pursuant to the provisions of the Indenture. "Payment," "Loan Payment" or "payments (or prepayments) !.!pan the Loan (or the Note)" shall mean those installments [Jayable '.:o the Issuer pursuant to Section 4.2 of this l\greement. "Per,nitted Encumbrances" shall mean as of any particular time, (a) liens for ad valorern ta~es permitted to exist as pro- vided Ln this Agreement or not then delinquent; (b) the Indenture and chis ~greement1 (c) utility, access or other easements and riJhts-of-way, party walls, ,;1.greements with respect to conunon use of utilities, and restrictions and exceptions that may be granted or ;ire permitted under this Agreementi (d} any mechanics', laborera', materialmen's, suppliers' or vendors' lien or right or purchase :noney security interest if payment is not yet due and payabl~ under the contract in question: (e) such subordinate, junior ~nd secondary encumbrances as are expressly permitted by the lnJcnture; and (f) such minor defects, irregularities, enc111nbrances, easements, rights-of-way a nd clouds on tit le as nor~ally exist with property similar in character to the Project real property as .Jo not materially impair the use of the Project for the purpose for whlch it was acquired. "Person" shall mean ,'In indiviuual, a coq_)oration, a partnership, an association, a joint stock company, a trust, ,,my -8-