PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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such Bonds), provided that if such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given pursuant to Article III of the Indenture, or provision satisfactory to the Trustee shall have been made for the giving of such notice:and (iii) Bonds of the Series in lieu of or in substitution for which other Bonds shall have been authenticated and delivered by the Trustee pursuant to the terms of Section 2.07 of the Indenture pertaining to replacement of Bonds. "Participants" means persons who are designated as participants of the Depository in connection with the operation of a Book-Entry System. "Permitted Encumbrances"means,as of any particular time: (i)liens for ad valorem taxes and special assessments not then delinquent,(ii)utility,access and other easements and rights-of-way, mineral rights, restrictions and exceptions that an Independent Engineer certifies will not interfere with or impair the use of or operations being conducted in the Project Buildings,(iii)such minor defects,irregularities,encumbrances,easements,rights-of- way and clouds on title as normally exist with respect to properties similar in character to the Project Facilities and as do not in the aggregate, in the opinion of Independent Counsel, materially impair the property affected thereby for the purposes for which it was acquired or is held by the Borrower,(iv)the Mortgage,(v)any mortgage lien subordinate to the lien of the Mortgage to be granted after the Date of Issuance by the Borrower in connection with incurring any indebtedness in respect of borrowed funds provided,however, that the terms of any such indebtedness shall require that no remedies may be exercised with respect thereto unless and until all amounts due in respect of Senior Indebtedness have been fully paid or provided for, (vi) Permitted Purchase Money Security Interests, (vii) security interests in accounts receivable securing Short-Term Indebtedness permitted under Section 6.15 of the Loan Agreement,(viii)the Ground Lease,and(ix)those additional encumbrances identified in Exhibit B to the Mortgage and the Subordinate Mortgage. "Permitted Investments"means any of the following,to the extend permitted by law: (a) Government Obligations:, (b) direct and general obligations of any state of the United States of America or any municipality or political subdivision of such state,or obligations of any corporation,if such obligations are in one of the two highest rating categories by a Rating Agency; (c) negotiable or non-negotiable certificates of deposit,time deposits,or other similar banking arrangements,issued by any nationally or state-chartered bank (including the Trustee) or trust company or any loan association, domiciled in the United States, if either: (i) the long-term obligations of such bank or trust company are rated in one of the two highest rating categories by a Rating Agency: or