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“Permitted Investments” means, with respect to the System Accounts, any Authorized <br />Investment (as defined in the Master Resolution) meeting the requirements of Section 14(h)(iii) <br />(Affirmative Covenants – System Accounts; Permitted Investments). <br />“Permitted Liens” means: <br />(a)Liens imposed pursuant to the WIFIA Loan Documents in respect of the <br />WIFIA Loan; <br />(b)Liens imposed pursuant to the Bond Authorization Documents in respect <br />of Permitted Debt; <br />(c)Liens imposed by law, including Liens for taxes that are not yet due or are <br />being contested in compliance with Section 14(j) (Affirmative Covenants – Material <br />Obligations); <br />(d)carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and <br />other like Liens imposed by law, arising in the ordinary course of business and securing <br />obligations that are not overdue by more than thirty (30) days or are being contested in <br />compliance with Section 14(j) (Affirmative Covenants – Material Obligations); <br />(e)pledges and deposits made in the ordinary course of business in compliance <br />with workers’ compensation, unemployment insurance, and other social security laws or <br />regulations; <br />(f)deposits to secure the performance of bids, trade contracts, leases, statutory <br />obligations, surety and appeal bonds, performance bonds and other obligations of a like <br />nature, in each case in the ordinary course of business; <br />(g)judgment Liens in respect of judgments that do not constitute an Event of <br />Default under Section 17(a)(vi) (Events of Default and Remedies – Material Adverse <br />Judgment); and <br />(h)easements, zoning restrictions, rights-of-way and similar encumbrances on <br />real property imposed by law or arising in the ordinary course of business that, in any <br />case, do not secure any monetary obligations and do not materially detract from the value <br />of the affected property or interfere with the ordinary conduct of business of the Borrower. <br />“Person” means and includes an individual, a general or limited partnership, a joint <br />venture, a corporation, a limited liability company, a trust, an unincorporated organization and any <br />Governmental Authority. <br />“Pledged Funds” has the meaning provided in the Master Resolution. <br />“Principal Payment Date” means each August 1, commencing on August 1, 2031. <br />“Principal Project Contracts” means the Existing Principal Project Contracts and the <br />Additional Principal Project Contracts. <br />12 <br /> <br />