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• "Installment Payments" means the payments payable by the County pursuant to <br />Section 2.1. <br />"LGC" means the North Carolina Local Government Commission, or any <br />successor to its functions. <br />"Mortgaged Property" has the meaning assigned in the Deed of Trust. <br />"Net Proceeds" means all payments and proceeds derived from (a) claims made on <br />account of insurance coverages required under this Contract, (b) any exercise of <br />condemnation or eminent domain authority related to all or any portion of the Mortgaged <br />Property, (c) proceeds of title insurance related to the Mortgaged Property, or (d) any sale <br />of the Facilities, as well as all judgments, settlements or other payments in lieu of any of <br />the foregoing, in any case reduced by the sum of (i) all expenses (including attorneys' <br />fees and costs) incurred in the collection of such proceeds and (ii) all amounts expended <br />by the County, the Company or the Trustee to remedy the event giving rise to such <br />proceeds, all of which amounts will be paid or reimbursed from the gross proceeds. <br />"Payment Date" means each date on which an Installment Payment is due from <br />the County, as specified in Exhibit B. <br />• "Permitted Encumbrances" means, as of any particular time, (a) the "Existing <br />Encumbrances," as defined in the Deed of Trust, (b) liens for taxes and assessments not <br />then delinquent, or liens which may remain unpaid pursuant to Sections 3.8 or 4.2, (c) the <br />Deed of Trust, (d) any lease to the School Board as contemplated by Section 3.6(b), (e) <br />any lien or encumbrance made by its terms expressly subordinate to the lien of the Deed <br />of Trust, and (f) easements and rights-of--way granted by the County pursuant to Section <br />1-6(e)(i) of the Deed of Trust. <br />"School Board" means the Board, of Education for The Chapel Hill - Carrboro <br />City Schools, and its successors <br />"Sites" has the meaning ascribed to that term in the Deed of Trust, and generally <br />includes the real property upon which the Facilities are located. <br />"State" means the State of North Carolina. <br />"Trust Agreement" means the Trust Agreement of even date between the <br />Company and the Trustee, as it may be duly amended or supplemented. <br />"Trustee" means The Bank of New York Mellon Trust Company, N.A, and its <br />• successors as Trustee under the Trust Agreement. <br />25 <br />