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who is a "substantial user" or "related person" as such <br /> terms are used in Section 103 ( b) of the Code) . <br /> "Holder" shall mean the Purchaser and any transferees <br /> of the Bond in accordance with Section 7 of the Bond <br /> Purchase Agreement . <br /> "Net Proceeds" when used with respect to any proceeds <br /> of insurance or proceeds resulting from Eminent Domain shall <br /> mean the gross proceeds therefrom less all expenses ( includ- <br /> ing attorneys ' fees) incurred in realization thereof. <br /> "Note" shall mean the promissory note given by the <br /> Company pursuant to Section 5.1, substantially in the form <br /> of Exhibit A attached hereto. <br /> "Payment of the Bond" shall mean payment of ( i) the <br /> principal of and interest on the Bond in accordance with its <br /> terms whether through payment at maturity or prepayment, or <br /> provision for such payment having been made, and ( ii) all <br /> amounts due as Administrative Expenses or otherwise; in any <br /> case, in such a manner that the Bond shall have been paid. <br /> "Permitted Encumbrances" shall mean as of the date of <br /> delivery of the Bond, the Security Agreement, the Deed of <br /> Trust and the Assignment, all exceptions listed on the title <br /> insurance policy delivered pursuant to Section 7. 7 , and <br /> thereafter also all ( i) liens for ad valorem taxes and <br /> special assessments, if any, not then delinquent , ( ii ) <br /> utility, access and other easements and rights of way, <br /> restrictions and exceptions that an officer of the Company <br /> certifies will not interfere with or impair the operations <br /> being conducted at the Project (or, if no operations are <br /> being conducted at the Project , the operations for which the <br /> Project was designed or last modified) and to which the <br /> Holder has consented, ( iii ) mechanics ' , materialmen' s, <br /> warehousemen' s, carriers ' and other similar liens which in <br /> the opinion of the Authority and the Holder, supported by an <br /> opinion of Counsel to the Company, do not materially <br /> endanger the respective liens of the Security Agreement, the <br /> Deed of Trust and the Assignment upon the Project, and ( iv) <br /> such minor defects, irregularities, encumbrances and clouds <br /> on title as normally exist and as exist on the dates of <br /> acquisition by the Company with respect to properties <br /> similar in character to the Project and as do not, in the <br /> opinion of the Holder and of an officer of the Company, <br /> materially impair the property affected thereby for the <br /> purposes for which it is used or to be used by the Company. <br /> 7. <br />