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34 <br />collection of such proceeds and (ii) all amounts expended by the County, SunTrust <br />or SunTrust to remedy the event giving rise to such proceeds, all of which amounts <br />will be paid or reimbursed from the gross proceeds. <br />"Permitted Encumbrances" means, as of any particular time, (a) the <br />"Existing Encumbrances," as defined in the Deed of Trust, (b) liens .for taxes and <br />assessments not then delinquent, or liens which may remain unpaid pursuant to <br />Sections 4.8 or 5.2, (c) the Deed of Trust, (d) any lease or other agreement with the <br />School Board as contemplated by Section 4.6(b), (e) any lien or encumbrance <br />made by its terms expressly subordinate to the lien of the Deed of Trust, and (f) <br />easements and rights-of--way granted by the County pursuant to Section 1-6(e}(i) of <br />the Deed of Trust. <br />"Plans and Specifications" means the plans and specifications for the <br />Pledged Facilities as prepared for the County by an Appropriate Consultant. <br />"Pledged Facilities" has the meaning ascribed to that term in the Deed of <br />Trust, and generally includes the County's new Elementary School #10 and the <br />County's Justice Facility. <br />"Pledged Sites" has the meaning ascribed to that term in the Deed of Trust, <br />and generally includes the real property upon which the Pledged Facilities are to be <br />constructed. <br />"Project Costs" means all costs of the design, planning, constructing, <br />acquiring, installing and equipping of the Financed Facilities as determined in <br />accordance with generally accepted accounting principles and that will not <br />adversely affect the exclusion from gross income for federal income tax purposes <br />of the designated interest component of Installment Payments payable under this <br />Contract, including (a) sums required to reimburse the County. or its agents for <br />advances made for any such costs, (b) interest during the construction process and <br />for up to six months thereafter, and (c) all costs related to~ the financing of the <br />Financed Facilities through this Contract and all related transactions. <br />"Project Fund Agreement" means the Project Fund Agreement of even date <br />between SunTrust and the County, as it may be duly amended or supplemented. <br />"Project Sites" means (a) the Pledged Sites, along with (b) the real property <br />associated with the remainder of the Financed Facilities. <br />97562v1 34 <br />