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"Ordinary Services" and "Ordinary Expenses" mean those services normally rendered, <br /> and those expenses normally incurred, by a trustee under instruments similar to this Indenture. <br /> "Outstanding Bonds", "Bonds outstanding" or "outstanding" as applied to Bonds mean, <br /> as of the applicable date, all Bonds which have been authenticated and delivered, or which are <br /> being delivered by the Trustee under this Indenture, except: <br /> (i) Bonds cancelled upon surrender, exchange or transfer, or cancelled <br /> because of payment on or prior to that date; <br /> (ii) Bonds, or the portion thereof, for the payment or purchase for cancellation <br /> of which sufficient money has been deposited and credited with the Trustee or any <br /> Paying Agent on or prior to that date for that purpose (whether upon or prior to the <br /> maturity of those Bonds); <br /> (iii) Bonds, or the portion thereof, which are deemed to have been paid and <br /> discharged or caused to have been paid and discharged pursuant to the provisions of this <br /> Indenture; and <br /> (iv) Bonds in lieu of which others have been authenticated under Section 3.06 <br /> of this Indenture. <br /> "Paying Agent" means any bank or trust company designated as a Paying Agent by or in <br /> accordance with Section 6.12 of this Indenture. <br /> "Permitted Encumbrances"means, as applied to the Project: <br /> (i) such conditions, leases, restrictions, covenants, reservations, easements, <br /> and other matters of record to which the Project is subject on the Closing Date; <br /> (ii) zoning and other ordinances; <br /> (iii) liens for taxes and assessments and other governmental charges, both <br /> general and special and not yet due and payable; <br /> (iv) the Regulatory Agreement; <br /> (v) the leases of portions of the Project; and <br /> (vi) liens and encumbrances imposed upon the Project by HUD, in connection <br /> with the loan of any money or the provision of any other form of housing assistance to <br /> the Project by HUD. <br /> "Permitted Indebtedness"means, as to the Borrower: <br /> (i) The Agreement and the Note; and <br /> (ii) Indebtedness incurred in accordance with Section 5.6(b) of the Agreement. <br /> - 11 - <br />