Permitted Liens means, with respect to any Person:
(1) Liens on assets or property of a Restricted Subsidiary (other than the Co-Issuer)
that is not a Subsidiary Guarantor securing Indebtedness of any Restricted Subsidiary (other than the Co-Issuer) that is not a Subsidiary Guarantor;
(2) pledges, deposits or Liens under workmens compensation laws, payroll taxes, unemployment insurance laws, social
security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with bids, tenders, completion
guarantees, contracts (other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety, indemnity, warranty, release, judgment, appeal or performance bonds, advance payment, guarantees
of government contracts, completion guarantees or warranties (or other similar bonds, instruments or obligations), or as security for contested taxes or for import or customs duties or the payment of rent, or other obligations of like nature, in
each case Incurred in the ordinary course of business or consistent with past practice;
(3) Liens imposed by law or
regulation, including carriers, warehousemens, mechanics, landlords, suppliers, materialmens, repairmens, architects, construction contractors or other like Liens, in each case for sums not yet
overdue for a period of more than 60 days or that are bonded or being contested in good faith by appropriate proceedings;
(4) Liens for Taxes which are not overdue for a period of more than 60 days, or the nonpayment of which in the aggregate would
not reasonably be expected to have a material adverse effect on the Company and its Restricted Subsidiaries, or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to GAAP
have been made in respect thereof;
(5) encumbrances, charges, ground leases, easements (including reciprocal easement
agreements), survey exceptions, restrictions, encroachments, protrusions, by-law, regulation, zoning restrictions or reservations of, or rights of others for, licenses, rights of way, servitudes, sewers,
electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real
properties, exceptions on title policies insuring liens granted on any mortgaged properties under the Credit Agreement or Liens incidental to the conduct of the business of such Person or to the ownership of its properties, including servicing
agreements, development agreements, site plan agreements, subdivision agreements, facilities sharing agreements, cost sharing agreements and other similar agreements, charges or encumbrances, which do not in the aggregate materially interfere with
the ordinary course conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole;
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