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<br />"Net Revenues" means net operating income of the Company which is derived from the <br />Facilities for a specified period, as determined in accordance with generally accepted accounting <br />principles, to which shall be added interest expense (including interest on capital leases), any <br />subordinated management fees, depreciation and amortization and from which shall be excluded any <br />extraordinary or non-recurring items. <br /> <br />"Outstanding Bonds" or "Bonds Outstanding" means the Bonds which have been <br />authenticated and delivered under this Indenture, except: <br /> <br />(a) Bonds canceled by the Trustee or delivered to the Trustee for cancellation; <br /> <br />(b) Bonds for the payment or redemption of which cash funds or Governmental <br />Obligations shall have been deposited with the Trustee (whether on or prior to the maturity <br />or redemption date of any such Bonds); provided, however, that if such Bonds are to be <br />redeemed prior to maturity thereof, notice of such redemption shall have been given or <br />arrangements satisfactory to the Trustee shall have been made therefor, or waiver of such <br />notice satisfactory in form to the Trustee, shall have been filed with the Trustee; and <br /> <br />(c) Bonds for which other Bonds have been authenticated and delivered in <br />exchange therefor as provided for in the forms ofthe Bonds in Section 2.7 hereof; provided, <br />however, that for the purpose of determining whether there has been notice to or action by <br />the Holders of the requisite principal amount of Bonds, Bonds owned by or pledged to the <br />Company shall be disregarded and not deemed to be outstanding. <br /> <br />"Permitted Encumbrances" means Permitted Encumbrances described in the Mortgage. <br /> <br />"Permitted Investments" means any of the following securities: <br /> <br />(a) Governmental Obligations; <br /> <br />(b) bonds, notes, or debentures issued by anyone or a combination of any of the <br />following federal agencies: <br /> <br />(i) Federal Intermediate Credit Banks, <br />(ii) Government National Mortgage Association, <br />(iii) Federal National Mortgage Association (excluding strips), <br />(iv) Bank for Cooperatives, <br />(v) Federal Financing Bank, <br />(vi) Federal Land Bank, and <br />(vii) Federal Home Loan Banks; <br /> <br />(c) bonds, notes or debentures issued by the Export-Import Bank of the United <br />States or the Small Business Administration; <br /> <br />1-5 <br />