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<br />"Improvements" means those improvements to be to be financed with the proceeds of the <br />Lease Agreement and constructed on the Site more particularly described in Exhibit C to the <br />Lease Agreement. <br /> <br />"Interest Payment Date" means the 15th day of each March and September, commencing <br />September 1, 2006. <br /> <br />"Lease Agreement" means the Lease Agreement, dated as of July 1 2005, by and between <br />the Authority, as lessor, and the City, as lessee, together with any duly authorized and executed <br />amendments thereto. <br /> <br />"Lease Payments" means all payments required to be paid by the City pursuant to <br />Section 4.4 of the Lease Agreement, including any prepayment thereof pursuant to Article X of <br />the Lease Agreement, which payments consist of an interest component and a principal <br />component. <br /> <br />"Net Proceeds," when used with respect to insurance or condemnation proceeds, means <br />any insurance proceeds or condemnation award paid with respect to the Property, to the extent <br />remaining after payment therefrom of all expenses incurred in the collection thereof. <br /> <br />"Permitted Encumbrances" means, as of any particular time: (a) liens for general ad <br />valorem taxes and assessments, if any, not then delinquent, or which the City may, pursuant to <br />provisions of Article V of the Lease Agreement, permit to remain unpaid; (b) the Assigrunent <br />Agreement; (c) the Lease Agreement; (d) any right or claim of any mechanic, laborer, <br />materialman, supplier or vendor not filed or perfected in the manner prescribed by law; (e) <br />easements, rights of way, mineral rights, drilling rights and other rights, reservations, <br />covenants, conditions or restrictions which exist of record as of the Closing Date and which the <br />City certifies in writing will not materially impair the use of the Property; and (f) easements, <br />rights of way, mineral rights, drilling rights and other rights, reservations, covenants, <br />conditions or restrictions established following the date of recordation of the Lease Agreement <br />(or a memorandum thereof) and to which the Assignee and the City consent in writing. <br /> <br />"Property" means, collectively, the Site and the Improvements. <br /> <br />"Rental Period" means each twelve-month period during the Term of the Lease <br />Agreement commencing on March 2 in any year and ending March 1 in the next succeeding <br />year. <br /> <br />"Site" means that certain real property more particularly described in Exhibit A to the <br />Site Lease and in Exhibit B to the Lease Agreement. <br /> <br />"Site Lease" means the Site Lease, dated as of July 1 2005, by and between the City, as <br />lessor, and the Authority, as lessee, together with any duly authorized and executed <br />amendments thereto. <br /> <br />"State" means the State of California. <br /> <br />Exhibit A <br />Page 2 <br />