definiens: means ( i ) any Liens existing on the date hereof ; ( ii ) Liens to secure Permitted Indebtedness owing to financial institutions ( ii ) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in ll0921 v'lIPA 7SRT09!.DOC 011299/1547 3 L. J ; CONFIDENTIAL TREATMENT " EQUESTED, good faith by appropriate proceedings ; ( iii ) Liens ( A ) upon or in any property acquired or held by [COMPANY] to secure the purchase price of such property or Indebtedness incurred solely for the purpose of financing the acquisition of such property, or ( B ) existing on such property at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such property ; ( iv ) Liens on property leased by A viron pursuant to operating or capital leases in the ordinary course of business ( including proceeds thereof and accessions thereto ) incurred solely for the purpose of financing the lease of such property ; ( v ) leases or subleases and licenses and sublicenses granted to others in the ordinary course of Avlron ' s business not interfering in any material respect with the business of A viron and its Subsidiaries taken as a whole, and any interest or title of a lessor, licensor or under any lease or license ; ( vi ) Liens on assets ( including the proceeds thereof and accessions thereto ) that existed at the time such assets were acquired by A viron ( including any Liens on assets of any Person that existed at the time it became or becomes a Subsidiary ) ; provided such Liens are not granted in contemplation of or in connection with the acquisition of such asset by [COMPANY] ; ( vii ) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under this Agreement ; ( viii ) easements, reservations, rights - of­way, restrictions, minor defects or irregularities in title and other similar charges or encumbrances affecting real property not constituting a Material Adverse Effect ; ( ix ) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection with the importation of goods ; ( x ) Liens which constitute rights of set - off of a customary nature or bankers ' or securities intermediaries ' Liens with respect to · amounts on deposit or investment property, whether arising by operation of law or by contract, in connection with arrangements entered into with banks and securities intermediaries in the ordinary course of business ; and ( xi ) Liens on [COMPANY] 's manufacturing facility, leasehold improvements thereto and proceeds thereof