definiens: means any ( i ) Encumbrance for Taxes not yet due and payable ( excludingEncumbrances arising under the United States Employee Retirement Income Security Act of 1974 or the Code ), ( ii)Encumbrances of carriers, warehousemen, mechanics, materialmen and repairmen incurred in the ordinary course ofbusiness consistent with past practice and not yet delinquent, and ( iii ) in the case of real property, zoning, building, orother restrictions, variances, covenants, rights of way, encumbrances, easements and other minor irregularities intitle, none of which, individually or in the aggregate, ( A ) interfere in any material respect with the present use of oroccupancy of the affected parcel, ( B ) have more than an immaterial effect on the value thereof or its use, or ( C ) wouldimpair the ability of such parcel to be sold for its present use