definiens: means ( a ) Liens for Taxes not yet delinquent or L iens for Taxes being contested in good faith and by appropriate proceedings for which adequate reserves have been established ; ( b ) statu tory Liens such as claims or Liens in respect of property or a ssets imposed by law which were incurred in the ord inary course of business, such as supplier ’s, carriers ’, warehousemen ’s, distributors ’, wholesaler ’s, materi almen ’s and mechanic ’s Liens and other similar Liens arising in the ordinary course of business which are ( i ) not delinquent and remain payable without penalty, ( ii ) subject to a right of set - off, or ( iii ) being contested in go od faith and by appropriate proceedings ; ( c ) Liens to secure Permit ted Secured Indebtedness ; ( d ) Liens on property exi sting at the time of acquisition of such property provided t hat such liens were in existence prior to such acqu isition and not incurred in contemplation thereof ; and ( e ) any interest or title of a Permitted Licensee under a P ermitted License