definiens: shall mean ( i ) Liens disclosed on the audited consolidated financial statements andunaudited consolidated interim financial statements of the Company and its consolidated Subsidiaries included in theCompany Reports or notes thereto or securing liabilities disclosed on audited consolidated financial statements andunaudited consolidated interim financial statements of the Company and its consolidated Subsidiaries included in theCompany Reports or notes thereto ( up to the amount so disclosed ) ; ( ii ) Liens for Taxes not yet due and payablewithout penalty or intent or the validity of which is being contested in good faith by appropriate proceedings and forwhich adequate reserves are maintained in the books of the Company ; ( iii ) mechanics ’, carriers ’, workmen’s, repairmen ’s or other similar Liens arising under statutory or common law or incurred in the ordinary course of businesssecuring obligations as to which there is no default on the part of the Company or any of its Subsidiaries, or thevalidity or amount of which is being contested in good faith by appropriate proceedings, and for which adequatereserves are maintained on the books of the Company ; ( iv ) zoning, building codes and other land - use laws regulatingthe use or occupancy of any real property or the activities conducted thereon and which are not violated by the currentuse or occupancy of any such real property ; or ( v ) minor title defects or other Liens which, in the case of this clause(v ), do not materially detract from the value, or materially interfere with any present use, of such property or assets