(i) it is a security interest created pursuant to a project finance transaction or a refinancing transaction;
(ii) it is a security interest created by operation of law;
(iii) it is a security interest created in the ordinary course of business;
(iv) it is a security interest created prior to the Issue Date;
(v) it is a security interest created with the resolutions of the Debentureholders meeting; or
(iv) it does not have a material adverse effect on the Issuer’’s ability to pay debts under the Debentures.