Current Liabilities. Current Liabilities means the aggregate amount of all current liabilities of the Borrower and its Subsidiaries, on a consolidated basis, as determined in accordance with GAAP, but in any event shall include all liabilities except those having a maturity date which is more than one year from the date as of which such computation is being made, plus the amount equal to the difference (but not less than zero) of (i) the aggregate undrawn amount of all Letters of Credit, minus (ii) the sum of (a) the aggregate amount in each Collateral Account, plus (b) the aggregate cash value of each Collateral Policy.
Appears in 4 contracts
Samples: Loan Agreement (Peerless Manufacturing Co), Loan Agreement (Peerless Manufacturing Co), Loan Agreement (Peerless Manufacturing Co)
