Common use of Long-Term Debt Clause in Contracts

Long-Term Debt. The term “LONG TERM DEBT” means all obligations of the BORROWERS to any PERSON, including, but not limited to, the OBLIGATIONS, payable more than twelve (12) months from the date of its creation, which in accordance with G.A.A.P. is shown on the balance sheet as a liability (excluding reserves for deferred income taxes).

Long-Term Debt. The term “"LONG TERM DEBT” " means all obligations of the BORROWERS BORROWER or any SUBSIDIARY to any PERSONPERSON (determined on a consolidated basis), including, but not limited to, the OBLIGATIONS, payable more than twelve (12) months from the date of its creation, which in accordance with G.A.A.P. is shown on the balance sheet as a liability (excluding reserves for deferred income taxes).