Total Debts definition
Total Debts means at any relevant time the total long-term debts, inclusive of current portion of long-term debt as stated in the most recent financial statements produced in accordance with sub-clause 8.1(a).
Total Debts means all indebtedness of the ENSCO Consolidated Group on a consolidated basis including, but not limited to, obligations under long term charters, capital leasing obligations, guaranties of indebtedness, contingent liabilities and subordinated debt, all according to GAAP. However, there shall be excluded from such calculation (A) ENSCO's preferred stock or dividends thereon as permitted by Section 8(h) of the Guaranty, (B) indebtedness which is non-recourse as to any other member of the ENSCO Consolidated Group so long as such member is neither (i) a Borrower nor (ii) a company with direct or indirect ownership of either Borrower, and (C) deferred taxes of the ENSCO Consolidated Group.