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(J) 3ccaunt.s receivable; (4) inventories of raw materials and
<br />suonli~s, ~r work or materials Ln process and of finished
<br />pr~Jucts, ~11 valued at not in excess of cost or current market
<br />v~lus, ~hi~hever is lower: and (5) such other as~ets as, in
<br />c1ccor.:l-1nc~ .,..i th good accounting rractice, would be included in
<br />"Current. .\ssets"; all after deduction of adequate reserves in
<br />each case where a reserve is proper under good accounting
<br />pract.i..::e; ,Jrovided, however, that in computing Current Assets
<br />t.her~ sh;i_ll be excluded (i) all investments other than those per-
<br />,nitt•;;!J t :~ be included in this definition by clause (2) above, (ii)
<br />~11 :r~nchises, licenses, permits ~atents, patent applications,
<br />copyri1hts, trademarks, trade names, good will, experimental or
<br />o rg;rni:t..Jti0nal expense, prepaid expenses, and other like
<br />int.;inc.JU)l~s, and (iii) any assets which are pledged or encumbered
<br />,15 Sdcurlty for or for the purpose of paying any obligation
<br />( other than the Bonds) which is not includer1 in Current
<br />Liolbilit.i~s.
<br />(b) The term "Current Liabilities" shall mean all
<br />ln,l,~tJt.~Jnl!SS other than runded Indebtedness and, without
<br />lLr1it.,1t.ion, shall include (1) all Indebtedness maturing on demand
<br />or ,n:.!1in :Jne year after the data as of which such determination
<br />is .:lol,le, ( 2} final maturities and prepayments of Indebtedness and
<br />sin~inJ fund paJments re~uired to be made in respect of any
<br />[nJcbt.e~nes5 within one year after said uate, and (J) all other
<br />items (i.nctuuin'] tax:es accrued as estimated) which in accordance
<br />wit.11 JooJ ~ccounting practice should be included as Current
<br />Liclbi.lLti.e~.
<br />(c) The term "Funded Indebtedness" shall mean all
<br />Indenteuness which by its tr?rms matures more than one year from
<br />t:1e ,late .1s of which any calculation of Funded Indebtedness is
<br />~aJe, iln<l ilny Indebtedness maturing within one year from such
<br />J.:ite ,,mich is renewable at the sole option of the obliger to a
<br />dolte beyond one year from such date, including any Indebtedness
<br />r'~ne,.,.:ibl~ or ~~xtendable (whether or not theretofore renewed or
<br />extc.m.Jed) uncler, or payable from the proceeds of other
<br />InJebtedness which may be incurreJ pursuant to the provisions of,
<br />any revolving credit agreement or other similar agreement.
<br />( t.l) The term "good accounting practice" or "standar,l
<br />account.iny rr::i.ctice"' shall mean such dccount.in9 practice as, in
<br />the orlnion of Li1e independent account.ants regularly retained by
<br />t!H~ ilorrower and acceptable to the Trustee, conforms at the time
<br />to 1enur3Lly accepted accounting principles, consistently
<br />ap!)Li~d. ,"\ny accoLrnting ten:is not defined in this Agreement
<br />sh,1ll ha·,e the resrective meanin,:Js given to them under 100d
<br />.1.ccounti:13 prdcl:.i.ca,
<br />-38-
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