definiens: means ( x ) any liabilities for borrowe d money or amounts owed in excess of $ 50,000 ( other than trade accounts payable incurred in the ordinary course of business ), ( y ) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same ar e or should be reflected in the Company ’s consolidated balance sheet ( or the notes thereto ), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business ; and ( z ) the presen t value of any lease payments in excess of $ 50,000 due under leases required to be capitalized in accordance with GAAP . Neither the Company nor any Subsidiary is in default with respect to any Indebtedness ( bb ) Tax Status . Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each ( i ) has made or filed all United States federal, state and local income and all foreign income and fr anchise tax returns, reports and declarations required by any jurisdiction to which it is subject, ( ii ) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports an d declarations and ( iii ) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply . There are no unpaid taxes in any material am ount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim