definiens: means ( i ) all indebtedness or other obligations of Ibis for borrowedmoney, whether current, short - term or long - term, secured or unsecured, and all accrued interest, premiums, penaltiesand other obligations relating thereto, ( ii ) all indebtedness of Ibis for the deferred purchase price of property orservices which is not evidenced by accounts payable incurred in the ordinary course of business, ( iii ) all existinglease obligations of Ibis under leases which are capital leases in accordance with GAAP, ( iv ) any liability of Ibis underdeferred compensation plans, phantom stock plans, severance or bonus plans, or any change in control or similarpayment or increased cost which is triggered or made or will be made payable by Ibis as a result of the transactionscontemplated hereby, other than the Permitted Employee Compensation Plan, ( v ) any off balance sheet financing ofIbis, ( vi ) any payment obligations of Ibis in respect of banker ’s acceptances or letters of credit, ( vii ) any liability of Ibiswith respect to interest rate swaps, collars, caps and similar hedging obligations, ( viii ) all obligations of Ibis arisingunder or with respect to any conditional sale or other title retention agreement with respect to property acquired byIbis, ( ix ) past due or deferred rent of Ibis, ( x ) the amount of accounts payable owed by Ibis to any Person that havenot been paid within 45 days of the date of invoice thereof ( xi ) all but checks of Ibis outstanding as ofthe Closing, ( xii ) any indebtedness referred to above of any Person which is either guaranteed by, or secured by asecurity interest upon any property owned by, Ibis and ( xiii ) accrued and unpaid interest of, and prepaymentpremiums, penalties or similar contractual charges arising as a result of the discharge of any such foregoingobligation