definiens: means, as of date of determination, the amount of accounts payable, accrued expenses and all othercurrent liabilities of the Company, in each case as determined in accordance with GAAP as consistently applied and on a basisconsistent with the Base Balance Sheet . Current Liabilities shall be deemed to include all accrued but unpaid Taxes, and theemployer portion of all payroll or similar Taxes to be incurred as a result of payments under this Agreement in respect ofCompany Participation Units, provided, however, that Current Liabilities shall not include any reserve for deferred Taxesestablished to reflect timing differences between book and Tax income . shall be deemed to exclude(i ) accrued interest, ( ii ) deferred revenue, whether classified as a short - term liability or a long - term liability, ( iii ) the currentportion of long - term debt, ( iv ) Indebtedness obligations under the Credit Agreements or evidenced by notes or other similarinstruments, including any prepayment penalties and accrued but unpaid interest, ( v ) the Aggregate Participation Unit BaseConsideration At Closing, ( vi ) the Warrant Base Consideration at Closing with respect to the Square 1 Warrant, and ( vi ) thepayment due George B. Salem under Section 9(b ) of his Executive Employment Agreement with the Company, datedAugust 28, 2007