definiens: of any Person means, without duplica tion, and including the current portion thereof : ( a ) the principal, accreted value, accrued and unpaid i nterest, prepayment and redemption premiums or pena lties ( if any ), unpaid fees or expenses and other monetary ob ligations in respect of ( i ) indebtedness of such Pe rson for money borrowed and ( ii ) indebtedness evidenced by n otes, debentures, bonds, letters of credit or other similar instruments for the payment of which such Person is responsible or liable ( for purposes of clarity, ex cluding any performance or surety bonds or letters of credit wh ich have not been drawn or presented and which are issued in the Ordinary Course of Business ) ; ( b ) all obligatio ns of such Person issued or assumed as the deferred purchase price of property or services, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement ( but excluding trade accounts payable and other accrued current Li abilities arising in the Ordinary Course of Business to the e xtent included in Net Working Capital ( other than t he current Liability portion of any indebtedness for borrowed money ) ) ; ( c ) all obligations of such Person under l eases required to be capitalized in accordance with GAAP ; ( d ) all obligations of such Person under interest rate or currency obligations swap, hedges or similar arrang ements ( valued at the termination value thereof ) ; ( e ) all obligations of the type referred to in clauses ( a ) through ( d ) of any Persons for the payment of which such Person is responsible or liable, directly or indirectly, a s obligor, guarantor, surety or otherwise, includin g guarantees of such obligations ; and ( f ) all obligations of the ty pe referred to in clauses ( a ) through ( e ) of other Persons secured by ( or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by ) any Lien on any property or asset of such Person ( w hether or not such obligation is assumed by such Pe rson ) . For the avoidance of doubt, fitout loans or other accou nting debt required by GAAP are not considered Inde btedness, so long as they are included in the calculation of Net Working Capital