definiens: means the result ( whether positive or negative ) equal to ( i ) the sum of the Company ’s and itsSubsidiaries ’ current assets on a consolidated basis, minus ( ii ) the sum of the Company ’s and its Subsidiaries ’ current liabilities on aconsolidated basis determined in each case in accordance with GAAP utilizing the methodologies, practices, estimation techniques, assumptions and principles used in the preparation of the Financial Statements, to the extent consistent with GAAP and in eachcase only taking into account the line items set forth on Exhibit I ; provided that ( a ) notwithstanding clause ( i ) above, the currentassets of the Company and its Subsidiaries shall not include ( I ) Cash on Hand, ( II ) Restricted Cash, ( III ) current Income Tax assets,(IV ) deferred Tax assets that reflect timing differences between accounting and tax income and ( V ) amounts due from related parties, and ( b ) notwithstanding clause ( ii ) above, the current liabilities of the Company and its Subsidiaries shall not include ( I ) CompanyExpenses, ( II ) any items of Indebtedness and ( III ) deferred tax liabilities that reﬂect timing diﬀerences between accounting and taxincome ; provided further that the current liabilities of the Company and its Subsidiaries shall include deferred revenues of theCompany and its Subsidiaries on a consolidated basis and non - Income Tax Liabilities