Best Buy 2003 Annual Report Download - page 87
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rate protection agreements, in each case determined in accordance with US GAAP;
7.28. “Interest Income” means for any period of determination, the aggregate
consolidated amount, without duplication, of interest received, accrued (including
without limitation, payment in kind interest) or scheduled to be received by Best Buy
Co. and its Subsidiaries, including (a) all but the principal component of payments in
respect of conditional sale contracts, capitalized leases and other title retention
agreements, and (b) net income (costs) under interest rate protection agreements, in
each case determined in accordance with US GAAP;
7.29. “Interest−bearing Indebtedness” means at the time of any determination, all of
the Indebtedness of Best Buy Co. and its Subsidiaries (a) for borrowed money or (b) to
third party financers to finance the purchase of inventory, to the extent not paid before
interest begins to accrue;
7.30. “Investments” means all investments, in cash or by delivery of property, made
directly or indirectly in any property or assets or in any Persons, whether by
acquisition of shares of capital stock, Indebtedness or other obligations or securities or
by loan, advance, capital contribution or otherwise;
7.31. “Letter of Credit” means a bank guarantee, standby letter of credit or
commercial letter of credit in a form satisfactory to the Bank issued by the Bank at the
request of any of the Borrowers in favour of the third party to secure the payment or
performance of an obligation of the Borrowers or any of them to the third party;
7.32. “Legal Requirement” means all laws, statutes, codes, ordinances, orders, awards,
judgments, decrees, injunctions, rules, regulations, authorizations, consents, approvals,
orders, permits, franchises, licences, directions and requirements of all Governmental
Authorities;
7.33. “Lien” means, with respect to any item of Property, any security interest,
mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement,
lien, charge, easement (other than any easement not materially impairing usefulness or
marketability), encumbrance, preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever on or with respect to such
item of Property (including, without limitation, any conditional sale or other title
retention agreement having substantially the same economic effect as any of the
foregoing);
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