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<br />the property of the estate of such corporation whether under <br />Chapter 11 of the Bankruptcy Code or any subsequent Chapt;er 7 case <br />and its successor upon conclusion of the Chapter 11 Casej. <br />1.4 °Chapter 11 Case" shall mean, individually anci <br />collectively, the Chapter 11 cases under the Bankruptcy <:ode <br />referred to as In re CF&I Steel Corporation et al., Chapter 11 <br />jointly administered under Case Nos. 90B-6721 through 90B-6730 <br />currently pending in the United States Bankruptcy Court :Eor the <br />District of Utah, Central Division. <br />1.5 "Congress' shall mean Congress Financial Corporation <br />(western), a California corporation and its successors and <br />assigns. . <br />1.6 "Consolidated Tangible Net Worth' shall mean, as to any <br />Person, at any time, in accordance with GAAP, on a consolidated <br />basis for such Person and its Subsidiaries, the amount equal to <br />the difference between: (a) the aggregate net book value of all <br />assets of such Person and its subsidiaries (excluding the book <br />value of patents, trademarks, licenses, good will and other <br />intangible assets other than unamortized pension costs which shall <br />be treated as an asset for purposes of this definition <br />notwithstanding anything in GAAP to the contrary), calculating the <br />book value of inventory for this purpose on a first-in-first-out <br />basis, after deducting from such book values all appropriate <br />reserves (including all reserves for doubtful receivables, <br />obsolescence, depreciation and amortization) and (b) the total <br />aggregate Indebtedness of such Person and its subsidiaries <br />(including tax and other proper accruals). <br />1.7 "Consolidated Working Capital' shall mean, as to any <br />Person, at any time, on a consolidated basis for such Person and <br />its Subsidiaries, the amount equal to the difference between: (a) <br />the aggregate net book value of all assets of such Person and its <br />subsidiaries, on a consolidated basis, calculating the book value <br />of inventory for this purpose on a first-in-first-out basis, which <br />would, in accordance with GAAP, be classified as current: assets <br />and (b) all Indebtedness of such Person and its subsidiaries, on a <br />consolidated basis, which would in accordance with GAAP, be <br />classified as current liabilities; and in any event including <br />Indebtedness payable on demand or within one (1) year from the <br />date of determination without any option of the obligor to extend <br />or renew beyond such year, all accruals for federal or other taxes <br />based on or measured by income and payable within such }rear, and <br />including the current portion of long term debt required to be <br />paid within one (1) year. <br />1.8 'Eligible Accounts" shall mean Accounts created by <br />Borrower in the ordinary course oP business arising out of <br />Borrower's sale of goods or rendition of services, which are and <br />at all times shall continue to be acceptable to Congres:a in all <br />respects. Standards of eligibility may be Pixed and revised from <br />-2 - <br />