This excerpt taken from the TTWO 10-K filed Jan 31, 2006.
The Gross Borrowing shall not at any time exceed £19,100,000 and the Net Borrowing shall not at any time exceed £13,100,000. For the purposes of this letter “Gross Borrowing” means the aggregate of all amounts outstanding under the facility (calculated on the basis of cleared funds) and “Net Borrowing” means Gross Borrowing less the aggregate of all cleared credit balances that may in the Bank’s opinion be legally set off against the Gross Borrowing (such credit balances being referred to below as the “credit balances”).
For the purpose of determining whether the total amount owing is at any particular time within or in excess of the agreed limits, credit balances in a currency other than sterling shall be notionally converted into sterling on the basis of the rate at which the Bank would sell sterling for that currency at that time and amounts owing in a currency other than sterling shall be notionally converted Into sterling on the basis of the rate at which the Bank would sell that currency for sterling at that time.
You should note that the above Net Borrowing limit applies collectively to the overdraft facility and to the indemnity line, and the documentary credit facility included In the other facilities referred to below. Because of this, utilisations of each such facility will be taken into account to determine the amount available for utilisation by the other facilities.
Utilisations of the indemnity line, and the documentary credit facility are also subject to the lower limit set out in the Schedule of Other Facilities.