JPMorgan - KASE

excluded, and (iii) the Fixed Charges attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date,
shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges
will not be obligations of the referenced Person or any of its Restricted Subsidiaries following the
Calculation Date.
“GAAP” means generally accepted accounting principles in Canada which are in effect on the
date of the Indenture.
“Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America for the payment of which guarantee or obligations the full faith and credit of
the United States is pledged.
“guarantee” means a guarantee (other than by the endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, letters of credit and reimbursement agreements in respect thereof), of all or
any part of any Indebtedness.
“Guarantee” means an unconditional guarantee of the Notes and the Indenture given by a
Guarantor pursuant to the terms of the Indenture or any supplemental indenture thereto.
“Guarantor” means (i) as of the date of the Indenture, the Initial Guarantors, and (ii) thereafter,
unless released from such Guarantees as permitted by the Indenture, the Initial Guarantors and
any other Restricted Subsidiary or other Person that becomes a guarantor of the Notes in
compliance with the provisions of the Indenture and executes a supplemental indenture agreeing
to be bound by the terms of the Indenture.
“Hedging Obligations” means, with respect to any Person, the obligations of such Person under
(i) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements
and other agreements or arrangements designed to protect such Person against fluctuations in
interest rates, (ii) currency swap agreements, forward exchange rate agreements, foreign
currency futures or options, exchange rate collar agreements, exchange rate insurance and other
agreements or arrangements, or any combination thereof, and other agreements or
arrangements designed to provide protection against fluctuations in currency exchange rates,
and (iii) oil and gas purchase, sale and/or swap agreements and other agreements or
arrangements, or any combination thereof, financially tied to oil and gas prices that are
customary in the Oil and Gas Business and designed to protect such Person against fluctuations in
oil and gas prices.
“HKM” means Hurricane Kumkol Munai OJSC (formerly known as GAO Yuzhneftegaz), an open
joint stock company organized under the laws of the Republic of Kazakhstan.
“Holder” means a Person in whose name a Note is registered on the Registrar’s books.
“HOP” means Hurricane Oil Products OJSC (formerly known as Shymkentnefteorgsyntez OJSC),
an open joint stock company organized under the laws of the Republic of Kazakhstan.
“Indebtedness” as applied to any Person means, at any time, without duplication, whether
recourse is to all or a portion of the assets of such Person and whether or not contingent, (i) any
obligation of such Person for borrowed money; (ii) any obligation of such Person evidenced by
bonds, debentures, Notes or other similar instruments, including, without limitation, any such
obligations incurred in connection with the acquisition of property, assets or businesses,
excluding accounts payable made in the ordinary course of business which are not more than 90
days (or 180 days for Kazakhstani accounts payable) overdue or which are being contested in
good faith and by appropriate proceedings; (iii) any obligation of such Person for all or any part
of the purchase price of Property or for the cost of property or assets constructed or of
improvements thereto (including any obligation under or in connection with any letter of credit
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