Abercrombie & Fitch 2008 Annual Report Download - page 88

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Table of Contents
ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
the interest payable by the Company under the UBS Credit Line to equal the interest or dividend rate
payable to the Company by the issuer of any ARS Collateral.
The terms of the UBS Credit Line include customary events of default such as payment defaults, the
failure to maintain sufficient collateral, the failure to observe any covenant or material representation,
bankruptcy and insolvency, cross-defaults to other indebtedness and other stated events of default. Upon
an event of default, the obligations under the UBS Credit Line will become immediately due and payable.
As of March 20, 2009, no borrowings were outstanding under the UBS Credit Line.
CONTINGENCIES
On March 12, 2009, the United States District Court for the Southern District of Ohio entered an
order granting the Company’s motion to dismiss the derivative action styled The Booth Family Trust v.
Michael Jeffries, et al., and three related derivative cases, which had been consolidated with that action.
See Note 16, “Contingencies” for further discussion on the derivative action.
84
Source: ABERCROMBIE & FITCH CO /DE/, 10-K, March 27, 2009 Powered by Morningstar® Document Research℠