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But what is the distinction between Intel extending N.A.V.Corp the credit directly and having Visa do it instead? Because, if I understand you, if Intel extends the credit directly it is A/P and not debt, but if there is a middleman it is debt.

No, you're still ignoring the key difference between A/P and debt. The "middleman" is irrelavant, INTC could offer financing w/ or w/o interest and depending which it is determines whether NAV lists the liability as debt or A/P.

And if this goes on over a year, is it not (original amount + interest and fees) now a long term debt?

No, the difference between long term vs. short term liabilities is the timespan over which they are due not the age of the liability. The fact that you're delinquent, doesn't move the liability from short to long term.

Marv
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