Repurchase Obligation Restricted Cash

Repurchase Obligation Restricted Cash. Repurchase Obligation Restricted Cash" means, at any time, the aggregate amount of cash and cash equivalents and the current market value of short-term investment securities (such cash and cash equivalents and investment securities being collectively called "Specified Assets") held at 2 such time by one or more Subsidiaries to the extent such amount would be shown as restricted cash on a consolidated balance sheet of the Company as of such time prepared in accordance with... GAAP and in a manner consistent with the financial statements referred to in Section 3.05; provided that any particular Specified Assets shall be counted as Repurchase Obligation Restricted Cash only to the extent that (a) (i) the Subsidiary holding such Specified Assets shall have issued securities that are subject to a Repurchase Obligation, (ii) the amount of such Specified Assets shall not exceed the amount of such Repurchase Obligation and (iii) under the terms of the Repurchase Obligation none of the Company or any Subsidiary can be required (other than as a result of a breach, an event of default, a change in law or a similar event) to repurchase the securities or other assets that are the subject of such Repurchase Obligation prior to November 1, 2010 (it being agreed, however, that the World Trade Restricted Cash may at all times constitute Repurchase Obligation Restricted Cash notwithstanding that the requirements of this clause (iii) are not satisfied with respect thereto), (b) such Subsidiary is not engaged in any business or business activities other than the holding of such Specified Assets, of investments in its own subsidiaries and of dividends, distributions or other payments received from such subsidiaries and the incurrence of Indebtedness referred to in clause (c) below, (c) such Subsidiary is not an obligor (including under any Guarantee or similar arrangement) with respect to any Indebtedness other than (i) such Repurchase Obligation and (ii) Indebtedness owed to its own subsidiaries, the holders of which have no recourse to, and have expressly agreed to assert no claims against, any Specified Assets constituting Repurchase Obligation Restricted Cash, (d) such Specified Assets are held in an account controlled by the holder or holders of such Repurchase Obligation or its or their representative and are subject to contractual restrictions prohibiting the transfer or disposition thereof without the consent of the holder or holders of such Repurchase Obligation or its or their representative, other than to satisfy such Repurchase Obligation and (e) such Subsidiary and the persons directly or indirectly owning its Equity Interests are not subject to any legal or contractual restrictions (other than any restriction referred to in the preceding clause (d)) that would prevent such Specified Assets from being remitted through a dividend or series of dividends to the Company. View More