IACI » Topics » Liquidity

This excerpt taken from the IACI 10-K filed Mar 31, 2005.

Liquidity

        The Partnership's treasury and cash management activities are managed centrally by VU, which carries out market transactions on behalf of its affiliates. VU employs the practice of daily cash pooling to concentrate cash in all currencies across all of its affiliates. As a result, substantially all of the Partnership's cash accounts are zero-balanced daily by either advancing excess cash to VU or drawing cash needs from VU. The Partnership, therefore, is dependent on VU's liquidity to provide the capital needed to fund operations and service its indebtedness. It is VU's intent to provide the necessary funding for the Partnership to operate in the normal course of business for the foreseeable future.

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