NAPS » Topics » Restricted cash

This excerpt taken from the NAPS 10-K filed Jun 13, 2005.

Restricted cash

 

Napster’s restricted cash served as collateral for an irrevocable standby letter of credit that provided financial assurance that Napster would fulfill its obligation to the lessor of a facility used by CSD. The cash was held in custody by the issuing bank and was restricted as to withdrawal or use. Pursuant to the terms of the agreement for the sale of CSD to Sonic, Sonic assumed this lease during December 2004. The restriction on this cash was released by the landlord in the fourth quarter of fiscal 2005.

 

This excerpt taken from the NAPS 10-Q filed May 12, 2005.

Restricted cash

 

At December 31, 2004, Napster had $735,000 of restricted cash, which served as collateral for an irrevocable standby letter of credit that provides financial assurance that Napster will fulfill its obligation to the lessor of a facility used by CSD. The cash is held in custody by the issuing bank and is restricted as to withdrawal or use. Pursuant to the Agreement, Sonic assumed this lease and the restriction on this cash is expected to be released by the landlord. The restriction had not been released as of December 31, 2004.

 

This excerpt taken from the NAPS 8-K filed May 12, 2005.

Restricted cash

 

At March 31, 2004, Napster has $1.7 million of restricted cash. The restricted cash serves as collateral for irrevocable standby letters of credit that provide financial assurance that Napster will fulfill its obligation to Entrust, Inc, its lessor, and to Samsung Electronics America, its vendor. The cash is held in custody by the issuing bank and is restricted as to withdrawal or use. Unless renewed, the restrictions will lapse in fiscal 2005.

 

10


NAPSTER, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the NAPS 8-K filed Mar 8, 2005.

Restricted cash

 

At March 31, 2004, Napster has $1.7 million of restricted cash. The restricted cash serves as collateral for irrevocable standby letters of credit that provide financial assurance that Napster will fulfill its obligation to Entrust, Inc, its lessor, and to Samsung Electronics America, its vendor. The cash is held in custody by the issuing bank and is restricted as to withdrawal or use. Unless renewed, the restrictions will lapse in fiscal 2005.

 

10


NAPSTER, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the NAPS 10-Q filed Feb 9, 2005.

Restricted cash

 

At December 31, 2004, Napster had $735,000 of restricted cash, which served as collateral for an irrevocable standby letter of credit that provides financial assurance that Napster will fulfill its obligation to the lessor of a facility used by CSD. The cash is held in custody by the issuing bank and is restricted as to withdrawal or use. Pursuant to the Agreement, Sonic assumed this lease and the restriction on this cash is expected to be released by the landlord. The restriction had not been released as of December 31, 2004.

 

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