Trapped Cash definition

Trapped Cash means any cash, checks, rental deposits and bank credit balances that are subject to any restrictions or local exchange control, Tax or other requirements, such that the full amount of such deposits cannot be accessed within 90 days (for the avoidance of doubt, any cash, checks, rental deposits and bank credits balances that are subject statutory reserve that the Company’s PRC Subsidiaries are required to set aside pursuant to PRC laws shall be not be treated as “Trapped Cash”); provided, that any amounts that are subject to short term investments or time deposits with maturities less than 363 days as of any relevant time of determination shall not be deemed “Trapped Cash” unless after such maturity, they would be subject to any of the aforesaid restrictions.

Trapped Cash means cash or cash equivalents (a) of the Target Companies which may not be freely useable or available because it is subject to restrictions or limitations on use under Contract or applicable Laws by a Target Company or in order to service Indebtedness, (b) in the form of deposits in transit and outstanding checks issued by a Target Company, or (c) that are insurance or other recovery proceeds in respect of any condemnation, casualty, loss or other material damage to any of the assets of a Target Company prior to the Closing Date.

Trapped Cash means (a) cash provided as collateral pursuant to any Indebtedness and which is not recoverable or useable pursuant to the terms of such Indebtedness, and (b) cash which is not freely available because it is subject to restrictions, withheld for the payment of Taxes or limitations on use or distribution by Law, contract or otherwise, including restrictions on dividends and repatriation.

Examples of Trapped Cash in a sentence

• Within five (5) Business Days from receipt of such payments, the Seller shall pay to the Purchaser the amount that was taken into account in the Net Cash determination as for Trapped Cash.

• The Purchaser shall use its reasonable efforts to pay to the Seller any amounts of Excess Trapped Cash in an amount as high as possible but in no event more than USD 5,000,000 (five million United States dollars) per financial year.

• During the twenty-four (24) month period following the Closing Date, Buyer shall use commercially reasonable efforts to cause any such Trapped Cash to cease to be Trapped Cash.

• If any cash within the Target Group which, at Completion, is Trapped Cash shall become available for application in prepayment of the Bridge Facility ("Free Cash"), Debtco (if it is the Principal Borrower) and Bidco 2 shall procure that within 5 Business Days of thereafter an amount equal to the Free Cash shall be applied in prepayment of the Bridge Facility.

• No later than three (3) Business Days prior to the Closing Date, Seller shall deliver to Buyer a preliminary closing statement setting forth a good faith estimate of the Preliminary Net Working Capital, the Trapped Cash and any Indebtedness that will be assumed by Buyer or owed by the Acquired Companies at the Closing (the “Preliminary Closing Statement”).

More Definitions of Trapped Cash

Trapped Cash means, without duplication, cash (a) of the Group Companies which is not freely usable because it is subject to restrictions or limitations on use under Contract or applicable Laws, (b) in the form of deposits in transit and outstanding checks issued by any Group Company, or (c) held by any Group Company to the extent that (i) the distribution or upstreaming of such cash would be subject to withholding Tax under applicable Law (net of an estimate of any applicable foreign tax credits arising from such withholding as reasonably determined by Buyer; provided; however, that Buyer shall provide Seller with reasonable supporting detail to such calculation as reasonably requested by Seller), to the extent of such withholding Tax, and (ii) any such cash is in excess of the Foreign Working Capital Needs in each applicable jurisdiction, at such time.

Trapped Cash means any cash or cash equivalent of the Acquired Companies or any of their Subsidiaries to the extent not immediately available because it is subject to a restriction, limitation or Tax on its use or distribution pursuant to Applicable Law, by Contract or otherwise, including a restriction on dividends or repatriation.

Trapped Cash means cash or cash equivalents (a) of the Business which may not be freely useable or available because it is subject to restrictions or limitations on use under Contract or applicable Laws by the Business or in order to service Indebtedness, (b) in the form of deposits in transit and outstanding checks issued by the Company and/or the Business, or (c) that are insurance or other recovery proceeds in respect of any condemnation, casualty, loss or other material damage to any of the assets of the Business prior to the Closing Date.

Trapped Cash means cash available to NXP China at Closing that cannot be transferred out of China in a reasonably short period after Closing;

Trapped Cash means cash or cash equivalents (A) of the Company which may not be freely useable or available because it is subject to restrictions or limitations on use under Contract or applicable Laws by the Company or in order to service Debt, (B) in the form of deposits in transit and outstanding checks issued by the Company (and excluding any uncleared wires sent to and checks received, but not yet deposited in the accounts of the Company at such time), or (C) that are insurance or other recovery proceeds in respect of any condemnation, casualty, loss or other material damage to any of the assets of the Company prior to the Closing Date and which such asset has not been repaired prior to the Closing Date.

Trapped Cash means any cash, checks, rental deposits and bank credit balances that are subject to any restrictions or local exchange control, Tax or other requirements, such that the full amount of such deposits cannot be accessed within ninety (30) days.

Trapped Cash means any rent deposit and any credit balance on any deposit, savings, current or other account, or cash in hand which cannot be applied immediately for the purpose of repaying the Facilities."