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Restricted Cash | 9 Months Ended
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Sep. 30, 2014
Restricted Cash [Abstract] |
Restricted Cash | 3.RESTRICTED CASH Restricted cash consists of the following:
|  | As of |  | As of |  |
|  | September 30, 2014 |  | December 31, 2013 |  | Included on Balance Sheet
|  |  | (in thousands) |  |
Securitization escrow accounts |  | $ | 45,871 |  | $ | 46,364 |  | Restricted cash - current asset
Payment and performance bonds |  |  | 400 |  |  | 941 |  | Restricted cash - current asset
Surety bonds and workers compensation |  |  | 5,934 |  |  | 8,991 |  | Other assets - noncurrent
Total restricted cash |  | $ | 52,205 |  | $ | 56,296 |  |
Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by an indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees and to reserve a portion of advance rents from tenants. The restricted cash in the controlled deposit account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily relates to the Company’s tower removal obligations. As of September 30, 2014, the Company had $40.0 million in surety bonds and payment and performance bonds for which it was only required to post $2.7 million in collateral. As of December 31, 2013, the Company had $42.0 million in surety, payment and performance bonds for which it was only required to post $6.1 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of September 30, 2014 and December 31, 2013, the Company had also pledged $2.6 million and $2.3 million, respectively, as collateral related to its workers compensation policy.

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