Accounting Rules
Form and Content of Financial Statements
Regulation S-X
Rule 3-16 -- Financial Statements of Affiliates Whose Securities Collateralize an Issue Registered or Being Registered
For each of the registrant's affiliates whose securities
constitute a substantial portion of the collateral for any class of securities
registered or being registered, there shall be filed the financial statements
that would be required if the affiliate were a registrant and required to
file financial statements. However, financial statements need not be filed
pursuant to this section for any person whose statements are otherwise separately
included in the filing on an individual basis or on a basis consolidated with
its subsidiaries.
For the purposes of this section, securities of
a person shall be deemed to constitute a substantial portion of collateral
if the aggregate principal amount, par value, or book value of the securities
as carried by the registrant, or the market value of such securities, whichever
is the greatest, equals 20 percent or more of the principal amount of the
secured class of securities.
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