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Restricted Cash

9 Months Ended

Jul. 31, 2023

Note 14. Restricted Cash

As of July 31, 2023 and October 31, 2022, there was $32.7 million and $23.0 million, respectively, of restricted cash and cash equivalents pledged as performance security, reserved for future debt service requirements, and reserved for letters of credit for certain banking requirements and contracts. The allocation of restricted cash is as follows (in thousands):


	July 31,		October 31,
	2023		2022
Cash Restricted for Outstanding Letters of Credit ⁽¹⁾	$	7,281	$	4,993
Cash Restricted for PNC Sale-Leaseback Transactions ⁽²⁾		-		5,010
Cash Restricted for Crestmark Sale-Leaseback Transactions ⁽³⁾		2,899		2,894
Bridgeport Fuel Cell Park Project Debt Service and Performance Reserves ⁽⁴⁾		-		8,746
Debt Service and Performance Reserves related to OpCo Financing Facility⁽⁵⁾		20,015		-
Other		2,548		1,346
Total Restricted Cash		32,743		22,989
Restricted Cash and Cash Equivalents – Short-Term ⁽⁶⁾		(6,078)		(4,423)
Restricted Cash and Cash Equivalents – Long-Term	$	26,665	$	18,566

(1)	Letters of credit outstanding as of July 31, 2023 expire on various dates through December 2028. The increase from October 31, 2022 represents a letter of credit entered into for a project asset-specific gas contract.

(2)	Long and short-term reserve that was to be used primarily to fund future module exchanges for operating projects falling under sale-leaseback transactions with PNC Energy Capital, LLC (“PNC”) (which transactions were terminated in May 2023).

(3)	Long and short-term reserve that is to be used primarily to fund future module exchanges and other performance obligations under Crestmark sale-leaseback transactions.

(4)	Long and short-term reserves for the Bridgeport Fuel Cell Park Project that were to be used to fund future module exchanges and other performance requirements, which were released during the third quarter of fiscal year 2023.

(5)	Long and short-term reserves for a capital reserve account required to be maintained under the OpCo Financing Facility.

(6)	Short-term restricted cash and cash equivalents are amounts expected to be released and classified as unrestricted cash within twelve months of the balance sheet date.