Payment Source. Capital Securities payable solely from payments made on 8% Adjustable Rate Junior Subordinated Deferrable Interest Debentures of Southern States (ranking senior to Southern States' preferred stock, common stock and all patrons' equities; subordinated to Senior Debt - virtually all of the Company's indebtedness is Senior Debt). The Junior Subordinated Debentures will have a thirty (30) year maturity. The interest rate payable on the Junior Subordinated Debentures will be adjustable in the same manner described in paragraph 5 below for the Capital Securities.
Appears in 3 contracts
Sources: Commitment Letter (Gold Kist Inc), Asset Purchase Agreement (Southern States Cooperative Inc), Asset Purchase Agreement (Southern States Capital Trust I)