PAYMENTS FROM THE COOPERATIVE. Monthly with the delivery of each Receivables Certificate the Cooperative shall remit to Statesman in immediately available funds an amount equal to the sum of (i) all payments received by the Cooperative during the preceding month on Purchased Receivables, (ii) all rebates or credits on any Purchased Receivable allowed by the Cooperative during the preceding month, and (iii) all other adjustments made by the Cooperative on any Purchased Receivable during such month which resulted in a reduction of the amount owing thereon, minus any proceeds the Cooperative has collected on Purchased Receivables and paid to Statesman since the delivery of the previous Receivables Certificate.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Southern States Cooperative Inc), Revolving Credit Agreement (Southern States Capital Trust I), Financing Services and Contributed Capital Agreement (Southern States Capital Trust I)
PAYMENTS FROM THE COOPERATIVE. Monthly with the delivery of ----------------------------- each Receivables Certificate the Cooperative shall remit to Statesman in immediately available funds an amount equal to the sum of (i) all payments received by the Cooperative during the preceding month on Purchased Receivables, (ii) all rebates or credits on any Purchased Receivable allowed by the Cooperative during the preceding month, and (iii) all other adjustments made by the Cooperative on any Purchased Receivable during such month which resulted in a reduction of the amount owing thereon, minus any proceeds the Cooperative has collected on Purchased Receivables and paid to Statesman since the delivery of the previous Receivables Certificate.
Appears in 2 contracts
Samples: Financing Services and Contributed Capital Agreement (Southern States Capital Trust Ii), Financing Services and Contributed Capital Agreement (Southern States Cooperative Inc)
