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Accounts Receivable Securitization
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9 Months Ended |
|---|---|
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May 31, 2011
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| Accounts Receivable Securitization | |
| Accounts Receivable Securitization |
Note 6. Accounts Receivable Securitization Historically, the Company was a party to an accounts receivable securitization program pursuant to which it sold certain of its trade accounts receivable to a wholly-owned, bankruptcy-remote special purpose subsidiary which, in turn, sold participating interests in its pool of receivables to a third party financial institution. The Company did not renew the securitization program on its September 9, 2009 maturity date and as a result, utilized availability under the Senior Credit Facility to fund the corresponding $37.1 million increase in accounts receivable. |