Section 160. The Shares are being purchased by the Company out of capital of the Company in a manner permitted by Section 160 and any other applicable provision of the Delaware General Corporation Law. The capital of the Company is not impaired as of the date hereof, will not be impaired as of the Closing Date and will not become impaired as a result of the purchase of the Shares by the Company. The Shares will be retired by the Company upon their acquisition in accordance with Section 243 of the Delaware General Corporation Code and the capital of the Company will thereupon be reduced in accordance with Section 244 of the Delaware General Corporation Law. Without limited the generality of the foregoing, the assets of the Company remaining after such capital reduction will be sufficient to pay any debts of the Company when and as they become due and for which payment has not been otherwise
Section 160. There are no circumstances existing which could result in the application of section 78 or 160 of the ITA or any equivalent provincial provision to Atmos. Atmos has not entered into an agreement contemplated in section 80.04 or 191.3, or subsection 127(13) to (17), 127(20) or 125(3) of the ITA or any equivalent provincial provision. Atmos will not at any time be deemed to have a capital gain pursuant to subsection 80.03(2) of the ITA or any analogous provincial legislative provision as a result of any transaction or event taking place in any taxation year ending on or prior to the Closing Date. Atmos has maintained and continues to maintain at its place of business in Canada all books and records required to be maintained under the ITA and any applicable analogous provincial legislation.
Section 160. If, during the term of this Agreement, or during any renewal or extension of the same, any Federal or State Law is enacted, or any rule or regulation is issued under any Federal or State Law, which would make compliance by the Union, the Employer, employees, or any of them, with the terms, provisions or condition of this Agreement a violation of any of said laws, rules or regulations, then such terms, provisions or conditions shall become inoperative and of no effect from the effective date of any such law, regulation or rule. The remainder of this Agreement not in conflict with any of said laws, rules or regulations shall continue in full force and effect. In the event any such terms, provisions or conditions becoming inoperative and of no effect, either party to this Agreement may open the same for bargaining only as to substitute provisions, if any, for those provisions made inoperative upon a thirty (30) day written notice to the other party.
Section 160. All monies due employees, including severance pay, shall be paid in a lump sum upon termination.
