Common use of Section 160 Clause in Contracts

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. 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 otherwiseotherwise provided. The retirement of Shares and reduction of capital has been approved by the Company’s board of directors.