Capital Reductions. If necessary, the Board of Directors or Board of Executive Officers, as applicable, of the JVs shall consider capital reductions to the extent that any such capital reduction will not adversely affect the Yokkaichi Facility’s or the Kitakami Facility’s operations. This Section 12.2(b) supersedes and replaces the last sentence of Section 6.2(b) of each JV Operating Agreement from the date hereof.
Capital Reductions. The Borrower shall not, and the Subordinated Lender shall ensure that the Borrower shall not, permit the reduction, repayment or redemption of its issued or paid-up share capital.
Capital Reductions. Capital reductions affecting the closed-end portion must be approved by a special shareholders' meeting. Capital reductions affecting the open-ended portion shall require only a resolution of a regular meeting of shareholders. In the event of a capital reduction, provided that more than two years have not passed since they were subscribed and paid, shares paid in cash, in full or in part, shall not be redeemed unless the holders of such shares provide security for the value of the property contributed as payment for such shares as provided by the shareholders' meeting that approves the reduction.
Capital Reductions. So long as the Notes are outstanding and any Obligation under the Notes, this Indenture or the Security Documents remains unpaid or unsatisfied, (i) the Company or its Restricted Subsidiaries shall not approve, declare, make or pay (all of the following being referred to herein as a “Capital Reduction”) any capital reduction or any distribution to the shareholders of the Company as a result of a capital reduction, share repurchase or any other equivalent corporate decision having the effect of reducing the capital of the Company or any Restricted Subsidiary, except for mandatory capital reductions required pursuant to the Chilean Corporations Law, or (ii) reduce its capital to absorb accumulated losses.
