DISTRIBUTIONS AND OTHER TRANSACTIONS Clause Samples

DISTRIBUTIONS AND OTHER TRANSACTIONS. 11.3.1 No Distributions may be made by the Issuer at any time if following the making of such Distribution the Issuer would be in breach of the Incurrence Test. 11.3.2 For each financial year, provided that the making of such Distributions meets the Incurrence Test the Issuer may (subject to any applicable mandatory company law restrictions) apply the following amounts towards Distributions: (a) prior to an IPO Event, a maximum amount of fifty (50) per cent. of the consolidated net profits (Sw. koncernens vinst efter skatt) of the Issuer and its Subsidiaries as set out in the audited consolidated annual accounts for the preceding financial year; and (b) following an IPO Event, the full amount of consolidated net profits (Sw. koncernens vinst efter skatt) of the Issuer and its Subsidiaries as set out in the audited consolidated annual accounts for the preceding financial year.