Reduction of capital. In the event that at any time the Company has insufficient "SURPLUS" and "NET PROFITS" required under Section 170 of the DGCL to declare dividends on the shares of Series B Preferred Stock in accordance with the terms of the Certificate of Designation, the Company shall reduce its capital by transferring a portion of the capital to surplus to the maximum extent permitted under Section 244 of the DGCL.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Image Investor Portfolio a Sep Ser of Memphis Angels LLC), Securities Purchase Agreement (Internet Pictures Corp)
Reduction of capital. In the event that at any time the Company has insufficient "SURPLUSsurplus" and "NET PROFITSnet profits" required under Section 170 of the DGCL to declare dividends on the shares of Series B Preferred Stock in accordance with the terms of the Certificate of Designation, the Company shall reduce its capital by transferring a portion of the capital to surplus to the maximum extent permitted under Section 244 of the DGCL.
Appears in 2 contracts
Samples: Purchase Agreement (Peapod Inc), Purchase Agreement (Royal Ahold)
