Stated Capital Reduction definition

Stated Capital Reduction means the proposed reduction of the stated capital account of the Common Shares by an aggregate amount equal to $1,010,500,000 for the purposes of effecting the Return of Capital portion of the Distribution.
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Stated Capital Reduction means the proposed reduction of the stated capital account of the Restricted Voting Shares by an aggregate amount equal to $1.45 billion, for the purposes of
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Stated Capital Reduction means the reduction of the stated capital of the Common Shares by an aggregate amount equal to the Cash Distribution Amount multiplied by the number of issued and outstanding Common Shares as at the Cash Distribution Record Date, for the purpose of effecting a one-time special distribution of an amount equal to the Cash Distribution Amount for every Common Share held by way of a return of capital, all as further detailed in the Information Circular under the heading “Particulars of Matters To Be Acted Upon – Cash Distribution and Stated Capital Reduction”;
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Examples of Stated Capital Reduction in a sentence

  • Stated Capital Reduction The Stated Capital Reduction may be required prior to the implementation of the Plan or as a step in the Plan, to ensure that the Company meets CBCA solvency requirements post-Recapitalization Transaction.

  • CBCA Matters The Company will seek to continue into the federal jurisdiction of Canada under the CBCA (the "Federal Continuance"), and may seek to reduce its stated capital in respect of the Common Shares (the "Stated Capital Reduction") prior to the implementation of the Plan, in order to implement the Plan pursuant to the CBCA.

  • At the Meeting, Shareholders will be asked to consider the Stated Capital Reduction Resolution and the Share Consolidation Resolution in the forms set forth in Appendix A and Appendix B, respectively, to this proxy statement.

  • Recommendation of the Board of Directors The Board unanimously recommends that the Shareholders vote FOR the Stated Capital Reduction Resolution.

  • As stated above, the Company does not propose to effect the Share Consolidation unless and until the Stated Capital Reduction Resolution has been approved by Shareholders and the Return of Capital has been paid to holders of Restricted Voting Shares.

  • The Stated Capital Reduction Resolution, the full text of which is set forth in Appendix A, must be approved by a majority of not less than two-thirds of the votes cast by Shareholders, voting together as a single class, present in person or represented by proxy at the Meeting.

  • If the Stated Capital Reduction Resolution is approved by Shareholders at the Meeting, pursuant to the Return of Capital, holders of Restricted Voting Shares will receive an amount expected to be approximately $11.40 per Restricted Voting Share, subject to adjustment by the Board, in its sole discretion, resulting in an expected aggregate return of capital by the Company to holders of Restricted Voting Shares of approximately $1.2 billion.

  • Prohibitions on the Stated Capital Reduction under the ABCA The ABCA provides that a corporation shall not reduce its stated capital if there are reasonable grounds for believing that (i) the corporation is, or would after the reduction be, unable to pay its liabilities as they become due, or (ii) the realizable value of the corporation’s assets would thereby be less than the aggregate of its liabilities.

  • The foregoing dates for the Return of Capital and the Share Consolidation are subject to change; the definitive dates will be announced by the Company as soon as reasonably practicable following the approval of the Special Resolutions at the Meeting and subsequent confirmation by the Board of the Stated Capital Reduction and the Return of Capital.

  • Unless otherwise directed, the persons named in the accompanying form of proxy for the Meeting intend to vote FOR the Stated Capital Reduction Resolution set forth in Appendix A to this proxy statement.


More Definitions of Stated Capital Reduction

Stated Capital Reduction means the reduction in the stated capital account in respect of the MFC Common Shares pursuant to the Arrangement;
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Stated Capital Reduction has the meaning ascribed thereto in Section 3.1(f);
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Stated Capital Reduction means the reduction of the stated capital account maintained in respect of the Brigus Shares to CDN$217 million.
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Stated Capital Reduction means the reduction of the stated capital account maintained for the New Common Shares or Common Shares, as applicable, by an amount that is equal to the amount of the deficit of Compton on the Effective Date.
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Related to Stated Capital Reduction

  • Aggregate Reduction has the meaning specified in Section 1.3.

  • Appraisal Reduction Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Total adjusted capital means the sum of:

  • Class Y Principal Reduction Amounts For any Distribution Date, the amounts by which the Class Principal Balances of the Class Y-1 and Class Y-2 Regular Interests, respectively, will be reduced on such Distribution Date by the allocation of Realized Losses and the distribution of principal, determined as described in Appendix 1.

  • Committed Capital means $20,837,637.00 for 14,129,250 Class A Capital Units to be issued with respect to Members receiving Class A Capital Units in the Reorganization, and, with respect to any additional Members, the purchase price of the Capital Units subscribed for in any subsequent offering pursuant to a subscription agreement that has been accepted by the Company, regardless of whether such purchase price has been fully paid.

  • extended reduction means a reduction under this scheme for which a person is eligible under Part 12 (extended reductions);

  • Proposed Reduction Date has the meaning set forth in Section 1.3.

  • Invested Capital means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price at the time of such purchase, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for the repurchase of Shares.

  • FX Reduction Amount is defined in Section 2.1.3.

  • Adjusted Capital means cumulative gross proceeds generated by the Corporation from sales of shares of Common Stock (including proceeds from the Corporation’s distribution reinvestment plan) reduced for amounts paid for share repurchases pursuant to the Corporation’s share repurchase program. The calculation of the Subordinated Incentive Fee on Income for each quarter is as follows:

  • Annual increase means, initially, fifty-nine cents per month

  • Class B Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date.

  • extended reduction period means the period for which a person is in receipt of an extended reduction in accordance with paragraph 89, 96 or 101;

  • Partially Adjusted Capital Account means, with respect to any Member for any taxable year or other period of the Company, the Capital Account balance of such Member at the beginning of such year or period, adjusted for all contributions and distributions made or deemed made to or by such Member during such year or period and all special allocations to such Member pursuant to Section 6.2 with respect to such year or period, but before giving effect to any allocations of Net Profit or Net Loss to such Member pursuant to Section 6.1 with respect to such year or period.

  • Adjusted Capital Account means the Capital Account maintained for each Partner as of the end of each Fiscal Year (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

  • Subordinate Reduction Amount With respect to any Payment Date, the sum of the Scheduled Principal, Unscheduled Principal and Recovery Principal for such Payment Date, less the Senior Reduction Amount.

  • Appraisal Reduction Event With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly Payment, which does not include a Balloon Payment, (iii) solely in the case of a delinquent Balloon Payment, (A) the date occurring 60 days after the date on which such Balloon Payment was due (except as described in the immediately following clause (B)) or (B) if the related Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable to the Special Servicer prior to the date 60 days after the Balloon Payment was due, the date occurring 120 days after the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was due during which the refinancing is scheduled to occur), (iv) the date on which the related Mortgaged Property has become an REO Property, (v) a receiver or similar official is appointed and continues for 60 days in such capacity in respect of the related Mortgaged Property, (vi) 60 days after the related Mortgagor is subject to a bankruptcy, insolvency or similar proceedings, which, in the case of an involuntary bankruptcy, insolvency or similar proceeding, is not dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains outstanding five (5) years following any extension of its maturity date pursuant to Section 3.24 of this Agreement. If an Appraisal Reduction Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal Reduction Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other Serviced Companion Loan(s) included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any time when the aggregate Certificate Balance of all Classes of Principal Balance Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates) has been reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer shall notify the Special Servicer, as applicable, promptly upon the occurrence of any of the foregoing events.

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Required Capital Amount means $5,000,000.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • maximum council tax reduction amount means the amount determined in accordance with paragraph 29;

  • Load Reduction Event means a reduction in demand by a Member or Special Member for the purpose of participating in the PJM Interchange Energy Market.

  • Consolidated Capital means the sum (without duplication) of (i) Consolidated Debt of the Borrower (without giving effect to the proviso in the definition of Consolidated Debt) and (ii) consolidated equity of all classes (whether common, preferred, mandatorily convertible preferred or preference) of the Borrower.

  • Increase Amount is defined in Section 2.3(a).

  • Adjusted Outstanding Dollar Principal Amount means at any time during a Monthly Period with respect to any Series, Class or Tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such Series, Class or Tranche of Notes at such time, less any funds on deposit in the Principal Funding Account or the related Sub-Account, as applicable, for the benefit of such Series, Class or Tranche of Notes at such time.

  • Adjusted Pool Amount With respect to any Distribution Date and Loan Group, the Cut-off Date Pool Principal Balance of the Mortgage Loans in such Loan Group minus the sum of (i) all amounts in respect of principal received in respect of the Mortgage Loans in such Loan Group (including, without limitation, amounts received as Monthly Payments, Periodic Advances, Principal Prepayments, Liquidation Proceeds and Substitution Adjustment Amounts) and distributed to Holders of the Certificates on such Distribution Date and all prior Distribution Dates and (ii) the principal portion of all Realized Losses (other than Debt Service Reductions) incurred on the Mortgage Loans in such Loan Group from the Cut-off Date through the end of the month preceding such Distribution Date.