Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On August 17, 2017, the Board of Directors authorized the repurchase of an additional $500 million of Class A common shares under our share repurchase program (the "Repurchase Program"), which was added to the $33.5 million remaining from the previous authorization. The Repurchase Program may be suspended, modified or discontinued at any time, and we have no obligation to repurchase any amount of our common shares under the program. Shares will be repurchased in the open market at times and in amounts considered appropriate based on price and market conditions. Our Credit Facility as in effect during the second quarter of 2020 prohibited us from making share repurchases, and no share repurchases were made during the second quarter of fiscal 2020.
Effective April 30, 2020, our Credit Facility prohibited us from paying dividends. Effective August 7, 2020, upon our entry into the ABL Revolver, we terminated the Credit Facility. The payment of any future dividends is at the discretion of our Board of Directors and is based on our future earnings, cash flow, financial condition, capital requirements, changes in taxation laws, general economic condition and any other relevant factors. The ABL Revolver and the Secured Term Loan each contain customary covenants restricting our ability to pay dividends or repurchase stock. Refer to Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Debt. We currently do not anticipate paying dividends or repurchasing additional shares under the Repurchase Program.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
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