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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, which was added to the $33.5 million remaining from the previous authorization.
−Removed: The share repurchase program is subject to the ABL Revolver and Term Loan restrictions and 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.
+Added: The share repurchase program is subject to the ABL Revolver's and Term Loan's restrictions and 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.
Any share repurchases will be completed in the open market at times and in amounts considered appropriate based on price and market conditions.
The ABL Revolver and the Term Loan each contain customary covenants restricting our ability to pay dividends or repurchase stock.
−Removed: We are restricted from paying dividends or repurchasing stock until the third quarter of fiscal 2021 at the earliest, after which certain limitations apply.
−Removed: We currently do not anticipate paying dividends or repurchasing additional shares under our share repurchase program.
+Added: As of October 30, 2021, we are limited in our ability to pay dividends, repurchase stock, and make certain restricted payments above a maximum of $10.0 million over the term of the Term Loan.
+Added: We currently do not anticipate paying dividends or repurchasing additional shares under our share repurchase program during fiscal 2021.
Defaults Upon Senior Securities
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.