Common Stock Ownership. Southern shall be satisfied in its sole discretion that it will own more than 80% of the outstanding common stock of Southern Energy following the IPO. All other conditions to permit the Distribution to qualify as a tax-free distribution to Southern, Southern Energy and Southern's stockholders shall, to the extent applicable as of the time of the IPO, be satisfied, and there shall be no event or condition that is likely to cause any of such conditions not to be satisfied as of the time of the Distribution or thereafter.
Appears in 2 contracts
Sources: Master Separation and Distribution Agreement (Savannah Electric & Power Co), Master Separation and Distribution Agreement (Southern Energy Inc)
Common Stock Ownership. Southern shall be satisfied in its sole discretion that it will own more than 80% of the outstanding common stock of Southern Energy following the IPO. All other conditions to permit the Distribution to qualify as a tax-free distribution to Southern, Southern Energy and Southern's stockholders shall, to the extent applicable as of the time of the IPO, be satisfied, and there shall be no event or condition that is likely to cause any of such conditions not to be satisfied as of the time of the Distribution or thereafter.free
Appears in 1 contract
Sources: Master Separation and Distribution Agreement (Southern Energy Inc)