Common use of IPO Conversion Clause in Contracts

IPO Conversion. Evidence satisfactory to the Agent that (i) the Borrower's registration statement on Form S-1 as initially filed with the Commission on November 20, 1996 (and as amended on December 9, 1996 and on _________, which amendments are deemed approved by the Lenders) (A) shall not have been further amended except as approved by the Lenders and (B) shall have become effective, (ii) the IPO or another equity offering on terms acceptable to the Lenders (yielding proceeds net of transaction expenses of not less than $40,000,000), and (iii) the Plan of Conversion shall not have been amended except as approved by the Lenders and the Conversion shall have been consummated (such that the Borrower is the legal and beneficial owner of all of the Stock and Securities of Bridgefield Employers, and Bridgefield Employers is the legal and beneficial owner of all of the Stock and Securities of Bridgefield Casualty).