Common use of IPO Proceeds Clause in Contracts

IPO Proceeds. Without duplication of subsection 1.9(c), upon the consummation of an IPO, promptly upon receipt of the Net Issuance Proceeds of such IPO by Holdings or any direct or indirect parent of Holdings who is the IPO issuer, Borrower shall deliver to Agent an amount equal to the Net Issuance Proceeds of such IPO in an amount not less than an amount sufficient to cause the Leverage Ratio for the period of twelve (12) consecutive Fiscal Periods most recently ended for which financial statements have been delivered or are required to be delivered pursuant to Section 4.1, on a pro forma basis after giving effect to such prepayment, to be equal to or less than 4.25 (or, if less, the amount of such proceeds Net Issuance Proceeds), for application to the Loans in accordance with subsection 1.9(g).