Common use of Qualified IPO Clause in Contracts

Qualified IPO. Notwithstanding anything to the contrary in this Agreement, from and after the occurrence of a Qualified IPO by the Borrower, (i) the Holding Companies shall no longer constitute Loan Parties or be required to provide a guaranty of, or any collateral security for, the Obligations and (ii) all covenants and obligations under the Loan Documents applicable to the Holding Companies shall cease to apply with respect to the Holding Companies.

Qualified IPO. Notwithstanding anything to the contrary in this Agreement, from and after the occurrence of a Qualified IPO by the Borrower, (i) the Holding Companies shall no longer constitute Loan Parties or be required to provide a guaranty of, or any collateral security for, for the Obligations and (ii) all covenants and obligations under the Loan Documents applicable to the Holding Companies shall cease to apply with respect to the Holding Companies.