IPO Discount Rate definition
IPO Discount Rate means: (a) 85% if such IPO Event is consummated following the Effective Date and on or prior to July 31, 2025; (ii) 80% if such IPO Event is consummated on or following August 1, 2025, and on or prior to April 30, 2026; (iii) 75% if such IPO Event is consummated on or following May 1, 2026, and on or prior to April 30, 2027, and (iv) 70% if such IPO Event is consummated following April 30, 2027. “IPO Event” means a Qualified IPO and Non-Qualified IPO.