Common use of Equity Issue Clause in Contracts

Equity Issue. The Parent shall procure that on each date on which the Parent or any of its Subsidiaries (other than a member of the CEAL Group to which the CEAL Exception Conditions apply) receives any net cash proceeds from any sale or issuance of Preferred Stock or common equity of (or cash capital contributions to) the Parent or any of its Subsidiaries an amount equal to 50 per cent. of the Net Cash Proceeds of the respective equity issuance or capital contribution shall be applied in accordance with Clause 13.3 (Application of Mandatory Prepayments), other than in relation to: (i) the issuances of the Parent Common Stock in accordance with any employee incentive plan of the Parent and its Subsidiaries (including as a result of the exercise of any options with respect thereto) in an aggregate amount not to exceed €30,000,000 in any fiscal year of the Parent; (ii) the equity contributions to any Subsidiary of the Parent made by the Parent or any other Subsidiary of the Parent; (iii) the issuance of shares specifically for the Refinancing of the Senior Subordinated Notes and/or the Parent Preferred Stock; and (iv) the issuance of the Parent Common Stock in an aggregate amount not to exceed €3,000,000 in any fiscal year of the Parent.