Net Liquidation Proceeds

Net Liquidation Proceeds. Means all amounts received by Borrower or the Company, as the case may be, from a Liquidity Event after deducting from such proceeds all expenses incurred by Borrower and/or the Company in connection therewith, and all taxes related thereto, provided, however, that any proceeds received by the Company and distributed to Borrower shall only be considered "Net Liquidation Proceeds" received by the Company but not Borrower.