EXEMPT NET PROCEEDS

EXEMPT NET PROCEEDS. Notwithstanding the foregoing during the time period from March 12, 2003 through September 30, 2004 (the "WAIVER PERIOD"), and provided that no Default or Event of Default has occurred during such Waiver Period, the Borrower may receive net proceeds from the issuance of equity securities, which otherwise would constitute Net Proceeds, in an amount up to Twenty Five Million Dollars ($25,000,000) (the "EXEMPT NET PROCEEDS"), and such... Exempt Net Proceeds shall not be subject, 1. during the Waiver Period and thereafter, to the provisions of this Section 3.1(d); provided, however, any amounts received in excess of Twenty Five Million Dollars ($25,000,000) during the Waiver Period shall be subject to the provisions of this Section 3.1(d). View More