PERMITTED SUBORDINATED DEBT PREPAYMENTS

PERMITTED SUBORDINATED DEBT PREPAYMENTS. Means prepayments of amounts outstanding under the Atlantic Existing Credit Facility in an aggregate amount not to exceed $3,700,000; provided: (i) (a) such payments are made with not more than 50% of the net Cash proceeds (net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses) in excess of $10,000,000 received by the Company after the Closing Date from the sale of Capital Stock by the Company... (other than Capital Stock issued pursuant to an employee stock of stock option compensation plan); (b) such payments are made within five Business Days of the Company's receipt of such net Cash proceeds; (c) after giving effect to such payments, the sum of (i) the Company's cash on hand, (ii) the undrawn principal amount of the Revolving Commitment and (iii) the undrawn and available principal amount of loans under the Atlantic Term Loan Agreement, shall equal or exceed $10,000,000; and (f) no Default or Event of Default shall have occurred and be continuing or shall result therefrom; or (ii) such payments are made from an amount, if any, provided by Silver Point, one or more of the Senior Lenders or any of their Affiliates may, at their sole and absolute discretion expressly for such purpose. View More