Undrawn Availability. If Undrawn Availability is less than $3,500,000 for any period of three consecutive days, within three (3) Business Days of such event, the Loan Parties shall be required to receive Net Cash Proceeds from the issuance of either new Equity Interests (other than Disqualified Equity Interests) or, with the consent of the Agent, Subordinated Indebtedness of Holdings subject to documentation, including a subordination agreement, acceptable to the Agent (it being agreed and understood that no payment in respect of any such Subordinated Indebtedness shall be permitted until the Obligations have been Paid in Full), which shall be utilized repay outstanding Revolving Advances (without a corresponding permanent reduction to the Revolving Commitments) to increase Undrawn Availability to an amount greater than $4,000,000 (the “Undrawn Availability Requirement”).
Appears in 3 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (B. Riley Financial, Inc.), Revolving Credit, Term Loan and Security Agreement (B. Riley Financial, Inc.), Revolving Credit, Term Loan and Security Agreement (B. Riley Financial, Inc.)