Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 124

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 124
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 and $90,906,217, respectively. As of September 30, 2024 and December 31, 2023, the Company recorded a liability of $42,778,061 and $85,092,695, respectively, and IDC owed the remaining $10,559,808 and $5,813,522, respectively. Total available borrowing capacity on the Revolver as of September 30, 2024 was $(11,682,375), net of a $2,000,065 reserve required on the Revolver. The borrowing base calculation is based on Lyneer’s eligible assets. Borrowings under the Revolver are classified as SOFR Revolving Credit Loans, SOFR FILO Loans, Base Rate Revolving Credit Loans, Base Rate FILO Loans or Swing -LineLoans (each as defined in the Revolver). Applicable margins for each loan type under the original facility are as follows:

| Average Availability                                                 |     |         SOFR 
    Revolving 
 Credit Loans |   |     |    Base Rate 
    Revolving 
 Credit Loans |   |     |       SOFR 
 FILO Loans |   |     |  Base Rate 
 FILO Loans |   |
| Greater than $83,333,333.33                                          |     |         1.75 | % |     |         0.75 | % |     |       2.75 | % |     |       1.75 | % |
| Greater than $41,666,666.66 but less than or equal to $83,333,333.33 |     |         2.00 | % |     |         1.00 | % |     |       3.00 | % |     |       2.00 | % |
| Less than $41,666,666.66                                             |     |         2.25 | % |     |         1.25 | % |     |       3.25 | % |     |       2.25 | % |

Swing Line Loans on the Revolver bear interest at a rate equal to the Base Rate (as defined) plus the applicable margin.

59

On May 5, 2023, Lyneer entered into the Third Amendment to the Revolver. The Third Amendment to the Revolver was treated as a modification based upon Lyneer’s analysis according to ASC 470 — Debt. As such, Lyneer is deferring the recognition of the