Nautilus 2001 Annual Report Download - page 72

mortgages, deeds of trust, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with
the Indebtedness.
SECURITY AGREEMENT. The words "Security Agreement" mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or
creating a Security Interest.
SECURITY INTEREST. The words "Security Interest" mean and include without limitation any type of collateral security, whether in the form
of a lien, charge, mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust
receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever,
whether created by law, contract or otherwise.
SARA. The word "SARA" means the Superfund Amendments and Reauthorization Act of 1986 as now or hereafter amended.
SUBORDINATED DEBT. The words "Subordinated Debt" mean indebtedness and liabilities of Borrower which have been subordinated by
written agreement to indebtedness owed by Borrower to Lender in form and substance acceptable to Lender.
TANGIBLE NET WORTH. The words "Tangible Net Worth" mean Borrower's total assets excluding all intangible assets (i.e., goodwill,
trademarks, patents, copyrights, organizational expenses, and similar intangible items, but including leaseholds and leasehold improvements)
less total Debt.
WORKING CAPITAL. The words "Working Capital" mean Borrower's current assets, excluding prepaid expenses, less Borrower's current
liabilities.
CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial Loan Advance and each subsequent Loan
Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and
in the Related Documents.
LOAN DOCUMENTS. Borrower shall provide to lender in form satisfactory to Lender the following documents for the Loan: (a) the Note; (b)
Security Agreements granting to lender security interests in the Collateral; (c) Financing Statements perfecting lender's Security Interests; (d)
evidence of insurance as required below; and (d) any other documents required under this Agreement or by lender or its counsel.
BORROWER'S AUTHORIZATION. Borrower shall have provided in form and substance satisfactory to lender properly certified resolutions,
duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents, and such other authorizations and other
documents and instruments as Lender or its counsel, in their sole discretion, may require.
PAYMENT OF FEES AND EXPENSES. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document.
REPRESENTATIONS AND WARRANTIES. The representations and warranties set forth in this agreement, in the Related Documents, and in
any document or certificate delivered to Lender under this Agreement are true and correct.
NO EVENT OF DEFAULT. There shall not exist at the time of any advance a condition which would constitute of Event of Default under this
Agreement.
REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to lender, as of the date of this Agreement, as of the date of
each disbursement of Loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness
exists:
2002. EDGAR Online, Inc.