Nautilus 2005 Annual Report Download - page 103

(b) Swing Loans . Borrower shall pay interest to Agent, for the sole benefit of the Swing Line Lender (and any Lender that shall have
purchased a participation in such Swing Loan), on the unpaid principal amount of each Swing Loan outstanding from time to time from the
date thereof until paid at a fixed rate equal to the Derived Swing Loan Rate applicable to such Swing Loan. Interest on each Swing Loan shall
be payable on the Swing Loan Maturity Date applicable thereto. Each Swing Loan shall bear interest for a minimum of one day.
(c) Default Rate . Anything herein to the contrary notwithstanding, if an Event of Default shall occur, (i) the principal of each Loan and
the unpaid interest thereon shall bear interest, until paid, at the Default Rate, (ii) the fee for the aggregate undrawn amount of all issued and
outstanding Letters of Credit shall be increased by two percent (2%) in excess of the rate otherwise applicable thereto, and (iii) in the case of
any other amount not paid when due from Borrower hereunder or under any other Loan Document, such amount shall bear interest at the
Default Rate.
(d) Limitation on Interest . Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum
Rate”). If Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted for, charged,
or received by Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (i) characterize any
payment that is not principal as an expense, fee, or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof, and
(iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the
Obligations.
Section 2.4. Evidence of Indebtedness .
(a) Revolving Loans . Upon request of a Lender, to evidence the obligation of Borrower to repay the Revolving Loans made by such
Lender and to pay interest thereon, Borrower shall execute a Revolving Credit Note in the form of the attached Exhibit A , payable to the order
of such Lender in the principal amount of its Revolving Credit Commitment, or, if less, the aggregate unpaid principal amount of Revolving
Loans made by such Lender; provided, however, that failure of a Lender to request a Revolving Credit Note shall in no way detract from
Borrower’s obligations to such Lender hereunder.
(b) Swing Loan . Upon request of the Swing Line Lender, to evidence the obligation of Borrower to repay the Swing Loans and to pay
interest thereon, Borrower shall execute a Swing Line Note in the form of the attached Exhibit B , and payable to the order of the Swing Line
Lender in the principal amount of the Swing Line Commitment, or, if less, the aggregate unpaid principal amount of Swing Loans made by the
Swing Line Lender; provided, however, that failure of the Swing Line Lender to request a Swing Line Note shall in no way detract from
Borrower’s obligations to the Swing Line Lender hereunder.
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