Nautilus 2005 Annual Report Download - page 107

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Section 2.10. Computation of Interest and Fees
. Interest on Loans and facility and other fees and charges hereunder shall be computed on
the basis of a year having three hundred sixty (360) days and calculated for the actual number of days elapsed.
Section 2.11. Mandatory Payments .
(a) If, at any time, the Revolving Credit Exposure shall exceed the Total Commitment Amount as then in effect, Borrower shall, as
promptly as practicable, but in no event later than the next Business Day, pay an aggregate principal amount of the Revolving Loans sufficient
to bring the Revolving Credit Exposure within the Total Commitment Amount.
(b) If, at any time, the Swing Line Exposure shall exceed the Swing Line Commitment, Borrower shall, as promptly as practicable, but in
no event later than the next Business Day, prepay an aggregate principal amount of the Swing Loans sufficient to bring the Swing Line
Exposure within the Swing Line Commitment.
(c) Unless otherwise designated by Borrower, each prepayment pursuant to Section 2.11(a) hereof shall be applied in the following order
(i) first, on a pro rata basis for the Lenders, to outstanding Base Rate Loans, and (ii) second, on a pro rata basis for the Lenders, to outstanding
Eurodollar Loans (to Eurodollar Loans with the earliest Interest Adjustment Dates first), provided that if the outstanding principal amount of
any Eurodollar Loan shall be reduced to an amount less than the minimum amount set forth in Section 2.5 hereof as a result of such
prepayment, then such Eurodollar Loan shall be converted into a Base Rate Loan on the date of such prepayment. Any prepayment of a
Eurodollar Loan or Swing Loan pursuant to this Section 2.11 shall be subject to the prepayment penalties set forth in Article III hereof.
Section 2.12. Springing Security Interest .
(a) Generally . On the Closing Date, Borrower and each Guarantor of Payment shall execute and deliver to Agent, for the benefit of the
Lenders, the Springing Security Documents required to be delivered pursuant to Section 4.2 hereof. Agent and the Lenders acknowledge that
the Springing Security Documents will be held in escrow by Agent and that any Lien granted by Borrower or a Guarantor of Payment in the
Springing Security Documents shall not be effective until the Triggering Event Date.
(b) Automatic and Retroactive Effect . On the Triggering Event Date the Springing Security Documents shall be automatically released
from escrow and be fully effective retroactively as of the Closing Date, without Agent or any Lender taking any action or providing notice of
any kind to Borrower or any Guarantor of Payment.
(c) Perfection of Security Interests of Agent and the Lenders . At any time on or after the Triggering Event Date, Agent shall be
authorized to take all such action (including, but not limited to, filing U.C.C. Financing Statements and other appropriate filings in the
appropriate filing offices) that Agent, in its reasonable judgment deems advisable under the circumstances, in order to perfect the Liens granted
to Agent, for the benefit of the Lenders, pursuant to the Springing Security Documents. Borrower hereby authorizes Agent to take such action
and make
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