Nautilus 2005 Annual Report Download - page 130

proceeding filed against it and the same shall continue undismissed for a period of thirty (30) days from commencement of such proceeding or
case, or file a petition or an answer or an application or a proposal seeking reorganization or an arrangement with creditors or seeking to take
advantage of any other law (whether federal, provincial or state, or, if applicable, other jurisdiction) relating to relief of debtors, or admit (by
answer, by default or otherwise) the material allegations of a petition filed against it in any bankruptcy, reorganization, insolvency or other
proceeding (whether federal, provincial or state, or, if applicable, other jurisdiction) relating to relief of debtors, (g) suffer or permit to continue
unstayed and in effect for thirty (30) consecutive days any judgment, decree or order entered by a court of competent jurisdiction, that approves
a petition or an application or a proposal seeking its reorganization or appoints an interim receiver, a receiver and manager, an administrator,
custodian, trustee, interim trustee or liquidator of all or a substantial part of its assets or of such Company, (h) have an administrative receiver
appointed over the whole or substantially the whole of its assets or of such Company, whose appointment is not rescinded within thirty
(30) days thereafter, (i) take, or omit to take, any action in order thereby to effect any of the foregoing have assets the value of which is less
than its liabilities (taking into account prospective and contingent liabilities), or (j) have a moratorium declared in respect of any of its
Indebtedness, or any analogous procedure or step is taken in any jurisdiction, which is not rescinded within thirty (30) days thereafter.
ARTICLE VIII. REMEDIES UPON DEFAULT
Notwithstanding any contrary provision or inference herein or elsewhere:
Section 8.1. Optional Defaults . If any Event of Default referred to in Section 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 or 7.11 hereof
shall occur, Agent may, with the consent of the Required Lenders, and shall, at the written request of the Required Lenders, give written notice
to Borrower to:
(a) terminate the Commitment, if not previously terminated, and, immediately upon such election, the obligations of the Lenders, and
each thereof, to make any further Loan and the obligation of the Fronting Lender to issue any Letter of Credit immediately shall be terminated;
and/or
(b) accelerate the maturity of all of the Obligations (if the Obligations are not already due and payable), whereupon all of the Obligations
shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice
of any kind, all of which are hereby waived by Borrower.
Section 8.2. Automatic Defaults . If any Event of Default referred to in Section 7.12 hereof shall occur:
(a) all of the Commitment shall automatically and immediately terminate, if not previously terminated, and no Lender thereafter shall be
under any obligation to grant any further Loan, nor shall the Fronting Lender be obligated to issue any Letter of Credit; and
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