Nautilus 2005 Annual Report Download - page 150

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NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein and for other valuable consideration,
Borrower, Agent and the Lenders agree as follows:
1. Retroactive Amendment to Definitions . Article I of the Credit Agreement is hereby retroactively amended, effective as of
December 31, 2005, to the delete the definitions of “Consolidated Capital Expenditures” and “Triggering Event Date” therefrom and to insert
in place thereof, respectively, the following:
“Consolidated Capital Expenditures” shall mean, for any period, the amount of capital expenditures of Borrower, as determined on
a Consolidated basis and in accordance with GAAP; provided, however, that, for purposes of calculating the Fixed Charge Coverage
Ratio and the related financial covenant set forth in Section 5.7(b) hereof, the following capital expenditures made by Borrower for the
purchase of a new chief executive office shall be excluded from the calculation of Consolidated Capital Expenditures: (a) during the
period from January 1, 2005 through March 31, 2005, an amount equal to Zero Dollars ($0), (b) during the period from April 1, 2005
through June 30, 2005, an amount equal to Five Million One Hundred Twelve Thousand Seven Hundred Fifty-Three and 15/100 Dollars
($5,112,753.15), (c) during the period from July 1, 2005 through September 31, 2005, an amount equal to Four Million Nine Hundred
Two Thousand Three Hundred Ten and 98/100 Dollars ($4,902,310.98), and (d) during the period from October 1, 2005 through
December 31, 2005, an amount equal to Three Million Two Hundred Twenty Three Thousand Three Hundred Twenty-Six and 12/100
Dollars ($3,223,326.12).
“Triggering Event Date”
shall mean the earlier of (a) the first date that the Leverage Ratio is equal to or greater than 2.00 to 1.00, or
(b) the first date that an Event of Default shall occur after March 10, 2006.
2. Amendment to Definitions . Article I of the Credit Agreement is hereby amended to delete the definition of “Restricted Payment”
therefrom and to insert in place thereof the following:
“Restricted Payment” shall mean, with respect to any Company, (a) any Capital Distribution, or (b) any amount paid by such
Company in repayment, redemption, retirement or repurchase, directly or indirectly, of any Subordinated Indebtedness.
3. Addition to Definitions . Article I of the Credit Agreement is hereby amended to add the following new definition thereto:
“First Amendment Effective Date” shall mean March 10, 2006.
4. Amendment to Default Rate
. Section 2.3 of the Credit Agreement is hereby amended to delete subsection (c) therefrom and to insert in
place thereof the following:
(c) Default Rate . Anything herein to the contrary notwithstanding, if an Event of Default shall occur, upon the election of the
Required Lenders (i) the principal of each Loan and the unpaid interest thereon shall bear interest, until paid, at the Default