Nautilus 2009 Annual Report Download - page 320

Borrower’s property as in the opinion of Lender (in Lender’s reasonable discretion) is a substantial part; or any such proceeding shall be
instituted against Borrower that is not dismissed within 60 days after the institution thereof, or Borrower shall take any corporate action to
authorize any of the actions set forth above in this Section 10.1(g); or any Governmental Authority shall declare or take any action that operates
as a moratorium on the payment of debts of Borrower.
Section 10.2 Consequences of Default . If any Event of Default shall occur and be continuing, then in any such case and at any time
thereafter so long as any such Event of Default shall be continuing, Lender at its option (and without prior notice to Borrower) immediately may
terminate its commitment with respect to the Revolving Credit Facility. In addition, in the event of an uncured Event of Default, Lender at its
option may declare the principal of and the interest on the Note and all other sums payable by Borrower under this Agreement or under any of
the Loan Documents to be immediately due and payable (with interest accruing thereon at the Default Rate), whereupon the same shall become
immediately due and payable without protest, presentment, notice, or demand, all of which Borrower expressly waives. Furthermore, upon the
occurrence of an Event of Default pursuant to Section 10.1(g) of this Agreement, all of the Obligations immediately shall be due and payable
(with interest accruing and payable thereon at the Default Rate) and Lender’s commitment in respect of the Revolving Credit Facility shall
terminate.
Section 10.3 Remedies
. Upon the occurrence of an Event of Default, Lender from time to time may exercise any rights and remedies
available to it under the Uniform Commercial Code and any other applicable law in addition to, and not in lieu of, any rights and remedies
expressly granted in this Agreement, or in any of the other Loan Documents.
ARTICLE XI
MISCELLANEOUS AND GENERAL TERMS AND CONDITIONS
Section 11.1 Remedies Cumulative
. No failure by Lender to exercise any right, power, or remedy under this Agreement, or any Loan
Document, and no delay by Lender in exercising any right, power, or remedy under this Agreement or any Loan Document, shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, power, or remedy under this Agreement or any Loan Document preclude any
other or further exercise thereof, or the exercise of any other right, power, or remedy. The exercise of any right, power, or remedy shall in no
event constitute a cure or waiver of any Event of Default under this Agreement, the Note, or the other Loan Documents, or the right of Lender to
exercise any right under this Agreement, the Note, or any of the other Loan Documents, unless, in the exercise of such right, all obligations of
Borrower under this Agreement, the Note, and the other Loan Documents are paid in full. The rights and remedies provided in this Agreement
and the other Loan Documents are cumulative and not exclusive of any right or remedy provided by law. Time is of the essence and the
provisions of this Agreement, the Note, and the other Loan Documents shall be enforced strictly.
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