Nautilus 2005 Annual Report Download - page 102

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(iii) Participation in Swing Loans . If, for any reason, Agent is unable to or, in the opinion of Agent, it is impracticable to, convert
any Swing Loan to a Revolving Loan pursuant to the preceding Section 2.2(c)(ii), then on any day that a Swing Loan is outstanding
(whether before or after the maturity thereof), Agent shall have the right to request that each Lender purchase a participation in such
Swing Loan, and Agent shall promptly notify each Lender thereof (by facsimile or telephone, confirmed in writing). Upon such notice,
but without further action, the Swing Line Lender hereby agrees to grant to each Lender, and each Lender hereby agrees to acquire from
the Swing Line Lender, an undivided participation interest in such Swing Loan in an amount equal to such Lender’s Commitment
Percentage of the principal amount of such Swing Loan. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to Agent, for the benefit of the Swing Line
Lender, such Lender’s ratable share of such Swing Loan (determined in accordance with such Lender’s Commitment Percentage). Each
Lender acknowledges and agrees that its obligation to acquire participations in Swing Loans pursuant to this Section 2.2(c)(iii) is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, the occurrence and
continuance of a Default or an Event of Default, and that each such payment shall be made without any offset, abatement, recoupment,
counterclaim, withholding or reduction whatsoever and whether or not such Lender’s Revolving Credit Commitment shall have been
reduced or terminated. Each Lender shall comply with its obligation under this Section 2.2(c)(iii) by wire transfer of immediately
available funds, in the same manner as provided in Section 2.5 hereof with respect to Revolving Loans to be made by such Lender.
Section 2.3. Interest .
(a) Revolving Loans .
(i) Base Rate Loan . Borrower shall pay interest on the unpaid principal amount of a Base Rate Loan outstanding from time to time
from the date thereof until paid at the Derived Base Rate from time to time in effect. Interest on such Base Rate Loan shall be payable,
commencing December 31, 2005, and on each Regularly Scheduled Payment Date thereafter and at the maturity thereof.
(ii) Eurodollar Loans
. Borrower shall pay interest on the unpaid principal amount of each Eurodollar Loan outstanding from time to
time, fixed in advance on the first day of the Interest Period applicable thereto through the last day of the Interest Period applicable
thereto (but subject to changes in the Applicable Margin for Eurodollar Loans), at the Derived Eurodollar Rate. Interest on such
Eurodollar Loan shall be payable on each Interest Adjustment Date with respect to an Interest Period (provided that if an Interest Period
shall exceed three months, the interest must be paid every three months, commencing three months from the beginning of such Interest
Period).
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