Nautilus 2005 Annual Report Download - page 104
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Section 2.5. Notice of Credit Event; Funding of Loans .
(a) Notice of Credit Event . Borrower, through an Authorized Officer, shall provide to Agent a Notice of Loan prior to (i) 10:00 A.M.
(Pacific time) on the proposed date of borrowing or conversion of any Base Rate Loan, (ii) 10:00 A.M. (Pacific time) three Business Days prior
to the proposed date of borrowing, conversion or continuation of any Eurodollar Loan, and (iii) 11:00 A.M. (Pacific time) on the proposed date
of borrowing of any Swing Loan. Borrower shall comply with the notice provisions set forth in Section 2.2(b)(ii) hereof with respect to Letters
of Credit.
(b) Funding of Loans . Agent shall notify each Lender of the date, amount and Interest Period (if applicable) promptly upon the receipt of
a Notice of Loan, and, in any event, by 1:00 P.M. (Pacific time) on the date such Notice of Loan is received. On the date that the Credit Event
set forth in such Notice of Loan is to occur, each such Lender shall provide to Agent, not later than 2:00 P.M. (Pacific time), the amount in
Dollars, in federal or other immediately available funds, required of it. If Agent shall elect to advance the proceeds of such Loan prior to
receiving funds from such Lender, Agent shall have the right, upon prior notice to Borrower, to debit any account of Borrower or otherwise
receive such amount from Borrower, on demand, in the event that such Lender shall fail to reimburse Agent in accordance with this subsection.
Agent shall also have the right to receive interest from such Lender at the Federal Funds Effective Rate in the event that such Lender shall fail
to provide its portion of the Loan on the date requested and Agent shall elect to provide such funds.
(c) Conversion of Loans . At the request of Borrower to Agent, subject to the notice and other provisions of this Section 2.5, the Lenders
shall convert a Base Rate Loan to one or more Eurodollar Loans at any time and shall convert a Eurodollar Loan to a Base Rate Loan on any
Interest Adjustment Date applicable thereto. Swing Loans may be converted by the Swing Line Lender to Revolving Loans in accordance with
Section 2.2(c)(ii) hereof.
(d) Minimum Amount . Each request for:
(i) a Base Rate Loan shall be in an amount of not less than One Million Dollars ($1,000,000), increased by increments of Five
Hundred Thousand Dollars ($500,000);
(ii) a Eurodollar Loan shall be in an amount of not less than Five Million Dollars ($5,000,000), increased by increments of One
Million Dollars ($1,000,000); and
(iii) a Swing Loan shall be in an amount of not less than Five Hundred Thousand Dollars ($500,000).
(e) Interest Periods . Borrower shall not request that Eurodollar Loans be outstanding for more than eight different Interest Periods at the
same time.
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