Nautilus 2009 Annual Report Download - page 193

(m) The Debtor shall at any time and from time to time execute and deliver, or cause to be executed and delivered, such other
agreements, instruments, certificates and documents and take, or cause to be taken, such other actions as the Secured Party may request to insure
the continued protection, perfection and priority of the Secured Party’s security interest in any of the Collateral.
6. Events of Default . The occurrence of any Event of Default under and as defined in the Note shall be deemed to constitute an “ Event of
Default ” hereunder.
7. Rights and Remedies of Secured Party . Upon the occurrence and during the continuance of any Event of Default, the Secured Party
shall have the following rights and remedies:
(a) All rights and remedies provided by law, including, without limitation, those provided by the UCC;
(b) All rights and remedies provided in this Agreement; and
(c) All rights and remedies provided in the Note or any other agreement, document or instrument pertaining to the Secured
Obligations.
8. Right of Secured Party to Dispose of Collateral, etc . Upon the occurrence and during the continuance of any Event of Default, but
subject to the provisions of the UCC or other applicable law, the Secured Party shall have the right to take possession of the Collateral and, in
addition thereto, the right to enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom
in a commercially reasonable manner. The Secured Party may require the Debtor to make the Collateral (to the extent the same is moveable)
available to the Secured Party at a place to be designated by the Secured Party that is reasonably convenient to both parties or transfer any
information related to the Collateral to the Secured Party by electronic medium. Unless the Collateral is perishable, subject to a rapid decline in
value or is of a type customarily sold on a recognized market, the Secured Party will give the Debtor at least ten (10) days’
prior written notice in
accordance with Section 14 hereof of the time and place of any public sale thereof or of the time after which any private sale or any other
intended disposition thereof is to be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law
(including the UCC) that reasonable notification be given of the time and place of such sale or other disposition. The Secured Party may comply
with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral.
9. Proceeds of Collateral . After deducting all reasonable costs and expenses of collection, storage, custody, sale or other disposition and
delivery (including legal costs and reasonable attorneys’ fees) and all reasonable other charges against the Collateral, the residue of the proceeds
of any such sale or disposition shall be applied to the payment of the Secured Obligations by the Secured Party in accordance with the terms of
the Note and any surplus shall be returned to the Debtor or to any person or party lawfully entitled thereto (including, if
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