Nautilus 2011 Annual Report Download - page 54

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Table of Contents
There were no changes in our internal control over financial reporting that occurred during the three months ended December 31, 2011 that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
Given the timing of the event, the following information is included in this Form 10-K pursuant to Item 1.01 of Form 8-
K "Entry into a Material
Definitive Agreement" in lieu of filing a Form 8-K.
On March 12, 2012, we and Bank of the West entered into a Fourth Amendment (the “Loan Amendment”)
of the Credit Agreement by and
between the Company and Bank of the West, dated as of March 8, 2010, as amended (the “Loan Agreement”).
Under the Loan Agreement, Bank
of the West provides us with up to $15.0 million in revolving credit, which is available for working capital, standby letters of credit and general
corporate purposes through August 31, 2012, assuming we satisfy certain terms and conditions at the time borrowings are requested. Pursuant to
the Loan Amendment, the maturity date of the Loan Agreement was extended from August 31, 2012 to December 31, 2012.
Additionally, on September 3, 2010, we issued to certain entities under common control of Sherborne Investors GP, LLC and its affiliates
$6,096,996 in aggregate principal amount at maturity of our Increasing Rate Senior Discount Notes due December 31, 2012 (the “Notes”).
The
maturity date of the Notes is automatically extended up to 180 days in the event we extend the maturity date of the Loan Agreement. As a result
of the Loan Amendment, the maturity date of the Notes was automatically extended from December 31, 2012 to May 2, 2013.
The foregoing description of the Loan Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of
the Amendment, attached hereto as Exhibit 10.45.
47