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NLS > SEC Filings for NLS > Form 8-K on 10-May-2013All Recent SEC Filings

Show all filings for NAUTILUS, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for NAUTILUS, INC.


Entry into a Material Definitive Agreement, Termination of a Material Definitive A

Item 1.01 Entry into a Material Definitive Agreement

On May 9, 2013, Nautilus, Inc. (the "Company") entered into a Program Agreement (the "Agreement") with Genesis Bankcard Services, Inc. ("Genesis"). Pursuant to the Agreement, Genesis will offer credit to consumers seeking to purchase the Company's products. Financing would be offered under the Genesis program to qualified borrowers in the United States whose credit applications have been declined by the Company's primary consumer finance provider.

Genesis will arrange for consumer loans approved under the program to be funded by an affiliate of Genesis, or by third-party lending institutions. Genesis will also provide certain marketing, credit screening, underwriting and account administration services in respect of credit accounts established under the program. In connection with each loan, Genesis remits the financed portion of the product's purchase price to the Company, net of applicable discounts specified in the Agreement.

The Agreement is effective until May 9, 2016, and will be automatically renewed for successive one-year terms unless the contract is terminated by either party upon not less than ninety (90) days prior written notice; provided, however, that after the first anniversary of the offering of consumer financing arrangements under the Agreement, either party may terminate the Agreement for convenience upon ninety (90) days prior written notice.

Item 1.02 Termination of a Material Definitive Agreement

By letter dated May 7, 2013 the Company terminated its Receivables Purchase Agreement (the "Monterey Agreement") with Monterey Financial Services, Inc. ("Monterey"), effective June 7, 2013. Monterey provided consumer credit to prospective purchasers of the Company's products whose credit applications had been denied by the Company's primary consumer finance provider. The Company will offer similar consumer financing opportunities to prospective customers under the Genesis program described in Item 1.01 above.

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