If you do not give a server name, shutdown shuts down the Adaptive Server you are using. When you issue a shutdown command, Adaptive Server:
Disables logins, except for System Administrators
Performs a checkpoint in each database, flushing pages that have changed from memory to disk
Waits for currently executing SQL statements or procedures to finish
In this way, shutdown minimizes the amount of work that automatic recovery must do when you restart Adaptive Server.
The with nowait option shuts down Adaptive Server immediately. User processes are aborted, and recovery may take longer after a shutdown with nowait. You can help minimize recovery time by issuing a checkpoint command before you issue a shutdown with nowait command.