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"Borrower" means Florida Convalescent Centers, Inc., a corporation, duly organized and existing under the laws of the State of Florida, and its successors and assigns. "Business Day" means a day other than (i) a Saturday, Sunday or other day on which banking institutions in the State or the city in which the Principal Office of the Trustee, the Registrar and Paying Agent, the Remarketing Agent or the Credit Facility Provider is located are authorized or required to close and (ii) a day on which the New York Stock Exchange is closed. "Code" means the Internal Revenue Code of 1986, as amended, or any applicable predecessor statutory provisions, and the applicable regulations thereunder. "Credit Facility" means the letter of credit issued by The Toronto - Dominion Bank, Chicago Branch on the date of the initial authentication and delivery of the Bonds, as amended, modified or supplemented from time to time, and any Qualified Credit Facility or Alternate Credit Facility. "Credit Facility Agreement" means the Reimbursement Agreement dated as of , 1987 between the Borrower and The Toronto -Dominion Bank, acting through its Chicago Branch, and any other agreement between the Borrower and a Credit Facility Provider pursuant to which a Credit Facility is issued, as such agreements may be amended, modified or supplemented from time to time. "Credit Facility Bond" means any Bond during the period from and including the day on which it is purchased with amounts realized under the Credit Facility to but excluding the earlier of (i) the day on which it is held other than by, on behalf of or as security for the Credit Facility Provider and (ii) the day on which the Credit Facility Provider delivers to the Registrar and Paying Agent written notice of its election not to permit the sale of such Bond following receipt of notice from the Registrar and Paying Agent that such Bond can be remarketed. "Credit Facility Provider" means the issuer of the Credit Facility then in effect, if any. "Event of Default" means any Event of Default specified in Section 6.01 hereof. "Fiscal Year" means the fiscal year of the Borrower, being the period commencing on of any calendar year and ending on of the immediately succeeding calendar year, or such other 12 -month period as the Borrower shall establish as its fiscal year by written notice to the Trustee. "Fixed Rate" means the fixed rate or rates of interest borne by the Bonds during each Fixed Rate Period, determined in accordance with Section 2.03 of the Indenture and Section 4(b) of the Bonds. "Fixed Rate Date" means the first day of each Fixed Rate Period. - 4 -