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40 <br />"NHC" means National HealthCorp L.P., a Delaware limited partnership, <br />and its successors and assigns. <br />"Note" means the Promissory Note of the Borrower as of the date hereof <br />executed and delivered to the Issuer in accordance with this Loan Agreement. <br />"Optional Tender Date" means, with respect to any Bond, a date on which <br />such Bond is required to be purchased upon the demand of the holder thereof in <br />accordance with Section 7(a) of such Bond. <br />"Outstanding" or "outstanding" means, when used with reference to <br />Bonds, as of any particular date, all Bonds authenticated and delivered under the <br />Indenture except: <br />(i) any Bond cancelled by the Registrar and Paying <br />Agent (or delivered to the Registrar for cancellation) at or <br />before such date; <br />(ii) any Bond for the payment of the principal or <br />Redemption Price of and interest on which provision shall <br />have been made as provided in Section 9.01 of the Indenture; <br />and <br />(iii) any Bond in lieu of or in substitution for which a <br />new Bond shall have been authenticated and delivered pursuant <br />to Article II, Section 3.04 or Section 8.03 of the Indenture. <br />"Principal Office" means (i) when used with reference to the Issuer, <br />the principal office of the Issuer, (ii) when used with reference to the Trustee <br />or the Registrar and Paying Agent, the corporate trust office of the Trustee or <br />the Registrar and Paying Agent, respectively, designated as such by written <br />notice to the Issuer, the Borrower, N11C, the Trustee, the Registrar and Paying <br />Agent, the Remarketing Agent and the Credit Facility Provider, (iii) when used <br />with reference to the Remarketing Agent, the Remarketing Agent, the office of the <br />Remarketing Agent, designated as such by written notice to the Issuer, the <br />Borrower, NHC, the Trustee, the Registrar and Paying Agent and the Credit <br />Facility Provider, and (iv) when used with reference to the Credit Facility <br />Provider, the office of the Credit Facility Provider at which demands for <br />payment under the Credit Facility must be presented. <br />"Project" means the construction and acquisition of the facilities more <br />particularly described in Exhibit A to this Loan Agreement, or such facilities, <br />as the context requires. <br />"Qualified Credit Facility" means any letter of credit, bond insurance <br />policy, bond purchase agreement, guaranty, line of credit, surety bond or similar <br />credit or liquidity facility meeting the requirements of and delivered to the <br />Trustee in accordance with Section 3.03(a) hereof, as amended, modified or <br />supplemented from time to time. <br />"Rating Agency" means Moody's Investors Service, or any other <br />securities rating agency that shall have assigned a rating that is then in <br />6 <br />