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L., thereby in substitution for or replacement of another Credit Facility, on a day that would otherwise be a Mandatory Tender Date for such Bonds. The Trustee is required under the Indenture to return any Credit Facility on the effective date of any Qualified Credit Facility replacing it and 15 days after the effective date of any Alternate Credit Facility replacing it. The stated expiration date of any substitute Credit Facility must be on or after the 15th day of a calendar month not earlier than the earlier of (i) the date that is one year after the effective date of such substitute Credit Facility and (ii) the maturity date of the Bonds secured thereby. THE COMPANY The owner of the Projects is Florida Convalescent Centers, Inc., a Florida corporation which was incorporated in March, 1983. The Company was formed by James 0. McCarver for the purpose of developing nursing home facilities, and since its incorporation he has been its sole activedirector, president and owner of all of the outstanding common stock. Beginning in 1983, the Company filed numerous applications principally in the State of Florida seeking to obtain certificates of need to develop nursing home facilities. 20 certificates of need have been issued by the Department of Health and Rehabilitative Services of the State of Florida, and NHC has entered into various agreements to provide the Company with assistance in arranging and providing the financing to construct and manage up to 18 of the facilities in the State of Florida, including the Projects. The principal asset of the Company consists of the certificates of need and the nursing home facilities. James 0. McCarver, age 62, graduated in 1952 from The University of Texas with a Bachelor of Business Administration with a major in accounting and in 1954 from The University of Texas School of Law with a Bachelor of Laws Degree. Mr. McCarver began in 1965 to provide professional legal services to clients in the nursing home industry and, since 1975, he has devoted full time in the health care industry as a consultant, developer, owner -developer or manager of nursing homes and retirement facilities. DEFINITIONS OF CERTAIN TERMS In addition to the terms defined elsewhere in this Official Statement, the following are definitions of certain terms used in this Official Statement. Terms used but not defined in this Official Statement shall have the meanings set forth with regard to the Bonds of each Issue in the respective Indentures and Loan Agreements. "Available Moneys" means moneys held by or on behalf of the Trustee or the Registrar and Paying Agent for the Bonds of an Issue (i) that constitute proceeds of such Bonds; (ii) that were received by the Trustee or the Registrar and Paying Agent from the remarketing of such Bonds by the Remarketing Agent; (iii) that were realized by the Trustee or the Registrar -21-