"Principal Office" means the principal office of the Lender located at
201 Fourth Avenue North, Nashville, Tennessee.
"Project" means construction, expansion and/or renovation of an
ambulatory surgery center owned by a Partnership or LLC.
"Property" or "Properties" means any interest in any kind of property
or asset, whether real, personal, or mixed, or tangible or intangible.
"Request for Advance" means a request by Borrower to Lender for
Advances under the Revolving Credit Note all in the form of Exhibit C.
"Revolving Credit Note" means that certain Amended and Restated
Revolving Credit Note issued by Borrower to Lender in the principal amount of
$12,000,000 in the form of Exhibit D hereto, as such may be amended.
"Seller Financing" means either: (i) the extension of credit to
Borrower that enables the Borrower to acquire a majority interest in a
Partnership or LLC, (ii) the extension of credit to Borrower by any seller of a
majority interest in an existing ambulatory surgery center, which sale is made
to Borrower, a Partnership, or an LLC, or (iii) the extension of credit to
Borrower by the seller of the assets in a Physician Practice Acquisition.
"Subsidiary" means any corporation of which more than fifty percent
(50%) of the issued and outstanding voting stock is owned or controlled at the
time as of which any determination is being made directly or indirectly, by
Borrower and/or by one or more of Borrower's Subsidiaries.
"Term Note" means that certain Consolidated, Amended, and Restated
Term Note in the principal amount of $5,749,245.88 issued by Borrower to the
order of Lender dated June 25, 1996 in the form of Exhibit E hereto, as such
may be amended.
"Voting Stock" means securities of any class of a corporation the
holders of which are ordinarily, in the absence of contingencies, entitled to
elect a majority of the corporate directors (or persons performing similar