LOANS BY PURCHASER TO PHCG NEW. YORK PRIOR TO THE SECOND ------------------------------------------------------- CLOSING. ------- From and after the First Closing, Purchaser may elect to advance funds to PHCG New York, at such time, in such amount and on such terms as it may determine in its sole discretion (such funds in the aggregate, the "Loans"). In ----- the event that the New York State Public Health Council does not approve the transfer of the home care services agency license of PHCG New York to Purchaser, PHCG New York shall, and Xxxxxxx shall cause PHCG New York to, repay to Purchaser the Loans in full, together with interest thereon at a rate equal to 8% per annum, accruing from the date of each such advance, through and including the date of repayment; provided, however, that such obligation of PHCG New York -------- ------- to repay the Loans to Purchaser shall not exceed an amount equal to the revenues of PHCG New York attributable to the period commencing on the First Closing Date and ending on the date of repayment, and provided further that (i) such -------- ------- repayment obligation shall only apply to Loans consented to by Xxxxxxx and (ii) Xxxxxxx hereby consents to all Loans from Purchaser to PHCG New York which do not at any time exceed $350,000 in the aggregate principal amount outstanding.
