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Jack Nathan Health Secures Revolving Credit Facility from Wal-Mart Canada

September 27, 2022, 07:00 AM
Filed Under: Healthcare

Jack Nathan Medical Corp. and Wal-Mart Canada Corp. entered into a loan agreement (the “Loan Agreement”) in order to establish a new revolving credit facility in an amount not to exceed CAD$2,000,000 in favor of the Company maturing on a date that is the earlier of (i) the date upon which demand is made by Walmart Canada pursuant to the provisions of the Loan Agreement and (i) the date that is six months from the date of entering into the Loan Agreement, as such date may be extended by Walmart Canada from time to time, in its sole discretion (the “Maturity Date”). Any advances of the Loan accrue interest at a rate of 7% per annum from and including the date of such advance, to but excluding the date of repayment. Notwithstanding the right of Walmart Canada to make demand for repayment at any time, provided such demand is at least ninety (90) days from the closing date, the full amount of all advances outstanding under the Loan Agreement, together with all interest accrued and any other amounts owing, shall be repaid on the Maturity Date.

The Loan will be used by JNH for general working capital of the Company and its subsidiaries.

Jack Nathan Medical Corp., operating as Jack Nathan Health, is one of Canada’s largest healthcare networks.



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