Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As previously reported, on April 14, 2022, the Senior Connect Acquisition Corp.
I (the "Company") issued a promissory note ("Promissory Note") to Health Connect
Acquisition Holdings LLC (the "Sponsor"), pursuant to which the Sponsor agreed
to provide a working capital loan to the Company of up to $3.0 million. The
Promissory Note was to be repaid on the earlier of (i) December 31, 2022 and
(ii) the effective date of a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination, involving the Company
and one or more businesses, without interest.
As previously reported, on December 12, 2022, the Company filed with the
Secretary of State of the State of Delaware an amendment (the "Extension
Amendment") to the Company's amended and restated certificate of incorporation
to change the date by which the Company must consummate an initial business
combination from December 15, 2022 to the December 15, 2023, or such earlier
date as determined by the Board of Directors of the Company.
On March 1, 2023, the Company and Sponsor amended and restated the Promissory
Note (the "A&R Promissory Note") such that the A&R Promissory Note will be
repaid on the earlier of (i) December 15, 2023 and (ii) the effective date of a
merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination, involving the Company and one or more businesses,
without interest.
As of March 1, 2023, the Company was provided aggregate advances of $1,692,640
in loan proceeds pursuant to the A&R Promissory Note.
The foregoing description of the A&R Promissory Note is qualified in its
entirety by the full text of the A&R Promissory Note, which is filed as Exhibit
10.1 hereto and incorporated herein by reference.
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