Exhibit 10.22
FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of February
15, 2013 by and among HEALTHCARE REALTY TRUST INCORPORATED, a corporation formed
under the laws of the State of Maryland (the “Borrower”), each of the Lenders
party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
(the “Administrative Agent”).

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other
parties have entered into that certain Credit Agreement dated as of October 14,
2011 (as amended and as in effect immediately prior to the effectiveness of this
Amendment, the “Credit Agreement”); and

WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend
certain provisions of the Credit Agreement on the terms and conditions contained
herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties hereto, the parties hereto agree
as follows:

Section 1. Specific Amendments to Credit Agreement. Upon the effectiveness of
this Amendment, the parties hereto agree that the Credit Agreement shall be
amended as follows:

(a)The Credit Agreement is amended by replacing the table in the definition of
“Applicable Percentage” contained in Section 1.01 in its entirety with the
following:

Pricing Level
Debt Ratings
(or their equivalents)
Revolving Loans that are Eurodollar Rate Loans, Base Rate Loans and Letter of
Credit Fees

Facility Fee
1
A-/A3 or better
0.95%
0.15%
2
BBB+/Baa1
1.05%
0.15%
3
BBB/Baa2
1.15%
0.20%
4
BBB-/Baa3
1.40%
0.30%
5
BB+/Ba1 and below
1.75%
0.35%

(b)The Credit Agreement is further amended by restating the definitions of
“Consolidated EBITDA”, “Eurodollar Rate” and “Revolving Termination Date”
contained in Section 1.01 in their entirety as follows:
    
“Consolidated EBITDA” means, for any period for the Consolidated Group, the sum
of (a) net income attributable to common stockholders (or its equivalent) plus
(b) to the extent deducted in determining net income attributable to common
stockholders (or its equivalent), (i) Consolidated Interest Expense, (ii) the
amount of income taxes (or minus the amount of tax benefits) and
(iii) depreciation and amortization; adjusted to exclude the effect (if any) of
(c) extraordinary or nonrecurring items, including without limitation: gains and
losses from the sale of operating properties; non-cash impairment charges; gains
and losses on early extinguishment of Indebtedness; severance and other
restructuring charges; and transaction costs of acquisitions not permitted to be
capitalized pursuant to GAAP, in each case on a consolidated basis determined in
accordance with GAAP. Except as otherwise

        

--------------------------------------------------------------------------------

expressly provided, the applicable period shall be for the four (4) consecutive
fiscal quarters ending as of the date of determination.

“Eurodollar Rate” means, for the Interest Period for any Borrowing of Revolving
Loans that bears interest at a rate based on the Eurodollar Rate, the rate of
interest, rounded up to the nearest whole multiple of one-hundredth of one
percent (0.01%), obtained by dividing (i) the rate of interest, rounded upward
to the nearest whole multiple of one-hundredth of one percent (0.01%), appearing
on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank
offered rate for deposits in Dollars at approximately 9:00 a.m. Pacific time,
two (2) Business Days prior to the date of commencement of such Interest Period
for purposes of calculating effective rates of interest for loans or obligations
making reference thereto, for an amount approximately equal to such Borrowing of
Revolving Loans and for a period of time approximately equal to such Interest
Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as
a decimal) of all reserves, if any, required to be maintained with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as
specified in Regulation D of the Board of Governors of the Federal Reserve
System (or against any other category of liabilities which includes deposits by
reference to which the interest rate on Eurodollar Rate Loans is determined or
any applicable category of extensions of credit or other assets which includes
loans by an office of any Lender outside of the United States of America). Any
change in such maximum rate shall result in a change in the Eurodollar Rate on
the date on which such change in such maximum rate becomes effective.

“Revolving Termination Date” means April 14, 2017, or such later date to which
the Revolving Termination Date may be extended pursuant to Section 2.15.

(c)The Credit Agreement is further amended by restating Section 2.06(a)(i)
thereof in its entirety as follows:

(i)    in the case of Loans other than Swing Line Loans, (A) notice thereof must
be received by 1:00 p.m. by the Administrative Agent (I) with respect to
Eurodollar Rate Loans, at least three (3) Business Days prior to the date of
prepayment and (II) with respect to Base Rate Loans, at least one (1) Business
Day prior to the date of prepayment, and (B) any such prepayment shall be in the
same minimum amounts as provided for Borrowings in Section 2.02(a), or, in each
case, the entire remaining principal amount thereof, if less; and

(d)The Credit Agreement is further amended by restating Section 2.09(e) thereof
in its entirety as follows:

(e)    If the Borrower exercises its right to extend the Revolving Termination
Date in accordance with Section 2.15, the Borrower agrees to pay to the
Administrative Agent for the account of each Lender, for each extension
exercised pursuant to such Section, a fee equal to 0.075% of the amount of such
Lender’s Revolving Committed Amount (whether or not utilized). Such fee shall be
due and payable in full on the date the Administrative Agent receives an
Extension Request pursuant to such Section.

(e)The Credit Agreement is further amended by restating Section 2.15 thereof in
its entirety as follows:

- -
        

--------------------------------------------------------------------------------

2.15    Extension of Revolving Termination Date.

The Borrower shall have the right, exercisable two times, to extend the current
Revolving Termination Date by six months in each case. For each desired
extension, the Borrower may exercise such right only by executing and delivering
to the Administrative Agent at least 30 days but not more than 90 days prior to
the current Revolving Termination Date, a written request for such extension (an
“Extension Request”). The Administrative Agent shall notify the Lenders if it
receives an Extension Request promptly upon receipt thereof. Subject to
satisfaction of the following conditions, for each Extension Request, the
Revolving Termination Date shall be extended for six months effective upon
receipt by the Administrative Agent of such Extension Request and payment of the
fee referred to in the following clause (ii): (i) immediately prior to such
extension and immediately after giving effect thereto, (x) no Default or Event
of Default shall exist and (y) the representations and warranties made or deemed
made by the Borrower and each other Credit Party in the Credit Documents to
which any of them is a party, shall be true and correct in all material respects
(or in the case of a representation or warranty qualified by materiality, true
and correct in all respects) on and as of the date of such extension with the
same force and effect as if made on and as of such date except to the extent
that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties shall have been true and
correct in all material respects (or in the case of a representation or warranty
qualified by materiality, true and correct in all respects) on and as of such
earlier date) and except for changes in factual circumstances specifically and
expressly permitted under the Credit Documents and (ii) the Borrower shall have
paid the Fees payable under Section 2.09(e). At any time prior to the
effectiveness of any such extension, upon the Administrative Agent’s request,
the Borrower shall deliver to the Administrative Agent a certificate from the
chief executive officer or chief financial officer certifying the matters
referred to in the immediately preceding clauses (i)(x) and (i)(y).

(f)The Credit Agreement is further amended by deleting Schedule 2.01 attached
thereto in its entirety and substituting in lieu thereof Schedule 2.01 attached
hereto.

(g)The Credit Agreement is further amended by deleting Schedule 5.07 attached
thereto in its entirety and substituting in lieu thereof Schedule 5.07 attached
hereto.

Section 2. Conditions Precedent. The effectiveness of this Amendment is subject
to receipt by the Administrative Agent of each of the following in form and
substance satisfactory to the Administrative Agent:

(a)    a counterpart of this Amendment duly executed by the Borrower, the
Administrative Agent and each of the Lenders;

(b)    a certificate of the Borrower, signed on behalf of the Borrower by the
Borrower’s chief executive officer or chief financial officer, certifying that,
since December 31, 2011, there has not been a material adverse change in the
condition (financial or otherwise), operations, business, assets, liabilities or
prospects of the Consolidated Group taken as a whole or in the facts and
information regarding such entities as represented to date, nor has there been a
downgrade of the Borrower’s credit rating of two or more notches.

(c)    the Borrower’s financial statements for the period ending September 30,
2012 included in the Borrower’s Form 10-Q filed with the SEC;

- -
        

--------------------------------------------------------------------------------

(d)    replacement Revolving Notes duly executed by the Borrower payable to each
Assignor Lender and Assignee Lender that requests a Revolving Note in the
original principal amount of such Lender’s Revolving Committed Amount as set
forth on Schedule 2.01 attached hereto;

(e)    evidence that all fees and expenses due and payable to the Administrative
Agent, any of the Lenders and any of their respective Affiliates have been paid;
and

(f)    such other documents, agreements and instruments as the Administrative
Agent may reasonably request.

Section 3. Reallocations. The Administrative Agent, the Borrower and each Lender
agree that upon the effectiveness of this Amendment, the amount of such Lender’s
Revolving Committed Amount and Revolving Commitment Percentage are as set forth
on Schedule 2.01 attached hereto. Simultaneously with the effectiveness of this
Amendment, the Revolving Committed Amounts of each of the Lenders, the
outstanding amount of all outstanding Revolving Loans and the participation
interests of the Lenders in any outstanding Letters of Credit and Swingline
Loans shall be reallocated among the Lenders in accordance with their respective
Revolving Commitment Percentages, and in order to effect such reallocations,
each Lender whose Revolving Committed Amount upon the effectiveness of this
Amendment exceeds its Revolving Committed Amount immediately prior to the
effectiveness of this Amendment (each an “Assignee Lender”) shall be deemed to
have purchased all right, title and interest in, and all obligations in respect
of, the Revolving Commitments of the Lenders whose Revolving Commitments are
less than their respective Revolving Committed Amounts immediately prior to the
effectiveness of this Amendment (each an “Assignor Lender”), so that the
Revolving Committed Amounts of each Lender will be as set forth on Schedule 2.01
attached hereto. Such purchases shall be deemed to have been effected by way of,
and subject to the terms and conditions of, Assignment and Assumptions without
the payment of any related assignment fee, and, except for replacement Revolving
Notes to be provided to the Assignor Lenders and Assignee Lenders in the
principal amount of their respective Revolving Committed Amounts, no other
documents or instruments shall be, or shall be required to be, executed in
connection with such assignments (all of which are hereby waived). The Assignor
Lenders and Assignee Lenders shall make such cash settlements among themselves,
through the Administrative Agent, as the Administrative Agent may direct (after
giving effect to any netting effected by the Administrative Agent) with respect
to such reallocations and assignments.

Section 4. Representations. The Borrower represents and warrants to the
Administrative Agent and the Lenders that:

(a)    Corporate and Governmental Authorization; No Contravention. The execution
and delivery by the Borrower of this Amendment and the performance by the
Borrower of its obligations hereunder and under the Credit Agreement as amended
by this Amendment are within the corporate power of the Borrower, have been duly
authorized by all necessary corporate action, require no action by or in respect
of, or filing with, any governmental body, agency or official or other Person
(except for any such action or filing that has been taken and is in full force
and effect) and do not contravene, or constitute a default under, any provision
of applicable law or regulation or of the Organization Documents of the Borrower
or of any material agreement, judgment, injunction, order, decree or other
material instrument binding upon the Borrower or result in the creation or
imposition of any Lien on any asset of the Borrower other than Liens created
pursuant to the Credit Documents.

- -
        

--------------------------------------------------------------------------------

(b)    Binding Effect. This Amendment and the Credit Agreement as amended by
this Amendment constitute valid and binding agreements of the Borrower,
enforceable against the Borrower in accordance with their terms.

(c)    No Default. No Default or Event of Default has occurred and is continuing
as of the date hereof nor will exist immediately after giving effect to this
Amendment.

Section 5. Reaffirmation of Representations. The Borrower hereby repeats and
reaffirms all representations and warranties made by the Borrower to the
Administrative Agent and the Lenders in the Credit Agreement as amended by this
Amendment and the other Credit Documents on and as of the date hereof with the
same force and effect as if such representations and warranties were set forth
in this Amendment in full.

Section 6. Certain References. Each reference to the Credit Agreement in any of
the Credit Documents shall be deemed to be a reference to the Credit Agreement
as amended by this Amendment. This Amendment is a Credit Document.

Section 7. Costs and Expenses. The Borrower shall reimburse the Administrative
Agent for all reasonable out-of-pocket costs and expenses (including Attorney
Costs) incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Amendment and the other agreements and
documents executed and delivered in connection herewith.

Section 8. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

Section 9. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT TAKING INTO
ACCOUNT CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE
LAW OF ANOTHER JURISDICTION).

Section 10. Effect; Ratification. Except as expressly herein amended, the terms
and conditions of the Credit Agreement and the other Credit Documents remain in
full force and effect. The amendments contained herein shall be deemed to have
prospective application only. The Credit Agreement is hereby ratified and
confirmed in all respects. Nothing in this Amendment shall limit, impair or
constitute a waiver of the rights, powers or remedies available to the
Administrative Agent or the Lenders under the Credit Agreement or any other
Credit Document.

Section 11. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

Section 12. Definitions. All capitalized terms not otherwise defined herein are
used herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

- -
        

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
Credit Agreement to be executed as of the date first above written.

HEALTHCARE REALTY TRUST INCORPORATED

By: /s/ Andrew E. Loope_____________
Name: Andrew E. Loope
Title: Senior Vice President and Corporate Counsel

[Signatures Continued on Next Page]

        

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, the L/C Issuer,
the Swing Line Lender and as a Lender

By: /s/ Winita Lau____________________
Name: Winita Lau
Title: Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

JPMORGAN CHASE BANK, N.A., as a Lender

By: /s/ Marc Costantino________________
Name: Marc Costantino
Title: Executive Director

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

BARCLAYS BANK PLC, as a Lender

By: /s/ Noam Azachi______________
Name: Noam Azachi
Title: Assistant Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

By: /s/ Amy Trapp____________________
Name: Amy Trapp
Title: Managing Director

By: /s/ John Bosco____________________
Name: John Bosco
Title: Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

BANK OF AMERICA, N.A., as a Lender

By: /s/ Amie L. Edwards_______________
Name: Amie L. Edwards
Title: Director

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

BANK OF MONTREAL – CHICAGO BRANCH, as a Lender

By: /s/ Lloyd Baron___________________
Name: Lloyd Baron
Title: Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

THE BANK OF NOVA SCOTIA, as a Lender

By: /s/ Justin Perdue___________________
Name: Justin Perdue
Title: Director

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

FIFTH THIRD BANK, as a Lender

By: /s/ Vera B. McEvoy
Name: Vera B. McEvoy
Title: Officer

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Andrew T. White
Name: Andrew T. White
Title: Senior Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

ROYAL BANK OF CANADA, as a Lender

By: /s/ Brian Gross____________________
Name: Brian Gross
Title: Authorized Signatory

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ Lorry Jensen___________________
Name: Lorry Jensen
Title: Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

BRANCH BANKING AND TRUST COMPANY, as a Lender

By: /s/ Ahaz A. Armstrong______________
Name: Ahaz A. Armstrong
Title: Assistant Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

FIRST TENNESSEE BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Cathy Wind____________________
Name: Cathy Wind
Title: Senior Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

REGIONS BANK, as a Lender

By: /s/ Michael J. Kinnick______________
Name: Michael J. Kinnick
Title: Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

[Signature Page to First Amendment to Credit Agreement for Healthcare Realty
Trust Incorporated]

PINNACLE BANK, as a Lender

By: /s/ Todd Carter___________________
Name: Todd Carter
Title: Senior Vice President

[Signatures Continued on Next Page]

--------------------------------------------------------------------------------

Schedule 2.01

LENDERS AND COMMITMENTS

Lender

Revolving Committed Amount

Revolving Commitment Percentage
Wells Fargo Bank, National Association
$72,000,000.00
10.285714290%
JPMorgan Chase Bank, N.A.
$72,000,000.00
10.285714290%
Barclays Bank PLC
$62,000,000.00
8.857142860%
Credit Agricole Corporate and Investment Bank
$62,000,000.00
8.857142860%
Bank of America, N.A.
$50,000,000.00
7.142857140%
Bank of Montreal – Chicago Branch
$47,000,000.00
6.714285710%
The Bank of Nova Scotia
$47,000,000.00
6.714285710%
Fifth Third Bank
$47,000,000.00
6.714285710%
PNC Bank, National Association
$47,000,000.00
6.714285710%
Royal Bank of Canada
$47,000,000.00
6.714285710%
U.S. Bank National Association
$47,000,000.00
6.714285710%
Branch Banking and Trust Company
$30,000,000.00
4.285714290%
First Tennessee Bank, National Association
$25,000,000.00
3.571428570%
Regions Bank
$25,000,000.00
3.571428570%
Pinnacle National Bank
$20,000,000.00
2.857142860%
Total:
$700,000,000.00
100.000000000%

--------------------------------------------------------------------------------

Schedule 5.07

Material Subsidiaries and Specified Affiliates(1) 

As of September 30, 2012

Entity Name
Jurisdiction of Organization
Ownership(2) 
HRT Properties of Texas, Ltd.
TX
100% by Healthcare Acquisition of Texas, Inc., which is 100% owned by HR
Acquisition I Corporation, which is 100% owned by Borrower
HR Acquisition of San Antonio, Ltd.
AL
100% by Healthcare Acquisition of Texas, Inc., which is 100% owned by HR
Acquisition I Corporation, which is 100% owned by Borrower
HR Acquisition I Corporation
TN
100% owned by Borrower
HR of Carolinas, LLC
DE
100% owned by HR Carolinas Holdings, LLC, which is 100% owned by Borrower
HRT of Tennessee Inc.
TN
100% owned by Borrower
HR of Iowa, LLC
DE
100% owned by Borrower
HRT of Illinois, Inc.
DE
100% owned by Borrower
HR of Indiana, LLC
DE
100% owned by HRT of Delaware, Inc., which is 100% owned by Borrower
HR Acquisition of Pennsylvania, Inc.
PA
100% owned by HR Acquisition I Corporation, which is 100% owned by Borrower
HR of Pima, LLC
DE
100% owned by Borrower
Pennsylvania HRT, Inc.
PA
100% owned by Borrower
HRT of Roanoke, Inc.
VA
100% owned by Borrower
HR of Los Angeles, Ltd.
AL
66.67% owned by HR of Los Angeles, Inc. and 33.33% owned by Kerlan Jobe
Ortho-Clinic, L.P. HR Los Angeles, Inc. is 100% owned by HR Acquisition I
Corporation, which is 100% owned by Borrower;
HR St. Mary's South MOB SPE, LLC
DE
100% owned by HR Richmond Manager, LLC, which is 100% owned by Borrower

Lakewood MOB, LLC
DE
100% owned by HR of Iowa, LLC, which is 100% owned by Borrower
HR Lowry Medical Center SPE, LLC
DE
100% owned by Borrower
HR MAC II, LLC
DE
100% owned by Borrower

--------------------------------------------------------------------------------

Clive Wellness Campus Building One, LLC
DE
100% owned by HR LADCO Holdings, LLC, which is 100% owned by HR of Iowa, LLC,
which is 100% owned by Borrower
Stevens Pavilion, LLC
DE
100% owned by Stevens Pavilion Parent, LLC, which is 100% owned by HR Washington
MOB Venture, LLC which is 100% owned by HR Acquisition I Corporation, which is
100% owned by Borrower
HR Briargate, LLC
DE
100% owned by HR Assets, LLC, which is 100% owned by Borrower
Roseburg Surgery Center, LLC
DE
100% owned by HR Oregon MOB Venture, LLC, which is 100% owned by HR Acquisition
I Corporation, which is 100% owned by Borrower
Yakima Valley Subsidiary, LLC
DE
100% owned by Yakima Valley Parent, LLC, which is 100% owned by HR Washington
MOB Venture, LLC, which is 100% owned by HR Acquisition I Corporation, which is
100% owned by Borrower
Allenmore C, LLC
DE
100% owned by HR Washington MOB Venture, LLC, which is 100% owned by HR
Acquisition I Corporation, which is 100% owned by Borrower
HR St. Francis MOB I SPE, LLC
DE
100% owned by HR Richmond Manager, LLC, which is 100% owned by Healthcare Realty
Trust Incorporated

(1)    There are no Specified Affiliates.
(2)    There are no outstanding options, warrants, rights of conversion or
purchase or any other similar rights relating to the ownership of the Material
Subsidiaries, except as follows: LADCO MPF I, LLC, an entity unaffiliated with
the Borrower, has the right to purchase up to 20%, in 5% increments, of the
equity ownership of HR LADCO Holdings, LLC, which owns 100% of Clive Wellness
Campus Building One, LLC. This purchase right expires on March 31, 2013. The
subsidiaries listed under the ownership column but not under the Material
Subsidiary column do not directly own real estate assets meeting the Individual
Subsidiary Test.