Exhibit 10.1


 


EXECUTION VERSION


 


FOURTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT


 


This
FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of February 22, 2022,
by and among DIVERSIFIED HEALTHCARE TRUST (f/k/a SENIOR HOUSING PROPERTIES TRUST), a real estate investment trust formed under the laws
of the State of Maryland (the “Borrower”), the other Loan Parties solely for the purpose of Section 4 hereof,
each of the financial institutions 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 Amended and Restated Credit Agreement dated
as of August 1, 2017 (as amended and as in effect immediately prior to the date hereof, the “Credit Agreement”);
and


 


WHEREAS, as permitted by Section 12.7.
of the Credit Agreement, the parties hereto desire to amend the Credit Agreement subject to the terms and conditions of this Amendment
(the Credit Agreement as so amended, the “Amended Credit Agreement”);


 


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


 


Section 1. Amendments
to Loan Documents. Subject to the conditions precedent set forth in Section 2 below, as of the Fourth Amendment Effective
Date:


 


(a)            the
Credit Agreement is hereby amended to delete the red font stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the blue font double-underlined text (indicated textually in
the same manner as the following example: double-underlined text)
as set forth in Exhibit A attached hereto such that, immediately after giving effect to this Amendment, the Amended Credit
Agreement will read as set forth in Exhibit A;


 


(b)            Schedule
I to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Schedule A attached hereto; and


 


(c)            Schedule
2.12 to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Schedule B attached hereto.


 


Section 2. Conditions
Precedent. The effectiveness of this Amendment is subject to (i) the truth and accuracy of the representations set forth in Section 3
below and (ii) satisfaction of each of the following conditions (the first date on which each of the conditions pursuant to the foregoing
clauses (i) and (ii) shall have been satisfied, the “Fourth Amendment Effective Date”):


 


(a)            The
Administrative Agent shall have received each of the following, each of which shall be in form and substance satisfactory to the Administrative
Agent:


 


(i)            a
counterpart of this Amendment duly executed by the Borrower, the other Loan Parties, the Administrative Agent and the Requisite Lenders;


 






     


     


    

 


(ii)            an
opinion of Sullivan & Worcester LLP, as counsel to the Borrower, and an opinion of Saul Ewing Arnstein & Lehr LLP, as
special Maryland counsel to the Borrower, in each case addressed to the Administrative Agent, the Collateral Agent and the Lenders and
covering such matters as the Administrative Agent may reasonably request;


 


(iii)           a
certificate of the Borrower’s chief executive officer, chief legal officer, chief financial officer or chief accounting officer
certifying as of the date hereof, after giving effect to this Amendment and the other transactions contemplated hereby, that (A) no
Default or Event of Default shall be in existence, (B) the representations and warranties made or deemed made by the Borrower or
any other Loan Party in the Amended Credit Agreement and any other Loan Document to which such Loan Party is a party shall be true and
correct in all respects on the date hereof 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 respects on and as of such earlier
date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement, and (C) the
Initial Mortgage Collateral Requirement has been satisfied;


 


(iv)           a
Compliance Certificate calculated as of the Fourth Amendment Effective Date on a pro forma basis for the Borrower’s fiscal quarter
ending December 31, 2021;


 


(v)           evidence
that all fees, expenses and reimbursement amounts due and payable to the Administrative Agent, the Collateral Agent, and any of the Lenders
in connection with this Amendment have been paid;


 


(vi)          all
information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer”
and Anti-Money Laundering Laws and regulations, including without limitation, the Patriot Act, in each case, at least five (5) Business
Days prior to the Fourth Amendment Effective Date; and


 


(vii)         such
other documents, agreements, instruments, certificates or other confirmations as the Administrative Agent may reasonably request.


 


(b)            The
Borrower shall have (i) permanently reduced the Commitments by a minimum amount of $100,000,000, and (ii) paid to the Administrative
Agent for the account of the Lenders all interest on the Loans, and the Fees under Section 3.5.(b) of the Credit Agreement with
respect to the amount of such reduction, accrued to the date of such reduction of the Commitments, including but not limited to any applicable
compensation due to each Lender in accordance with Section 4.4 of the Credit Agreement, in each case, in accordance with Section 2.11
of the Credit Agreement.


 


Section 3. Representations
and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that:


 


(a)            Authorization.
The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to
perform its obligations hereunder and under the Amended Credit Agreement in accordance with their respective terms. This Amendment has
been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Amended Credit Agreement
is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except
as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally
and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.


 






    	 	- 2 -	 



     


    

 


(b)            Compliance
with Laws, etc. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment
and the Amended Credit Agreement in accordance with their respective terms, do not and will not, by the passage of time, the giving of
notice or otherwise: (i) require any Governmental Approval or violate any Applicable Law (including Environmental Laws) relating
to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational
documents of Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan
Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition
of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party other than in
favor of the Collateral Agent for its benefit and the benefit of the Lenders and the Issuing Banks.


 


(c)            No
Default. No Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving
effect to this Amendment.


 


Section 4. Reaffirmation.
Each Loan Party, as debtor, grantor, pledgor, guarantor, assignor, or in any other similar capacity in which such Person grants liens
or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, in each case, pursuant
to any Loan Document, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise,
under the Amended Credit Agreement and each other Loan Document to which it is a party (after giving effect hereto) and (ii) to the
extent such Person granted liens on or security interests in any of its property pursuant to any Security Documents as security for or
otherwise guaranteed the Obligations or Guaranteed Obligations, as applicable, under or with respect to the Loan Documents, ratifies and
reaffirms such guarantee and grant of security interests and liens, as applicable, and confirms and agrees that such guarantee or security
interests and liens, as applicable, hereafter guarantee or secure all of the Guaranteed Obligations or Obligations, as applicable, as
amended hereby. Each Loan Party hereby consents to this Amendment and acknowledges that the Amended Credit Agreement and each other Loan
Document remains in full force and effect and is hereby ratified and reaffirmed.


 


Section 5. Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Amended Credit
Agreement. This Amendment is a Loan Document.


 


Section 6. Costs and
Expenses. Without limiting the obligations of the Borrower under Section 12.2 of the Amended Credit Agreement, the Borrower shall
reimburse the Administrative Agent for all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the
Administrative Agent and the Collateral 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 7. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.


 


Section 8. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.


 






    	 	- 3 -	 



     


    

 


Section 9. Effect.
Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force
and effect. The amendment contained herein shall be deemed to have prospective application only. The Amended 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, the Collateral Agent or the Lenders under the Amended Credit Agreement or any other Loan
Document. This Amendment is not intended to and shall not constitute a novation of any of the Loan Documents, the Obligations, or the
Guaranteed Obligations.


 


Section 10. 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 11. Electronic
Signatures. The words “execute,” “execution,” “signed,” “signature,” and words of
like import in or related to any document to be signed by any Lender, Titled Agent, Issuing Bank or Swingline Lender (collectively,
the “Lender Parties”) in connection with this Amendment and the transactions contemplated hereby shall be deemed to
include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by
the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature of such Lender Party or the use of a paper-based recordkeeping system with respect to such Lender Party,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative Agent
is under no obligation to agree to accept electronic signatures from any Lender Party in any form or in any format unless expressly agreed
to by the Administrative Agent pursuant to procedures approved by it. Each of the undersigned hereby (i) agrees that, for all purposes,
electronic images of this Amendment (including with respect to any of the Lender Parties’ signature pages thereto) shall have
the same legal effect, validity, admissibility into evidence and enforceability as any paper original, and (ii) waives any argument,
defense or right to contest the validity, admissibility into evidence or enforceability of this Amendment based solely on the lack of
paper original copies hereof, including with respect to any of the Lender Parties’ signatures hereto.


 


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


 


[Signatures on Next Page]


 






    	 	- 4 -	 



     


    

 


IN WITNESS WHEREOF, the parties
hereto have caused this Fourth Amendment to Amended and Restated Credit Agreement to be duly executed as of the date first above written.


 


	 	DIVERSIFIED HEALTHCARE TRUST
	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Name: Richard W. Siedel, Jr.
	 	 	Title: Chief Financial Officer and Treasurer



 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 






	CCC ALPHA INVESTMENTS TRUST
	CCC DELAWARE TRUST
	CCC FINANCING I TRUST
	CCC INVESTMENTS I, L.L.C.
	CCC LEISURE PARK CORPORATION
	CCC PUEBLO NORTE TRUST
	CCC RETIREMENT PARTNERS TRUST
	CCC RETIREMENT TRUST
	CCDE SENIOR LIVING LLC
	CCOP SENIOR LIVING LLC
	CRESTLINE VENTURES LLC
	CSL GROUP, INC.
	DHC HOLDINGS LLC
	ELLICOTT CITY LAND I, LLC
	HRES1 PROPERTIES TRUST
	HRES2 PROPERTIES TRUST
	MSD POOL 1 LLC
	MSD POOL 2 LLC
	O.F.C. CORPORATION
	SNH AL AIMO II, INC.
	SNH AL AIMO TENANT II, INC.
	SNH AL AIMO TENANT, INC.
	SNH AL AIMO, INC.
	SNH AL CRIMSON TENANT INC.
	SNH AL CUMMING LLC
	SNH AL CUMMING TENANT LLC
	SNH AL GEORGIA HOLDINGS LLC
	SNH AL GEORGIA LLC
	SNH AL GEORGIA TENANT LLC
	SNH AL PROPERTIES LLC
	SNH AL PROPERTIES TRUST
	SNH AL TRS, INC.
	SNH AL WILMINGTON TENANT INC.
	SNH ALPHARETTA LLC
	SNH ALT LEASED PROPERTIES TRUST
	SNH AZ TENANT LLC
	SNH BAKERSFIELD LLC
	SNH BAMA TENANT LLC
	SNH BATON ROUGE (NORTH) LLC
	SNH BATON ROUGE (REALTORS) LLC
	SNH BLAINE INC.
	SNH BRFL PROPERTIES LLC
	SNH BRFL TENANT LLC
	SNH BRIDGEWATER LLC
	SNH CAL TENANT LLC
	SNH CALI TENANT LLC
	SNH CCMD PROPERTIES BORROWER LLC
	SNH CCMD PROPERTIES LLC
	SNH CCMD TENANT LLC
	SNH CHS PROPERTIES TRUST
	SNH CLEAR BROOK LLC
	SNH CLEAR CREEK PROPERTIES TRUST
	SNH CO TENANT LLC
	SNH DEL TENANT LLC
	SNH DENHAM SPRINGS LLC
	SNH DERBY TENANT LLC
	SNH DURHAM LLC
	SNH FLA TENANT LLC
	SNH FM FINANCING LLC
	SNH FM FINANCING TRUST
	SNH GEORGIA TENANT LLC



 











	SNH GLENVIEW (PATRIOT) LLC
	SNH GP VALENCIA LLC
	SNH GRANITE GATE LANDS TENANT LLC
	SNH GRANITE GATE LANDS TRUST
	SNH GROVE PARK TENANT LLC
	SNH GROVE PARK TRUST
	SNH HARRISBURG LLC
	SNH IL JOPLIN INC.
	SNH IL PROPERTIES TRUST
	SNH INDEPENDENCE PARK LLC
	SNH INDY TENANT LLC
	SNH JACKSON LLC
	SNH KENT PROPERTIES LLC
	SNH LINCOLN TENANT LLC
	SNH LONGHORN TENANT LLC
	SNH LTF PROPERTIES LLC
	SNH MARYLAND HEIGHTS LLC
	SNH MASS TENANT LLC
	SNH MD TENANT LLC
	SNH MEDICAL OFFICE PROPERTIES LLC
	SNH MEDICAL OFFICE PROPERTIES TRUST
	SNH MEZZCO SAN ANTONIO LLC
	SNH MO TENANT LLC
	SNH MODESTO LLC
	SNH NC TENANT LLC
	SNH NEB TENANT LLC
	SNH NJ TENANT GP LLC
	SNH NJ TENANT LLC
	SNH NM TENANT LLC
	SNH NORTHWOODS LLC
	SNH NORTHWOODS TENANT LLC
	SNH NS PROPERTIES TRUST
	SNH OHIO TENANT LLC
	SNH OMISS TENANT LLC
	SNH PARKVIEW PROPERTIES TRUST
	SNH PENN TENANT LLC
	SNH PHOENIX (COTTON) LLC
	SNH PLAQUEMINE LLC
	SNH PLFL PROPERTIES LLC
	SNH PLFL TENANT LLC
	SNH PRAIRIEVILLE LLC
	SNH PROJ LINCOLN TRS LLC
	SNH REDMOND PROPERTIES LLC
	SNH REIT IRVING LLC
	SNH REIT ROCKWALL LLC
	SNH REIT SAN ANTONIO LLC
	SNH REIT VICTORIA LLC
	SNH RMI FOX RIDGE MANOR PROPERTIES LLC
	SNH RMI JEFFERSON MANOR PROPERTIES LLC
	SNH RMI MCKAY MANOR PROPERTIES LLC
	 
	each as a Loan Party
	 
	By: 	/s/ Richard W. Siedel, Jr.
	 	Richard W. Siedel, Jr.
	 	Chief Financial Officer and Treasurer









 



Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement







 






     


     


    

 







	SNH RMI NORTHWOOD MANOR PROPERTIES LLC
	SNH RMI OAK WOODS MANOR PROPERTIES LLC
	SNH RMI PARK SQUARE MANOR PROPERTIES LLC
	SNH RMI PROPERTIES HOLDING COMPANY LLC
	SNH RMI SMITH FARMS MANOR PROPERTIES LLC
	SNH RMI SYCAMORE MANOR PROPERTIES LLC
	SNH SC TENANT LLC
	SNH SE ASHLEY RIVER LLC
	SNH SE ASHLEY RIVER TENANT LLC
	SNH SE BARRINGTON BOYNTON LLC
	SNH SE BARRINGTON BOYNTON TENANT LLC
	SNH SE BURLINGTON LLC
	SNH SE BURLINGTON TENANT LLC
	SNH SE DANIEL ISLAND LLC
	SNH SE DANIEL ISLAND TENANT LLC
	SNH SE HABERSHAM SAVANNAH LLC
	SNH SE HABERSHAM SAVANNAH TENANT LLC
	SNH SE HOLLY HILL LLC
	SNH SE HOLLY HILL TENANT LLC
	SNH SE KINGS MTN LLC
	SNH SE KINGS MTN TENANT LLC
	SNH SE MOORESVILLE LLC
	SNH SE MOORESVILLE TENANT LLC
	SNH SE N. MYRTLE BEACH LLC
	SNH SE N. MYRTLE BEACH TENANT LLC
	SNH SE PROPERTIES LLC
	SNH SE PROPERTIES TRUST
	SNH SE SG LLC
	SNH SE SG TENANT LLC
	SNH SE TENANT 2 TRS, INC.
	SNH SE TENANT TRS, INC.
	SNH SOMERFORD PROPERTIES TRUST
	SNH ST. LOUIS LLC
	SNH TEANECK PROPERTIES LLC
	SNH TEANECK TENANT LLC
	SNH TELLICO TENANT LLC
	SNH TELLICO TRUST
	SNH TEMPE LLC
	SNH TENN TENANT LLC
	SNH TOTO TENANT LLC
	SNH TRS INC.
	SNH TRS LICENSEE HOLDCO LLC
	SNH VA TENANT LLC
	SNH VIKING TENANT LLC
	SNH WARD AVE. PROPERTIES I INC.
	SNH WELL PROPERTIES GA-MD LLC
	SNH WELL PROPERTIES TRUST
	SNH WILMINGTON LLC
	SNH WIS TENANT LLC
	SNH WY TENANT LLC
	SNH YONKERS PROPERTIES TRUST
	SNH YONKERS TENANT INC.
	SNH/CSL PROPERTIES TRUST



 











	SNH/LTA PROPERTIES GA LLC
	SNH/LTA PRPERTIES TRUST
	SNH/LTA SE HOME PLACE NEW BERN LLC
	SNH/LTA SE MCCARTHY NEW BERN LLC
	SNH/LTA SE WILSON LLC
	SPTGEN PROPERTIES TRUST
	SPTIHS PROPERTIES TRUST
	SPTMISC PROPERTIES TRUST
	SPTMNR PROPERTIES TRUST
	SPTMRT PROPERTIES TRUST
	SPTSUN II PROPERTIES TRUST
	 
	each as a Loan Party
	 
	By: 	/s/ Richard W. Siedel, Jr.
	 	Richard W. Siedel, Jr.
	 	Chief Financial Officer and Treasurer









 


Signature Page to
Fourth Amendment to Amended and Restated Credit Agreement





 






     


     


    

 


	 	LEXINGTON OFFICE REALTY TRUST
	 	SNH MEDICAL OFFICE REALTY TRUST
	 	each as a Loan Party
	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	as Trustee and not individually
	 	 	 
	 	CCC FINANCING LIMITED, L.P., as a Loan Party
	 	 
	 	By:	CCC RETIREMENT TRUST,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 	 	 
	 	CCC RETIREMENT COMMUNITIES II, L.P., as a Loan Party
	 	 
	 	By:	CRESTLINE VENTURES LLC,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 	 	 
	 	LEISURE PARK VENTURE LIMITED PARTNERSHIP, as a Loan Party
	 	 
	 	By:	CCC LEISURE PARK CORPORATION,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 	 	 
	 	SNH NJ TENANT LP, as a Loan Party
	 	 
	 	By:	SNH NJ TENANT GP LLC,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 	 	 
	 	SNH VALENCIA LP, as a Loan Party
	 	 
	 	By:	SNH GP VALENCIA LLC,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer



 


Signature Page to
Fourth Amendment to Amended and Restated Credit Agreement


 






     


     


    




 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as

    Administrative Agent, as an Issuing Bank and as a Lender
	 	 
	 	 
	 	By:	/s/ Matthew Rickets
	 	 	Name:  Matthew Rickets
	 	 	Title:  Managing Director


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	Royal Bank of Canada, as a Lender and as an Issuing Bank
	 	 
	 	 
	 	By:	/s/ William Behuniak
	 	 	Name:  William Behuniak
	 	 	Title:  Authorized Signatory


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	Citibank, N.A., as a Lender and as an Issuing Bank
	 	 
	 	 
	 	By: 	/s/ Christopher Albano
	 	 	Name:  Christopher Albano
	 	 	Title:  Authorized Signatory


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	PNC Bank, National Association, as a Lender and as an Issuing Bank
	 	 
	 	 
	 	By:	/s/ Shari L. Reams-Henofer
	 	 	Name:  Shari L. Reams-Henofer
	 	 	Title:  Senior Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: Morgan Stanley Bank, N.A.,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Jack Kuhns
	 	 	Name:  Jack Kuhns
	 	 	Title:  Authorized Signatory


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By:	/s/ Mitchell Vega
	 	 	Name:  Mitchell Vega
	 	 	Title:  Senior Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: First Hawaiian Bank,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Derek Chang
	 	 	Name:  Derek Chang
	 	 	Title:  Senior Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    




 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: UBS AG, STAMFORD BRANCH,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Houssem Daly
	 	 	Name:  Houssem Daly
	 	 	Title:  Director
	 	 
	 	 
	 	By:	/s/ Dionne Robinson
	 	 	Name:  Dionne Robinson
	 	 	Title:  Associate Director


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: BMO Harris Bank N.A.,
	 	as a Lender
	 	 
	 	 
	 	By:	 /s/ Megan Loos
	 	 	Name:  Megan Loos
	 	 	Title:  Assistant Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	FIRST HORIZON BANK,
	 	as a Lender
	 	 
	 	 
	 	By:	 /s/ Jean M. Brennan
	 	 	Name:  Jean M. Brennan
	 	 	Title:  Senior Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    




 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: Mizuho Bank, LTD,
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ Donna DeMagistris
	 	 	Name:  Donna DeMagistris
	 	 	Title:  Executive Director


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	Sumitomo Mitsui Banking Corporation, as a Lender
	 	 
	 	 
	 	By:	/s/ Jane Pedreira
	 	 	Name:  Jane Pedreira
	 	 	Title:  Director


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: REGIONS BANK,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Walter E. Rivadeneira
	 	 	Name:  Walter E. Rivadeneira
	 	 	Title:  Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	 
	 	By:	 /s/ Kimberly L. Feldman
	 	 	Name:  Kimberly L. Feldman
	 	 	Title:  Vice President


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: Bank of America, N.A.,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Joseph L. Corah
	 	 	Name:  Joseph L. Corah
	 	 	Title:  Director
	 	 
	 	 
	 	[If second signature block is necessary]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


	 	SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST,
    EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	 
	 	Name of Institution: TAIWAN COOPERATIVE BANK, SEATTLE BRANCH,
	 	as a Lender
	 	 
	 	 
	 	By:	 /s/ Yueh-Ching Lin
	 	 	Name:  Yueh-Ching Lin
	 	 	Title:  VP & General Manager


 


Signature Page to Fourth Amendment to
Amended and Restated Credit Agreement


 






     


     


    

 


EXHIBIT A


 


Amended Credit Agreement


 






     


     


    

 


	 	Loan Number: 1010272-2
	 
	 
	 
	EXECUTION VERSION
	 






  


CONFORMED COPY OF AMENDED AND RESTATED CREDIT AGREEMENT


 


Dated as of August 1, 2017


 


conformed through


 


THIRDFOURTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT


 


Dated as of September 3,
2021February 22, 2022


 


by and among


 


Diversified
Healthcare Trust (f/k/a Senior Housing Properties Trust),


                                                                 as Borrower,


 


The financial
institutions party hereto


and their
assignees under Section 12.6.,


                                                                as Lenders,


 


WELLS
FARGO Bank, National Association,


                                                                                        as Administrative Agent,


 


WELLS FARGO SECURITIES,
LLC,


RBC CAPITAL MARKETS,


CITIGROUP GLOBAL MARKETS INC.





and





PNC CAPITAL MARKETS LLC


 


                                                                                             as Joint Lead Arrangers
and





                                                                                      Joint Lead Bookrunners,


 


ROYAL BANK OF CANADA,





CITIBANK, N.A.





and





PNC BANK, NATIONAL ASSOCIATION,





                                                                                    as Syndication Agents





and


 


BANK OF AMERICA, N.A.,





BBVA USA
f/k/a Compass Bank,





MIZUHO BANK, LTD.,





SUMITOMO MITSUI BANKING CORPORATION,





BMO HARRIS BANK, N.A.





and





REGIONS BANK,





                                                                                          as Documentation Agents





 





 



     


     


    

 





Table
of Contents


 


Page


 


	ARTICLE I. Definitions	1
	Section 1.1.	Definitions	1
	Section 1.2.	General; References to Eastern Time	44
	Section 1.3.	Rates	45
	Section 1.4.	Divisions	45
	ARTICLE II. Credit Facility	46
	Section 2.1.	Revolving Loans	46
	Section 2.2.	Letters of Credit	47
	Section 2.3.	Swingline Loans	52
	Section 2.4.	Rates and Payment of Interest on Loans	54
	Section 2.5.	Number of Interest Periods	55
	Section 2.6.	Repayment of Loans	55
	Section 2.7.	Prepayments	55
	Section 2.8.	Continuation	57
	Section 2.9.	Conversion	58
	Section 2.10.	Notes	58
	Section 2.11.	Voluntary Reductions of the Commitment	59
	Section 2.12.	Extension of Termination Date	59
	Section 2.13.	Expiration Date of Letters of Credit Past Commitment Termination	61
	Section 2.14.	Amount Limitations	61
	Section 2.15.	Increase in Commitments	62
	Section 2.16.	Funds Transfer Disbursements	62
	Section 2.17.	Collateral Property Amount Limitations	63
	ARTICLE III. Payments, Fees and Other General Provisions	63
	Section 3.1.	Payments	63
	Section 3.2.	Pro Rata Treatment	64
	Section 3.3.	Sharing of Payments, Etc.	64
	Section 3.4.	Several Obligations	65
	Section 3.5.	Fees	65
	Section 3.6.	Computations	66
	Section 3.7.	Usury	66
	Section 3.8.	Statements of Account	66
	Section 3.9.	Defaulting Lenders	67
	Section 3.10.	Taxes; Foreign Lenders	69
	ARTICLE IV. Yield Protection, Etc.	73
	Section 4.1.	Additional Costs; Capital Adequacy	73
	Section 4.2.	Suspension of LIBOR Loans	75
	Section 4.3.	Illegality	77
	Section 4.4.	Compensation	78
	Section 4.5.	Treatment of Affected Loans	78
	Section 4.6.	Affected Lenders	79
	Section 4.7.	Change of Lending Office	79



 






    -i-


     


    

 


TABLE OF CONTENTS

(continued)


 


	 	 	Page
	 	 	 
	Section 4.8.	Assumptions Concerning Funding of LIBOR Loans	79
	ARTICLE V. Conditions Precedent	80
	Section 5.1.	Initial Conditions Precedent	80
	Section 5.2.	Conditions Precedent to All Loans and Letters of Credit	82
	ARTICLE VI. Representations and Warranties	83
	Section 6.1.	Representations and Warranties	83
	Section 6.2.	Survival of Representations and Warranties, Etc.	91
	ARTICLE VII. Affirmative Covenants	92
	Section 7.1.	Preservation of Existence and Similar Matters	92
	Section 7.2.	Compliance with Applicable Law and Material Contracts; Beneficial Ownership Regulation	92
	Section 7.3.	Maintenance of Property	92
	Section 7.4.	Conduct of Business	92
	Section 7.5.	Insurance	92
	Section 7.6.	Payment of Taxes and Claims	93
	Section 7.7.	Books and Records; Inspections	93
	Section 7.8.	Use of Proceeds	94
	Section 7.9.	Environmental Matters	94
	Section 7.10.	Further Assurances	94
	Section 7.11.	REIT Status	95
	Section 7.12.	Exchange Listing	95
	Section 7.13.	Guarantors	95
	Section 7.14.	Equity Pledges	96
	Section 7.15.	Collateral Properties	97
	ARTICLE VIII. Information	101
	Section 8.1.	Quarterly Financial Statements	101
	Section 8.2.	Year-End Statements	101
	Section 8.3.	Compliance Certificate	101
	Section 8.4.	Other Information	102
	Section 8.5.	Electronic Delivery of Certain Information	104
	Section 8.6.	Public/Private Information	104
	Section 8.7.	USA Patriot Act Notice; Compliance	104
	ARTICLE IX. Negative Covenants	105
	Section 9.1.	Financial Covenants	105
	Section 9.2.	Negative Pledge	107
	Section 9.3.	Restrictions on Intercompany Transfers	107
	Section 9.4.	Merger, Consolidation, Sales of Assets and Other Arrangements	108
	Section 9.5.	Plans	108
	Section 9.6.	Fiscal Year	109
	Section 9.7.	Modifications of Organizational Documents, Business Management Agreement and Property Management Agreement and Other Material Contracts	109



 






    -ii-


     


    

 


TABLE OF CONTENTS

(continued)


 


	 	 	Page
	 	 	 
	Section 9.8.	Transactions with Affiliates	109
	Section 9.9.	Environmental Matters	109
	Section 9.10.	Derivatives Contracts	109
	Section 9.11.	Use of Proceeds	110
	Section 9.12.	Amendment Period	110
	ARTICLE X. Default	111
	Section 10.1.	Events of Default	111
	Section 10.2.	Remedies Upon Event of Default	115
	Section 10.3.	Remedies Upon Default	116
	Section 10.4.	Marshaling; Payments Set Aside	116
	Section 10.5.	Allocation of Proceeds	116
	Section 10.6.	Letter of Credit Collateral Account	118
	Section 10.7.	Performance by Administrative Agent	119
	Section 10.8.	Rights Cumulative	119
	ARTICLE XI. The Administrative Agent	120
	Section 11.1.	Appointment and Authorization	120
	Section 11.2.	Wells Fargo as Lender	121
	Section 11.3.	Approvals of Lenders	121
	Section 11.4.	Notice of Events of Default	121
	Section 11.5.	Administrative Agent’s Reliance	122
	Section 11.6.	Indemnification of Administrative Agent and Collateral Agent	123
	Section 11.7.	Lender Credit Decision, Etc.	124
	Section 11.8.	Successor Administrative Agent	125
	Section 11.9.	Titled Agents	125
	Section 11.10.	Collateral Matters; Protective Advances	125
	Section 11.11.	Post-Foreclosure Plans	128
	Section 11.12.	Flood Laws	128
	Section 11.13.	No Set Off	128
	Section 11.14.	Erroneous Payments	129
	Section 11.15.	Certain ERISA Matters	130
	ARTICLE XII. Miscellaneous	132
	Section 12.1.	Notices	132
	Section 12.2.	Expenses	134
	Section 12.3.	[Intentionally Omitted]	135
	Section 12.4.	Setoff	135
	Section 12.5.	Litigation; Jurisdiction; Other Matters; Waivers	135
	Section 12.6.	Successors and Assigns	136
	Section 12.7.	Amendments and Waivers	140
	Section 12.8.	Nonliability of Administrative Agent and Lenders	142
	Section 12.9.	Confidentiality	142
	Section 12.10.	Indemnification	143
	Section 12.11.	Termination; Survival	145
	Section 12.12.	Severability of Provisions	145



 






    -iii-


     


    

 


TABLE OF CONTENTS

(continued)


 


	 	 	Page
	 	 	 
	Section 12.13.	GOVERNING LAW	145
	Section 12.14.	Counterparts	146
	Section 12.15.	Obligations with Respect to Loan Parties	146
	Section 12.16.	Independence of Covenants	146
	Section 12.17.	Limitation of Liability	146
	Section 12.18.	Entire Agreement	146
	Section 12.19.	Construction	147
	Section 12.20.	Headings	147
	Section 12.21.	LIABILITY OF TRUSTEES, ETC.	147
	Section 12.22.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	147
	Section 12.23.	Effect on Existing Credit Agreement	148
	Section 12.24.	Acknowledgement Regarding Any Supported QFCs	148
	Section 12.25.	Stamp, Intangible and Recording Taxes	149
	Section 12.26.	Technical Amendments	149
	Section 12.27.	Intercreditor Agreement	150



 


	SCHEDULE I	Commitments
	SCHEDULE 1.1.	Loan Parties
	SCHEDULE 2.12.	Extended Commitments
	SCHEDULE 6.1.(i)	Litigation
	SCHEDULE 6.1.(s)	Affiliate Transactions
	SCHEDULE 6.1.(z)	Unencumbered Assets
	Schedule 6.1.(ee)	Flood Zones
	 	 
	EXHIBIT A	Form of Assignment and Assumption Agreement
	EXHIBIT B	Form of Guaranty
	EXHIBIT C	Form of Notice of Borrowing
	EXHIBIT D	Form of Notice of Continuation
	EXHIBIT E	Form of Notice of Conversion
	EXHIBIT F	Form of Notice of Swingline Borrowing
	EXHIBIT G	Form of Revolving Note
	EXHIBIT H	Form of Swingline Note
	EXHIBIT I	Form of Disbursement Instruction Agreement
	EXHIBIT J	Form of Compliance Certificate
	EXHIBIT K	Forms of U.S. Tax Compliance Certificates
	 	 
	ANNEX I	Collateral Property Diligence



 






    -iv-


     


    

 


THIS AMENDED AND RESTATED
CREDIT AGREEMENT (this “Agreement”) dated as of August 1, 2017 by and among Diversified
Healthcare Trust (f/k/a Senior Housing Properties Trust), a real estate investment
trust formed under the laws of the State of Maryland (the “Borrower”), each of WELLS FARGO SECURITIES, LLC, RBC CAPITAL MARKETS,
CITIGROUP GLOBAL MARKETS INC. and PNC CAPITAL MARKETS LLC, as Joint Lead Arrangers and Joint Bookrunners (each a “Lead Arranger”),
each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.6.
(the “Lenders”), each of ROYAL BANK OF CANADA, CITIBANK, N.A. and PNC BANK, NATIONAL ASSOCIATION, as Syndication Agents (each
a “Syndication Agent”), each of BANK OF AMERICA, N.A., BBVA USA f/k/a Compass Bank,
MIZUHO BANK, LTD., SUMITOMO MITSUI BANKING CORPORATION, BMO HARRIS BANK, N.A. and REGIONS BANK, as Documentation Agents (each a “Documentation
Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).


 


WHEREAS, the Borrower, certain
of the Lenders and other financial institutions, the Administrative Agent and the other parties thereto previously entered into that certain
Credit Agreement dated as of June 24, 2011 (as amended and in effect immediately prior to the date hereof, the “Existing Credit
Agreement”) pursuant to which the Administrative Agent, Wells Fargo, as Issuing Bank and certain of the Lenders made available to
the Borrower a revolving credit facility in the initial amount of $750,000,000, including a $100,000,000 swingline subfacility and a $50,000,000
letter of credit subfacility on the terms and conditions contained therein; and


 


WHEREAS, the Borrower, the
Administrative Agent and the Lenders desire to amend and restate the terms of the Existing 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 that
the Existing Credit Agreement is amended and restated in its entirety as follows:


 


ARTICLE I.
Definitions


 


Section 1.1.     Definitions.


 


In addition to terms defined
elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement:


 


“6.75% Senior Notes”
has the meaning given that term in Section 2.7(b)(v)(B). As of the Third Amendment Effective Date, the 6.75% Senior Notes have been
repaid in full.


 


“Accession Agreement”
means an Accession Agreement substantially in the form of Annex I to the Guaranty.


 


“Acquired Encumbered
Properties” means the Properties subject, as of the Agreement Date, to the Liens created under Acquired Property Lien Documents.


 


“Acquired Property
Lien Documents” means those documents relating to the Liens on the Acquired Encumbered Properties as described on Item 1.1.(b) of
the Borrower Letter, each as amended, supplemented or otherwise modified from time to time (except that amendments, supplements and modifications
which (x) result in the Lien created by such lease or mortgage being spread to Properties other than the Acquired Encumbered Properties
or (y) change any non-recourse provisions of such lease or mortgage applicable to lease or loan payments thereunder in a manner
which is materially adverse to the lessee or mortgagor, must, in each case, be approved by the Requisite Lenders).


 






     


     


    

 


“Additional Costs”
has the meaning given that term in Section 4.1.(b).


 


“Adjusted EBITDA”
means, with respect to any period of time, EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such period
less Capital Expenditure Reserves for all Properties for such period.


 


“Administrative Agent”
means Wells Fargo Bank, National Association as contractual representative of the Lenders under this Agreement, or any successor Administrative
Agent appointed pursuant to Section 11.8.


 


“Administrative Questionnaire”
means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative
Agent to the Lenders from time to time.


 


“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.


 


“Affected Lender”
has the meaning given that term in Section 4.6.


 


“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed
to be an Affiliate of the Borrower. For purposes of this Agreement, Five StarAlerisLife
shall not be deemed to be an Affiliate of the Borrower so long as each of the board of trustees of the Borrower and the board of directors
of Five StarAlerisLife
has at least one independent trustee or independent director who does not serve as both a trustee of the Borrower and a director of Five
StarAlerisLife. The terms “independent director”
and “independent trustee” have the meaning given the term “independent director” under the listing requirements
of the New York Stock Exchange.


 


“Agreement Date”
means August 1, 2017.


 


“AlerisLife”
means AlerisLife Inc., a Maryland corporation (formerly
known as Five Star Senior Living Inc.), and its successors.


 


“Amendment Period”
means the period beginning on the First Amendment Effective Date and ending on the Amendment Period Termination Date.


 






    	 	- 2 -	 



     


    

 


“Amendment Period
Incurrence Conditions” means, as of any date of determination, collectively, (i) the aggregate principal amount of all
outstanding Debt of the Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP as of such date of determination
is not greater than 60% of the Adjusted Total Assets of the Borrower and its Subsidiaries, (ii) the aggregate principal amount of
all outstanding Secured Debt of the Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP as of such
date of determination is not greater than 40% of Adjusted Total Assets, (iii) the ratio of Consolidated Income Available for Debt
Service to the Annual Debt Service for the four consecutive fiscal quarters most recently ended is not less than 1.5 to 1.0, and (iv) the
Borrower is in compliance with each other indebtedness incurrence test applicable under any Material Indebtedness; provided that,
the foregoing clause (iii) shall be calculated on the assumptions that: (A) such Debt and any other Debt incurred by the Borrower
and its Subsidiaries on a consolidated basis since the first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such period, (B) the repayment, retirement or other discharge
of any other Debt by the Borrower and its Subsidiaries on a consolidated basis since the first day of such four-quarter period had occurred
at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall
be computed based upon the average daily balance of such Debt during such period), (C) in the case of Acquired Debt or Debt incurred
in connection with or in contemplation of any acquisition, including any Person becoming a Subsidiary, since the first day of such four-quarter
period, the related acquisition had occurred as of the first day of such period with appropriate adjustments with respect to such acquisition
being included in such pro forma calculation, and (D) in the case of any acquisition or disposition by the Borrower and its Subsidiaries
of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase
or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the
need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest
at a floating interest rate, then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt shall be computed
on a pro forma basis as if the average interest rate which would have been in effect during the entirety of such four-quarter period had
been the applicable rate for the entirety of such period. As used herein, the following terms shall have the following meanings:


 


“Acquired Debt” means
Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition
of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a
Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any
Person or the date the acquired Person becomes a Subsidiary.


 


“Adjusted Total Assets”
means the sum of (without duplication) (A) the Total Assets of the Borrower and its Subsidiaries as of the end of the fiscal quarter
covered in the Borrower’s annual report on Form 10-K, or quarterly report on Form 10-Q, as the case may be, most recently
filed with the Securities and Exchange Commission (or, if such filing is not permitted or required under the Exchange Act, with the “Trustee”
as defined in the Supplemental Indenture) prior to the incurrence of such additional Debt and (B) the purchase price of any real
estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds
were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Borrower or any Subsidiary since the
end of such fiscal quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.


 


“Annual Debt Service”
as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Borrower and its Subsidiaries
excluding amortization of debt discounts and deferred financing costs.


 


“Capital Stock” means,
with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership interests
(however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants
or options to purchase any thereof.


 


“Consolidated Income Available
for Debt Service” for any period means Earnings from Operations of the Borrower and its Subsidiaries plus amounts which have
been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest or distributions on
Debt of the Borrower and its Subsidiaries, (ii) provision for taxes of the Borrower and its Subsidiaries based on income, (iii) amortization
of debt premiums/discounts and deferred debt issuance costs, (iv) provisions for gains and losses on properties and property depreciation
and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from
Operations for such period and (vi) amortization of deferred charges.


 






    	 	- 3 -	 



     


    

 


“Debt” of the Borrower
or any Subsidiary means, without duplication, any indebtedness of the Borrower or any Subsidiary, whether or not contingent, in respect
of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money
secured by any Encumbrance existing on property owned by the Borrower or any Subsidiary, to the extent of the lesser of (x) the amount
of indebtedness so secured or (y) the fair market value of the property subject to such Encumbrance, (iii) the reimbursement
obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to
provide credit enhancement or support with respect to other indebtedness of the Borrower or any Subsidiary otherwise reflected as Debt)
or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that
constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement,
(iv) the principal amount of all obligations of the Borrower or any Subsidiary with respect to redemption, repayment or other repurchase
of any Disqualified Stock, or (v) any lease of property by the Borrower or any Subsidiary as lessee which is reflected on the Borrower’s
consolidated balance sheet as a capitalized lease in accordance with GAAP, to the extent, in the case of items of indebtedness under (i) through
(iii) above, that any such items (other than letters of credit) would appear as a liability on the Borrower’s consolidated
balance sheet in accordance with GAAP. Debt also (A) excludes any indebtedness (1) with respect to which a defeasance or covenant
defeasance or discharge has been effected (or an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding
principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including, the applicable maturity
date or redemption date, and any premium or otherwise as provided in the terms of such indebtedness) in accordance with the terms thereof
or which has been repurchased, retired, repaid, redeemed, irrevocably called for redemption (and an irrevocable deposit is made with a
trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest
thereon to, but not including, such redemption date, and any premium) or otherwise satisfied or (2) that is secured by cash or Cash
Equivalents irrevocably deposited with a trustee in an amount, in the case of this clause (2), at least equal to the outstanding principal
amount of such indebtedness and the remaining scheduled payments of interest thereon and (B) includes, to the extent not otherwise
included, any obligation by the Borrower or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than
for purposes of collection in the ordinary course of business), Debt of another Person (other than the Borrower or any Subsidiary); (it
being understood that Debt shall be deemed to be incurred by the Borrower or any Subsidiary whenever the Borrower or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).


 


“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security
into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (i) matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely
in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), (ii) is convertible into or exchangeable
or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (iii) is redeemable at the option of the holder thereof,
in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock
or for Subordinated Debt); in each case on or prior to the stated maturity of the principal of any senior notes issued by the Borrower.


 






    	 	- 4 -	 



     


    

 


“Earnings from Operations”
for any period means net earnings excluding gains and losses on sales of investments, gains or losses on early extinguishment of debt,
extraordinary items and property valuation losses, in each case as reflected in the financial statements of the Borrower and its Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP.


 


“Encumbrance ” means
any mortgage, lien, charge, pledge, security interest or other encumbrance of any kind.


 


“Secured Debt” means
Debt of the Borrower or its Subsidiaries secured by an Encumbrance on the property of the Borrower or its Subsidiaries.


 


“Subordinated Debt”
means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and premium, if any, on
the 6.75% Senior Notes or any other senior notes issued by the Borrower.


 


“Total Assets” as
of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Borrower and its Subsidiaries
determined in accordance with GAAP (but excluding accounts receivable and intangibles).


 


“Undepreciated Real Estate
Assets” as of any date means the cost (original cost plus capital improvements) of real estate and associated tangible personal
property used in connection with the real estate assets of the Borrower and its Subsidiaries on such date, before depreciation and amortization
determined on a consolidated basis in accordance with GAAP.


 


“Amendment Period
Termination Date” means June 30December 31,
2022.


 


“Announcements” has the meaning
given that term in Section 1.3.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to bribery or corruption,
including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act
2010 and the rules and regulations thereunder.


 


“Anti-Money Laundering
Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related
to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable
provision of the Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,”
31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).


 


“Applicable Facility
Fee” means the percentage set forth in the table below corresponding to the Level at which the “Applicable Margin”
is determined in accordance with the definition thereof:


 


	Level	Facility Fee
	1	0.10%
	2	0.125%
	3	0.15%
	4	0.20%
	5	0.25%
	6	0.30%


 






    	 	- 5 -	 



     


    

 


Any change in the applicable Level at which the
Applicable Margin is determined shall result in a corresponding and simultaneous change in the Applicable Facility Fee. The provisions
of this definition shall be subject to Section 2.4.(c).


 


“Applicable Law”
means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive
orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.


 


“Applicable Margin”
means the percentage rate set forth in the table below corresponding to the level (each a “Level”) into which the Borrower’s
Credit Rating then falls. As of the Agreement Date, the Applicable Margin is determined based on Level 5 of Table I. Any change in the
Borrower’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first calendar
month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.4.(m) that
the Borrower’s Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by such Section but
the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent may, in its
sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent
becomes aware that the Borrower’s Credit Rating has changed. During any period that the Borrower has received two Credit Ratings
that are not equivalent, then (x) the Applicable Margin shall be determined based on the Level corresponding to the higher of such
two Credit Ratings if the higher of such two Credit Ratings is not more than one Level higher than the lower of such two Credit Ratings
and (y) the Applicable Margin shall be determined based on the Level corresponding to the Level immediately below the higher of such
two Credit Ratings if the higher of such two Credit Ratings is more than one Level higher than the lower of such two Credit Ratings. During
any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be determined
based on such Credit Rating. During any period that the Borrower has not received a Credit Rating from any Rating Agency, the Applicable
Margin shall be determined based on Level 6. The provisions of this definition shall be subject to Section 2.4.(c).


 


	
     

    Level
	Borrower’s Credit Rating (S&P/Moody’s)	Applicable Margin for LIBOR Loans	Applicable Margin for Base Rate Loans
	1	A/A2 or better	1.5751.725%	0.5750.725%
	2	A-/A3	1.6251.775%	0.6250.775%
	3	BBB+/Baa1 	1.6751.825%	0.6750.825%
	4	BBB/Baa2 	1.8001.950%	0.8000.950%
	5	BBB-/Baa3 	2.0002.150%	1.0001.150%
	6	Lower than BBB-/Baa3 or not rated	2.3502.500%	1.3501.500%


 


“Appraisal”
means, with respect to any Property, an M.A.I. appraisal commissioned by and addressed to the Administrative Agent (acceptable to the
Administrative Agent as to form, substance and appraisal date), prepared by a professional appraiser acceptable to the Administrative
Agent, having at least the minimum qualifications required under Applicable Law governing the Administrative Agent and the Lenders, including,
without limitation, FIRREA, and determining the “as-is” market value of such Property as between a willing buyer and a willing
seller.


 






    	 	- 6 -	 



     


    


 


“Approved Budget”
means the forecast of the Borrower substantially in the form delivered in connection with the Second Amendment, as adjusted from time
to time as approved by the Administrative Agent and the Term Loan Administrative Agent in accordance with the terms of the Intercreditor
Agreement.


 


“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate
of any entity that administers or manages a Lender.


 


“As-Is Appraised
Value” means, with respect to any Property, the “as-is” market value of such Property as reflected in the most recent
Appraisal of such Property accepted by Administrative Agent, as the same may have been adjusted by the Administrative Agent based upon
its internal review of such Appraisal which is based on criteria and factors then generally used and considered by the Administrative
Agent, which review shall be conducted prior to acceptance of such Appraisal by the Administrative Agent.


 


“Asset Under Development”
means, as of any date of determination, any Property owned by the Borrower or any of its Subsidiaries on which the construction of new
income-producing improvements has been commenced and is continuing, with both the land and the improvements under construction thereon
which comprise such Property to be valued as set forth in the definition of “Total Asset Value”. In the event of construction
of an addition or expansion to an existing income producing Property, only the addition or expansion shall be considered an Asset Under
Development.


 


“Assignment and Assumption”
means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 12.6.), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form approved
by the Administrative Agent.


 


“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such
date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest
Period” pursuant to Section 4.2.(b).


 


“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.


 


“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of
the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).


 


“Bankruptcy Code”
means the Bankruptcy Code of 1978, as amended.


 


“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market Index
Rate plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate,
the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause (c) shall not be applicable during any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor).


 






    - 7 - 


     


    

 


“Base Rate Loan”
means a Revolving Loan bearing interest at a rate based on the Base Rate.


 


“Benchmark”
means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election,
or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to Section 4.2.(b)(i).


 


“Benchmark Replacement”
means, for any Available Tenor,


 


(a) with respect to any
Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined by the
Administrative Agent for the applicable Benchmark Replacement Date:


 


(1) the sum of: (A) Term
SOFR and (B) the related Benchmark Replacement Adjustment;


 


(2) the sum of: (A) Daily
Simple SOFR and (B) the related Benchmark Replacement Adjustment;


 


(3) the sum of: (A) the
alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities
at such time and (B) the related Benchmark Replacement Adjustment;


 


(b) with respect to any
Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment; or


 


(c) with respect to any
Other Benchmark Rate Election, the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and
the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated
syndicated credit facilities at such time and (ii) the related Benchmark Replacement Adjustment;


 


provided that, (i) in
the case of clause (a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative
Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or
clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement
as determined pursuant to clause (a)(1), (a)(2) or (a)(3), clause (b) or clause (c) of this definition would be less than
the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.


 






    - 8 - 


     


    

 


“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:


 


(1) for purposes of clauses
(a)(1) and (b) of the definition of “Benchmark Replacement,” an amount equal to (A) 0.11448% (11.448 basis
points) for an Available Tenor of one-month’s duration, (B) 0.26161% (26.161 basis points) for an Available Tenor of three-months’
duration and (C) 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration;


 


(2) for purposes of clause
(a)(2) of the definition of “Benchmark Replacement,” an amount equal to 0.11448% (11.448 basis points);


 


(3) for purposes of clause
(a)(3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available
Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities; and


 


(4)  for purposes of
clause (c) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower giving due consideration to any evolving or then-prevailing market convention for determining a spread adjustment, or method
for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable
Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.


 


“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of Section 4.4, and other technical, administrative
or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark
Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner
of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).


 


“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:


 


(1) in the case of clause
(1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof);


 






    - 9 - 


     


    

 


(2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information
referenced therein;


 


(3) in the case of a
Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR Notice to the
Lenders and the Borrower pursuant to Section 4.2.(b)(i)(B); or


 


(4) in the case of an
Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election
or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent has not received, by
5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark
Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or Other Benchmark
Rate Election, as applicable, from Lenders comprising the Requisite Lenders.


 


For the avoidance of doubt,
(i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in
respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with
respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).


 


“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:


 


(1) a public statement
or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation
thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof);


 


(2) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in
the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or


 


(3) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in
the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.


 


For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).


 






    - 10 - 


     


    

 


“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or
(2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 4.2.(b) and (y) ending at the time that a Benchmark Replacement
has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 4.2.(b).


 


“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.


 


“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.


 


“Benefit Arrangement”
means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer
Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.


 


“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets
of any such “employee benefit plan” or “plan”.


 


“Borrower”
has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns.


 


“Borrower Information”
has the meaning given that term in Section 2.4.(c).


 


“Borrower Letter”
means that certain letter dated as of even date herewith from the Borrower to the Administrative Agent and the Lenders.


 


“Business Day”
means (a) for all purposes other than as set forth in clause (b) below, any day (other than a Saturday, Sunday or legal holiday)
on which banks in New York, New York, are open for the conduct of their commercial banking business, and (b) with respect to all
notices and determinations in connection with, and payments of principal and interest on, any LIBOR Loan, or any Base Rate Loan as to
which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and that is also
a day for trading by and between banks in Dollar deposits in the London interbank market. Unless specifically referenced in this Agreement
as a Business Day, all references to “days” shall be to calendar days.


 


“Business Management
Agreement” means that certain Second Amended and Restated Business Management Agreement dated as of June 5, 2015 by and
between the Borrower and RMR.


 


“Capital Expenditure
Reserves” means, with respect to a Property and for a given period, an amount equal to (a)(i) $300 per annum per bed, for
a skilled nursing facility, or per unit for any other Senior Housing Asset, on which the applicable lease does not require the Lessee
to pay for all capital expenditures or (ii) an amount equal to $0.40 per square foot per annum for any other Property on which the
applicable lease does not require the Lessee to pay for all capital expenditures, times (b) the number of days in such period,
divided by (c) 365.


 






    - 11 - 


     


    

 


“Capitalization Rate”
means (a) 7.00% for Senior Housing Assets and (b) 6.50% for all other Properties.


 


“Capitalized Lease
Obligation” means obligations under a lease (to pay rent or other amounts under any lease or other arrangement conveying the
right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized
Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable
Person prepared in accordance with GAAP as of the applicable date.


 


“Cash Collateralize”
means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Banks or the Lenders, as collateral
for Letter of Credit Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or
deposit account balances or, if the Administrative Agent and the Issuing Banks shall agree in their sole discretion, other credit support,
in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Banks. “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit
support.


 


“Cash Equivalents”
means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not
more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired
issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the
laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of
any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which
bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the
equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for
securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described
in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America
or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s,
in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered
under the Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000 and at least 85% of whose assets
consist of securities and other obligations of the type described in clauses (a) through (d) above.


 


“Casualty/Condemnation
Event” means the occurrence of (i) any damage to a Collateral Property, in whole or in part, by fire or other casualty
or (ii) any condemnation of any Collateral Property, in each case, equaling or exceeding twenty percent (20%) of the As-Is Appraised
Value of such Property.


 


“Collateral”
means any real or personal property directly or indirectly securing any of the Guaranteed Obligations or Pari Passu Guaranteed Obligations
or any other obligation of a Person under or in respect of any Loan Document and includes, without limitation, all Pledged Interests,
all “Property,” “Improvements,” and “Collateral” (or other similar term) under and as defined in each
Security Instrument, all “Management Agreements” (or other similar term) as defined in any Property Management Contract Assignment,
and all other property subject to a Lien created by a Security Document. For the avoidance of doubt, the Collateral shall not secure any
Specified Derivatives Obligations.


 


“Collateral Agent”
means Wells Fargo Bank, National Association, as collateral agent under the Intercreditor Agreement, or any successor thereto appointed
in accordance with the terms of the Intercreditor Agreement.


 






    - 12 - 


     


    

 


“Collateral Properties”
means, collectively, (i) each Initial Collateral Property for which (a) a Security Instrument and each other applicable Security
Document has been delivered to and accepted by the Administrative Agent and (b) each other condition set forth on Annex I
has been satisfied or waived in writing by the Administrative Agent in respect of such Property (provided that any such condition requiring
delivery of Security Documents that the Administrative Agent determines to be applicable, a Title Policy, flood hazard determinations
or, to the extent applicable, evidence of flood insurance coverage as required by the Administrative Agent shall not be waived without
the written consent of the Requisite Lenders), and (ii) each other Property added as a Collateral Property from time to time pursuant
to Section 7.15(a); provided that, notwithstanding anything to the contrary herein or in any other Loan Document, solely for
purposes of Sections 7.13(b), 9.2, 9.4, and 12.2, each Initial Collateral Property shall, at all times prior to the satisfaction of the
Initial Mortgage Collateral Requirement, and solely to the extent the Initial Mortgage Collateral Requirement is not yet satisfied, be
deemed to be a “Collateral Property” for all purposes thereunder regardless of whether or not the conditions specified in
the foregoing clauses (i)(a) and (i)(b) shall have been satisfied.


 


“Collateral Property
Addition” has the meaning given that term in Section 7.15(a).


 


“Collateral Property
Availability” means, as determined with respect to the then Collateral Properties, the lesser of (i) 6055%
of the As-Is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 910%
Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as
such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability,
and the Collateral Property Availability shall be recalculated immediately upon such exclusion.


 


“Collateral Property
Debt Yield” means, on any date of determination, the ratio, expressed as a percentage, of Net Operating Income of the Collateral
Properties for the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters, in the aggregate,
to the outstanding principal balance of all Loans, Swingline Loans, Letter of Credit Liabilities, Term Loans, and other extensions of
credit hereunder or under the Existing Term Loan Agreement as of such date.


 


“Commitment”
means, as to each Lender (other than a Swingline Lender), such Lender’s obligation to make Revolving Loans pursuant to Section 2.1.,
to issue (in the case of an Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to Section 2.2.(i),
and to participate in Swingline Loans pursuant to Section 2.3.(e), in an amount up to, but not exceeding the amount set forth for
such Lender on Schedule I as such Lender’s “Commitment Amount” or as set forth in any applicable Assignment and Assumption
or agreement executed by a Lender becoming a party hereto in accordance with Section 2.15., as the same may be reduced from time
to time pursuant to Section 2.11. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected
in accordance with Section 12.6. or increased as appropriate to reflect any increase effected in accordance with Section 2.15.


 


“Commitment Percentage”
means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the
aggregate amount of the Commitments of all Lenders; provided, however, that if at the time of determination the Commitments have been
terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the “Commitment Percentage”
of such Lender in effect immediately prior to such termination or reduction.


 


“Compliance Certificate”
has the meaning given that term in Section 8.3.


 






    - 13 - 


     


    

 


“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.


 


“Construction Budget”
means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the
cost of acquiring such piece of real property (except to the extent any portion thereof is Unimproved Land), reserves for construction
interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs), as reasonably determined by the
Borrower in good faith. Real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion
of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as
a condition precedent to, such acquisition, shall be subject to this definition.


 


“Continue”,
 “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest
Period to another Interest Period pursuant to Section 2.8.


 


“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.


 


“Convert”,
 “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of
another Type pursuant to Section 2.9 or Section 4.2.(b).


 


“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.


 


“Covered Party”
has the meaning given that term in Section 12.24.


 


“Credit Event”
means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Base Rate Loan into a LIBOR
Loan and (c) the issuance, extension or amendment that increases the amount of a Letter of Credit.


 


“Credit Rating”
means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.


 


“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively
feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.


 


“Debt Service”
means, for any period, the sum of: (a) Interest Expense of the Borrower and its Subsidiaries determined on a consolidated basis for
such period and (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower and its Subsidiaries
during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full.


 


“Debtor Relief Laws”
means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States
of America or other applicable jurisdictions from time to time in effect.


 






    - 14 - 


     


    

 


“Default”
means any of the events specified in Section 10.1., whether or not there has been satisfied any requirement for the giving of notice,
the lapse of time, or both.


 


“Defaulting Lender”
means, subject to Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within 2
Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the
Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to the Administrative Agent, the Issuing Banks, the Swingline Lenders or any other Lender any other amount
required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within 2 Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lenders in
writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default,
shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within 3 Business Days
after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has,
or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall
not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through
(d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject
to Section 3.9.(f)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, each Swingline Lender
and each Lender.


 


“Derivatives Contract”
means (a) any transaction (including any master agreement, confirmation or other agreement with respect to any such transaction)
now existing or hereafter entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option,
basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond
option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default
option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction,
securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument
or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar
to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial
markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt
instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be
made, and (b) any combination of these transactions.


 






    - 15 - 


     


    

 


“Derivatives Support
Document” means (i) any credit support annex comprising part of (and as defined in) any Specified Derivatives Contract,
and (ii) any document or agreement pursuant to which cash, deposit accounts, securities accounts or similar financial asset collateral
are pledged to or made available for set-off by, a Specified Derivatives Provider, including any banker’s lien or similar right,
securing or supporting Specified Derivatives Obligation.


 


“Derivatives Termination
Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable
netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated
or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives
Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon
one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative
Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any thereof).


 


“Disbursement Instruction
Agreement” means an agreement substantially in the form of Exhibit I to be executed and delivered by the Borrower, as the
same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.


 


“Dollars”
or “$” means the lawful currency of the United States of America.


 


“Early Opt-in Election”
means, if the then-current Benchmark is LIBOR, the occurrence of:


 


(1) a notification by
the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that
at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or
as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such
syndicated credit facilities are identified in such notice and are publicly available for review), and


 


(2) the joint election
by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative Agent of written
notice of such election to the Lenders.


 


“EBITDA”
means, with respect to a Person for a given period and without duplication, the sum of: (a) net income (or loss) of such Person for
such period determined on a consolidated basis, in accordance with GAAP, exclusive of the following (but only to the extent included in
the determination of such net income (loss) for such period): (i) depreciation and amortization; (ii) interest expense; (iii) income
tax expense; (iv) extraordinary or nonrecurring items, including without limitation, extraordinary or non-recurring gains and losses;
(v) in the case of the Borrower and its Subsidiaries, funds received by the Borrower or a Subsidiary as rent but which are reserved
for capital expenses; and (vi) in the case of Borrower and its Subsidiaries, equity in the earnings (or loss) of Unconsolidated Affiliates,
RMR Inc. and Five StarAlerisLife
(but only, in the case of each of RMR Inc. and Five StarAlerisLife,
if such entity would be an Unconsolidated Affiliate but for the last sentence of the definition of that term); plus (b) in
the case of the Borrower and its Subsidiaries cash dividends (other than extraordinary cash dividends or distributions) received by the
Borrower or its Subsidiaries from RMR Inc. or Five StarAlerisLife
during such period; plus (c) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. Straight line
rent leveling adjustments and deferred percentage rent adjustments required under GAAP, and amortization of intangibles pursuant to FASB
ASC 805 and the like, shall be disregarded in determinations of EBITDA (to the extent such adjustments would otherwise have been included
in the determination of EBITDA). For purposes of this definition, nonrecurring items shall be deemed to include (x) gains and losses
on early extinguishment of Indebtedness, (y) non-cash severance and other non-cash restructuring charges and (z) transaction
costs of acquisitions not permitted to be capitalized pursuant to GAAP.


 






    - 16 - 


     


    

 


“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.


 


“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“Effective Date”
means the later of (a) the Agreement Date and (b) the date on which all of the conditions precedent set forth in Section 5.1.
shall have been fulfilled or waived by all of the Lenders.


 


“Eligible Assignee”
means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (subject to such consents,
if any, as may be required under Section 12.6.(b)(iii)).


 


“Eligible Property”
means a Property which satisfies all of the following requirements: (a) such Property is wholly-owned (i) in fee simple (or
leasehold, if applicable) directly by a Guarantor and (ii) indirectly by the Borrower; (b) the Guarantor that owns such Property
has the right to take the following actions without the need to obtain the consent of any Person (other than the Administrative Agent,
the Term Loan Administrative Agent, the Collateral Agent, the Lenders and the Term Lenders): (i) to create Liens on such Property
as security for Indebtedness of the Borrower or such Guarantor, as applicable, and (ii) to sell, transfer or otherwise dispose of
such Property; (c) neither such Property, nor any of the Borrower’s direct or indirect ownership interest in such Guarantor,
is subject to (i) any Lien other than Permitted Liens described in clauses (a), (c), (g), (i) and (j) of the definition
of that term or (ii) any Negative Pledge; (d) [intentionally omitted]; (e) such Property and related Collateral is encumbered
by first priority mortgage Liens in favor of the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations,
as required pursuant to Section 7.15(a) (subject to the Administrative Agent having entered into a subordination, non-disturbance
and attornment agreement with any applicable manager or tenant if required to provide the Administrative Agent with a first priority mortgage
Lien), and the Lien of the Security Instrument on such Property is insured by a Title Policy as required pursuant hereto; (f) such
Property is free of all structural defects and major architectural deficiencies, title defects, environmental conditions and other adverse
matters, except for defects, deficiencies, conditions or other matters which, individually or collectively, are not materially adverse
to the use, operation or value of such Property; and (g) no Casualty/Condemnation Event has occurred with respect to such Property
which has not been fully restored and paid for in full.


 






    - 17 - 


     


    

 


“Environmental Laws”
means any Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous
Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control
Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. §
6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental
Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law
and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable
state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment.


 


“Equity Interest”
means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant,
option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit
interests in) such Person whether or not certificated, any security convertible into or exchangeable for any share of capital stock of
(or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person
of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest
is authorized or otherwise existing on any date of determination.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as in effect from time to time.


 


“ERISA Event”
means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect
to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from
a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of
ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the incurrence
by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the
incurrence by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan
or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure
by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured
within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of
an application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or
Multiemployer Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member
of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning
of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status
(within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i)  the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of
the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA with respect to any Plan or Multiemployer Plan;
or (j) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430
of the Internal Revenue Code or Section 303 of ERISA).


 


“ERISA Group”
means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control, which, together with the Borrower or any Subsidiary, are treated as a single employer under, as applicable,
Section 414(b), (c), (m) and (o) of the Internal Revenue Code or Section 4001(a)(14) or 4001(b)(1) of ERISA.


 






    - 18 - 


     


    

 


“Erroneous Payment”
has the meaning given that term in Section 11.14.(a).


 


“Erroneous Payment
Deficiency Assignment” has the meaning given that term in Section 11.14(d).


 


“Erroneous Payment
Impacted Class” has the meaning given that term in Section 11.14.(d).


 


“Erroneous Payment
Return Deficiency” has the meaning given that term in Section 11.14.(d).


 


“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in
effect from time to time.


 


“Event of Default”
means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or any other condition
has been satisfied.


 


“Excluded Subsidiary”
means any Subsidiary (a) holding title to or beneficially owning assets
which are or are intended to become collateral for any Secured Indebtedness of such Subsidiary, or being a beneficial owner of a Subsidiary
holding title to or beneficially owning such assets (but having no material assets other than such beneficial ownership interests or the
equity interests of a Subsidiary having no material assets other than such beneficial ownership interests) and (b) which (i) is,
or is expected to be, prohibited from Guarantying the Indebtedness of any other Person pursuant to any document, instrument or agreement
evidencing such Secured Indebtedness or (ii) is prohibited from Guarantying the Indebtedness of any other Person pursuant to a provision
of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as
a condition or anticipated condition to the extension of such Secured Indebtedness. In addition, (A) CCC of Kentucky Trust shall
be deemed to be an Excluded Subsidiary so long as any Indebtedness secured by the Acquired Property Lien Documents described in Part I
or Part II of Item 1.1.(b) of the Borrower Letter remains outstanding, and (B) SNH NS Mtg Properties 2 Trust shall be deemed
to be an Excluded Subsidiary so long as the Property owned by such Subsidiary remains subject to a Lien arising in connection with any
Acquired Property Lien Document described in Part IV of Item 1.1(b) of the Borrower Letter.


 


“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to an Applicable Law in effect
on the date on which (i) such Lender acquires such interest in such Loan or Commitment (other than pursuant to an assignment request
by the Borrower under Section 4.6.) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 3.10., amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.10.(g) (relating to documentation to reduce or eliminate withholding Tax)
and (d) any U.S. federal withholding Taxes imposed under FATCA.


 


“Existing Credit
Agreement” has the meaning set forth in the recitals hereof.


 






    - 19 - 


     


    

 


“Existing Term Loan
Agreement” means that certain Amended and Restated Term Loan Agreement dated as of August 1, 2017 by and among the Borrower,
the lenders party thereto and Wells Fargo, as administrative agent, providing for a term loan facility in an original aggregate principal
amount of $200,000,000, as the same may be amended, restated, supplemented, or otherwise modified from time to time. As of the Third Amendment
Effective Date, the Existing Term Loan Agreement has been terminated and is of no further force or effect.


 


“Extended Commitments”
means, as to each Extending Lender, the portion of the Commitment of such Extending Lender that shall be subject to the Second Extension
Option. The Extended Commitment of each Extending Lender as of the Second Amendment Effective Date is set forth on Schedule 2.12 opposite
such Extending Lender’s name, as such Extended Commitment may be assigned from time to time pursuant to an Assignment and Assumption
in accordance with the terms of this Agreement.


 


“Extending Lender”
means each Lender with an Extended Commitment.


 


“Fair Market Value”
means, (a) with respect to a security listed on a national securities exchange or the NASDAQ Global Market, the price of such security
as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and
(b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for
cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction.


 


“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.


 


“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.


 


“FCA” has the meaning given
that term in Section 1.3.


 


“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not
a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent
from three Federal Funds brokers of recognized standing selected by the Administrative Agent. If the Federal Funds Rate determined as
provided above would be less than fifty basis points (0.50%), the Federal Funds Rate shall be deemed to be fifty basis points (0.50%).


 


“Fee Letter”
means that certain fee letter dated as of June 29, 2017, by and among the Borrower, Wells Fargo, Wells Fargo Securities, LLC, Royal
Bank of Canada, Citigroup Global Markets, Inc., PNC Bank, National Association, PNC Capital Markets LLC and the other parties thereto.


 


“Fees”
means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder,
under any other Loan Document or under the Fee Letter.


 


“FIRREA”
means the Financial Institution Recovery, Reform and Enforcement Act of 1989.


 






    - 20 - 


     


    

 


“First Amendment”
means that certain First Amendment to Amended and Restated Credit Agreement, dated as of June 30, 2020, among the Borrower, the Lenders
party thereto and the Administrative Agent.


 


“First Amendment
Effective Date” has the meaning given that term in the First Amendment.


 


“First Extended Termination
Date” has the meaning given that term in Section 2.12(b).


 


“First Extension
Option” has the meaning given that term in Section 2.12(a).


 


“Fitch”
means Fitch, Inc. and its successors.


 


“Five
Star” means Five Star Senior Living Inc., a Maryland corporation, and its
successors.


 


“Fixed Charges” means, for any
period, the sum (without duplication) of (a) Debt Service for such period and (b) Preferred Dividends for such period.


 


“Flood Laws” has the meaning
given that term in Section 11.12.


 


“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to LIBOR. As of the Third Amendment Effective Date, the Floor is one-half
of one percent (0.50%).


 


“Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute
a single jurisdiction.


 


“Foreign Subsidiary”
means a Subsidiary not formed under the laws of the United States of America, any state thereof or the District of Columbia.


 


“Fourth
Amendment” means that certain Fourth Amendment to Amended and Restated Credit Agreement, dated as of February 22, 2022,
among the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.


 


“Fourth
Amendment Effective Date” has the meaning given that term in the Fourth Amendment.


 


“FRB” means the Board of Governors
of the Federal Reserve System.


 


“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Banks, such Defaulting Lender’s Commitment
Percentage of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with
respect to the Swingline Lenders, such Defaulting Lender’s Commitment Percentage of outstanding Swingline Loans other than Swingline
Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.


 


“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.


 






    - 21 - 


     


    

 


“Funds From Operations”
means, for any period, (a) net income of the Borrower for such period determined on a consolidated basis exclusive of the following
(to the extent included in the determination of such net income): (i) depreciation and amortization; (ii) gains and losses from
extraordinary or non-recurring items; (iii) gains and losses on sales of real estate; (iv) gains and losses on investments in
marketable securities; and (v) provisions/benefits for income taxes for such period; plus (b) the Borrower’s share of
Funds From Operations from Unconsolidated Affiliates. Straight line rent leveling adjustments and deferred percentage rent adjustments
required under GAAP, and amortization of intangibles pursuant to FASB ASC 805 and the like, shall be disregarded in determinations of
Funds From Operations (to the extent such adjustments otherwise would be included in the determination of Funds From Operations).


 


“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting Standards Codification”)
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United
States of America, which are applicable to the circumstances as of the date of determination.


 


“Governmental Approvals”
means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental
Authorities.


 


“Governmental Authority”
means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental,
quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board,
department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency
or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law.


 


“Ground Lease”
means a ground lease containing the following terms and conditions: (a) either (i) a remaining term (taking into account extensions
which may be effected by the lessee without the consent of the lessor) of no less than 30 years from the Agreement Date, or (ii) the
right of the lessee to purchase the property on terms reasonably acceptable to the Administrative Agent; (b) the right of the lessee
to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor
to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and that such
lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so;
and (d) free transferability of the lessee’s interest under such lease, including ability to sublease, subject to only reasonable
consent provisions.


 


“Guarantor”
means, collectively, (i) each direct owner of any Collateral Property and (ii) any Subsidiary that becomes a Guarantor pursuant
to the terms of Section 7.13.


 


“Guaranteed Obligations” means,
at any given time, the “Guarantied Obligations” (as defined in the Guaranty) of each Guarantor that directly owns a Collateral
Property at such time.


 






    - 22 - 


     


    

 


“Guaranty”,
 “Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any
manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not
constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of
nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase,
sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor
with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account
of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or
in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries
of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or
any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person
against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the guaranty executed and
delivered pursuant to Section 5.1. or 7.13. and substantially in the form of Exhibit B.


 


“Hazardous Materials”
means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable
Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as
ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced
waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources;
(c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and
(f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty
parts per million.


 


“IBA” has the meaning given
that term in Section 1.3.


 


“Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations
of such Person in respect of money borrowed or for the deferred purchase price of property or services (excluding trade debt incurred
in the ordinary course of business); (b) all obligations of such Person, whether or not for money borrowed (i) represented by
notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or
similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments
or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment
for property or for services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent
or otherwise) of such Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented
for payment); (e) all Off-Balance Sheet Obligations; (f) all obligations of such Person to purchase, redeem, retire, defease
or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the
greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) all obligations of such Person
in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced
by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests
(other than Mandatorily Redeemable Stock)); (h) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise
recourse to such Person (excluding guarantees required under Applicable Laws, or by any Governmental Authority, as a condition to ownership
of Senior Housing Assets); (i) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien (other than Permitted Liens of the types described in clauses (a) through
(c) or (e) through (j) of the definition thereof) on property or assets owned by such Person, even though such Person has
not assumed or become liable for the payment of such Indebtedness or other payment obligation, valued, in the case of any such Indebtedness
as to which recourse for the payment thereof is expressly limited to the property or assets on which such Lien is granted, at the lesser
of (x) the stated or determinable amount of the Indebtedness that is so secured or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to perform thereunder) and (y) the Fair Market Value of
such property or assets; and (j) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such
Person.


 






    - 23 - 


     


    

 


“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding
clause (a), Other Taxes.


 


“Initial Collateral
Property” has the meaning given that term in the Second Amendment.


 


“Initial Mortgage
Collateral Requirement” has the meaning given that term in the Second Amendment.


 


“Intellectual Property”
has the meaning given that term in Section 6.1.(t).


 


“Intercreditor Agreement”
means the Collateral Agency and Pari Passu Intercreditor Agreement, dated as of the Second Amendment Effective Date, by and among the
Collateral Agent, the Administrative Agent, the Term Loan Administrative Agent, and the Loan Parties from time to time party thereto,
substantially in the form of Exhibit B to the Second Amendment, as the same may be amended, restated, supplemented, or otherwise
modified from time to time.


 


“Interest Expense”
means, with respect to a Person for any period of time (a) the interest expense whether paid, accrued or capitalized (without deduction
of consolidated interest income) of such Person for such period plus (b) in the case of the Borrower, the Borrower’s Ownership
Share of Interest Expense of its Unconsolidated Affiliates. Interest Expense shall exclude any amortization of (i) deferred financing
fees and (ii) debt discounts (but only to the extent such discounts do not exceed 3.0% of the initial face principal amount of such
debt).


 


“Interest Period”
means, with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation
of a LIBOR Loan the last day of the preceding Interest Period for such Loan, and ending 7 days thereafter or on the numerically corresponding
day in the first, third or sixth calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation
or Notice of Conversion, as the case may be, except that each Interest Period (other than an Interest Period having a duration of 7 days)
that commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the
appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding
the foregoing: (i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the Termination
Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following
Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day).


 


“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended.


 


“Investment”
means, (x) with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by
means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance
or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness
of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit
of another Person and (y) with respect to any Property or other asset, the acquisition thereof. Any commitment to make an Investment
in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment.
Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount
of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment.


 






    - 24 - 


     


    

 


“Issuing Banks”
means each of Wells Fargo, Royal Bank of Canada, Citibank, N.A. and PNC Bank, National Association, in its capacity as the issuer of Letters
of Credit pursuant to Section 2.2.


 


“L/C Commitment Amount”
has the meaning given to that term in Section 2.2.(a).


 


“L/C Disbursement”
has the meaning given to that term in Section 3.9.(b).


 


“Lead Arranger”
has the meaning set forth in the introductory paragraph hereof.


 


“Lease”
means a (sub)lease of a Property, between the Borrower or a Subsidiary, as Lessor, and a Lessee.


 


“Lender”
means each financial institution from time to time party hereto as a “Lender,” together with its respective successors and
permitted assigns, and, as the context requires, includes the Swingline Lenders. Except as expressly provided herein, the term “Lender”
shall exclude any Lender (and its Affiliates) in its capacity as a Specified Derivatives Provider


 


“Lending Office”
means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire
or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent
in writing from time to time.


 


“Lessee”
means the (sub)lessee of a Property pursuant to a Lease, provided that (without the Administrative Agent’s approval) no such (sub)lessee
shall be an Affiliate of the Borrower (including, without limitation, RMR, or any Managing Trustee, but, subject to compliance with Section 9.8.,
excluding (x) Five StarAlerisLife
and any of its Subsidiaries at any time Five StarAlerisLife
or any such Subsidiary is an Affiliate and (y) any TRS), except during an interim period for Properties which are foreclosed upon
or repossessed upon lease terminations or otherwise by or on behalf of the Borrower or a Subsidiary.


 


“Letter of Credit”
has the meaning given that term in Section 2.2.(a).


 


“Letter of Credit
Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative
Agent, the Issuing Banks and the Lenders, and under its sole dominion and control.


 


“Letter of Credit
Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document
presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or
providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any
collateral security for any of such obligations.


 






    - 25 - 


     


    

 


“Letter of Credit
Liabilities” means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated
Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at
such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other
than the Lender then acting as Issuing Bank with respect to the related Letter of Credit) shall be deemed to hold a Letter of Credit Liability
in an amount equal to its participation interest under Section 2.2. in the related Letter of Credit, and the Lender then acting as
Issuing Bank with respect to such related Letter of Credit shall be deemed to hold a Letter of Credit Liability in an amount equal to
its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then
acting as Issuing Bank with respect to such related Letter of Credit) of their participation interests under such Section.


 


“Level”
has the meaning given that term in the definition of the term “Applicable Margin.”


 


“LIBOR”
means, subject to implementation of a Benchmark Replacement in accordance with Section 4.2.(b), with respect to any LIBOR Loan for
any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the
rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited,
a United Kingdom Company, or a comparable or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London
time) two (2) Business Days prior to the first day of the applicable 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 FRB (or against any other category of liabilities
which includes deposits by reference to which the interest rate on LIBOR 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). If, for any reason,
the rate referred to in the preceding clause (i) is not so published, then the rate to be used for such clause (i) shall be
determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered
by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business
Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period. Any change in the maximum rate
or reserve described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum
rate becomes effective. Notwithstanding the foregoing, (x) in no event shall LIBOR (including, without limitation, any Benchmark
Replacement with respect thereto) be less than fifty basis points (0.50%) per annum and (y) in the event of the implementation of
a Benchmark Replacement in accordance with Section 4.2.(b), any references herein to LIBOR shall be deemed references to such Benchmark
Replacement.


 


“LIBOR Loan”
means a Revolving Loan (other than a Base Rate Loan) bearing interest at a rate based on LIBOR.


 


“LIBOR Market Index
Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period
determined at approximately 11:00 a.m. Eastern time for such day (rather than 11:00 a.m. (London time) two Business Days
prior to the first day of such Interest Period as otherwise provided in the definition of “LIBOR”), or if such day is not
a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis. If the LIBOR
Market Index Rate determined as provided above would be less than fifty basis points (0.50%), then the LIBOR Market Index Rate shall
be deemed to be fifty basis points (0.50%).


 






    - 26 - 


     


    

 


“Lien”
as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust,
assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation,
conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of
such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of
such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness
or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing
of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting
or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation
pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in an applicable jurisdiction or (ii) in
connection with a sale or other disposition of accounts or other assets not prohibited by this Agreement in a transaction not otherwise
constituting or giving rise to a Lien; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing.


 


“Liquidity”
means, at any time, the sum of (a) the aggregate Commitments of all Lenders as of such date minus the outstanding principal balance
of all Revolving Loans, Swingline Loans and Letter of Credit Liabilities, plus (b) unrestricted and unencumbered cash, in Dollars,
solely owned by the Borrower and held in the United States.


 


“Loan”
means a Revolving Loan or a Swingline Loan.


 


“Loan Document”
means this Agreement, each Note, the Borrower Letter, the Guaranty, the Intercreditor Agreement, the Pledge Agreement, each other Security
Document, each Letter of Credit Document and each other document or instrument now or hereafter executed and delivered by a Loan Party
in connection with, pursuant to or relating to this Agreement (other than the Fee Letter and any Specified Derivatives Contract).


 


“Loan Party”
means each of the Borrower, each Pledgor, and each other Person who guarantees all or a portion of the Obligations and/or who pledges
any collateral to secure all or a portion of the Obligations. Schedule 1.1. sets forth the Loan Parties in addition to the Borrower
as of the Agreement Date.


 


“Managed Property”
means a Property acquired by the Borrower or a Subsidiary as a result of, or in connection with, a foreclosure or repossession (or consensual
arrangement in lieu thereof).


 


“Managing Trustee”
means either Adam D. Portnoy or Jennifer B. Clark, both having a business address c/o RMR, or any duly appointed successor thereto.


 


“Mandatorily Redeemable
Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event
or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity
Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer
of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock,
or (c) is redeemable at the option of the holder thereof, in whole or part (other than an Equity Interest which is redeemable solely
in exchange for common stock or other equivalent common Equity Interests); in each case, on or prior to the date that is ninety-one (91)
days following the Termination Date.


 


“Marketable Securities”
means (a) bank deposits and certificates of deposit from a bank rated Baa1 or BBB+ or better by a Rating Agency; (b) government
obligations; and (c) commercial paper rated A1 or P1 by a Rating Agency.


 






    - 27 - 


     


    

 


“Material Acquisition”
means any acquisition (whether by direct purchase, merger or otherwise and whether in one or more related transactions) by the Borrower
or any Subsidiary in which the purchase price of the assets acquired exceed 5% of the consolidated total assets of the Borrower and its
Subsidiaries determined under GAAP as of the last day of the most recently ending fiscal quarter of the Borrower for which financial statements
are publicly available.


 


“Material Adverse
Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise),
or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower or any other Loan
Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the
Loan Documents, (d) the rights and remedies of the Lenders, the Issuing Banks and the Administrative Agent under any of the Loan
Documents, (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith or
the timely payment of all Reimbursement Obligations, or (f) when used with respect to a Collateral Property, the use, value or operation
of such Property.


 


“Material Contract”
means any contract or other arrangement (other than Loan Documents and Specified Derivatives Contracts), whether written or oral, to which
the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew
by any party thereto could reasonably be expected to have a Material Adverse Effect, and in any event shall include the Business Management
Agreement and Property Management Agreement.


 


“MIRE
Event” means (a) any increase, extension or renewal of any of the Commitments or Loans (including any increase of
Commitments pursuant to Section 2.15 or otherwise, but excluding (i) any continuation or conversion of Loans,
(ii) the making of any Loan or (iii) the issuance, renewal or extension of Letters of Credit) or (b) any Collateral
Property Addition.


 


“Moody’s”
means Moody’s Investors Service, Inc. and its successors.


 


“Mortgage”
means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning an interest in real estate
granting a Lien on such interest in real estate as security for the payment of Indebtedness.


 


“Mortgage Receivable”
means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection
of all payments thereunder.


 


“Multiemployer Plan”
means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group
is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including
for these purposes any Person which ceased to be a member of the ERISA Group during such six-year period.


 


“Negative Pledge”
means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document, a Specified
Derivatives Contract or a lease or related agreement between a TRS, as tenant, and the Borrower or another Subsidiary, as landlord) which
prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning
such asset or any other Person; provided, however, that (i) an agreement that conditions a Person’s ability to encumber its
assets upon the maintenance of one or more specified ratios that limit a Person’s ability to encumber its assets but that do not
generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, and (ii) negative pledge provisions set
forth in the Existing Term Loan Agreement on substantially the same terms as the provisions of Sections 7.14(d) and 9.2 hereof, in
each case, shall not constitute a Negative Pledge.


 






    - 28 - 


     


    

 


“Net Cash Proceeds”
means the aggregate cash or cash equivalent proceeds received by the Borrower or any of its Subsidiaries, or Borrower’s Ownership
Share of any cash or cash equivalents proceeds received by the Borrower or any Subsidiary from any Unconsolidated Affiliate, in respect
of any sale, assignment, transfer or other disposition of any kind of any asset, any capital markets transaction (including the issuance
of any Equity Interest, whether common, preferred or otherwise), or any debt or debt refinancing (whether secured or unsecured), in each
case, net of (a) customary direct costs incurred in connection therewith (including legal, accounting and investment banking fees,
and underwriting discounts and commissions), (b) taxes paid or payable as a result thereof, and (c) in the case of any such
sale, assignment, transfer or other disposition of an asset, amounts required to be applied to the repayment of any Indebtedness secured
by a Lien that has priority over any Lien in favor of the Administrative Agent on the asset subject to such sale, assignment, transfer
or disposition; provided, however, that “Net Cash Proceeds” shall not include any cash or cash equivalent proceeds
of any Stimulus Transaction.


 


“Net Collateral Property Availability”
means, as of any particular date, the difference of (a) the then Collateral Property Availability minus (b) the outstanding
principal amount of Term Loans as of such date.


 


“Net Operating Income”
means, for any Collateral Property at any date of its determination (without duplication and determined on a consistent basis with prior
periods): (a) rents and other revenues received in the ordinary course from such Collateral Property (including proceeds from rent
loss or business interruption insurance (but not in excess of the actual rent otherwise payable), determined in accordance with GAAP,
but excluding rents and other contractually due amounts not collected during the applicable period, minus (b) all expenses
paid (excluding depreciation, amortization, other non-cash expenses, interest expense, income tax expense, capital expenses and real estate
acquisition costs and expenses, but including appropriate adjustments to allocate property taxes and insurance premiums evenly over the
applicable period) related to the ownership, operation or maintenance of such Collateral Property, including but not limited to, ground
rents, property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing
expenses, and general and administrative expenses, in each case, which are the responsibility of the applicable Subsidiary Guarantor that
are not paid directly by the applicable tenant (including an appropriate allocation for legal, accounting, advertising, marketing and
other expenses incurred by such Guarantor in connection with such Collateral Property, but specifically excluding any property management
fees), minus (c) the Capital Expenditure Reserves for such Collateral Property for the applicable period, minus (d) the
greater of (i) the actual management fee paid during such period with respect to such Collateral Property and (ii) three percent
(3.00%) of the gross revenues of such Collateral Property. In no event shall Net Operating Income for any Property be less than $0.


 


“Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time.


 


“Non-Domestic Property”
means a Property located outside a state, territory or commonwealth of the United States of America (including without limitation Puerto
Rico and the U.S. Virgin Islands) or the District of Columbia.


 


“Nonrecourse Indebtedness”
means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions
for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar
customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing
such Indebtedness.


 


“Note”
means a Revolving Note or a Swingline Note.


 






    - 29 - 


     


    

 


“Notice of Borrowing”
means a notice substantially in the form of Exhibit C (or such other form reasonably acceptable to the Administrative Agent and containing
the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing
the Borrower’s request for a borrowing of Revolving Loans.


 


“Notice of Continuation”
means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing
the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8. evidencing the Borrower’s
request for the Continuation of a LIBOR Loan.


 


“Notice of Conversion”
means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing
the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9. evidencing the Borrower’s
request for the Conversion of a Loan from one Type to another Type.


 


“Notice of Swingline
Borrowing” means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the Administrative
Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lenders pursuant to Section 2.3.(b) evidencing
the Borrower’s request for a Swingline Loan.


 


“Obligations”
means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans;
(b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations,
covenants and duties of the Borrower and the other Loan Parties owing to the Administrative Agent, any Issuing Bank or any Lender of every
kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation,
the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious,
liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations”
shall not include Specified Derivatives Obligations.


 


“Off-Balance Sheet
Obligations” means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of “off-balance
sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Borrower
would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section of the Borrower’s report on Form 10-Q or Form 10-K (or their equivalents) which the Borrower is required to file
with the Securities and Exchange Commission (or any Governmental Authority substituted therefor).


 


“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.


 


“Other Benchmark
Rate Election” means, if the then-current Benchmark is LIBOR, the occurrence of:


 


(a)            a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties
hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed), in lieu of a LIBOR-based rate, a term benchmark rate that is not a SOFR-based rate as a benchmark rate (and
such syndicated credit facilities are identified in such notice and are publicly available for review), and


 






    - 30 - 


     


    

 


(b)            the
joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative Agent
of written notice of such election to the Lenders.


 


“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).


 


“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 4.6.).


 


“Ownership Share”
means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated Affiliate of a Person,
the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such
Subsidiary or Unconsolidated Affiliate or (b) subject to compliance with Section 8.4.(r), such Person’s relative direct
and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with
the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership
agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate.


 


“Pari Passu Guaranteed
Obligations” means all Guaranteed Obligations and all “Guaranteed Obligations” as defined in the Existing Term Loan
Agreement.


 


“Pari Passu Obligations” means
all Obligations and all “Obligations” as defined in the Existing Term Loan Agreement.


 


“Participant”
has the meaning given that term in Section 12.6.(d).


 


“Participant Register”
has the meaning given that term in Section 12.6.(d).


 


“Patriot Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).


 


“Payment Recipient”
has the meaning given that term in Section 11.14.(a).


 


“PBGC”
means the Pension Benefit Guaranty Corporation and any successor agency.


 


“Permitted Capital
Expenditures” has the meaning given that term in Section 9.12(b).


 






    - 31 - 


     


    

 



 


“Permitted Liens”
means, as to any Person: (a) Liens securing (x) taxes, assessments and other charges or levies imposed by any Governmental Authority
(excluding any Lien imposed pursuant to any of the provisions of ERISA) or (y) the claims of materialmen, mechanics, carriers, warehousemen
or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, in each case, (i) which are not
at the time required to be paid or discharged under Section 7.6., or (ii) if such Lien is the responsibility of a financially
responsible tenant, mortgagor or manager to discharge, or (iii) in the case of a Senior Housing Asset or Senior Housing Asset Pool,
when considered in the aggregate with all other Liens on such Senior Housing Asset (or Senior Housing Asset Pool), which Lien does not
materially detract from (A) if the Senior Housing Asset subject to such Lien is part of a Senior Housing Asset Pool, the value of
such Senior Housing Asset Pool, or (B) if the Senior Housing Asset subject to such Lien is not part of a Senior Housing Asset Pool,
the value of such Senior Housing Asset; (b) Liens consisting of deposits or pledges made, in the ordinary course of business, in
connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable
Laws; (c) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record
on the use of real property, which do not materially detract from the value of such property or impair the use thereof in the business
of such Person and, in the case of the Borrower or any Subsidiary, Liens granted by any tenant on its leasehold estate in a Property which
are subordinate to the interest of the Borrower or a Subsidiary in such Property; (d) Liens in existence as of the Agreement Date
and set forth in Part II of Item 6.1.(f) of the Borrower Letter; (e) deposits to secure trade contracts (other than for
Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business; (f) the lessor’s interest in property leased to the Borrower or any of its Subsidiaries pursuant
to a lease permitted by this Agreement; (g) the interests of tenants, operators or managers of Properties; (h) Liens on any
assets of a TRS in favor of the Borrower or any other Subsidiary; (i) Liens in favor of the Collateral Agent for the benefit of the
holders of Pari Passu Guaranteed Obligations; (j) Liens required under Applicable Law, or by any Governmental Authority, as a condition
to ownership or operation of Senior Housing Assets; (k) Liens which are also secured by restricted cash or Cash Equivalents of equal
or greater value; (l) Liens securing judgments not constituting an Event of Default under Section 10.1.(h); (m) Liens (i) of
a collection bank arising under Section 4-210 of the UCC on items in the course of collection, (ii) attaching to commodity trading
accounts or other commodities brokerage accounts incurred in the ordinary course of business, and (iii) in favor of a banking or
other financial institution arising as a matter of law or under customary general terms and conditions encumbering deposits (including
the right of set-off) and which are within the general parameters customary in the banking industry; (n) Liens (i) on earnest
money deposits in connection with purchases and sales of properties, (ii) on cash advances in favor of the seller of any property
to be acquired in an Investment permitted pursuant to this Agreement, or (iii) consisting of an agreement to dispose of any property;
(o) Liens in favor of the Borrower or any of its Subsidiaries; and (p) Liens arising from precautionary UCC financing statement
filings regarding operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business.


 


“Permitted Restricted
Payments” has the meaning given that term in Section 9.12(c).


 


“Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited
liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.


 


“Plan”
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed
to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six
years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person
which was at such time a member of the ERISA Group.


 


“Pledge Agreement”
means the Pledge Agreement, executed and delivered by the applicable Loan Parties on the Second Amendment Effective Date in favor of the
Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations, together with each joinder agreement and supplement
executed and delivered in connection therewith, as the same may be amended, restated, supplemented, or otherwise modified from time to
time.


 






    - 32 -


     


    

 


“Pledged Interests” has the
meaning given that term in the Pledge Agreement.


 


“Pledgor” means any Person that
is party to the Pledge Agreement as a “Pledgor”.


 


“Post-Amendment Period
Compliance Date” means the earlier to occur of (i) the date upon which the Borrower delivers to the Administrative Agent
a Compliance Certificate in accordance with Section 8.3 evidencing compliance with each of the covenants set forth in Section 9.1
as of September 30March 31,
20222023, and (ii) following
the Amendment Period Termination Date, the date upon which the Borrower delivers to the Administrative Agent evidence reasonably satisfactory
to the Administrative Agent demonstrating the Borrower’s pro forma compliance with each of the covenants set forth in Section 9.1
(each as adjusted pursuant to the last paragraph of Section 9.1) using pro forma projections based upon results through the most
recently ended period for which such financial information is available to the Borrower.


 


“Post-Default Rate”
means, in respect of any principal of any Loan, any Reimbursement Obligation or any other Obligation, a rate per annum equal to the Base
Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%).


 


“Preferred Dividends”
means, for any given period and without duplication, all Restricted Payments accrued or paid (and in the case of Restricted Payments paid,
which were not accrued during a prior period) during such period on Preferred Stock issued by the Borrower or a Subsidiary. Preferred
Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable
Stock) payable to holders of such class of Equity Interests; (b) paid or payable to the Borrower or a Subsidiary; or (c) constituting
or resulting in the redemption of Preferred Stock, other than scheduled redemptions not constituting balloon, bullet or similar redemptions
in full.


 


“Preferred Stock”
means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity
Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.


 


“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Lender acting as the Administrative Agent
as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime
rate occurs. The rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily
be its lowest or best rate charged to its customers or other banks.


 


“Principal Office”
means the office of the Administrative Agent located at 608 Second Ave. South, 11th Floor, Minneapolis, Minnesota 55402, or
any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower
and the Lenders.


 


“Property”
means any parcel of real property and related personal property, either owned in fee simple or leased pursuant to a ground lease by the
Borrower, any Subsidiary or any Unconsolidated Affiliate. With respect to a mortgage note or other promissory note secured by real property,
the term Property means each parcel of real property, and related personal property, securing such mortgage note or other promissory
note.


 


“Property Management
Agreement” means that certain Second Amended and Restated Property Management Agreement dated as of June 5, 2015, as amended
to date, by and between RMR and the Borrower, on behalf of itself and its Subsidiaries.


 






    - 33 -


     


    

 


“Property Management
Contract Assignment” means an Assignment and Subordination of Management Agreement executed by a Loan Party in favor of the
Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations, in form and substance reasonably satisfactory to
the Administrative Agent. Such document may, at the Administrative Agent’s election, constitute a subordination of the Property
Management Agreement rather than an assignment thereof.


 


“Pro Rata Share”
means, as to each Lender, the ratio, expressed as a percentage of (a) (i) the amount of such Lender’s Commitment plus
(ii) the amount of outstanding Term Loans held by such Lender to (b) (i) the aggregate amount of the Commitments of all
Lenders plus (ii) the aggregate amount of all outstanding Term Loans; provided, however, that if at the time of determination the
Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the ratio, expressed as
a percentage of (A) the sum of (x) the unpaid principal amount of all outstanding Revolving Loans, Swingline Loans and Letter
of Credit Liabilities owing to such Lender as of such date plus (y) the unpaid principal amount of all outstanding Term Loans owing
to such Lender as of such date to (B) the sum of (x) the aggregate unpaid principal amount of all outstanding Revolving Loans,
Swingline Loans and Letter of Credit Liabilities of all Lenders as of such date plus (y) the aggregate unpaid principal amount of
all outstanding Term Loans as of such date. For purposes of this definition, a Lender (other than the applicable Swingline Lender with
respect to such Swingline Loan) shall be deemed to hold a Swingline Loan and a Lender (other than the applicable Issuing Bank with respect
to such Letter of Credit) shall be deemed to hold a Letter of Credit Liability, in each case, to the extent such Lender has acquired
a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.
If at the time of determination the Commitments have terminated and there are no outstanding Loans or Letter of Credit Liabilities, then
the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which Commitments were in effect or Loans or Letters
of Credit Liabilities were outstanding. For purposes of this definition, the term “Lender” shall be deemed to include, without
duplication, each Lender in its capacities as a Lender hereunder and as a Term Lender, as applicable, and each Term Lender in its capacities
as a Term Lender and as a Lender hereunder, as applicable.


 


“Protective Advance”
means all sums expended as determined by the Collateral Agent to be necessary or appropriate after the Borrower or any other Loan Party
fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral
and the instruments evidencing the Pari Passu Guaranteed Obligations; (b) to prevent the value of any Collateral from being materially
diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to lose value);
or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation,
any amounts expended in connection therewith in accordance with Section 11.10 or 12.2.


 


“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.


 


“QFC Credit Support”
has the meaning given that term in Section 12.24.


 


“Qualified Collateral
Property Sale” means a sale of any Collateral Property (or 100% of the ownership interests therein) to an unaffiliated third
party purchaser (excluding, for the avoidance of doubt, any Affiliate of the Borrower or any Subsidiary of the Borrower) on arms’-length
terms, which sale and the terms thereof shall be reasonably acceptable to the Administrative Agent in all respects.


 


“Qualified Notes
Issuance” means any issuance by the Borrower of unsecured notes with an initial term of at least three (3) years (and in
any event not sooner than 91 days prior to the Termination Date), and in respect of which no scheduled principal repayments or other mandatory
prepayments are required to be paid, nor will be paid, by the Borrower within the first three (3) years (and in any event not sooner
than 91 days prior to the Termination Date) following the date of issuance thereof.


 






    - 34 -


     


    

 


“Qualified Plan”
means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.


 


“Qualified Refinancing
Issuance” means an issuance by the Borrower of unsecured notes with an initial term extending at least three (3) years
beyond the latest Termination Date as extended or proposed to be extended pursuant to Section 2.12, and in respect of which no scheduled
principal repayments or other mandatory prepayments are required to be paid, nor will be paid, by the Borrower within such period.


 


“Rating Agency”
means S&P, Moody’s or any other nationally recognized securities rating agency selected by the Borrower and approved of by the
Administrative Agent in writing.


 


“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.


 


“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on
the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined
by the Administrative Agent in its reasonable discretion.


 


“Register”
has the meaning given that term in Section 12.6.(c).


 


“Regulatory Change”
means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation
D of the FRB) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including
such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would
be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance
by any Lender with any request or directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary,
(a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or
issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted,
adopted, implemented or issued.


 


“Reimbursement Obligation”
means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse an Issuing Bank for any drawing honored by such
Issuing Bank under a Letter of Credit.


 


“REIT”
means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.


 


“RMR” means
The RMR Group LLC, together with its successors and permitted assigns.


 


“RMR Inc.”
means The RMR Group Inc., a Maryland corporation, together with its successors and permitted assigns.


 






    - 35 -


     


    

 


“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person’s Affiliates.


 


“Relevant Governmental
Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the
Federal Reserve Bank of New York, or any successor thereto.


 


“Requisite Extending
Lenders” means, as of any date, (a) Extending Lenders having more than 50% of the aggregate amount of the Extended
Commitments of all Extending Lenders or (b) if the Extended Commitments have been terminated or reduced to zero, Extending Lenders
holding more than 50% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; provided, that (i) in
determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at
all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite Extending Lenders”
shall in no event mean fewer than two Lenders.


 


“Requisite Lenders”
means, as of any date, (a) Lenders having more than 50% of the aggregate amount of the Commitments of all Lenders or (b) if
the Commitments have been terminated or reduced to zero, Lenders holding more than 50% of the principal amount of the aggregate outstanding
Loans and Letter of Credit Liabilities; provided, that (i) in determining such percentage at any given time, all then existing Defaulting
Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party
to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. For purposes of this definition,
a Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation
therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.


 


“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“Responsible Officer”
means (a) with respect to the Borrower, the Borrower’s President or Treasurer or any Managing Trustee of the Borrower and (b) with
respect to any other Loan Party, such Loan Party’s chief executive officer or chief financial officer.


 


“Restricted Payment”
means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Borrower or any of its
Subsidiaries now or hereafter outstanding, except a dividend or distribution payable solely in shares of that class of Equity Interests
to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or
other acquisition for value, direct or indirect, of any shares of any Equity Interest of the Borrower or any of its Subsidiaries now or
hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other
rights to acquire any Equity Interests of the Borrower or any of its Subsidiaries now or hereafter outstanding.


 


“Revolving Credit
Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans
and such Lender’s participation in Letter of Credit Liabilities and Swingline Loans at such time.


 


“Revolving Loan”
means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a).


 


“Revolving Note”
means a promissory note of the Borrower substantially in the form of Exhibit G, payable to the order of a Lender in a principal amount
equal to the amount of such Lender’s Commitment.


 






    - 36 -


     


    

 


“Sanctioned Country”
means, at any time, a country, region or territory which is itself (or whose government is) the subject or target of any Sanctions (including,
as of the Effective Date, Cuba, Iran, North Korea, Syria and Crimea).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including OFAC’s
Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the
United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or
acting or purporting to act for or on behalf of, directly or indirectly, any such Person or Persons described in clauses (a) and
(b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s) or
(d) any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program.


 


“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism
laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered
by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any European member state, Her Majesty’s
Treasury, or other relevant sanctions authority in any jurisdiction (a) in which the Borrower or any of its Subsidiaries or Affiliates
is located or conducts business, (b) in which any of the proceeds of the Loans will be used, or (c) from which repayment of
the Loans will be derived.


 


“Second Amendment”
means that certain Second Amendment to Amended and Restated Credit Agreement, dated as of January 29, 2021, among the Borrower, the
Guarantors party thereto, the Lenders party thereto and the Administrative Agent.


 


“Second Amendment
Effective Date” has the meaning given that term in the Second Amendment.


 


“Second Extension
Option” has the meaning given that term in Section 2.12(a).


 


“Secured Indebtedness”
means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such Person outstanding on
such date and that is secured in any manner by any Lien on any property and, in the case of the Borrower and its Subsidiaries, shall include
(without duplication) the Borrower’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates. For the avoidance
of doubt, at all times following the delivery of any Security Instrument and for so long as any Security Instrument is required to secure
any Pari Passu Guaranteed Obligations in accordance with the terms of this Agreement and/or the Existing Term Loan Agreement, all Indebtedness
under the Loan Documents and the Term Loan Documents shall constitute Secured Indebtedness.


 


“Securities Act”
means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.


 


“Security Documents”
means, collectively, the Pledge Agreement, any Security Instrument, any Property Management Contract Assignment, and any other security
agreement, pledge agreement, financing statement, or other document, instrument or agreement creating, evidencing or perfecting the Liens
granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations, in any of the Collateral, including,
without limitation, any assignment of leases and rents and any collateral assignment of reciprocal easement agreements, tax credit or
abatement program, architectural and construction related contracts, permits, or licenses, in each case, to the extent the Administrative
Agent determines applicable or appropriate.


 






    - 37 -


     


    

 


“Security Instrument”
means a mortgage, deed of trust, deed to secure debt, or equivalent instrument executed by a Subsidiary of the Borrower in favor of the
Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations, in form and substance satisfactory to the Administrative
Agent.


 


“Senior Housing Asset”
means any Property on which the improvements consist only of one or more of the following: (a) senior residences, (b) independent
living facilities, (c) congregate communities, (d) assisted living facilities, (e) nursing homes, (f) hospitals and
(g) other Property primarily used for senior citizen residences or health care services, together with other improvements incidental
thereto.


 


“Senior Housing Asset
Pool” means any group of two or more Properties, substantially all of the value of which is attributable to Senior Housing Assets,
that are (a) leased to a Lessee pursuant to a single Lease, (b) leased pursuant to Leases that are cross-defaulted (as to defaults
by Lessee) and which the Borrower has designated in a notice to the Administrative Agent (which designation has not been withdrawn by
the Borrower) to be a Senior Housing Asset Pool, or (c) Managed Properties managed under one management agreement (or multiple management
agreements with the same or affiliated managers that are cross-defaulted) and which the Borrower has designated in a notice to the Administrative
Agent (which designation has not been withdrawn by the Borrower) to be a Senior Housing Asset Pool.


 


“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.


 


“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).


 


“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.


 


“Solvent”
means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any Indebtedness
due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities
computed at the amount which, in light of all facts and circumstances existing at such time, represents the amount that could reasonably
be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary
course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which
it proposes to be engaged.


 


“Specified Derivatives
Contract” means any Derivatives Contract, together with any Derivatives Support Document relating thereto, that is made or entered
into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the
Borrower or any Subsidiary of the Borrower and any Specified Derivatives Provider.


 


“Specified Derivatives
Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the Borrower or its Subsidiaries under
or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or
unliquidated, and whether or not evidenced by any written confirmation.


 






    - 38 -


     


    

 


“Specified Derivatives
Provider” means any Lender, or any Affiliate of a Lender that is a party to a Derivatives Contract at the time the Derivatives
Contract is entered into.


 


“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services, LLC business, or any successors.


 


“Stated Amount”
means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or
reduced from time to time in accordance with the terms of such Letter of Credit.


 


“Stimulus Transaction”
means any loans, equity investments, grants or other transactions pursuant to which the Borrower, any of its Subsidiaries or any Unconsolidated
Affiliate thereof receives funds in connection with any federal COVID-19 stimulus legislation, including, without limitation, any loan
made pursuant any program implemented by the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”,
or any similar program now or hereafter in effect.


 


“Subsidiary”
means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity
Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing
similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any
contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by
such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those
of such Person pursuant to GAAP.


 


“Supplemental Indenture”
means the Supplemental Indenture No. 6, dated as of December 8, 2011, supplemental to the Indenture dated as of December 20,
2001 between the Borrower and U.S. Bank National Association, as trustee.


 


“Supported QFC”
has the meaning given that term in Section 12.24.


 


“Swingline Commitment”
means each Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.3. in an amount up to, but not exceeding
the amount set forth in the first sentence of Section 2.3.(a), as such amount may be reduced from time to time in accordance with
the terms hereof.


 


“Swingline Lenders”
means each of Wells Fargo, Royal Bank of Canada, Citibank, N.A. and PNC Bank, National Association, together with its respective successors
and assigns.


 


“Swingline Loan” means a loan
made by a Swingline Lender to the Borrower pursuant to Section 2.3.


 


“Swingline Maturity
Date” means the date which is seven (7) Business Days prior to the Termination Date.


 


“Swingline Note” means a promissory
note of the Borrower substantially in the form of Exhibit H, payable to the order of each Swingline Lender in a principal amount
equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed.


 


“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 






    - 39 -


     


    

 


“Termination Date”
means January 15, 2022, or such later date to which the Termination Date may be extended pursuant to Section 2.12.


 


“Term Lender”
has the meaning given to the defined term “Lender” in the Existing Term Loan Agreement.


 


“Term Loan Administrative
Agent” means Wells Fargo Bank, National Association, as administrative agent under the Existing Term Loan Agreement or any successor
thereto acting in such capacity.


 


“Term Loan Documents”
has the meaning given to the defined term “Loan Documents” in the Existing Term Loan Agreement.


 


“Term Loans”
has the meaning given to the defined term “Loans” in the Existing Term Loan Agreement. As of the Third Amendment Effective
Date, the outstanding principal balance of the Term Loans is $0.00, and all Term Loan commitments in respect thereof have been terminated
and are no longer available for disbursement.


 


“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.


 


“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.


 


“Term SOFR Transition
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant
Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark
Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, has previously occurred resulting in the
replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 4.2.(b) with
a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.


 


“Third Amendment”
means that certain Third Amendment to Amended and Restated Credit Agreement, dated as of September 3, 2021, among the Borrower, the
other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.


 


“Third Amendment
Effective Date” has the meaning given that term in the Third Amendment.


 


“Titled Agent”
has the meaning given that term in Section 11.9.


 


“Title Insurance
Company” means (i) First American Title Insurance Company or (ii) any other title company reasonably acceptable to
the Administrative Agent.


 






    - 40 -


     


    

 


“Title Policy”
means, with respect to each Collateral Property, an ALTA standard form title insurance policy (or, if such form is not available, an
equivalent, legally promulgated form of mortgagee title insurance policy reasonably acceptable to the Administrative Agent) issued by
a Title Insurance Company (with such co-insurance or reinsurance as the Administrative Agent may require) in an amount as the Administrative
Agent may reasonably require based on the As-Is Appraised Value of such Collateral Property insuring the priority of the Security Instrument
thereon and that the Borrower or a Loan Party, as applicable, holds marketable or indefeasible (with respect to Texas) fee simple (or
leasehold, if applicable) title to such parcel, subject only to encumbrances reasonably acceptable to the Administrative Agent and which
shall not contain standard exceptions for mechanics liens, persons in occupancy (other than tenants as tenants only under tenant leases
with no rights of purchase) or matters which would be shown by a survey, shall not insure over any matter except to the extent that any
such affirmative insurance is acceptable to the Administrative Agent in its reasonable discretion, and shall contain such endorsements
and affirmative insurance as the Administrative Agent may reasonably require to the extent available in the jurisdiction in which such
Collateral Property is located, including, but not limited to, an aggregation endorsement to the extent available in the jurisdiction
in which such Collateral Property is located, but may exclude, in any event, affirmative coverage for preferential transfers.


 


“Total Asset Value”
means the sum of the following (without duplication) of the Borrower and its Subsidiaries for the period of four fiscal quarters most
recently ended (or for such other period as provided in the last paragraph of Section 9.1): (a) with respect to all Properties
owned (or leased pursuant to a Ground Lease) by the Borrower or any Subsidiary at all times during the applicable test period, (i) in
the case of Senior Housing Assets, the sum of the following for each such Senior Housing Asset: the greater of (A) the quotient of
(1) Adjusted EBITDA attributable to such Senior Housing Asset for the applicable test period (annualized, to the extent provided
in the last paragraph of Section 9.1), divided by (2) the applicable Capitalization Rate, and (B) 75% of the aggregate
undepreciated book value of such Senior Housing Asset, and (ii) in the case of all other Properties, (A) Adjusted
EBITDA attributable to such Properties for the applicable test period (annualized, to the extent provided in the last paragraph of Section 9.1),
divided by (iiB)
the applicable Capitalization Rate; (b) the purchase price paid for any Property acquired during the applicable test period (less
any amounts paid as a purchase price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements and
prior to allocations of property purchase prices pursuant to Statement of FASB ASC 805 and the like); (c) the value of the Borrower’s
equity Investments in RMR Inc. and Five StarAlerisLife
as of the end of the applicable test period, such value determined at Fair Market Value; (d) all Marketable Securities, cash and
Cash Equivalents; (e) the book value of all Assets Under Development as of the end of the applicable test period; (f) the book
value of all Mortgage Receivables, and all other promissory notes secured by a Lien on any Property, as of the end of the applicable test
period; and (g) the Borrower’s Ownership Share of the preceding items (other than those referred to in clause (c)) of any Unconsolidated
Affiliate of the Borrower. For purposes of determining Total Asset Value, to the extent the amount of Total Asset Value attributable to
(w) Unconsolidated Affiliates would exceed 20.0% of Total Asset Value, (x) Assets Under Development (determined as the aggregate
Construction Budget for all such Assets Under Development) would exceed 10.0% of Total Asset Value, (y) Mortgage Receivables would
exceed 10.0% of Total Asset Value and (z) Unimproved Land would exceed 5.0% of Total Asset Value, in each case, such excess shall
be excluded. To the extent that the value of the Borrower’s equity Investments in RMR Inc. and Five
StarAlerisLife would in the aggregate account for
more than 3.0% of Total Asset Value, such excess shall be excluded. Notwithstanding the foregoing, for purposes of determining Total Asset
Value at any time, (i) the Borrower may, in addition to the Properties referred to in the immediately preceding clause (b), include
the purchase price paid for any Property acquired during the period following the end of the fiscal quarter most recently ended through
the time of such determination (less any such amounts paid during such period as a purchase price adjustment or held in escrow at the
time of such determination, retained as a contingency reserve at the time of such determination, or subject to other similar arrangements
at the time of such determination) and (ii) for purposes of the immediately preceding clause (d), the amount of Marketable Securities,
cash, and Cash Equivalents shall be calculated as of such date of determination rather than as of the end of the applicable test period
most recently ended.


 


“Total Indebtedness”
means, as of a given date, all liabilities of the Borrower and its Subsidiaries which would, in conformity with GAAP, be properly classified
as a liability on a consolidated balance sheet of the Borrower and its Subsidiaries as of such date (excluding allocations of property
purchase prices pursuant to FASB ASC 805 and the like), and in any event shall include (without duplication): (a) all Indebtedness
of the Borrower and its Subsidiaries, (b) the Borrower’s Ownership Share of Indebtedness of its Unconsolidated Affiliates,
and (c) net obligations of the Borrower and its Subsidiaries under any Derivatives Contracts not entered into as a hedge against
existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof.


 






    - 41 -


     


    

 


“Total Unencumbered
Assets” means, as of any date, the sum of (i) Undepreciated Real Estate Assets not securing any portion of Secured Debt
and (ii) the amount of all other assets of the Borrower and its Subsidiaries not securing any portion of Secured Debt, in each case
on such date determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles); provided
that, any joint venture interests shall be excluded from the calculation of Total Unencumbered Assets. For purposes of this definition,
 “Undepreciated Real Estate Assets” and “Secured Debt” shall have the meanings assigned thereto in the definition
of “Amendment Period Incurrence Conditions”.


 


“Trading with the
Enemy Act” has the meaning given to that term in Section 6.1.(y).


 


“TRS”
means any direct or indirect Subsidiary of the Borrower that is classified as a “taxable REIT subsidiary” under Section 856(l) of
the Internal Revenue Code.


 


“Type”
with respect to any Revolving Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate Loan.


 


“UCC” means
the Uniform Commercial Code as in effect in any applicable jurisdiction.


 


“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.


 


“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.


 


“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.


 


“Unconsolidated Affiliate”
means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment is accounted for in the
financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP
with the financial results of such Person on the consolidated financial statements of such Person. Notwithstanding the foregoing, neither
of RMR Inc. and Five StarAlerisLife
shall be considered to be an Unconsolidated Affiliate of the Borrower or any of its Subsidiaries.


 






    - 42 -


     


    

 


“Unencumbered Asset”
means each Property that satisfies all of the following requirements: (a) such Property is (i) owned in fee simple solely by
the Borrower or a Wholly Owned Subsidiary or (ii) leased solely by the Borrower or a Wholly Owned Subsidiary pursuant to a Ground
Lease; (b) such Property is not an Asset Under Development and is in service; (c) neither such Property, nor any interest of
the Borrower or such Subsidiary therein, is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through
(c) and (e) through (j) of the definition thereof) or to any Negative Pledge other than Negative Pledges permitted under
Sections 9.2.(b)(iii) and (iv); (d) regardless of whether such Property is owned or leased by the Borrower or a Subsidiary,
the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the
consent of any Person: (i) to create Liens on such Property (or its leasehold interest therein, as applicable) as security for Indebtedness
of the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (or its leasehold
interest therein, as applicable); (e) neither such Property, nor if such Property is owned by a Subsidiary, any of the Borrower's
direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien (other than Permitted Liens of the types described
in clauses (a) through (c) or (e) through (j) of the definition thereof) or (ii) any Negative Pledge other
than Negative Pledges permitted under Sections 9.2.(b)(iii) and (iv); (f) such Property is free of structural defects or major
architectural deficiencies, title defects, environmental conditions or other adverse matters which, individually or collectively, materially
impair the value of such Property; and (g) any Lessee of more than a majority of the leasable space in such Property is not more
than 120 days past due with respect to any fixed rental payment obligations under any Lease for such Property. Notwithstanding the immediately
preceding sentence, a Property owned by a Foreign Subsidiary will be considered to be an Unencumbered Asset so long as: (1) such
Property is (i) owned in fee simple (or the legal equivalent in the jurisdiction where such Property is located) by such Foreign
Subsidiary or (ii) leased solely by such Foreign Subsidiary pursuant to a long-term lease having terms and conditions reasonably
acceptable to the Administrative Agent; (2) all of the issued and outstanding Equity Interests of such Foreign Subsidiary are legally
and beneficially owned by one or more of the Borrower and Wholly Owned Subsidiaries; (3) such Foreign Subsidiary has no Indebtedness
other than (x) Nonrecourse Indebtedness and (y) other Indebtedness in an aggregate outstanding principal amount of less than
2.0% of the value of the assets of such Foreign Subsidiary (such value to be determined in a manner consistent with the definition of
Total Asset Value or, if not contemplated under the definition of Total Asset Value, in a manner acceptable to the Administrative Agent);
(4) neither such Property, nor any interest of such Foreign Subsidiary therein, is subject to any Lien (other than Permitted Liens
of the types described in clauses (a) through (c) or (e) through (j) of the definition thereof) or to any Negative
Pledge other than Negative Pledges permitted under Sections 9.2.(b)(iii) and (iv); and (5) such Property satisfies the requirements
set forth in the immediately preceding clauses (b), (c), (d), (e), (f) and (g). In addition, a Senior Housing Asset Pool or the portion
thereof comprised of Properties which are individually Unencumbered Assets shall constitute an Unencumbered Asset for purposes of this
Agreement.


 


“Unencumbered Asset
Certificate” has the meaning given that term in Section 8.3.


 


“Unimproved Land”
means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.


 


“Unsecured Debt”
means any Debt of the Borrower or its Subsidiaries which is not Secured Debt (as such terms are defined in the definition of “Amendment
Period Incurrence Conditions”).


 


“Unsecured Indebtedness”
means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such Person outstanding at
such date that is not Secured Indebtedness (excluding Indebtedness associated with Unconsolidated Affiliates that is not Guaranteed by
the Borrower or any of its Subsidiaries) and in the case of the Borrower shall include (without duplication) Indebtedness that does not
constitute Secured Indebtedness. Indebtedness secured solely by a pledge of Equity Interests in a Subsidiary owning one or more Properties
which is also recourse to the Borrower or a Subsidiary shall not be treated as Secured Indebtedness.


 


“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.


 


“U.S. Special Resolution
Regimes” has the meaning given that term in Section 12.24.


 


“Wells Fargo”
means Wells Fargo Bank, National Association, and its successors and assigns.


 






    - 43 -


     


    

 


“Wholly Owned Subsidiary”
means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’
qualifying shares) are at the time directly or indirectly owned and controlled by such Person or one or more other Subsidiaries of such
Person.


 


“Withdrawal Liability”
means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as such terms are defined in Part I
of Subtitle E of Title IV of ERISA.


 


“Withholding Agent”
means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable.


 


“Write-Down and Conversion
Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.


 


Section 1.2.     General; References
to Eastern Time.


 


Unless otherwise indicated,
all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP in effect as of the Agreement
Date. Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying
value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25
(formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other standards of the Financial
Accounting Standards Board allowing entities to elect fair value option for financial liabilities. References in this Agreement to “Sections”,
 “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and
hereto unless otherwise indicated. references in this Agreement to any document, instrument
or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments
or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument
or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the
extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate,
each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine
or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to
 “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate”
means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement
are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to
time are references to Eastern time.


 






    - 44 -


     


    

 


Section 1.3.     Rates.


 


The interest rate on LIBOR
Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) may be determined by reference
to LIBOR, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate
at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, ICE
Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct
Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”)
that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month
tenor settings will be December 31, 2021 and (b) overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30,
2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible that commencing immediately
after such dates, the London interbank offered rate may no longer be available for such tenors or may no longer be deemed a representative
reference rate upon which to determine the interest rate on LIBOR Loans or Base Rate Loans (when determined by reference to clause (c) of
the definition of Base Rate). There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA
will not take further action that could impact the availability, composition or characteristics of any London interbank offered rate.
Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate or any other
then-current Benchmark is no longer available or in certain other circumstances set forth in Section 4.2.(b), such Section 4.2.(b) provides
a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 4.2.(b),
of any change to the reference rate upon which the interest rate on LIBOR Loans and Base Rate Loans (when determined by reference to clause
(c) of the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept any responsibility for,
and shall not have any liability with respect to, (i) the continuation of, administration of, submission of, calculation of or any
other matter related to the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any
alternative, successor, or replacement rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether
the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it
may or may not be adjusted pursuant to Section 4.2.(b), will be similar to, or produce the same value or economic equivalence of,
LIBOR or any other Benchmark, or have the same volume or liquidity as did the London interbank offered rate or any other Benchmark prior
to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming
Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation
of a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto
and such transactions may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable
discretion to ascertain any Benchmark, any component definition thereof or rates referenced in the definition thereof, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any
kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort,
contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service.


 


Section 1.4.     Divisions.


 


For all purposes under the
Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person
comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its
Equity Interests at such time.


 






    - 45 -


     


    

 


ARTICLE II.
Credit Facility


 


Section 2.1.     Revolving Loans.


 


(a)            Making
of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.14.,
each Lender severally and not jointly agrees to make Revolving Loans in Dollars to the Borrower during the period from and including the
Effective Date to but excluding the Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding,
(i) at any time prior to the satisfaction of the Initial Mortgage Collateral Requirement, such Lender’s Commitment, and (ii) upon
and following satisfaction of the Initial Mortgage Collateral Requirement, the lesser of (A) the amount of such Lender’s Commitment
and (B) such Lender’s Commitment Percentage of the then Net Collateral Property Availability. Each borrowing of Base Rate Loans
shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof. Each borrowing and Continuation
under Section 2.8. of, and each Conversion under Section 2.9. of Base Rate Loans into, LIBOR Loans shall be in an aggregate
minimum of $1,000,000 and integral multiples of $1,000,000 in excess of that amount. Notwithstanding the immediately preceding two sentences
but subject to Section 2.14., a borrowing of Revolving Loans may be in the aggregate amount of the unused Commitments or the aggregate
amount of the unused Net Collateral Property Availability, as then applicable pursuant to the terms of this Agreement. Within the foregoing
limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans.


 


(b)            Requests
for Revolving Loans. Not later than 10:00 a.m. Eastern time at least one (1) Business Day prior to a borrowing of Revolving
Loans that are to be Base Rate Loans and not later than 10:00 a.m. Eastern time at least three (3) Business Days prior to a
borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing.
Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans
are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving
Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Borrowing
shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying
whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the
most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the
date of such request or as soon as possible thereafter.


 


(c)            Funding
of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative
Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by
such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 11:00
a.m. Eastern time on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein,
the Administrative Agent shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not
later than 1:00 p.m. Eastern time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received
by the Administrative Agent.


 






    - 46 -


     


    

 


(d)            Assumptions
Regarding Funding by Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the Administrative Agent
shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made
by such Lender in connection with any borrowing, the Administrative Agent may assume that such Lender will make the proceeds of such Revolving
Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated
to), in reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Lender.
In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan on the date and
at the time specified in Section 2.1.(c), then such Lender and the Borrower severally agree to pay to the Administrative Agent on
demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available
to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.
Notwithstanding the prior sentence, if any Lender shall fail to make available to the Administrative Agent the proceeds of a Revolving
Loan on the date and at the time specified in Section 2.1.(c) but shall make such proceeds available to the Administrative Agent
at a later time on such date, such Lender shall pay to the Administrative Agent one day’s worth of interest computed in accordance
with clause (i) of the immediately preceding sentence, unless such Lender can provide evidence reasonably satisfactory to the Administrative
Agent that such Lender has timely made such proceeds available to the Administrative Agent, including, without limitation, a Fed
Reference Number screen shot evidencing the date and time such Lender’s wire was sent. If the Borrower and such Lender shall
pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly
remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent
the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any
payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make
available the proceeds of a Revolving Loan to be made by such Lender.


 


Section 2.2.     Letters of Credit.


 


(a)            Letters
of Credit. Subject to the terms and conditions of this Agreement, including without limitation, Section 2.14., each Issuing Bank,
on behalf of the Lenders, agrees to issue for the account of the Borrower (which may be issued in support of obligations of any Subsidiary
of the Borrower) during the period from and including the Effective Date to, but excluding, the date 30 days prior to the Termination
Date, one or more standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one
time outstanding not to exceed $50,000,000 as such amount may be reduced from time to time in accordance with the terms hereof (the “L/C
Commitment Amount”); provided, that an Issuing Bank shall not be obligated to issue any Letter of Credit if, after giving effect
to such issuance, the aggregate Stated Amount of the outstanding Letters of Credit issued by such Issuing Bank would exceed (i) at
any time prior to the satisfaction of the Initial Mortgage Collateral Requirement, the lesser of (A) 25% of the L/C Commitment Amount
and (B) the Commitment of such Issuing Bank in its capacity as a Lender, and (ii) upon and following satisfaction of the Initial
Mortgage Collateral Requirement, the least of (A) 25.0% of the L/C Commitment Amount, (B) the Commitment of such Issuing Bank
in its capacity as a Lender, and (C) such Issuing Bank’s Commitment Percentage of the then Net Collateral Property Availability
(in its capacity as a Lender).


 






    - 47 -


     


    

 


(b)            Terms
of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any drafts
or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing,
in no event may (i) the expiration date of any Letter of Credit extend beyond the Termination Date, or (ii) any Letter of Credit
have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic
extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any
such provision permit the extension of the expiration date of such Letter of Credit beyond the Termination Date; provided, further, that
a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration
date of not more than one year beyond the Termination Date (any such Letter of Credit referred to as an “Extended Letter of Credit”)
so long as the Borrower delivers to the Administrative Agent for the benefit of the applicable Issuing Bank no later than 30 days prior
to the Termination Date, Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount
equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect
of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters
of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date
30 days prior to the Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal
to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Lenders in
accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral
for such Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $500,000 (or such lesser amount as may
be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower).


 


(c)            Requests
for Issuance of Letters of Credit. The Borrower shall give the applicable Issuing Bank and the Administrative Agent written notice
at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable
detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such
Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount,
(ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements
for standby letters of credit, and other forms as requested from time to time by the applicable Issuing Bank. Provided the Borrower has
given the notice prescribed by the first sentence of this subsection and delivered such applications and agreements referred to in the
preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions
precedent set forth in Section 5.2., the applicable Issuing Bank shall issue the requested Letter of Credit on the requested date
of issuance for the benefit of the stipulated beneficiary but in no event shall the applicable Issuing Bank be required to issue the requested
Letter of Credit prior to the date five (5) Business Days following the date after which such Issuing Bank has received all of the
items required to be delivered to it under this subsection. An Issuing Bank shall not at any time be obligated to issue any Letter of
Credit if such issuance would conflict with, or cause the Administrative Agent or any Lender to exceed any limits imposed by, any Applicable
Law. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions
or modifications of any outstanding Letters of Credit, unless the context otherwise requires. Upon the written request of the Borrower,
the applicable Issuing Bank shall deliver to the Borrower a copy of each Letter of Credit issued by it within a reasonable time after
the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document,
the term of such Loan Document shall control.


 


(d)            Reimbursement
Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand
for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements
of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by
such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect
of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the
Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably
agrees to pay and reimburse each Issuing Bank for the amount of each demand for payment under each Letter of Credit issued by such Issuing
Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand,
protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation, such
Issuing Bank shall promptly pay to the Administrative Agent for the account of each Lender that has acquired a participation therein under
the second sentence of the immediately following subsection (i) such Lender’s Commitment Percentage of such payment.


 






    - 48 -


     


    

 


(e)            Manner
of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower shall advise
the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation
to reimburse such Issuing Bank for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely request
for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent
and the applicable Issuing Bank, or if the Borrower fails to reimburse the applicable Issuing Bank for a demand for payment under a Letter
of Credit by the date of such payment, the failure of which the applicable Issuing Bank shall promptly notify the Administrative Agent,
then (i) if the applicable conditions contained in Article V. would permit the making of Revolving Loans, the Borrower shall
be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement
Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available
to the Administrative Agent not later than 11:00 a.m. Eastern time and (ii) if such conditions would not permit the making of
Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the second
sentence of Section 2.1.(a) shall not apply to any borrowing of Base Rate Loans under this subsection.


 


(f)            Effect
of Letters of Credit on Commitments. Upon the issuance by an Issuing Bank of a Letter of Credit and until such Letter of Credit shall
have expired or been cancelled, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an
amount equal to the product of (i) such Lender’s Commitment Percentage and (ii) the sum of (A) the Stated Amount
of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.


 






    - 49 -


     


    

 


(g)            Issuing
Banks’ Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents presented
in connection with drawings under Letters of Credit and making payments under Letters of Credit issued by an Issuing Bank against such
documents, such Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining documents
presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters
of credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries
of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing Banks, the Administrative Agent
or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected
in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party
in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should
in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency
of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder
or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary
of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, electronic mail, telecopy or otherwise,
whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the
misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the Issuing Banks, the Administrative Agent or the Lenders. None of the above shall
affect, impair or prevent the vesting of any of the Issuing Bank’s or Administrative Agent’s rights or powers hereunder. Any
action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit issued by such Issuing Bank, if
taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final,
non-appealable judgment), shall not create against such Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender.
In this connection, the obligation of the Borrower to reimburse an Issuing Bank for any drawing made under any Letter of Credit issued
by such Issuing Bank, and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e),
shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other
applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any
lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver
of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense
or other right which the Borrower may have at any time against such Issuing Bank, any other Issuing Bank, the Administrative Agent, any
Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated
hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower,
such Issuing Bank, any other Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or
any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or
misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment
by such Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not strictly comply with the
terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the
provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations.
Notwithstanding anything to the contrary contained in this Section or Section 12.10., but not in limitation of the Borrower’s
unconditional obligation to reimburse an Issuing Bank for any drawing made under a Letter of Credit as provided in this Section and
to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), the Borrower shall
have no obligation to indemnify the Administrative Agent, an Issuing Bank or any Lender in respect of any liability incurred by the Administrative
Agent, such Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent,
the Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a final, non-appealable
judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with
respect to the gross negligence or willful misconduct of the Administrative Agent, an Issuing Bank or any Lender with respect to any Letter
of Credit.


 


(h)            Amendments,
Etc. The issuance by an Issuing Bank of any amendment, supplement or other modification to any Letter of Credit issued by such Issuing
Bank shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without
limitation, that the request therefor be made through the applicable Issuing Bank and the Administrative Agent), and no such amendment,
supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied
with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative
Agent and Requisite Lenders (or all of the Lenders if required by Section 12.7.) shall have consented thereto. In connection with
any such amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c).


 






    - 50 -


     


    

 


(i)            Lenders’
Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and
(ii) the issuance by an Issuing Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally
purchased and received from the applicable Issuing Bank, without recourse or warranty, an undivided interest and participation to the
extent of such Lender’s Commitment Percentage of the liability of such Issuing Bank with respect to such Letter of Credit and each
Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally
obligated to such Issuing Bank to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection
(j) below, such Lender’s Commitment Percentage of such Issuing Bank’s liability under such Letter of Credit. In addition,
upon the making of each payment by a Lender to the Administrative Agent for the account of an Issuing Bank in respect of any Letter of
Credit issued by it pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further
action on the part of such Issuing Bank, Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such
payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a
participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower
in respect of such Reimbursement Obligation (other than the Fees payable to such Issuing Bank pursuant to the second and the last sentences
of Section 3.5.(c)).


 


(j)            Payment
Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent, for the account of each Issuing Bank, on demand
in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by such Issuing
Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately
preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender
shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage
of such drawing except as otherwise provided in Section 3.9.(d). If the notice referenced in the second sentence of Section 2.2.(e) is
received by a Lender not later than 10:00 a.m. Eastern time, then such Lender shall make such payment available to the Administrative
Agent not later than 1:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the
Administrative Agent not later than 12:00 p.m. Eastern time on the next succeeding Business Day. Each Lender’s obligation to
make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for
the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any
circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection,
(ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default,
including any Event of Default described in Section 10.1.(e) or (f), (iv) the termination of the Commitments or (v) the
delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account
of an Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever.


 


(k)            Information
to Lenders. Promptly following any change in Letters of Credit outstanding, the applicable Issuing Bank shall deliver to the Administrative
Agent, who shall promptly deliver the same to each Lender and the Borrower, a notice describing the aggregate amount of all Letters of
Credit issued by such Issuing Bank outstanding at such time. Upon the request of any Lender from time to time, an Issuing Bank shall deliver
any other information reasonably requested by such Lender with respect to such Letter of Credit then outstanding. Other than as set forth
in this subsection, the Issuing Banks and the Administrative Agent shall have no duty to notify the Lenders regarding the issuance or
other matters regarding Letters of Credit issued hereunder. The failure of any Issuing Bank or Administrative Agent to perform its requirements
under this subsection shall not relieve any Lender from its obligations under the immediately preceding subsection (j).


 


(l)            Extended
Letters of Credit. Each Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall
be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise.


 






    - 51 -


     


    

 


Section 2.3.     Swingline Loans.


 


(a)            Swingline
Loans. Subject to the terms and conditions hereof, including without limitation Section 2.14., each Swingline Lender severally
and not jointly agrees to make Swingline Loans to the Borrower, during the period from the Effective Date to but excluding the Swingline
Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the least (such least amount being
referred to as the “Swingline Availability” of a given Swingline Lender) of (i) $100,000,000, as such amount may be reduced
from time to time in accordance with the terms hereof, (ii) the difference of (A) the Commitment of such Swingline Lender in
its capacity as a Lender minus (B) the aggregate outstanding principal amount of Loans and outstanding Swingline Loans, in each such
case, made by such Swingline Lender and the Letter of Credit Liabilities of such Swingline Lender in its capacity as a Lender, and (iii) upon
and following satisfaction of the Initial Mortgage Collateral Requirement, the difference of (A) such Swingline Lender’s Commitment
Percentage of the then Net Collateral Property Availability (in its capacity as a Lender) minus (B) the aggregate outstanding principal
amount of the Loans and outstanding Swingline Loans, in each such case, made by such Swingline Lender and the Letter of Credit Liabilities
of such Swingline Lender in its capacity as a Lender. If at any time the aggregate principal amount of the Swingline Loans made by a Swingline
Lender outstanding at such time exceeds the Swingline Availability of such Swingline Lender in effect at such time, the Borrower shall
immediately pay the Administrative Agent for the account of such Swingline Lender the amount of such excess. The borrowing of a Swingline
Loan shall constitute usage of the Commitments, in an amount equal to (i) for each Lender other than the Swingline Lender making
such Swingline Loan, each such Lender’s Commitment Percentage, multiplied by the outstanding amount of such Swingline Loan and (ii) for
the applicable Swingline Lender making such Swingline Loan, the outstanding amount of such Swingline Loan. Subject to the terms and conditions
of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder.


 


(b)            Procedure
for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the Swingline Lender selected by the Borrower
to make a Swingline Loan notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan.
Each Notice of Swingline Borrowing shall be delivered to the applicable Swingline Lender and the Administrative Agent no later than 10:00
a.m. Eastern time on the proposed date of such borrowing. Any telephonic notice shall include all information to be specified in
a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing
sent to the applicable Swingline Lender and the Administrative Agent by telecopy on the same day of the giving of such telephonic notice.
Not later than 11:00 a.m. Eastern time on the date of the requested Swingline Loan, the applicable Swingline Lender will make
the proceeds of such Swingline Loan available to the Administrative Agent at its Principal Office in Dollars, in immediately available
funds for the account of the Borrower. The amount so received by the Administrative Agent shall, subject to the satisfaction of the applicable
conditions set forth in Section 5.2. for such borrowing, be made available to the Borrower no later than 12:00 p.m. Eastern
time on such date by depositing same, in immediately available funds, in an account of the Borrower designated by the Borrower in the
Disbursement Instruction Agreement.


 


(c)            Interest.
Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin
or at such other rate or rates as the Borrower and the applicable Swingline Lender may agree (with written notice thereof to the Administrative
Agent) from time to time in writing. Interest on a Swingline Loan is solely for the account of the Swingline Lender that made such Swingline
Loan (except to the extent a Lender acquires a participating interest in such Swingline Loan pursuant to the immediately following subsection
(e)). All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.4.
with respect to interest on Base Rate Loans (except as the applicable Swingline Lender and the Borrower may otherwise agree in writing
(with written notice thereof to the Administrative Agent) in connection with any particular Swingline Loan made by such Swingline Lender).


 






    - 52 -


     


    

 


(d)            Swingline
Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof,
or such other minimum amounts agreed to by a Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in
integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or such other minimum amounts upon
which the Swingline Lender that made such Swingline Loans and the Borrower may agree) and in connection with any such prepayment, the
Borrower must give such Swingline Lender and the Administrative Agent prior written notice thereof no later than 11:00 a.m. Eastern
time on the day prior to the date of such prepayment. The Swingline Loans owing to a Swingline Lender shall, in addition to this Agreement,
be evidenced by a Swingline Note in favor of such Swingline Lender.


 


(e)            Repayment
and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of demand therefor
by the Swingline Lender that made such Swingline Loan and, in any event, within five (5) Business Days after the date such Swingline
Loan was made; provided, that the proceeds of a Swingline Loan may not be used to pay a Swingline Loan. Any Swingline Lender making demand
for repayment of a Swingline Loan made by such Swingline Lender shall notify the Administrative Agent of such demand on the date such
demand is made. Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but
unpaid interest on, the Swingline Loans on the Swingline Maturity Date (or such earlier date as a Swingline Lender and the Borrower may
agree in writing with respect to Swingline Loans made by such Swingline Lender). In lieu of demanding repayment of any outstanding Swingline
Loan from the Borrower, the Swingline Lender that made such Swingline Loan may, on behalf of the Borrower (which hereby irrevocably directs
each applicable Swingline Lender to act on its behalf for such purpose), request a borrowing of Revolving Loans that are Base Rate Loans
from the Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained in the second sentence
of Section 2.1.(a) shall not apply to any borrowing of such Revolving Loans made pursuant to this subsection. Such Swingline
Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 10:00 a.m. Eastern time
at least one Business Day prior to the proposed date of such borrowing. Promptly after receipt of such notice of borrowing of Revolving
Loans from a Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Lender of the proposed
borrowing. Not later than 11:00 a.m. Eastern time on the proposed date of such borrowing, each Lender will make available to the
Administrative Agent at the Principal Office for the account of the applicable Swingline Lender, in immediately available funds, the proceeds
of the Revolving Loan to be made by such Lender. The Administrative Agent shall pay the proceeds of such Revolving Loans to the applicable
Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. If the Lenders are prohibited from making Revolving Loans
required to be made under this subsection for any reason whatsoever, including without limitation, the occurrence of any of the Defaults
or Events of Default described in Sections 10.1.(e) or (f), each Lender shall purchase from the applicable Swingline Lender,
without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of such
Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the Administrative
Agent for the account of the applicable Swingline Lender in Dollars and in immediately available funds. A Lender’s obligation to
purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever,
including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any
other Person may have or claim against the Administrative Agent, any Swingline Lender or any other Person whatsoever, (ii) the occurrence
or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in
Sections 10.1. (e) or (f)), or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence)
of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative
Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing. If such amount is not in fact made available to the applicable Swingline Lender by any Lender, such
Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each
day from the date of demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith upon the applicable
Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the applicable Swingline Lender
shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes
of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender
shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Loans, and any other amounts due
it hereunder, to the applicable Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such
Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise).


 






    - 53 -


     


    

 


Section 2.4.           Rates and Payment
of Interest on Loans.


 


(a)            Rates.
The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each
Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall
be paid in full, at the following per annum rates:


 


(i)            during
such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin for Base
Rate Loans; and


 


(ii)           during
such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin for LIBOR
Loans.


 


Notwithstanding the foregoing, while an Event
of Default exists, the Borrower shall pay to the Administrative Agent for the account of each Lender and each Issuing Bank, as the case
may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations
and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender
(including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law).


 


(b)            Payment
of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) monthly in
arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on
any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise).
Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent
of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error.


 


(c)            Borrower
Information Used to Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations
and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other
information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently
determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent
restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate
or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest
rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall
promptly notify the Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall
pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days
of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this
Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, any Issuing Bank’s, or any Lender’s
other rights under this Agreement.


 






    - 54 -


     


    

 


Section 2.5.           Number of Interest
Periods.


 


There may be no more than
6 different Interest Periods outstanding at the same time.


 


Section 2.6.           Repayment of
Loans.


 


The Borrower shall repay the
entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Termination Date.


 


Section 2.7.           Prepayments.


 


(a)            Optional.
Subject to Section 4.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative
Agent at least three (3) Business Days prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans shall
be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.


 


(b)            Mandatory.


 


(i)            Commitment
Overadvance. If at any time the aggregate principal amount of all outstanding Loans, together with the aggregate amount of all Letter
of Credit Liabilities, exceeds the aggregate amount of the Commitments, the Borrower shall immediately upon demand pay to the Administrative
Agent for the account of the Lenders the amount of such excess.


 


(ii)           Collateral
Property Availability Overadvance. If at any time following the satisfaction of the Initial Mortgage Collateral Requirement the aggregate
principal amount of all outstanding Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities,
exceeds the Net Collateral Property Availability, then the Borrower shall notify the Administrative Agent of such excess and within thirty
(30) days following a written request for repayment from the Administrative Agent, pay to the Administrative Agent, for the account of
the Lenders, the amount of such excess; provided, however, that notwithstanding the foregoing provisions, if at any time during the Amendment
Period and continuing thereafter until the Post-Amendment Period Compliance Date, the Borrower fails to satisfy the conditions precedent
set forth in Section 5.2 solely as a result of its failure to satisfy any of the Amendment Period Incurrence Conditions, then the
Borrower shall instead notify the Administrative Agent of such failure and within thirty (30) days following a written request for repayment
under this Section 2.7(b)(ii) from the Administrative Agent, (A) first, repay Term Loans in the amount of
such excess, and (B) second, if any such excess remains following the repayment of Term Loans in accordance with the
foregoing clause (A), pay to the Administrative Agent, for the account of the Lenders, the amount of any such remaining excess.


 






    - 55 -


     


    

 


(iii)          Amendment
Period. No later than the third Business Day following the date of receipt by the Borrower, any of its Subsidiaries or Unconsolidated
Affiliates of any Net Cash Proceeds at any time during the Amendment Period, the Borrower shall (to the extent any Obligations remain
outstanding) (A) give the Administrative Agent written notice of the receipt of such Net Cash Proceeds and (B) pay to the Administrative
Agent one hundred percent (100%) of all such Net Cash Proceeds, which prepayment shall be applied in accordance with Section 2.7(b)(v)(B).


 


(iv)          Qualified
Collateral Property Sale. If the Borrower or any Guarantor consummates a Qualified Collateral Property Sale and in connection therewith
requests a Property Release in accordance with Section 7.15(b), then, no later than the third Business Day following the date of
receipt by the Borrower of the Net Cash Proceeds from such sale the Borrower or the applicable Guarantor shall (to the extent any Pari
Passu Obligations remain outstanding) (1) give the Administrative Agent written notice of the receipt of such Net Cash Proceeds and
(2) pay to the Collateral Agent the greater of (x) one hundred percent (100%) of all such Net Cash Proceeds and (y) the
amount required to maintain compliance with the Net Collateral Property Availability (recalculated to exclude the Collateral Property
that is the subject of such Qualified Collateral Property Sale), which prepayment shall be applied in accordance with Section 2.7(b)(v)(B).


 


(v)           Application
of Mandatory Prepayments.


 


(A)          Generally.
Amounts paid under the preceding subsections (i) and (ii) to the Administrative Agent in respect of the Obligations shall
be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2.
and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral
Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans by reason of
this Section 2.7(b) prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under
Section 4.4.


 






    - 56 -


     


    





 


(B)            Amendment
Period; Qualified Collateral Property Sale. So long as no Event of Default has occurred and is continuing, amounts paid under the
preceding subsections (iii) and (iv) shall be applied as follows: (1) first, to repay in full the existing
 “6.75% Senior Notes due 2021” issued by the Borrower, in the original principal amount of $300,000,000 with a stated maturity
date of December 15, 2021 (the “6.75% Senior Notes”) (provided, however, that Borrower may elect to deposit such
repayment amount in a cash collateral account pledged to the Collateral Agent as collateral for the Pari Passu Guaranteed Obligations
pursuant to documentation in form and substance satisfactory to the Administrative Agent (an “Approved Cash Collateral Account”)
until such time as the Make-Whole Amount (as defined in the Supplemental Indenture) with respect to such repayment of the 6.75% Senior
Notes shall be zero, at which time the Administrative Agent shall direct the Collateral Agent to make such amounts available to repay
in full the 6.75% Senior Notes), (2) second, to repay the outstanding principal amount of Term Loans on a pro rata
basis in accordance with Section 3.2 of the Existing Term Loan Agreement, and then all other outstanding “Obligations”
under and as defined in the Existing Term Loan Agreement, in each case, to the full extent thereof, (3) third, to repay
the principal outstanding on Swingline Loans, from nearest Swingline Maturity Date to latest Swingline Maturity Date, to the full extent
thereof, (4) fourth, to repay the principal outstanding on the Revolving Loans and any Reimbursement Obligations pro
rata in accordance with Section 3.2. and then if any Letters of Credit are outstanding at such time, the undrawn amount thereof deposited
into the Letter of Credit Collateral Account for application to any Reimbursement Obligations, in each such case, to the full extent thereof,
(5) fifth, to repay all other outstanding Obligations hereunder, in the order and manner provided in Section 10.5,
to the full extent thereof, and (6) sixth, after all Obligations have been repaid in full, to the Borrower either,
at the Borrower’s discretion, (i) to repay any other unsecured notes issued by Borrower or other Indebtedness then outstanding,
or (ii) to be retained by the Borrower (provided that any amounts so retained by the Borrower may not be applied to repay any Indebtedness
(other than amounts subsequently due under the Loan Documents or as permitted pursuant to the foregoing clauses (B)(1) through (B)(4))
or in a manner that violates this Agreement). Notwithstanding the immediately preceding sentence, if at any time during the Amendment
Period and continuing thereafter until the Post-Amendment Period Compliance Date, the Borrower fails to satisfy the conditions precedent
set forth in Section 5.2 solely as a result of its failure to satisfy any of the Amendment Period Incurrence Conditions, then the
Borrower shall notify the Administrative Agent of any such failure, and any amounts paid under the preceding subsections (b)(iii) and
(b)(iv) during such time shall instead be applied as follows: (1) first, to repay in full the 6.75% Senior Notes
(provided, however, that Borrower may elect to deposit such repayment amount in an Approved Cash Collateral Account until such time as
the Make-Whole Amount (as defined in the Supplemental Indenture) with respect to such repayment of the 6.75% Senior Notes shall be zero,
at which time the Administrative Agent shall direct the Collateral Agent to make such amounts available to repay in full the 6.75% Senior
Notes), (2) second, to repay the outstanding principal amount of Term Loans on a pro rata basis in accordance with
Section 3.2 of the Existing Term Loan Agreement, and then all other outstanding “Obligations” under and as defined in
the Existing Term Loan Agreement, in each case, to the full extent thereof, (3) third, to repay the principal outstanding
on Swingline Loans, from nearest Swingline Maturity Date to latest Swingline Maturity Date, to the full extent thereof, (4) fourth,
solely in the case of amounts paid under the preceding subsection (b)(iv), to repay the principal outstanding on the Revolving Loans and
any Reimbursement Obligations pro rata in accordance with Section 3.2 in the amount necessary to maintain compliance with the Collateral
Property Availability (recalculated to exclude the Collateral Property that is the subject of such Qualified Collateral Property Sale),
and (5) fifth, to be deposited in an Approved Cash Collateral Account, which cash collateral may be used, so long as
all conditions precedent set forth in Section 5.2 (other than Section 5.2(e) and any other condition precedent set forth
in Section 5.2 which would not be satisfied as a result of any such failure specified in Section 5.2(e)) are satisfied, to repay
Indebtedness and for working capital purposes of the Borrower and its Subsidiaries, in each such case, in a manner consistent with the
then-applicable Approved Budget; provided, however, that if any Default or Event of Default, other than as a result of the
Borrower’s failure to satisfy the Amendment Period Incurrence Conditions, shall exist, then, subject to the provisions of the Intercreditor
Agreement, the Administrative Agent may, in its sole and absolute discretion, direct the Collateral Agent to apply the amount of such
cash collateral to repay the Obligations in the order and manner provided in Section 10.5.


 


(c)            No
Effect on Derivatives Contracts. No prepayment of the Loans pursuant to this Section or otherwise shall affect any of the Borrower’s
obligations under any Derivatives Contract entered into with respect to any of the Loans.


 


Section 2.8.           Continuation.


 


So long as no Default or Event
of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion
thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be in an aggregate
minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount, and each new Interest Period selected under
this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period
shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 10:00 a.m. Eastern
time on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy,
electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date
of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected
Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder.
Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation,
the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner
a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current
Interest Period therefor, continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event
of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan
notwithstanding the first sentence of Section 2.9. or the Borrower’s failure to comply with any of the terms of such Section.


 






    	 	- 57 -	 



     


    

 


Section 2.9.           Conversion.


 


The Borrower may on any Business
Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar
form of communication, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type; provided, however,
a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans into
LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount. Each
such Notice of Conversion shall be given not later than 10:00 a.m. Eastern time 3 Business Days prior to the date of any proposed
Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion.
Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of
communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan
to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into
and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion
shall be irrevocable by and binding on the Borrower once given.


 


Section 2.10.         Notes.


 


(a)            Notes.
Except in the case of a Lender that has requested not to receive a Revolving Note, the Revolving Loans made by each Lender shall, in addition
to this Agreement, also be evidenced by a Revolving Note, payable to the order of such Lender in a principal amount equal to the amount
of its Commitment as originally in effect and otherwise duly completed. The Swingline Loans made by a Swingline Lender to the Borrower
shall, in addition to this Agreement, also be evidenced by a Swingline Note payable to the order of such Swingline Lender.


 


(b)            Records.
The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower,
and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding
on the Borrower absent manifest error; provided, however, that (i) the failure of a Lender to make any such record shall not affect
the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender
and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.8., in the absence of manifest error,
the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling.


 


(c)            Lost,
Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender
has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity
from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation
of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen,
destroyed or mutilated Note.


 






    	 	- 58 -	 



     


    

 


Section 2.11.         Voluntary Reductions
of the Commitment.


 


The Borrower shall have the
right to terminate or reduce the aggregate unused amount of the Commitments (for which purpose use of the Commitments shall be deemed
to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans)
at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written notice to the
Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any
such reduction (which in the case of any partial reduction of the Commitments shall not be less than $10,000,000 and integral multiples
of $5,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative
Agent (“Commitment Reduction Notice”). Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall
notify each Lender of the proposed termination or Commitment reduction. The Commitments, once reduced or terminated pursuant to this Section,
may not be increased or reinstated. The Borrower shall pay all interest on the Loans, and the Fees under Section 3.5.(b) with
respect to the amount of the Commitment being reduced, accrued to the date of such reduction or termination of the Commitments to the
Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance
with Section 4.4.


 


Section 2.12.         Extension of
Termination Date.


 


(a)            Generally.
The Borrower shall have the right, exercisable two times, to extend the current Termination Date in effect as of the date each such right
is exercised by one year (the first such right to extend, the “First Extension Option” and, following the successful
exercise of the First Extension Option, the second such right to extend, the “Second Extension Option”; the First Extension
Option and the Second Extension Option, collectively, the “Extension Options” and each an “Extension Option”).
The Borrower may exercise each Extension Option only by executing and delivering to the Administrative Agent at least 30 days but
not more than 90 days prior to the current 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.


 


(b)            First
Extension Option. Solely in the case of the First Extension Option, subject to satisfaction of the following conditions, the Termination
Date with respect to all Commitments shall be extended for one year (as so extended, the “First Extended Termination Date”)
effective upon receipt by the Administrative Agent of the Extension Request in connection with the First Extension Option 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 Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be 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 (except in the case of a representation or warranty qualified
by materiality, in which case such representation or warranty shall be 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 Loan Documents, (ii) the Borrower
shall have paid the Fees payable under Section 3.5.(d), and (iii) (x) the 6.75% Senior Notes shall have been paid in full
or refinanced pursuant to a Qualified Refinancing Issuance, and (y) the Term Loans shall have been repaid in full. At any time prior
to the effectiveness of the First Extension Option, 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).


 






    	 	- 59 -	 



     


    

 


(c)            Second
Extension Option.


 


(i)             Solely
in the case of the Second Extension Option, subject to satisfaction of the following conditions, the then current Termination Date with
respect to the Extended Commitments shall be extended for one year, effective upon the First Extended Termination Date: (A) the Borrower
shall have delivered to the Administrative Agent an Extension Request in connection with the Second Extension Option in accordance with
Section 2.12(a), (B) 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 Loan Party
in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation
or warranty qualified by materiality, in which case such representation or warranty shall be 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 (except in the case of a representation or warranty qualified by materiality, in which case such representation
or warranty shall be 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 Loan Documents, (C) the Borrower shall have paid the Fees payable under Section 3.5.(d),
and (D) if (x) immediately prior to giving effect to the Second Extension Option the aggregate Revolving Credit Exposure of
all Lenders exceeds the aggregate Extended Commitments of the Extending Lenders or (y) immediately upon giving effect to the Second
Extension Option any Extending Lender’s Commitment Percentage (recalculated solely with respect to the Extended Commitments in accordance
with Section 2.12(c)(ii)) of the aggregate Revolving Credit Exposure would exceed the amount of such Extending Lender’s Extended
Commitment, then, on the First Extended Termination Date, the Borrower shall have repaid Loans or otherwise reduced the Revolving Credit
Exposure in an amount sufficient to cure each such excess under the foregoing clause (x) or (y) (it being understood and agreed
that, notwithstanding Section 3.2 or anything herein to the contrary, any repayment of principal of or interest on the Loans in accordance
with this clause (D)(x) shall be paid to the Administrative Agent for the account of those Lenders with Commitments other than Extended
Commitments pro rata in accordance with their respective Commitments (exclusive of Extended Commitments). At any time prior to the effectiveness
of the Second Extension Option, 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 (B)(x) and (B)(y).


 


(ii)            The
Administrative Agent, the Borrower and each Extending Lender agree that upon the effectiveness of the Second Extension Option, Schedule
I shall be amended within the sole discretion of the Administrative Agent to reflect the Commitment of each Extending Lender immediately
upon the effectiveness of the Second Extension Option and their respective Commitment Percentages (recalculated solely with respect to
the Extended Commitments). Simultaneously with the effectiveness of the Second Extension Option and subject to the immediately preceding
Section 2.12(c)(i), the Revolving Credit Exposure as in effect immediately prior to the effectiveness of the Second Extension Option
shall be reallocated among the Extending Lenders pro rata in accordance with their respective Commitment Percentages (recalculated solely
with respect to the Extended Commitments). To effect such reallocations, each Extending Lender whose Revolving Credit Exposure upon the
effectiveness of the Second Extension Option exceeds its Revolving Credit Exposure immediately prior to the effectiveness of the Second
Extension Option (I) shall make such advances and cash settlements among themselves, through the Administrative Agent, as the Administrative
Agent may direct (after giving effect to the termination of any Commitments or the repayment or reduction of any Revolving Credit Exposure
on the First Extended Termination Date and any netting transactions effected by the Administrative Agent) so that the Revolving Credit
Exposure shall be held by the Extended Lenders pro rata in accordance with their respective Commitment Percentages (recalculated solely
with respect to the Extended Commitments) and (II) shall be deemed to hold participation interests in any then outstanding Letter
of Credit and Swingline Loans pursuant to Section 2.2(i) and Section 2.3(e), respectively, pro rata in accordance with
their respective Commitment Percentages (recalculated solely with respect to the Extended Commitments).


 






    	 	- 60 -	 



     


    

 


(iii)           Subject
to Section 12.7(c), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Extending
Lenders, and not any other Lenders, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary
of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only
with, the written consent of the Requisite Extending Lenders (and, in the case of an amendment to any Loan Document, the written consent
of each Loan Party which is party thereto), and no consent of any other Lender shall be necessary.


 


Section 2.13.         Expiration Date
of Letters of Credit Past Commitment Termination.


 


If on the date the Commitments
are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any
Letters of Credit outstanding hereunder with respect to which the Borrower has not complied with the conditions set forth in the second
proviso of the second sentence of Section 2.2.(b), the Borrower shall, on such date, pay to the Administrative Agent, for its benefit
and the benefit of the Lenders and the Issuing Banks, an amount of money sufficient to cause the balance of available funds on deposit
in the Letter of Credit Collateral Account to equal the aggregate Stated Amount of such Letters of Credit for deposit into the Letter
of Credit Collateral Account.


 


Section 2.14.         Amount Limitations.


 


Notwithstanding any other
term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, the Issuing Banks shall not be required
to issue a Letter of Credit and no reduction of the Commitments pursuant to Section 2.11. shall take effect, if immediately after
the making of such Loan, the issuance of such Letter of Credit or such reduction in the Commitments the aggregate principal amount of
all outstanding Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the
Commitments at such time.


 






    	 	- 61 -	 



     


    

 


Section 2.15.         Increase in
Commitments.


 


The Borrower shall have the
right at any time and from time to time during the period beginning on the Effective Date to but excluding the Termination Date to request
increases in the aggregate amount of the Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable
once given; provided, however, that after giving effect to any such increases the aggregate amount of the Commitments shall
not exceed $2,000,000,000 (less the aggregate amount of reductions of Commitments effected pursuant to Section 2.11.). Each such
increase in the Commitments must be an aggregate minimum amount of $50,000,000 and integral multiples of $10,000,000 in excess thereof.
The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Commitments,
including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders
to be approached with respect to such increase and the allocations of the increase in the Commitments among such existing Lenders and/or
other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase its
Commitment or provide a new Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase
must be an Eligible Assignee. If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Commitment,
such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Commitment) (and as a
condition thereto) purchase from the other Lenders its Commitment Percentage (determined with respect to the Lenders’ respective
Commitments and after giving effect to the increase of Commitments) of any outstanding Revolving Loans, by making available to the Administrative
Agent for the account of such other Lenders, in same day funds, an amount equal to the sum of (A) the portion of the outstanding
principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the aggregate amount of payments previously
made by the other Lenders under Section 2.2.(j) that have not been repaid, plus (C) interest accrued and unpaid
to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall pay to the Lenders
amounts payable, if any, to such Lenders under Section 4.4. as a result of the prepayment of any such Revolving Loans. Effecting
the increase of the Commitments under this Section is subject to the following conditions precedent: (x) no Default or Event
of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made
by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall
be true and correct in all respects) on the effective date of such increase 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 (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically
and expressly permitted hereunder, and (z)  the Administrative Agent shall have received each of the following, in form and substance
satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary
or Assistant Secretary of (A) all corporate and other necessary action taken by the Borrower to authorize such increase and (B) all
corporate, partnership, member and other necessary action taken by each Guarantor authorizing the guaranty of such increase; (ii) an
opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters
as reasonably requested by the Administrative Agent; and (iii) new Revolving Notes executed by the Borrower, payable to any new Lenders
and replacement Revolving Notes executed by the Borrower, payable to any existing Lenders increasing their Commitments, in the amount
of such Lender’s Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Commitments.
In connection with any increase in the aggregate amount of the Commitments pursuant to this Section 2.15., any Lender becoming a
party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the
case of any Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative
Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to
comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot
Act.


 


Section 2.16.         Funds Transfer
Disbursements.


 


The Borrower hereby authorizes
the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents
as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.


 






    	 	- 62 -	 



     


    

 


Section 2.17.         Collateral
Property Amount Limitations.


 


Notwithstanding any other
term of this Agreement or any other Loan Document, at any time following the satisfaction of the Initial Mortgage Collateral Requirement,
no Lender shall be required to make a Loan, the Issuing Banks shall not be required to issue a Letter of Credit and no reduction of the
Commitments pursuant to Section 2.11 shall take effect, if immediately after the making of such Loan, the issuance of such Letter
of Credit or such reduction in the Commitments the aggregate principal amount of all outstanding Loans and Swingline Loans, together with
aggregate amount of all Letter of Credit Liabilities, would exceed the Net Collateral Property Availability at such time. Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the consent of all Lenders shall be required to amend
or otherwise modify the provisions of this Section 2.17.


 


ARTICLE III.
Payments, Fees and Other General Provisions


 


Section 3.1.            Payments.


 


(a)            Payments
by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made
by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without
setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than 12:00 p.m. Eastern time on
the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made
on the next succeeding Business Day). Subject to Section 10.5., the Borrower shall, at the time of making each payment under this
Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such
payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note
shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such
Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender.
Each payment received by the Administrative Agent for the account of an Issuing Bank under this Agreement shall be paid to such Issuing
Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Issuing Bank to the Administrative
Agent from time to time, for the account of such Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such
Lender or such Issuing Bank, as the case may be, (i) by 5:00 p.m. Eastern time on the Business Day such funds are received by
the Administrative Agent, if such amounts are received by 12:00 p.m. Eastern time on such date or (ii) by 5:00 p.m. Eastern
time on the Business Day following the date such funds are received by the Administrative Agent, if such amounts are received after 12:00
p.m. Eastern time on any Business Day, the Administrative Agent shall pay interest on such amount until paid at a rate per annum
equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document
would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest
shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension.


 


(b)            Presumptions
Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will
not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith
and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case
may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing
Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or
such Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the
date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.


 






    	 	- 63 -	 



     


    

 


Section 3.2.           Pro Rata Treatment.


 


Except to the extent otherwise
provided herein: (a) each borrowing from the Lenders under Sections 2.1.(a), 2.2.(e) and 2.3.(e) shall be made from
the Lenders, each payment of the fees under Sections 3.5.(a), 3.5.(b), the first sentence of 3.5.(c), and 3.5.(d) shall be made
for the account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.11. shall be applied
to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (b) each payment
or prepayment of principal of Revolving Loans shall be made for the account of the Lenders pro rata in accordance with the respective
unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9., if immediately prior to giving
effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held
by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Revolving Loans were made, then such
payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal
amount of the Revolving Loans being held by the Lenders pro rata in accordance with their respective Commitments; (c) each payment
of interest on Revolving Loans shall be made for the account of the Lenders, pro rata in accordance with the amounts of interest on such
Revolving Loans then due and payable to the respective Lenders; (d) the making, Conversion and Continuation of Revolving Loans of
a particular Type (other than Conversions provided for by Sections 4.1.(c) and 4.5.) shall be made pro rata among the Lenders
according to the amounts of their respective Revolving Loans and the then current Interest Period for each Lender’s portion of each
such Loan of such Type shall be coterminous; (e) the Lenders’ participation in, and payment obligations in respect of, Swingline
Loans under Section 2.3., shall be in accordance with their respective Commitment Percentages; and (f) the Lenders’ participation
in, and payment obligations in respect of, Letters of Credit under Section 2.2., shall be in accordance with their respective Commitment
Percentages. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of
the applicable Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline
Loan pursuant to Section 2.3.(e), in which case such payments shall be pro rata in accordance with such participating interests).
Any payment or prepayment of principal or interest made during the existence of a Default or Event of Default shall be made for the account
of the Lenders and the Issuing Banks in accordance with the order set forth in Section 10.5.


 


Section 3.3.           Sharing of Payments,
Etc.


 


If a Lender shall obtain payment
of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation
owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar
right or otherwise or through voluntary prepayments directly to a Lender or other payments made by or on behalf the Borrower or any other
Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this
Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2. or Section 10.5., as applicable,
such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct
interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other
adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any
reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements
of Section 3.2. or Section 10.5., as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves
(by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that
any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise
all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender
were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such
right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other
indebtedness or obligation of the Borrower.


 






    	 	- 64 -	 



     


    

 


Section 3.4.           Several Obligations.


 


No Lender shall be responsible
for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder,
and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve
the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.


 


Section 3.5.           Fees.


 


(a)            Closing
Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have been agreed
to in writing by the Borrower and the Administrative Agent.


 


(b)            Facility
Fees. During the period from the Effective Date to but excluding the Termination Date, the Borrower agrees to pay to the Administrative
Agent for the account of the Lenders a facility fee equal to the daily aggregate amount of the Commitments (whether or not utilized) times
a rate per annum equal to the Applicable Facility Fee. Such fee shall be payable quarterly in arrears on the first day of each January,
April, July and October during the term of this Agreement and on the Termination Date or any earlier date of termination of
the Commitments or reduction of the Commitments to zero. The Borrower acknowledges that the fee payable hereunder is a bona fide commitment
fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein
and for no other purposes.


 


(c)            Letter
of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee at a
rate per annum equal to the Applicable Margin times the daily average Stated Amount of each Letter of Credit for the period from and including
the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or (y) to
but excluding the date such Letter of Credit is drawn in full. In addition to such fees, the Borrower shall pay to the applicable Issuing
Bank solely for its own account, a fronting fee in respect of each Letter of Credit issued by such Issuing Bank equal to one-eighth of
one percent (0.125%) of the initial Stated Amount of such Letter of Credit; provided, however, in no event shall the aggregate amount
of such fee in respect of any Letter of Credit be less than $1,000. The fees provided for in this subsection shall be nonrefundable and
payable, in the case of the fee provided for in the first sentence, in arrears (i) quarterly on the first day of January, April,
July and October, (ii) on the Termination Date, (iii) on the date the Commitments are terminated or reduced to zero and
(iv) thereafter from time to time on demand of the Administrative Agent and in the case of the fee provided for in the second sentence,
at the time of issuance of such Letter of Credit. The Borrower shall pay directly to the applicable Issuing Bank from time to time on
demand all commissions, charges, costs and expenses in the amounts customarily charged or incurred by the applicable Issuing Bank from
time to time in like circumstances with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued by such
Issuing Bank or any other transaction relating thereto.


 






    	 	- 65 -	 



     


    

 


(d)            Extension
Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.12., pursuant to the First
Extension Option and the Second Extension Option, in each case, the Borrower agrees to pay (i) in connection with the First Extension
Option, to the Administrative Agent for the account of each Lender a fee equal to fifteen one-hundredths of one percent (0.15%) of the
amount of such Lender’s Commitment (whether or not utilized), and (ii) in connection with the Second Extension Option, notwithstanding
anything to the contrary in Section 3.2, to the Administrative Agent for the account of each Extending Lender a fee equal to fifteen
one-hundredths of one percent (0.15%) of the amount of such Extending Lender’s Extended Commitment (whether or not utilized). Such
fees shall be due and payable in full on the date the Administrative Agent receives the Extension Request with respect to the First Extension
Option or the Second Extension Option, as applicable, pursuant to such Section.


 


(e)            Administrative
and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letter
and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent.


 


Section 3.6.           Computations.


 


Unless otherwise expressly
set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of
a year of 360 days and the actual number of days elapsed.


 


Section 3.7.           Usury.


 


In no event shall the amount
of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any
such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment
of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned
to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly,
in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto
hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and
shall be the interest specifically described in Section 2.4.(a)(i) and (ii) and, with respect to Swingline Loans, in Section 2.3.(c).
Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing
fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost
charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties
or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this
Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or
administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the
Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other
than charges for the use of money shall be fully earned and nonrefundable when due.


 


Section 3.8.           Statements of
Account.


 


The Administrative Agent will
account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement
and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent
manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower
from any of its obligations hereunder.


 






    	 	- 66 -	 



     


    

 


Section 3.9.           Defaulting Lenders.


 


Notwithstanding anything to
the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer
a Defaulting Lender, to the extent permitted by Applicable Law:


 


(a)            Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Requisite Lenders.


 


(b)            Defaulting
Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X. or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 12.3 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or any Swingline Lender hereunder;
third, to Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with
subsection (e) below; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the
funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect
to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued under this Agreement, in accordance with subsection (e) below; sixth,
to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lenders as a result of any judgment of a court
of competent jurisdiction obtained by any Lender, any Issuing Bank or any Swingline Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or amounts owing by such Defaulting Lender under Section 2.2.(j) in
respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully
funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions
set forth in Article V. were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Disbursements
owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed
to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities and Swingline
Loans are held by the Lenders pro rata in accordance with their respective Commitment Percentages (determined without giving effect to
the immediately following subsection (d)). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this subsection shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.


 


(c)            Certain
Fees.


 


(i)             No
Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(b) for any period during which that Lender
is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to that Defaulting Lender).


 






    	 	- 67 -	 



     


    

 


(ii)            Each
Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(c) for any period during which that Lender
is a Defaulting Lender only to the extent allocable to its Commitment Percentage of the stated amount of Letters of Credit for which it
has provided Cash Collateral pursuant to the immediately following subsection (e).


 


(iii)            With
respect to any Fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding clauses (i) or (ii),
the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise payable to such Defaulting Lender
with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities or Swingline Loans that has been reallocated
to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to each Issuing Bank and each Swingline
Lender, as applicable, the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing
Bank’s or such Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining
amount of any such Fee.


 


(d)            Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter of Credit
Liabilities and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Commitment Percentages
(determined without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause
the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject
to Section 12.22., no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting
Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation.


 


(e)            Cash
Collateral, Repayment of Swingline Loans.


 


(i)             If
the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be effected, the
Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans
in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’
Fronting Exposure in accordance with the procedures set forth in this subsection.


 


(ii)            At
any time that there shall exist a Defaulting Lender, within 1 Business Day following the written request of the Administrative Agent or
the applicable Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such Issuing Bank’s
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the immediately preceding subsection (d) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of such Issuing Bank
with respect to Letters of Credit issued and outstanding at such time.


 


(iii)          The
Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the
benefit of the Issuing Banks, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the
Defaulting Lenders’ obligation to fund participations in respect of Letter of Credit Liabilities, to be applied pursuant to the
immediately following clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right
or claim of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such
Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Banks with respect to Letters of Credit issued and outstanding
at such time, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional
Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting
Lender).


 






    	 	- 68 -	 



     


    

 


(iv)          Notwithstanding
anything to the contrary contained in this Agreement, Cash Collateral provided under this Section in respect of Letters of Credit
shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit
Liabilities (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the
Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.


 


(v)           Cash
Collateral (or the appropriate portion thereof) provided to reduce an Issuing Bank’s Fronting Exposure shall no longer be required
to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including
by the termination of Defaulting Lender status of the applicable Lender), or (y) the determination by the Administrative Agent and
the applicable Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b),
the Person providing Cash Collateral and the applicable Issuing Bank may agree that Cash Collateral shall be held to support future anticipated
Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by the Borrower,
such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.


 


(f)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lenders and the Issuing Banks agree in writing that a Lender
is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit
and Swingline Loans to be held pro rata by the Lenders in accordance with their respective Commitment Percentages (determined without
giving effect to the immediately preceding subsection (d)), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that
Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.


 


(g)           New
Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) each Swingline Lender shall not be required
to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and
(ii) each Issuing Bank shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that
it will have no Fronting Exposure after giving effect thereto.


 


Section 3.10.         Taxes; Foreign
Lenders.


 


(a)            Issuing
Banks. For purposes of this Section, the term “Lender” includes the Issuing Banks and the term “Applicable Law”
includes FATCA.


 






    	 	- 69 -	 



     


    

 


(b)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is
an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been
made.


 


(c)            Payment
of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the relevant Governmental Authority in
accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.


 


(d)            Indemnification
by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section) payable or paid by such Recipient (whether directly or pursuant to Section 3.10.(e)(i)) or required to
be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, however,
that neither the Borrower nor any other Loan Party shall be liable to indemnify any Lender or Participant for any Taxes attributable to
Lender’s failure to comply with the provisions of Section 12.6. relating to the maintenance of a Participant Register. A certificate
as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.


 


(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan Parties to
do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.6. relating to
the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this subsection.


 


(f)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority
pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent.


 






    	 	- 70 -	 



     


    

 


(g)            Status
of Lenders.


 


(i)             Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in the immediately
following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the applicable Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Lender.


 


(ii)            Without
limiting the generality of the foregoing:


 


(A)            any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9 (or any
successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;


 


(B)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following
is applicable:


 


(I)             in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article
of such tax treaty;


 


(II)            an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI;


 






    	 	- 71 -	 



     


    

 


(III)           in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of
the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender
is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable; or


 


(IV)          to
the extent a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may
provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-4 on behalf of each such direct and indirect partner;


 


(C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an
original if requested by the Borrower or the Administrative Agent) of any other form prescribed by Applicable Law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to
be made; and


 


(D)            if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.


 


Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly
notify the Borrower and the Administrative Agent in writing of its legal inability to do so.


 






    	 	- 72 -	 



     


    

 


(h)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this
Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event
will an indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection the payment of which would
place such indemnified party in a less favorable net after-Tax position than such indemnified party would have been in if the Tax subject
to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified
party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to, or apply for or
seek any refund for or on behalf of, any indemnifying party or any other Person.


 


(i)             Survival.
Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.


 


(j)             FATCA
Determination. For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrower
and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying
as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).


 


ARTICLE IV.
Yield Protection, Etc.


 


Section 4.1.           Additional Costs;
Capital Adequacy.


 


(a)            Capital
Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or such Lender’s
holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return
on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Loans made by, or the participations in Letters of Credit or Swingline Loans held by, such Lender, to
a level below that which such Lender or such Lender’s holding company could have achieved but for such Regulatory Change (taking
into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy
and liquidity), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender or such Lender’s holding company for any such reduction suffered.


 






    	 	- 73 -	 



     


    

 


(b)            Additional
Costs. In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly pay to the Administrative
Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender
for any costs incurred by such Lender that it determines are attributable to its making, maintaining, continuing or converting of any
Loans or its obligation to make any Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any
of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect
of its Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender
under this Agreement or any of the other Loan Documents in respect of any of such Loans or its Commitments (other than Indemnified Taxes,
Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), or (ii) imposes
or modifies any reserve, special deposit, compulsory loan insurance charge, or similar requirements (other than Regulation D of the
FRB or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other
assets by reference to which the interest rate on Loans is determined to the extent utilized when determining the interest rate for such
Loans) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended
by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without
limitation, the Commitments of such Lender hereunder) or (iii) imposes on any Lender or the London interbank market, any other condition,
cost or expense (other than Taxes) affecting this Agreement or the Loans made by such Lender.


 


(c)            Lender’s
Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsection (a) and (b),
if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified
level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest
rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that
includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may
hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender
to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such Regulatory Change ceases to be in effect
(in which case the provisions of Section 4.5. shall apply).


 


(d)            Additional
Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding subsections of this Section (but
without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter
issued by any Governmental Authority there shall be imposed, modified or deemed applicable any Tax (other than Indemnified Taxes, Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), reserve, special deposit,
capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall
be to increase the cost to the applicable Issuing Bank of issuing (or any Lender of purchasing participations in) or maintaining its obligation
hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by an Issuing Bank or any Lender
hereunder in respect of any Letter of Credit, then, upon demand by such Issuing Bank or such Lender, the Borrower shall pay promptly,
and in any event within 3 Business Days of demand, to such Issuing Bank or, in the case of such Lender, to the Administrative Agent for
the account of such Lender, from time to time as specified by such Issuing Bank or such Lender, such additional amounts as shall be sufficient
to compensate such Issuing Bank or such Lender for such increased costs or reductions in amount.


 






    	 	- 74 -	 



     


    

 


(e)            Notification
and Determination of Additional Costs. Each of the Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees
to notify the Borrower (and in the case of a Lender, to notify the Administrative Agent) of any event occurring after the Agreement Date
entitling the Administrative Agent, such Issuing Bank or such Lender to compensation under any of the preceding subsections of this Section as
promptly as practicable; provided, however, that the failure of the Administrative Agent, any Issuing Bank or any Lender to give such
notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Administrative Agent);
provided, further, that notwithstanding the foregoing provisions of this Section, the Administrative Agent or a Lender, as the case may
be, shall not be entitled to compensation for any such amount relating to any period ending more than six months prior to the date that
the Administrative Agent or such Lender, as applicable, first notifies the Borrower in writing thereof or for any amounts resulting from
a change by any Lender of its Lending Office (other than changes required by Applicable Law). The Administrative Agent, each Issuing Bank
and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of an Issuing Bank or a Lender to the Administrative
Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by
the Administrative Agent, such Issuing Bank or such Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive
and binding for all purposes, absent manifest error. The Borrower shall pay the Administrative Agent, any such Issuing Bank and/or any
such Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.


 


Section 4.2.           Suspension of
LIBOR Loans.


 


(a)            Subject
to Section 4.2.(b) below, if, on or prior to the determination of LIBOR for any Interest Period:


 


(i)             the
Administrative Agent shall determine (which determination shall be conclusive absent manifest error) that reasonable and adequate means
do not exist for ascertaining LIBOR for such Interest Period, or the Administrative Agent reasonably determines (which determination shall
be conclusive absent manifest error) that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR
are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR
Loans as provided herein; or


 


(ii)            the
Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that the relevant rates of
interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period
is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period,


 


then the Administrative Agent shall give the Borrower
and each Lender prompt notice thereof and, so long as such condition remains in effect, all of the Lenders, in the case of the immediately
preceding clause (i), and any Lender affected thereby, in the case of the immediately preceding clause (ii), shall be under no obligation
to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans, unless and until the Administrative
Agent or such Lender, as the case may be, gives notice as provided in Section 4.5. that such condition no longer exists, and, so
long as such condition remains in effect, the Lenders or such Lender’s LIBOR Loans, as the case may be, shall be treated in accordance
with Section 4.5.


 


(b)            Benchmark
Replacement Setting.


 


(i)            Benchmark
Replacement.


 


(A)            Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event, an Early Opt-in Election, or an Other
Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or
(a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark
settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if
a Benchmark Replacement is determined in accordance with clause (a)(3) or clause (c) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent
of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written
notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders. If an Unadjusted Benchmark Replacement
is Daily Simple SOFR, all interest payments will be payable on a monthly basis.


 






    	 	- 75 -	 



     


    

 


(B)            Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders
and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR
Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.


 


(ii)            Benchmark
Replacement Conforming Changes. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including,
without limitation, Section 12.6.), in connection with the implementation of a Benchmark Replacement, the Administrative Agent will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein
or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without
any further action or consent of any other party to this Agreement or any other Loan Document.


 


(iii)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election,
as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness
of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 4.2.(b)(iv) below
and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be
made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 4.2.(b), including,
without limitation, any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion, as applicable, and without consent from any other party to this Agreement
or any other Loan Document, except, in each case, as expressly required pursuant to this Section 4.2.(b).


 






    	 	- 76 -	 



     


    

 


(iv)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR)
and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from
time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will
be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant
to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark
(including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all
Benchmark settings at or after such time to reinstate such previously removed tenor.


 


(v)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a borrowing of, Conversion to or Continuation of LIBOR Loans to be made, Converted or Continued during any
Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have Converted any such request into a request for a
borrowing of or Conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark,
as applicable, will not be used in any determination of the Base Rate.


 


(vi)            London
Interbank Offered Rate Benchmark Transition Event. On March 5, 2021, the IBA and the FCA announced in the Announcements that
the final publication or representativeness date for Dollars for (i) 1-week and 2-month London interbank offered rate tenor settings
will be December 31, 2021 and (ii) overnight, 1-month, 3-month, 6-month and 12-month London interbank offered rate tenor settings
will be June 30, 2023. No successor administrator for the IBA was identified in such Announcements. The parties hereto agree and
acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition Event with respect to the London interbank offered
rate pursuant to the terms of this Agreement and that any obligation of the Administrative Agent to notify any parties of such Benchmark
Transition Event pursuant to Section 4.2.(b)(iii) shall be deemed satisfied.


 


Section 4.3.           Illegality.


 


Notwithstanding any other provision of this Agreement,
if any Lender shall determine (which determination shall be conclusive and binding) that due to a Regulatory Change it is unlawful for
such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof
(with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of
any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case
the provisions of Section 4.5. shall be applicable).


 






    	 	- 77 -	 



     


    

 


Section 4.4.           Compensation.


 


The Borrower shall pay to
the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative
Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable
to:


 


(a)           any
payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason
(including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or


 


(b)           any
failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified
in Section 5.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate
Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation.


 


Not in limitation of the foregoing, such compensation
shall include, without limitation, in the case of a LIBOR Loan, an amount equal to the then present value of (A) the amount of interest
that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the
amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan
was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable,
calculating present value by using as a discount rate LIBOR quoted on such date. Upon the Borrower’s request, the Administrative
Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining
the amount thereof. Any such statement shall be conclusive absent manifest error.


 


Section 4.5.            Treatment of
Affected Loans.


 


If the obligation of any Lender
to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c),
Section 4.2.(a) or (b)(v), or Section 4.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base
Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required
by Section 4.1.(c), Section 4.2.(a) or (b)(v), or Section 4.3. on such earlier date as such Lender or the Administrative
Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such
Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 4.1.,
Section 4.2.(a) or Section 4.3. that gave rise to such Conversion no longer exist (or until a Benchmark Replacement is
implemented in accordance with Section 4.2.(b)):


 


(a)            to
the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise
be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and


 


(b)            all
Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and
all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.


 






    	 	- 78 -	 



     


    

 


If such Lender or the Administrative Agent, as
applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in
Section 4.1.(c) or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no
longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist)
at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted,
on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that,
after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts,
Types and Interest Periods) in accordance with their respective Commitments.


 


Section 4.6.           Affected Lenders.


 


If (a) a Lender requests
compensation pursuant to Section 3.10. or 4.1., and the Requisite Lenders are not also doing the same, (b) the obligation of
any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or
4.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, (c) a Lender does not vote in
favor of any amendment, modification or waiver to this Agreement or any other Loan Document which, pursuant to Section 12.7., requires
the vote of such Lender, and the Requisite Lenders shall have voted in favor of such amendment, modification or waiver or (d) a Lender
becomes a Defaulting Lender, then, so long as there does not then exist any Default or Event of Default, the Borrower may demand that
such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment to an
Eligible Assignee subject to and in accordance with the provisions of Section 12.6.(b) for a purchase price equal to (x) the
aggregate principal balance of all Loans then owing to the Affected Lender, plus (y) the aggregate amount of payments previously
made by the Affected Lender under Section 2.2.(j) that have not been repaid, plus (z) any accrued but unpaid interest thereon
and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and
Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement
of such Affected Lender under this Section, and such Affected Lender shall promptly execute all documents reasonably requested to surrender
and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption, but at no time shall
the Administrative Agent, such Affected Lender nor any other Lender nor any Titled Agent be obligated in any way whatsoever to initiate
any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall
be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of
the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender
compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.10.,
4.1. or 4.4.) with respect to any period up to the date of replacement.


 


Section 4.7.           Change of Lending
Office.


 


Each Lender agrees that it
will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an alternate Lending
Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10., 4.1. or 4.3. to reduce
the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender
as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located
in the United States of America.


 


Section 4.8.           Assumptions Concerning
Funding of LIBOR Loans.


 


Calculation of all amounts
payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the purchase of
deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR
Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR
Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article.


 






    	 	- 79 -	 



     


    

 


ARTICLE V.
Conditions Precedent


 


Section 5.1.            Initial Conditions
Precedent.


 


The obligation of the Lenders
to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of
Credit, is subject to the satisfaction or waiver of the following conditions precedent:


 


(a)            The
Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:


 


(i)             counterparts
of this Agreement executed by each of the parties hereto;


 


(ii)            Revolving
Notes executed by the Borrower, payable to each Lender (other than any Lender that has requested that it not receive a Revolving Note)
and complying with the terms of Section 2.10.(a) and the Swingline Note executed by the Borrower;


 


(iii)           the
Guaranty executed by each of the Guarantors initially to be a party thereto;


 


(iv)          an
opinion of Sullivan & Worcester LLP, and an opinion of Saul Ewing LLP, special Maryland counsel, in each case, counsel to the
Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders and covering such matters as the Administrative
Agent may reasonably request;


 


(v)           the
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust
or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the
state of formation of such Loan Party;


 


(vi)          a
certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary
of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable
certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as applicable) of each state
in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material
Adverse Effect and each state in which a Collateral Property owned by such Loan Party is located;


 


(vii)         a
certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan
Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan
Party is a party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing, Notices
of Swingline Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation;


 


(viii)        copies
certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the
by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a
limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate,
partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan
Documents to which it is a party;


 






    	 	- 80 -	 



     


    

 


(ix)           a
Compliance Certificate calculated as of the Effective Date on a pro forma basis for the Borrower’s fiscal quarter ending March 31,
2017;


 


(x)            a
Disbursement Instruction Agreement effective as of the Agreement Date;


 


(xi)           [intentionally
omitted];


 


(xii)          evidence
that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and reimbursement amounts
due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to
the Administrative Agent, have been paid;


 


(xiii)         the
Borrower Letter executed by the Borrower; and


 


(xiv)        such
other documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably
request; and


 


(b)            In
the good faith judgment of the Administrative Agent:


 


(i)            there
shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status since
the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the
Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could
reasonably be expected to result in a Material Adverse Effect;


 


(ii)            no
litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which
could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome
conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its obligations
under the Loan Documents to which it is a party;


 


(iii)            the
Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings
and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict
with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party
or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the
receipt, making or giving of which could not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or
enjoin impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other
Loan Party to fulfill its obligations under the Loan Documents to which it is a party;


 


(iv)            the
Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order
to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); and


 






    	 	- 81 -	 



     


    

 





 


(v)            there
shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially
and adversely affect the transactions contemplated by the Loan Documents.


 


Section 5.2.         Conditions Precedent
to All Loans and Letters of Credit.


 


The obligations of (i) Lenders
to make any Loans and (ii) the Issuing Banks to issue, to extend the expiration date of, or to increase the Stated Amount of, Letters
of Credit are each subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date
of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no
violation of the limits described in Section 2.14. would occur after giving effect thereto; (b) the representations and warranties
made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation
or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter
of Credit 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 (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically
and expressly permitted hereunder, (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received
a timely Notice of Borrowing, or in the case of a Swingline Loan, the applicable Swingline Lender and the Administrative Agent shall have
received a timely Notice of Swingline Borrowing, (d) in the case of any Credit Event occurring during the period commencing on the
date immediately following the Amendment Period Expiration Date and ending on the Post-Amendment Period Compliance Date, the Borrower
shall have delivered to the Administrative Agent evidence of the Borrower’s compliance with the financial covenants set forth in
Sections 9.1 (each as adjusted pursuant to the last paragraph of Section 9.1) using pro forma projections based upon results through
the most recently ended period for which such financial information is available to the Borrower, (e) in the case of any Credit Event
occurring during the Amendment Period and continuing thereafter until the Post-Amendment Period Compliance Date, upon giving effect to
such Credit Event, the Borrower shall be in compliance with the Amendment Period Incurrence Conditions, and (f) in the case of any
Credit Event occurring on or after May 29, 2021, the Initial Mortgage Collateral Requirement shall have been satisfied. Each Credit
Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving
of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such
Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to
the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued, extended or increased that all
conditions to the making of such Loan or issuing, extending or increasing of such Letter of Credit contained in this Article V. have
been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification
by such Lender to the Administrative Agent and the other Lenders that the conditions precedent for initial Loans set forth in Sections 5.1.
and 5.2. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.


 






    - 82 -


     


    

 


ARTICLE VI.
Representations and Warranties


 


Section 6.1.         Representations
and Warranties.


 


In order to induce the Administrative
Agent and each Lender to enter into this Agreement and to make Loans and, in the case of an Issuing Bank, to issue Letters of Credit,
the Borrower represents and warrants to the Administrative Agent, each Issuing Bank and each Lender as follows:


 


(a)            Organization;
Power; Qualification. Each of the Borrower, the other Loan Parties and the other Subsidiaries is a corporation, partnership or other
legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation,
has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter
proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and
authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification
or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material
Adverse Effect.


 


(b)            Ownership
Structure. Part I of Item 6.1.(b) of the Borrower Letter is, as of the Agreement Date, a complete and correct list
of all Subsidiaries of the Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary,
(ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such
Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary
is an Excluded Subsidiary and/or a Foreign Subsidiary. As of the Agreement Date, except as disclosed in such Item of the Borrower Letter,
(A) each of the Borrower and its Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding
Equity Interests in each Person shown to be held by it on such Item, (B) all of the issued and outstanding capital stock of each
such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions,
options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or
voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional
shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement
Date, Part II of Item 6.1.(b) of the Borrower Letter correctly sets forth all Unconsolidated Affiliates of the Borrower,
including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such
Person held directly or indirectly by the Borrower.


 


(c)            Authorization
of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow
and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in accordance
with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents and the Fee Letter
to which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such
Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective
terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained
herein or therein and as may be limited by equitable principles generally.


 


(d)            Compliance
of Loan Documents with Laws. The execution, delivery and performance of this Agreement, the other Loan Documents to which any Loan
Party is a party and of the Fee Letter in accordance with their respective terms and the borrowings and other extensions of credit hereunder
do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any
Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in
a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument
to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result
in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan
Party other than in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations.


 






    - 83 -


     


    

 


(e)            Compliance
with Law; Governmental Approvals. Each of the Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each
Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure
to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a
Material Adverse Effect.


 


(f)            Title
to Properties; Liens. Each of the Borrower, each other Loan Party and each other Subsidiary has good, marketable and legal title to,
or a valid leasehold interest in, its respective assets. As of the Agreement Date, there are no Liens against any assets of the Borrower,
any Subsidiary or any other Loan Party except for Permitted Liens. No Collateral Property nor any direct or indirect interest of the Borrower
therein is subject to any Lien (other than Permitted Liens described in clauses (c), (g), (i) and (j) of the definition of that
term) or any Negative Pledge. Each Collateral Property satisfies all requirements set forth in the definition of “Eligible Property”.


 


(g)            Existing
Indebtedness. As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries have performed and are in
compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of
default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default,
exists with respect to any such Indebtedness.


 


(h)            [Intentionally
Omitted.]


 


(i)            Litigation.
Except as set forth on Schedule 6.1.(i), there are no actions, suits or proceedings pending (nor, to the knowledge of any Loan Party,
are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely
to or affecting the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any
arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material
Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any Loan Document or the Fee Letter. There
are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party
or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect.


 


(j)            Taxes.
All federal, state and other material tax returns of the Borrower, each other Loan Party and each other Subsidiary required by Applicable
Law to be filed have been duly filed (after taking into account any extensions of time within which to file such tax returns), and all
federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party, each other Subsidiary and
their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing
which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Borrower,
any other Loan Party or any other Subsidiary is under audit. All charges, accruals and reserves on the books of the Borrower, the other
Loan Parties and the other Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP.


 






    - 84 -


     


    

 


(k)            Financial
Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Borrower and
its consolidated Subsidiaries for the fiscal year ended December 31, 2016, and the related audited consolidated statements of operations,
shareholders’ equity and cash flow for the fiscal year ended on such date, with the opinion thereon of Ernst & Young LLP,
and (ii) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal quarter ended
March 31, 2017, and the related unaudited consolidated statements of operations, and cash flow of the Borrower and its consolidated
Subsidiaries for the fiscal quarter ended on such date. Such financial statements (including in each case related schedules and notes)
are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods
involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results
of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments).
Neither the Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities
for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be
required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial
statements.


 


(l)            No
Material Adverse Change. Since December 31, 2016, there has been no material adverse change in the consolidated financial condition,
results of operations or business of the Borrower and its consolidated Subsidiaries taken as a whole; provided that, during the
Amendment Period, any such determination under this clause (l) shall exclude any event or circumstance resulting from the COVID-19
pandemic to the extent that (i) such event or circumstance has been disclosed in writing by the Borrower to the Lenders or publicly,
or in the public domain, prior to the ThirdFourth
Amendment Effective Date and (ii) the scope of such adverse effect is not materially greater than that which has been disclosed.
Each of the Borrower, the other Loan Parties, and the Borrower and its Subsidiaries taken as a whole is, Solvent.


 


(m)            REIT
Status. The Borrower qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and conditions
imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT.


 


(n)            ERISA.


 


(i)            Each
Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws in all
material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from
the Internal Revenue Service applicable to such Qualified Plan’s current remedial amendment cycle (as defined in Revenue Procedure
2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue
Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the
Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as
defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial
amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable
opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best knowledge of the Borrower, nothing
has occurred which would cause the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter.


 


(ii)            With
respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the applicable ERISA
Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed
the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined
in accordance with FASB ASC 715.


 






    - 85 -


     


    

 


(iii)            Except
as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has
occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims, actions
or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there
are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA
Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975
of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions
imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code.


 


(o)            Absence
of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of incorporation
or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied,
cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage
of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party or any other Subsidiary under
any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such Person
or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.


 


(p)            Environmental
Laws. In the ordinary course of business and from time to time each of the Borrower, each other Loan Party and each other Subsidiary
conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including without limitation,
its respective Properties. Each of the Borrower, each other Loan Party and each other Subsidiary: (i) is in compliance with all Environmental
Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under
Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and
conditions of such Governmental Approvals, where the failure to obtain or to comply with each of the immediately preceding clauses (i) through
(iii) could reasonably be expected to have a Material Adverse Effect with respect to such Collateral Property, individually, or the
Collateral Properties taken as a whole, and with respect to all Properties other than Collateral Properties, where the failure to obtain
or to comply with each of the immediately preceding clauses (i) through (iii) could reasonably be expected to have a Material
Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, no Loan
Party has any knowledge of, or has received notice of, any past, present, or pending releases, events, conditions, circumstances, activities,
practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party or any other Subsidiary, their respective
businesses, operations or with respect to the Properties or any Collateral Property, may: (x) cause or contribute to an actual or
alleged violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other potential common-law or legal
claim or other liability, or (z) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or
transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any
Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or related to the
on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up
or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under
Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate,
order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against
the Borrower, any other Loan Party or any other Subsidiary relating in any way to Environmental Laws with respect to the Properties, any
Collateral Property, individually, or the Collateral Properties taken as a whole, which reasonably could be expected to have a Material
Adverse Effect. As of the Second Amendment Effective Date, none of the Properties is listed on or proposed for listing on the National
Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing
regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. No Hazardous Materials have
been transported, released, discharged or disposed on any of the Properties other than (x) in the case of the Collateral Properties,
as could not reasonably be expected to have a Material Adverse Effect with respect to any such Collateral Property, individually, or the
Collateral Properties taken as a whole and (y) in the case of Properties other than Collateral Properties, as could not reasonably
be expected to have a Material Adverse Effect.


 






    - 86 -


     


    

 


(q)            Investment
Company. None of the Borrower, any other Loan Party or any other Subsidiary is (i) an “investment company” or a company
 “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended,
or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions
of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which
it is a party.


 


(r)            Margin
Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock”
within the meaning of Regulation U of the FRB.


 


(s)            Affiliate
Transactions. Except as permitted by Section 9.4, 9.8 or 9.12 or as otherwise set forth on Schedule 6.1.(s), none of the Borrower,
any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate.


 


(t)            Intellectual
Property. Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise,
all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade
secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without known conflict
with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright,
or other proprietary right of any other Person except for such Intellectual Property, the absence of which, and for conflicts which, could
not reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties and each other Subsidiary has taken all such steps
as it deems reasonably necessary to protect its respective rights under and with respect to such Intellectual Property. No material claim
has been asserted by any Person with respect to the use of any such Intellectual Property by the Borrower, any other Loan Party or any
other Subsidiary, or challenging or questioning the validity or effectiveness of any such Intellectual Property. The use of such Intellectual
Property by the Borrower, the other Loan Parties and the other Subsidiaries does not infringe on the rights of any Person, subject to
such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party
or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect.


 


(u)            Business.
As of the Agreement Date, the Borrower, its Subsidiaries and the other Loan Parties are engaged primarily in the business of the acquisition,
financing (including mortgage financing), and ownership of Senior Housing Assets, medical office buildings and wellness centers, and other
businesses activities incidental thereto.


 


(v)            Broker’s
Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions
contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Borrower,
any other Loan Party or any other Subsidiary ancillary to the transactions contemplated hereby.


 






    - 87 -


     


    

 


(w)            Accuracy
and Completeness of Information. All written information, reports and other papers and data (other than financial projections and
other forward looking statements, and information of a general economic or industry specific nature) furnished to the Administrative Agent
or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary were, at the time the
same were so furnished, taken as a whole, complete and correct in all material respects, to the extent necessary to give the recipient
a true and accurate knowledge of the subject matter, or, in the case of financial statements, present fairly, in accordance with GAAP
consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results
of operations for such periods (subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence
of full footnote disclosure). All financial projections and other forward looking statements prepared by or on behalf of the Borrower,
any other Loan Party or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender
were or will be prepared in good faith based on reasonable assumptions. No fact is known to any Loan Party which has had, or may in the
future have (so far as any Loan Party can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial
statements referred to in Section 6.1.(k) or in such information, reports or other papers or data or otherwise disclosed in
writing to the Administrative Agent and the Lenders or in the public domain. No document furnished or written statement made to the Administrative
Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other
Loan Documents contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary
in order to make the statements contained therein not misleading.


 


(x)            Not
Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes
 “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R.
2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment
of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.


 


(y)            Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.


 


(i)            None
of (i) the Borrower, any other Loan Party, any Subsidiary, any of their respective directors, officers, employees or, to the knowledge
of the Borrower, any Affiliates, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any Subsidiary
that will act in any capacity in connection with or benefit from this Agreement, (A) is a Sanctioned Person or currently the subject
or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, (C) has its assets located in
a Sanctioned Country, (D) is under administrative, civil or criminal investigation for an alleged violation of, or received notice
from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering
Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (E) directly
or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons.


 


(ii)            Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by
the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and, to the knowledge of the Borrower, any
Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions.


 






    - 88 -


     


    

 


(iii)           Each
of the Borrower and its Subsidiaries, each director, officer, employee, agent and, to the knowledge of the Borrower, any Affiliate of
Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all respects and applicable
Sanctions.


 


(iv)          No
proceeds of any Loans have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or their respective
directors, officers, employees and agents in violation of Section 9.11(b).


 


(z)            Unencumbered
Assets. As of the Second Amendment Effective Date, Schedule 6.1.(z) sets forth a correct and complete list of all Unencumbered
Assets.


 


(aa)         Beneficial
Ownership Certification. As of the Second Amendment Effective Date, all information included in the Beneficial Ownership Certification
is true and correct to the knowledge of the officer of the Borrower that executes such certification.


 


(bb)         Affected
Financial Institutions. None of the Borrower or any of its Subsidiaries is an Affected Financial Institution.


 


(cc)         Security
Interests. Each of the Security Documents creates, or when executed and delivered hereunder, will create, as security for the Pari
Passu Guaranteed Obligations, a valid and enforceable Lien on all of the Collateral granted pursuant thereto, superior to and prior to
the rights of all third Persons (other than the rights of third Persons under Permitted Liens of the types described in clauses (a)(x) (solely
to the extent constituting inchoate Liens for taxes not yet delinquent), (c), (g), (i) and (j) of the definition of that term),
in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations.


 


(dd)         Collateral
Properties.


 


(i)             Eligibility.
Each Collateral Property is an Eligible Property.


 


(ii)            Americans
with Disabilities Act Compliance. To each Loan Party’s knowledge, the Collateral Properties comply with the requirements and
regulations of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327, 42 U.S.C. § 12101,
et seq., in all material respects.


 


(iii)            Property
Agreements. The Borrower and each applicable Loan Party have delivered to the Administrative Agent true, correct and complete copies
of the Property Management Agreement and each other management agreement (if any) for each Collateral Property. To each Loan Party’s
knowledge, as of the Second Amendment Effective Date, the Property Management Agreement and each other management agreement (if any) for
each Collateral Property is in full force and effect, has not been amended or modified, and there are no defaults or events of default
thereunder. Except for the Property Management Agreement and any other such management agreement delivered to the Administrative Agent,
no agreements exist which are binding on any of the Loan Parties relating to the management of any of the Collateral Properties.


 


(iv)           Certificate
of Occupancy; Licenses. To each Loan Party’s knowledge, all material certificates, permits, licenses and approvals, including
certificates of completion and occupancy permits, required for the legal use, occupancy and operation of each Collateral Property (excluding,
however, certificates of occupancy for tenant spaces and improvements) have been obtained and are in full force and effect. The Borrower
shall cause all such material certificates, permits, licenses and approvals to be maintained in full force and effect. The use being made
of each Collateral Property is in conformity with all material certificates, permits, licenses and approvals issued for and currently
applicable to each Collateral Property.


 






    - 89 -


     


    

 


(v)            Physical
Condition. To the knowledge of the Borrower, (a) each Collateral Property (including all buildings, improvements, parking facilities,
sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators,
exterior sidings and doors, landscaping, irrigation systems and all structural components, as applicable) is in good condition, order
and repair in all material respects, subject to ordinary wear and tear; and (b) there exist no structural or other material defects
in or damage to any Collateral Property, whether latent or otherwise. No Loan Party has received or has any knowledge of: (i) any
written notice from any insurance company or bonding company of any defects or inadequacies in any Collateral Property, or any part thereof,
which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon; or (ii) any
written notice of any termination or threatened termination of any policy of insurance or bond.


 


(vi)           Boundaries.
(A) All of the improvements at each Collateral Property lie wholly within the boundaries and building restriction lines of such Collateral
Property, and no improvements on adjoining properties encroach upon any Collateral Property, except, in each case, where such encroachment
of an improvement does not and will not have an adverse effect on the use, operation or value of such Collateral Property and, with respect
to any such encroachment of an improvement from a Collateral Property onto an adjoining property, for which affirmative coverage has been
provided in the applicable Title Policy, and (B) no improvements encroach, in any material respect, upon or violate, in any material
respect, any easements or other encumbrances upon any Collateral Property, except those for which affirmative coverage has been provided
in the applicable Title Policy.


 


(vii)          Flood
Zone. Except as set forth on Schedule 6.1.(ee) (as such schedule may be supplemented from time to time by the Administrative
Agent in its sole discretion without the consent of any other Person), as of the date that a Security Instrument is delivered for any
Collateral Property, no portion of such Collateral Property will be located in an area identified by the Federal Emergency Management
Agency as a special flood hazard area.


 


(viii)         Filing
and Recording Taxes. All transfer taxes, deed stamps, intangible taxes, personal property taxes or other amounts in the nature of
transfer or debt taxes required to be paid under applicable law in connection with the transfer of or debt on the Collateral Properties
prior to the Second Amendment Effective Date, if any, have been paid. Any mortgage or deed of trust recording, stamp, intangible, personal
property or other similar taxes required to be paid under applicable law in connection with the execution, delivery, recordation, filing,
registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Documents, were paid
substantially concurrently with any Property becoming a Collateral Property, as applicable. All taxes and governmental assessments due
and owing in respect of the Collateral Properties have been paid prior to delinquency.


 


(ix)            Property
Information. (A) To the knowledge of Borrower, the Collateral Properties include sufficient on-site parking to comply with Applicable
Law; (B) the Collateral Properties currently abut completed and dedicated public thoroughfares or otherwise benefit from recorded
and insurable easements sufficient to provide access (both ingress and egress) to and from the Collateral Properties and such dedicated
public thoroughfares; and (C) to the knowledge of Borrower, no archaeological ruins, discoveries or specimens, or cemeteries exist
on any Collateral Property.


 






    - 90 -


     


    

 


(x)             Brokers.
No agreements exist which are binding on any of the Loan Parties relating to the future leasing of such rentable spaces within the Collateral
Properties by brokers or other similar agents other than those such agreements which are terminable upon no more than thirty (30) days’
notice.


 


(xi)            Parking.
No agreements exist which are binding on any of the Loan Parties relating to the rights of tenants at the Collateral Properties to park
at locations other than at the Collateral Properties, except to the extent through recorded and insurable easements appurtenant to such
Collateral Properties.


 


(ee)                  Flood
Hazard Insurance. With respect to each Collateral Property as to which a Security Instrument has been delivered, the Administrative
Agent has received (a) such flood hazard certifications, notices and confirmations thereof, and effective flood hazard insurance
policies as described in Annex I, (b) all flood hazard insurance policies required hereunder have been obtained and remain
in full force and effect, and the premiums thereon have been paid in full, and (c) except as the Borrower has previously given written
notice thereof to the Administrative Agent, there has been no redesignation of any Collateral Property into or out of a special flood
hazard area.


 


Section 6.2.         Survival of Representations
and Warranties, Etc.


 


All statements contained in
any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any other Subsidiary to the Administrative
Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to,
any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement
or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent
or any Lender in connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and
warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan
Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Termination
Date is effectuated pursuant to Section 2.12., the date on which any Collateral Property Addition is effectuated pursuant to Section 7.15(a),
the date on which the Security Instrument with respect to any Initial Collateral Property is delivered to the Administrative Agent, and
at and as of the date of the occurrence of each Credit Event, 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
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances expressly and specifically
permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery
of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit.


 






    - 91 -


     


    

 





ARTICLE VII.
Affirmative Covenants


 


For so long as this Agreement
is in effect, the Borrower shall comply with the following covenants:






 


Section 7.1.         Preservation
of Existence and Similar Matters.


 


Except as otherwise permitted
under Section 9.4., the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, preserve and maintain
its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify
and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its
business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected
to have a Material Adverse Effect.


 


Section 7.2.         Compliance with
Applicable Law and Material Contracts; Beneficial Ownership Regulation.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, comply with (a) all Applicable Law, including the obtaining of all Governmental
Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect and (b) all terms and
conditions of all Material Contracts to which it is a party. The Borrower shall maintain in effect and enforce policies and procedures
designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all
Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. Borrower will (x) notify the Administrative Agent and
each Lender that previously received a Beneficial Ownership Certification (or a certification that the Borrower qualifies for an express
exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information
provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein (or,
if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity customer” under
the Beneficial Ownership Regulation) and (y) promptly upon the reasonable request of the Administrative Agent or any Lender, provide
the Administrative Agent or such Lender, as the case may be, any information or documentation requested by it for purposes of complying
with the Beneficial Ownership Regulation.


 


Section 7.3.         Maintenance of
Property.


 


In addition to the requirements
of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect
and preserve, or cause to be protected and preserved, all of its respective material properties, including, but not limited to, all Intellectual
Property necessary to the conduct of its respective business, and maintain, or cause to be maintained, in good repair, working order and
condition all tangible properties, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed
and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith
may be properly and advantageously conducted at all times.


 


Section 7.4.         Conduct of Business.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in Section 6.1.(u).


 


Section 7.5.         Insurance.


 


(a)            In
addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, maintain, or cause to be maintained, insurance (on a replacement cost basis) with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required
by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with
copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance,
the dates of the expiration thereof and the properties and risks covered thereby.


 






    - 92 -


     


    

 


(b)            In
addition to, and not in limitation of, the foregoing, the Borrower shall or shall cause each Guarantor owning a Collateral Property to
maintain such additional insurance with respect to such Collateral Property as the Administrative Agent may reasonably require from time
to time, including, without limitation, flood insurance coverage (including contents coverage, as applicable). All insurance policies
shall be in amounts and have deductibles, limits and retentions as reasonably required by the Administrative Agent. All insurance policies
shall be issued and maintained by insurers approved to do business in the jurisdiction in which the applicable Property is located and
must have an A.M. Best Company financial rating and policyholder surplus acceptable to the Administrative Agent. The Borrower shall
from time to time deliver to the Administrative Agent upon request a detailed list, together with copies of all policies of the insurance
then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof
and the properties and risks covered thereby and insurance certificates, in each such case, in form acceptable to the Administrative Agent,
providing that the insurance coverage required under this Section 7.5. is in full force and effect and stating that coverage
shall not be cancelable or materially changed without ten (10) days prior written notice to the Administrative Agent of any cancelation
for nonpayment of premiums, and not less than thirty (30) days prior written notice to the Administrative Agent of any other cancellation
or any modification (including a reduction in coverage), together with appropriate evidence that the Collateral Agent, for the benefit
of the holders of Pari Passu Guaranteed Obligations, is named as mortgagee lender’s loss payee on each property casualty insurance
policy and additional insured on all other insurance policies (in each such case, pursuant to endorsements acceptable to the Administrative
Agent) that the Borrower or any Loan Party actually maintains with respect to any Collateral Property and improvements on such Property.


 


Section 7.6.         Payment of Taxes
and Claims.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, pay and discharge, or cause to be paid and discharged, when due (a) all
federal and state income, and all other material taxes, assessments and governmental charges or levies imposed upon it or upon its income
or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and
landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided,
however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is
being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves
have been established on the books of such Person in accordance with GAAP.


 


Section 7.7.         Books and Records;
Inspections.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its business and activities in accordance with GAAP and Applicable Law.
The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit representatives of the Administrative Agent
or any Lender to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books
and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public
accountants (in the presence of an officer of the Borrower if an Event of Default does not then exist), all at such reasonable times during
business hours and as often as may reasonably be requested and so long as no Event of Default exists, with reasonable prior notice. The
Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection
with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists. If
requested by the Administrative Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the
Administrative Agent or any Lender to discuss the financial affairs of the Borrower, any other Loan Party or any other Subsidiary with
the Borrower’s accountants.


 






    - 93 -


     


    

 


Section 7.8.         Use of Proceeds.


 


The Borrower will use the
proceeds of the Loans only for the repayment of Indebtedness, the direct or indirect acquisition of properties, working capital and for
other general business purposes.


 


Section 7.9.         Environmental
Matters.


 


The Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, comply, or cause to be complied, in all material respects with all Environmental
Laws with respect to all Properties. The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply,
and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to
cause all other Persons occupying, using or present on the Properties to comply with all Environmental Laws with respect to the Properties
and each Collateral Property the failure with which to comply could reasonably be expected to have a Material Adverse Effect with respect
thereto. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions and pay or
arrange to pay all costs necessary for it and for the Properties to comply in all material respects with all Environmental Laws and all
Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required
under Environmental Laws. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take, or cause
to be taken, all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related
to any Environmental Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent
or any Lender.


 


Section 7.10.       Further Assurances.


 


At the Borrower’s cost
and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, (i) duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments,
documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable
opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents,
and (ii) take such additional actions and execute such documents as the Administrative Agent or the Collateral Agent may reasonably
require from time to time in order to perfect and maintain the validity, effectiveness and (to the extent required hereby) priority of
the Pledge Agreement, any of the Security Instruments, the other Security Documents, and the Liens intended to be created by any of the
foregoing.


 






    - 94 -


     


    

 


Section 7.11.       REIT Status.


 


The Borrower shall maintain
its status as, and election to be treated as, a REIT under the Internal Revenue Code.


 


Section 7.12.       Exchange Listing.


 


The Borrower shall maintain
at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the NYSE MKT LLC Exchange
or which is subject to price quotations on The NASDAQ Stock Market’s National Market System.


 


Section 7.13.       Guarantors.


 


(a)            Within
10 days after the date on which any of the following conditions first applies to any Subsidiary that is not already a Guarantor, the Borrower
shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an
Accession Agreement executed by such Subsidiary (or if the Guaranty is not then in existence, a Guaranty executed by such Subsidiary),
(ii) a Joinder (as defined in the Intercreditor Agreement) executed by such Subsidiary (if applicable), and (iii) the items
that would have been delivered under subsections (iv) through (viii), (x) and (xiv) of Section 5.1.(a) and
Section 5.1.(b)(iv) if such Subsidiary had been required to be a Guarantor on the Agreement Date:


 


(x)            such
Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Indebtedness of the Borrower or any other Subsidiary of the Borrower;
provided, that a Subsidiary shall not be required to become a Guarantor under this clause (x) if such Subsidiary is an
Excluded Subsidiary that has Guaranteed, or otherwise become obligated in respect of, any Indebtedness of another Excluded Subsidiary;
or


 


(y)           such
Subsidiary owns a Collateral Property or a Collateral Property Addition that has been approved to be a Collateral Property.


 


(b)            The
Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall
release, a Guarantor from the Guaranty so long as: (i) either (A) simultaneously with its release from the Guaranty such Subsidiary
will cease to be a Subsidiary or (B) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately
preceding subsection (a); (ii) no Default or Event of Default shall then be in existence or would occur as a result of such
release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.;
(iii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which
any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified
by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such
release 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 (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects)) and except for changes in factual circumstances expressly permitted under the Loan Documents;
(iv) such Guarantor owns no Collateral Property (as such term is defined hereunder and under the Existing Term Loan Agreement) and
the Liens of each Security Document (other than the Pledge Agreement, if applicable) granted by such Guarantor have been released in accordance
with Section 7.15(b); and (v) the Administrative Agent shall have received such written request at least 10 Business Days (or
such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower
to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding
sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct
with respect to such request. Notwithstanding anything herein to the contrary, upon and after the Second Amendment Effective Date, no
Guarantor that owns a Collateral Property shall be subject to release pursuant to this Section 7.13(b) (regardless of whether
or not the Initial Mortgage Collateral Requirement has been satisfied).


 






    - 95 -


     


    

 


Section 7.14.       Equity Pledges.


 


(a)            Initial
Delivery of Pledged Collateral. Within 10 Business Days following the Second Amendment Effective Date or such later date acceptable
to Administrative Agent, the Borrower shall deliver or cause to be delivered to the Collateral Agent the following each in form and substance
reasonably acceptable to the Administrative Agent: (i) each certificate or other instrument in respect of the Pledged Interests,
in the manner required under the Pledge Agreement, duly indorsed by such Pledgor to the Collateral Agent, together with an undated stock
power covering such certificate (or other appropriate instrument of transfer) duly executed, in blank, by such Pledgor and countersigned
by the issuer thereof, (ii) such other schedules, supplements, instruments, certificates, or information in connection therewith
as required by the Pledge Agreement or as reasonably requested by the Administrative Agent and (iii) a legal opinion issued by a
law firm reasonably acceptable to the Administrative Agent covering the creation and perfection of the security interest in the Pledged
Interests upon indorsement and delivery to the Collateral Agent of such certificates or other instruments.


 


(b)            Equity
Pledge Requirement.


 


(i)             Subject
to Section 7.14(c) below, at all times on and after the Second Amendment Effective Date, the Pari Passu Guaranteed Obligations
shall be secured equally and ratably by the Pledged Interests.


 


(ii)            In
connection with any Collateral Property Addition, in addition to the requirements set forth in Section 7.15(a), the Administrative
Agent may require that the Equity Interests issued by the Subsidiary owning such additional Collateral Property be pledged to the Collateral
Agent for the benefit of the holders of Pari Passu Guaranteed Obligations. If so requested by the Administrative Agent, the Borrower shall
promptly deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) a
supplement to the Pledge Agreement executed by each Person that owns any such Equity Interests that are to become Pledged Interests, (ii) a
Joinder (as defined in the Intercreditor Agreement) executed by each such Person, and (iii) such other schedules, supplements, instruments,
certificates, or information in connection therewith as required by the Pledge Agreement (as though such Equity Interests were subject
thereto on the Second Amendment Effective Date) or as reasonably requested by the Administrative Agent.


 


(c)            Release
of Certain Pledged Interests. In connection with a Property Release, the Borrower may request in writing that the Administrative Agent
direct the Collateral Agent to release, and upon receipt of such request the Administrative Agent shall, pursuant to the terms of the
Intercreditor Agreement, direct the Collateral Agent to release, the Lien in favor of the Collateral Agent on any Pledged Interests so
long as: (i) no Default or Event of Default has occurred and is continuing or would occur as a result of such release, (ii) such
Property Release is effected in accordance with Section 7.15(b) and all conditions set forth therein shall have been satisfied
to the satisfaction of the Administrative Agent, (iii) the issuer of such Pledged Interest owns no Collateral Property, (iv) the
conditions to such release set forth in Section 7.14(c) of the Existing Term Loan Agreement shall have been, or concurrently
with the effectiveness of such release hereunder will be, satisfied or waived in accordance with the terms of the Existing Term Loan Agreement,
and (v) the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may
be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent
of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of
the date of such request and as of the date of such release) are true and correct with respect to such request.


 






    - 96 -


     


    

 


(d)            No
Liens or Negative Pledges. Neither the Pledged Interests nor any asset owned by the issuer of such Pledged Interest nor any direct
or indirect interest of Borrower in such issuer shall be subject to any Lien (other than Permitted Liens of the types described in clauses
(a)(x) and (i) of the definition thereof) or Negative Pledge, other than Negative Pledges permitted pursuant to Section 9.2.(b)(iii) and
Section 9.2.(b)(iv).


 


(e)            Security
Interests. The Borrower represents, warrants and covenants that the Pledge Agreement creates as security for the Pari Passu Guaranteed
Obligations a valid and enforceable Lien on all of the Collateral granted pursuant thereto in favor of the Collateral Agent for the benefit
of the holders of Pari Passu Guaranteed Obligations, superior to and prior to the rights of all third parties.


 


(f)            Other
Indebtedness. Borrower represents, warrants and covenants that (i) no Indebtedness of the Borrower or its Subsidiaries prohibits
or shall prohibit the Liens now or hereafter granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed
Obligations, in the Pledged Interests and (ii) none of the issuers of the Pledged Interests is or shall be required to be a Guarantor
pursuant to Section 7.13(a)(x) (provided that, solely for purposes of this Section 7.14(f)(ii), the Guarantee obligations
of any such issuer as a “Guarantor” under the Term Loan Documents shall be disregarded).


 


(g)            Required
Consents. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the consent of all Lenders
and all Term Lenders shall be required to (i) release any of the Collateral granted pursuant to the Pledge Agreement (except for
releases thereof expressly permitted under or contemplated by this Agreement or the Pledge Agreement), (ii) subordinate any Lien
granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations, in any Pledged Interests, or (iii) permit
any of the Collateral granted pursuant to the Pledge Agreement to secure any obligations other than the Pari Passu Guaranteed Obligations.


 


Section 7.15.       Collateral Properties.


 


(a)            Addition
of Collateral Properties. If the Borrower desires to include any additional Property as a Collateral Property (each such addition,
a “Collateral Property Addition”), then the Borrower shall so notify the Administrative Agent in writing (and the Administrative
Agent shall promptly notify the Lenders thereof). No Property may become a Collateral Property unless it is an Eligible Property and unless
and until each of the following conditions is satisfied or waived by the Administrative Agent in writing:


 


(i)            the
Administrative Agent shall have approved such Collateral Property Addition;


 


(ii)           the
Borrower shall have delivered to the Administrative Agent each of the following in form and substance satisfactory to the Administrative
Agent:


 


(A)            each
of the items set forth on Annex I (or, if applicable, updates to such items), unless such item has been waived by the Administrative
Agent in writing; provided that any such items requiring delivery of Security Documents that the Administrative Agent determines
to be applicable, a Title Policy, flood hazard determinations or, to the extent applicable, evidence of flood insurance coverage as required
by the Administrative Agent shall not be waived without the written consent of the Requisite Lenders;


 






    - 97 -


     


    

 


(B)            all
of the items required to be delivered to the Administrative Agent under Section 7.13(a). (including, without limitation, a Joinder
(as defined in the Intercreditor Agreement) executed by such Subsidiary) if not previously delivered unless such property is owned by
a Subsidiary of the Borrower that is, at such time, a Guarantor and then only to the extent required by the Administrative Agent;


 


(C)            if
and to the extent required by the Administrative Agent, the items required to be delivered to the Administrative Agent under Section 7.14(b)(ii);
and


 


(D)            such
other items or documents as may be appropriate under the circumstances or as the Administrative Agent may reasonably request; and


 


(iii)            the
conditions to such Collateral Property Addition set forth in Section 7.15(a) of the Existing Term Loan Agreement shall have
been, or concurrently with the effectiveness of such Collateral Property Addition hereunder will be, satisfied or waived in accordance
with the terms of the Existing Term Loan Agreement.


 


(b)            Borrower
Requests for Property Releases. From time to time the Borrower may request that any Collateral Property be released from the Security
Documents, and the Liens created thereby to the extent applicable to such Property and related Collateral, in connection with (i) a
Qualified Collateral Property Sale, (ii) a permanent reduction of the Commitments in accordance with Section 2.11 or
a repayment of Term Loans in accordance with the terms of the Existing Term Loan Agreement, or (iii) such Property being excluded
from Collateral Property Eligibility under Section 7.15(c), in each case, which release (the “Property Release”)
shall be subject to the satisfaction of the following conditions:


 


(i)            Upon
giving effect to such Property Release, (A) the Net Collateral Property Availability shall be equal to or greater than $600,000,000
and (B) the remaining Collateral Property Availability shall not be less than the sum of (1) the aggregate Commitments, plus
(2) the outstanding principal amount of Term Loans (in each case, giving effect to any reduction in Commitments and/or repayment
of Term Loans occurring in connection therewith, if applicable);


 


(ii)            No
Default or Event of Default has occurred and is continuing or would occur as a result of such Property Release;


 


(iii)           All
representations and warranties in the Loan Documents are true and accurate in all material respects (except that, to the extent any representation
or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true
and correct in all respects) at the time of such Property Release and immediately after giving effect to such Property Release, 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 (except that, to the extent any such representation or warranty
is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall have been true and correct
in all respects) on and as of such earlier date);


 


(iv)          Any
prepayment to be made in accordance with Section 2.7(b)(iv) shall have been made or shall be made substantially concurrently
with such Property Release pursuant to an escrow arrangement acceptable to the Administrative Agent;


 


(v)           The
conditions to such Property Release set forth in Section 7.15(b) of the Existing Term Loan Agreement shall have been, or concurrently
with the effectiveness of such Property Release hereunder will be, satisfied or waived in accordance with the terms of the Existing Term
Loan Agreement; and


 






    - 98 -


     


    

 


(vi)          The
Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable
to the Administrative Agent) prior to the requested date of release.


 


Delivery by the Borrower to
the Administrative Agent of any such request shall constitute a representation by the Borrower that the foregoing conditions (both as
of the date of such request and as of the date of such release) are true and correct with respect to such Property Release.


 


(c)            Ineligibility
of Properties. A Property shall be excluded from the calculation of Collateral Property Availability if, at any time: (i) such
Property fails to qualify as an Eligible Property, and such failure is not cured within thirty (30) days after the Borrower obtains knowledge
of such failure, (ii) the Collateral Agent shall cease to hold a valid and perfected first priority mortgage, deed of trust or deed
to secure debt, as applicable, Lien in such Property, or (iii) there shall have occurred and be continuing a default (after giving
effect to any applicable cure period) under any Security Document relating to such Property. Such Property shall not be released from
the Liens of the applicable Security Instruments unless the requirements of Section 7.15(b) are satisfied with respect
thereto. Upon the occurrence of any such event or circumstance described in the foregoing clause (i), (ii) or (iii), Collateral Property
Availability shall be recalculated excluding such ineligible Property.


 


(d)            Continuity
of Liens. Except as set forth in Section 7.15(b), no Collateral Property shall be released from the Liens created by the Security
Documents applicable thereto.


 


(e)            Frequency
of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant to
Appraisals conducted under each of the following circumstances:


 


(i)            In
connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), which shall include, without
limitation, in connection with the initial encumbrance of the Initial Collateral Properties with Security Instruments;


 


(ii)           If
any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower;


 


(iii)           If
necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the Administrative
Agent or any of the Lenders; and


 


(iv)          Upon
written request from the Administrative Agent to the Borrower, not more than once every 12 months with respect to each Collateral Property.


 


All Appraisals shall be engaged
by the Administrative Agent at the Borrower’s expense and shall be subject to satisfactory review and approval of the Administrative
Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of any Collateral Property at any time at such
Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall not be used in determining or redetermining
the As-Is Appraised Value of a Collateral Property.


 






    - 99 -


     


    

 


(f)            MIRE
Events. Notwithstanding anything to the contrary set forth herein, no MIRE Event may be closed until the date that is (a) if
there are no Collateral Properties in a “special flood hazard area” in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), twenty (20) days or (b) if there are any Collateral Properties in a “special
flood hazard area”, sixty (60) days, after the Administrative Agent has delivered to the Lenders the following documents in respect
of such Property: (i) a completed flood hazard determination from a third party vendor; (ii) if such Property is located in
a “special flood hazard area”, (A) a notification to the applicable Loan Parties of that fact and (if applicable) notification
to the applicable Loan Parties that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan
Parties of such notice; and (iii) if required by applicable Flood Laws, evidence of required flood insurance with respect to which
flood insurance has been made available under applicable Flood Laws; provided that any such MIRE Event may be closed prior to such period
expiring if the Administrative Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood
insurance due diligence to its reasonable satisfaction.


 


(g)            Real
Property Collateral. Notwithstanding anything to the contrary in the Loan Documents, it is the intention of the parties hereto that
(i) each Security Instrument and each other Security Document with respect to any Collateral Property creates as security for the
Pari Passu Guaranteed Obligations a valid and enforceable Lien on all of the Collateral granted pursuant thereto in favor of the Collateral
Agent, for the equal and ratable benefit of the holders of Pari Passu Guaranteed Obligations, superior to and prior to the rights of all
third parties (other than the rights of third parties under Permitted Liens of the types described in clauses (a)(x) (solely to the
extent constituting inchoate Liens for taxes not yet delinquent), (c), (g), (i) and (j) of the definition of that term), and
(ii) the Obligations of the Borrower and the “Guarantied Obligations” (as defined in the Guaranty) of any Guarantor that
is not a direct owner of a Collateral Property, in each such case, under the Loan Documents shall not be directly secured by any real
property interest whatsoever.


 


(h)            Other
Indebtedness. Borrower represents, warrants and covenants that no Subsidiary owning a Collateral Property (i) has or shall incur,
acquire or suffer to exist any Indebtedness other than Nonrecourse Indebtedness in respect of which recourse is contractually limited
to assets of such Subsidiary other than any Collateral Property (other than obligations in respect of Indebtedness under the Loan Documents
and the Term Loan Documents), or (ii) is or shall become obligated in respect of any Indebtedness of the Borrower or any other Subsidiary
(other than obligations in respect of Indebtedness under the Loan Documents and the Term Loan Documents (excluding, for the avoidance
of doubt, any refinancing or replacement of any of the foregoing) in its capacity as a Guarantor hereunder).


 


(i)            Required
Consents. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the consent of all Lenders
and all Term Lenders shall be required to (i) release any Loan Party from its obligations under any Security Document (except as
contemplated by Section 7.14(c) or 7.15(b)), (ii) release or dispose of any Collateral Property, or all or substantially
all of the value of any other Collateral unless released or disposed of as permitted by, and in accordance with, Section 11.3., Section 11.10(b),
Section 7.14(c) or Section 7.15(b), or (iii) permit the Collateral to secure any Indebtedness other than the Pari
Passu Guaranteed Obligations, as applicable.


 






    - 100 -


     


    

 





ARTICLE VIII.
Information


 


For so long as this Agreement
is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:






 


Section 8.1.         Quarterly Financial
Statements.


 


As soon as available and in
any event within 5 days after the same is filed with the Securities and Exchange Commission (but in no event later than 45 days after
the close of each of the first, second and third fiscal quarters of the Borrower) commencing with the fiscal quarter ending June 30,
2017, the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such period and the related unaudited
consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such period, setting
forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all
of which shall be certified by the chief financial officer or chief accounting officer of the Borrower, in his or her opinion, to present
fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Borrower and its Subsidiaries
as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). Together with such
financial statements, the Borrower shall deliver reports, in form and detail satisfactory to the Administrative Agent, setting forth:
(a) a statement of Funds From Operations for the fiscal quarter then ending; (b) a listing of capital expenditures made during
the fiscal quarter then ended; and (c) a listing of all Properties acquired during such fiscal quarter, including the net operating
income of each such Property, acquisition costs and related mortgage debt, if any.


 


Section 8.2.         Year-End Statements.


 


As soon as available and in
any event within 5 days after the same is filed with the Securities and Exchange Commission (but in no event later than 90 days after
the end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such fiscal year and the related audited consolidated statements of income, shareholders’ equity and cash flows of the Borrower
and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal
year, all of which shall be (a) certified by the chief financial officer or chief accounting officer of the Borrower, in his or her
opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Borrower and its Subsidiaries
as at the date thereof and the result of operations for such period and (b) accompanied by the report thereon of Deloitte or any
other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent (it being
acknowledged that any of Ernst & Young LLP, PricewaterhouseCoopers and KPMG shall be acceptable to the Administrative Agent),
whose report shall not be subject to (i) any “going concern” or like qualification or exception or (ii) any qualification
or exception as to the scope of such audit. Together with such financial statements, the Borrower shall deliver a report, certified by
the chief financial officer or chief accounting officer of Borrower, in form and detail reasonably satisfactory to the Administrative
Agent, setting forth the Net Operating Income for each Property for such fiscal year.


 


Section 8.3.         Compliance Certificate.


 


At the time the financial
statements are furnished pursuant to the immediately preceding Sections 8.1. and 8.2., and within 5 Business Days of the Administrative
Agent’s request with respect to any other fiscal period, (i) a certificate substantially in the form of Exhibit J (a “Compliance
Certificate”) executed on behalf of the Borrower by the chief financial officer or chief accounting officer of the Borrower
(a) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case may be, the
calculations required to establish whether the Borrower was in compliance with the covenants contained in Section 9.1.; and (b) stating
that, to the best of his or her knowledge, information and belief after due inquiry, no Default or Event of Default exists, or, if such
is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower
with respect to such event, condition or failure, (ii) if, at such time, the Initial Mortgage Collateral Requirement has not yet
been satisfied, a certificate (an “Unencumbered Asset Certificate”) executed by the chief financial officer of the
Borrower that: (a) sets forth a list of all assets that meet the requirements of the definition of “Unencumbered Assets”;
and (b) certifies that all Unencumbered Assets so listed fully qualify as such under the applicable criteria for inclusion as an
Unencumbered Asset, and (iii) a report in form and substance satisfactory to the Administrative Agent setting forth a list of the
Collateral Properties and detailing all financial information maintained on the Collateral Properties, including, without limitation,
trailing twelve (12) month Net Operating Income, GAAP undepreciated cost basis, property Net Operating Income projections, As-Is Appraised
Values (to the extent available), operating statements, aggregate capital investments and maintenance capital expenditures for each Collateral
Property made during such quarterly accounting period or fiscal year, as the case may be, and sales reports (including occupancy costs,
to the extent available).


 






    - 101 -


     


    

 


Section 8.4.         Other Information.


 


(a)            Promptly
upon receipt thereof, copies of all material reports, if any, submitted to the Borrower or its Board of Trustees by its independent public
accountants, and in any event, all management reports;


 


(b)           Within
five (5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested
by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K
(or their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file with the Securities and
Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange;


 


(c)           Promptly
upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements
so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan
Party;


 


(d)            If
any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected
to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Borrower setting forth
details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes
to take;


 


(e)            To
the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation
by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or
in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or any of their respective properties,
assets or businesses which could reasonably be expected to have a Material Adverse Effect;


 


(f)            A
copy of any amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational
documents of the Borrower or any other Loan Party promptly upon the Administrative Agent’s request;


 


(g)            Prompt
notice of any change in the senior management of the Borrower, any other Loan Party or any other Subsidiary, and any change in the business,
assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or any other Subsidiary which
has had, or could reasonably be expected to have, a Material Adverse Effect;


 


(h)           Prompt
notice of the occurrence of any of the following promptly upon a Responsible Officer obtaining knowledge thereof: (i) Default or
Event of Default, (ii) “Default” or “Event of Default” under and as defined in the Existing Term Loan Agreement,
or (iii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default
or event of default by the Borrower, any Subsidiary or any other Loan Party under any Material Contract to which any such Person is a
party or by which any such Person or any of its respective properties may be bound;


 






    - 102 -


     


    

 


(i)            Prompt
notice of any order, judgment or decree in excess of $10,000,000 having been entered against any Loan Party or any other Subsidiary or
any of their respective properties or assets;


 


(j)            Prompt
notice if the Borrower, any Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging
a violation of any Applicable Law or any inquiry which could reasonably be expected to have a Material Adverse Effect;


 


(k)            [Intentionally
Omitted];


 


(l)            Promptly
upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with respect to a Subsidiary
or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent;


 


(m)           Promptly,
upon the Borrower becoming aware of any change in the Borrower’s Credit Rating, a certificate stating that the Borrower’s
Credit Rating has changed and the new Credit Rating that is in effect;


 


(n)           Promptly,
upon each request, information identifying the Borrower as a Lender may request in order to comply with applicable “know your customer”
and anti-money laundering rules and regulations, including without limitation, the Patriot Act;


 


(o)           Promptly,
and in any event within 3 Business Days after the Borrower obtains knowledge thereof, written notice of the occurrence of any of the following:
(i) the Borrower, any Loan Party or any other Subsidiary shall receive notice that any violation of or noncompliance with any Environmental
Law has or may have been committed or is threatened; (ii) the Borrower, any Loan Party or any other Subsidiary shall receive notice
that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated, or is about to
be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such
Person to take any action in connection with the release or threatened release of Hazardous Materials; (iii) the Borrower, any Loan
Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may
be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of
Hazardous Materials or any damages caused thereby; or (iv) the Borrower, any Loan Party or any other Subsidiary shall receive notice
of any other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim, in each of
the cases described in the preceding clauses (i) through (iv), with respect to the Collateral Properties, in any material respect,
and with respect to the Properties that are not Collateral Properties, where the matters covered by such notice(s) under the preceding
clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect;


 


(p)           Promptly,
and in any event within three (3) Business Days after the Borrower obtains knowledge thereof, any Collateral Property failing to
comply with the requirements for being an Eligible Property; and


 


(q)           From
time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or further information
regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower,
any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any Lender may reasonably request.


 






    - 103 -


     


    

 


Section 8.5.         Electronic Delivery
of Certain Information.


 


(a)            Documents
required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet,
e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website
such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided
that the foregoing shall not apply to (i) notices to any Lender (or any Issuing Bank) pursuant to Article II. and (ii) any
Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically
(other than by e-mail) shall be deemed to have been delivered (A) with respect to deliveries made pursuant to Sections 8.1., 8.2.,
8.4.(b) and 8.4.(c) by proper filing with the Securities and Exchange Commission and available on www.sec.gov, on the date of
filing thereof and (B) with respect to all other electronic deliveries (other than deliveries made by e-mail), twenty-four (24) hours
after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a
commercial website and the Administrative Agent or the Borrower notifies each Lender of said posting and the Borrower notifies Administrative
Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time to time by the Administrative
Agent and provides a link thereto provided (x) if such notice or other communication is not sent or posted during the normal business
hours of the recipient, said posting date and time shall be deemed to have commenced as of  10:00 a.m. Eastern time on the next
business day for the recipient and (y) if the deemed time of delivery occurs on a day that is not a business day for the recipient,
the deemed time of delivery shall be 10:00 a.m. Eastern time on the next business day for the recipient. Notwithstanding anything
contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests
such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. The Administrative
Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in
any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be
solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.


  


(b)           Documents
required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative
Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.


 


Section 8.6.         Public/Private
Information.


 


The Borrower shall cooperate
with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the
Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the
Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and the Borrower
shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and
its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public
Information” and (b) that are not Public Information as “Private Information”.


 


Section 8.7.         USA Patriot Act
Notice; Compliance.


 


The Patriot Act and federal
regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies
individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself
and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties
to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax identification number and/or such
other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose
may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan
or other extension of credit, and/or other financial services product.


 






    - 104 -


     


    

 


ARTICLE IX.
Negative Covenants


 


For so long as this Agreement
is in effect, the Borrower shall comply with the following covenants:


 


Section 9.1.         Financial Covenants.


 


(a)            Leverage
Ratio. The Borrower shall not permit the ratio of (x) Total Indebtedness to (y) Total Asset Value to exceed 0.70 to 1.00
at any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then
the Borrower shall be deemed to be in compliance with this subsection (a) so long as (A) the Borrower has not previously
maintained compliance with this subsection (a) in reliance on this proviso two times and (B) such ratio is not greater
than 0.75 to 1.00 at any time.


 


(b)            Minimum
Fixed Charge Coverage Ratio. The Borrower shall not permit the ratio of (i) Adjusted EBITDA for the applicable test period most
recently ending to (ii) Fixed Charges for such period, to be less than 1.25 to 1.00 at any time.


 


(c)            Secured
Indebtedness. The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii) Total
Asset Value to be greater than 0.40 to 1.00 at any time.


 


(d)            [Intentionally
Omitted.]


 


(e)            [Intentionally
Omitted.]


 


(f)            Minimum
Liquidity. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Borrower shall at all times
during the Amendment Period maintain Liquidity of not less than
$200,000,000.


 


(g)            Dividends
and Other Restricted Payments. Subject to the following sentence, if an Event of Default exists, the Borrower shall not, and shall
not permit any of its Subsidiaries to, declare or make any Restricted Payments except that the Borrower may declare and make cash distributions
to its shareholders in an aggregate amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.11.
and to avoid the imposition of income or excise taxes imposed under Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue
Code, and Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary. If an Event of Default specified in Section 10.1.(a),
Section 10.1.(e) or Section 10.1.(f) shall exist, or if as a result of the occurrence of any other Event of Default
any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Borrower shall not, and shall not permit any Subsidiary
to, make any Restricted Payments to any Person except that Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary
and, in the case of SNH Innovation LLC or any other non-Wholly Owned Subsidiary, to each other owner of Equity Interests of SNH Innovation
LLC or such other non-Wholly Owned Subsidiary pro rata based on the relative ownership interests or as otherwise required by the terms
of the organizational documents of SNH Innovation LLC or such other non-Wholly Owned Subsidiary.


 






    - 105 -


     


    

 


(h)            Total
Unencumbered Assets. The Borrower shall at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding
principal amount of the Unsecured Debt of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.


 


(i)            Minimum
Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall
not permit the Net Collateral Property Availability to be less than $600,000,000 at any time.


 


During the Amendment Period
(including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable
determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required
under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections
9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f), (g), (h) and
(i), but excluding, for the avoidance of doubt, SectionsSection 9.1(a) through
(cb) (compliance with which shall not be required
during the Amendment Period), and (iii) the other
matters contained in thecommencing with the fiscal quarter
ending September 30, 2022, compliance Certificate. Immediately following the Amendment
Period Termination Date, allwith
the financial covenants set forth in Section 9.1(a) through
(iSections 9.1(a) and (c) (it being understood and
agreed that, as of and for the fiscal quarter ending September 30, 2022, the financial covenants set forth in Sections 9.1(a) and
(c) shall be in full force and effect and the Borrower shall be required to be in compliance therewith),
and (iv) the other matters contained in the Compliance
Certificate. Immediately following the Amendment Period Termination
Date, the financial covenant set forth in Sections 9.1(b) shall
be in full force and effect, and the Borrower shall be required to be in compliance therewith and with all other financial covenants set
forth in Sections 9.1(a) through (i).
For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated
Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries
in the calculation of each of the financial covenants set forth in Section 9.1.


 


Commencing with the fiscal
quarter ended June 30, 2020 and for each fiscal quarter thereafter, the applicable testing period for the covenants set forth in
Sections 9.1(a) through (c) (including the related defined terms) shall be based upon the fiscal quarter of the Borrower most
recently ending and the three immediately preceding fiscal quarters; provided, however, that (x) immediately
following the Amendment Period Termination Date, the applicable testing period for the covenantscovenant
set forth in SectionsSection 9.1(a) through
(cb) (including the related defined terms) shall
be modified as follows: (i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the
Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal
quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal
quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately
preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal
quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters.
, and (y) commencing with the fiscal quarter ending September 30,
2022, the applicable testing period for the financial covenants set forth in Sections 9.1(a) and (c) (including the related
defined terms) shall be modified as follows: (i) for the fiscal quarter ending September 30, 2022, based upon the fiscal quarter
of the Borrower most recently ending, annualized, (ii) for the fiscal quarter ending December 31, 2022, based upon the fiscal
quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the fiscal quarter
ending March 31, 2023, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal
quarters, annualized, and (iv) for the fiscal quarter ending June 30, 2023 and for each fiscal quarter thereafter, based upon
the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters.


 






    - 106 -


     


    

 





 


Section 9.2.           Negative Pledge.


 


(a)            The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (i) create, assume, incur, permit or suffer
to exist any Lien on any Collateral Property or any direct or indirect ownership interest of the Borrower in any Person owning any Collateral
Property, now owned or hereafter acquired, except for Permitted Liens described in clauses (c), (g), (i) and (j) of the definition
of that term, (ii) create, assume, incur, permit or suffer to exist any Lien on other Collateral, or any direct or indirect ownership
interest of the Borrower in any Person owning any other Collateral, except for Permitted Liens described in clauses (c), (g), (i) and
(j) of the definition of that term, or (iii) create, assume, or incur any Lien (other than Permitted Liens) upon any of its
other properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation,
assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including
without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.


 


(b)            The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to, enter into,
assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) an agreement (x) evidencing
Indebtedness which (A) the Borrower, such Loan Party or such Subsidiary may create, incur, assume, or permit or suffer to exist without
violation of this Agreement and (B) is secured by a Lien permitted to exist under the Loan Documents, and (y) which prohibits
the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; (ii) the
organizational documents or other agreements binding on any Subsidiary that is not a Wholly Owned Subsidiary (but only to the extent such
Negative Pledge covers any Equity Interest in such Subsidiary or the property or assets of such Subsidiary); (iii) an agreement relating
to the sale of a Subsidiary or assets pending such sale, provided that in any such case the Negative Pledge applies only to the Subsidiary
or the assets that are the subject of such sale or (iv) a Negative Pledge contained in any agreement that evidences unsecured Indebtedness
which contains restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents;
provided that, notwithstanding the foregoing, the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary
to, permit any Collateral Property or any direct or indirect ownership interest of the Borrower in any Person owning any Collateral Property
to be subject to a Negative Pledge.


 


Section 9.3.           Restrictions
on Intercompany Transfers.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded
Subsidiary) to: (a) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity
interests owned by the Borrower or any Subsidiary; (b) pay any Indebtedness owed to the Borrower or any Subsidiary; (c) make
loans or advances to the Borrower or any Subsidiary; or (d) transfer any of its property or assets to the Borrower or any Subsidiary;
other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions contained in (A) any Loan
Document, (B) any other agreement evidencing Unsecured Indebtedness that the Borrower, any other Loan Party any other Subsidiary
may create, incur, assume or permit or suffer to exist under this Agreement and containing encumbrances and restrictions imposed in connection
with such Unsecured Indebtedness that are either substantially similar to, or less restrictive than, the encumbrances and restrictions
set forth in Section 9.1.(g) and Section 9.4. of this Agreement and Section 13 of the Guaranty and (C) the organizational
documents or other agreements binding on or applicable to any Subsidiary that is not a Wholly Owned Subsidiary (but only to the extent
such encumbrance or restriction covers any Equity Interest in such Subsidiary or the property or assets of such Subsidiary), and (ii) with
respect to clause (d), (A) customary provisions restricting assignment of any agreement entered into by the Borrower, any other Loan
Party or any Subsidiary in the ordinary course of business or (B) transfer restrictions in any agreement relating to the sale of
a Subsidiary or assets pending such sale or relating to Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may
create, incur, assume or permit or suffer to exist under Section 9.2.(a); provided that in the case of this clause (B), the restrictions
apply only to the Subsidiary or the assets that are the subject of such sale or Lien, as the case may be. Notwithstanding anything to
the contrary in the foregoing, the restrictions in this Section shall not apply to any provision of any Guaranty entered into by
the Borrower, any other Loan Party or any other Subsidiary relating to the Indebtedness of any Subsidiary permitted to be incurred hereunder,
which provision subordinates any rights of Borrower, other Loan Party or any other Subsidiary to payment from such Subsidiary to the payment
in full of such Indebtedness.


 








    - 107 -


     


    

 


Section 9.4.           Merger, Consolidation,
Sales of Assets and Other Arrangements.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to, (i) enter into any transaction of merger or consolidation; (ii) liquidate,
windup or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise
dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock
of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; provided, however, that:


 


(a)            any
of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any
Subsidiary or any other Loan Party (other than the Borrower or any Loan Party that directly or indirectly owns a Collateral
Property; provided, however, that the Borrower or any Loan Party that directly or indirectly owns a Collateral Property may take
such actions with respect to (A) any Subsidiary that is not a Pledgor, a Pledged Subsidiary (as defined in the Pledge
Agreement) nor otherwise a direct or indirect owner of any Collateral Property or (B) any Property that is not a Collateral
Property), including, for the avoidance of doubt, the sale, transfer or other disposition of the capital stock of or other Equity
Interests in any Subsidiary of the Borrower, so long as immediately prior to the taking of such action, and immediately thereafter
and after giving effect thereto, no Default or Event of Default is or would be in existence;


 


(b)            the
Borrower, its Subsidiaries and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as the case
may be), in the ordinary course of their business;


 


(c)            a
Person (other than any Loan Party that owns a Collateral Property) may merge with and into the Borrower so long as (i) the Borrower
is the survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after giving effect thereto,
no Default or Event of Default is or would be in existence; and (iii) the Borrower shall have given the Administrative Agent and
the Lenders at least 10 Business Days’ prior written notice of such merger (except that such prior notice shall not be required
in the case of the merger of a Subsidiary with and into the Borrower); and


 


(d)            the
Borrower and each Subsidiary may sell, transfer or dispose of assets among themselves (other than (i) Pledged Interests and (ii) Collateral
Properties other than pursuant to a Qualified Collateral Property Sale in accordance with Section 7.15).


 


Section 9.5.           Plans.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan
assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Borrower
shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause or permit to occur, any ERISA Event
if such ERISA Event could reasonably be expected to have a Material Adverse Effect.


 






    - 108 -


     


    

 


Section 9.6.           Fiscal Year.


 


The Borrower shall not, and
shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date.


 


Section 9.7.           Modifications
of Organizational Documents, Business Management Agreement and Property Management Agreement and Other Material Contracts.


 


(a)           The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify
its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or
other applicable organizational document if such amendment, supplement, restatement or other modification (i) could reasonably be
expected to be adverse to the interest of the Lenders in any material respect, (ii) could reasonably be expected to have a Material
Adverse Effect, or (iii) could reasonably be expected to adversely affect the validity, perfection or priority of the Administrative
Agent’s security interest in the Collateral.


 


(b)           The
Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter into any amendment or modification to any Material
Contract which could reasonably be expected to have a Material Adverse Effect.


 


Section 9.8.           Transactions
with Affiliates.


 


The Borrower shall not permit
to exist or enter into, and shall not permit any other Loan Party or any other Subsidiary to permit to exist or enter into, any transaction
(including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as
set forth on Schedule 6.1.(s), (b) transactions among the Borrower and any Wholly Owned Subsidiary or among Wholly Owned Subsidiaries
or (c) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, such other
Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, such other Loan Party
or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate.


 


Section 9.9.           Environmental
Matters.


 


The Borrower shall not, and
shall not permit any other Loan Party, any other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture, handle,
process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties or any Collateral
Property in violation of any Environmental Law or in a manner that could lead to any environmental claim or pose a risk to human health,
safety or the environment, in each case, that could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall
impose any obligation or liability whatsoever on the Administrative Agent or any Lender.


 


Section 9.10.        Derivatives
Contracts.


 


The Borrower shall not, and
shall not permit any other Loan Party or any other Subsidiary to enter into or become obligated in respect of, Derivatives Contracts,
other than Derivatives Contracts entered into by the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business
and which are intended to establish a hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower,
such other Loan Party or such other Subsidiary.


 






    - 109 -


     


    

 


Section 9.11.        Use of Proceeds.


 


(a)           No
part of the proceeds of any of the Loans or any other extension of credit hereunder shall be used for purchasing or carrying margin stock
(within the meaning of Regulation T, U or X of the FRB) or for any purpose which violates the provisions of Regulation T, U or X of the
FRB. If requested by the Administrative Agent or any Lender (through the Administrative Agent), the Borrower shall promptly furnish to
the Administrative Agent and each requesting Lender a statement in conformity with the requirements of Form G-3 or Form U-1,
as applicable, under Regulation U of the FRB.


 


(b)           The
Borrower shall not use, and shall ensure that its Subsidiaries and Unconsolidated Affiliates and its or their respective directors, officers,
employees and agents shall not use, the proceeds of any Loans or any other extension of credit hereunder, directly or indirectly, (i) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any
Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that
would result in the violation of any Sanctions applicable to any party hereto.


 


Section 9.12.        Amendment Period.


 


Notwithstanding anything to
the contrary contained herein, at all times during the Amendment Period and continuing thereafter until the Post-Amendment Period Compliance
Date, the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to do any of the following without the
prior written consent of the Requisite Lenders:


 


(a)            incur
any additional unsecured Indebtedness (including, without limitation, any increase in the Commitments pursuant to Section 2.15),
other than (i) borrowings of Loans in accordance with the terms hereof, (ii) pursuant to one or more Stimulus Transactions,
(iii) any issuance by the Borrower of unsecured notes pursuant to a Qualified Notes Issuance, provided that (A) the proceeds
thereof are applied in accordance with Section 2.7(b)(iii)(B) and (B) no Default or Event of Default has occurred and is
continuing or would result therefrom, and (iv) any other incurrence by the Borrower or any Subsidiary of unsecured Indebtedness,
provided that (A) the proceeds thereof are applied in accordance with Section 2.7(b)(iii)(B), (B) no Default or Event of
Default has occurred and is continuing or would result therefrom, and (C) unless the Borrower is not in compliance with the Amendment
Period Incurrence Conditions, at the time of incurrence or as a result of the application of subclause (A) of this clause (iv), no
Loans or Term Loans remain outstanding, and all Pari Passu Obligations have been repaid in full (or with respect to any issued but undrawn
amount of an outstanding Letter of Credit, the amount thereof has been paid to the Administrative Agent for deposit into the Letter of
Credit Collateral Account);


 


(b)            acquire
any real property or make any other Investments of any kind, other than: (i) renovations, improvements and capital expenditures in
respect of any Property, collectively, in an aggregate amount not to exceed $250,000,000400,000,000
in any calendar year (to be automatically increased to $350,000,000 for the calendar year in which the
Term Loans and all other “Obligations” under and as defined in the Term Loan Agreement are discharged and repaid in full and
for each calendar year thereafter), (ii) if Five Star,
(ii) if AlerisLife conducts an equity offering, the acquisition by the Borrower of such minimum number of additional shares
of Five StarAlerisLife
as would permit the Borrower to retain pro rata ownership of 33.9% of Five Star, and (AlerisLife,
(iii) acquisitions of any properties in the proximity of, and accretive to, existing real property assets of the Borrower
and its Subsidiaries in an aggregate amount not to exceed $50,000,000 in any calendar year,
and (iv) acquisitions of real property assets in an aggregate amount not to exceed $500,000,000 (the foregoing clauses
(i) through (iiiiv),
collectively, the “Permitted Capital Expenditures”);


 






    - 110 -


     


    

 


(c)            make
any Restricted Payments, provided that (i) the Borrower may declare and make cash distributions to its shareholders in an aggregate
amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.11. and to avoid the imposition
of income or excise taxes imposed under Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue Code, (ii) the Borrower
shall be permitted to make Restricted Payments of not more than $0.01 per share in cash to the holders of its capital stock following
the end of each fiscal quarter of Borrower, and (iii) any Subsidiary may make Restricted Payments to the Borrower or any Subsidiary
of the Borrower (and, in the case of any Subsidiary that is not a Wholly Owned Subsidiary, to each other owner of equity interests in
such Subsidiary pro rata based on such owner’s Ownership Share or as otherwise required by the terms of the organizational documents
of such Subsidiary) (the foregoing clauses (i) through (iii), collectively, the “Permitted Restricted Payments”);


 


(d)            take
any action, or refrain from taking any action, that would be prohibited during a Default or Event of Default, including, without limitation,
mergers, liquidations, liens, encumbrances, releases, and certain transfers in each case which would otherwise be permitted hereunder,
other than (i) the borrowing of Revolving Loans or Swingline Loans and other Indebtedness otherwise permitted under Section 9.12(a),
(ii) the issuance, extension or amendment of any Letter of Credit otherwise permitted hereunder, (iii) requesting a Conversion
or Continuation of LIBOR Loans in accordance with Sections 2.8 and 2.9, as applicable, (iv) dispositions of property or other Investments,
in each case, pursuant to an arm’s-length third party transactions in the ordinary course of business, and (v) Permitted Capital
Expenditures; and


 


(e)            use
the proceeds of any Loans or other Credit Event to directly or indirectly repay any Indebtedness other than (i) first, the repayment
or optional redemption of the 6.75% Senior Notes, to the full extent thereof, and (ii) second, the repayment of the Term Loans and
any other “Obligations” under and as defined in the Term Loan Agreement.


 


ARTICLE X.
Default


 


Section 10.1.        Events of Default.


 


Each of the following shall
constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by
operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:


 


(a)            Default
in Payment. The Borrower (i) shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand,
at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or any Reimbursement Obligation or (ii) shall
fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement,
any other Loan Document or the Fee Letter or any other Loan Party shall fail to pay when due any payment Obligation owing by such other
Loan Party under any Loan Document to which it is a party, and, in the case of a failure described in this clause (ii), such failure
shall continue for a period of 5 Business Days.


 


(b)            Default
in Performance.


 


(i)            Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained
in Section 2.7(b), 7.14, 7.15 or 8.4.(h) or Article IX.; or


 






    - 111 -


     


    

 


(ii)            Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document
to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure
shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such
other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure
from the Administrative Agent.


 


(c)            Misrepresentations.
Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under
any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the
direction of, any Loan Party to the Administrative Agent, any Issuing Bank or any Lender, shall at any time prove to have been incorrect
or misleading, in light of the circumstances in which made or deemed made, in any material respect when furnished or made or deemed made.


 


(d)            Indebtedness
Cross-Default.


 


(i)            The
Borrower, any other Loan Party or any other Subsidiary shall fail to pay when due and payable (after giving effect to any applicable grace
or cure period) the principal of, or interest on, any Indebtedness (other than the Loans and Reimbursement Obligations) having an aggregate
outstanding principal amount (or, in the case of any Derivatives Contract, having a Derivatives Termination Value) of, in each case individually
or in the aggregate with all other Indebtedness as to which such a failure exists, of an aggregate outstanding principal amount greater
than or equal to (A) $25,000,000 in the case of Indebtedness that is not Nonrecourse Indebtedness or (B) $75,000,000 in the
case of Indebtedness that is Nonrecourse Indebtedness (“Material Indebtedness”); or


 


(ii)            (x) The
maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument
evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall
have been required to be prepaid or repurchased prior to the stated maturity thereof; or


 


(iii)            Any
other event shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise, would
permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other
Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased
prior to its stated maturity; or


 


(iv)            An
Event of Default under and as defined in the Existing Term Loan Agreement shall occur.


 






    - 112 -


     


    

 


(e)            Voluntary
Bankruptcy Proceeding. The Borrower, any other Loan Party or any other Subsidiary (other than (x) an Excluded Subsidiary all
Indebtedness of which is Nonrecourse Indebtedness, (y) a Guarantor (other than any Guarantor that directly or indirectly owns a
Collateral Property) that, together with all other Guarantors then subject to a bankruptcy proceeding or other proceeding or condition
described in this subsection or the immediately following subsection, does not account for more than $25,000,000 of Total Asset Value,
or (z) a Subsidiary (other than (1) any Subsidiary that directly or indirectly owns a Collateral Property and (2) an Excluded
Subsidiary all the Indebtedness of which is Nonrecourse Indebtedness) that, together with all other Subsidiaries then subject to a bankruptcy
proceeding or other proceeding or condition described in this subsection or the immediately following subsection, does not account for
more than $50,000,000 of Total Asset Value) shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy
laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail
to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other
Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply for or
consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian,
trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability
to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent
as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of
the foregoing.


 


(f)            Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any other Subsidiary
(other than (x) an Excluded Subsidiary all Indebtedness of which is Nonrecourse Indebtedness, (y) a Guarantor (other
than any Guarantor that directly or indirectly owns a Collateral Property) that, together with all other Guarantors then subject to a
bankruptcy proceeding or other proceeding or condition described in this subsection or the immediately preceding subsection, does not
account for more than $25,000,000 of Total Asset Value, or (z) a Subsidiary (other than (1) any Subsidiary that directly or
indirectly owns a Collateral Property and (2) an Excluded Subsidiary all the Indebtedness of which is Nonrecourse Indebtedness) that,
together with all other Subsidiaries then subject to a bankruptcy proceeding or other proceeding or condition described in this subsection
or the immediately preceding subsection, does not account for more than $50,000,000 of Total Asset Value) in any court of competent jurisdiction
seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of
debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial
part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding
shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other relief requested
in such case or proceeding against the Borrower, such Subsidiary or such other Loan Party(including, but not limited to, an order for
relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.


 


(g)            Revocation
of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document or the Fee Letter to
which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental
Authority the validity or enforceability of any Loan Document or the Fee Letter or any Loan Document or the Fee Letter shall cease to
be in full force and effect (except as a result of the express terms thereof).


 


(h)            Judgment.
A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower,
any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a
period of 30 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the
amount of such judgment or order (x) for which insurance has not been acknowledged in writing by the applicable insurance carrier
(or the amount as to which the insurer has denied liability) or (y) is not otherwise subject to indemnification or reimbursement
on reasonable terms and conditions by Persons reasonably likely to honor such indemnification or reimbursement obligations, exceeds, individually
or together with all other such judgments or orders entered against (1) the Borrower, any Guarantor, or any Subsidiary that directly
or indirectly owns a Collateral Property, $25,000,000, or (2) any other Subsidiaries, $50,000,000, or (B) in the case of an
injunction or other non-monetary relief, such injunction or judgment or order could reasonably be expected to have a Material Adverse
Effect.


 






    - 113 -


     


    

 


(i)            Attachment.
A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party
or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, (1) for
the Borrower, any Guarantor, or any Subsidiary that directly or indirectly owns a Collateral Property, $25,000,000, or (2) for any
other Subsidiaries, $50,000,000, and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded
for a period of 30 days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant,
writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory
to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation
to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower or any Subsidiary.


 


(j)            ERISA.


 


(i)            Any
ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA Group aggregating
in excess of $10,000,000; or


 


(ii)            The
 “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $10,000,000,
all as determined, and with such terms defined, in accordance with FASB ASC 715.


 


(k)            Loan
Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents.


 


(l)            Change
of Control.


 


(i)            any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that
such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of more than 25% of the total voting power of the then outstanding voting stock of the Borrower; or


 


(ii)            during
any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted
the Board of Trustees of the Borrower (together with any new trustees whose election by such Board or whose nomination for election by
the shareholders of the Borrower was approved by a vote of a majority of the trustees then still in office who were either trustees at
the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute
a majority of the Board of Trustees of the Borrower then in office; or


 


(iii)            RMR
shall cease for any reason to act as the sole business manager and property manager for the Borrower.


 


(m)            Security
Documents. Any provision of any Security Document, at any time after the execution and delivery of such Security Document and for
any reason other than as expressly permitted hereunder or under such Security Document, shall for any reason cease to be valid and binding
on or enforceable against any Loan Party or any Lien created under any Security Document ceases to be a valid and perfected first priority
Lien in any of the Collateral purported to be covered thereby.


 






    - 114 -


     


    

 


Section 10.2.        Remedies Upon
Event of Default.


 


Upon the occurrence of an
Event of Default the following provisions shall apply:


 


(a)            Acceleration;
Termination of Facilities.


 


(i)            Automatic.
Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f), (1)(A) the principal of, and all
accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of
Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account
and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative
Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without
presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the
other Loan Parties, and (2) the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters
of Credit hereunder, shall all immediately and automatically terminate.


 


(ii)            Optional.
If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (1) declare
(A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated
Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit
Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and
the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon
the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly
waived by the Borrower on behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the Swingline Commitment
and the obligation of the Issuing Banks to issue Letters of Credit hereunder.


 


(b)            Loan
Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise
any and all of its rights under any and all of the other Loan Documents.


 


(c)            Applicable
Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all
other rights and remedies it may have under any Applicable Law.


 


(d)            Appointment
of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment
of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard
to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any
portion of the Collateral, the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power
as the court shall confer upon such receiver.


 






    - 115 -


     


    

 


(e)            Specified
Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each Specified Derivatives
Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action
by the Administrative Agent or the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider
under contract or Applicable Law, in each case, in accordance with the terms of the applicable Specified Derivatives Contract, to undertake
any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives
Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination
amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such
contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts
held by such Specified Derivatives Provider pursuant to any Derivatives Support Document, including any “Posted Collateral”
(as defined in any credit support annex included in any such Derivatives Support Document to which such Specified Derivatives Provider
may be a party), and (d) to prosecute any legal action against the Borrower, any other Loan Party or other Subsidiary to enforce
or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract.


 


Section 10.3.        Remedies Upon
Default.


 


Upon the occurrence of a Default
specified in Section 10.1.(f), the Commitments, the Swingline Commitment and the obligation of the Issuing Banks to issue Letters
of Credit shall immediately and automatically terminate.


 


Section 10.4.        Marshaling;
Payments Set Aside.


 


None of the Administrative
Agent, any Issuing Bank, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor
of any Loan Party or any other party or against or in payment of any or all of the Obligations or the Specified Derivatives Obligations.
To the extent that any Loan Party makes a payment or payments to the Administrative Agent, any Issuing Bank, any Lender or any Specified
Derivatives Provider, or the Administrative Agent, any Issuing Bank, any Lender or any Specified Derivatives Provider enforce their security
interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver
or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery,
the Obligations or Specified Derivatives Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies
therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had
not occurred.


 


Section 10.5.        Allocation of
Proceeds.


 


Subject in all respects to
the provisions of the Intercreditor Agreement, if an Event of Default exists, all payments received by (x) the Administrative Agent
(or any Lender as a result of its exercise of remedies pursuant to Section 12.4.) under any of the Loan Documents, (y) the Term
Loan Administrative Agent (or any Term Lender as a result of its exercise of remedies pursuant to Section 12.3. of the Existing Term
Loan Agreement) under any of the Term Loan Documents, or (z) the Collateral Agent, in each case, in respect of any principal of or
interest on any Pari Passu Obligations, any Pari Passu Guaranteed Obligations or any other amounts payable by the Borrower or any other
Loan Party hereunder or under any other Loan Document or Term Loan Document, shall be remitted to the Administrative Agent, the Term Loan
Administrative Agent, and the Collateral Agent (each as applicable based on which party is entitled to such amounts in accordance with
this Section 10.5) and applied in the following order and priority (provided, however, that neither the Administrative Agent nor
any Lender shall have any obligation or responsibility hereunder in connection with the application of any amounts received by the Term
Loan Administrative Agent or any Term Lender pursuant to Section 10.5 of the Existing Term Loan Agreement or by the Collateral Agent):


 






    - 116 -


     


    

 


(a)            (i) amounts
due to the Administrative Agent, the Term Loan Administrative Agent, the Collateral Agent, the Issuing Banks, the Lenders and the Term
Lenders in respect of expenses due under Section 12.2 hereof or of the Existing Term Loan Agreement, or the Intercreditor Agreement,
as applicable, until paid in full, and then (ii) Fees (as defined hereunder and under the Existing Term Loan Agreement) and other
amounts due to the Administrative Agent, the Term Loan Administrative Agent, the Collateral Agent, the Lenders and the Term Lenders pursuant
to Sections 11.6. and 12.10. hereof or Sections 11.6. and 12.9. of the Existing Term Loan Agreement, as applicable, in each case
under the foregoing clauses (i) and (ii), in proportion to the respective amounts described in clause (i) or (ii), as applicable,
payable to them;


 


(b)            amounts
due to the Collateral Agent, the Administrative Agent, the Term Loan Administrative Agent, the Lenders and the Term Lenders in respect
of Protective Advances in proportion to the respective amounts described in this clause (b) payable to them;


 


(c)            payments
of interest on Swingline Loans, ratably among the Swingline Lenders in proportion to the respective amounts described in this clause (c) payable
to them;


 


(d)            payments
of interest on all other Loans, Term Loans and Reimbursement Obligations to be applied for the ratable benefit of (i) in the case
of payments in respect of Loans and Reimbursement Obligations, the Lenders and the Issuing Banks and (ii) in the case of payments
in respect of Term Loans, the Term Lenders, in each case under the foregoing clauses (i) and (ii), in proportion to the respective
amounts described in this clause (d) payable to them;


 


(e)            payments
of principal of Swingline Loans, ratably among the Swingline Lenders in proportion to the respective amounts described in this clause
(e) payable to them;


 


(f)            payments
of principal of all other Loans, Term Loans, Reimbursement Obligations and other Letter of Credit Liabilities, to be applied for the ratable
benefit of (i) in the case of payments in respect of Loans, Reimbursement Obligations, and other Letter of Credit Liabilities, the
Lenders and the Issuing Banks, in such order and priority as the Lenders and the Issuing Banks may determine in their sole discretion,
and (ii) in the case of payments in respect of Term Loans, the Term Lenders, in such order and priority as the Term Lenders may determine
in their sole discretion, in each case under the foregoing clauses (i) and (ii), in proportion to the respective amounts described
in this clause (f) payable to them; provided, however, that to the extent that any amounts available for distribution pursuant to
this subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the
Administrative Agent for deposit into the Letter of Credit Collateral Account;


 


(g)            payments
of all other Pari Passu Obligations and other amounts due under any of the Loan Documents or Term Loan Documents, to be applied for the
ratable benefit of (i) in the case of payments of Obligations or any other amount due under any of the Loan Documents, the Lenders
and the Issuing Banks, and (ii) in the case of payments of “Obligations” or any other amount due under any of the Term
Loan Documents, the Term Lenders, in each case under the foregoing clauses (i) and (ii), in proportion to the respective amounts
described in this clause (g) payable to them; and


 


(h)            any
amount remaining after application as provided above and after all Pari Passu Obligations and other amounts due under any of the Loan
Documents or Term Loan Documents have been paid in full, shall be paid to the Borrower or whomever else may be legally entitled thereto.


 






    - 117 -


     


    

 


Section 10.6.        Letter of Credit
Collateral Account.


 


(a)            As
collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower
hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Banks and the
Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit Collateral Account
and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided
for below). The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit
Liabilities until applied by the applicable Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding,
funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section.


 


(b)            Amounts
on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents
as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of
and be under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing
Banks and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit
Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter
of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent
to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative
Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any funds
held in the Letter of Credit Collateral Account.


 


(c)            If
a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders
authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the applicable
Issuing Bank for the payment made by such Issuing Bank to the beneficiary with respect to such drawing or the payee with respect to such
presentment.


 


(d)            Notwithstanding
anything to the contrary in Section 10.5, if an Event of Default exists, the Administrative Agent may (and, if instructed by the
Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments
and apply the proceeds thereof to the Obligations due and owing to the Issuing Banks and, to the extent of their respective funded participations
in Letters of Credit, the Lenders, in each case, in proportion to the respective amounts of Letter of Credit Liabilities payable to them.
Notwithstanding the foregoing, the Administrative Agent shall not be required to liquidate and release any such amounts if such liquidation
or release would result in the amount available in the Letter of Credit Collateral Account to be less than the Stated Amount of all Extended
Letters of Credit that remain outstanding.


 


(e)            So
long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit Collateral
Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time
to time, at the request of the Borrower, deliver to the Borrower within 5 Business Days after the Administrative Agent’s receipt
of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such of amount of
the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such
time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which the Lenders reimbursed (or funded participations
in) a drawing deemed to have occurred under the third sentence of Section 2.2.(b) for deposit into the Letter of Credit Collateral
Account but in respect of which the Lenders have not otherwise received payment for the amount so reimbursed or funded, the Administrative
Agent shall promptly remit to the Lenders the amount so reimbursed or funded for such Extended Letter of Credit that remains in the Letter
of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements or funded participations of the Lenders
in respect of such Extended Letter of Credit, against receipt but without any recourse, warranty or representation whatsoever. When all
of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall
deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the
Letter of Credit Collateral Account.


 






    - 118 -


     


    

 


(f)            The
Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar services
in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments
of funds therein.


 


Section 10.7.        Performance
by Administrative Agent.


 


If the Borrower or any other
Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may,
after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan
Party after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative
Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative
Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding
the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance
of any obligation of the Borrower under this Agreement or any other Loan Document.


 


Section 10.8.        Rights Cumulative.


 


(a)            The
rights and remedies of the Administrative Agent, the Issuing Banks, the Lenders and the Specified Derivatives Providers under this Agreement,
each of the other Loan Documents, the Fee Letter and Specified Derivatives Contracts shall be cumulative and not exclusive of any rights
or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative
Agent, the Issuing Banks, the Lenders and the Specified Derivatives Providers may be selective and no failure or delay by the Administrative
Agent, any of the Issuing Banks, any of the Lenders or any of the Specified Derivatives Providers in exercising any right shall operate
as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise
of any other power or right.


 


(b)            Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Article X.
for the benefit of all the Lenders and the Issuing Banks; provided that the foregoing shall not prohibit (i) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (ii) any Issuing Bank or Swingline Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as an Issuing Bank or as a Swingline Lender, as the case may be) hereunder or under the other
Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 12.4. (subject to the terms of Sections 3.3.
and 11.13. and the Intercreditor Agreement), or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (x) the
Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article X. and (y) in addition
to the matters set forth in clauses (ii) and (iii) of the preceding proviso and subject to Section 3.3., any Lender may,
with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders.


 






    - 119 -


     


    

 


ARTICLE XI.
The Administrative Agent


 


Section 11.1.        Appointment
and Authorization.


 


Each Lender hereby irrevocably
appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to
exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the
terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees
that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement
or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers
as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem
the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than
those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative
Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such
terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent,
copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to
Article VIII. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish
to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate
or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant
to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such
other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or
collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but
shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions
of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions
shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this
Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to
personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing,
the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a
Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or
refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders,
or where applicable, all the Lenders.


 






    - 120 -


     


    

 


Section 11.2.        Wells Fargo
as Lender.


 


Wells Fargo, as a Lender shall
have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the same as though
it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated,
include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept deposits from, maintain deposits
or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage
in any kind of business with the Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without
any duty to account therefor to the Issuing Banks or the other Lenders. Further, the Administrative Agent and any Affiliate may accept
fees and other consideration from the Borrower for services in connection with this Agreement or otherwise without having to account for
the same to the Issuing Banks or the other Lenders. The Issuing Banks and the Lenders acknowledge that, pursuant to such activities, Wells
Fargo or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including
information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent
shall be under no obligation to provide such information to them.


 


Section 11.3.        Approvals of
Lenders.


 


All communications from the
Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given
in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such
determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter
or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, and (c) shall include, if reasonably requested
by such Lender and to the extent not previously provided to such Lender, written materials provided to the Administrative Agent by the
Borrower in respect of the matter or issue to be resolved. Unless a Lender shall give written notice to the Administrative Agent that
it specifically objects to the requested determination, consent, approval or disapproval within fifteen (15) Business Days (or such
lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication,
such Lender shall be deemed to have conclusively provided such requested determination, consent, approval or disapproval; provided, however,
that this sentence shall not apply to amendments, waivers or consents that require the written consent of each Lender directly and adversely
affected thereby pursuant to Section 12.7.(c).


 


Section 11.4.        Notice of Events
of Default.


 


The Administrative Agent shall
not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received
notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default
and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Administrative
Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”;
provided, a Lender’s failure to provide such a “notice of default” to the Administrative Agent shall not result in any
liability of such Lender to any other party under any of the Loan Documents. Further, if the Administrative Agent receives such a “notice
of default,” the Administrative Agent shall give prompt notice thereof to the Lenders.


 






    - 121 -


     


    

 


Section 11.5.        Administrative
Agent’s Reliance.


 


Notwithstanding any other provisions
of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees
or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document,
except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein
as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing,
the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in
good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its
directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender, any Issuing Bank or any
other Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or representation
made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan
Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan
Document on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person;
(c) shall be responsible to any Lender or any Issuing Bank for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any
collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders, the
Issuing Banks and the Specified Derivatives Providers in any such collateral; (d) shall have any liability in respect of any recitals,
statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement,
certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement
or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone,
telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative
Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible
for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct
in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment.


 






    - 122 -


     


    

 


Section 11.6.        Indemnification
of Administrative Agent and Collateral Agent.


 


(a)            Each
Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation
of the Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may
at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not
as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action
taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided,
however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative
Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment;
provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders,
if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the
Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket
expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent
in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings,
or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or
action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender
liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the
Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall
be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent
is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent
will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent
is not so entitled to indemnification. The agreements in this Section 11.6(a) shall survive the payment of the Loans and all
other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse
the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable
Amount pursuant to this Section 11.6(a), the Administrative Agent shall share such reimbursement on a ratable basis with each Lender
making any such payment.


 


(b)            Each
Lender agrees to indemnify the Collateral Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the
Borrower to do so) in accordance with its Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable
out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against
the Collateral Agent (in its capacity as Collateral Agent but not as a Lender) in any way relating to or arising out of the Loan Documents,
any transaction contemplated hereby or thereby or any action taken or omitted by the Collateral Agent under the Loan Documents (collectively,
 “Collateral Agent Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such
Collateral Agent Indemnifiable Amounts to the extent resulting from the Collateral Agent’s gross negligence or willful misconduct
as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action
taken in accordance with the directions of the Requisite Lenders (or all of the Lenders and/or Term Lenders, if expressly required hereunder
or under the Existing Term Loan Agreement) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section.
Without limiting the generality of the foregoing, each Lender agrees to reimburse the Collateral Agent (to the extent not reimbursed by
the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share of any out-of-pocket
expenses (including the reasonable fees and expenses of the counsel to the Collateral Agent) incurred by the Collateral Agent in connection
with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise)
of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought
by the Collateral Agent to enforce the terms of the Loan Documents and/or collect any Pari Passu Guaranteed Obligations, any “lender
liability” suit or claim brought against the Collateral Agent, the Lenders and/or the Term Lenders, and any claim or suit brought
against the Collateral Agent, the Lenders and/or the Term Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including
counsel fees) shall be advanced by the Lenders on the request of the Collateral Agent notwithstanding any claim or assertion that the
Collateral Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Collateral Agent that the Collateral
Agent will reimburse the Lenders and Term Lenders if it is actually and finally determined by a court of competent jurisdiction that the
Collateral Agent is not so entitled to indemnification. The agreements in this Section 11.6(b) shall survive the payment of
the Pari Passu Obligations and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement.
If the Borrower shall reimburse the Collateral Agent for any Collateral Agent Indemnifiable Amount following payment by any Lender or
Term Lender to the Collateral Agent in respect of such Collateral Agent Indemnifiable Amount pursuant to this Section 11.6(b), the
Collateral Agent shall share such reimbursement on a ratable basis with each Lender or Term Lender making any such payment.


 






    - 123 -


     


    

 


Section 11.7.        Lender Credit
Decision, Etc.


 


Each of the Lenders and the
Issuing Banks expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents,
counsel, attorneys-in-fact or other Affiliates has made any representations or warranties to such Issuing Bank or such Lender and that
no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other
Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing
Bank or any Lender. Each of the Lenders and the Issuing Banks acknowledges that it has made its own credit and legal analysis and decision
to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent,
any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel,
and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries
of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries
and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own
counsel and such other documents and information as it has deemed appropriate. Each of the Lenders and the Issuing Banks also acknowledges
that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent
or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it
shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative
Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the
Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation
of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly
required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent under this Agreement or any of the other Loan
Documents or furnished to the Administrative Agent for distribution to the Lenders and/or the Issuing Banks, the Administrative Agent
shall have no duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information concerning the business,
operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof
which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or
other Affiliates. Each of the Lenders and the Issuing Banks acknowledges that the Administrative Agent’s legal counsel in connection
with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel
to any Lender or any Issuing Bank.


 






    - 124 -


     


    

 


Section 11.8.        Successor Administrative
Agent.


 


The Administrative Agent may
(a) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower
or (b) be removed as Administrative Agent by all of the Lenders (excluding the Lender then acting as Administrative Agent) and the
Borrower upon 30 days’ prior written notice if the Administrative Agent is found by a court of competent jurisdiction in a final,
non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder. Upon
any such resignation or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment
shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably
withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as
a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately
preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of
notice of resignation or giving of notice of removal of the Administrative Agent, then the current Administrative Agent may, on behalf
of the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing
to serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative Agent shall notify the Borrower and the Lenders
and the Issuing Banks that no Lender has accepted such appointment, then such resignation or removal shall nonetheless become effective
in accordance with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made to each Lender and each Issuing Bank directly, until such time as a successor Administrative
Agent has been appointed as provided for above in this Section; provided, further that such Lenders and such Issuing Banks so acting directly
shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative
Agent as if each such Lender or such Issuing Bank were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be
discharged from its duties and obligations under the Loan Documents. Any resignation by, or removal of, an Administrative Agent shall
also constitute the resignation or removal, as applicable, as an Issuing Bank and as a Swingline Lender by the Lender then acting as Administrative
Agent (the “Resigning Lender”). Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (i) the
Resigning Lender shall be discharged from all duties and obligations of an Issuing Bank and a Swingline Lender hereunder and under the
other Loan Documents and (ii) any successor Issuing Bank shall issue letters of credit in substitution for all Letters of Credit
issued by the Resigning Lender as an Issuing Bank outstanding at the time of such succession (which letters of credit issued in substitutions
shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the Resigning Lender to effectively
assume the obligations of the Resigning Lender with respect to such Letters of Credit. After any Administrative Agent’s resignation
hereunder as Administrative Agent, the provisions of this Article XI. shall continue to inure to its benefit as to any actions taken
or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to
the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the
Borrower and each Lender prior written notice.


 


Section 11.9.        Titled Agents.


 


Each of the Lead Arrangers,
the Syndication Agent and the Documentation Agents (each a “Titled Agent”) in each such respective capacity, assumes
no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans,
nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary
responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, any Issuing Bank, the Borrower or any other Loan
Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender
or entitle the Titled Agents to any rights other than those to which any other Lender is entitled.


 


Section 11.10.      Collateral
Matters; Protective Advances.


 


(a)            Each
of the Lenders hereby authorizes the Administrative Agent and the Collateral Agent, without the necessity of any notice to or further
consent from any Lender, from time to time prior to an Event of Default, to take (or, in the case of the Administrative Agent, to direct
the Collateral Agent to take) any action with respect to any Collateral or any Loan Document which may be necessary to perfect and maintain
perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents.


 






    - 125 -


     


    

 


(b)            The
Lenders hereby authorize the Administrative Agent and the Collateral Agent, in each case at its option and in its discretion, to release
(or, in the case of the Administrative Agent, to direct the Collateral Agent to release) any Lien granted to or held by the Collateral
Agent upon any Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the
Pari Passu Guaranteed Obligations, (ii) as expressly permitted by, but only in accordance with, the terms of the applicable Loan
Documents, and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders and/or
Term Lenders as this Agreement or any other Loan Document may expressly provide). Upon request by the Administrative Agent or the Collateral
Agent at any time, the Lenders will confirm in writing the Administrative Agent’s and the Collateral Agent’s authority to
release (or, in the case of the Administrative Agent, to direct the Collateral Agent to release) particular types or items of Collateral
pursuant to this Section.


 


(c)            Upon
any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at least five (5) Business
Days’ prior written request by the Borrower, the Administrative Agent and the Collateral Agent shall (and each is hereby irrevocably
authorized by the Lenders to) execute, and cause the execution of, such documents as may be necessary to evidence the release of the Liens
granted to the Collateral Agent pursuant to the Loan Documents upon the Collateral that was sold or transferred; provided, however,
that (i) neither the Administrative Agent nor the Collateral Agent shall be required to execute (or cause the execution of) any such
document on terms which, in the Administrative Agent’s or the Collateral Agent’s opinion, would expose the Administrative
Agent or the Collateral Agent to liability or create any obligation or entail any consequence other than the release of such Liens without
recourse or warranty and (ii) such release shall not in any manner discharge, affect or impair the Pari Passu Guaranteed Obligations
or any Liens upon (or obligations of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any
other Loan Party, including, without limitation, the proceeds of such sale or transfer, all of which shall continue to constitute part
of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, the Administrative
Agent and the Collateral Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent and the
Collateral Agent from the proceeds of any such sale, transfer or foreclosure.


 


(d)            Neither
the Collateral Agent nor the Administrative Agent shall have any obligation whatsoever to any Lender or to any other Person to assure
that the Collateral exists or is owned by the Borrower, any other Loan Party or any other Subsidiary or is cared for, protected or insured
or that the Liens granted to the Collateral Agent pursuant to any Loan Document have been properly or sufficiently or lawfully created,
perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any
manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to the Collateral
Agent or the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect
of the Collateral, or any act, omission or event related thereto, each of the Collateral Agent and the Administrative Agent may act in
any manner it may deem appropriate, in its sole discretion, and that neither the Collateral Agent nor the Administrative Agent shall have
any duty or liability whatsoever to the Lenders, except to the extent determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from its gross negligence or willful misconduct.


 


(e)            The
Collateral Agent may make (and the Administrative Agent may direct the Collateral Agent to make), and shall be reimbursed by the Lenders
(in accordance with their Pro Rata Shares) to the extent not reimbursed by the Borrower for, Protective Advances during any one (1) calendar
year with respect to each Pledged Interest or Collateral Property up to the sum of (i) amounts expended to pay taxes, assessments
and governmental charges or levies imposed upon such Collateral; (ii) amounts expended to pay insurance premiums for policies of
insurance related to such Collateral; and (iii) $5,000,000. Protective Advances in excess of said sum during any calendar year for
any Pledged Interest or Collateral Property shall require the consent of the Requisite Lenders. The Borrower agrees to pay on demand all
Protective Advances.


 






    - 126 -


     


    

 


(f)            By
their acceptance of the benefits of the Security Documents, each Lender that is at any time itself a Specified Derivatives Provider, or
having an Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate, in its capacity
as a Specified Derivatives Provider, acknowledges that obligations arising under any Specified Derivatives Contract are not secured by
the Collateral.


 


(g)            Each
Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any other Loan Party
under the Loan Documents with respect to exercising claims against or rights in the Collateral without the written consent of the Requisite
Lenders. For purposes of this Section, the term “Lender” includes any Person that is or at any time has been a Lender and
the terms and conditions of this provision shall be binding upon such Person at all times and expressly survive any assignment of the
Commitment or Loans of such Person in whole or in part.


 


(h)            Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.10 shall be subject
in all respects to the provisions of the Intercreditor Agreement.


 


(i)            Notwithstanding
anything to the contrary in this Agreement or in any Security Instrument, before the Collateral Property located at 1201 Northland Drive
(also known as 2540 Executive Drive), Mendota Heights, MN is acquired by the Administrative Agent (or Collateral Agent as defined in the
applicable Security Instrument) as a result of a foreclosure of the Security Instrument thereon, the acceptance of a deed in lieu thereof
or any other exercise of remedies pursuant thereto, the Administrative Agent shall have obtained an updated “Phase I” environmental
assessment of such Collateral Property and any “Phase II” environmental assessment recommended by the environmental engineering
firm preparing such assessments for such Collateral Property. Without limiting the provisions of this Section 11.10 above, the requirements
of this Section 11.10(i) may only be amended or waived with the consent of all Lenders notwithstanding anything in this Agreement
to the contrary.


 






    - 127 -


     


    

 


Section 11.11.      Post-Foreclosure
Plans.


 


(a)            If
all or any portion of the Collateral is acquired by the Collateral Agent as a result of a foreclosure or the acceptance of an assignment
in lieu of foreclosure, or is retained in satisfaction of all or any part of the Pari Passu Guaranteed Obligations, the title to any such
Collateral, or any portion thereof, shall be held in the name of the Collateral Agent or a nominee or Subsidiary of the Collateral Agent,
as “Collateral Agent”, for the ratable benefit of the holders of Pari Passu Guaranteed Obligations. The Collateral Agent shall
prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the
approval of the Requisite Lenders. In accordance with the approved Post-Foreclosure Plan, the Collateral Agent shall manage, operate,
repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions
relating thereto, including agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral and
paying the expenses of such Collateral. Actions taken by the Collateral Agent with respect to the Collateral, which are not specifically
provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite
Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute its share
(based on its Pro Rata Share) of all reasonable costs and expenses incurred by the Collateral Agent pursuant to the approved Post-Foreclosure
Plan in connection with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, the Collateral
Agent shall render or cause to be rendered to each Lender, on a monthly basis, an income and expense statement for such Collateral, and
each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and operating
reserves as the Collateral Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan.
To the extent there is net operating income from such Collateral, the Collateral Agent shall, in accordance with the approved Post-Foreclosure
Plan, determine the amount and timing of distributions to the Lenders. All such distributions shall be made to the Lenders in accordance
with their respective Pro Rata Shares. The Lenders acknowledge and agree that if title to any Collateral is obtained by the Collateral
Agent or its nominee, such Collateral will not be held as a permanent investment but will, consistent with and subject to the requirements
of Section 11.10 and this Section 11.11, be liquidated and the proceeds of such liquidation will be distributed in accordance
with Section 10.5 as soon as practicable. The Collateral Agent shall undertake to sell such Collateral, at such price and upon such
terms and conditions as the Requisite Lenders reasonably shall determine to be most advantageous to the holders of Pari Passu Guaranteed
Obligations. Any purchase money Mortgage taken in connection with the disposition of such Collateral in accordance with the immediately
preceding sentence shall name the Collateral Agent, as collateral agent for the holders of Pari Passu Guaranteed Obligations, as the beneficiary
or mortgagee. In such case, the Collateral Agent and the holders of Pari Passu Guaranteed Obligations shall enter into an agreement with
respect to such purchase money Mortgage defining the rights of the holders of Pari Passu Guaranteed Obligations in the same Pro Rata Shares
as provided hereunder, which agreement shall be in all material respects similar to this Article XI insofar as the same is appropriate
or applicable.








 


(b)            Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.11 shall be subject
in all respects to the provisions of the Intercreditor Agreement.


 


Section 11.12.      Flood
Laws


 


Wells Fargo has adopted internal
policies and procedures that address requirements placed on federally regulated lenders under the National Flood Insurance Reform Act
of 1994 and related legislation (the “Flood Laws”). Wells Fargo, as Administrative Agent, will post on the applicable
electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the Flood
Laws. However, Wells Fargo reminds each Lender and Participant that, pursuant to the Flood Laws, each federally regulated Lender (whether
acting as a Lender or Participant) is responsible for assuring its own compliance with the flood insurance requirements.


 


Section 11.13.      No
Set Off.


 


Each Lender hereby acknowledges
that the exercise by any Lender of any offset, set-off, banker’s lien or similar rights against any deposit account or other property
or asset of any Loan Party, whether or not located in California, could result under certain laws in significant impairment of the ability
of all Lenders to recover any further amounts in respect of the Pari Passu Guaranteed Obligations. Therefore, each Lender agrees not to
charge or offset any amount owed to it by any Loan Party against any of the accounts, property or assets of any Loan Party or any of its
affiliates held by such Lender without the prior written approval of the Administrative Agent and the Requisite Lenders.


 






    - 128 -


     


    

 


Section 11.14.      Erroneous
Payments.


 


(a)            Each
Lender, each Issuing Bank and each other Secured Party (as defined in the intercreditor Agreement) hereby severally agrees that if (i) the
Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Bank or any other
Secured Party (or the Lender Affiliate of a Secured Party) or any other Person that has received funds from the Administrative Agent or
any of its Affiliates, either for its own account or on behalf of a Lender, Issuing Bank or other Secured Party (each such recipient,
a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received
by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient
(whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice
of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that
such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each
case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 11.14.(a),
whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively,
an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the
time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent
to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert
any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with
respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation
waiver of any defense based on “discharge for value” or any similar doctrine.


 


(b)            Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall
promptly notify the Administrative Agent in writing of such occurrence.


 


(c)            In
the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand
from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment
on its behalf to), promptly, but in all events no later than two Business Days thereafter, return to the Administrative Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made in Same Day Funds and in the currency so received,
together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received
by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of (i) the Federal Funds Rate
and (ii) an overnight rate determined by the Administrative Agent (or to the extent payable to an Issuing Bank or a Swingline Lender,
such Issuing Bank or Swingline Lender, as applicable, in each case, with notice to the Administrative Agent) to be customary in the place
of disbursement or payment for the settlement of international banking transactions.


 






    - 129 -


     


    

 


(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate
of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then
at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such
Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments)
of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”)
to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate
in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify)
(such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency
Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party
hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment
Deficiency Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency
Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Loans assigned pursuant
to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration.
The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement
for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause
(d) shall govern in the event of any conflict with the terms and conditions of Section 12.6 and (3) the Administrative
Agent may reflect such assignments in the Register without further consent or action by any other Person.


 


(e)            Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 11.14 or under
the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the
purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the
Borrower or any other Loan Party, and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment
or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient,
as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received,
except, in each case of clauses (y) and (z), to the extent such Erroneous Payment is, and solely with respect to the amount of such
Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose
of making for a payment on the Obligations.


 


(f)            Each
party’s obligations under this Section 11.14 shall survive the resignation or replacement of the Administrative Agent or any
transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.


 


(g)            Nothing
in this Section 11.14 will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient’s
receipt of an Erroneous Payment.


 


Section 11.15.      Certain
ERISA Matters.


 


(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that at least one of the following is and will be true:


 


(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I
of ERISA or Section 4975 of the Internal Revenue Code) of one or more Benefit Plans with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit or the Commitments or this Agreement;


 






    - 130 -


     


    

 


(ii)            the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975
of the Internal Revenue Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments and this Agreement;


 


(iii)            (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or


 


(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.


 


(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt,
to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, any Lead Arranger and their respective
Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).


 






    - 131 -


     


    

 



 


ARTICLE XII.
Miscellaneous


 


Section 12.1.         Notices.


 


Unless otherwise provided
herein (including without limitation as provided in Section 8.5.), communications provided for hereunder shall be in writing and
shall be mailed, telecopied, or delivered as follows:


 


If to the Borrower:


 


Diversified Healthcare Trust


Two Newton Place


255 Washington Street, Suite 300


Newton, Massachusetts 02458-1634


Attention: Chief Financial Officer


Telecopy Number: (617) 219-8349


Telephone Number: (617) 796-8350


 


If to the Administrative Agent:


 


Wells Fargo Bank, National Association


10550
South Wacker Drive, 32ndTryon
Street, 14th Floor


Chicago, IL 60606


Charlotte,
North Carolina 28202


Attn: Douglas Frazer


Telecopier: (704)-410-0329


Telephone: (704) 715-5747


 


and


 


Wells Fargo Bank, National Association


550 South Tryon Street


Charlotte, North Carolina 28202


Attn:  Kristen Ray


Telecopier:         
704-410-0329


Telephone:          704-410-1772


 


If to the Administrative Agent
under Article II.:


 


Wells Fargo Bank, National Association


Minneapolis Loan Center


600 South 4th Street, 9th
Floor


Minneapolis, Minnesota 55415


Attn: Anthony Gangelhoff


Telecopier: (877) 410-5023


Telephone: (612) 316-0109


 


If to Wells Fargo Bank, as
an Issuing Bank:


 


Wells Fargo Bank, National Association


550 South Tryon Street


Charlotte, North Carolina 28202


Attn:  Kristen Ray


Telecopier:         
704-410-0329


Telephone:          704-410-1772


 






    - 132 -


     


    

 


If to Royal Bank of Canada,
as an Issuing Bank:


 


Royal Bank of Canada


30 Hudson Street


28th Floor


Jersey City, NJ
07302-4699


Attention: Credit
Administration


Fax: 212-428-3015


Tel: 212-428-6298


 


If to Citibank, N.A., as an
Issuing Bank:


 


Wei Ke


388 Greenwich Street,
19th Fl.


New York, NY 10013


Phone: (212) 816-7306


Fax: (646) 291-5499


Wei.Ke@citi.com


 


with a copy to:


 


Miguel A. Saez


500 Warren Corporate
Center Drive – C-116A


Warren, NJ 07059


Phone: (212) 816-7312


Fax: (347) 321-4597


Miguel.A.Saez@Citi.com


 


If to PNC Bank, National Association,
as an Issuing Bank:


 


PNC Bank, National Association


500 First Avenue


Pittsburgh, PA 15219


loccentralizedunit@pnc.com


 


If to any other Lender:


 


To such Lender’s address or
telecopy number as set forth in the applicable Administrative Questionnaire or, as to each party at such other address as shall be
designated by such party in a written notice to the other parties delivered in compliance with this Section; provided, a Lender or
an Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All
such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of
three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the
Borrower or the Administrative Agent, the Issuing Banks and the Lenders at the addresses specified; (ii) if telecopied, when
transmitted; (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with
Section 8.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i),
(ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not
notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the
immediately preceding sentence, all notices or communications to the Administrative Agent, any Issuing Bank or any Lender under
Article II. shall be effective only when actually received. None of the Administrative Agent, any Issuing Bank or any Lender
shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the Issuing Banks or the
Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, such Issuing Bank or
such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for
otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not
affect the validity of notice properly given to another Person.


 






    - 133 -


     


    

 


Section 12.2.         Expenses.


 


The Borrower agrees (a) to
pay or reimburse the Administrative Agent and the Collateral Agent for all of its reasonable costs and expenses incurred in connection
with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including
due diligence expense and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby
and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and the Collateral Agent and all costs
and expenses of the Administrative Agent and the Collateral Agent in connection with the use of IntraLinks, SyndTrak or other similar
information transmission systems in connection with the Loan Documents and in connection with the review of Properties for inclusion as
Collateral Properties and the other activities of the Administrative Agent and the Collateral Agent under Section 7.15 and the fees
and disbursements of counsel to the Administrative Agent and the Collateral Agent (including, without limitation, local counsel to the
Administrative Agent and the Collateral Agent in each applicable jurisdiction) relating to all such activities (it being understood and
agreed that, to the extent any of such services or activities are provided internally by the Administrative Agent or the Collateral Agent,
the Borrower shall reimburse the Administrative Agent and the Collateral Agent, as applicable, for such costs and expenses at market rates),
(b) to pay or reimburse the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders for all their reasonable
costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letter,
including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel)
and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent and the Collateral Agent pursuant
to the Loan Documents, (c) to pay, and indemnify and hold harmless the Administrative Agent, the Collateral Agent, the Issuing Banks
and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure
to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable
in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification
of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding
subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent, the Collateral Agent, any Issuing
Bank and any Lender incurred in connection with the representation of the Administrative Agent, the Collateral Agent, such Issuing Bank
or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 10.1.(e) or
10.1.(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation,
execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession
financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the
Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding
or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant
to this Section, the Administrative Agent, the Collateral Agent and/or the Lenders may pay such amounts on behalf of the Borrower and
such amounts shall be deemed to be Obligations owing hereunder.





 






    - 134 -


     


    

 





Section 12.3.         [Intentionally
Omitted].



 


Section 12.4.         Setoff.


 


Subject to Sections 3.3. and
11.13. and the provisions of the Intercreditor Agreement, and in addition to any rights now or hereafter granted under Applicable Law
and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Issuing Bank, each Lender,
each Affiliate of the Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time or from time to time while
an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but
in the case of an Issuing Bank, a Lender, an Affiliate of an Issuing Bank or a Lender, or a Participant, subject to receipt of the prior
written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits
(general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and
any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative
Agent, such Issuing Bank or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account
of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be,
or have otherwise become, due and payable as permitted by Section 10.2., and although such Obligations shall be contingent or unmatured.
Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 3.9. and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders and (y) such Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
which it exercised such right of setoff.


 


Section 12.5.         Litigation;
Jurisdiction; Other Matters; Waivers.


 


(a)            EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
ANY ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE
TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE COLLATERAL
AGENT, EACH ISSUING BANK AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE
IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY OTHER
LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE
ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.


 






    - 135 -


     


    

 


(b)           THE
BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY LENDER,
ANY ISSUING BANK OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY ISSUING BANK OR ANY LENDER
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR
ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN
INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED
TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
ANY ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, THE COLLATERAL
AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.


 


(c)            THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS,
THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.


 


Section 12.6.         Successors and
Assigns.


 


(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise
transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation
in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of
a security interest subject to the restrictions of the immediately following subsection (f) (and, subject to the last sentence
of the immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and,
to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.


 


(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions:


 






    - 136 -


     


    

 


(i)            Minimum
Amounts.


 


(A)            in
the case of an assignment of the entire remaining amount of an assigning Lender’s Commitment and the Loans at the time owing to
it, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and


 


(B)            in
any case not described in the immediately preceding subsection (A), the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Default
or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that if, after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding
principal balance of the Loans of such assigning Lender, as applicable, would be less than $5,000,000, then such assigning Lender shall
assign the entire amount of its Commitment and the Loans at the time owing to it.


 


(ii)           Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned.


 


(iii)          Required
Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and,
in addition:


 


(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or Event
of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice
to the Administrative Agent within 5 Business Days after having received notice thereof;


 


(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of a Commitment if such assignment is to a Person that is not already a Lender with a Commitment, an Affiliate of such a Lender or an
Approved Fund with respect to such a Lender; and


 


(C)            the consent
of the Swingline Lenders and the Issuing Banks (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
in respect of a Commitment.


 


(iv)          Assignment
and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole discretion,
elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If
requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the Administrative
Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as
appropriate.


 






    - 137 -


     


    

 


(v)           No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B).


 


(vi)          No
Assignment to Natural Persons. No such assignment shall be made to a natural person.


 


(vii)         Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to such assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable amount of the Loan previously requested but not
funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, each Swingline
Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata
share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Commitment Percentage. Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under
Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.


 


Subject to acceptance and recording thereof by
the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall,
to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.10., 4.1., 4.4., 12.2.
and 12.10. and the other provisions of this Agreement and the other Loan Documents as provided in Section 12.11. with respect to
facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly
agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with the immediately following subsection (d).


 






    - 138 -


     


    

 


(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated rates) of the Loans owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a
Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.


 


(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, any Swingline Lender, any Issuing Bank, any other Lender
or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s
Affiliates or Subsidiaries or a Defaulting Lender) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Banks and the
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver of any provision of any Loan Document that (w) increases such Lender’s Commitment or reduces
the principal of any such Lender’s Loan, in each case, in which such Participant has a participation, (x) extends the date
fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduces the rate at which interest
is payable thereon or (z) releases any Guarantor from its Obligations under the Guaranty except as contemplated by Section 7.13.(b),
in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10., 4.1., 4.4. (subject to the requirements
and limitations therein, including the requirements under Section 3.10.(g) (it being understood that the documentation required
under Section 3.10.(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be
subject to the provisions of Section 4.6. as if it were an assignee under subsection (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Sections 4.1. or 3.10., with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory
Change that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 4.6.
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.4.
as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.


 






    - 139 -


     


    

 


(e)            [Intentionally
Omitted.]


 


(f)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that
no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto.


 


(g)            No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not
make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings
in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other
jurisdiction.


 


(h)            USA
Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and anti-money
laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender or any Issuing Bank that is
organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may
request, and such Lender or such Issuing Bank shall provide to the Administrative Agent, its name, address, tax identification number
and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.


 


Section 12.7.         Amendments and
Waivers.


 


(a)            Generally.
Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or
any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may
be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this
Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either
generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite
Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan
Document, the written consent of each Loan Party which is party thereto.


 


(b)           [Intentionally
Omitted.]


 


(c)            Consent
of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall, unless in writing,
and signed by each of the Lenders directly and adversely affected thereby (or the Administrative Agent at the written direction of such
Lenders), do any of the following:


 


(i)            increase
the Commitments of such Lenders (excluding any increase as a result of an assignment of Commitments permitted under Section 12.6.
and any increases contemplated under Section 2.15.) or subject such Lenders to any additional obligations;


 






    - 140 -


     


    

 


(ii)           reduce
the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of,
any Loans or other Obligations;


 


(iii)          reduce
the amount of any Fees payable to such Lenders hereunder;


 


(iv)          modify
the definition of “Termination Date” (except in accordance with Section 2.12.), or otherwise postpone any date fixed
for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations, or extend the expiration
date of any Letter of Credit beyond the Termination Date (except as permitted under Section 2.2.(b)) or, with respect to any Letter
of Credit having an expiration date beyond the Termination Date as permitted by Section 2.2.(b), extend the expiration date of such
Letter of Credit;


 


(v)           modify
the definition of “Commitment Percentage” or amend or otherwise modify the provisions of Section 3.2.;


 


(vi)     
     amend this Section or amend any of the other definitions of the terms used in this Agreement or the
other Loan Documents insofar as such definitions affect the substance of this Section;


 


(vii)         modify
the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required
to make any determinations or waive any rights hereunder or to modify any provision hereof;


 


(viii)     
   release any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.13.(b);


 


(ix)      
     waive a Default or Event of Default under Section 10.1.(a); or


 


(x)            amend,
or waive the Borrower’s compliance with, Section 2.14.


 


(d)            Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent,
in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under
this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.3. or the obligations of
a Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such
action, require the written consent of such Swingline Lender. Any amendment, waiver or consent relating to Section 2.2. or the obligations
of an Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such
action, require the written consent of such Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes
the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases
the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such
action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with
the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment or Loans of a Defaulting Lender
may not be increased, reinstated or extended without the written consent of such Defaulting Lender and (y) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely
than other affected Lenders shall require the written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation
not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent
or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring
hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section,
notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence
of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon
the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.


 






    - 141 -


     


    

 


Section 12.8.         Nonliability
of Administrative Agent and Lenders.


 


The relationship between the
Borrower, on the one hand, and the Lenders, the Issuing Banks, the Administrative Agent, and the Collateral Agent, on the other hand,
shall be solely that of borrower and lender. None of the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender shall
have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course
of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent,
the Collateral Agent, any Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the
Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender undertakes any responsibility to the Borrower to review or
inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.


 


Section 12.9.        Confidentiality.


 


Except as otherwise provided
by Applicable Law, the Administrative Agent, each Issuing Bank and each Lender shall maintain the confidentiality of all Information (as
defined below) in accordance with its customary procedure for handling confidential information of this nature and in accordance with
safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
actual or proposed Assignee, Participant or other transferee in connection with a potential transfer of any Commitment or participation
therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority or representative thereof
or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the
Administrative Agent’s, such Issuing Bank’s or such Lender’s independent auditors and other professional advisors (provided
they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under
any Loan Document (or any Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any such Specified
Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such
Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank, any Lender or
any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower
or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating
agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners)
having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and
other information customarily found in such publications; (i) to any other party hereto; (j) on a confidential basis to the
CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loan Documents;
(k) for purposes of establishing a “due diligence” defense; and (l) with the consent of the Borrower. Notwithstanding
the foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any such confidential information, without notice
to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative
Agent, such Issuing Bank or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent, such Issuing
Bank or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, any
other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such
information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure
by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received
from the Borrower, any other Loan Party, any other Subsidiary or any Affiliate after the date hereof, such information is clearly identified
at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information. No Indemnified Party (as defined in Section 12.10.)
shall be liable to the Borrower or any other Loan Party for any damages arising from the use by others of Information or other materials
obtained by electronic transmission, except to the extent resulting from the gross negligence or willful misconduct of such Person, as
determined by a court of competent jurisdiction in a final, non-appealable judgment.


 






    - 142 -


     


    

 


Section 12.10.      Indemnification.


 


(a)            The
Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Collateral Agent, the Lead Arrangers,
the Issuing Banks, the Lenders, all of the Affiliates of each of the Administrative Agent, the Collateral Agent, any of the Lead Arrangers,
any of the Issuing Banks or any of the Lenders, and their respective directors, officers, shareholders, agents, employees and counsel
(each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the
 “Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of
every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel
incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding
Indemnified Costs indemnification in respect of which is specifically covered by Section 3.10. or 4.1. or expressly excluded from
the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of
action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity
Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions
contemplated thereby or the Collateral; (ii) the making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual
or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Administrative Agent’s, any Issuing
Bank’s or any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent, the Issuing Banks and
the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative
Agent, the Issuing Banks and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial
condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent,
the Issuing Banks and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business
decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy
the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Issuing Banks or the Lenders may have under this Agreement or
the other Loan Documents; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts
or omissions of such Indemnified Party in connection with matters described in this clause (viii) to the extent arising from
the gross negligence or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable
judgment; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including counsel fees and disbursements)
incurred in connection with defense thereof by, the Administrative Agent, the Collateral Agent, any Lead Arranger, any Issuing Bank or
any Lender as a result of conduct of the Borrower, any other Loan Party or any other Subsidiary that violates a sanction administered
or enforced by the OFAC; or (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including
any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state
taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding
commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its
respective properties) (or the Administrative Agent and/or the Collateral Agent and/or the Lead Arrangers and/or the Lenders and/or the
Issuing Banks as successors to the Borrower) to be in compliance with such Environmental Laws.


 






    - 143 -


     


    

 


(b)            The
Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related
to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification
shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with
any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to
any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary
(whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of
the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority.


 


(c)            This
indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the
Borrower and/or any Subsidiary.


 


(d)            All
out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrower at
the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled
to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower
if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification
hereunder.


 


(e)            An
Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed
by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity
Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each
such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto
and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial
wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding,
such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower
(which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise
any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought against such
Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party.


 






    - 144 -


     


    

 


(f)            If
and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.


 


(g)           The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and
the payment in full in cash of the Pari Passu Obligations, and are in addition to, and not in substitution of, any of the other obligations
set forth in this Agreement or any other Loan Document to which it is a party.


 


References in this Section 12.10. to “Lender”
or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers.


 


Section 12.11.      Termination;
Survival.


 


This Agreement shall terminate
at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated or expired or been
cancelled (other than Letters of Credit the expiration dates of which extend beyond the Termination Date as permitted under Section 2.2.(b) and
in respect of which the Borrower has satisfied the requirements of such Section), (c) none of the Lenders is obligated any longer
under this Agreement to make any Loans and the Issuing Banks are no longer obligated under this Agreement to issue Letters of Credit and
(d) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in
full; provided, however, if on the Termination Date or any other date the Commitments are terminated or reduced to zero (whether voluntarily,
by reason of the occurrence of an Event of Default or otherwise) any Letters of Credit remain outstanding, then the provisions of this
Agreement applicable to Letters of Credit, including without limitation, the terms of Section 2.13 and the Borrower’s reimbursement
obligations under Section 2.2.(d), shall remain in effect until all such Letters of Credit have expired, have been cancelled or have
otherwise terminated. The indemnities to which the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders are entitled
under the provisions of Sections 3.10., 4.1., 4.4., 11.6., 12.2. and 12.10. and any other provision of this Agreement and the other
Loan Documents, and the provisions of Sections 12.5. and 12.13, shall continue in full force and effect and shall protect the Administrative
Agent, the Collateral Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of this Agreement, or of the other
Loan Documents, against events arising after such termination as well as before and (ii) in the case of the Administrative Agent,
any Issuing Bank and any Lender, at all times after any such party ceases to be a party to this Agreement with respect to all matters
and events existing on or prior to the date such party ceased to be a party to this Agreement.


 


Section 12.12.      Severability
of Provisions.


 


If any provision of this Agreement
or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall
be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full
force as though the invalid, illegal, or unenforceable provision had never been part of the Loan Documents.


 


Section 12.13.      GOVERNING LAW.


 


THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN
SUCH STATE.






    - 145 -


     


    

 


Section 12.14.      Counterparts.


 


To facilitate execution, this
Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required
(which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means).
It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making
proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf
of, each of the parties hereto.


 


Section 12.15.      Obligations
with Respect to Loan Parties.


 


The obligations of the Borrower
to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to
any defense the Borrower may have that the Borrower does not control such Loan Parties.


 


Section 12.16.      Independence
of Covenants.


 


All covenants hereunder shall
be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants,
the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the
occurrence of a Default or an Event of Default if such action is taken or condition exists.


 


Section 12.17.      Limitation
of Liability.


 


None of the Administrative
Agent, the Collateral Agent, any Issuing Bank or any Lender, or any Affiliate, officer, director, employee, attorney, or agent of the
Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender shall have any liability with respect to, and the Borrower
hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages
suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan
Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower
hereby waives, releases, and agrees not to sue the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender or any of
the Administrative Agent’s, the Collateral Agent’s, any Issuing Bank’s or any Lender’s Affiliates, officers, directors,
employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related
to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed
hereby.


 


Section 12.18.      Entire Agreement.


 


This Agreement, the Notes,
the Intercreditor Agreement, the other Loan Documents and the Fee Letter embody the final, entire agreement among the parties hereto and
supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject
matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or
discussions of the parties hereto. To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to
which the parties of this Agreement are party, the term of this Agreement shall control to the extent of such inconsistency; provided,
however, that in the case of any inconsistency between any term of the Intercreditor Agreement, on the one hand, and any term of this
Agreement or any other Loan Document, on the other hand, the term of the Intercreditor Agreement shall control to the extent of such inconsistency.
There are no oral agreements among the parties hereto.


 





    - 146 -


     


    




 


Section 12.19.      Construction.


 


The Administrative Agent,
each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and
has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement
and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, each Issuing Bank, the Borrower and
each Lender.


 


Section 12.20.
      Headings.


 


The paragraph and section
headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.


 


Section 12.21.
      LIABILITY OF TRUSTEES, ETC.


 


THE PARTIES HERETO ACKNOWLEDGE
AND AGREE AS FOLLOWS:


 


THE AMENDED AND RESTATED DECLARATION
OF TRUST ESTABLISHING THE BORROWER, DATED SEPTEMBER 20, 1999, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE “DECLARATION”), IS
DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT THE NAME “SENIOR HOUSING
PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND
THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE BORROWER SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY,
FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE BORROWER. ALL PERSONS DEALING WITH THE BORROWER, IN ANY WAY, SHALL LOOK ONLY TO THE
ASSETS OF THE BORROWER FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION. THE PROVISIONS OF THIS SECTION SHALL NOT
LIMIT ANY OBLIGATIONS OF ANY LOAN PARTY OTHER THAN THE BORROWER.


 


Section 12.22.      Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.


 


Notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may
be subject to the Write-Down and Conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:


 


(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and


 


(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:


 


(i)            a
reduction in full or in part or cancellation of any such liability;


 






    - 147 -


     


    

 


(ii)           a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or


 


(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.


 


Section 12.23.       Effect
on Existing Credit Agreement.


 


(a)            Existing
Credit Agreement. Upon satisfaction of the conditions precedent set forth in Article V., this Agreement shall exclusively control
and govern the mutual rights and obligations of the parties hereto with respect to the Existing Credit Agreement, and the Existing Credit
Agreement shall be superseded by this Agreement in all respects, in each case, on a prospective basis only.


 


(b)            NO
NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF, AND THE OBLIGATIONS OWING
UNDER AND IN CONNECTION WITH, THE EXISTING CREDIT AGREEMENT PURSUANT TO THE TERMS AND PROVISIONS OF THIS AGREEMENT. THE PARTIES DO NOT
INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL
NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE EXISTING CREDIT AGREEMENT
OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING CREDIT AGREEMENT).


 


Section 12.24.       Acknowledgement
Regarding Any Supported QFCs.


 


(a)            To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Derivatives Contracts or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States):


 


(b)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.


 






    - 148 -


     


    

 


(c)            As
used in this Section 12.24, the following terms have the following meanings:


 


“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.


 


“Covered Entity” means
any of the following:


 


		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 252.82(b);



 


		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 47.3(b); or



 


		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 382.2(b).



 


“Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.


 


“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).


 


Section 12.25.      Stamp, Intangible
and Recording Taxes.


 


The Borrower will pay or cause
to be paid any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify the
Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission
to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording,
performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or
waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens under
this Agreement, the Notes or any of the other Loan Documents.


 


Section 12.26.       Technical Amendments.


 


Notwithstanding anything to
the contrary herein, if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in
any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall
be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do
so would not adversely affect the interests of the Lenders and the Issuing Banks. Any such amendment shall become effective without any
further action or consent of any of other party to this Agreement and the Administrative Agent will provide a copy of such amendment to
the Lenders.


 






    - 149 -


     


    

 


Section 12.27.       Intercreditor
Agreement.


 


(a)            REFERENCE
IS MADE TO THE INTERCREDITOR AGREEMENT. EACH LENDER AND EACH ISSUING BANK HEREUNDER AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS
CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE AGENT TO ENTER INTO THE INTERCREDITOR
AGREEMENT ON BEHALF OF SUCH LENDER OR ISSUING BANK. THE PROVISIONS OF THIS SECTION 12.27 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT
PROVISIONS OF THE INTERCREDITOR AGREEMENT. REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS
THEREOF. EACH LENDER AND EACH ISSUING BANK IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE
TERMS AND PROVISIONS THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER OR
ISSUING BANK AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT.
In the case of any conflict or inconsistency between the Intercreditor Agreement and any Loan Document, the terms of the Intercreditor
Agreement shall govern and control.


 


(b)          
Automatically upon final repayment in full of the outstanding principal amount of Term Loans and the discharge of all other outstanding
 “Obligations” under and as defined in the Existing Term Loan Agreement, all references herein to the “Existing Term
Loan Agreement”, “Term Lenders”, “Term Loans”, “Term Loan Administrative Agent” and “Term
Loan Documents” shall be of no further force or effect, and shall be disregarded for all purposes under this Agreement and the other
Loan Documents, following such date.


 


[Signatures on Following Pages]


 






    - 150 -


     


    

 


SCHEDULE I


 


Commitments


 


	
    Lender

     
	Commitment Amount
	Wells Fargo Bank, National Association	$72,000,000.0063,000,000.00
	Citibank, N.A.	$72,000,000.0063,000,000.00
	PNC Bank, National Association	$72,000,000.00122,500,000.00
	Royal Bank of Canada	$72,000,000.0063,000,000.00
	Bank of America, N.A.	$68,000,000.0059,500,000.00
	BBVA USA f/k/a Compass Bank	$68,000,000.00
	Mizuho Bank, Ltd.	$60,000,000.0052,500,000.00
	Sumitomo Mitsui Banking Corporation	$60,000,000.0052,500,000.00
	BMO Harris Bank, N.A.	$52,000,000.0045,500,000.00
	Regions Bank	$52,000,000.0045,500,000.00
	Associated Bank, National Association	$20,000,000.0017,500,000.00
	U.S. Bank National Association	$20,000,000.0017,500,000.00
	The Bank of East Asia, Limited (LA Branch)	$18,659,379.3016,326,956.89
	First Hawaiian Bank	$16,000,000.0014,000,000.00
	First Horizon Bank	$12,000,000.0010,500,000.00
	Morgan Stanley Bank, N.A.	$11,740,620.7010,273,043.11
	UBS AG, Stamford Branch	$10,400,000.009,100,000.00
	Bank of Taiwan, Los Angeles Branch	$8,000,000.007,000,000.00
	First Commercial Bank, Ltd. New York Branch	$8,000,000.007,000,000.00
	Land Bank of Taiwan, Los Angeles Branch	$8,000,000.007,000,000.00
	Taiwan Cooperative Bank Seattle Branch	$8,000,000.007,000,000.00
	Mega International Commercial Bank Co., Ltd. Los Angeles Branch	$7,200,000.006,300,000.00
	CTBC Bank Co., Ltd. New York Branch, previously known as Chinatrust Commercial Bank New York Branch	$4,000,000.003,500,000.00
	TOTAL	$800,000,000700,000,000.00


 






     


     


    

 


ANNEX I


 


COLLATERAL PROPERTY DILIGENCE


 


1.          
   An executive summary of the Property including the following information relating to such Property: (a) a
description of such Property, and (b) the current projected capital plans and, if applicable, current renovation plans for such
Property;


 


2.     
        An operating statement for such Property audited or certified by a representative
of the Borrower as being true and correct in all material respects and prepared in accordance with GAAP for the previous three
(3) fiscal years; provided that, with respect to any period during which such Property was owned by a Subsidiary of the
Borrower for less than three (3) years, such information shall only be required to be delivered to the extent reasonably
available to the Borrower and such certification may be based upon the best of the Borrower’s knowledge; provided, further,
that if such Property has been operating for less than three (3) years, the Borrower shall provide such projections and other
information concerning the anticipated operation of such Property as the Administrative Agent may reasonably request;


 


3.  
           All Security Documents for such Property;


 


4.      
       Copies of all documents of record reflected in Schedule A and Schedule B of the
commitment or preliminary report for the applicable Title Policy and a copy of the most recent real estate tax bill and notice of
assessment;


 


5.     
        A Title Policy for such Property insuring the Lien of the applicable Security
Instrument;


 


6.       
      An opinion of counsel in the jurisdiction in which such Property is located;


 


7.     
        A survey of such Property certified by a surveyor licensed in the applicable
jurisdiction to have been prepared in accordance with the then effective Minimum Standard Detail Requirements for ALTA/ACSM Land
Title Surveys;


 


8.     
        Receipt of a completed standard flood hazard determination for such Property and if
such Property is located in a FEMA-designated special flood hazard area, evidence of the Borrower’s receipt of required
notices and adequate flood insurance;


 


9.      
       An Appraisal of such Property addressed to the Collateral Agent or on which the Collateral
Agent and the Lenders are expressly permitted to rely pursuant to a reliance letter addressed to the Collateral Agent and the
Lenders;


 


10.           A
 “Phase I” environmental assessment of such Property, which report (a) has been prepared by an environmental engineering
firm acceptable to the Administrative Agent and (b) complies with the requirements contained in the Administrative Agent’s
guidelines adopted from time to time by the Administrative Agent to be used in its lending practice generally and any other environmental
assessments or other reports relating to such Property, including, without limitation, any “Phase II” environmental assessment
prepared or recommended by such environmental engineering firm to be prepared for such Property;


 


11.           A
property condition report for such Property prepared by a firm or firms acceptable to the Administrative Agent;


 






     


     


    

 


12.           To
the extent requested by the Administrative Agent in its reasonable discretion, seismic reports and such other reports as are usual and
customary for secured real estate loans or similar properties in the jurisdiction in which the Property is located, in each case, commissioned
by the Collateral Agent in the name of the Collateral Agent, its successors and assigns;


 


13.           If
available, final certificates of occupancy and any other Governmental Approvals relating to such Property;


 


14.           A
property zoning report indicating that such Property complies with applicable zoning and land use laws;


 


15.           Copies
of (a) all Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of such Property, if
any, (b) all Leases with respect to such Property as requested by the Administrative Agent, and (c) any other franchises, leases
or material operating agreements with respect to such Property;


 


16.           UCC,
tax, judgment, litigation, bankruptcy and lien search reports with respect to such Property and the Guarantor owning such Property in
all necessary or appropriate jurisdictions indicating that there are no Liens of record on such Property other than Permitted Liens described
in clauses (c), (g), (i) and (j) of the definition of that term;


 


17.           Copies
of any applicable ground leases and estoppels from ground lessors for such Property as requested by Administrative Agent;


 


18.           Inspection
of such Property by the Administrative Agent and any Lender and their respective engineers and consultants as the Administrative Agent
or any such Lender may require;


 


19.           Execution
and delivery of any state specific documents or waivers required and/or customary in connection with the execution of any Security Instrument,
including, but not limited to, anti-coercion statements, disclosure of confession of judgments, tax affidavits, recording tax orders or
other similar documents;


 


20.           Copies
of all policies of insurance required by Section 7.5. including, without limitation, such evidence of flood insurance coverage
(including contents coverage, as applicable) as the Administrative Agent shall require;


 


21.           Evidence
satisfactory to the Administrative Agent that the Borrower has taken all actions required under the Flood Laws and/or requested by the
Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to such Collateral Property;
and


 


22.           Such
other documents, instruments, comfort letters, estoppels, subordination, nondisturbance and attornment agreements, consents, and other
agreements and information reasonably deemed necessary by the Administrative Agent (including any supplements to the Schedules hereto
with respect to such Property reasonably acceptable to the Administrative Agent).