Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.01

SYMANTEC CORPORATION
2008 EMPLOYEE STOCK PURCHASE PLAN
Effective Date of Plan:  September 22, 2008
Amended on September 20, 2010, October 22, 2013 and November 2, 2015

		
	1.
	ESTABLISHMENT AND PURPOSE OF PLAN 

(a)Symantec Corporation, a Delaware corporation (the “Company”) adopted this 2008 Employee Stock Purchase Plan (the “Plan”) to grant options for the purchase of shares (“Shares”) of the Company’s Common Stock (“Common Stock”) to eligible employees of the Company, its parent corporation, and its Affiliates and Subsidiaries. For purposes of the Plan, “parent corporation” and “Subsidiary” (collectively, “Subsidiaries”) shall have the same meanings as “parent corporation” and “subsidiary corporation” in Sections 424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”), and “Affiliate” shall mean any entity, other than a Subsidiary, in which the Company has an equity or other ownership interest.  Any term not expressly defined in the Plan but defined for purposes of Section 423 of the Code shall have the same definition in this Plan for purposes of the Statutory Plan (defined below). 
(b)The purpose of the Plan is to provide employees of the Company and certain Affiliates and Subsidiaries designated (any such designated Affiliate or Subsidiary, a “Designated Corporation”) by the Board of Directors of the Company (the “Board”) whose employees are eligible to participate in the Plan with a convenient means to acquire at a discount to market value an equity interest in the Company through payroll deductions, to enhance such employees’ sense of participation in the affairs of the Company and its Affiliates and Subsidiaries, and to provide an incentive for continued employment. 
		
	2.
	STRUCTURE OF THE PLAN AND SUB-PLANS

(a)This Plan document is an omnibus document which includes a sub-plan (the “Statutory Plan”) designed to permit offerings of grants to employees of the Company and certain Subsidiaries that are Designated Corporations (defined below) where such offerings are intended to satisfy the requirements of Section 423 of the Code (although the Company makes no undertaking nor representation to obtain or maintain qualification under Section 423 for any Subsidiary, individual, offering or grant) and also separate sub-plans (each a “Non-Statutory Plan”) which permit offerings of grants to employees of certain Designated Corporations that are not intended to satisfy the requirements of Section 423 of the Code. 
(b)A total of seventy million (70,000,000) Shares may be issued under the Plan. Such number shall be subject to adjustments effected in accordance with Section 14 of the Plan.  
(c)The Statutory Plan shall be a separate and independent plan from the Non-Statutory Plans, provided, however, that the total number of shares authorized to be issued under the Plan applies in the aggregate to both the Statutory Plan and the Non-Statutory Plans. Offerings under the Non-Statutory Plans may be made to achieve desired tax or other 

objectives in particular locations outside the United States of America or to comply with local laws applicable to offerings in such foreign jurisdictions. 
(d)The terms of the Statutory Plan shall be those set forth in this Plan document to the extent such terms are consistent with the requirements for qualification under Code Section 423. The Board may adopt Non-Statutory Plans applicable to particular Designated Corporations or locations that are not participating in the Statutory Plan, which shall be designed to achieve tax, securities law or other Company compliance objectives in particular locations outside the United States. The terms of each Non-Statutory Plan may take precedence over other provisions in this document, with the exception of Section 2(b) of the Plan with respect to the total number of shares available to be offered under the Plan for all sub-plans. Unless otherwise superseded by the terms of such Non-Statutory Plan, the provisions of this Plan document shall govern the operation of such Non-Statutory Plan. Except to the extent expressly set forth herein or where the context suggests otherwise, any reference herein to “Plan” shall be construed to include a reference to the Statutory Plan and any Non-Statutory Plans.
		
	3.
	ADMINISTRATION 

(a)The Plan is administered by the Board or by a committee designated by the Board (in which event all references herein to the Board shall be to the committee). Members of the Board shall receive no compensation for their services in connection with the administration of the Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of the Plan shall be paid by the Company. 
(b)The Board (or the committee) shall have the power, subject to, and within the limitations of, the express provisions of the Plan:
(i)To determine when and how options to purchase Shares shall be granted and the provisions of each Offering Period (which need not be identical).
(ii)To designate from time to time an Affiliate or Subsidiary as a Designated Corporation whose employees shall be eligible to participate in the Statutory Plan or a Non-Statutory Plan.  For purposes of participation in the Statutory Plan, only Subsidiaries shall be considered Designated Corporations, and the Board shall designate from time to time which Subsidiaries will be Designated Corporations in the Statutory Plan. The Board shall designate from time to time which Subsidiaries and Affiliates shall be Designated Corporations in particular Non-Statutory Plans, provided, however, that at any given time, a Subsidiary that is a Designated Corporation in the Statutory Plan shall not be a Designated Corporation in a Non-Statutory Plan.  The foregoing designations and changes in designations by the Board from time to time shall not require stockholder approval.
(iii)To determine from time to time the method for allocating the number of total shares to be offered under each sub-plan, which determination shall not require stockholder approval.
(iv)To construe and interpret the Plan and rights to purchase (options on) Shares, and to establish, amend and revoke rules and procedures for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.
(v)To amend or terminate the Plan as provided in Section 24 below. 
(vi)To adopt rules and procedures and/or special provisions  relating to the operation and administration of the Statutory Plan (subject to the limitations of Section 423 of the Code or any successor provision in the Code) and any Non-Statutory Plan, as appropriate, to permit or facilitate participation in the Statutory Plan or a particular Non-Statutory Plan by employees who are foreign nationals or employed or resident outside the United States or as designed to achieve tax, securities law or other Company compliance objectives in particular locations outside the United States.
(vii)Generally, to exercise such powers and to perform such acts it deems necessary, desirable, convenient or expedient to promote the best interests of the Company and its Subsidiaries and to carry out that intent that the Statutory Plan be treated as an “employee stock purchase plan” under Section 423 of the Code.
(c)Subject to the limitations of Section 423 of the Code or any successor provision in the Code with respect to the Statutory Plan, all questions of interpretation or application of the Plan shall be determined by the Board and its decisions shall be final and binding upon all persons. 
		
	4.
	ELIGIBILITY

Any employee of the Company or any Designated Corporation is eligible to participate in an Offering Period (as hereinafter defined) under the Plan except the following unless otherwise required under applicable local law:  

(a)employees who are not employed by the Company or a Designated Corporation on the third (3rd) business day before the beginning of such Offering Period;  
(b)employees who are customarily employed for less than 20 hours per week; 
(c)employees who are customarily employed for less than 5 months in a calendar year; 
(d)employees who, together with any other person whose stock would be attributed to such employee pursuant to Section 425(d) of the Code, own stock or hold options to purchase stock or who, as a result of being granted an option under the Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its Subsidiaries; and 
(e)individuals who provide services to the Company or any Designated Corporation as independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes. 
		
	5.
	OFFERING PERIODS; OFFERING DATES; AND PURCHASE DATES 

(a)Each Offering Period under the Plan (each an “Offering Period”) shall be of the duration provided for or permitted herein. The first trading day (day on which the exchange or system on which the Common Stock is trading is open) of each Offering Period is referred to as the “Offering Date.”  The Board may but need not provide for multiple purchases within a single Offering Period.  The Board shall have the power to change the duration of Offering Periods without stockholder approval. The last trading day of each Offering Period (or in the case of an Offering Period encompassing multiple purchases, each such purchase period) is hereinafter referred to as the “Purchase Date.” 
(b)Subject to Section 5(c) below, each Offering Period shall be of six (6) months’ duration commencing February 16 and August 16 of each year beginning February 16, 2009, and ending no later than the next August 15 and February 15, respectively, thereafter, and shall have a single Purchase Date (which shall occur on the last trading day of the Offering Period). 
(c)Notwithstanding 5(b) above and the other provisions of the Plan, the Board of Directors may, but need not, vary the terms and structure of the Offering Periods under this Plan, on such basis as it shall determine in its sole discretion (including without limitation, the length of each Offering Period, Offering Periods during which more than one Purchase Date shall occur, and the formula(s) for calculating the price(s) at which Shares may be purchased during such Offering Period including a formula under which such price is calculated with reference to the fair market value (as provided for in Section 8 below) of the Common Stock as of the Offering Date for the Offering Period); provided, however, that no Offering Period under the Plan shall have a duration in excess of twenty‐seven (27) months (or such period as may be permitted under Code Section 423). 
		
	6.
	PARTICIPATION IN THE PLAN 

An eligible employee may become a participant in an Offering Period under the Plan if (a) as of the Offering Date with respect to the Offering Period he or she satisfies the eligibility requirements set forth above, and (b) not later than the third (3rd) business day prior to such Offering Date (at such time and in such manner as may be specified with respect to such Offering Period) he or she delivers to the Company or its authorized representative a subscription agreement indicating his or her desire to enroll in the Offering Period and authorizing payroll deductions in a manner consistent with Section 9 below.  An eligible employee who does not timely deliver a subscription agreement by the date specified in advance of the applicable Offering Date shall not participate in that Offering Period and shall not participate in any subsequent Offering Period unless such employee enrolls in the Plan by timely delivering a subscription agreement to the Company or its representative prior to the Offering Date of the applicable, subsequent Offering Period. Once an employee becomes a participant in an Offering Period, such employee will automatically participate in the Offering Period commencing immediately following the last day of that Offering Period unless the employee withdraws from the Plan or terminates further participation in the Offering Period as set forth in Section 11 below. Such participant is not required to file any additional subscription agreements in order to continue participation in the Plan with respect to subsequent Offering Periods. Any participant who has not withdrawn from the Plan pursuant to Section 11 below will automatically be re-enrolled in the Plan and granted a new option on the Offering Date of the next Offering Period. 
		
	7.
	GRANT OF OPTION 

(a)Each employee enrolled in an Offering Period will be granted on the Offering Date an option to purchase on each Purchase Date for a particular Offering Period up to that number of Shares determined by dividing the amount accumulated in such employee’s payroll deduction account during such Offering Period by the Purchase Price applicable to that Offering Period (as defined in Section 8 below). 

(b)In no event, however, shall the number of Shares subject to any option granted pursuant to this Plan exceed the limitations set forth in Section 10 below.  The purchase price and fair market value of a Share shall be determined as provided in Section 8 below. 
		
	8.
	PURCHASE PRICE 

(a)Unless otherwise determined by the Board in its discretion, the purchase price per Share at which a Share of Common Stock will be sold in any Offering Period (the “Purchase Price”) shall be eighty-five percent (85%) of the fair market value on the applicable Purchase Date. The fair market value of a Share shall be as determined in good faith by the Board.  If the Common Stock is listed on a national or regional securities exchange or market system, including without limitation the Nasdaq Stock Market, the fair market value of a Share shall be the closing sales price for such stock, as quoted on such exchange or market constituting the primary market for the Common Stock on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable. If the relevant date does not fall on a day on which the Common Stock has traded on such securities exchange or market system, the date on which the fair market value shall be established shall be the last day on which the Common Stock was so traded prior to the relevant date, or such other appropriate day as shall be determined by the Board, in its discretion. 
(b)The Board may in its discretion, and without stockholder approval, change the Purchase Price from the formula set forth above, provided that the Purchase Price may not be less than the lesser of (a) eighty-five percent (85%) of the Offering Date fair market value of a Share and (b) eighty-five percent (85%) of the Purchase Date fair market value of a Share.
		
	9.
	PAYMENT OF PURCHASE PRICE; PAYROLL DEDUCTIONS; ISSUANCE OF SHARES 

(a)The aggregate purchase price of the Shares is accumulated by regular payroll deductions made during each Offering Period, unless payroll deductions are not permitted under a statute, regulation, rule of a jurisdiction, in which case such other payments as may be approved by the Board (or committee) subject to this Section 9. The deductions are made as a percentage of the employee’s compensation in one percent (1%) increments not less than two percent (2%) nor greater than ten percent (10%). For purposes of the Statutory Plan, “compensation” shall mean all compensation, including, but not limited to base salary, wages, commissions, overtime, shift premiums and bonuses, plus draws against commissions, but excluding amounts related to Company equity compensation; provided, however, that for purposes of determining a participant’s compensation, any election by such participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code shall be treated as if the participant did not make such election. For purposes of any Non-Statutory Plan, “compensation” shall mean base salary. Payroll deductions shall commence on the first payroll date following the Offering Date and shall continue until the payroll date immediately preceding the Purchase Date unless sooner altered or terminated as provided in the Plan. 
(b)A participant may lower (but not increase) the rate of payroll deductions during an Offering Period by filing with the Company’s designated stock plan administrator (the “Administrator”) (which may also be the ESPP Broker, as defined below) a new authorization for payroll deductions, in which case the new rate shall become effective for the next payroll period commencing more than thirty (30) days after the Administrator’s receipt of the authorization and shall continue for the remainder of the Offering Period unless changed as described below. Such change in the rate of payroll deductions may be made at any time during an Offering Period, but not more than one (1) change may be made effective during any Offering Period. A participant may increase or lower the rate of payroll deductions for any subsequent Offering Period by filing with the Administrator a new authorization for payroll deductions during the open enrollment period beginning on the first (1st) day of the month and ending three business days before the Offering Date.  
(c)All payroll deductions made for a participant are credited to his or her account under the Plan and are deposited with the general funds of the Company. No interest accrues on the payroll deductions (unless required by applicable local law). All payroll deductions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions (unless required by applicable local law). 
(d)On each Purchase Date, so long as the Plan remains in effect and provided that the participant has not withdrawn from the Plan in accordance with the provisions of Section 11 of the Plan before that date, the Company shall apply the funds then in the participant’s account to the purchase of whole Shares reserved under the option granted to such participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price per Share shall be as specified in Section 8 of the Plan. Any cash remaining in a participant’s account after such purchase of Shares shall be refunded to such participant in cash (without interest). In the event that the Plan has been oversubscribed as provided in Section 10(c), all funds not used to purchase Shares on the Purchase Date shall be returned to the participant (without interest, unless otherwise required by applicable local law). No Shares shall be purchased on a Purchase Date on behalf of any employee whose participation in the Plan has terminated prior to such Purchase Date. 
(e)As promptly as practicable after the Purchase Date, the number of Shares purchased by each participant upon exercise of each participant’s option shall be deposited into an account established in the participant’s name at the stock 

brokerage or other third party service provider designated by the Company (the “ESPP Broker”), as nominee holding the Shares for the benefit of the participant.  In the event participant requests the receipt of certificated shares, the Company shall arrange the delivery to such participant of a certificate representing the Shares purchased on the Purchase Date; provided that the Board may deliver certificates to a broker or brokers that hold such certificate in street name for the benefit of each such participant.
(f)During a participant’s lifetime, such participant’s option to purchase Shares hereunder is exercisable only by him or her. The participant will have no interest or voting right in Shares covered by his or her option until such option has been exercised. Shares to be delivered to a participant under the Plan will be registered in the name of the participant or in the name of the participant and his or her spouse or in the name of the ESPP Broker, as nominee holding the Shares for the benefit of the participant.
		
	10.
	LIMITATIONS ON SHARES TO BE PURCHASED 

(a)No employee shall be entitled to purchase Shares under the Plan at a rate which, when aggregated with his or her rights to purchase Shares of Common Stock under all other employee stock purchase plans of the Company or any Subsidiary, exceeds $25,000 in fair market value, determined as of the date such right is granted (or such other limit as may be imposed by the Code) for each calendar year in which the employee participates in the Plan. 
(b)Subject to Sections 9(a), 10(a) and 14(a) of the Plan, the maximum number of Shares that a participant may purchase on any single Purchase Date shall not exceed 10,000 Shares (the “Maximum Share Amount”); provided that prior to the commencement of any Offering Period, the Board may, in its sole discretion and without stockholder approval, change the Maximum Share Amount with respect to that Offering Period.  If a new Maximum Share Amount is set, then all participants must be notified of such Maximum Share Amount prior to the commencement of the next Offering Period.  Once a Maximum Share Amount is set, it shall continue to apply in respect of all succeeding Purchase Dates and Offering Periods unless revised by the Board as set forth above. 
(c)If a participant is precluded by the limitations of Sections 10(a) or 10(b) from purchasing additional Shares under the Plan, then his or her payroll deductions shall automatically be discontinued and shall resume at the beginning of the next Offering Period (or in the event of an Offering Period during which multiple purchase will occur, into the next applicable purchase period within the Offering Period) in which such participant is eligible to participate.  
(d)If the number of Shares to be purchased on a Purchase Date by all employees participating in the Plan exceeds the number of Shares then available for issuance under the Plan, the Company will make a pro rata allocation of the remaining Shares in as uniform a manner as shall be practicable and as the Board shall determine to be equitable. In such event, the Company shall give written notice of such reduction of the number of Shares to be purchased under a participant’s option to each employee affected thereby. Any payroll deductions accumulated in such participant’s account which are not used to purchase Shares due to the limitations in this Section 10(d) shall be returned to the participant (without interest, unless required by applicable local law) as soon as practicable after the end of the Offering Period.
		
	11.
	WITHDRAWAL 

(a)Each participant may withdraw from an Offering Period under the Plan by signing and delivering to the Administrator notice on a form provided for such purpose. Such withdrawal may be elected at any time at least fifteen (15) days prior to the end of an Offering Period, or such shorter period of time as may be required in certain jurisdictions outside the United States as determined by the Board. 
(b)Upon withdrawal from the Plan, the accumulated payroll deductions shall be returned to the withdrawn employee (without interest, unless required by applicable local law) and his or her interest in the Plan shall terminate. In the event an employee voluntarily elects to withdraw from the Plan, he or she may not resume his or her participation in the Plan during the same Offering Period, but he or she may participate in any Offering Period under the Plan which commences on a date subsequent to such withdrawal by filing a new authorization for payroll deductions in the same manner as set forth in Section 6 above for initial participation in the Plan. 
		
	12.
	TERMINATION OF EMPLOYMENT 

Termination of a participant’s employment for any reason, including retirement or death or the failure of a participant to remain an eligible employee as set forth in Section 4, terminates his or her participation in the Plan immediately.  In such event, the payroll deductions credited to the participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal representative. For this purpose, an employee will not be deemed to have terminated employment or failed to remain in the continuous employ of the Company in the case of sick leave, military leave, or any other leave of absence approved by the Board of Directors of the Company; provided that such leave is for a period of not more than ninety (90) days or, if such leave is longer than ninety (90) days, reemployment upon the expiration of such leave is guaranteed by contract or statute. 

		
	13.
	RETURN OF PAYROLL DEDUCTIONS 

In the event an employee’s interest in the Plan is terminated by withdrawal, termination of employment or otherwise, or in the event the Plan is terminated by the Board, the Company shall promptly deliver to the employee all payroll deductions credited to his or her account. Unless otherwise required by applicable local law, no interest shall accrue on the payroll deductions of a participant in the Plan. 
		
	14.
	ADJUSTMENTS UPON CAPITAL CHANGES; CORPORATE TRANSACTIONS

(a)Subject to any required action by the stockholders of the Company, the number of Shares covered by each option under the Plan which has not yet been exercised, the Maximum Share Amount set forth in Section 10(b) above, and the number of Shares which have been authorized for issuance under the Plan but have not yet been placed under option (collectively, the “Reserves”), as well as the price per Share covered by each option under the Plan which has not yet been exercised, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration or there is a change in the corporate structure (including, without limitation, a spin-off) or any other increase or decrease in the number of Shares effected without receipt of consideration by the Company provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an option. 
(b)In the event of the proposed dissolution or liquidation of the Company, each Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Board. In such event, the Board may, in the exercise of its sole discretion in such instances, declare that the options under the Plan shall terminate as of a date fixed by the Board and give each participant the right to exercise his or her option as to all of the optioned Shares. 
(c)In the event of a Corporate Transaction (defined below), each option under the Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, that the participant shall have the right to exercise the option as to all of the optioned Shares. If the Board makes an option exercisable in lieu of assumption or substitution in the event of a Corporate Transaction, the Board shall notify the participant that the option shall be fully exercisable on a date specified in such notice, and the option will terminate upon the expiration of such period.  For purposes of the Plan, a “Corporate Transaction” means (i) a merger or consolidation in which the Company is not the surviving corporation (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation of the Company in a different jurisdiction, or other transaction in which there is no substantial change in the stockholders of the Company or their relative stock holdings and the options granted under this Plan are assumed, converted or replaced by the successor corporation, which assumption will be binding on all participants), (ii) a merger in which the Company is the surviving corporation but after which the stockholders of the Company (other than any stockholder which merges (or which owns or controls another corporation which merges) with the Company in such merger) cease to own their shares or other equity interests in the Company, (iii) the sale of substantially all of the assets of the Company, or (iv) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the Company from or by the stockholders of the Company).
(d)The Board may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per Share covered by each outstanding option, in the event that the Company effects one or more reorganizations, recapitalizations, rights offerings or other increases or reductions of shares of its outstanding Common Stock, and in the event of a Corporate Transaction.
		
	15.
	NONASSIGNABILITY 

Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive Shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 22 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect. 
		
	16.
	REPORTS 

Individual accounts will be maintained for each participant in the Plan. Each participant shall receive promptly after the end of each Offering Period a report of his account setting forth the total payroll deductions accumulated, the number of Shares purchased, the per Share price thereof and the remaining cash balance, if any, carried forward to the next Offering Period, and any other reports required by applicable law. 

		
	17.
	NOTICE OF DISPOSITION 

Each participant under a Statutory Plan shall notify the Company if the participant disposes of any of the Shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such Shares were purchased (the “Notice Period”). Unless such participant is disposing of any of such Shares during the Notice Period, such participant shall keep the certificates representing such Shares in his or her name (and not in the name of a nominee) during the Notice Period. The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing Shares acquired pursuant to the Plan requesting the Company’s transfer agent to notify the Company of any transfer of the Shares. The obligation of the participant to provide such notice shall continue notwithstanding the placement of any such legend on certificates. 
		
	18.
	NO RIGHTS TO CONTINUED EMPLOYMENT

Neither this Plan nor the grant of any option hereunder shall confer any right on any employee to remain in the employ of the Company or any Subsidiary or restrict the right of the Company or any Subsidiary to terminate such employee’s employment. 
		
	19.
	EQUAL RIGHTS AND PRIVILEGES 

All participants in an Offering Period under the Statutory Plan shall have the same rights and privileges with respect to their participation in the Statutory Plan for that Offering Period, in accordance with Section 423 of the Code and the related regulations (and any successor provisions) except for differences that may be mandated by local law and are consistent with the requirements of Code Section 423(b)(5). Any provision of the Statutory Plan, a specific Offering Period or an option granted under the Statutory Plan which is inconsistent with this Section 19 shall without further act or amendment by the Company or the Board be reformed, if possible, to the extent necessary to render such provision in compliance with the requirements of Section 423 of the Code, or shall otherwise be deleted, and the remainder of the terms of the Statutory Plan, an Offering Period and/or an option shall not be affected.  
		
	20.
	NOTICES; ELECTRONIC DELIVERY

(a)All notices or other communications by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
(b)Any reference in the Plan to subscription agreements, enrollment forms, authorizations or any other document in writing shall include any agreement or document delivered electronically, including through the Company’s intranet. 
		
	21.
	CONDITIONS UPON ISSUANCE OF SHARES 

Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company shall have no liability for failure to issue any Shares under this Plan in the event that such issuance cannot be accomplished in compliance with all applicable laws.
		
	22.
	APPLICABLE LAW 

The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Delaware. 
		
	23.
	EFFECTIVE DATE; TERM OF THE PLAN

The Plan shall become effective upon approval of the Plan by the stockholders of the Company, and shall continue until the earliest to occur of (i) termination of the Plan by the Board, (ii) issuance of all of the Shares reserved for issuance under the Plan, or (iii) ten (10) years from the date the Plan was originally approved by the stockholders (subject to the ability of the stockholders to approve later extensions of this term). 
		
	24.
	AMENDMENT OR TERMINATION OF THE PLAN 

The Board of Directors of the Company may at any time amend or terminate the Plan. Termination of the Plan shall not affect options previously granted under the Plan, nor shall any amendment make any change in an option previously granted which would adversely affect the right of any participant (unless mutually agreed otherwise between the participant and the Company, which agreement must be in writing and signed by the participant and the Company); provided that if the Board determines that a change in applicable accounting rules or a change in applicable laws renders an amendment or termination desirable, then the Board may approve such an amendment or termination. Any amendment of the Plan shall be subject to 

approval of the stockholders of the Company in the manner and to the extent required by applicable law. In addition, without limiting the foregoing, the Board may not amend the Plan without approval of the stockholders of the Company if such amendment would: (i) increase the number of Shares that may be issued under the Plan; or (ii) expand the designation of the employees (or class of employees) eligible for participation in the Plan.EX-10.1

 EXHIBIT 10.1 

FIRST AMENDMENT TO CREDIT AND GUARANTY AGREEMENT 

This First Amendment to Credit and Guaranty Agreement (this “Amendment”) is made as of this 1st day of February, 2016, by and among CTR PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), CARETRUST REIT, INC., a Maryland corporation (the
“REIT Guarantor”), the other Guarantors identified herein, KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the “Agent”), on behalf of itself and certain other lenders (each a “Lender”
and collectively, the “Lenders”) and the Lenders party hereto. Unless otherwise defined herein, terms defined in the Credit Agreement set forth below shall have the same meaning herein. 

W I T N E S S E T H: 

WHEREAS, the Borrower, the REIT Guarantor and the other Guarantors party thereto, the Agent and certain of the Lenders have
entered into a certain Credit and Guaranty Agreement dated as of August 5, 2015 (the “Credit Agreement”); and 

WHEREAS, the Borrower, the Guarantors, the Agent and the Lenders have agreed to amend the Credit Agreement as set forth
herein. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto
hereby agree as follows: 
 1.         Amendment to Credit Agreement. 

 

	 	(a)	 The Credit Agreement is hereby amended in its entirety to reflect the modifications identified in the document annexed hereto as Annex A.

  

	 	(b)	 Schedule I to the Credit Agreement (Commitment Amounts) is hereby deleted in its entirety and the Schedule I attached hereto is substituted in its
stead. 

 2.         Representations and Warranties. 

(a)         The Loan Parties hereby represent, warrant and covenant
with Agent and Lenders that, as of the date hereof: 
 (i)
        All representations and warranties made in the Credit Agreement and other Loan Documents are true and correct in all material respects on and as of the Effective Date with the same effect as though
made on and as of such date, except to the extent that such representations and warranties expressly refer to an earlier date, in which case they shall be true and correct in all material respects of such earlier date (other than those
representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects). 

  
 1 

 (ii)         There
exists no Default or Event of Default under any of the Loan Documents. 
  

	3.	Conditions to Effectiveness. This Amendment shall not be effective (the “First Amendment Effective Date”) until each of the following conditions precedent has been fulfilled to the reasonable
satisfaction of the Agent: 

  

	 	(a)	This Amendment shall have been duly executed and delivered by the Loan Parties, the Administrative Agent and the Lenders. 

  

	 	(b)	All action on the part of the Loan Parties necessary for the valid execution, delivery and performance by the Loan Parties of this Amendment shall have been duly and effectively taken. The Lenders shall have received
such customary corporate resolutions, certificates and other customary corporate documents as the Agent shall reasonably request. 

  

	 	(c)	The Lenders shall have received customary opinions of counsel to the Loan Parties. 

  

	 	(d)	After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. 

4.         This Amendment, which may be executed in multiple counterparts, constitutes
the entire agreement of the parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic
imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually executed counterpart of this Amendment. The Loan Parties hereby ratify, confirm and reaffirm all of the terms and conditions of the Credit Agreement, and each of
the other Loan Documents, and further acknowledges and agrees that all of the terms and conditions of the Credit Agreement shall remain in full force and effect except as expressly provided in this Amendment. This Amendment constitutes a Loan
Document for all purposes under the Credit Agreement. 
 5.         Any
determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality or enforceability of such provision in any other instance,
or the validity, legality or enforceability of any other provisions of this Amendment. 
 6.
        This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 2 

 It is intended that this Amendment take effect as an instrument under seal as of
the date first written above. 
  

					
	CTR PARTNERSHIP, L.P., a Delaware limited partnership	 	
			
	By:	 	CareTrust GP, LLC, its general partner	 	
			
	By:	 	CareTrust REIT, Inc., its sole member	 	
			
	By:	 	 /s/ William Wagner
	 	
	Name:	 	William Wagner	 	
	Title:	 	CFO	 	
		
	CARETRUST REIT, INC., a Maryland corporation	 	
			
	By:	 	 /s/ William Wagner
	 	
	Name:	 	William Wagner	 	
	Title:	 	CFO	 	
		
	CARETRUST GP, LLC, a Delaware limited liability company	 	
			
	By:	 	CareTrust REIT, Inc., its sole member	 	
			
	By:	 	 /s/ William Wagner
	 	
	Name:	 	William Wagner	 	
	Title:	 	CFO	 	
		
	CARETRUST CAPITAL CORP., a Delaware corporation	 	
			
	By:	 	 /s/ William Wagner
	 	
	Name:	 	William Wagner	 	
	Title:	 	CFO	 	

  
 3 

 
					
	CTR ARVADA PREFERRED, LLC, a
Delaware limited liability company	 	
			
	By:	 	CTR Partnership, L.P., its sole member	 	
			
	By:	 	CareTrust GP, LLC, its general partner	 	
			
	By:	 	CareTrust REIT, Inc., its sole member	 	
			
	By:	 	 /s/ William Wagner
	 	
	Name:	 	William Wagner	 	
	Title:	 	CFO	 	

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 4 

 18TH PLACE HEALTH HOLDINGS LLC 

49TH STREET HEALTH HOLDINGS LLC 
 4TH STREET HOLDINGS
LLC 
 51ST AVENUE HEALTH HOLDINGS LLC 
 ANSON
HEALTH HOLDINGS LLC 
 ARAPAHOE HEALTH HOLDINGS LLC 

ARROW TREE HEALTH HOLDINGS LLC 
 AVENUE N HOLDINGS LLC

 BIG SIOUX RIVER HEALTH HOLDINGS LLC 
 BOARDWALK
HEALTH HOLDINGS LLC 
 BOGARDUS HEALTH HOLDINGS LLC 

BURLEY HEALTHCARE HOLDINGS LLC 
 CASA LINDA RETIREMENT
LLC 
 CHERRY HEALTH HOLDINGS LLC 
 CM HEALTH
HOLDINGS LLC 
 COTTONWOOD HEALTH HOLDINGS LLC 

DALLAS INDEPENDENCE LLC 
 DIXIE HEALTH HOLDINGS LLC

 EMMETT HEALTHCARE HOLDINGS LLC 
 ENSIGN
BELLFLOWER LLC 
 ENSIGN SOUTHLAND LLC 

EVERGLADES HEALTH HOLDINGS LLC 
 EXPO PARK HEALTH
HOLDINGS LLC 
 EXPRESSWAY HEALTH HOLDINGS LLC 

FALLS CITY HEALTH HOLDINGS LLC 
 FIFTH EAST HOLDINGS LLC

 FIG STREET HEALTH HOLDINGS LLC 
 FLAMINGO
HEALTH HOLDINGS LLC 
 FORT STREET HEALTH HOLDINGS LLC 

GAZEBO PARK HEALTH HOLDINGS LLC 
 GILLETTE PARK HEALTH
HOLDINGS LLC 
 GOLFVIEW HOLDINGS LLC 
 GUADALUPE
HEALTH HOLDINGS LLC 
 HILLENDAHL HEALTH HOLDINGS LLC 

HILLVIEW HEALTH HOLDINGS LLC 
 IRVING HEALTH HOLDINGS
LLC 
 IVES HEALTH HOLDINGS LLC 
 JEFFERSON
RALSTON HOLDINGS LLC 
 JORDAN HEALTH PROPERTIES LLC 

JOSEY RANCH HEALTHCARE HOLDINGS LLC 
 KINGS COURT HEALTH
HOLDINGS LLC 
 LAFAYETTE HEALTH HOLDINGS LLC 

LEMON RIVER HOLDINGS LLC 
 LOCKWOOD HEALTH HOLDINGS LLC

 LONG BEACH HEALTH ASSOCIATES LLC 
 LOWELL
HEALTH HOLDINGS LLC 
 LOWELL LAKE HEALTH HOLDINGS LLC 

LUFKIN HEALTH HOLDINGS LLC 
 MEMORIAL HEALTH HOLDINGS
LLC 

  
 5 

 MESQUITE HEALTH HOLDINGS LLC 

MISSION CCRC LLC 
 MOENIUM HOLDINGS LLC 

NORTHSHORE HEALTHCARE HOLDINGS LLC 
 OLESON PARK HEALTH
HOLDINGS LLC 
 OREM HEALTH HOLDINGS LLC 
 PAREDES
HEALTH HOLDINGS LLC 
 POLK HEALTH HOLDINGS LLC 

PRAIRIE HEALTH HOLDINGS LLC 
 PRICE HEALTH HOLDINGS LLC

 QUEEN CITY HEALTH HOLDINGS LLC 
 QUEENSWAY
HEALTH HOLDINGS LLC 
 RB HEIGHTS HEALTH HOLDINGS LLC 

REGAL ROAD HEALTH HOLDINGS LLC 
 RENEE AVENUE HEALTH
HOLDINGS LLC 
 RIO GRANDE HEALTH HOLDINGS LLC 

SALMON RIVER HEALTH HOLDINGS LLC 
 SALT LAKE
INDEPENDENCE LLC 
 SAN CORRINE HEALTH HOLDINGS LLC 

SARATOGA HEALTH HOLDINGS LLC 
 SILVER LAKE HEALTH
HOLDINGS LLC 
 SILVERADA HEALTH HOLDINGS LLC 

SNOHOMISH HEALTH HOLDINGS LLC 
 SOUTH DORA HEALTH
HOLDINGS LLC 
 STILLHOUSE HEALTH HOLDINGS LLC 

TEMPLE HEALTH HOLDINGS LLC 
 TENTH EAST HOLDINGS LLC

 TRINITY MILL HOLDINGS LLC 
 TROUSDALE HEALTH
HOLDINGS LLC 
 TULALIP BAY HEALTH HOLDINGS LLC 

VERDE VILLA HOLDINGS LLC 
 WAYNE HEALTH HOLDINGS LLC

 WILLITS HEALTH HOLDINGS LLC 
 WILLOWS HEALTH
HOLDINGS LLC 
 WISTERIA HEALTH HOLDINGS LLC, 

each a Nevada limited liability company 
  

			
	 By:
	 	 CTR Partnership, L.P., its sole member

		
	 By:
	 	 CareTrust GP, LLC, its general partner

		
	 By:
	 	 CareTrust REIT, Inc., its sole member

		
	 By:
	 	 /s/ William
Wagner                    

	 Name:
	 	 William Wagner

	 Title:
	 	 CFO

  
 6 

 
			
	AGENT AND LENDERS:
	
	 KEYBANK NATIONAL

ASSOCIATION, as the Administrative
 Agent, as the Issuing
Bank, as the Swingline
 Lender and as a Lender

		
	 By:
	 	/s/ Eric Hafertepen                            
	 Name:
	 	 Eric Hafertepen

	 Title:
	 	   Vice President

  
 7 

 
			
	 RAYMOND JAMES BANK, N.A., as a

Lender

		
	 By:
	 	/s/ James M. Armstrong                
	 Name:
	 	 James M. Armstrong

	 Title:
	 	   Senior Vice President

  
 8 

 
			
	BMO HARRIS BANK, N.A., as a Lender
		
	 By:
	 	/s/ Lloyd Baron                                 
   
	 Name:
	 	 Lloyd Baron

	 Title:
	 	   Director

  
 9 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	 By:
	 	/s/ Bonnie Glenn                                
	 Name: Bonnie Glenn

	 Title: Vice President

  
 10 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	 By:
	 	/s/ Joshua Freedman                    
	 Name:
	 	 Joshua Freedman

	 Title:
	 	    Authorized Signatory

  
 11 

 
			
	 FIFTH THIRD BANK, as a Lender

		
	 By:
	 	 /s/ Thomas
Avery                                

	 Name:
	 	 Thomas Avery

	 Title:
	 	   Relationship Manager

  
 12 

 
			
	 WELLS FARGO BANK N.A., as a Lender

		
	 By:
	 	 /s/ Darin
Mullis                                

	 Name:
	 	 Darin Mullis

	 Title:
	 	   Director

  
 13 

 
			
	FIRST BANK, A MISSOURI STATE CHARTERED BANK, as a Lender
	 By:
	 	 /s/ Richard
Sutton                            

	 Name:
	 	 Richard Sutton

	 Title:
	 	 Senior Vice President

  
 14 

 ANNEX A 

CREDIT AND GUARANTY AGREEMENT 

dated as of August 5, 2015 

as amended through February 1, 2016 

among 
 CTR PARTNERSHIP, L.P.,

 as Borrower 
 CARETRUST
REIT, INC., 
 as REIT Guarantor 

THE OTHER GUARANTORS PARTY HERETO 

THE LENDERS FROM TIME TO TIME PARTY HERETO 

and 
 KEYBANK NATIONAL
ASSOCIATION, 
 A NATIONAL BANKING ASSOCIATION 

as Administrative Agent 

KEYBANC CAPITAL MARKETS, RAYMOND JAMES BANK, N.A. AND BMO CAPITAL MARKETS 

as Joint Lead Arrangers and Book Managers 

RAYMOND JAMES BANK, N.A. AND BMO CAPITAL MARKETS 

as Co-Syndication Agents 

BARCLAYS BANK PLC AND RBC CAPITAL MARKETS 

as Co-Documentation Agents 

 TABLE OF CONTENTS 

 

							
	 Article I DEFINITIONS; CONSTRUCTION 
	  	 	1	  
	 Section 1.1.
	 	Definitions	  	 	1	  
	 Section 1.2.
	 	Classifications of Loans and Borrowings	  	 	53	  
	 Section 1.3.
	 	Accounting Terms and Determination	  	 	53	  
	 Section 1.4.
	 	Terms Generally	  	 	53	  
	 Article II AMOUNT AND TERMS OF THE COMMITMENTS
	  	 	54	  
	 Section 2.1.
	 	General Description of Facilities	  	 	54	  
	 Section 2.2.
	 	Revolving Loans	  	 	54	  
	 Section 2.3.
	 	Procedure for Revolving Borrowings	  	 	55	  
	 Section 2.4.
	 	Swingline Commitment	  	 	55	  
	 Section 2.5.
	 	Extension Option	  	 	57	  
	 Section 2.6.
	 	Funding of Borrowings	  	 	58	  
	 Section 2.7.
	 	Interest Elections	  	 	59	  
	 Section 2.8.
	 	Optional Reduction and Termination of Commitments	  	 	60	  
	 Section 2.9.
	 	Repayment of Loans	  	 	61	  
	 Section 2.10.
	 	Evidence of Indebtedness	  	 	61	  
	 Section 2.11.
	 	Optional Prepayments	  	 	63	  
	 Section 2.12.
	 	Mandatory Prepayments	  	 	63	  
	 Section 2.13.
	 	Interest on Loans	  	 	63	  
	 Section 2.14.
	 	Fees	  	 	64	  
	 Section 2.15.
	 	Computation of Interest and Fees	  	 	66	  
	 Section 2.16.
	 	Inability to Determine Interest Rates	  	 	66	  
	 Section 2.17.
	 	Illegality	  	 	67	  
	 Section 2.18.
	 	Increased Costs	  	 	67	  
	 Section 2.19.
	 	Funding Indemnity	  	 	69	  
	 Section 2.20.
	 	Taxes	  	 	69	  
	 Section 2.21.
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	72	  
	 Section 2.22.
	 	Letters of Credit	  	 	74	  
	 Section 2.23.
	 	Increase of Commitments; Additional Lenders	  	 	79	  
	 Section 2.24.
	 	Mitigation of Obligations	  	 	84	  
	 Section 2.25.
	 	Replacement of Lenders	  	 	84	  
	 Section 2.26.
	 	Defaulting Lenders	  	 	84	  
	 Section 2.27.
	 	Request for Extended Facilities	  	 	88	  
	Article III CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT; ADDITIONS OF BORROWING BASE ASSETS 	  	 	90	  
	 Section 3.1.
	 	Conditions to Effectiveness	  	 	91	  
	 Section 3.2.
	 	Conditions to Each Credit Event	  	 	94	  
	 Section 3.3.
	 	Delivery of Documents	  	 	94	  
	 Section 3.4.
	 	Removal of Borrowing Base Assets and Releases of Loan Parties	  	 	94	  
	 Article IV REPRESENTATIONS AND WARRANTIES 
	  	 	95	  
	 Section 4.1.
	 	Due Organization and Good Standing	  	 	96	  

  
 i 

							
	 Section 4.2.
	 	Power and Authority, Due Authorization, Execution, Delivery and Enforceability	  	 	96	  
	 Section 4.3.
	 	Governmental and Third Party Consents and Approvals; No Conflicts	  	 	96	  
	 Section 4.4.
	 	Financial Statements; Material Adverse Change	  	 	96	  
	 Section 4.5.
	 	Litigation and Environmental Matters	  	 	97	  
	 Section 4.6.
	 	Compliance with Laws	  	 	98	  
	 Section 4.7.
	 	Investment Company Act	  	 	99	  
	 Section 4.8.
	 	Taxes	  	 	99	  
	 Section 4.9.
	 	Margin Regulations	  	 	99	  
	 Section 4.10.
	 	ERISA	  	 	100	  
	 Section 4.11.
	 	Ownership of Property	  	 	100	  
	 Section 4.12.
	 	Accuracy of Disclosure	  	 	102	  
	 Section 4.13.
	 	Labor Relations	  	 	102	  
	 Section 4.14.
	 	Subsidiaries	  	 	102	  
	 Section 4.15.
	 	Solvency	  	 	103	  
	 Section 4.16.
	 	Insurance	  	 	103	  
	 Section 4.17.
	 	Reserved	  	 	103	  
	 Section 4.18.
	 	Real Property Assets; Leases	  	 	103	  
	 Section 4.19.
	 	Assignment of Claims Act	  	 	104	  
	 Section 4.20.
	 	Healthcare Matters	  	 	104	  
	 Section 4.21.
	 	OFAC	  	 	108	  
	 Section 4.22.
	 	Patriot Act	  	 	108	  
	 Section 4.23.
	 	No Default	  	 	108	  
	 Section 4.24.
	 	Intellectual Property	  	 	108	  
	 Section 4.25.
	 	REIT Status	  	 	108	  
	 Section 4.26.
	 	EEA Financial Institution	  	 	108	  
	 Article V AFFIRMATIVE COVENANTS
	  	 	108	  
	 Section 5.1.
	 	Financial Statements and Other Information	  	 	109	  
	 Section 5.2.
	 	Notices of Material Events	  	 	111	  
	 Section 5.3.
	 	Existence; Conduct of Business	  	 	114	  
	 Section 5.4.
	 	Compliance with Laws	  	 	114	  
	 Section 5.5.
	 	Payment of Taxes and Other Obligations	  	 	114	  
	 Section 5.6.
	 	Books and Records	  	 	115	  
	 Section 5.7.
	 	Visitation and Inspection	  	 	115	  
	 Section 5.8.
	 	Maintenance of Properties	  	 	115	  
	 Section 5.9.
	 	Insurance	  	 	116	  
	 Section 5.10.
	 	Use of Proceeds; Margin Regulations	  	 	116	  
	 Section 5.11.
	 	Casualty and Condemnation	  	 	116	  
	 Section 5.12.
	 	Additional Subsidiaries	  	 	116	  
	 Section 5.13.
	 	REIT Status	  	 	118	  
	 Section 5.14.
	 	Further Assurances	  	 	118	  
	 Section 5.15.
	 	Healthcare Matters	  	 	118	  
	 Section 5.16.
	 	Environmental Matters	  	 	119	  
	 Section 5.17.
	 	Borrowing Base Additions	  	 	120	  
	 Section 5.18.
	 	Borrowing Base Assets	  	 	121	  
	 Section 5.19.
	 	Borrowing Base Leases	  	 	121	  

  
 ii 

							
	 Section 5.20.
	 	Borrowing Base Certificates	  	 	122	  
	 Section 5.21.
	 	Eligible Ground Leases	  	 	122	  
	 Section 5.22.
	 	Borrowing Base Covenants	  	 	123	  
	 Section 5.23.
	 	Post-Closing Matters	  	 	124	  
	 Article VI FINANCIAL COVENANTS 
	  	 	124	  
	 Section 6.1.
	 	Consolidated Leverage Ratio	  	 	125	  
	 Section 6.2.
	 	Consolidated Fixed Charge Coverage Ratio	  	 	125	  
	 Section 6.3.
	 	Consolidated Tangible Net Worth	  	 	125	  
	 Section 6.4.
	 	Distribution Limitation	  	 	125	  
	 Section 6.5.
	 	Secured Debt	  	 	125	  
	 Section 6.6.
	 	Recourse Debt	  	 	125	  
	 Article VII NEGATIVE COVENANTS
	  	 	126	  
	 Section 7.1.
	 	Indebtedness and Preferred Equity	  	 	126	  
	 Section 7.2.
	 	Liens	  	 	128	  
	 Section 7.3.
	 	Fundamental Changes	  	 	130	  
	 Section 7.4.
	 	Investments, Loans	  	 	130	  
	 Section 7.5.
	 	Restricted Payments	  	 	132	  
	 Section 7.6.
	 	Sale of Assets	  	 	133	  
	 Section 7.7.
	 	Transactions with Affiliates	  	 	134	  
	 Section 7.8.
	 	Restrictive Agreements	  	 	136	  
	 Section 7.9.
	 	Sale and Leaseback Transactions	  	 	136	  
	 Section 7.10.
	 	Hedging Transactions	  	 	137	  
	 Section 7.11.
	 	Amendment to Organizational Documents	  	 	137	  
	 Section 7.12.
	 	RESERVED	  	 	137	  
	 Section 7.13.
	 	Business	  	 	137	  
	 Section 7.14.
	 	Accounting Changes	  	 	137	  
	 Section 7.15.
	 	Government Regulation	  	 	137	  
	 Section 7.16.
	 	Limited Activities of GP LLC	  	 	138	  
	 Article VIII EVENTS OF DEFAULT
	  	 	138	  
	 Section 8.1.
	 	Events of Default	  	 	138	  
	 Section 8.2.
	 	Application of Proceeds	  	 	141	  
	 Article IX THE ADMINISTRATIVE AGENT
	  	 	142	  
	 Section 9.1.
	 	Appointment of the Administrative Agent	  	 	143	  
	 Section 9.2.
	 	Nature of Duties of the Administrative Agent	  	 	144	  
	 Section 9.3.
	 	Lack of Reliance on the Administrative Agent	  	 	145	  
	 Section 9.4.
	 	Certain Rights of the Administrative Agent	  	 	145	  
	 Section 9.5.
	 	Reliance by the Administrative Agent	  	 	145	  
	 Section 9.6.
	 	The Administrative Agent in its Individual Capacity	  	 	145	  
	 Section 9.7.
	 	Successor Administrative Agent	  	 	145	  
	 Section 9.8.
	 	Withholding Tax	  	 	146	  
	 Section 9.9.
	 	The Administrative Agent May File Proofs of Claim	  	 	147	  
	 Section 9.10.
	 	Authorization to Execute Other Loan Documents	  	 	148	  
	 Section 9.11.
	 	Collateral and Guaranty Matters	  	 	148	  
	 Section 9.12.
	 	Co-Documentation Agents; Co-Syndication Agent	  	 	149	  
	 Section 9.13.
	 	Reserved	  	 	149	  
	 Section 9.14.
	 	Bank Product Obligations and Hedging Obligations	  	 	149	  
	 Article X MISCELLANEOUS
	  	 	149	  

  
 iii 

							
	 Section 10.1.
	 	Notices	  	 	149	  
	 Section 10.2.
	 	Waiver; Amendments	  	 	153	  
	 Section 10.3.
	 	Expenses; Indemnification	  	 	156	  
	 Section 10.4.
	 	Successors and Assigns	  	 	158	  
	 Section 10.5.
	 	Governing Law; Jurisdiction; Consent to Service of Process.	  	 	163	  
	 Section 10.6.
	 	WAIVER OF JURY TRIAL	  	 	164	  
	 Section 10.7.
	 	Right of Set-off	  	 	164	  
	 Section 10.8.
	 	Counterparts; Integration	  	 	164	  
	 Section 10.9.
	 	Survival	  	 	165	  
	 Section 10.10.
	 	Severability	  	 	165	  
	 Section 10.11.
	 	Confidentiality	  	 	166	  
	 Section 10.12.
	 	Interest Rate Limitation	  	 	167	  
	 Section 10.13.
	 	Waiver of Effect of Corporate Seal	  	 	167	  
	 Section 10.14.
	 	Patriot Act	  	 	167	  
	 Section 10.15.
	 	No Advisory or Fiduciary Responsibility	  	 	168	  
	 Section 10.16.
	 	Location of Closing	  	 	168	  
	 Section 10.17.
	 	Reserved	  	 	168	  
	 Section 10.18.
	 	Releases of Guaranty	  	 	168	  
	 Section 10.19.
	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	 	169	  
	 Article XI GUARANTY
	  	 	169	  
	 Section 11.1.
	 	The Guaranty	  	 	170	  
	 Section 11.2.
	 	Obligations Unconditional	  	 	170	  
	 Section 11.3.
	 	Reinstatement	  	 	172	  
	 Section 11.4.
	 	Certain Additional Waivers	  	 	172	  
	 Section 11.5.
	 	Remedies	  	 	172	  
	 Section 11.6.
	 	Rights of Contribution	  	 	172	  
	 Section 11.7.
	 	Guarantee of Payment; Continuing Guarantee	  	 	172	  
	 Section 11.8.
	 	Release of Subsidiary Loan Parties	  	 	173	  
	 Section 11.9.
	 	Keepwell	  	 	173	  

  
 iv 

 Schedules 
  

									
		 	Schedule I	 	-	    	        Commitment Amounts
		 	Schedule 4.11	 	-	    	        Real Property
		 	Schedule 4.14	 	-	    	        Subsidiaries
		 	Schedule 4.18	 	-	    	        Real Property Asset Matters
		 		 		    	        Part I	  	                        Borrowing Base Assets
		 		 		    	        Part II	  	                        Other Real Property
		 		 		    	        Part III	  	                        Material Sub-leases
				
		 	Schedule 4.19	 	-	    	        Federal Assignment of Claims Act
		 	Schedule 4.20	 	-	    	        Healthcare Matters
		 	Schedule 4.25	 	-	    	        REIT Status
		 	Schedule 5.23	 	-	    	        Post-Closing Matters
		 	Schedule 7.1	 	-	    	        Existing Indebtedness
		 	Schedule 7.2	 	-	    	        Existing Liens
		 	Schedule 7.4	 	-	    	        Existing Investments
		 	Schedule 7.8	 	-	    	        Existing Leases with Restrictive Agreements

Exhibits 
  

									
		 	Exhibit A	 	-	    	Form of Assignment and Acceptance
		 	Exhibit B	 	-	    	Form of Borrowing Base Certificate
		 	Exhibit C	 	-	    	Form of Joinder Agreement
					
		 	Exhibit 2.3	 	-	    		  	Form of Notice of Revolving Borrowing
		 	Exhibit 2.4	 	-	    		  	Form of Notice of Swingline Borrowing
		 	Exhibit 2.7	 	-	    		  	Form of Notice of Continuation/Conversion
		 	Exhibit 2.22	 	-	    		  	Form of Letter of Credit Notice/Application
		 	 Exhibit 3.1(b)(ii)
	    	 -
	  	         Form of Secretary’s Certificate

		 	 Exhibit 3.1(b)(iv)
	    	 -
	  	         Form of Officer’s Certificate

		 	 Exhibit 5.1(c)
	    	 -
	  	         Form of Compliance Certificate

  
 v 

 CREDIT AND GUARANTY AGREEMENT 

THIS CREDIT AND GUARANTY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”) is made and entered into as of August 5, 2015, as amended through February 1, 2016 by and among CTR PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), CARETRUST REIT, INC., a Maryland
corporation (the “REIT Guarantor”), the other Guarantors identified herein, the several banks and other financial institutions and lenders from time to time party hereto (the “Lenders”) and KEYBANK NATIONAL ASSOCIATION, in its
capacity as administrative agent for the Lenders, as an issuing bank and as swingline lender. 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lenders establish a revolving credit facility in an aggregate principal
amount of up to $400,000,000 in favor of the Borrower; and 
 WHEREAS, the Borrower has requested that the Lenders
establish a term loan facility on the First Amendment Effective Date (as defined below) in an aggregate principal amount of $100,000,000 in favor of the Borrower; and 

WHEREAS, subject to the terms and conditions of this Agreement, the Lenders, the Issuing Banks and the Swingline
Lender, to the extent of their respective Commitments as defined herein, are willing severally to establish the requested revolving credit facility, term loan facility, incremental term loan facility (as applicable pursuant to
Section 2.23), letter of credit subfacility and swingline subfacility in favor of the Borrower; 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrower, the Lenders, the Administrative Agent, the Issuing Banks and the Swingline Lender agree as follows: 

ARTICLE I 
 DEFINITIONS;
CONSTRUCTION 
 Section 1.1.         Definitions. In
addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined): 

“Acquisition” shall mean (i) any Investment by the REIT Guarantor or any of its Subsidiaries in any
other Person organized in the United States (with all or substantially all of the assets of such Person and its Subsidiaries located in the United States), pursuant to which such Person shall become a Subsidiary of the REIT Guarantor or any of its
Subsidiaries or shall be merged or otherwise consolidated or combined with the REIT Guarantor or any of its Subsidiaries or (ii) any acquisition by the REIT Guarantor or any of its Subsidiaries of the assets of any Person (other than a
Subsidiary of the REIT Guarantor) that constitutes all or substantially all of the assets of such Person or a division or business unit of such Person or any acquisition of one or more Real Property Assets, whether through purchase, capital lease,
exercise of an option to purchase, merger or other business combination or transaction (and all or substantially all of such assets, division or business 

 
unit are located in the United States). With respect to a determination of the amount of an Acquisition, such amount shall include all consideration (including any deferred payments) set forth in
the applicable agreements governing such Acquisition as well as the assumption of any Indebtedness in connection therewith. 

“Additional Lender” shall have the meaning set forth in Section 2.23. 

“Adjusted Consolidated Debt” shall mean, as of any date of determination, the sum of (i) all
Consolidated Debt plus (ii) without duplication of Indebtedness referred to in clause (i), the Consolidated Parties’ pro rata share of Indebtedness attributable to interest in Unconsolidated Affiliates, in each
case as of such date. 
 “Adjusted Consolidated EBITDA” shall mean, for the Consolidated Parties for any
period. 
 (i)         Adjusted Consolidated Net Income for such
period, plus, 
 (ii)         to the extent such amount was
deducted (other than with respect to clause (e) below) in calculating such Adjusted Consolidated Net Income (without duplication): (a) Consolidated Interest Expense plus accretion or accrual of discounted liabilities not constituting
Indebtedness, expenses resulting from the discounting of any outstanding Indebtedness in connection with the application of purchase accounting in connection with any acquisition, amortization of deferred financing fees, debt issuance costs,
commissions, fees and expenses, and expensing of bridge, commitment or other financing fees and prepayment or redemption premiums; (b) provision for taxes based on income or profits or capital gains, including federal, state, provincial,
franchise, excise and similar taxes and foreign withholding taxes; (c) depreciation and amortization (including amortization or impairment write-offs of goodwill and other intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period); (d) the amount of integration and other unusual fees, costs and expenses deducted (and not added back) in such period in computing Adjusted Consolidated Net Income, including any one-time direct transaction or
restructuring costs incurred in connection with equity issuance, Acquisitions, Investments or Dispositions permitted pursuant to this Agreement, severance and other restructuring, impairment and other one-time charges (in each case, whether or not
consummated), not to exceed for any four Fiscal Quarter period 10 percent (10%) of Adjusted Consolidated EBITDA (calculated before giving effect to this clause (d)); (e) proceeds from any business interruption insurance;
(f) any non-cash compensation expense attributable to grants of stock options, restricted stock or similar rights to officers, directors and employees of any Consolidated Party; (g) other than any item covered by subsection
(a) through (f) above, all other unusual or non-recurring charges or items of loss or expense, together with any related provision for taxes; (h) all other non-cash items (other than straight-line rent) reducing Adjusted Consolidated
Net Income (other than items for which a cash expense has been actually paid), including any impairment charge or asset write-offs or write-downs related to intangible assets (including goodwill) and long-lived assets pursuant to GAAP; (i) any
losses resulting from mark to market accounting of Hedge Agreements or other derivative instruments permitted pursuant 

  
 2 

 
to this Agreement (including, by virtue of a termination thereof); (j) costs, fees, charges and other expenses related to the Loan Documents, the Existing Credit Agreement and other
Indebtedness not prohibited hereunder, the Spin Off Transaction and the other Related Transactions; and (k) all payments made under any Permitted Bond Hedge Transaction to the extent permitted pursuant to this Agreement, less 

(iii)         to the extent such amount was included in calculating
such Adjusted Consolidated Net Income (without duplication): (a) all non-cash items (other than straight-line rent) increasing Adjusted Consolidated Net Income; (b) all payments received under any Permitted Bond Hedge Transaction to the
extent permitted pursuant to this Agreement; (c) any non-recurring items of income or gain; and (d) any gains resulting from mark to market accounting of Hedge Agreements or other derivative instruments permitted pursuant to this
Agreement, all as determined on a consolidated basis for the Consolidated Parties in conformity with GAAP, less 

(iv)         Capital Reserves for such period. 

For purposes of this definition, Adjusted Consolidated EBITDA shall be adjusted to remove any impact from (A) straight
line rent adjustments required under GAAP, (B) amortization of intangibles pursuant to FASB ASC 805 and (C) the amortization of deferred market rent into income pursuant to FAS 141; notwithstanding the foregoing, (1) Adjusted
Consolidated EBITDA for the (12) month period ending March 31, 2015 shall be deemed to be the Adjusted Consolidated EBITDA for the quarter ending March 31, 2015 annualized, (2) Adjusted Consolidated EBITDA for the (12) month
period ending June 30, 2015 shall be deemed to be the Adjusted Consolidated EBITDA for the six (6) months ending June 30, 2015 annualized, and (3) Adjusted Consolidated EBITDA for the (12) month period ending
September 30, 2015 shall be deemed to be the Adjusted Consolidated EBITDA for the nine (9) months ending September 30, 2015 annualized. The Administrative Agent and the Lenders agree that the Adjusted Consolidated EBITDA for the three
(3) month period ending March 31, 2015 was $13,880,900.00. 
 “Adjusted Consolidated Net Income”
shall mean, for any period, the sum without duplication of (x) the aggregate net income (or loss) (before giving effect to cash dividends on preferred stock of the REIT Guarantor or charges resulting from the redemption of preferred stock of
the REIT Guarantor) of the Consolidated Parties for such period determined on a consolidated basis in conformity with GAAP; and (y) without duplication, the Consolidated Parties’ Ownership Share of the aggregate net income (or loss)
attributable to interests in Unconsolidated Affiliates provided, however, that the following items shall be excluded in computing Adjusted Consolidated Net Income, without duplication: (i) the net income of any Person, other than the
Consolidated Parties, except to the extent of the amount of dividends or other distributions actually paid in cash (or to the extent converted into cash) or Permitted Investments to the Consolidated Parties by such Person during such period;
(ii) solely for purposes of calculating the Consolidated Fixed Charge Coverage Ratio, the undistributed net income of any Subsidiary that is not a Loan Party to the extent that the declaration or payment of dividends or similar distributions by
such Subsidiary of such net income is not at the time of the last day of such period permitted by the operation of the 

  
 3 

 
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary, unless such restrictions with respect to the
declaration and payment of dividends or distributions have been properly waived; provided, however, that Adjusted Consolidated Net Income will be increased by the amount of dividends or other distributions or other payments made in cash (or to the
extent converted into cash) or Permitted Investments to any Consolidated Party by such Person during such period, to the extent not already included therein; (iii) the cumulative effect of a change in accounting principles; (iv) all
after-tax gains or losses attributable to asset sales and other Dispositions, together with any related provision for taxes; (v) all extraordinary charges, gains or losses or expenses; (vi) any gains or losses resulting from the early
extinguishment of indebtedness; (vii) any gains or losses attributable to the write-ups or write-downs (as applicable) of assets or the sale of assets, in each case, together with any related provision for taxes; (viii) the Consolidated
Parties’ Ownership Share of the foregoing items and components attributable to interests in Unconsolidated Affiliates and (ix) income and expenses allocated to minority owners and other deductions for non-controlling or minority interests
of the Borrower (but not any other Subsidiary of the REIT Guarantor). 
 “Adjusted Funds From Operations”
for any period shall mean the Adjusted Consolidated Net Income for such period, plus depreciation and amortization of real property (including furniture and equipment) and other real estate assets and excluding (to the extent such amount was added
or deducted, as applicable, in calculating such Adjusted Consolidated Net Income): (i) gains or losses from (a) the restructuring or refinancing of Indebtedness or (b) sales of properties; (ii) non-cash asset impairment charges;
(iii) non-cash charges related to redemptions of preferred stock of the REIT Guarantor; (iv) any non-cash compensation expense attributable to grants of stock options, restricted stock or similar rights to officers, directors and employees
of Consolidated Parties; (v) the amortization of financing fees and the write-off of financing costs; (vi) deferred rental income; (vii) any one-time direct transaction or restructuring costs incurred in connection with acquisitions
or dispositions; (viii) any other non-cash charges associated with the sale or settlement of any Hedging Transaction; and (ix) costs, fees, charges and other expenses related to the Loan Documents, the Spin-Off Transaction and the other
Related Transactions. 
 “Adjusted LIBOR” shall mean, with respect to each Interest Period for a Eurodollar
Loan, (i) the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars) for a period equal in length to such Interest Period as displayed
on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page
of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBOR Screen Rate”) at approximately 11:00 A.M. (London time) two
(2) Business Days prior to the first day of such Interest Period, with a maturity comparable to such Interest Period, divided by (ii) a percentage equal to 100% minus the then stated maximum rate of all reserve requirements (including any
marginal, emergency, supplemental, special or other reserves and without benefit of credits for proration, exceptions or offsets that may be available from time to time) applicable to any member bank of the Federal Reserve System in respect of
Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities under Regulation 

  
 4 

 
D); provided, that if the rate referred to in clause (i) above is not available at any such time for any reason, then the rate referred to in clause (i) shall instead be the interest
rate per annum, as determined by the Administrative Agent, to be the arithmetic average of the rates per annum at which deposits in U. S. Dollars in an amount equal to the amount of such Eurodollar Loan are offered by major 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 such Interest Period. If Adjusted LIBOR determined as provided above would be less than zero, Adjusted LIBOR
shall be deemed to be zero. 
 “Adjusted NOI” shall mean, with respect to any Real Property Asset not
leased to a third party under a triple-net lease, the Property NOI of such Real Property Asset, less Capital Reserves. 

“Administrative Agent” shall mean KeyBank National Association in its capacity as administrative agent for
the Lenders under any of the Loan Documents, or any successor administrative agent. 
 “Administrative
Questionnaire” shall mean, with respect to each Lender, an administrative questionnaire in the form provided by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender. 

“Affiliate” shall mean, as to any Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such Person. For the purposes of this definition, “Control” shall mean the power, directly or indirectly, either to (i) vote ten percent (10%) or more
of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of a Person, whether through the ability to
exercise voting power, by control or otherwise; provided that, notwithstanding the foregoing, Ensign and its Subsidiaries shall be deemed not to be Affiliates of the REIT Guarantor and its Subsidiaries. The terms “Controlled by” and
“under common Control with” have the meanings correlative thereto. 
 “Aggregate Revolving Commitment
Amount” shall mean the aggregate principal amount of the Aggregate Revolving Commitments from time to time. On the First Amendment Effective Date, the Aggregate Revolving Commitment Amount is $400,000,000. 

“Aggregate Revolving Commitments” shall mean, collectively, all Revolving Commitments of all Lenders at any
time outstanding. 
 “Agreement” shall have the meaning set forth in the introductory paragraph hereof.

 “Anti-Terrorism Order” shall mean Executive Order 13224, signed by President George W. Bush on
September 23, 2001. 
 “Applicable Distribution Period” shall mean, for each Fiscal Quarter, the
immediately prior four Fiscal Quarter period. 

  
 5 

 “Applicable Lending Office” shall mean, for each Lender and for
each Type of Loan, the “Lending Office” of such Lender (or an Affiliate of such Lender) designated for such Type of Loan in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or such Affiliate of
such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by which its Loans of such Type are to be made and maintained. 

“Applicable Margin” shall mean, as of any date, with respect to all Loans outstanding on such date or the
letter of credit fee, as the case may be, the percentage per annum determined by reference to the applicable Consolidated Leverage Ratio in effect on such date as set forth in the pricing grid below (the “Pricing Grid”);
provided that a change in the Applicable Margin resulting from a change in the Consolidated Leverage Ratio shall be effective on the second (2nd) Business Day after the Borrower delivers
each of the financial statements required by Section 5.1(a) and (b) and the Compliance Certificate required by Section 5.1(d); provided, further, that if at any time the Borrower shall have failed to
deliver such financial statements and such Compliance Certificate when so required, the Applicable Margin shall be at Level V as set forth in the Pricing Grid until such time as such financial statements and Compliance Certificate are delivered, at
which time the Applicable Margin shall be determined as provided above. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the date by which the financial statements and Compliance Certificate for the Fiscal Quarter
ending June 30, 2015 are required to be delivered shall be at Level IV as set forth in the Pricing Grid. In the event that any financial statement or Compliance Certificate delivered hereunder is shown to be inaccurate (regardless of
whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin based upon the Pricing Grid (the “Accurate
Applicable Margin”) for any period that such financial statement or Compliance Certificate covered, then (i) the Borrower shall promptly deliver to the Administrative Agent a correct financial statement or Compliance Certificate, as
the case may be, for such period, (ii) the Applicable Margin shall be adjusted such that after giving effect to the corrected financial statement or Compliance Certificate, as the case may be, the Applicable Margin shall be reset to the
accurate Applicable Margin based upon the Pricing Grid for such period and (iii) the Borrower shall promptly pay to the Administrative Agent, for the account of the Lenders, the accrued additional interest owing as a result of such Accurate
Applicable Margin for such period. The provisions of this definition shall not limit the rights of the Administrative Agent and the Lenders with respect to Section 2.13(c) or Article VIII. 

Pricing Grid 
  

											
	 Pricing    

Level
	  	 Consolidated

Leverage
 Ratio
	  	
Applicable
Margin for
Revolving
Loans that

are
 Eurodollar
Loans
	  	Applicable
Margin for
Revolving
Loans that are    
Base Rate
Loans	  	Applicable
Margin for
First
Amendment    
Term Loan
Eurodollar
Loans	  	Applicable
Margin for
First
Amendment
Term Loan
Base
Rate
Loans

  
 6 

											
	 I
	  	 Less than or equal

to 40%
	  	 1.75%

per annum
	  	 0.75%

per annum
	  	 1.95%

per annum
	  	
0.95%

per annum

	 II
	  	 Greater than 40%

and less than or
 equal to
45%
	  	 1.85%

per annum
	  	 0.85%

per annum
	  	 2.05%

per annum
	  	 1.05%

per annum

	 III
	  	 Greater than 45%

and less than or
 equal to
50%
	  	 1.95%

per annum
	  	 0.95%

per annum
	  	 2.15%

per annum
	  	 1.15%

per annum

	 IV
	  	 Greater than 50%

and less than or
 equal to
55%
	  	 2.15%

per annum
	  	 1.15%

per annum
	  	 2.35%

per annum
	  	 1.35%

per annum

	 V
	  	 Greater than 55%
	  	 2.40%

per annum
  
	  	 1.40%

per annum
  
	  	 2.60%

per annum
  
	  	 1.60%

per annum
  

 Notwithstanding the foregoing, in the event that, following the Closing Date, the REIT
Guarantor obtains a credit rating of BBB-/Baa3 or higher from S&P or Moody’s (each such rating, an “Investment Grade Rating”) on its senior long term unsecured debt, then at the election of the Borrower, which election
shall be irrevocable if made, then the Pricing Grid set forth above shall be replaced in its entirety with, and the Applicable Margin shall thereafter be determined by reference to, the grid set forth below (the “IGR Pricing Grid”).
In the event that the REIT Guarantor obtains two Investment Grade Ratings and the Borrower elects to replace the Pricing Grid with the IGR Pricing Grid, then the Applicable Margin shall be determined by reference to the IGR Pricing Grid as follows:
(i) if the lower of the two Investment Grade Ratings is one level below the higher of the Investment Grade Ratings as set forth in the IGR Pricing Grid, then the Applicable Margin shall be the higher of the two Investment Grade Ratings, and
(ii) if the lower of the two Investment Grade Ratings is two or more levels below the higher of the Investment Grade Ratings as set forth in the IGR Pricing Grid, then the Applicable Margin shall be the level of the IGR Pricing Grid that is one
level below the highest Investment Grade Rating received by the REIT Guarantor. 
 IGR Pricing Grid 

 

											
	Pricing
Level	  	 Ratings:

S&P or
 Moody’s
	  	 Applicable
Margin
for
Revolving
 Loans that are
Eurodollar
Loans
	  	 Applicable
Margin
for
Revolving
 Loans that are
Base Rate

Loans
	  	 Applicable
Margin for

First
Amendment
Term Loan
Eurodollar
Loans
	  	
Applicable
Margin for First
Amendment
Term Loan Base
Rate

Loans

	 I
	  	 At least A- or A3
	  	 0.875%

per annum
	  	 0.00%

per annum
	  	 1.40% per annum
	  	 0.40% per

annum

	 II
	  	 At least BBB+ or Baa1
	  	 0.925%

per annum
	  	 0.00%

per annum
	  	 1.45% per annum
	  	 0.45% per

annum

  
 7 

											
	 III
	  	 At least BBB or

Baa2
	  	 1.05%

per annum
	  	 0.05%

per annum
	  	 1.55% per annum
	  	
0.55% per

annum

	 IV
	  	 At least BBB- or

Baa3
	  	 1.25%

per annum
	  	 0.25%

per annum
	  	 1.80% per annum
	  	 0.80% per

annum

	 V
	  	 Below BBB- and

Baa3
	  	 1.55%

per annum
	  	 0.55%

per annum
	  	 2.35% per annum
	  	 1.35% per

annum

 “Applicable Unused Fee Percentage” shall mean an amount equal to (i) if
the average daily Revolving Credit Exposure is less than 50% of the Aggregate Revolving Commitment Amount for the subject quarter, 0.25% per annum, and (ii) if the average daily Revolving Credit Exposure is equal to or greater than 50% of
the Aggregate Revolving Commitment Amount for the subject quarter, 0.15% per annum. 
 “Approved Fund”
shall mean 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 and that is
administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Approved Managers” shall mean (a) any of the property managers proposed by the Borrower that are
preapproved by the Administrative Agent and the Lenders as of the Closing Date or (b) any other property manager reasonably acceptable to the Administrative Agent with experience managing properties which are substantially similar to the
applicable Borrowing Base Asset, and which is engaged to manage one or more Real Property Assets constituting Borrowing Base Assets pursuant to a management agreement between such Person or property manager and the applicable Loan Party that owns
(or ground leases) such Borrowing Base Asset. 
 “Assignment and Acceptance” shall mean an assignment and
acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.4(b)) and accepted by the Administrative Agent, in the form of Exhibit A attached hereto or any other form
approved by the Administrative Agent. 
 “Availability Period” shall mean the period from the
Closing Date to but excluding the Revolving Commitment Termination Date. 
 “Available Loan Amount” shall
mean (a) the Borrowing Base Amount less (b) the Total Unsecured Indebtedness of the Consolidated Group (excluding the Obligations). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 

  
 8 

 “Bank Product Obligations” shall mean, collectively, all
obligations and other liabilities of any Loan Party to any Bank Product Provider arising with respect to any Bank Products. 

“Bank Product Provider” shall mean any Person that, at the time it provides any Bank Product to any Loan
Party, (i) is a Lender or an Affiliate of a Lender and (ii) except when the Bank Product Provider is KeyBank and its Affiliates, has provided prior written notice to the Administrative Agent which has been acknowledged by the Borrower of
(x) the existence of such Bank Product, (y) the maximum dollar amount of obligations arising thereunder (the “Bank Product Amount”) and (z) the methodology to be used by such parties in determining the obligations
under such Bank Product from time to time. In no event shall any Bank Product Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Bank Products except that each reference to the term “Lender”
in Article IX and Section 10.3(b) shall be deemed to include such Bank Product Provider. The Bank Product Amount may be changed from time to time upon written notice to the Administrative Agent by the applicable Bank Product
Provider. No Bank Product Amount may be established at any time that a Default or Event of Default exists. 
 “Bank
Products” shall mean any of the following services provided to any Loan Party by any Bank Product Provider: (i) any treasury or other cash management services, including deposit accounts, automated clearing house (ACH) origination and
other funds transfer, depository (including cash vault and check deposit), zero balance accounts and sweeps, return items processing, controlled disbursement accounts, positive pay, lockboxes and lockbox accounts, account reconciliation and
information reporting, payables outsourcing, payroll processing, trade finance services, investment accounts and securities accounts, and (ii) card services, including credit cards (including purchasing cards and commercial cards), prepaid
cards, including payroll, stored value and gift cards, merchant services processing, and debit card services. 

“Bankruptcy Code” shall mean the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) and any
successor statute. 
 “Bankruptcy Event” shall mean, with respect to any Person, the occurrence of any of
the following: (i) the entry of a decree or order for relief by a court or governmental agency in an involuntary case under any applicable Debtor Relief Law or any other bankruptcy, insolvency or other similar law now or hereafter in effect, or
the appointment by a court or governmental agency of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or the ordering of the winding up or liquidation
of its affairs by a court or governmental agency and such decree, order or appointment is not vacated or discharged within ninety (90) days of its filing; or (ii) the commencement against such Person of an involuntary case under any
applicable Debtor Relief Law or any other bankruptcy, insolvency or other similar law now or hereafter in effect, or of any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of such Person or for any substantial part of its property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action shall remain undismissed for a period of ninety
(90) consecutive days, or the repossession or seizure by a creditor of such Person of a substantial part of its property; or (iii) such Person shall commence a 

  
 9 

 
voluntary case under any applicable Debtor Relief Law or any other bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an
involuntary case under any such law, or consent to the appointment of or the taking possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial
part of its property or make any general assignment for the benefit of creditors; or (iv) the filing of a petition by such Person seeking to take advantage of any Debtor Relief Law or any other applicable Requirement of Law, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, or (v) such Person shall fail to contest in a timely and appropriate manner (and if not dismissed within ninety (90) days) or
shall consent to any petition filed against it in an involuntary case under such bankruptcy laws or other applicable Requirement of Law or consent to any proceeding or action relating to any bankruptcy, insolvency, reorganization, winding-up, or
composition or adjustment of debts with respect to its assets or existence, or (vi) such Person shall admit in writing an inability to pay its debts generally as they become due. 

“Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the rate which the
Wall Street Journal reports from time to time as the prime lending rate, as in effect from time to time, (b) the Federal Funds Rate in effect on such day plus 1/2 of one percent (.50%), and (c) one percent (1%) per annum. Any change
in the Base Rate due to a change in such prime lending rate or the Federal Funds Rate shall be effective from and including the effective date of such change in the prime lending rate or the Federal Funds Rate, respectively. 

“Borrower” shall have the meaning set forth in the introductory paragraph hereof. 

“Borrowing” shall mean a borrowing consisting of (i) Loans of the same Class and Type, made, converted
or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (ii) a Swingline Loan. 

“Borrowing Base Amount” shall mean the lesser of (i) sixty percent (60%) of the Property Value of
all Borrowing Base Assets provided that, if the Borrower shall have consummated a Material Acquisition, such ratio shall increase to sixty five percent (65%) after giving effect to the inclusion of any such Real Property Asset as a
Borrowing Base Asset for the two consecutive Fiscal Quarter period following such Material Acquisition, provided the Borrower shall not have the right to increase to sixty five (65%) percent more than three (3) times during the term of
this Agreement; and (ii) the Interest Coverage Amount; provided, however; that (I) at no time shall more than fifteen percent (15%) of the Borrowing Base Amount be attributable to Borrowing Base Assets subject to Eligible Ground
Leases, and (II) except as otherwise specifically provided in this Agreement, any Borrowing Base Asset that is a Suspended Borrowing Base Asset shall not be included in the calculation of the Borrowing Base Amount or the calculation of the
percentages set forth in clauses (i) and (ii) of this definition. 
 “Borrowing Base Asset” shall
mean a Real Property Asset located in the United States that the Borrower has designated as a Borrowing Base Asset in the most recent Borrowing Base Certificate delivered to the Administrative Agent and which, as of any date of determination,
satisfies all of the following requirements: 

  
 10 

 (i)        such Real
Property Asset is 100% owned by a Subsidiary Loan Party in fee simple or ground leased pursuant to an Eligible Ground Lease; 

(ii)        such Real Property Asset is not subject to any Lien (other
than any Permitted Encumbrance) or Negative Pledge (other than pursuant to an Eligible Ground Lease); 

(iii)        such Real Property Asset is free of all material
mechanical and structural defects (as evidenced by a property condition and structural report reasonably acceptable to the Administrative Agent) and other adverse physical conditions except for defects, conditions or matters individually or
collectively which are not material to the profitable operation of such Real Property Asset; 

(iv)        such Real Property Asset is utilized as a Healthcare
Facility; 
 (v)        such Real Property Asset is leased to and
operated by an Eligible Tenant pursuant to Borrowing Base Lease (including any new lessee that is an Eligible Tenant that has replaced with a tenant that no longer constitutes an Eligible Tenant); 

(vi)        (a) on the date such Real Property Asset is initially
added as a Borrowing Base Asset, no Hazardous Materials shall be located on or under such Real Property Asset which constitute a material violation of any Environmental Law, and no other environmental conditions shall exist in connection with such
Real Property Asset which constitute a material violation of any Environmental Law; (b) if, at any time after the date of the initial addition of such Real Property Asset as a Borrowing Base Asset, Hazardous Materials are located on or under
such Real Property Asset that constitute a material violation of any Environmental Law, or any other environmental conditions exists in connection with such Real Property Asset that constitutes a material violation of any Environmental Law, in each
case, to the extent that the REIT Guarantor or any of its Subsidiaries has received notice from or a citation with respect to such violation or condition from any Governmental Authority or such violation or condition could reasonably be expected to
result in material liability to the REIT Guarantor or any of its Subsidiaries (a “Material Violation”), then such Borrowing Base Asset shall, for all purposes under this Agreement, be designated as a Suspended Borrowing Base Asset
commencing on the date (the “Violation Date”) (x) that the REIT Guarantor or any of its Subsidiaries receives such notice or citation or (y) with respect to any Material Violation, a Responsible Officer of any Loan Party
has knowledge of such Material Violation, in each case until the date that is ninety (90) days after the applicable Violation Date unless on or prior to such ninetieth (90th) day the Loan Parties bring such Real Property Asset into
material compliance with all applicable Environmental Laws; 

(vii)        the Administrative Agent, on behalf of the Lenders, shall
have received each of the Borrowing Base Asset Deliverables with respect to such Real Property Asset; 

  
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 (viii)    no condemnation proceeding is
pending as of the date such Real Property Asset is initially added as a Borrowing Base Asset, and after the date of such initial addition, no condemnation proceeding shall be initiated and remain undismissed for a period of ninety
(90) consecutive days, in each case with respect to a material portion of such Real Property Asset; 

(ix)      as of the date such Real Property Asset is initially added as a
Borrowing Base Asset, no casualty event shall have occurred with respect to the improvements located on such Real Property Asset that has not been remediated in all material respects as of such date and after the date of such initial addition, no
casualty event shall have occurred with respect to a material portion of the improvements located on such Real Property Asset; provided that in the event any such casualty event has occurred with respect to a material portion of the
improvements located on such Borrowing Base Asset, such Borrowing Base Asset shall be designated as a Suspended Borrowing Base Asset from the date of the occurrence of such casualty event until the date sixty (60) days after the occurrence of
such casualty event unless on or prior to such sixtieth (60th) day, the sum of (x) the amount of funds the Borrower or the applicable Loan Party has put into escrow plus (y) the amount of insurance proceeds that have either been
deposited into escrow or with respect to which the applicable insurance company has acknowledged coverage are sufficient to remediate such casualty event in all material respects; provided that, if such casualty event is not in fact remediated in
all material respects by a date not later than 180 days after the occurrence of such casualty event, such Borrowing Base Asset shall cease to be a Borrowing Base Asset and cease to be a Suspended Borrowing Base Asset; 

(x)        [Reserved]; 

(xi)        [Reserved]; 

(xii) no event of default by the Borrower or the applicable Subsidiary Loan Party (after the expiration of any
applicable notice and/or cure period) shall have occurred and be continuing under any other material lease or material contract applicable to such Real Property Asset; 

(xiii) such Real Property Asset has all appropriate licenses per the jurisdiction in which it operates;
provided that a Real Property Asset that is acquired after the Closing Date may be added to the Borrowing Base prior to receipt of the applicable state licensing in connection with a change of ownership (“CHOW”) transfer, so long as
each of the following conditions is satisfied: (a) the applicable facility is licensed under the seller’s license (or, in the case of an acquisition of a Person owning such Real Property Asset, such Person’s license) leading up to and
on the date of closing of the acquisition of such facility or such Person (the “Acquisition Closing Date”); (b) the applicable Loan Party has completed its application and reasonably expects to receive a license effectively
dated as of the applicable Acquisition Closing Date; (c) the applicable Loan Party has consulted with local healthcare counsel with expertise in this practice area, has confirmed with such counsel that all necessary licenses have been obtained,
and has provided 

  
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Administrative Agent with either a legal opinion to that effect or a certification from a Responsible Officer of the Borrower or the applicable Loan Party of its compliance with the provisions in
this clause (xiii); and (d) the appropriate CHOW license is received not later than one hundred eighty (180) days after the initial addition of such Real Property Asset to the Borrowing Base; and 

(xiv)    No required principal or interest payment, payments of real property taxes
(except taxes which are being contested in good faith and for which adequate reserves have been established in accordance with GAAP) or payments of premiums on insurance policies with respect to such Real Property Asset under the applicable
Borrowing Base Lease is past due beyond the earlier of the applicable grace period with respect thereto, if any, and sixty (60) days; 

“Borrowing Base Assets” shall mean a collective reference to all Borrowing Base Assets in existence at any
given time. 
 “Borrowing Base Asset Deliverables” shall mean, with respect to any Real Property Asset
which is proposed for qualification as a “Borrowing Base Asset” hereunder, a collective reference to each of the following (with each such item to be in form reasonably acceptable to the Administrative Agent) items to be satisfied as a
condition to such Real Property Asset initially becoming a Borrowing Base Asset: 

(xv)     a summary description of such Real Property Asset (including, without limitation,
the street address, size and type of property and such other information as may be reasonably required by the Administrative Agent to identify the location and material characteristics of such Real Property Asset and, only if reasonably requested by
the Administrative Agent, fully executed copy of the Borrowing Base Lease with respect to such Real Property Asset and copies of all existing material subleases of which any Responsible Officer of any Loan Party has knowledge which would be required
to be disclosed on Part III of Schedule 4.18 hereof with respect to such Real Property Asset if approved as a Borrowing Base Asset; 

(xvi)     documents and other information reasonably requested by the Administrative Agent
to enable to Administrative Agent to confirm that the Tenant under each Borrowing Base Lease with respect to such Real Property Asset is an Eligible Tenant; it being understood that this clause (ii) shall not apply to any Multi-Tenant Building;

 (xvii)     copies of historical operating statements and a budget or other projection
for such Real Property Asset to the to the extent provided to the Borrower by the applicable tenant or otherwise prepared in the ordinary course by the Borrower; 

(xviii)     copies of title reports or other evidence of the status of title (with respect
to the Borrowing Base Assets as of the Closing Date, such title reports or other evidence of the status of title will be dated no earlier than six (6) months prior to the Closing Date, provided the title reports provided with respect to the
Cross Healthcare Facilities shall be deemed to satisfy this requirement) and lien search results performed on Real Property Asset, showing evidence of title with respect to such Real Property Asset and

  
 13 

 
that no Liens (other than Permitted Encumbrances) exist with respect to such Real Property Asset, and lien search results performed on the applicable Subsidiary Guarantor which owns such Real
Property Asset, including bankruptcy, tax, judgment and other lien searches, evidencing that there are no Liens (other than Permitted Encumbrances) on the Real Property Assets of such Subsidiary Guarantor; 

(xix)    any documents, certificates and other deliverables required pursuant to
Section 5.12 hereof with respect to any new Subsidiary created to own such Real Property Asset; 

(xx)    an updated Borrowing Base Certificate calculating the Borrowing Base Amount after
giving effect to the inclusion of such Real Property Asset as a Borrowing Base Asset; 

(xxi)    a certificate of a Responsible Officer of the Borrower addressed to the
Administrative Agent and attaching a schedule that sets forth (a) the amount of the annual rent payable by each Eligible Tenant under each such Borrowing Base Lease with respect such Real Property Asset (and if such Borrowing Base Lease is a
master lease, an allocation of such rent to each such Eligible Tenant reasonably determined by the Borrower, which allocation shall be reasonably satisfactory to the Administrative Agent); (b) the increases, if any, in such rent pursuant to the
applicable Borrowing Base Lease; and (c)(x) with respect to any Real Property Asset which is a Multi-Tenant Building or Subsidiary Operated Facility, the Property NOI or (y) with respect to any other Real Property Asset, the Net Revenues and
Tenant EBITDAR, in each case under this clause (c) for each of the most recent four (4) fiscal quarters ending prior to the date of the initial addition of such Borrowing Base Assets or amounts reasonably determined by Borrower if
historical financial statements are not available. 
 “Borrowing Base Certificate” shall mean a certificate
substantially in the form of Exhibit B hereto delivered to the Administrative Agent pursuant to Section 5.1, Section 6.21 or more frequently at the option of the Borrower and (i) setting forth each Real
Property Asset of the Loan Parties that is a Borrowing Base Asset or a Suspended Borrowing Base Asset and certifying (subject to the qualifications set forth in clause (ii) herein) (x) the Borrowing Base Amount with respect to the
Borrowing Base Assets and (y) the Borrowing Base Amount (determined without regard to clause (II) of the definition of Borrowing Base Amount) attributable to each such Suspended Borrowing Base Asset; and (ii) certifying (in the Loan
Parties’ good faith belief based upon its own information and the information made available to any Loan Party by the applicable Tenants, which information the Loan Parties believe in good faith to be true and correct in all material respects)
(a) as to the calculation of the Borrowing Base Amount as of the date of such certificate and (b) that each Real Property Asset (other than any Suspended Borrowing Base Asset) used in the calculation of the Borrowing Base Amount meets each
of the criteria for qualification as a Borrowing Base Asset. 
 “Borrowing Base Lease” shall mean any
Facility Lease entered into by a Loan Party with an Eligible Tenant (or, in the case of a Multi-Tenant Building, a Tenant) which is either (i) a commercial space lease or (ii) a triple net lease such that such Eligible Tenant is required
to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and 

  
 14 

 
other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or rent) in addition to the base rental payments required thereunder; provided, that
each such Facility Lease shall meet the requirements set forth in Section 5.19. 
 “Business
Day” shall mean any day other than (i) a Saturday, Sunday or other day on which commercial banks in Atlanta, Georgia are authorized or required by law to close and (ii) if such day relates to a Borrowing of, a payment or
prepayment of principal or interest on, a conversion of or into, or an Interest Period for, a Eurodollar Loan or a notice with respect to any of the foregoing, any day on which banks are not open for dealings in Dollar deposits in the London
interbank market. 
 “Capital Lease Obligations” of any Person shall mean all obligations of such Person to
pay rent or other amounts under any lease (or other arrangement conveying the right to use) of real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided that with respect to leases that are accounted for by any Person as operating leases as
of the Closing Date or are entered into after the Closing Date and would have been accounted for as operating leases if such lease had been in effect on the Closing Date such leases may, in the sole discretion of the Borrower, be accounted for as
operating leases and not as Capital Lease Obligations. 
 “Capital Reserve” shall mean an amount per annum
calculated as the sum of (i) $350 per unit with respect to assisted living properties and independent living properties not subject to a triple-net lease, and (ii) $.50 per square foot with respect to medical office buildings and life
science properties not subject to a triple-net lease. For the avoidance of doubt, Capital Reserves shall only apply to properties not subject to a triple-net lease. 

“Capital Stock” shall mean all shares, options, warrants, general or limited partnership interests,
membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other
“equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Exchange Act). 

“Capitalization Rate” shall mean (i) 9.75% for all government reimbursed assets that are skilled nursing
facilities (including any “campus” facilities) and are not Ensign Assets; (ii) 9.00% for all government reimbursed assets that are skilled nursing facilities (including any “campus” facilities) and are Ensign Assets;
(iii) 8.00% for all non-government reimbursed assets that are assisted living facilities; (iv) 7.50% for all non-government reimbursed assets that are independent living facilities or medical office buildings; and (v) 7.75% for life
science properties. 
 “Cash Collateralize” shall mean, in respect of any obligations, to pledge and
deposit with, or deliver to, the Administrative Agent cash collateral for such obligations in Dollars with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory

  
 15 

 
to the Administrative Agent (and “Cash Collateralized” and “Cash Collateralization” have the corresponding meanings). 

“Change in Control” shall mean the occurrence of one or more of the following events: (i) any sale,
lease, exchange or other transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the REIT Guarantor and its Subsidiaries to any Person or “group” (within the meaning of the
Exchange Act and the rules of the Securities and Exchange Commission thereunder in effect on the date hereof); (ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or “group” (within the
meaning of the Exchange Act and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of thirty-five (35%) or more of the outstanding shares of the voting equity interests of the REIT Guarantor;
(iii) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the REIT Guarantor cease to be composed of individuals who are Continuing Directors; (iv) GP LLC
ceases to be the sole general partner of, and the direct legal and beneficial owner of all of the general partnership interests in, the Borrower; (v) the REIT Guarantor ceases to be the direct legal and beneficial owner of all of the equity
interests in GP LLC; or (vi) the REIT Guarantor ceases to beneficially own, directly or indirectly, at least 50.1% of the outstanding limited partnership interests in the Borrower; or (vii) the Borrower ceases to beneficially own, directly
or indirectly, all of the Capital Stock of each direct and indirect Loan Party that owns or ground leases a Borrowing Base Asset. It is understood and agreed that a Person shall not be deemed to have beneficial ownership of Capital Stock subject to
a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement so long as Payment in Full of the Obligations is a condition to the effectiveness of the acquisition
contemplated by such stock purchase agreement, merger agreement or similar agreement. 
 “Change in Law”
shall mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii) any change in any applicable law, rule or regulation, or any change in the interpretation, implementation or application thereof,
by any Governmental Authority after the date of this Agreement, or (iii) compliance by any Lender (or its Applicable Lending Office) or the Issuing Bank (or, for purposes of Section 2.18(b), by the Parent Company of such Lender or
such Issuing Bank, if applicable) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that for purposes of this Agreement,
(a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives 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 “Change in
Law”, regardless of the date enacted, adopted, implemented or issued. 
 “Class” when used in
reference to any Loan or Borrowing, refers to whether such Loan, or each of the Loans comprising such Borrowing, is a Revolving Loan, the First Amendment Term Loan, a Swingline Loan, an Incremental Term Loan, or an Extended Term Loan and,

  
 16 

 
when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment, a First Amendment Term Loan Commitment, a Swingline Commitment, an Incremental Term Loan
Commitment, or an Extended Term Loan Commitment. 
 “Closing Date” shall mean the date on which the
conditions precedent set forth in Section 3.1 and Section 3.2 have been satisfied or waived in accordance with Section 10.2. 

“Code” shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time. 

“Commitment” shall mean a Revolving Commitment, a Swingline Commitment, a Term Loan Commitment or any
combination thereof (as the context shall permit or require). 
 “Commodity Exchange Act” shall mean the
Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute. 

“Compliance Certificate” shall mean a certificate from the principal executive officer or the principal
financial officer of the Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit 5.1(c). 

“Consolidated Debt” shall mean, as of any date of determination, all Indebtedness (other than any such
Indebtedness that has been Discharged) of the Consolidated Parties determined on a consolidated basis, but excluding Hedging Obligations. 

“Consolidated Fixed Charge Coverage Ratio” shall mean, with respect to any period, the ratio of
(i) Adjusted Consolidated EBITDA to (ii) Consolidated Fixed Charges, in each case for such period. 

“Consolidated Fixed Charges” shall mean, for any Person (or consolidated group of Persons) for any period,
(i) Consolidated Interest Expense payable in cash for such Person (or consolidated group of Persons) for such period (excluding upfront fees, premiums, arrangement fees, underwriting fees and similar fees), plus (ii) scheduled
principal payments of Consolidated Debt for such Person (or consolidated group of Persons) made in cash or, as of the first day of such period, required to be made in cash during such period (including, for purposes hereof, payments required to be
made in connection with scheduled reductions in commitments, but excluding (a) any payment of principal under the Loan Documents, (b) any “balloon”, bullet or similar principal payment that repays such Indebtedness in full,
(c) principal paid by any Subsidiary if the net income of such Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (ii) of the definition thereof (but only in the same proportion as the net
income (or loss) of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (ii) of the definition thereof) and (d) any payment of principal made with the proceeds of Indebtedness permitted
pursuant to this Agreement), as determined on a consolidated basis in conformity with GAAP), (provided that any such regularly scheduled principal payments described in this clause (ii) that are not payable monthly (other than any
“balloon”, bullet or similar principal payment that repays such Indebtedness in full and any principal payments due on the final maturity thereof) shall, for purposes of this definition, be treated as if such payment

  
 17 

 
were payable in equal monthly installments commencing on such payment date to and including the month immediately prior to the date of the next such scheduled payment or, if there is no such next
scheduled payment, the maturity date therefor), plus (iii) taxes based on income or profits or capital gains, including federal, state, provincial, franchise, excise and similar taxes and foreign withholding taxes and paid in cash during
such period; plus (iv) cash dividends and distributions paid on preferred stock, if any, of such Person (or consolidated group of Persons) during such period (excluding (a) any dividends and distributions paid to the REIT Guarantor
or any of its Subsidiaries and (b) any redemption of preferred stock financed with proceeds of Indebtedness permitted to be incurred pursuant to this Agreement or Capital Stock permitted pursuant to this Agreement), plus (v) the
Consolidated Parties’ Ownership Share of the foregoing items and components attributable to interests in Unconsolidated Affiliates, in each case, on a consolidated basis determined in accordance with GAAP; notwithstanding the foregoing,
(1) Consolidated Fixed Charges for the (12) month period ending March 31, 2015 shall be deemed to be the Consolidated Fixed Charges for the quarter ending March 31, 2015 annualized, (2) Consolidated Fixed Charges for the
(12) month period ending June 30, 2015 shall be deemed to be the Consolidated Fixed Charges for the six (6) months ending June 30, 2015 annualized, and (3) Consolidated Fixed Charges for the (12) month period ending
September 30, 2015 shall be deemed to be the Consolidated Fixed Charges for the nine (9) months ending September 30, 2015, annualized. 

“Consolidated Interest Expense” shall mean, for any Person for any period, the aggregate amount of interest
expense in respect of Consolidated Debt during such period, all as determined on a consolidated basis in conformity with GAAP including (without duplication): (i) the interest portion of any deferred payment obligations; (ii) all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing; (iii) the net cash costs associated with Hedging Transactions and Indebtedness of such Person; and (iv) all
but the principal component of rentals in respect of Capital Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Consolidated Parties; excluding, to the extent included in interest expense above, (A) the
amount of such interest expense of any Subsidiary if the net income (or loss) of such Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (ii) of the definition thereof (but only in the same
proportion as the net income (or loss) of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (ii) of the definition thereof), as determined on a consolidated basis in conformity with GAAP and
(B)(I) accretion of accrual of discounted liabilities not constituting Indebtedness, (II) any expense resulting from the discounting of any outstanding Indebtedness in connection with the application of purchase accounting in connection with any
acquisition, amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, any expensing of bridge, commitment or other financing fees (but not revolving loan commitment fees, including, without limitation, any fees
associated with the exercise of the option to increase the Commitments), (V) prepayment and redemption premiums and (VI) non-cash costs associated with Hedging Transactions; notwithstanding the foregoing, (1) Consolidated Interest Expense
for the (12) month period ending March 31, 2015 shall be deemed to be the Consolidated Interest Expense for the quarter ending March 31, 2015 annualized, (2) Consolidated Interest Expense for the (12) month period ending
June 30, 2015 shall be deemed to be the Consolidated Interest Expense for the six (6) months ending June 30, 2015 annualized, and (3) Consolidated Interest Expense for the (12) month period ending

  
 18 

 
September 30, 2015 shall be deemed to be the Consolidated Interest Expense for the nine (9) months ending September 30, 2015, annualized. 

“Consolidated Leverage Ratio” shall mean, as of any date of determination, the ratio (expressed as a
percentage) of (i) Adjusted Consolidated Debt to (ii) Consolidated Total Asset Value, in each case as of such date. 

“Consolidated Parties” shall mean the REIT Guarantor and its Consolidated Subsidiaries, as determined in
accordance with GAAP. 
 “Consolidated Subsidiary” shall mean, as of any date, any Subsidiary or other
entity the accounts of which would be consolidated with those of the REIT Guarantor in its consolidated financial statements if such statements were prepared as of such date. 

“Consolidated Tangible Net Worth” shall mean, for the Consolidated Parties as of any date of determination,
(i) stockholders’ equity determined on a consolidated basis plus (ii) accumulated depreciation and amortization expense minus (iii) all amounts appearing on the assets side of any such balance sheet for assets which would be
classified as “goodwill” under GAAP, all determined on a consolidated basis. 
 “Consolidated Total Asset
Value” shall mean, as of any date of determination, the sum of all the following of the Consolidated Parties, without duplication: (i) with respect to Real Property Assets subject to a triple-net lease, (a) the Net Revenue for
such Real Property Asset, in each case for the most recently completed four (4) Fiscal Quarters for which financial statements are, or are required to have been, delivered to the Administrative Agent pursuant to Section 5.1(a) or
5.1(b), divided by (b) the applicable Capitalization Rate, plus (ii) with respect to Real Property Assets not subject to a triple-net lease, (a) the Adjusted NOI for such Real Property Asset, in each case for the
most recently completed four (4) Fiscal Quarters for which financial statements are, or are required to have been, delivered to the Administrative Agent pursuant to Section 5.1(a) or 5.1(b), divided by (b) the
applicable Capitalization Rate, plus (iii) the GAAP book value of the Consolidated Parties’ unrestricted cash and cash equivalents as of the last day of the prior Fiscal Quarter of the Consolidated Parties, plus (iv) the
book value of land holdings as of the last day of such prior Fiscal Quarter, plus (v) the book value of the actual funded portion of Construction in Progress as of the last day of such prior Fiscal Quarter, plus (vi) the book
value of Unencumbered Mortgage Receivables and preferred equity investments as of the last day of such prior Fiscal Quarter, plus (vii) the Consolidated Parties’ Ownership Share of the foregoing items and components attributable to
interest in Unconsolidated Affiliates, as of the last day of such Fiscal Quarter. In any determination of Consolidated Total Asset Value hereunder, the Borrower may include Acquisitions of Real Property Assets at cost for the first four Fiscal
Quarters of such calculation. 
 “Construction in Progress” shall mean any Real Property Asset which does
not have buildings or other improvements located thereon, but which is under development for the construction of buildings, improvements or expansion which will qualify as or will constitute a Healthcare Facility upon completion (or, to the extent
any buildings or improvements are located thereon, such buildings or other improvements are under construction and the pending improvements are non-operational, and no certificate(s) of occupancy have been issued with

  
 19 

 
respect thereto), and/or the budgeted costs associated with the acquisition. construction and/or expansion of such Real Property Asset, including, but not limited to, the cost of acquiring such
Real Property Asset as reasonably determined by Borrower in good faith, as the context may require. 
 “Continuing
Director” shall mean, with respect to any period, any individuals (i) who were members of the board of directors or other equivalent governing body of the REIT Guarantor on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body. 
 “Contractual Obligation” of any Person shall mean any provision
of any security issued by such Person or of any agreement, instrument or undertaking under which such Person is obligated or by which it or any of the property in which it has an interest is bound. 

“Convertible Indebtedness” shall mean Indebtedness of the REIT Guarantor or the Borrower permitted to be
incurred under the terms of this Agreement that is (i) convertible into common stock of the REIT Guarantor (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) or
(ii) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the REIT Guarantor and/or cash (in an amount determined by reference to the
price of such common stock). 
 “Cross Healthcare Facilities” shall mean the three assisted living and
memory care facilities located in Pocatello, Idaho, and Idaho Falls, Idaho, as applicable, acquired by the Borrower in November 2014. 

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States of America, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Requirements of Law of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Default”
shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 

“Default Interest” shall have the meaning set forth in Section 2.13(c). 

“Defaulting Lender” shall mean, subject to Section 2.26(c), any Lender that (a) has failed
to (i) fund all or any portion of its Loans within two (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 good-faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically

  
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identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Bank, any Swingline Lender 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 two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the Issuing Bank or Swingline
Lender 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 good-faith 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 three (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),
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (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 or foreign regulatory authority acting in such a
capacity, or (e) has 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 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 2.26(b)) upon delivery of written notice of such determination
to the Borrower, each Issuing Bank, each Swingline Lender and each Lender. 
 “Discharged” shall mean
Indebtedness that has been defeased (pursuant to a contractual or legal defeasance) or discharged pursuant to an irrevocable deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or is irrevocably called for redemption (and
regardless of whether such Indebtedness constitutes a liability on the balance sheet of the obligors thereof); provided, however, that Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for
defeasance or discharge or redemption thereof have been made even if certain conditions thereto have not been satisfied, so long as such conditions are reasonably expected to be satisfied within ninety-one (91) days after such prepayment or
deposit and are in fact satisfied on or before such ninety first (91st) day. 
 “Disposition” or
“Dispose” shall mean the sale, transfer, license, lease or other disposition of any property by any Person, including any sale, assignment, transfer or other 

  
 21 

 
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Disqualified Institution” shall mean those Persons who are competitors of the REIT Guarantor or any of its
Subsidiaries and any affiliate of such competitors that are, in each case, identified in writing to the Administrative Agent by the Borrower from time to time (the writings described herein, collectively, the “Disqualified Institutions
List”); provided that any update or supplement to the Disqualified Institutions List shall not apply retroactively to disqualify any parties that have previously acquired an assignment or a participation in any Commitment or Loan.

 “Disqualified Institutions List” shall have the meaning assigned to such term in the definition of
Disqualified Institution. 
 “Dollar(s)” and the sign “$” shall mean lawful money of the
United States. 
 “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. 

“E&P Purge” shall mean the dividend by the REIT Guarantor of cash and common stock of the REIT Guarantor
for the purpose of eliminating all earnings and profits of the REIT Guarantor accumulated in any non-REIT year, within the meaning of Section 857(a)(2) of the Code, in an aggregate amount to be determined at the time such dividend is declared;
provided that the cash portion of the E&P Purge did not exceed twenty-five percent (25%) (or such greater percentage as may be required by law) of the total amount of the E&P Purge following the Spin-Off Transaction in connection
with REIT Guarantor’s election to be taxed as a REIT. 
 “Earlier LC Maturity Date” shall have the
meaning set forth in Section 2.22(a). 
 “Earlier Swingline Maturity Date” shall have the
meaning set forth in Section 2.4(f). 
 “Eligible Ground Lease” shall mean, at any time, a
ground lease (i) under which a Loan Party is the lessee or holds equivalent rights and is the fee owner of, or has a valid lease in, all existing improvements located thereon; (ii) that has a remaining term of not less than thirty
(30) years (including the initial term and any additional extension options that are solely at the option of the Loan Party); (iii) under which any required rental payment, principal or interest payment or other payment due under such
lease from the applicable Loan Party to the ground 

  
 22 

 
lessor is not more than sixty (60) days past due and any required rental payment, principal or interest payment or other payment due to the applicable Loan Party under any sublease of the
applicable real property lessor is not more than sixty (60) days past due, (iv) where no party to such lease is subject to a then continuing Bankruptcy Event (unless such lease has been assumed by such party); (v) such ground lease
(or a related document executed by the applicable ground lessor) contains customary provisions protective of a first mortgage lender to the ground lessee thereunder; and (vi) where the applicable Loan Party’s interest in the underlying
Real Property Asset or the ground lease is not subject to any Lien other than (a) the Eligible Ground Lease itself, (b) any fee mortgage (if such fee mortgagee has agreed not to disturb the rights and interests of the applicable Loan Party
pursuant to a non-disturbance agreement reasonably satisfactory to the Administrative Agent), (c) any Permitted Encumbrances, and (d) other encumbrances reasonably acceptable to the Administrative Agent, in its discretion; and
(vii) which is otherwise reasonably acceptable to the Administrative Agent and the Required Lenders. 

“Eligible Tenant” shall mean a Tenant with respect to a Borrowing Base Lease which (i) is not in arrears
on any required rental payment, principal or interest payment, payments of real property taxes or payments of premiums on insurance policies with respect to its lease beyond the later of (a) the applicable grace period with respect thereto, if
any, and (b) sixty (60) days; and (ii) is not subject to a then-continuing Bankruptcy Event (unless (x) such Tenant continues to make all required rental payment, principal or interest payment, payments of real property taxes or
payments of premiums on insurance policies with respect to its lease or (y) another Tenant has assumed the applicable Borrowing Base Lease). 

“Ensign” shall mean The Ensign Group, Inc., a Delaware corporation. 

“Ensign Assets” shall mean all of the Real Estate listed on Part B of Schedule 4.11. 

“Ensign Master Lease” shall mean any master lease entered into by the Borrower or any of its Subsidiaries
with one or more of Wholly Owned Subsidiaries of Ensign that operate Healthcare Facilities located on Real Property Assets that are Ensign Assets, pursuant to which such Wholly Owned Subsidiaries of Ensign lease from the Borrower or any of its
Subsidiaries, as the case may be, the Real Property Assets underlying such Healthcare Facilities, in each case in substantially the form of such master leases delivered to the Administrative Agent on or prior to the Closing Date with respect to the
Ensign Assets that are the Borrowing Base Assets as of the Closing Date, as the same may be modified in accordance with Section 7.12, or otherwise reasonably acceptable to the Administrative Agent. 

“Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, or binding agreements issued, promulgated or entered into by or with any Governmental Authority relating in any way to the pollution or protection of the environment, preservation or reclamation of natural resources, the management,
Release or threatened Release of any Hazardous Material. 
 “Environmental Liability” shall mean any
liability, contingent or otherwise (including any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of the REIT Guarantor or
any of its Subsidiaries directly or indirectly resulting from or based upon 

  
 23 

 
(i) any actual or alleged violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) any
actual or alleged exposure to any Hazardous Materials, (iv) the Release or threatened Release of any Hazardous Materials or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974,
as amended and in effect from time to time, and any successor statute thereto and the regulations promulgated and rulings issued thereunder. 

“ERISA Affiliate” shall mean any person that for purposes of Title I or Title IV of ERISA or Section 412
of the Code would be deemed at any relevant time to be a “single employer” or otherwise aggregated with the REIT Guarantor or any of its Subsidiaries under Section 414(b), (c), (m) or (o) of the Code or Section 4001 of
ERISA. 
 “ERISA Event” shall mean (i) any “reportable event” as defined in
Section 4043 of ERISA with respect to a Plan (other than an event as to which the PBGC has waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043 the requirement of Section 4043(a) of ERISA that it be
notified of such event); (ii) any failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068
of ERISA, or the arising of such a lien or encumbrance, there being or arising any “unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or
Part 3 of Subtitle B of Title 1 of ERISA), whether or not waived, or any filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code or Section 303 of ERISA with respect to any Plan or Multiemployer Plan,
or that such filing may be made, or any determination that any Plan is, or is expected to be, in at-risk status under Title IV of ERISA; (iii) any incurrence by the REIT Guarantor, any of its Subsidiaries or any of their respective ERISA
Affiliates of any liability under Title IV of ERISA with respect to any Plan or Multiemployer Plan (other than for premiums due and not delinquent under Section 4007 of ERISA); (iv) any institution of proceedings, or the occurrence of an
event or condition which would reasonably be expected to constitute grounds for the institution of proceedings by the PBGC, under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan;
(v) any incurrence by the REIT Guarantor, any of its Subsidiaries or any of their respective ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or the receipt by the REIT
Guarantor, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice that a Multiemployer Plan is in endangered or critical status under Section 305 of ERISA; (vi) any receipt by the REIT Guarantor, any of its
Subsidiaries or any of their respective ERISA Affiliates of any notice, or any receipt by any Multiemployer Plan from the REIT Guarantor, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (vii) engaging in a non-exempt prohibited transaction within the meaning of
Section 4975 of the Code or Section 406 of ERISA; or (viii) any filing of a notice of intent to terminate any Plan if such 

  
 24 

 
termination would require material additional contributions in order to be considered a standard termination within the meaning of Section 4041(b) of ERISA, any filing under
Section 4041(c) of ERISA of a notice of intent to terminate any Plan, or the termination of any Plan under Section 4041(c) of ERISA. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, bears interest at a rate determined by reference to Adjusted LIBOR. 
 “Event of
Default” shall have the meaning set forth in Section 8.1. 
 “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended and in effect from time to time. 
 “Excluded Subsidiary”
shall mean any Subsidiary of the Borrower which is prohibited by any debt instrument or any other written agreement with a third-party financial institution executed by such Subsidiary from executing a guaranty of the Obligations of the Borrower
under the Loan Documents 
 “Excluded Swap Obligation” shall mean, with respect to the REIT Guarantor or
any Subsidiary Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of the REIT Guarantor or such Subsidiary Loan Party of, or the grant by the REIT Guarantor or such Subsidiary Loan Party of a security
interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of
any thereof) by virtue of the REIT Guarantor’s or such Subsidiary Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the
time the Guarantee of the REIT Guarantor or such Subsidiary Loan Party or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” shall mean, with respect to any Recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (i) income or franchise taxes imposed on (or measured by) the Recipient’s net income by the United States, or by the jurisdiction under the laws of which such Recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its Applicable Lending Office is located, (ii) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which such
Recipient is located, and (iii) any withholding taxes that (a) are imposed on amounts payable to such Recipient pursuant to a law in effect at the time such Recipient becomes a Recipient under this Agreement or designates a new lending
office, except in each case to the extent that amounts with respect to such taxes were payable either (x) to such Recipient’s assignor immediately before such Recipient became a Recipient under this Agreement, or (y) to such Recipient
immediately before it designated a new lending office, (b) are attributable to such Recipient’s failure to comply with Section 2.20(e), or (c) are imposed under FATCA. 

  
 25 

 “Existing Credit Agreement” shall mean the Credit and Guaranty
Agreement dated May 30, 2014, by and among the Borrower, the REIT Guarantor, the other Guarantors party thereto, the Lenders party thereto, and SunTrust Bank, as Administrative Agent for the Lenders. 

“Extended Commitments” shall mean the Extended Term Loan Commitments and the Extended Revolving Commitments.

 “Extended Facility” shall mean any additional tranche established pursuant to Section 2.27
reflecting an extension of the maturity date and, if applicable, amortization schedule of any existing tranche. 

“Extended Facility Agreement” shall mean an Extended Revolving Credit Facility Agreement or an Extended Term
Facility Agreement, as the context may require. 
 “Extended Facility Closing Date” shall mean, with regard
to an Extended Facility, the first date all the conditions precedent set forth in the respective Extended Facility Agreement are satisfied or waived in accordance with Section 10.2. 

“Extended Facility Lender” shall mean, at any time, with regard to an Extended Facility, any Lender that
holds Loans or Commitments under such Extended Facility at such time. 
 “Extended Revolving Commitments”
shall have the meaning set forth in Section 2.27. 
 “Extended Revolving Credit Facility” shall
mean an Extended Facility designated as an “Extended Revolving Credit Facility” by the Borrower and established pursuant to an Extended Revolving Credit Facility Agreement. 

“Extended Revolving Credit Facility Agreement” shall mean an agreement setting forth the terms and conditions
relating to an Extended Revolving Credit Facility. 
 “Extended Term Facility” shall mean an Extended
Facility designated as an “Extended Term Facility” by the Borrower and established pursuant to an Extended Term Facility Agreement. 

“Extended Term Facility Agreement” shall mean an agreement setting forth the terms and conditions relating to
an Extended Term Facility. 
 “Extended Term Loan Commitment” shall have the meaning set forth in
Section 2.27. 
 “Extended Term Loans” shall have the meaning set forth in
Section 2.27. 
 “Extending Revolving Lender” shall have the meaning set forth in
Section 2.27. 
 “Extending Term Loan Lender” shall have the meaning set forth in
Section 2.27. 
 “Extension” shall have the meaning set forth in Section 2.27. 

“Extension Demand” shall have the meaning set forth in Section 5.21(d). 

  
 26 

 “Extension Offer” shall have the meaning set forth in
Section 2.27. 
 “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. 
 “Facility
Fee” shall mean an amount equal to the following based on the applicable Investment Grade Rating as set forth in the grid below: 
  

			
	 Ratings: S&P or

Moody’s
  
	  	Facility Fee
	 At
least A- or A3
  
	  	 0.125% per annum

 

	 At
least BBB+ or Baa1
  
	  	 0.15% per annum

 

	 At
least BBB or Baa2
  
	  	 0.20% per annum

 

	 At
least BBB- or Baa3
  
	  	 0.25% per annum

 

	
Below BBB- and Baa3
  
	  	 0.30% per annum

 

 “Facility
Lease” shall mean a lease or master lease with respect to any Real Property Asset owned or leased by a Loan Party from the applicable Loan Party as lessor, to Tenant, as lessee. 

“FATCA” shall mean Sections 1471 through 1474 of the 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 agreement entered into pursuant to Section 1471(b)(1) of the
Code or any intergovernmental agreements entered into in connection with the implementation of such Sections of the Code. 

“Federal Funds Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next
1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal Reserve Bank of New York on the next
succeeding Business Day or, if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average (rounded upwards, if necessary, to the next 1/100 of 1%) 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. 

“Fee Letter” shall mean that certain fee letter, dated as of April 27, 2015, by and among KeyBank,
Keybanc Capital Markets, and the Borrower. 

  
 27 

 “Financial Covenants” shall mean the covenants set forth in
Article VI of this Agreement. 
 “First Amendment” shall mean that certain First Amendment to Credit
and Guaranty Agreement dated as of February 1, 2016 among the Borrower, the Lenders party thereto and the Administrative Agent. 

“First Amendment Effective Date” shall have the meaning set forth in the First Amendment. 

“First Amendment Term Loan Commitment” shall mean, with respect to each First Amendment Term Loan Lender, the
commitment of such First Amendment Term Loan Lender to make its portion of the First Amendment Term Loan to the Borrower in an aggregate principal amount not exceeding the amount set forth with respect to such First Amendment Term Loan Lender on
Schedule I. 
 “First Amendment Term Loan Maturity Date” shall mean February 1, 2023. 

“First Amendment Term Loan Lender” shall mean any Lender holding any portion of the First Amendment Term
Loan. 
 “First Amendment Term Loan” shall have the meaning set forth in Section 2.2(b) hereof.

 “Fiscal Quarter” shall mean any fiscal quarter of the Borrower. 

“Fiscal Year” shall mean any fiscal year of the Borrower. 

“Foreign Person” shall mean any Person that is not a U.S. Person. 

“Foreign Subsidiary” shall mean each Subsidiary of the Borrower that is organized under the laws of a
jurisdiction other than one of the fifty states of the United States or the District of Columbia. 
 “GAAP”
shall mean generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms of Section 1.3. 

“Governmental Authority” shall mean the government of the United States, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. “Governmental Authority” shall include any agency, branch or other governmental body charged with the responsibility, or vested with the authority to administer or enforce, any Health Care Laws, including any
Medicare or Medicaid contractors, intermediaries or carriers. 
 “GP LLC” shall mean CareTrust GP, LLC, a
Nevada limited liability company. 

  
 28 

 “Guarantee” of or by any Person (the
“guarantor”) shall mean any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any
manner, whether directly or indirectly and including any obligation, direct or indirect, of the guarantor (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or
supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (iv) as an account party in respect of any letter of credit or letter of
guaranty issued in support of such Indebtedness; provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an
amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as determined by such Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor” shall mean each of the REIT Guarantor and each of the Subsidiary Loan Parties (other than the
Borrower). 
 “Hazardous Materials” shall mean all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law due to their dangerous or deleterious properties or characteristics. 

“Healthcare Facility” shall mean any skilled nursing facility (including any “campus” facility),
assisted living facility or other similar health care facility or any independent living facility, medical office building, life sciences building, other office building or other similar health care related property typically owned by healthcare
real estate investment trusts. 
 “Health Care Laws” shall have the meaning set forth in
Section 4.20(a). 
 “Health Care Permits” shall have the meaning set forth in
Section 4.20(b). 
 “Hedging Obligations” of any Person shall mean any and all obligations of
such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments
of any Hedging Transactions and (iii) any and all renewals, extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions. 

“Hedging Transaction” of any Person shall mean (i) any transaction (including an agreement with respect
to any such transaction) now existing or hereafter entered into by such 

  
 29 

 
Person that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or 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, spot transaction, 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, or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof, whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement
(any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“HIPAA” shall mean the (i) Health Insurance Portability and Accountability Act of 1996; (ii) the
Health Information Technology for Economic and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (iii) any state and local laws regulating the privacy and/or security of individually identifiable
information, including state laws providing for notification of breach of privacy or security of individually identifiable information, in each case, with respect to the laws described in clauses (i), (ii) and (iii) of this definition, as
amended and in effect from time to time, and any successor statutes thereto and the regulations promulgated thereunder. 

“Immaterial Subsidiary” shall mean, as of any date of determination, any direct or indirect Subsidiary of the
REIT Guarantor having, when taken together with all other then-existing Immaterial Subsidiaries (the “Immaterial Subsidiary Threshold Amount”), (i) assets in an amount not in excess of five percent (5.0%) of the total
assets of the REIT Guarantor and its Subsidiaries determined on a consolidated basis as of such date; or (i) revenues in an amount not in excess of five percent (5.0%) of the total revenues of the REIT Guarantor and its Subsidiaries on a
consolidated basis for the most recently completed four (4) Fiscal Quarters for which financial statements are, or are required to have been, delivered to the Administrative Agent pursuant to Section 5.1(a) or 5.1(b). 

“Increasing Lender” shall have the meaning set forth in Section 2.23. 

“Incremental Commitment” shall have the meaning set forth in Section 2.23. 

“Incremental Commitment Joinder” shall have the meaning set forth in Section 2.23. 

“Incremental Revolving Commitment” shall have the meaning set forth in Section 2.23. 

“Incremental Term Loan” shall have the meaning set forth in Section 2.23. 

“Incremental Term Loan Commitment” shall have the meaning set forth in Section 2.23. 

  
 30 

 “Indebtedness” of any Person shall mean, at the time of
determination, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in
respect of the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business and excluding earn-outs except to the extent such earn outs are required under GAAP to be reflected as a liability
on the balance sheet of such Person), (iv) all Capital Lease Obligations of such Person, (v) all reimbursement obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of
credit (whether or not presented for payment), (vi) all Guarantees of such Person of the type of Indebtedness described in clauses (i) through (v) above, (vii) all Indebtedness of a third party secured by any Lien on property
owned by such Person, whether or not such Indebtedness has been assumed by such Person, all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person (excluding
any such obligations (a) to purchase, redeem, retire or otherwise acquire for value any Capital Stock on or prior to the date that is one hundred eighty (180) days after the latest Maturity Date, after giving effect to the exercise of the
extension option pursuant to Section 2.5, in effect on the date such obligations are incurred and (b) which the REIT Guarantor or any of its Subsidiaries may, at its election, satisfy with the issuance of or exchange for Capital
Stock of the REIT Guarantor or the Borrower), (viii) all Off-Balance Sheet Liabilities, (ix) all Hedging Obligations (which shall be deemed to have any amount equal to the swap term value thereof at such time but in no event shall be less
than zero), and (x) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a
general partner or joint venture to the extent of such Person’s Ownership Share of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s
Ownership Share of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). Notwithstanding the foregoing, Permitted Warrant Transactions shall not constitute Indebtedness. 

“Indemnified Taxes” shall mean Taxes, other than Excluded Taxes, imposed on or with respect to any payment
made by or on account of any obligation of any Loan Party under any Loan Document. 
 “Intangible Assets”
shall mean all assets consisting of goodwill, patents, trade names, trademarks, copyrights, franchises, experimental expense, organization expense, unamortized debt discount and expense, deferred assets (other than prepaid insurance and prepaid
taxes), the excess of cost of shares acquired over book value of related assets and such other assets as are properly classified as “intangible assets” in accordance with GAAP. 

“Interest Coverage Amount” means, at any time of determination, the maximum principal amount of Loans that
would be available to be borrowed such that the Unsecured Interest Coverage Ratio (calculated on a pro forma basis, assuming that all Real Property Assets anticipated to be acquired with the proceeds of such Loans are included as Borrowing Base
Assets for purposes of calculating the Unsecured Interest Coverage Ratio as of the first day of the applicable calculation period) would be equal to 2.00 to 1.00. 

  
 31 

 “Interest Payment Date” shall mean (a) with respect to any
Base Rate Loan, the last Business Day of each fiscal quarter to occur during any period in which such Loan is outstanding, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been
applicable to such Borrowing, (c) with respect to any Revolving Loan, the Revolving Commitment Termination Date or such earlier date on which the Revolving Commitments are terminated, (d) with respect to the First Amendment Term Loan, the
First Amendment Term Loan Maturity Date, and (e) with respect to any other Term Loan incurred pursuant to Section 2.23 hereof, the applicable Maturity Date for such Term Loan. 

“Interest Period” shall mean with respect to any Eurodollar Borrowing, a period of one, two,
three or six months, or such other period that is twelve months or less than one month that is agreed to by all relevant Lenders; provided that: 

(xxii)    the initial Interest Period for such Borrowing shall commence on the date of
such Borrowing (including the date of any conversion from a Borrowing of another Type), and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 

(xxiii)  if any Interest Period would otherwise end on a day other than a Business Day, such
Interest Period shall be extended to the next succeeding Business Day, unless such Business Day falls in another calendar month, in which case such Interest Period would end on the next preceding Business Day; 

(xxiv)  any Interest Period which begins on the last Business Day of a calendar month or on a day
for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of such calendar month; 

(xxv)    each principal installment of the Term Loans shall have an Interest Period ending
on or prior to each installment payment date and the remaining principal balance (if any) of the Term Loans shall have an Interest Period determined as set forth above; and 

(xxvi)  no Interest Period may extend beyond the applicable Revolving Commitment Termination Date,
unless on such Revolving Commitment Termination Date the aggregate outstanding principal amount of the Term Loans is equal to or greater than the aggregate principal amount of Eurodollar Loans with Interest Periods expiring after such date, and no
Interest Period may extend beyond the final Maturity Date. 
 “Investments” shall have the meaning set
forth in Section 7.4. 
 “Issuing Bank” shall mean (i) KeyBank in its capacity as an
issuer of Letters of Credit and (ii) such other Lender or Affiliate of a Lender selected by the Borrower and approved by 

  
 32 

 
the Administrative Agent (such approval not to be unreasonably withheld or delayed) that agrees to act as an issuer of Letters of Credit (it being understood that any other Lender that becomes an
Issuing Bank may condition its agreement to act in such capacity on a lesser sublimit within the LC Commitment but that the Administrative Agent shall not have any responsibility for monitoring the usage of such lesser sublimit), in each case,
pursuant to Section 2.22. 
 “Joinder Agreement” shall mean a joinder agreement in the form of
Exhibit C to be executed by each Subsidiary from time to time required to be a Subsidiary Loan Party by Section 5.12, other than that Subsidiaries that are initial Guarantors under this Agreement. 

“KeyBank” shall mean KeyBank National Association. 

“LC Commitment” shall mean that portion of the Aggregate Revolving Commitments that may be used by the
Borrower for the issuance of Letters of Credit in an aggregate face amount not to exceed $30,000,000. 
 “LC
Disbursement” shall mean a payment made by the Issuing Bank pursuant to a Letter of Credit. 
 “LC
Documents” shall mean all applications, agreements and instruments relating to the Letters of Credit but excluding the Letters of Credit. 

“LC Exposure” shall mean, at any time, the sum of (i) the aggregate undrawn amount of all outstanding
Letters of Credit at such time, plus (ii) the aggregate amount of all LC Disbursements that have not been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender shall be its Pro Rata Share of the total LC
Exposure at such time. 
 “Lead Arrangers” shall mean Keybanc Capital Markets, Raymond James Bank, N.A.,
and BMO Capital Markets, each in its capacity as joint lead arranger in connection with this Agreement. 

“Lender-Related Hedge Provider” shall mean any Person that, at the time it enters into a Hedging Transaction
with any Loan Party, (i) is a Lender or an Affiliate of a Lender and (ii) except when the Lender-Related Hedge Provider is KeyBank or any of its Affiliates, has provided prior written notice to the Administrative Agent which has been
acknowledged by the Borrower of (x) the existence of such Hedging Transaction and (y) the methodology to be used by such parties in determining the obligations under such Hedging Transaction from time to time. In no event shall any
Lender-Related Hedge Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Hedging Obligations except that each reference to the term “Lender” in Article IX and
Section 10.3(b) shall be deemed to include such Lender-Related Hedge Provider. 
 “Lenders”
shall have the meaning set forth in the introductory paragraph hereof and shall include, where appropriate, the Swingline Lender, each Increasing Lender, each Additional Lender that joins this Agreement pursuant to Section 2.23, and each
Extended Facility Lender. 

  
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 “Letter of Credit” shall mean any stand-by letter of credit
issued pursuant to Section 2.22 by any Issuing Bank for the account of the Borrower pursuant to the LC Commitment. 

“Licensed Personnel” shall mean any Person (including any physician) involved in the delivery of health care
or medical items, services or supplies, employed or retained by the REIT Guarantor or any of its Subsidiaries. 

“Lien” shall mean any mortgage, pledge, security interest, lien (statutory or otherwise), charge,
encumbrance, hypothecation, assignment, or other arrangement having the practical effect of any of the foregoing or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any capital lease having the same economic effect as any of the foregoing). 

“Loan Documents” shall mean, collectively, this Agreement, the LC Documents, the Fee Letter, all Notices of
Borrowing, all Notices of Conversion/Continuation, all Compliance Certificates, any promissory notes issued hereunder and each other instrument, agreement, document and writing executed in connection with any of the foregoing that is identified by
its terms as a “Loan Document”. 
 “Loan Parties” shall mean, collectively, the Borrower, the GP
LLC, the REIT Guarantor and the Subsidiary Loan Parties. 
 “Loans” shall mean all Revolving Loans,
Swingline Loans, the First Amendment Term Loan and any other Term Loans made pursuant to Section 2.23 hereof, in the aggregate or any of them, as the context shall require, and shall include, where appropriate, any loan made pursuant to
Section 2.23 and Section 2.27. 
 “Material Acquisition” means an Acquisition
(including the acquisition of assets of any Person whose equity interests are acquired) after the Agreement Date, in a single transaction or a series of related transactions, with a total cost that is more than five percent (5%) of the Total
Asset Value based on the most recent Compliance Certificate submitted prior to such acquisition. 
 “Material
Adverse Effect” shall mean, with respect to any event, act, condition or occurrence of whatever nature, whether singularly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences
whether or not related, resulting in a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets, liabilities or properties of REIT Guarantor and its Subsidiaries taken as
a whole and after giving effect to the transactions contemplated hereby, (ii) the ability of the Loan Parties, taken as a whole, to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies of the
Administrative Agent, the Issuing Banks, the Swingline Lender or the Lenders under any of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents. 

“Material Borrowing Base Lease” shall mean, with respect to the Real Property Assets of the REIT Guarantor
and its Subsidiaries, any Borrowing Base Lease from which the 

  
 34 

 
applicable Loan Party or Loan Parties derived in excess of five percent (5%) of the aggregate revenues of the REIT Guarantor and its Subsidiaries with respect to such Real Property Assets
for the most recently completed four (4) Fiscal Quarters for which financial statements are, or are required to have been, delivered to the Administrative Agent pursuant to Section 5.1(a) or 5.1(b). 

“Material Indebtedness” shall mean any Indebtedness (other than the Loans and the Letters of Credit) of the
Loan Parties or any of their Subsidiaries individually or in an aggregate committed or outstanding principal amount exceeding $10,000,000. For purposes of determining the amount of attributed Indebtedness from Hedging Obligations, the
“principal amount” of any Hedging Obligations at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations. 

“Material Subsidiary” shall mean, as of any date, any direct or indirect Subsidiary of the REIT Guarantor
that is not an Immaterial Subsidiary or an Excluded Subsidiary. 
 “Maturity Date” shall mean,
(i) with respect to the First Amendment Term Loan, the First Amendment Term Loan Maturity Date, (ii) with respect to any other tranche of Term Loans (including any Incremental Term Loans, or Extended Term Loans), the maturity dates
specified therefor in the applicable Incremental Commitment Joinder, or Extended Facility Agreement, as applicable and (iii) with respect to the Revolving Commitments, the Revolving Commitment Termination Date. 

“Measurement Period” shall mean the most recent four-Fiscal Quarter period. 

“Medicaid” shall mean, collectively, the health care assistance program established by Title XIX of the
Social Security Act (42 U.S.C. 1396 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders or requirements pertaining to such program, including (a) all federal statutes affecting such program;
(b) all state statutes and plans for medical assistance enacted in connection with such program and federal rules and regulations promulgated in connection with such program; and (c) all applicable provisions of all rules, regulations,
manuals, orders and administrative, reimbursement, and requirements of all Government Authorities promulgated in connection with such program (whether or not having the force of law), in each case as the same may be amended and in effect from time
to time. 
 “Medicare” shall mean, collectively, the health insurance program for the aged and disabled
established by Title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders or requirements pertaining to such program including (a) all federal statutes
(whether set forth in Title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.) or elsewhere) affecting such program; and (b) all applicable provisions of all rules, regulations, manuals, orders and administrative and reimbursement
requirements of all Governmental Authorities promulgated in connection with such program (whether or not having the force of law), in each case as the same may be amended and in effect from time to time. 

“Modifications” shall mean any amendments, supplements, modifications, renewals, replacements,
consolidations, severances, substitutions and extensions of any document or 

  
 35 

 
instrument from time to time; “Modify,” “Modified,” or related words shall have meanings correlative thereto. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage Receivables” shall mean any loan receivables or similar contracts or arrangements for the payment
of money, whether senior or subordinated (in right of payment or otherwise), the obligations under which are secured or backed by commercial real estate, which loan receivables may include commercial mortgage pass-through certificates and commercial
mortgagebacked bonds or similar securities and the commercial mortgage loans and properties underlying or backing them, or whole loans, whether senior or subordinated (in right of payment or otherwise), secured by commercial real estate. 

“Multi-Tenant Building” shall mean, as of any date, a Real Property Asset which is an individual medical
office building, life sciences building or other office building. 
 “Multiemployer Plan” shall mean any
“multiemployer plan” as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or to which there is or may be an obligation to contribute of) the REIT Guarantor, any of its Subsidiaries or an ERISA Affiliate, and each
such plan for the five-year period immediately following the latest date on which the REIT Guarantor, any of its Subsidiaries or an ERISA Affiliate contributed to or had an obligation to contribute to such plan. 

“Negative Pledge” shall mean any agreement (other than this Agreement or any other Loan Document) that in
whole or in part prohibits the creation of any Lien on any assets of a Person; provided, however, that an agreement that establishes a maximum ratio of unsecured debt to unencumbered assets, or of secured debt to total assets, or that
otherwise conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets,
or the encumbrance of specific assets, shall not constitute a “Negative Pledge” for purposes of this Agreement; and provided further, however, that any provision under the Senior Notes Indenture and/or any other document
relating to the Senior Notes that would otherwise be included within this definition of “Negative Pledge” shall not constitute a “Negative Pledge” for purposes of this Agreement. 

“Net Mark-to-Market Exposure” of any Person shall mean, as of any date of determination with respect to any
Hedging Obligation, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from such Hedging Obligation. “Unrealized losses” shall mean the fair market value of the cost to such Person of replacing
the Hedging Transaction giving rise to such Hedging Obligation as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date), and “unrealized profits” shall mean the fair market value of the gain
to such Person of replacing such Hedging Transaction as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date). 

“Net Revenues” shall mean, with respect to any Real Property Asset subject to a triple net lease, for the
most recently completed four (4) Fiscal Quarter period for which financial statements are, or are required to have been, delivered to the Administrative Agent pursuant to 

  
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Section 5.1(a) or 5.1(b), (i) the sum of (a) rental payments received in cash during such period by the applicable Consolidated Party (whether in the nature of base
rent, minimum rent, percentage rent, additional rent or otherwise, but exclusive of security deposits, earnest money deposits, advance rentals, reserves for capital expenditures, charges, expenses or items required to be paid or reimbursed by the
Tenant thereunder and proceeds from a sale or other disposition) pursuant to the Facility Leases applicable to such Real Property Asset and in full force and effect on the date of such calculation and (b) interest from loans made by such
Borrower or Consolidated Party, as the case may be, minus (ii) operating expenses of such Borrower or Consolidated Party, as the case may be, allocated to such Real Property Asset on a standalone basis (which shall not include, for the
avoidance of doubt, any allocated costs of corporate and administrative overhead of the REIT Guarantor and its Subsidiaries); provided that, to the extent such expenses are required to be paid by the Tenant under the applicable Facility Lease such
expenses will not be subtracted. 
 “Non-Defaulting Lender” shall mean, at any time, a Lender that is not a
Defaulting Lender. 
 “Non-Public Information” shall mean any material non-public information (within the
meaning of United States federal and state securities laws) with respect to the REIT Guarantor or any of its Subsidiaries or any of their respective securities. 

“Non-U.S. Plan” shall mean any plan, fund (including, without limitation, any superannuation fund) or other
similar program established, contributed to (regardless of whether through direct contributions or through employee withholding) or maintained outside the United States by the REIT Guarantor or one or more of its Subsidiaries primarily for the
benefit of employees of the REIT Guarantor or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement, or
payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code. 
 “Notice
of Conversion/Continuation” shall have the meaning set forth in Section 2.7(b). 
 “Notice of
Revolving Borrowing” shall have the meaning set forth in Section 2.3. 
 “Notice of Swingline
Borrowing” shall have the meaning set forth in Section 2.4. 
 “Notices of Borrowing”
shall mean, collectively, the Notices of Revolving Borrowing and the Notices of Swingline Borrowing. 

“Obligations” shall mean (i) all amounts owing by the Loan Parties to the Administrative Agent, any
Issuing Bank, any Lender (including the Swingline Lender) or any Lead Arranger pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any Loan or Letter of Credit, including, without limitation, all
principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), reimbursement obligations, fees, expenses, indemnification and 

  
 37 

 
reimbursement payments, costs and expenses, whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder,
(ii) all Hedging Obligations (other than any Permitted Bond Hedge Transactions and any Permitted Warrant Transactions) owed by any Loan Party to any Lender-Related Hedge Provider, and (iii) all Bank Product Obligations, together with all
renewals, extensions, modifications or refinancings of any of the foregoing. Notwithstanding the foregoing, “Obligations” shall not include any Excluded Swap Obligations. 

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

“Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of
such Person with respect to accounts or notes receivable sold by such Person, (ii) any Synthetic Lease Obligation or (iii) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the
place of borrowing but which does not constitute a liability on the balance sheet of such Person other than, in the case of this clause (iii), any operating lease, including, for the avoidance of doubt, any other lease that is treated as
an operating lease pursuant to the definition of Capital Lease Obligations or Section 1.3. 

“OSHA” shall mean the Occupational Safety and Health Act of 1970, as amended and in effect from time to time,
and any successor statute thereto. 
 “Other Taxes” shall mean any and all present or future stamp, court
or documentary, intangible, recording, filing or similar Taxes that arise from any payment made hereunder or under any other Loan Document or from the execution, delivery, performance or enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document. 
 “Ownership
Share” shall mean, with respect to any Unconsolidated Affiliate of any Person, the greater of (i) such Person’s the relative nominal direct and indirect ownership interest, calculated as a percentage, in such Unconsolidated
Affiliate, or (ii) such Person’s the relative direct and indirect economic interest, calculated as a percentage, in such 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 Unconsolidated Affiliate. 

“Parent Company” shall mean, with respect to a Lender, the “bank holding company” as defined in
Regulation Y, if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Participant” shall have the meaning set forth in Section 10.4(d). 

“Participant Register” shall have the meaning set forth in Section 10.4(d). 

  
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 “Patriot Act” shall mean the USA PATRIOT Improvement and
Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law March 9, 2006)), as amended and in effect from time to time. 

“Payment in Full” and “Paid in Full” shall mean the termination of all Revolving Commitments
and all other commitments of the Lenders to lend funds or extend financial accommodations to the Borrower under the Loan Documents and the payment in full, in immediately available funds, of all of the Obligations (other than (i) contingent
indemnification and expense reimbursement Obligations, in each case, to the extent no claim giving rise thereto has been asserted, (ii) Hedging Obligations and Bank Product Obligations to the extent arrangements satisfactory to the
Lender-Related Hedge Provider or Bank Product Provider, as applicable, shall have been made) and (iii) contingent Obligations with respect to which the deposit of Cash Collateral (in the case of LC Exposure, which shall not exceed 103% of the
face amount of the relevant Letters of Credit and in the case of other Obligations, which shall not exceed 100% of the amount thereof) (or, as an alternative to Cash Collateral in the case of any LC Exposure, receipt by the Administrative Agent of a
back-up letter of credit reasonably satisfactory to the Administrative Agent and the applicable Issuing Bank), in amounts and on terms and conditions and with parties reasonably satisfactory to the Administrative Agent and each Indemnitee that is,
or may be, owed such Obligations has been provided). 
 “Payment Office” shall mean the office of the
Administrative Agent located at 4910 Tiedeman Road, Brooklyn, OH 44144, Attention David Lenhart, or such other location as to which the Administrative Agent shall have given written notice to the Borrower and the other Lenders. 

“PBGC” shall mean the U.S. Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any
successor entity performing similar functions. 
 “Permitted Bond Hedge Transaction” shall mean any call or
capped call option (or substantively equivalent derivative transaction) on common stock of the REIT Guarantor or the Borrower purchased by the REIT Guarantor or the Borrower in connection with the issuance of any Convertible Indebtedness; provided
that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by the REIT Guarantor or the Borrower from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the REIT
Guarantor or the Borrower from the sale of such Convertible Indebtedness issued in connection with the Permitted Bond Hedge Transaction. 

“Permitted Encumbrances” shall mean: 

(xxvii) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority
(excluding any Lien imposed pursuant to any of the provisions of ERISA), in each case, which are not yet delinquent (other than those which are being contested in good faith and for which adequate reserves have been established in accordance with
GAAP); 
 (xxviii) Liens evidencing the claims of materialmen, mechanics, carriers, warehousemen or
landlords for labor, materials, supplies or rentals, in each case, 

  
 39 

 
imposed by law and incurred in the ordinary course of business or which are not more than sixty (60) days past due or that are being contested in good faith by appropriate proceedings and
for which adequate reserves have been established in accordance with GAAP or a bond or other assurance has been posted as required by applicable Requirements of Law; provided that, if the discharge or satisfaction thereof is the
responsibility of a Tenant, such Liens shall be permitted so long as they are discharged, bonded, stayed or contested in good faith and by appropriate proceeding by the later of (x) the date that such Liens are sixty (60) days past due or
(y) the date ten (10) Business Days after a Responsible Officer of a Loan Party has notice thereof; 

(xxix) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance, social security and other similar laws or regulations; 
 (xxx) zoning
restrictions, easements, licenses, rights-of-way, covenants, encroachments, reservations and other rights, restrictions or encumbrances on the use of and minor title deficiencies on or with respect to any Real Property Assets, in each case which do
not materially impair the use thereof for the business of such Person or, with respect to any Borrowing Base Asset, materially detract from the value of such property; 

(xxxi) Liens listed as exceptions to the Title Policies (or updates thereto (which updates shall be reasonably
acceptable to Administrative Agent)) delivered in connection with this Agreement; 
 (xxxii) [Reserved];

 (xxxiii) Liens arising pursuant to Facility Leases; and 

(xxxiv) Liens arising pursuant to leases or subleases of any real property (and, in the case of a Borrowing
Base Asset permitted pursuant to the applicable Facility Leases (if any) with respect to such Borrowing Base Asset); 
 provided that
the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 
 “Permitted
Refinancing Indebtedness” shall mean, with respect to any Indebtedness, any modification, refinancing, refunding, renewal or extension of such Indebtedness or any Permitted Refinancing Indebtedness thereof; provided that (i) the
principal amount of such Indebtedness is not increased at the time of such modification, refinancing, refunding, renewal or extension except by an amount equal to (x) the premium or other amount paid, (y) fees and expenses reasonably
incurred, in connection with such modification, refinancing, refunding, renewal or extension and (z) by an amount equal to any existing commitments unutilized thereunder and capitalized interest or reserves relating thereto; (ii) such
modification, refinancing, refunding, renewal or extension with respect to the Indebtedness being modified, refinanced, refunded, renewed or extended is not guaranteed by any Person other than, solely with respect to Unsecured Indebtedness, a Loan
Party; (iii) such modification, refinancing, 

  
 40 

 
refunding, renewal or extension has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being modified, refinanced, refunded,
renewed or extended; (iv) such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of the Indebtedness being modified, refinanced, refunded, renewed or extended;
and (v) the terms relating to collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such modification, refinancing, refunding, renewal or extension, and of any agreement entered into and of any
instrument issued in connection therewith, are no less favorable in any material respect to the applicable Loan Party or Subsidiary or the Lenders than the terms of any agreement or instrument governing the Indebtedness being modification,
refinancing, refunding, renewal or extension, as determined by the Borrower in good faith and evidenced by a certificate from a Responsible Officer. 

“Permitted Investments” shall mean: 

(xxxv) direct obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

(xxxvi)        commercial paper, maturing not more than one year after
the date of acquisition thereof, issued by a corporation (other than an Affiliate of the REIT Guarantor) organized and in existence under the laws of the United States of America or any state or jurisdiction thereof with a rating at the time as of
which any investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P; 

(xxxvii)        time deposit accounts, time deposits, certificates of
deposit, bankers’ acceptances and Eurodollar time deposits maturing within one year of the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any
commercial bank organized under the laws of the United States or any state or jurisdiction thereof, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $500 million and has outstanding debt which is
rated “A” (or such similar equivalent rating) or higher by at least one “nationally recognized statistical rating organization” (within the meaning of Rule 15c3-l(c)(2)(vi)(F) under the Exchange Act) or any money-market fund
sponsored by a registered broker dealer or mutual fund distributor; 

(xxxviii)        fully collateralized repurchase agreements with a
term of not more than thirty (30) days for securities described in clauses (i) and (ii) above and entered into with a financial institution satisfying the criteria described in clause (iii) above; 

(xxxix)securities with maturities of one year or less from the date of acquisition issued or fully and
unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s; and 

  
 41 

 (xl)    mutual funds investing primarily in
any one or more of the Permitted Investments described in clauses (i) through (v) above (in each case, determined at the time of acquisition thereof). 

“Permitted Warrant Transaction” shall mean any call option, warrant or right to purchase (or substantively
equivalent derivative transaction) on common stock of the REIT Guarantor sold by the REIT Guarantor substantially concurrently with any purchase by the REIT Guarantor of a related Permitted Bond Hedge Transaction. 

“Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited
liability company, trust or other entity, or any Governmental Authority. 
 “Plan” shall mean any
“employee benefit plan” as defined in Section 3 of ERISA (other than a Multiemployer Plan) maintained or contributed to by the REIT Guarantor or any ERISA Affiliate or to which the REIT Guarantor or any ERISA Affiliate has or may have
an obligation to contribute, and each such plan that is subject to Title IV of ERISA for the five-year period immediately following the latest date on which the REIT Guarantor or any ERISA Affiliate maintained, contributed to or had an obligation to
contribute to (or is deemed under Section 4069 of ERISA to have maintained or contributed to or to have had an obligation to contribute to, or otherwise to have liability with respect to) such plan. 

“Prepayment Premium” shall mean, (i) with respect to any prepayment of the First Amendment Term Loan by
the Borrower on or before February 1, 2017, 2.0% of the amount of such prepayment, (ii) with respect to any prepayment of the First Amendment Term Loan by the Borrower after February 1, 2017 but on or before February 1, 2018,
1.0% of the amount of such prepayment, and (iii) with respect to any prepayment of the First Amendment Term Loan by the Borrower after February 1, 2018, 0.0%. 

“Proceeding” shall mean any investigation, inquiry, litigation, review, hearing, suit, claim, audit,
arbitration, proceeding or action (in each case, whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Authority or arbitrator. 

“Property Material Adverse Effect” shall mean, with respect to any event, act, condition or occurrence of
whatever nature, whether singularly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, resulting in a material adverse change in, or a material adverse effect on,
(i) an applicable individual Borrowing Base Asset, or group of Borrowing Base Assets, taken as a whole; (ii) the use, operation, value of or ability to sell or refinance (excluding, in the case of the ability to sell or refinance, any
event, act, condition or occurrence affecting the industry or region in which the applicable Borrowing Base Asset, or group of Borrowing Base Assets operates, the U.S. economy or the credit, financial, banking or capital markets in general) an
applicable individual Borrowing Base Asset, or group of Borrowing Base Assets, taken as a whole; (iii) a Material Adverse Effect. 

“Property NOI” shall mean, for any Real Property Asset not subject to a triple-net lease, the difference (if
positive) between (i) the total rental revenue and other revenues from the 

  
 42 

 
operation of such Real Property Asset, as the case may be, for such period (excluding, for all purposes other than the calculation Consolidated Total Asset Value, such revenues from Tenants which
are subject to a then continuing Bankruptcy Event (except to the extent such Tenant has assumed the applicable lease) but including for all purposes any insurance proceeds received during such period and constituting business interruption proceeds
or paid in respect of lost revenues or rental income with respect to such period), and (ii) all expenses incurred by the applicable Loan Party or Subsidiary in connection with the operation and maintenance of such Real Property Asset, as the
case may be, during such period (including, repairs, real estate and chattel taxes and bad debt expenses and deemed management fee equal to five percent (5%) of the aggregate revenues, but excluding all management fees actually paid) but before
payment or provision for corporate overhead expenses, debt service charges, income taxes and depreciation, amortization and other non-cash expenses, all as determined in accordance with GAAP. 

“Property Value” shall mean, with respect to any Real Property Asset, the sum of the following, without
duplication, of the Borrower and its Subsidiaries for the Fiscal Quarter most recently ended: (i) for a Real Property Asset under a triple-net lease, the Net Revenue for such properties for the trailing four Fiscal Quarter period most recently
ended, divided by the applicable Capitalization Rate, plus (ii) for a Real Property Asset not under a triple-net lease, the Adjusted NOI for such properties for the trailing four Fiscal Quarter period most recently ended, divided
by the applicable Capitalization Rate. In determining the Property Value, the Borrower may include Acquisitions (I) at cost for the first four quarters of such calculation, or (II) by annualizing (as applicable) the actual Net Revenue or
Adjusted NOI for the period of ownership and dividing by the applicable Capitalization Rate, for the first four quarters of such calculation. 

“Pro Rata Share” shall mean (i) with respect to any Class of Commitment or Loan of any Lender at any
time, a percentage, the numerator of which shall be such Lender’s Commitment of such Class (or, if such Commitment has been terminated or expired or the Loans have been declared to be due and payable, such Lender’s Revolving Credit
Exposure, First Amendment Term Loan, or other Term Loan, as applicable), and the denominator of which shall be the sum of all Commitments of such Class of all Lenders (or, if such Commitments have been terminated or expired or the Loans have been
declared to be due and payable, all Revolving Credit Exposure, First Amendment Term Loans or other Term Loans, as applicable, of all Lenders) and (ii) with respect to all Classes of Commitments and Loans of any Lender at any time, the numerator
of which shall be the sum of such Lender’s Revolving Commitment (or, if such Revolving Commitment has been terminated or expired or the Loans have been declared to be due and payable, such Lender’s Revolving Credit Exposure) and First
Amendment Term Loan and any other Term Loan and the denominator of which shall be the sum of all Lenders’ Revolving Commitments (or, if such Revolving Commitments have been terminated or expired or the Loans have been declared to be due and
payable, all Revolving Credit Exposure of all Lenders funded under such Commitments) and all First Amendment Term Loans and any other Term Loans. 

  
 43 

 “Public Lender” shall mean any Lender who does not wish to
receive Non-Public Information and who may be engaged in investment and other market related activities with respect to the Borrower, its Affiliates or any of their securities or loans. 

“Qualified ECP Guarantor” shall mean, in respect of any Swap Obligation, each Loan Party that has total
assets exceeding $10,000,000 at the time the relevant Guarantee becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any
regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“Real Estate” shall mean all real property owned or leased by REIT Guarantor and its Subsidiaries. 

“Real Property Asset” shall mean, a parcel of real or leasehold property located in the United States,
together with all improvements (if any) thereon (including all tangible personal property owned by the person owning such real or leasehold property) owned in fee simple or leased pursuant to an Eligible Ground Lease by any Person. “Real
Property Assets” shall mean, collectively, to all such Real Property Assets. 
 “Recipient” shall
mean, as applicable, (i) the Administrative Agent, (ii) any Lender and (iii) the Issuing Bank. 

“Recourse Debt” shall mean any Secured Debt, in respect of which recourse for payment (exclusive of any
“non-recourse debt” whereby the payee’s remedies are limited to specific, identified assets of the payor which secure such debt, and where the payor has no personal liability beyond the loss of such specified asset other than
liability for fraud, material misrepresentation, misapplication of funds, environmental indemnities, voluntary bankruptcy, special purpose entity covenants or covenants to maintain insurance and other typical exceptions to non-recourse liability) is
to any Loan Party. 
 “Register” shall have the meaning set forth in Section 10.4(c). 

“Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve System, as the same
may be in effect from time to time, and any successor regulations. 
 “Regulation T” shall mean Regulation
T of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 

“Regulation U” shall mean Regulation U of the Board of Governors of the Federal Reserve System, as the same
may be in effect from time to time, and any successor regulations. 
 “Regulation X” shall mean Regulation
X of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 

“Regulation Y” shall mean Regulation Y of the Board of Governors of the Federal Reserve System, as the same
may be in effect from time to time, and any successor regulations. 

  
 44 

 “REIT” shall mean a real estate investment trust as defined in
Sections 856-860 of the Code. 
 “REIT Guarantor” shall have the meaning set forth in the introductory
paragraph hereof. 
 “Related Parties” shall mean, with respect to any specified Person, such Person’s
Affiliates and the respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors or other representatives of such Person and such Person’s Affiliates. 

“Related Transaction Documents” shall mean the Loan Documents, the Spin-Off Documents, all other agreements
or instruments executed in connection with the Related Transactions. 
 “Related Transactions” shall mean,
collectively, the consummation of the Spin-Off Transaction, the execution and delivery of all Related Transaction Documents, the payment of the E&P Purge, the issuance of the Senior Notes, and the payment of all fees, costs and expenses
associated with all of the foregoing. 
 “Release” shall mean any release, spill, emission, leaking,
dumping, injection, pouring, deposit, disposal, discharge, dispersal or leaching into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata). 

“Rent Coverage Ratio” shall mean, as of any date of determination, with respect to all Borrowing Base Assets
for which Ensign is the Eligible Tenant under the Borrowing Base Lease relating thereto, the ratio of (i) the sum of Tenant EBITDAR of Ensign with respect to such Borrowing Base Asset, as Eligible Tenant under each such Borrowing Base Lease
with respect to such Borrowing Base Asset for the most recently completed four fiscal quarter period, as determined from the financial statements of such Tenant delivered, or required to be delivered to the Administrative Agent, pursuant to
Section 5.1(g) to (ii) the sum of the annual rent payable by Ensign, as Eligible Tenant under each such Borrowing Base Lease, for the same period, as such rent is set forth in the most recent rent schedule delivered to the
Administrative Agent pursuant to Section 5.1(c). 
 “Required First Amendment Term Loan
Lenders” shall mean, at any time, Lenders holding more than fifty percent (50%) of the aggregate outstanding First Amendment Term Loans at such time; provided that to the extent that any Lender is a Defaulting Lender, such
Defaulting Lender and all of its First Amendment Term Loans shall be excluded for purposes of determining Required First Amendment Term Loan Lenders. 

“Required Lenders” shall mean, at any time, Lenders holding more than fifty percent (50%) of the
aggregate outstanding Revolving Commitments, First Amendment Term Loans and any other Term Loans at such time or, if the Lenders have no Commitments outstanding, then Lenders holding more than fifty percent (50%) of the aggregate outstanding
Revolving Credit Exposure, First Amendment Term Loans and any other Term Loans of the Lenders at such time; provided that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Revolving Commitments, Revolving
Credit 

  
 45 

 
Exposure, First Amendment Term Loans and any other Term Loans shall be excluded for purposes of determining Required Lenders. 

“Required Revolving Lenders” shall mean, at any time, Lenders holding more than fifty percent (50%) of
the aggregate outstanding Revolving Commitments at such time or, if the Lenders have no Revolving Commitments outstanding, then Lenders holding more than fifty percent (50%) of the aggregate outstanding Revolving Credit Exposure at such time;
provided that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Revolving Commitments and Revolving Credit Exposure shall be excluded for purposes of determining Required Revolving Lenders. 

“Requirement of Law” for any Person shall mean the articles or certificate of incorporation, bylaws,
partnership certificate and agreement, or limited liability company certificate of organization and agreement, as the case may be, and other organizational and governing documents of such Person, and any law, treaty, rule or regulation, or
determination of a Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” shall mean (i) with respect to certifying compliance with the financial covenants
set forth in Article VI, the chief financial officer, the treasurer or controller of the REIT Guarantor or the Borrower and (ii) with respect to all other provisions, any of the president, the chief executive officer, the chief operating
officer, the chief financial officer, the treasurer or a vice president of the applicable Loan Party or such other representative of the applicable Loan Party as may be designated in writing by any one of the foregoing with the consent of the
Administrative Agent. 
 “Restricted Payment” shall mean, for any Person, any dividend or distribution on
any class of its Capital Stock, or any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement, defeasance or other acquisition of any shares of its Capital Stock, any Indebtedness
subordinated in right of payment to the Obligations or any Guarantee thereof or any options, warrants or other rights to purchase such Capital Stock or such Indebtedness, whether now or hereafter outstanding. 

“Revolving Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make
Revolving Loans to the Borrower and to acquire participations in Letters of Credit and Swingline Loans in an aggregate principal amount not exceeding the amount set forth with respect to such Lender on Schedule I, as such schedule may be
amended pursuant to Section 2.23 or Section 2.28, or, in the case of a Person becoming a Lender after the Closing Date, the amount of the assigned “Revolving Commitment” as provided in the Assignment and Acceptance
executed by such Person as an assignee, or the Incremental Commitment Joinder executed by such Person, in each case as such commitment may subsequently be increased or decreased pursuant to the terms hereof. Unless the context shall otherwise
require, the term “Revolving Commitment” shall include any Extended Revolving Commitment. 
 “Revolving
Commitment Termination Date” shall mean the earliest of (i)(a) with respect to the Revolving Commitments (including any Incremental Revolving Commitments) of the Revolving Lenders (other than any portion constituting Extended Revolving

  
 46 

 
Commitments), August 5, 2019, as such date may be extended pursuant to Section 2.5, and (b) with respect to any Extended Revolving Commitments, the maturity date specified
therefor in the applicable Extended Facility Agreement, (ii) the date on which the Revolving Commitments are terminated pursuant to Section 2.8 and (iii) the date on which all amounts outstanding under this Agreement have been
declared or have automatically become due and payable (whether by acceleration or otherwise). 
 “Revolving Credit
Exposure” shall mean, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans, LC Exposure and Swingline Exposure. 

“Revolving Lender” shall mean any Lender holding Revolving Loans or Revolving Commitments. 

“Revolving Loan” shall mean a loan made by a Lender (other than the Swingline Lender) to the Borrower under
its Revolving Commitment, which may either be a Base Rate Loan or a Eurodollar Loan. 
 “S&P” shall
mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 “Sanctioned Country”
shall mean a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Pages/ default.aspx, or as otherwise published from time to time. 

“Sanctioned Person” shall mean (i) a Person named on the list of “Specially Designated Nationals
and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource- center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (ii)(A) an agency of the government of a Sanctioned Country,
(B) an organization controlled by a Sanctioned Country, or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 

“Secured Debt” shall mean, as of any date of determination, Adjusted Consolidated Debt of the Consolidated
Parties determined on a consolidated basis in accordance with GAAP that is secured by a Lien on any asset owned or leased by such Consolidated Party or any Unconsolidated Affiliate, as applicable; provided, however, that any recourse Indebtedness
that is secured only by a pledge of ownership interests in a Consolidated Party or any Unconsolidated Affiliate shall be deemed to be Unsecured Indebtedness. 

“Senior Notes” shall mean, collectively, those certain senior unsecured notes issued by the Borrower pursuant
to the Senior Notes Indenture and any additional senior note issuance pursuant to the Senior Note Indenture or similar indenture, in each case, as amended, modified, restated or supplemented from time to time. 

“Senior Notes Indenture” shall mean that certain Indenture, dated as of May 30, 2014, among the
Borrower, CareTrust Capital Corp., the guarantors party thereto and Wells Fargo Bank, National Association, as trustee, and any other similar indenture, in each 

  
 47 

 
case, as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time. 

“Solvent” shall mean, with respect to any Person on a particular date, that on such date the fair value of
the property of such Person is greater than the total amount of liabilities, including subordinated and contingent liabilities, of such Person; (ii) the present fair saleable value of the assets of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its debts and liabilities, including subordinated and contingent liabilities as they become absolute and matured; (iii) such Person does not intend to, and does not believe that
it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (iv) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for
which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all
the facts and circumstances existing at the time, represents the amount that would reasonably be expected to become an actual or matured liability. 

“Specified Representations” shall mean the representations and warranties set forth in Sections 4.1(a)
and (b), 4.2, 4.3(a), 4.3(b), 4.7, 4.9, 4.15, 4.17(a), 4.21, and 4.22. 

“Specified Target Representations” shall have the meaning set forth in Section 2.23(a)(iii). 

“Spin-Off Dividend” shall mean the spin-off of the REIT Guarantor and its Subsidiaries to Ensign’s
shareholders. 
 “Spin-Off Documents” shall mean the Separation and Distribution Agreement, the Ensign
Guaranty, the Ensign Master Leases, the Opportunities Agreement, the Employee Matters Agreement, the Tax Matters Agreement and the Transition Services Agreement. 

“Spin-Off Transaction” shall mean (i) the transfer by Ensign of (a) the Ensign Assets and
(b) the Transferred IL Facilities to the REIT Guarantor, (ii) the Spin-Off Dividend and (iii) the series of corporate restructurings and other transactions entered into in connection with the foregoing consummated on June 1,
2014. 
 “Subsidiary” shall mean, with respect to any Person (the “parent”) at any date,
any corporation, partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities or other ownership interests
representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of
such date, owned, controlled or held, or that is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

  
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Unless otherwise indicated, all references to “Subsidiary” hereunder shall mean a Subsidiary of the REIT Guarantor. 

“Subsidiary Loan Party” shall mean (i) each of the Subsidiaries set forth on Schedule 4.14, and
(ii) any Subsidiary which is required to become a Subsidiary Loan Party pursuant to Section 5.12 that executes or becomes a party to this Agreement, unless and until any such Subsidiary is released pursuant to
Section 9.11(c). 
 “Subsidiary Operated Facility” shall mean, as of any date, a Real Property
Asset which is operated by a Subsidiary of the REIT Guarantor as of such date. 
 “Suspended Borrowing Base
Asset” shall mean, as of any date, any Real Property Assets which as of such date is, pursuant to one of more requirements in the definition of Borrowing Base Asset, designated as a Suspended Borrowing Base Asset. 

“Swap Obligation” shall mean, with respect to any Guarantor, any obligation to pay or perform under any
agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an
aggregate principal amount at any time outstanding not to exceed $30,000,000. 
 “Swingline Exposure” shall
mean, with respect to each Lender, the principal amount of the Swingline Loans in which such Lender is legally obligated either to make a Base Rate Loan or to purchase a participation in accordance with Section 2.4, which shall equal
such Lender’s Pro Rata Share of all outstanding Swingline Loans. 
 “Swingline Lender” shall mean
KeyBank in its capacity as such, together with any successor in such capacity. 
 “Swingline Loan” shall
mean a loan made to the Borrower by the Swingline Lender under the Swingline Commitment. 
 “Synthetic
Lease” shall mean a lease transaction under which the parties intend that the lease will be treated as an “operating lease” by the lessee pursuant to Accounting Standards Codification Sections 840-10 and 840-20, as amended, and
(ii) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property. 

“Synthetic Lease Obligations” shall mean, with respect to any Person, the sum of (i) all remaining
rental obligations of such Person as lessee under Synthetic Leases which are attributable to principal and, without duplication, (ii) all rental and purchase price payment obligations of such Person under such Synthetic Leases assuming such
Person exercises the option to purchase the lease property at the end of the lease term. 

  
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 “Taxes” shall mean any and all present or future taxes, levies,
imposts, duties, deductions, assessments, fees, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenant” shall mean any Person who is a lessee (or if a Loan Party holds a leasehold interest, a sublessee)
with respect to any lease held by a Loan Party as lessor (or sublessor, as applicable) or as an assignee of the lessor (or sublessor, as applicable) thereunder. 

“Tenant EBITDAR” shall mean, without duplication, for Ensign, as Tenant under a Borrowing Base Lease for the
most recently completed four (4) fiscal quarter period, as determined from the financial statements of such Tenant delivered, or required to be delivered to the Administrative Agent, pursuant to Section 5.1(g), the sum of, in each
instance as applicable to the subject Borrowing Base Asset, (i) net income of such Tenant, in each case, excluding any non- recurring or extraordinary gains and losses, plus (ii) an amount which, in the determination of net income
for such fiscal quarter pursuant to clause (i) above, has been deducted for or in connection with (a) interest expense (plus, amortization of deferred financing costs, to the extent included in the determination of interest expense under
GAAP), (b) income taxes, (c) depreciation and amortization, (d) rent expense paid to the Loan Parties (as reasonably determined based on allocated rent expense in the case of a Master Lease), and (e) allocated corporate overhead
management fees, minus (iii) an amount equal to five percent (5%) of the net revenue of such Tenant with respect to each Borrowing Base Asset, all determined in accordance with GAAP. 

“Term Loan” shall mean, individually or collectively as the context may require, the First Amendment Term
Loan and any other term loan made by a Lender to the Borrower pursuant to Section 2.23 and Section 2.27. 

“Term Loan Commitment” shall mean, with respect to each Lender, such Lender’s First Amendment Term Loan
Commitment, Incremental Term Loan Commitment, or Extended Term Loan Commitment. 
 “Title Policies” shall
mean the owner’s title insurance policies for each Borrowing Base Asset. 
 “Total Unsecured
Indebtedness” shall mean all Unsecured Indebtedness (including, without limitation, the Obligations) of the Consolidated Parties. 

“Trading with the Enemy Act” shall mean the Trading with the Enemy Act of the United States of America (50
U.S.C. App. §§ 1 et seq.), as amended and in effect from time to time. 
 “Type”, when used in
reference to a Loan or a Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Adjusted LIBOR or the Base Rate. 

“Unconsolidated Affiliates” shall mean any corporation, partnership, association, joint venture or other
entity in each case which is not a Consolidated Party and in which a 

  
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Consolidated Party owns, directly or indirectly, any of the following, as applicable: (a) in the case of a corporation, capital stock, (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited
liability company, membership interests, and (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Unencumbered Mortgage Receivables” shall mean Mortgage Receivables that are not pledged as collateral for,
or otherwise subject to a Lien as security for, any Indebtedness. 
 “Unfunded Pension Liability” of any
Plan shall mean the amount, if any, by which the value of the accumulated plan benefits under the Plan, determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for
purposes of Section 4044 of ERISA, exceeds the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions). 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as amended and in
effect from time to time in the State of New York. 
 “United States” or “U.S.” shall mean
the United States of America. 
 “Unsecured Indebtedness” shall mean all Indebtedness of a Person that is
not secured by a Lien on the assets of such Person. 
 “Unsecured Interest Expense” shall mean for a twelve
(12) month period as of any date of determination, the greater of (i) all actual projected interest expense associated with the Total Unsecured Indebtedness and (ii) interest expense that would be payable on such Total Unsecured
Indebtedness assuming an interest rate of 6.00% per annum. 
 “Unsecured Interest Coverage Ratio”
shall mean, as of any date of determination, the ratio of (x) Adjusted NOI of the Consolidated Parties of the aggregate Borrowing Base Assets, plus Net Revenue of the aggregate Borrowing Base Assets, subject to a triple net lease, in
each instance for the trailing four Fiscal Quarter period most recently ended to (y) Unsecured Interest Expense of the Consolidated Parties. 

“Unsecured Leverage Ratio” shall mean the ratio of Total Unsecured Indebtedness of the Consolidated Parties
to the Property Value of the Borrowing Base Assets. 
 “U.S. Person” shall mean any Person that is a
“United States person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance
Certificate” shall have the meaning set forth in Section 2.20(e)(ii). 
 “Weighted Average Life
to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing (i) the sum of the products obtained 

  
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by multiplying the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by
(b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness. 

“Wholly Owned” shall mean, with respect to any direct or indirect Subsidiary of any Person, that 100% of the
Capital Stock with ordinary voting power issued by such Subsidiary (other than directors’ qualifying shares and investments by foreign nationals mandated by applicable Requirement of Law) is beneficially owned, directly or indirectly, by such
Person. 
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or
partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” shall mean the Borrower, any other Loan Party or the Administrative Agent, as applicable.

 “Write-Down and Conversion Powers” means, 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 writedown and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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Section 1.2.            Classifications of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g. “Revolving Loan”, “First Amendment Term Loan” or “Term Loan”) or by Type (e.g. “Eurodollar Loan” or
“Base Rate Loan”) or by Class and Type (e.g., “Revolving Eurodollar Loan”). Borrowings also may be classified and referred to by Class (e.g., “Revolving Borrowing”) or by Type (e.g. “Eurodollar Borrowing”) or
by Class and Type (e.g., “Revolving Eurodollar Borrowing”). 

Section 1.3.            Accounting Terms and
Determination. Unless otherwise defined or specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall
be prepared, in accordance with GAAP as in effect from time to time, applied, except as otherwise indicated therein, on a basis consistent with the most recent audited consolidated financial statement of the REIT Guarantor delivered pursuant to
Section 5.1(a); provided that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article VI to eliminate the effect of any change in GAAP on the operation of such covenant
(or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately
before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders (and each party hereto agrees to negotiate in good faith with
respect to such amendment). Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
without giving effect to any election under Accounting Standards Codification Section 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party or any
Subsidiary of any Loan Party at “fair value”, as defined therein; and (ii) for purposes of this Agreement, any change in GAAP requiring leases which were previously classified as operating leases or would have been treated as an
operating lease on the Closing Date to be treated as capitalized leases shall be disregarded and such leases shall (unless otherwise elected by the Borrower to be treated as either an operating lease or a capital lease, at the sole discretion of the
Borrower) continue to be, or shall be, treated as operating leases consistent with GAAP as in effect immediately before such change in GAAP became effective. 

Section 1.4.            Terms Generally. 

(a)      The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including” and the word “to” means “to but excluding”. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as it was originally executed or as it may 

  
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from time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”, “herein” and “hereunder” and words of similar import shall be construed to refer to
this Agreement as a whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules to this Agreement and (v) all
references to a specific time shall be construed to refer to the time in Atlanta, Georgia, unless otherwise indicated. 

(b)      Notwithstanding anything to the contrary herein, for purposes of this Agreement and
any other Loan Document, the Borrower and all Wholly Owned Subsidiaries of the Borrower shall be deemed to be Wholly Owned Subsidiaries of the REIT Guarantor and, for the avoidance of doubt, all calculations and other determinations herein and in
any other Loan Document shall, unless otherwise expressly noted, be made as if there are no minority interest holders in the Borrower. 

ARTICLE II 
 AMOUNT
AND TERMS OF THE COMMITMENTS 

Section 2.1.            General Description of
Facilities. Subject to and upon the terms and conditions herein set forth, (i) the Lenders hereby establish in favor of the Borrower a revolving credit facility pursuant to which each Lender severally agrees (to the extent of such
Lender’s Revolving Commitment) to make Revolving Loans to the Borrower in accordance with Section 2.2(a); (ii) the First Amendment Term Loan Lenders hereby establish in favor of the Borrower a term loan facility pursuant to
which each First Amendment Term Loan Lender severally agrees (to the extent of such Lender’s First Amendment Term Loan Commitment) to make a First Amendment Term Loan in an amount equal to such First Amendment Term Loan Lender’s First
Amendment Term Loan Commitment to the Borrower in accordance with Section 2.2(b); (iii) any Issuing Bank may issue Letters of Credit in accordance with Section 2.22; (iv) the Swingline Lender may make Swingline
Loans in accordance with Section 2.4; and (v) each Lender agrees to purchase a participation interest in the Letters of Credit and the Swingline Loans pursuant to the terms and conditions hereof; provided that in no event shall the
aggregate principal amount of all outstanding Revolving Loans, Swingline Loans and outstanding LC Exposure exceed the Aggregate Revolving Commitment Amount in effect from time to time. 

Section 2.2.        Revolving Loans and First
Amendment Term Loan. 
 (a)        Revolving Loans. Subject to the
terms and conditions set forth herein, each Lender severally agrees to make Revolving Loans, ratably in proportion to its Pro Rata Share of the Aggregate Revolving Commitments, to the Borrower, from time to time during the Availability Period, in an
aggregate principal amount outstanding at any time that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment; or (b) the aggregate Revolving Credit Exposures of all Lenders
exceeding the lesser of (i) the Aggregate Revolving Commitment Amount and (ii) the Available Loan Amount minus the outstanding principal amount of any Term Loans. During the Availability 

  
 54 

 
Period, subject to the terms and conditions set forth herein, the Borrower shall be entitled to borrow, prepay and reborrow Revolving Loans in accordance with the terms and conditions of this
Agreement. 
 (b)        First Amendment Term Loan. Subject to the terms and
conditions set forth herein, from the First Amendment Effective Date through and including February 28, 2016, each First Amendment Term Lender severally agrees to make a loan (collectively, the “First Amendment Term Loan”) to
the Borrower, which First Amendment Term Loan shall be made in a single drawing by the Borrower, in the amount of such Lender’s First Amendment Term Loan Commitment. Upon the making of the First Amendment Term Loan, the First Amendment Term
Loan Commitments of the First Amendment Term Loan Lenders shall be terminated. Upon repayment or prepayment of the First Amendment Term Loan as provided herein, no amount of the First Amendment Term Loan may be re-borrowed. 

Section 2.3.             Procedure for Revolving
Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing, substantially in the form of Exhibit 2.3 attached hereto (a “Notice
of Revolving Borrowing”), (x) prior to 1:00 p.m. one (1) Business Day prior to the requested date of each Base Rate Borrowing and (y) prior to 1:00 p.m. three (3) Business Days prior to the requested date of each
Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable and shall specify (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of
such Revolving Loan comprising such Borrowing and (iv) in the case of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Revolving
Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing shall not be less than $5,000,000 or a larger multiple of $250,000, and the aggregate
principal amount of each Base Rate Borrowing shall not be less than $1,000,000 or a larger multiple of $100,000; provided that Base Rate Loans made pursuant to Section 2.4 or Section 2.22(d) may be made in lesser amounts as
provided therein. At no time shall the total number of Eurodollar Borrowings outstanding at any time exceed eight (8). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise
each Lender of the details thereof and the amount of such Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing. 

Section 2.4.            Swingline Commitment.

 (a)        Subject to the terms and conditions set forth herein, the
Swingline Lender shall make Swingline Loans to the Borrower, from time to time during the Availability Period, in an aggregate principal amount outstanding at any time not to exceed the lesser of (i) the Swingline Commitment then in effect and
(ii) the difference between (A) the lesser of (I) the Aggregate Revolving Commitment Amount and (II) the Available Loan Amount minus the outstanding principal amount of any Term Loans and (B) the aggregate Revolving Credit
Exposures of all Lenders; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an 

  
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outstanding Swingline Loan. The Borrower shall be entitled to borrow, repay and reborrow Swingline Loans in accordance with the terms and conditions of this Agreement. 

(b)        The Borrower shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in writing) of each Swingline Borrowing, substantially in the form of Exhibit 2.4 attached hereto (a “Notice of Swingline Borrowing”), prior to 1:00 p.m. on the requested date of each
Swingline Borrowing. Each Notice of Swingline Borrowing shall be irrevocable and shall specify (i) the principal amount of such Swingline Borrowing, (ii) the date of such Swingline Borrowing (which shall be a Business Day) and
(iii) the account of the Borrower to which the proceeds of such Swingline Borrowing should be credited. The Administrative Agent will promptly advise the Swingline Lender of each Notice of Swingline Borrowing. The aggregate principal amount of
each Swingline Loan shall not be less than $100,000 or a larger multiple of $50,000, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. The Swingline Lender will make the proceeds of each Swingline Loan available to
the Borrower in Dollars in immediately available funds at the account specified by the Borrower in the applicable Notice of Swingline Borrowing not later than 3:00 p.m. on the requested date of such Swingline Borrowing. 

(c)        The Swingline Lender, at any time and from time to time in its sole
discretion, may, but in no event no less frequently than once every ten (10) Business Days, shall, on behalf of the Borrower (which hereby irrevocably authorizes and directs the Swingline Lender to act on its behalf), give a Notice of Revolving
Borrowing to the Administrative Agent requesting the Lenders (including the Swingline Lender) to make Base Rate Loans in an amount equal to the unpaid principal amount of any Swingline Loan. Each Lender will make the proceeds of its Base Rate Loan
included in such Borrowing available to the Administrative Agent for the account of the Swingline Lender in accordance with Section 2.6, which will be used solely for the repayment of such Swingline Loan. 

(d)        If for any reason a Base Rate Borrowing may not be (as determined in the
sole discretion of the Administrative Agent), or is not, made in accordance with the foregoing provisions, then each Lender (other than the Swingline Lender) shall purchase an undivided participating interest in such Swingline Loan in an amount
equal to its Pro Rata Share thereof on the date that such Base Rate Borrowing should have occurred. On the date of such required purchase, each Lender shall promptly transfer, in immediately available funds, the amount of its participating interest
to the Administrative Agent for the account of the Swingline Lender. 

(e)        Each Lender’s obligation to make a Base Rate Loan pursuant to
subsection (c) of this Section or to purchase participating interests pursuant to subsection (d) of this Section shall be absolute and unconditional and shall not be affected by any circumstance, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right that such Lender or any other Person may have or claim against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, the existence of a Default or
an Event of Default or the termination of any Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of any event or condition which has had or could reasonably be expected to have a Material Adverse Effect,
(iv) any breach of this 

  
 56 

 
Agreement or any other Loan Document by any Loan Party, the Administrative Agent or any Lender 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 Swingline Lender by any Lender, the 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 (x) at the Federal Funds Rate until the second Business Day after such demand and (y) at the Base Rate at all times thereafter. Until such time as such Lender makes its required payment, the Swingline Lender shall be
deemed to continue to have outstanding Swingline Loans in the amount of the unpaid participation for all purposes of the Loan Documents. In addition, such Lender shall be deemed to have assigned any and all payments made of principal and interest on
its Loans and any other amounts due to it hereunder to the Swingline Lender to fund the amount of such Lender’s participation interest in such Swingline Loans that such Lender failed to fund pursuant to this Section, until such amount has been
purchased in full. 
 (f)        If a Revolving Credit Termination Date (the
“Earlier Swingline Maturity Date”) shall have occurred at a time when another tranche or tranches of Revolving Commitments is or are in effect with a longer Maturity Date, then, on the Earlier Swingline Maturity Date, all then
outstanding Swingline Loans shall be repaid in full (and there shall be no adjustment to the participations in such Swingline Loans as a result of the occurrence of the Earlier Swingline Maturity Date); provided, however, that if on the occurrence
of the Earlier Swingline Maturity Date (after giving effect to any repayments of Revolving Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.22(a)), there shall exist sufficient unutilized
Extended Revolving Commitments which will remain in effect after the occurrence of the Earlier Swingline Maturity Date so that the respective outstanding Swingline Loans could be incurred pursuant to such Extended Revolving Commitments, then there
shall be an automatic adjustment on the Earlier Swingline Maturity Date of the risk participations of the Revolving Lenders under such Extended Revolving Commitments pro rata according to such Revolving Lender’s Pro Rata Share of the existing
Extended Revolving Commitments and such outstanding Swingline Loans shall be deemed to have been incurred solely pursuant to such Extended Revolving Commitments and (ii) such Swingline Loans shall not be required to be repaid in full on the
Earlier Swingline Maturity Date. 

Section 2.5.            Extension Option. 

(a)        The Borrower shall have the option of extending the Revolving Commitment
Termination Date for two periods of six (6) months each (each such option, the “Extension Option”), in each case subject to satisfaction of the following conditions: 

(i)        the Administrative Agent shall have received written
notice of the extension request at least sixty (60) days, but not more than one hundred-twenty (120) days, prior to the Revolving Commitment Termination Date or the date to which the Revolving Commitment Termination Date has been extended
pursuant to the first Extension Option; 

  
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 (ii)        the payment
to the Administrative Agent for the ratable benefit of the Lenders of an extension fee of 0.075% of the aggregate principal amount of the Revolving Commitments so extended at the time of such extension; 

(iii)        all of the representations and warranties in the Loan
Documentation shall be true and true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and
warranties shall be true and correct in all respects) as of the date of the effectiveness of such extension (or, if such representation or warranty relates to an earlier date, as of such earlier date); 

(iv)        no Default or Event of Default shall have occurred and be
continuing, or would immediately result from, such extension of the Revolving Commitment Termination Date; 

(v)        each of the REIT Guarantor and any other Loan Parties
shall have ratified their obligations under the Loan Documents to which they are parties; 

(vi)        the Borrower shall have paid all of Administrative
Agent’s actual, reasonable expenses incurred in respect of the extension, including reasonable and documented out-of-pocket attorneys’ fees to the extent such fees and expense are required to be paid pursuant to the Loan Documents; and

 (vii)        the Administrative Agent shall have received a
certificate signed by a Responsible Officer of the Borrower certifying that each of the conditions set forth in clauses (i) through (vi) has been satisfied and that the Borrower is in compliance with all the financial covenants set forth
in Article VI both immediately before and immediately after giving effect to such extension (for the most recently ended four (4) Fiscal Quarters for which financial statements have been or were required to be delivered under
Section 5.1(a) or (b). 
 (b)        On the date of the satisfaction of the
conditions set forth in Section 2.5(a) (so long as such date is prior to the Revolving Loan Commitment Termination Date), the Revolving Loan Commitment Termination Date shall be extended to February 5, 2020. Upon satisfaction of the
conditions set forth in Section 2.5(a) (so long as the date is prior to date to which the Revolving Commitment Termination Date has been extended pursuant to the first Extension Option), the Revolving Loan Commitment Termination Date
shall be extended to August 5, 2020. 

Section 2.6.            Funding of Borrowings.

 (a)        Each Lender will make available each Loan to be made by it
hereunder on the proposed date thereof by wire transfer in immediately available funds by 11:00 a.m. to the Administrative Agent at the Payment Office; provided that the Swingline Loans will be made as set forth in Section 2.4.
The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts that it receives, in like funds by the close of business on such proposed date, to an account maintained by the

  
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Borrower with the Administrative Agent or, at the Borrower’s option, by effecting a wire transfer of such amounts to an account designated by the Borrower to the Administrative Agent. 

(b)        Unless the Administrative Agent shall have been notified by any Lender
prior to 5:00 p.m. one (1) Business Day prior to the date of a Borrowing in which such Lender is to participate that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance on such assumption, may make available to the Borrower on such date a corresponding amount. If such
corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of such Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with
interest (i) at the Federal Funds Rate until the second Business Day after such demand and (ii) at the Base Rate at all times thereafter. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s
demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent together with interest at the rate specified for such Borrowing. Nothing in
this subsection shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender
hereunder. 
 (c)        All Revolving Borrowings shall be made by the Lenders on
the basis of their respective Pro Rata Shares. No Lender shall be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated to make its Loans provided to be made by it hereunder, regardless of
the failure of any other Lender to make its Loans hereunder. 

Section 2.7.            Interest Elections.

 (a)        Each Borrowing initially shall be of the Type specified in the
applicable Notice of Borrowing. Thereafter, the Borrower may elect to convert such Borrowing into a different Type or to continue such Borrowing, all as provided in this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b)        To make an election pursuant to this Section, the Borrower shall give the
Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.7 attached hereto (a “Notice
of Conversion/Continuation”) (x) prior to 1:00 p.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 1:00 p.m. three (3) Business Days prior to a continuation
of or conversion into a Eurodollar Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which 

  
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such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each
resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Notice of
Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing, and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest
Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of Conversion/Continuation requests a Eurodollar Borrowing but does not specify
an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set
forth in Section 2.3. 
 (c)        If, on the expiration of any
Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert
such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented
in writing. No conversion of any Eurodollar Loan shall be permitted except on the last day of the Interest Period in respect thereof. 

(d)        Upon receipt of any Notice of Conversion/Continuation, the Administrative
Agent shall promptly notify each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

Section 2.8.            Optional Reduction and
Termination of Commitments. 
 (a)        Unless previously terminated, all
Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date. 

(b)        Upon at least three (3) Business Days’ prior written notice (or
telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable unless the Borrower provides in such notice (in connection with a termination in whole) that it is conditional on the occurrence of
another financing or transaction, in which case such notice may be revoked if such financing or transaction does not occur on a timely basis; provided that the Borrower shall pay all amounts required to be paid pursuant to Section 2.19
as a result of such revocation), the Borrower may, without premium or penalty, reduce the Aggregate Revolving Commitments in part or terminate the Aggregate Revolving Commitments in whole; provided that (i) any partial reduction shall apply to
reduce proportionately and permanently the Revolving Commitment of each Lender, (ii) any partial reduction pursuant to this Section shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii) no such
reduction shall be permitted which would reduce the Aggregate Revolving Commitment Amount to an amount less than the aggregate outstanding Revolving Credit Exposure of all Lenders. Any such reduction in the Aggregate Revolving Commitment Amount
below the 

  
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principal amount of the Swingline Commitment and the LC Commitment shall result in a dollar-for-dollar reduction in the Swingline Commitment and the LC Commitment. 

(c)        With the written approval of the Administrative Agent, the Borrower may
terminate (on a non-ratable basis) the unused amount of the Revolving Commitment of a Defaulting Lender, and in such event the provisions of Section 2.26 will apply to all amounts thereafter paid by the Borrower for the account of any
such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be deemed to be a waiver or release of any claim that the Borrower, the
Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender may have against such Defaulting Lender. 

Section 2.9.            Repayment of Loans.

 (a)        The outstanding principal amount of all Revolving Loans shall be
due and payable (together with accrued and unpaid interest thereon) on the Revolving Commitment Termination Date. Unless Base Rate Loans have been made pursuant to Section 2.4(c), the outstanding principal amount of all Swingline Loans
shall be due and payable (together with accrued and unpaid interest thereon) on the earlier to occur of (i) ten (10) Business Days after the date that such Swingline Loan was advanced, or (ii) the Revolving Commitment Termination
Date. 
 (b)        The outstanding principal amount of the First Amendment Term
Loan shall be due and payable (together with accrued and unpaid interest thereon) on the First Amendment Term Loan Maturity Date. 

(c)        The Borrower unconditionally promises to repay any Incremental Term Loan
on the applicable Maturity Date and on the applicable dates scheduled for the repayment of principal of any Incremental Term Loan and in the amounts set forth in the applicable Incremental Commitment Joinder. 

Section 2.10.            Evidence of Indebtedness.

 (a)        Each Lender shall maintain in accordance with its usual practice
appropriate records evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable thereon and paid to such Lender from time to time
under this Agreement. The Administrative Agent shall maintain appropriate records in which shall be recorded (i) the Revolving Commitment and the Term Loan Commitment of each Lender, (ii) the amount of each Loan made hereunder by each
Lender, the Class and Type thereof and, in the case of each Eurodollar Loan, the Interest Period applicable thereto, (iii) the date of any continuation of any Loan pursuant to Section 2.7, (iv) the date of any conversion of all
or a portion of any Loan to another Type pursuant to Section 2.7, (v) the date and amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of the Loans
and (vi) both the date and amount of any sum received by the Administrative Agent hereunder from the Borrower in respect of the Loans and each Lender’s Pro Rata Share thereof. The entries made in such records shall be prima facie
evidence absent manifest error of the existence and 

  
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amounts of the obligations of the Borrower therein recorded; provided that the failure or delay of any Lender or the Administrative Agent in maintaining or making entries into any such
record or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans (both principal and unpaid accrued interest) of such Lender in accordance with the terms of this Agreement. 

(b)        This Agreement evidences the obligation of the Borrower to repay the Loans
and is being executed as a “noteless” credit agreement. However, at the request of any Lender (including the Swingline Lender) at any time, the Borrower agrees that it will prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall
at all times (including after assignment permitted hereunder) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 

  
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Section 2.11.            Optional Prepayments.
The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or penalty with respect to any Borrowing of Revolving Loans, and subject to payment of the applicable Prepayment
Premium (if any) with respect to any prepayment of the First Amendment Term Loan, and in each case by giving written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent no later than in the case of any prepayment
of any Eurodollar Borrowing, 1:00 p.m. not less than three (3) Business Days prior to the date of such prepayment, (ii) in the case of any prepayment of any Base Rate Borrowing, 1:00 p.m. not less than one (1) Business Day prior to
the date of such prepayment, and (iii) in the case of any prepayment of any Swingline Borrowing, prior to 1:00 p.m. on the date of such prepayment (or, in each case, such later time as the Administrative Agent may agree in its reasonable
discretion). Each such notice shall be irrevocable (provided that (x) any such notice in connection with the repayment of all Loans may be conditioned on the occurrence of another financing or transaction, in which case such notice may be
revoked if such financing or transaction does not occur on a timely basis and (y) the Borrower shall pay all amounts required to be paid pursuant to Section 2.19 as a result of such revocation) and shall specify the proposed date of
such prepayment and the principal amount of each Borrowing or portion thereof to be prepaid. Upon receipt of any such notice, the Administrative Agent shall promptly notify each affected Lender of the contents thereof and of such Lender’s Pro
Rata Share of any such prepayment. If such notice is given, the aggregate amount specified in such notice shall be due and payable on the date designated in such notice (unless revoked as provided above), together with accrued interest to such date
on the amount so prepaid in accordance with Section 2.13(d); provided that if a Eurodollar Borrowing is prepaid on a date other than the last day of an Interest Period applicable thereto, the Borrower shall also pay all amounts
required pursuant to Section 2.19. Each partial prepayment of any Loan shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type pursuant to Section 2.2 or, in the case
of a Swingline Loan, pursuant to Section 2.4. Each prepayment of a Borrowing shall be applied ratably to the subject Loans as directed by the Borrower. 

Section 2.12.            Mandatory Prepayments.
If at any time, the Revolving Credit Exposure of all Lenders exceeds the lesser of (a) the Aggregate Revolving Commitment Amount, as reduced pursuant to Section 2.8 or otherwise, and (b) the Available Loan Amount (calculated,
for purposes of this Section 2.12, as if any Suspended Borrowing Base Asset constituted a Borrowing Base Asset that was not a Suspended Borrowing Base Asset) minus the outstanding principal amount of the Term Loans, then the Borrower
shall immediately repay the Swingline Loans and the Revolving Loans in an amount equal to such excess, together with all accrued and unpaid interest on such excess amount and any amounts due under Section 2.19. Each prepayment shall be
applied as follows: first, to the Swingline Loans to the full extent thereof; second, to the Base Rate Loans to the full extent thereof; and third, to the Eurodollar Loans to the full extent thereof, with the application to Revolving Loans and/or
Term Loans to be as directed by the Borrower. If such excess amount is greater than the outstanding principal amount of the Loans, the Borrower shall Cash Collateralize its reimbursement obligations with respect to all Letters of Credit in an amount
equal to such excess plus any accrued and unpaid fees thereon. 

Section 2.13.            Interest on Loans.

  
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 (a)        The Borrower shall pay, on
the applicable Interest Payment Date, interest on (i) each Base Rate Loan at the Base Rate plus the Applicable Margin in effect from time to time and (ii) each Eurodollar Loan at Adjusted LIBOR for the applicable Interest Period in effect
for such Loan plus the Applicable Margin in effect from time to time. 

(b)        The Borrower shall pay interest on each Swingline Loan at the Base Rate
plus the Applicable Margin in effect from time to time. 

(c)        Notwithstanding subsections (a) and (b) of this Section,
automatically upon the occurrence and during the continuance of an Event of Default, the Borrower shall pay interest (“Default Interest”) with respect to all overdue principal and interest and all other Obligations not paid when due at the
rate per annum equal to 200 basis points above the otherwise applicable interest rate with respect thereto (i.e., for Eurodollar Loans at the rate per annum equal to 200 basis points above the otherwise applicable interest rate for such Eurodollar
Loans for the then-current Interest Period until the last day of such Interest Period, and thereafter, and with respect to all Base Rate Loans and all other Obligations hereunder (other than Loans), at the rate per annum equal to 200 basis points
above the otherwise applicable interest rate for Base Rate Loans). Notwithstanding the foregoing, automatically upon the occurrence and during the continuance of an Event of Default under Sections 8.1(g), (h) or (i) with respect to the
REIT Guarantor or the Borrower, the Borrower shall pay Default Interest in accordance with the preceding sentence with respect to all Obligations whether or not overdue. 

(d)        Interest on the principal amount of all Loans shall accrue from and
including the date such Loans are made to but excluding the date of any repayment thereof. Interest on all outstanding Base Rate Loans and Swingline Loans shall be payable on each Interest Payment Date, commencing on September 30, 2015, and on
the Revolving Commitment Termination Date. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Payment Date applicable thereto. Interest on any Loan which is converted into a Loan of another Type or which
is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof. All Default Interest shall be payable on demand. 

(e)        The Administrative Agent shall determine each interest rate applicable to
the Loans hereunder and shall promptly notify the Borrower and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be prima facie evidence for all purposes, absent manifest error.

 Section 2.14.            Fees. 

(a)        The Borrower shall pay to the Administrative Agent for its own account
fees in the amounts and at the times previously agreed upon in writing by the Borrower and the Administrative Agent. 

(b)        Until such time as the Applicable Margin shall be determined by reference
to the IGR Pricing Grid, the Borrower agrees to pay to the Administrative Agent for 

  
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the account of each Lender (other than a Defaulting Lender) a commitment fee, which shall accrue at an amount equal to the Applicable Unused Fee Percentage multiplied by the daily amount
of the unused Revolving Commitment of such Lender during the Availability Period. For purposes of computing the daily amount of the unused Revolving Commitment, the Revolving Commitment of each Lender (other than a Defaulting Lender) shall be deemed
used to the extent of the outstanding Revolving Loans and LC Exposure, but not Swingline Exposure, of such Lender. 

(c)        From and after the date that the Applicable Margin shall be determined by
reference to the IGR Pricing Grid, the Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than a Defaulting Lender) a facility fee equal to the average daily amount of the Revolving Commitment of such Lender
(whether or not utilized) times the applicable Facility Fee (determined by reference to the Investment Grade Rating) for the period from and including the date that the Applicable Margin shall first be determined by reference to the IGR Pricing Grid
to but excluding the date such Revolving Commitment is terminated or reduced to zero or the Maturity Date. 

(d)        The Borrower agrees to pay (i) to the Administrative Agent, for the
account of each Lender (subject to Sections 2.26(b)(iii)(B) and (C)), a letter of credit fee with respect to its participation in each Letter of Credit, which shall accrue at a rate per annum equal to the Applicable Margin for
Eurodollar Loans then in effect on the average daily amount of such Lender’s LC Exposure attributable to such Letter of Credit during the period from and including the date of issuance of such Letter of Credit to but excluding the date on which
such Letter of Credit expires or is drawn in full (including, without limitation, any LC Exposure that remains outstanding after the Revolving Commitment Termination Date) and (ii) to any Issuing Bank for its own account a facing fee, which
shall accrue at the rate separately agreed to by the Borrower and such Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the Availability Period (or until
the date that such Letter of Credit is irrevocably cancelled, whichever is later), as well as such Issuing Bank’s standard fees with respect to issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Notwithstanding the foregoing, if the Borrower, in accordance with Section 2.13(c), is obligated to pay Default Interest with respect to all Obligations whether or not overdue, the fee payable pursuant to this subsection
(c) shall increase by two percent (2.00%) per annum. 

(e)        The Borrower shall pay on the Closing Date to the Administrative Agent and
its affiliates all fees in the Fee Letter that are due and payable on the Closing Date. The Borrower shall pay on the Closing Date to the Lenders all upfront fees previously agreed in writing. 

(f)        Accrued fees under subsections (b), (c) and
(d) of this Section shall be payable quarterly in arrears on the last day of each March, June, September and December, commencing on June 30, 2015, and on the Revolving Commitment Termination Date (and, if later, the date the Loans
and LC Exposure shall be repaid in their entirety); provided that any such fees accruing after the Revolving Commitment Termination Date shall be payable on written demand. 

  
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 (g)        Anything herein to the
contrary notwithstanding, during such period as a Lender is a Defaulting Lender, such Defaulting Lender will not be entitled to commitment fees accruing with respect to its Revolving Commitment during such period pursuant to subsection
(b) of this Section or letter of credit fees accruing during such period pursuant to subsection (c) of this Section (without prejudice to the rights of the Lenders other than Defaulting Lenders in respect of such fees),
provided that to the extent that a portion of the LC Exposure of such Defaulting Lender is reallocated to the Non- Defaulting Lenders pursuant to Section 2.26, such fees that would have accrued for the benefit of such Defaulting
Lender will instead accrue for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Revolving Commitments, and (ii) to the extent any portion of such LC Exposure cannot be so
reallocated, such fees will instead accrue for the benefit of and be payable to the applicable Issuing Bank (unless such LC Exposure has been fully Cash Collateralized). The pro rata payment provisions of Section 2.21 shall
automatically be deemed adjusted to reflect the provisions of this subsection. 

Section 2.15.            Computation of Interest and
Fees. Interest hereunder based on the prime lending rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day).
All other interest and all fees hereunder shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be made in good faith and, except for manifest error, shall be prima facie evidence for all purposes. 

Section 2.16.            Inability to Determine
Interest Rates. If, prior to the commencement of any Interest Period for any Eurodollar Borrowing: 

(i)        the Administrative Agent shall have determined (which
determination shall be prima facie evidence upon the Borrower) that, by reason of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining Adjusted LIBOR for such Interest Period, or 

(ii)        the Administrative Agent shall have received notice from
the Required Lenders that Adjusted LIBOR does not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their Eurodollar Loans for such Interest Period, 

the Administrative Agent shall give written notice (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as
soon as practicable thereafter. Until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, the obligations of the Lenders to make Eurodollar Loans or to continue or
convert outstanding Loans as or into Eurodollar Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto unless the Borrower prepays
such Loans in accordance with this Agreement. Unless the Borrower notifies the Administrative Agent at least one (1) Business Day before the date of any Eurodollar Borrowing for which a Notice of Revolving Borrowing or a Notice of Conversion/

  
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Continuation has previously been given that it elects not to borrow, continue or convert to a Eurodollar Borrowing on such date, then such Borrowing shall be made as, continued as or converted
into a Base Rate Borrowing. 

Section 2.17.            Illegality. If any
Change in Law shall make it unlawful or impossible for any Lender to make, maintain or fund any Eurodollar Loan (generally or only with respect to Interest Periods of a particular length) and such Lender shall so notify the Administrative Agent, the
Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such suspension no longer exist, the
obligation of such Lender to make Eurodollar Loans, or to continue or convert outstanding Loans as or into Eurodollar Loans, shall be suspended to the extent of such unlawfulness. In the case that making a Eurodollar Borrowing, such Lender’s
Loan shall be made as a Base Rate Loan as part of the same Borrowing for the same Interest Period (or a Eurodollar Borrowing with an Interest Period selected by the Borrower that can be lawfully maintained by such Lender) and, if the affected
Eurodollar Loan is then outstanding, such Loan shall be converted to a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue to maintain such Loan
to such date or (ii) immediately if such Lender shall determine that it may not lawfully continue to maintain such Eurodollar Loan to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the
Administrative Agent, designate a different Applicable Lending Office if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its
discretion. 
 Section 2.18.            Increased
Costs. 
 (a)        If any Change in Law shall: 

(i)        impose, modify or deem applicable any reserve, special
deposit, compulsory loan, insurance charge or similar requirement that is not otherwise included in the determination of Adjusted LIBOR hereunder against assets of, deposits with or for the account of, or credit extended by or participated in, any
Lender (except any such reserve requirement reflected in Adjusted LIBOR) or any Issuing Bank; 

(ii)        impose on any Lender, any Issuing Bank or the eurodollar
interbank market any other condition, cost or expense affecting this Agreement or any Eurodollar Loans made by such Lender or any Letter of Credit or any participation therein; or 

(iii)        subject any Recipient to any Taxes (other than
Indemnified Taxes and Excluded Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

and the result of any of the foregoing is to increase the cost to such Lender or Recipient of making, converting into, continuing or
maintaining a Eurodollar Loan or to increase the 

  
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cost to such Lender or Recipient or any Issuing Bank of participating in or issuing any Letter of Credit or to reduce the amount received or receivable by such Lender or Recipient or any Issuing
Bank hereunder (whether of principal, interest or any other amount), then, from time to time, such Lender or Recipient or the Issuing Bank may provide the Borrower (with a copy thereof to the Administrative Agent) with written notice and demand with
respect to such increased costs or reduced amounts and within five (5) Business Days after receipt of the certificate required under subsection (c) below, the Borrower shall pay to such Lender or Recipient or any Issuing Bank, as
the case may be, such additional amounts as will compensate such Lender or Recipient or any Issuing Bank for any such increased costs incurred or reduction suffered. 

(b)        If any Lender or any Issuing Bank shall have determined that any Change in
Law regarding capital and liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or assets (or on the capital or assets of the Parent Company of such Lender or the
Issuing Bank) as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender, such Issuing Bank or such Parent Company could have achieved but for such Change in Law (taking into
consideration such Lender’s or such Issuing Bank’s policies or the policies of such Parent Company with respect to capital adequacy and liquidity), then, from time to time, such Lender or such Issuing Bank may provide the Borrower (with a
copy thereof to the Administrative Agent) with written notice and demand with respect to such reduced amounts, and within five (5) Business Days after receipt of the certificate required under subsection (c) below, the Borrower
shall pay to such Lender or such Issuing Bank, as the case may be, such additional amounts as will compensate such Lender, such Issuing Bank or such Parent Company for any such reduction suffered. 

(c)        A certificate of such Lender or such Issuing Bank setting forth
(i) the amount or amounts necessary to compensate such Lender, such Issuing Bank or the Parent Company of such Lender or such Issuing Bank, as the case may be, specified in subsection (a) or (b) of this Section and (ii) a
reasonably detailed explanation of the applicable Change in Law, shall be delivered to the Borrower (with a copy to the Administrative Agent) and shall be conclusive, absent manifest error. 

(d)        Failure or delay on the part of any Lender or any Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing
Bank pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender or the Issuing Bank notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6)-month period referred
to above shall be extended to include the period of retroactive effect thereof). 

  
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Section 2.19.            Funding Indemnity. In
the event of (a) the payment of any principal of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion or continuation of a Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, or (c) the failure by the Borrower to borrow, prepay, convert or continue any Eurodollar Loan on the date specified in any applicable notice (regardless of whether such
notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business Days after written demand from such Lender, for any loss, cost or expense attributable to such event. In the case of a
Eurodollar Loan, such loss, cost or expense shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Eurodollar Loan if such
event had not occurred at Adjusted LIBOR applicable to such Eurodollar Loan for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the
period that would have been the Interest Period for such Eurodollar Loan) over (ii) the amount of interest that would accrue on the principal amount of such Eurodollar Loan for the same period if Adjusted LIBOR were set on the date such
Eurodollar Loan was prepaid or converted or the date on which the Borrower failed to borrow, convert or continue such Eurodollar Loan. A certificate as to any additional amount payable under this Section submitted to the Borrower by any Lender (with
a copy to the Administrative Agent) shall be prima facie evidence, absent manifest error. 

Section 2.20.            Taxes. 

(a)        Any and all payments by or on account of any obligation of the Borrower or
any other Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes; provided that if any applicable law requires the deduction or
withholding of any Tax from any such payment, then the applicable Withholding Agent shall make such deduction and timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an
Indemnified Tax or Other Tax, then the sum payable by the Borrower or other Loan Party, as applicable, shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to
additional sums payable under this Section) the applicable Recipient shall receive an amount equal to the sum it would have received had no such deductions or withholdings been made. 

(b)        In addition, without limiting the provisions of subsection
(a) of this Section, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c)        The Borrower shall indemnify each Recipient, within five (5) Business
Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid or payable by such Recipient (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or 

  
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legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the applicable Recipient shall be
conclusive, absent manifest error. 
 (d)        As soon as practicable after any
payment of Indemnified Taxes or Other Taxes by the Borrower or any other Loan Party to a Governmental Authority, the Borrower or other Loan Party, as applicable, shall deliver to the Administrative Agent an 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. 

(e)        Tax Forms. 

(i)        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), duly executed
originals of IRS Form W-9 certifying, to the extent such Lender is legally entitled to do so, that such Lender is exempt from U.S. federal backup withholding tax. 

(ii)        Any Lender that is a Foreign Person and that is entitled
to an exemption from or reduction of withholding tax under the Code or any treaty to which the United States is a party with respect to payments under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times
prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or 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. Without limiting the generality of the foregoing, each Lender that is a Foreign Person shall, to the extent it is legally entitled to do so, (w) on or prior to the date such Lender becomes a Lender under this
Agreement, (x) on or prior to the date on which any such form or certification expires or becomes obsolete, (y) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it
pursuant to this subsection, and (z) from time to time upon the reasonable request by the Borrower or the Administrative Agent, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the Borrower
or the Administrative Agent), whichever of the following is applicable: 

(A)        if such Lender is claiming eligibility for 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, duly executed originals of IRS Form W-8BEN or W-8BEN-E, or any successor form thereto, 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, duly executed originals of IRS Form W-8BEN or W-8BEN-E,
or any successor form thereto, establishing an exemption from, or reduction of, U.S. federal 

  
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withholding tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(B)        duly executed originals of IRS Form W-8ECI, or any
successor form thereto, certifying that the payments received by such Lender are effectively connected with such Lender’s conduct of a trade or business in the United States; 

(C)        if such Lender is claiming the benefits of the exemption
for portfolio interest under Section 871(h) or Section 881(c) of the Code, duly executed originals of IRS Form W-8BEN or W-8BEN-E, or any successor form thereto, together with a certificate (a “U.S. Tax Compliance
Certificate”) upon which such Lender certifies that (1) such Lender is not a bank for purposes of Section 881(c)(3)(A) of the Code, or the obligation of the Borrower hereunder is not, with respect to such Lender, a loan agreement
entered into in the ordinary course of its trade or business, within the meaning of that Section, (2) such Lender is not a 10% shareholder of the Borrower within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code,
(3) such Lender is not a controlled foreign corporation that is related to the Borrower within the meaning of Section 881(c)(3)(C) of the Code, and (4) the interest payments in question are not effectively connected with a U.S. trade
or business conducted by such Lender; or 
 (D)        if such
Lender is not the beneficial owner (for example, a partnership or a participating Lender granting a typical participation), duly executed originals of IRS Form W-8IMY, or any successor form thereto, accompanied by IRS Form W-9, IRS Form W-8ECI, IRS
Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate, and/or other certification documents from each beneficial owner, as applicable. 

(iii)        Each Lender agrees that if any form or certification it
previously delivered under this Section expires or becomes obsolete or inaccurate in any respect and such Lender is not legally entitled to provide an updated form or certification, it shall promptly notify the Borrower and the Administrative Agent
of its inability to update such form or certification. 
 (f)        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 Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by 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 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. 

  
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 (g)        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 2.20 (including by the payment of additional
amounts pursuant to this Section 2.20), 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 2.20 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 paragraph (g) (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 paragraph (g) in no event will the indemnified party be required to pay any amount to an indemnifying party
pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after- Tax position than the 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 paragraph 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 the indemnifying party or any other Person. 

(h)        Survival. Each party’s obligations under this
Section 2.20 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. 
 Section 2.21. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. 
 (a)        The Borrower shall make each payment required to be
made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.18, 2.19 or 2.20, or otherwise) prior to 1:00 p.m. on the date when due, in immediately
available funds, free and clear of any defenses, rights of set-off, counterclaim, or withholding or deduction of taxes. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Payment Office, except payments to be made directly to the applicable Issuing Bank or the
Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.18, 2.19, 2.20 and 10.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to
the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars. 

  
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 (b)        If at any time insufficient
funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied as follows: first, to all fees and
reimbursable expenses of the Administrative Agent then due and payable pursuant to any of the Loan Documents; second, to all reimbursable expenses of the Lenders and all fees and reimbursable expenses of the Issuing Banks then due and payable
pursuant to any of the Loan Documents, pro rata to the Lenders and the Issuing Banks based on their respective pro rata shares of such fees and expenses; third, to all interest and fees then due and payable hereunder, pro
rata to the Lenders based on their respective pro rata shares of such interest and fees; and fourth, to all principal of the Loans and unreimbursed LC Disbursements then due and payable hereunder, pro rata to the parties
entitled thereto based on their respective pro rata shares of such principal and unreimbursed LC Disbursements. 

(c)        If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans then due that would result in such Lender receiving payment of a greater proportion of the aggregate
amount of its Revolving Credit Exposure, Term Loans and accrued interest and fees thereon (if applicable) than the proportion received by any other Lender with respect to its Revolving Credit Exposure or Term Loans (if applicable), then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Credit Exposure and Term Loans (if applicable) of other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Credit Exposure and Term Loans; provided that (i) if any such participations are purchased and all
or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this subsection shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Revolving Credit Exposure or Term Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this subsection shall apply). The Borrower consents to the foregoing and agrees,
to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d)        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, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount or amounts due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or 

  
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such Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the 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. 

Section 2.22.            Letters of Credit.

 (a)        During the Availability Period, each Issuing Bank, in reliance upon
the agreements of the other Lenders pursuant to subsections (d) and (e) of this Section, shall issue, at the request of the Borrower, Letters of Credit for the account of the Borrower on the terms and conditions hereinafter
set forth; provided that (i) each Letter of Credit shall expire on the earlier of (A) the date one (1) year after the date of issuance of such Letter of Credit (or, in the case of any renewal or extension thereof (which may be
an automatically renewing or extending Letter of Credit), one (1) year after such renewal or extension) and (B) the date that is five (5) Business Days prior to the latest Revolving Commitment Termination Date (unless, at the time of
issuance, the Borrower agrees to Cash Collateralize the applicable LC Exposure on or prior to the fifth (5th) Business Day prior to the latest Revolving Commitment Termination Date); provided that any Letter of Credit may be automatically
extended (so long as the Issuing Bank shall have the right to prevent such extension at least once in each year) for periods of up to one (1) year (but not beyond the date that is five (5) Business Days prior to the latest Revolving
Commitment Termination Date unless, at the time of issuance, the Borrower agrees to Cash Collateralize the applicable LC Exposure on or prior to the fifth (5th) Business Day prior to the latest Revolving Commitment Termination Date);
(ii) each Letter of Credit shall be in a stated amount of at least $50,000; and (iii) the Borrower may not request any Letter of Credit if, after giving effect to such issuance, (A) the aggregate LC Exposure would exceed the LC
Commitment or (B) the aggregate Revolving Credit Exposure of all Lenders would exceed the lesser of (I) the Aggregate Revolving Commitment Amount and (II) the Available Loan Amount minus the outstanding principal amount of the Term Loans.
Each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Issuing Bank without recourse a participation in each Letter of Credit equal to such Lender’s Pro Rata Share of the
aggregate amount available to be drawn under such Letter of Credit on the date of issuance. Each issuance of a Letter of Credit shall be deemed to utilize the Revolving Commitment of each Lender by an amount equal to the amount of such
participation. If the Maturity Date in respect of any tranche of Revolving Commitments occurs prior to the expiration of any Letter of Credit (such maturity date, the “Earlier LC Maturity Date”), then (i) on such Earlier LC
Maturity Date, if one or more other tranches of Revolving Commitments in respect of which the Maturity Date shall not have occurred are then in effect, such Letters of Credit shall automatically be deemed to have been issued (including for purposes
of the obligations of the Revolving Lenders to purchase participations therein and to make Revolving Loans and payments in respect thereof pursuant to this Section) under (and ratably participated in by Revolving Lenders pursuant to) the Revolving
Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Commitments thereunder at such 

  
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time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to the immediately preceding clause (i),
the Borrower shall Cash Collateralize any such Letter of Credit. Except to the extent of reallocations of participations pursuant to the immediately preceding sentence, the occurrence of a Maturity Date with respect to a given tranche of Revolving
Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Lenders in any Letter of Credit issued before such Maturity Date. 

(b)        To request the issuance of a Letter of Credit (or any amendment, renewal
or extension of an outstanding Letter of Credit), the Borrower shall give the applicable Issuing Bank and the Administrative Agent irrevocable written notice in the form of the Letter of Credit Notice/Application attached hereto as Exhibit
2.22 prior to 1:00 p.m. at least three (3) Business Days prior to the requested date of such issuance specifying the date (which shall be a Business Day) such Letter of Credit is to be issued (or amended, renewed or extended, as the case
may be), the expiration date of such Letter of Credit, the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. In
addition to the satisfaction or waiver of the conditions in Section 3.2, the issuance of such Letter of Credit (or any amendment which increases the amount of such Letter of Credit) will be subject to the further conditions that such
Letter of Credit shall be in such form and contain such terms as the applicable Issuing Bank shall approve and that the Borrower shall have executed and delivered any additional applications, agreements and instruments relating to such Letter of
Credit as the Issuing Bank shall reasonably require; provided that in the event of any conflict between such applications, agreements or instruments and this Agreement, the terms of this Agreement shall control. 

(c)        At least two (2) Business Days prior to the issuance of any Letter of
Credit, the applicable Issuing Bank will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received such notice, and, if not, such Issuing Bank will provide the Administrative Agent with a copy
thereof. Unless such Issuing Bank has received notice from the Administrative Agent, on or before the Business Day immediately preceding the date such Issuing Bank is to issue the requested Letter of Credit, directing such Issuing Bank not to issue
the Letter of Credit because such issuance is not then permitted hereunder because of the limitations set forth in subsection (a) of this Section or that one or more conditions specified in Section 3.2 are not then satisfied, then,
subject to the terms and conditions hereof, such Issuing Bank shall, on the requested date, issue such Letter of Credit in accordance with such Issuing Bank’s usual and customary business practices. 

(d)        Each Issuing Bank shall examine all documents purporting to represent a
demand for payment under a Letter of Credit promptly following its receipt thereof. The applicable Issuing Bank shall notify the Borrower and the Administrative Agent in writing (or telephonic notice promptly confirmed in writing) of such demand for
payment and whether such Issuing Bank has made or will make a LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the
Lenders with respect to such LC Disbursement. The Borrower shall be irrevocably and unconditionally obligated to reimburse the Issuing Bank for any LC Disbursements paid by such Issuing Bank in respect of such drawing, without

  
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presentment, demand or other formalities of any kind. Unless the Borrower shall have notified applicable Issuing Bank and the Administrative Agent prior to 1:00 p.m. on the Business Day
immediately following the date on which such drawing is honored that the Borrower intends to reimburse the Issuing Bank for the amount of such drawing in funds other than from the proceeds of Revolving Loans, the Borrower shall be deemed to have
timely given a Notice of Revolving Borrowing to the Administrative Agent requesting the Lenders to make a Base Rate Borrowing on such date in an exact amount due to such Issuing Bank; provided that for purposes solely of such Borrowing, the
conditions precedent set forth in Section 3.2 hereof shall not be applicable. The Administrative Agent shall notify the Lenders of such Borrowing in accordance with Section 2.3, and each Lender shall make the proceeds of its
Base Rate Loan included in such Borrowing available to the Administrative Agent for the account of such Issuing Bank in accordance with Section 2.6. The proceeds of such Borrowing shall be applied directly by the Administrative Agent to
reimburse such Issuing Bank for such LC Disbursement. 
 (e)        If for any
reason a Base Rate Borrowing may not be (as determined in the sole discretion of the Administrative Agent), or is not, made in accordance with the foregoing provisions, then each Lender (other than the applicable Issuing Bank) shall be obligated to
fund the participation that such Lender purchased pursuant to subsection (a) of this Section in an amount equal to its Pro Rata Share of such LC Disbursement on and as of the date which such Base Rate Borrowing should have occurred. Each
Lender’s obligation to fund its participation shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right that such
Lender or any other Person may have against the applicable Issuing Bank or any other Person for any reason whatsoever, (ii) the existence of a Default or an Event of Default or the termination of the Aggregate Revolving Commitments,
(iii) any adverse change in the condition (financial or otherwise) of the REIT Guarantor or any of its Subsidiaries, (iv) any breach of this Agreement by the Borrower or any other Lender, (v) any amendment, renewal or extension of any
Letter of Credit or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. On the date that such participation is required to be funded, each Lender shall promptly transfer, in immediately
available funds, the amount of its participation to the Administrative Agent for the account of the applicable Issuing Bank. Whenever, at any time after the applicable Issuing Bank has received from any such Lender the funds for its participation in
a LC Disbursement, such Issuing Bank (or the Administrative Agent on its behalf) receives any payment on account thereof, the Administrative Agent or such Issuing Bank, as the case may be, will distribute to such Lender its Pro Rata Share of such
payment; provided that if such payment is required to be returned for any reason to the Borrower or to a trustee, receiver, liquidator, custodian or similar official in any bankruptcy proceeding, such Lender will return to the Administrative
Agent or such Issuing Bank any portion thereof previously distributed by the Administrative Agent or such Issuing Bank to it. 

(f)        To the extent that any Lender shall fail to pay any amount required to be
paid pursuant to subsection (d) or (e) of this Section on the due date therefor, such Lender shall pay interest to the applicable Issuing Bank (through the Administrative Agent) on such amount from such due date to the date
such payment is made at a rate per annum 

  
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equal to the Federal Funds Rate; provided that if such Lender shall fail to make such payment to the applicable Issuing Bank within three (3) Business Days of such due date, then,
retroactively to the due date, such Lender shall be obligated to pay interest on such amount at the rate set forth in Section 2.13(c). 

(g)        If any Event of Default shall occur and be continuing, on the Business Day
that the Borrower receives notice from the Administrative Agent or the Required Lenders demanding that its reimbursement obligations with respect to the Letters of Credit be Cash Collateralized pursuant to this subsection, the Borrower shall deposit
in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Banks and the Lenders, an amount in cash equal to 103% of the aggregate LC Exposure of all Lenders as of such date plus any
accrued and unpaid fees thereon; provided that such obligation to Cash Collateralize the reimbursement obligations of the Borrower with respect to the Letters of Credit shall become effective immediately, and such deposit shall become immediately
due and payable, without demand or notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 8.1(h) or (i). Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Borrower
agrees to execute any documents and/or certificates to effectuate the intent of this subsection. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest and profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it had not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC
Exposure at such time or, if the maturity of the Loans has been accelerated, with the consent of the Required Lenders, be applied to satisfy other obligations of the Borrower under this Agreement and the other Loan Documents. If the Borrower is
required to Cash Collateralize its reimbursement obligations with respect to the Letters of Credit as a result of the occurrence of an Event of Default, such Cash Collateral so posted (to the extent not so applied as aforesaid) shall be returned to
the Borrower within three (3) Business Days after all Events of Default have been cured or waived. 

(h)        Upon the request of any Lender, but no more frequently than quarterly,
each Issuing Bank shall deliver (through the Administrative Agent) to each Lender and the Borrower a report describing the aggregate Letters of Credit issued by such Issuing Bank and then outstanding. Upon the request of any Lender from time to
time, the Issuing Bank shall deliver to such Lender any other information reasonably requested by such Lender with respect to each Letter of Credit issued by such Issuing Bank and then outstanding. 

(i)        The Borrower’s obligation to reimburse LC Disbursements hereunder
shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under all circumstances whatsoever and irrespective of any of the following circumstances: 

  
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 (i)        any lack of
validity or enforcement of any Letter of Credit or this Agreement; 

(ii)        the existence of any claim, set-off, defense or other
right which the Borrower or any Subsidiary or Affiliate of the Borrower may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), any
Lender (including any Issuing Bank) or any other Person, whether in connection with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction; 

(iii)        any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect; 

(iv)        payment by any Issuing Bank under a Letter of Credit
against presentation of a draft or other document to such Issuing Bank that does not comply with the terms of such Letter of Credit; 

(v)        any other event or circumstance whatsoever, whether or
not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of set-off against, the Borrower’s obligations hereunder; or 

(vi)        the existence of a Default or an Event of Default. 

Neither the Administrative Agent, any Issuing Bank, any Lender nor any Related Party of any of the foregoing shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to above), or any error, omission,
interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical
terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any actual direct
damages (as opposed to special, indirect (including claims for lost profits or other consequential damages), or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the
Borrower that are caused by such Issuing Bank’s failure to exercise due care when determining whether drafts or other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the
absence of gross negligence, bad faith or willful misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised due care in each such determination. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable
Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice 

  
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or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(j)        Unless otherwise expressly agreed by the applicable Issuing Bank and the
Borrower when a Letter of Credit is issued and subject to applicable laws, (i) each standby Letter of Credit shall be governed by the “International Standby Practices 1998” (ISP98) (or such later revision as may be published by the
Institute of International Banking Law & Practice on any date any Letter of Credit may be issued), and (ii) the Borrower shall specify the foregoing in each letter of credit application submitted for the issuance of a Letter of Credit.

 Section 2.23.        Increase of Commitments; Additional
Lenders. 
 (a)        From time to time after the Closing Date and in
accordance with this Section, the Borrower and one or more Increasing Lenders or Additional Lenders (each as defined below) may enter into an agreement to increase the aggregate principal amount of the Revolving Commitments and/or establish one or
more new tranches of Incremental Term Loan Commitments hereunder (each such increase or additional tranche, an “Incremental Commitment”) so long as the following conditions are satisfied: 

(i)        the aggregate principal amount of all such Incremental
Commitments made pursuant to this Section shall not exceed $250,000,000 (the principal amount of each such Incremental Commitment, the “Incremental Commitment Amount”), and each such Incremental Commitment shall be in a minimum
amount of $10,000,000 or increments of $5,000,000 in excess thereof; 

(ii)        [Reserved]; 

(iii)        at the time of and immediately after giving effect to
any such Incremental Commitment, (x) no Event of Default shall exist; provided that in the case of any Incremental Commitment obtained for the purposes of financing an Acquisition or other Investment not prohibited by this Agreement, the
Lenders providing such Incremental Commitment and the Administrative Agent may agree that such condition shall be limited to an absence of an Event of Default as of the date of the execution of the definitive documentation with respect to such
Acquisition, (y) all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified by Material
Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) as of the date of the establishment of such Incremental Commitment (or, if such representation or warranty relates to
an earlier date, as of such earlier date); provided that in the case of any Incremental Commitment obtained for the purposes of financing an Acquisition or other Investment not prohibited by this Agreement, the Lenders providing such
Incremental Commitment may agree that the only representations and warranties the making of which shall be a condition to such Incremental Commitment (and the Incremental Term Loans or Revolving Loans provided

  
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thereunder) shall be (I) the Specified Representations and (II) the representations and warranties made by or on behalf of the applicable target in the purchase, acquisition or similar
agreement governing such Acquisition or other Investment as are material to the interests of the Lenders, but only to the extent that the Borrower (or the Borrower’s applicable Affiliates or Subsidiaries) has the right (determined without
regard to any notice requirement) not to consummate or the right to terminate (or cause the termination of) the Borrower’s (or such Affiliates’ or Subsidiaries’) obligations under such purchase, acquisition or other agreement as a
result of a breach of such representations or warranties in such purchase, acquisition or other agreement (or the failure of such representations or warranties to be accurate or to satisfy the closing conditions in such purchase, acquisition or
other agreement applicable to such representations or warranties) (such representations and warranties, the “Specified Target Representations”) and (z) to the extent there is a condition that no Material Adverse Effect exists
as of the date of the initial funding of such Incremental Commitment, such condition shall be limited to the target of such Acquisition or Investment, in such manner and to the extent required to be satisfied under the definitive documentation with
respect to such Acquisition; 
 (iv)        (x) any incremental
Term Loans made pursuant to this Section (the “Incremental Term Loans” and, the commitments with respect thereto, the “Incremental Term Loan Commitments”) shall have a maturity date no earlier than the Revolving
Commitment Termination Date in effect at the time such Incremental Term Loans are incurred and shall have a Weighted Average Life to Maturity no shorter than that of any previously established Incremental Term Loans (without giving effect to
previous reductions in and previously made amortization payments on such previously established Incremental Term Loans), and (y) any incremental Revolving Commitments provided pursuant to this Section (the “Incremental Revolving
Commitments”) shall have identical terms (including pricing and termination date; provided that upfront fees for any Incremental Revolving Commitments will be permitted and shall be determined by the Borrower and the Lenders
providing such Incremental Revolving Commitments) to the Revolving Commitments and be treated as the same Class as the Revolving Commitments and the Borrower shall, after the establishment of any Incremental Revolving Commitments pursuant to this
Section, repay and incur Revolving Loans ratably as between the Incremental Revolving Commitments and the Revolving Commitments outstanding immediately prior to such increase (provided that such repayment and incurrence may, with the
Administrative Agent’s consent, be effectuated through assignments among Lenders with Revolving Commitments, which shall not require an Assignment and Acceptance and may be effectuated by the Administrative Agent through changes in the Register
and fundings from such Lenders providing Incremental Commitments); provided, further, that Interest Periods applicable to Incremental Term Loans or Revolving Loans advanced pursuant to Incremental Revolving Commitments may, at the
election of the Administrative Agent and the Borrower, be made with Interest Period(s) identical to the then remaining Interest Period(s) applicable to existing Term Loans of the relevant Class or existing Revolving Loans of the applicable Class
(and allocated to such Interest Period(s) on a proportional basis); and 

  
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 (v)         the Borrower
and its Subsidiaries shall be in compliance with each of the Financial Covenants, calculated (x) in the case of Incremental Term Loan Commitments, on the date the Incremental Term Loans provided thereunder are funded or (x) in the case of
Incremental Revolving Commitments, on the date such Incremental Revolving Commitments become effective, in each case, as if all such Incremental Term Loans had been made and all such Incremental Revolving Commitments had been established (and fully
funded) as of such date, as applicable (including giving effect to any Acquisition consummated after the end of the most recent Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.1(a) or
(b) and on or prior to such date which is funded with such Incremental Term Loans or Incremental Revolving Commitments); provided that in the case of any Incremental Commitment obtained for the purposes of financing an Acquisition or
other Investment not prohibited by this Agreement, the Lenders providing such Incremental Commitment may agree that such pro forma compliance shall be tested as of the date of the execution of the definitive documentation with respect to such
Acquisition. 
 (b)         The Borrower shall provide at least ten
(10) Business Days’ (or such shorter period of time as may be agreed to by the Administrative Agent in its sole discretion) written notice to the Administrative Agent (who shall promptly provide a copy of such notice to each Lender) of any
proposal to establish an Incremental Commitment. The Borrower may also, but is not required to, specify any fees offered to those Lenders (the “Increasing Lenders”) that agree to increase the principal amount of their Revolving
Commitments and/or provide Incremental Term Loan Commitments, which fees may be variable based upon the amount by which any such Lender is willing to increase the principal amount of its Revolving Commitment and/or the principal amount of the
Incremental Term Loan Commitment such Lender is willing to provide, as applicable. No Lender (or any successor thereto) shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Revolving Commitment
and/or provide an Incremental Term Loan Commitment, and any decision by a Lender to increase its Revolving Commitment and/or provide an Incremental Term Loan Commitment shall be made in its sole discretion independently from any other Lender. Only
the consent of each Increasing Lender shall be required for an increase in the aggregate principal amount of the Revolving Commitments and/or the establishment of a tranche of Incremental Term Loan Commitments, as applicable, pursuant to this
Section. No Lender which declines to increase the principal amount of its Revolving Commitment and/or provide an Incremental Term Loan Commitment may be replaced with respect to its existing Revolving Commitment and/or its Incremental Term Loans, as
applicable, as a result thereof without such Lender’s consent. The Borrower may accept some or all of the offered amounts from existing Lenders or designate new lenders that are acceptable to the Administrative Agent (any such consent
(x) to be required only to the extent required under Section 10.4(b) for an assignment of Loans or Commitments of such Type to such new lender and (y) not to be unreasonably withheld) and the Borrower as additional Lenders
hereunder in accordance with this Section (the “Additional Lenders”), which Additional Lenders may assume all or a portion of such Incremental Commitment. The Borrower shall have discretion to adjust the allocation of such
Incremental Revolving Commitments and/or such Incremental Term Loans among the Increasing Lenders and the Additional Lenders (as it may elect). The sum of the increase in 

  
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the principal amount of the Revolving Commitments and the aggregate principal amount of the Incremental Term Loan Commitments of the Increasing Lenders plus the principal amount of the Revolving
Commitments and the aggregate principal amount of the Term Loan Commitments of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of the Incremental Commitment Amount. 

(c)         Subject to subsections (a) and (b) of this
Section, any increase requested by the Borrower shall be effective upon delivery to the Administrative Agent of each of the following documents: 

(i)         an originally executed copy of an instrument of joinder
(each, an “Incremental Commitment Joinder”), in form and substance reasonably acceptable to the Administrative Agent, executed by the Administrative Agent, by the Borrower, by each Additional Lender and by each Increasing Lender, setting
forth the Incremental Revolving Commitments and/or Incremental Term Loan Commitments, as applicable, of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all of the terms
and provisions hereof; 
 (ii)         such evidence of appropriate
corporate authorization on the part of the Borrower with respect to such Incremental Commitment and such opinions of counsel for the Borrower with respect to such Incremental Commitment as the Administrative Agent may reasonably request; 

(iii)         a certificate of the Borrower signed by a Responsible
Officer, in form and substance reasonably acceptable to the Administrative Agent, certifying that each of the conditions in subsection (a) of this Section has been satisfied; 

(iv)         to the extent requested by any Additional Lender or any
Increasing Lender, executed promissory notes evidencing such Incremental Revolving Commitments and/or such Incremental Term Loans, issued by the Borrower in accordance with Section 2.10; and 

(v)         any other certificates or documents that the
Administrative Agent shall reasonably request in connection with and at the time of any such proposed increase. 
 Upon the
effectiveness of any such Incremental Commitment, the Commitments and Pro Rata Share of each Lender will be adjusted to give effect to the Incremental Revolving Commitments and/or the Incremental Term Loans, as applicable, and Schedule I shall
automatically be deemed amended accordingly. 
 (d)         If any Incremental Term
Loan Commitments are to be established pursuant to this Section, other than as set forth herein, all terms with respect thereto shall be as set forth in the applicable Incremental Commitment Joinder, the execution and delivery of which agreement
shall be a condition to the effectiveness of the establishment of the Incremental Term Loan Commitments. Notwithstanding anything to the contrary in 

  
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Section 10.2, the Administrative Agent and the Borrower are expressly permitted to amend the Loan Documents to the extent necessary to give effect to any increase in Revolving
Commitments and/or establishment of a new Incremental Term Loan Commitment pursuant to this Section and mechanical changes necessary or advisable in connection therewith (including amendments to implement the requirements in the preceding sentence
or the foregoing clause (a)(iv)(y) of this Section, amendments to ensure pro rata allocations of Eurodollar Loans and Base Rate Loans between Loans incurred pursuant to this Section and Loans outstanding immediately prior to any such
incurrence and amendments to implement ratable participation in Letters of Credit between the Incremental Revolving Commitments and the Revolving Commitments outstanding immediately prior to any such incurrence). 

(e)         This Section 2.23 shall supersede any provisions in
Section 2.21 or 10.2 to the contrary. 

  
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Section 2.24.        Mitigation of Obligations. If any Lender
requests compensation under Section 2.18, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20, then such Lender shall
use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable under Section 2.18 or Section 2.20, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all costs and expenses incurred by any Lender in connection with such designation or assignment. 

Section 2.25.        Replacement of Lenders. If (a) any Lender
requests compensation under Section 2.18, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20 or any Lender has failed
to approve an amendment or waiver that requires the consent of all Lenders or all Lenders of a particular Class or all affected Lenders (and such amendment or waiver has been approved by Requisite Lenders or Lenders with a majority of the
Commitments or Loans of a particular Class or a majority of affected Lenders), or (b) any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions set forth in Section 10.4(b)), all of its interests, rights (other than its existing rights to payments pursuant to
Section 2.18 or 2.20, as applicable) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender) (a “Replacement Lender”); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld delayed or conditioned and shall not be required to the extent that the Administrative Agent’s
approval is not otherwise required pursuant to Section 10.4, (ii) such Lender shall have received payment of an amount equal to the outstanding principal amount of all Loans owed to it, accrued interest thereon, accrued fees and all
other amounts payable to it hereunder from the assignee (in the case of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts), and (iii) in the case of a claim for compensation under
Section 2.18 or payments required to be made pursuant to Section 2.20, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. If a Lender fails to execute an Assignment and Assumption Acceptance giving effect
to the assignment contemplated under this Section 2.25, such Assignment and Acceptance may be executed by the Borrower, the Administrative Agent and any Replacement Lender and become effective without the consent of such replaced Lender.

 Section 2.26.        Defaulting Lenders. 

(a)         Cash Collateral. 

  
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 (i)        At any time
that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize each Issuing
Bank’s LC Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.26(b)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103% of such Issuing Bank’s
LC Exposure with respect to such Defaulting Lender. 

(ii)        The Borrower, and to the extent provided by any
Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Issuing Banks, and agrees 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 Letters of Credit, to be applied pursuant to clause (iii) below. 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 minimum amount required pursuant to clause (i) above, the Borrower will, promptly
upon written 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). 
 (iii)        Notwithstanding anything to the contrary
contained in this Agreement, Cash Collateral provided under this Section 2.26(a) or Section 2.26(b) in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund
participations in respect of Letters of Credit or LC Disbursements (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. 

(iv)        Cash Collateral (or the appropriate portion thereof)
provided to reduce any Issuing Bank’s LC Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.26(a) following (A) the elimination of the applicable LC Exposure (including by the
termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and each Issuing Bank that there exists excess Cash Collateral; provided that, subject to
Section 2.26(b) through (d), the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall be held to support future anticipated LC 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. 

(b)        Defaulting Lender Adjustments. 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: 

  
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 (i)      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 Required Lenders and in Section 10.2. 

(ii)      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 VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 10.7 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 each Issuing Bank or the Swingline Lender hereunder; third, to Cash Collateralize the Issuing Banks’ LC Exposure with respect to such
Defaulting Lender in accordance with Section 2.26(a); 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 LC Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.26(a); sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or the 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 LC 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
Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC
Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in respect of Letters of Credit and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving
effect to sub-section (iv) below. 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
Section 2.26(b)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii)        (A) No
Defaulting Lender shall be entitled to receive any Commitment Fee pursuant to Section 2.14(b) or Section 2.14(c) 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). 

(B)        Each Defaulting Lender shall be entitled to receive letter
of credit fees pursuant to Section 2.14(d) for any period during which that Lender is a Defaulting Lender only to the extent allocable to that portion of its LC Exposure for which it has provided Cash Collateral pursuant to
Section 2.26(a). 
 (C)        With respect to any
letter of credit fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, 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 Letters of Credit or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank and the
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 LC Exposure or Swingline Lender’s Swingline Exposure with respect to such Defaulting
Lender that has not been Cash Collateralized, and (z) not be required to pay the remaining amount of any such fee. 

(iv)        All or any part of such Defaulting Lender’s
participation in Letters of Credit and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares of the Revolving Commitments (calculated without regard to such Defaulting Lender’s
Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 3.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such
time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Revolving Commitment. 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. 

(v)        If the reallocation described in clause (iv) 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 Lender’s Swingline
Exposure with respect to such Defaulting Lender and (y) second, Cash Collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with the procedures set forth in Section 2.26(a). 

(c)         Defaulting Lender Cure. If the Borrower, the Administrative Agent,
Swingline Lender and 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 

  
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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 the applicable
Commitments (without giving effect to Section 2.26(b)(iv)), 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. 

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

Section 2.27.        Request for Extended Facilities.
Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Incremental Term Loans with a like Maturity Date (as
specified in the applicable Incremental Commitment Joinder therefor) or all Lenders with Revolving Commitments of the same Class, in each case on a pro rata basis (based on the outstanding amount of the respective Loans or the aggregate amount of
the Commitments, as the case may be, with the same Maturity Date) and on the same terms to each such Lender, the Borrower may from time to time offer (but no Lender is obligated to accept such offer) to extend the maturity date, increase the
interest rate or fees payable in respect of such Loans and/or Commitments (and related outstandings) and/or modify the amortization schedule in respect of such Lender’s Incremental Term Loans for any Incremental Term Loans (each, an
“Extension”, and each group of Loans or Commitments, as applicable, in each case as so extended, as well as the original Loans and Commitments (in each case not so extended), being a tranche; any Extended Term Loans shall constitute a
separate tranche of Term Loans from the tranche of Term Loans from which they were converted, and any Extended Revolving Commitments shall constitute a separate tranche of Revolving Commitments from the tranche of Revolving Commitments from which
they were converted), all as set forth in greater detail in an Extended Facility Agreement so long as the terms set forth below are satisfied: 

(i)        (A) no Event of Default shall have occurred and be
continuing at the time an Extension Offer is delivered to the Lenders or at the time of the Extended Facility Closing Date and (B) all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct
in all material respects (other than those representations and warranties that are expressly qualified by Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) as
of 

  
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the Extended Facility Closing Date (or, if such representation or warranty relates to an earlier date, as of such earlier date); 

(ii)      except as to interest rates, fees and final maturity, the Revolving
Commitment of any Lender (an “Extending Revolving Lender”) extended pursuant to an Extension (an “Extended Revolving Commitment”), and the related outstandings, shall be a Revolving Commitment (or related Revolving
Loan outstandings, as the case may be) with the same terms as the original Revolving Commitments (and related Revolving Loan outstandings); provided that (x) subject to the provisions of Sections 2.22(a) and 2.4(f) to the
extent dealing with Letters of Credit and Swingline Loans which mature or expire after a Maturity Date when there exist Extended Revolving Commitments with a longer Maturity Date, all Letters of Credit and Swingline Loans shall be participated in on
a pro rata basis by all Lenders with Revolving Commitments in accordance with their Pro Rata Share of the Aggregate Revolving Commitment Amount (and except as provided in Sections 2.22(a) and 2.4(f), without giving effect to changes
thereto on an earlier Maturity Date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued) and all Borrowings under Revolving Commitments and repayments thereunder shall be made on a pro rata basis (except for
(A) payments of interest and fees at different rates on Extended Revolving Commitments (and related outstandings) and (B) repayments required upon the Maturity Date for the non-extending Revolving Commitments) and (y) at no time shall
there be Revolving Commitments hereunder (including Extended Revolving Commitments and any original Revolving Commitments) which have more than five different Maturity Dates; 

(iii)      except as to interest rates, fees, amortization, final maturity
date, premium, required prepayment dates and participation in prepayments, the Term Loans of any Lender (an “Extending Term Loan Lender”) extended pursuant to any Extension (“Extended Term Loans”) shall have the
same terms as the tranche of Term Loans subject to such Extension Offer except to the extent that such terms are less favorable to the Extending Term Loan Lenders than to the Lenders of the non-extended Term Loans or apply solely to periods after
the Maturity Date of the non-extended Term Loans; 
 (iv)      the final
maturity date for any Extended Term Loans shall be no earlier than the then latest Maturity Date, after giving effect to the exercise of the extension option pursuant to Section 2.5, hereunder or under any existing Extended Facility
Agreement and the amortization schedule applicable to such Extended Term Loans for periods prior to the maturity date of the Term Loans extended thereby may not be increased from any then existing amortization schedule applicable to Term Loans; 

(v)      the Weighted Average Life to Maturity of any Extended Term Loans shall
be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby; 

(vi)      any Extended Term Loans may participate on a pro rata basis or a less
than pro rata basis (but not greater than a pro rata basis) in any voluntary or 

  
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mandatory repayments or prepayments hereunder, in each case as specified in the respective Extended Facility Agreement; 

(vii)      if the aggregate principal amount of applicable Term Loans
(calculated on the face amount thereof) or Revolving Commitments, as the case may be, in respect of which applicable Lenders holding Term Loans or Lenders holding Revolving Commitments, as the case may be, shall have accepted the relevant Extension
Offer shall exceed the maximum aggregate principal amount of applicable Term Loans or Revolving Commitments, as the case may be, offered to be extended by Borrower pursuant to such Extension Offer, then the applicable Incremental Term Loans or
Revolving Loans, as the case may be, of the applicable Lenders holding Term Loans or Lenders holding Revolving Commitments, as the case may be, shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to
exceed actual holdings of record) with respect to which such Lenders holding Term Loans or Lenders holding Revolving Commitments, as the case may be, have accepted such Extension Offer; 

(viii)      all documentation in respect of such Extension shall be consistent
with the foregoing; 
 (ix)      any Extended Facility requested by the
Borrower shall be in a minimum amount of $20,000,000; and 
 (x)      the
Administrative Agent and the lenders party thereto shall enter into an Extended Revolving Credit Facility Agreement or an Extended Term Facility Agreement, as the case may be, and the conditions precedent set forth therein shall have been satisfied
or waived in accordance with its terms. 
 Subject to compliance with the terms of this Section 2.27, the Administrative Agent,
each Issuing Bank and the Lenders hereby consent to the Extensions and the other transactions contemplated by this Section 2.27 (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended
Term Loans and/or Extended Revolving Commitments on such terms as may be set forth in the relevant Extended Facility Agreement) and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections
2.21, 10.2, or any other provisions regarding the sharing of payments) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section 2.27. The Lenders hereto
agree that the Extended Facility Lenders party to any Extended Facility Agreement may, from time to time, make amendments to such Extended Facility Agreement or to this Agreement and the other Loan Documents to give effect to the Extended Facility
Agreement without the consent of any other Lenders so long as such Extended Facility Agreement, as amended, complies with the terms set forth in this Section 2.27. 

ARTICLE III 

CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT; ADDITIONS 

OF BORROWING BASE ASSETS 

  
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 Section 3.1.
        Conditions to Effectiveness. The obligations of the Lenders (including the Swingline Lender) to make Loans and the obligation of each Issuing Bank to issue any Letters of Credit hereunder
shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.2 or otherwise permitted to be satisfied after the Closing Date pursuant to
Section 5.23): 
 (a)      The Administrative Agent shall have received payment
of all fees, expenses and other amounts due and payable on or prior to the Closing Date, including, without limitation, reimbursement or payment of all reasonable and documented out-of-pocket expenses of the Administrative Agent, the Lead Arrangers
and their Affiliates (including reasonable and documented fees, charges and disbursements of one primary counsel to the Administrative Agent, one local counsel in each applicable jurisdiction and any special regulatory counsel) required to be
reimbursed or paid by the Borrower hereunder, under any other Loan Document and under any agreement with the Administrative Agent or the Lead Arrangers, in each case, to the extent that a detailed invoice is delivered to the Borrower at least two
(2) Business Days prior to the Closing Date. 
 (b)      The Administrative Agent (or
its counsel) shall have received the following, each to be in form satisfactory to the Administrative Agent: 

(i)      a counterpart of this Agreement signed by or on behalf of each party
hereto or written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 

(ii)      a certificate of the Secretary or Assistant Secretary of each Loan
Party in the form of Exhibit 3.1(b)(ii), attaching and certifying copies of (A) such Loan Party’s articles or certificate of incorporation, formation, organization or limited partnership, or other registered organizational
documents, certified as of a recent date by the Secretary of State of the jurisdiction of organization of such Loan Party; (B) such Loan Party’s bylaws, limited liability company agreement or partnership agreement, as applicable;
(C) the resolutions of such Loan Party’s board of directors, managers, members, general partner or other equivalent governing body, authorizing the execution, delivery and performance of the Loan Documents to which it is a party,
(D) certificates of good standing or existence, as applicable, from the Secretary of State of the jurisdiction of incorporation or organization of such Loan Party and each other jurisdiction where such Loan Party which owns a Borrowing Base
Asset is required to be qualified to do business as a foreign company, in each case as of a recent date, and (E) a certificate of incumbency containing the name, title and true signature of each officer of such Loan Party executing the Loan
Documents to which such Loan Party is a party; 
 (iii)      favorable written
opinions of (A) Kirkland and Ellis LLP, counsel to the Loan Parties; and (B) DLA Piper LLP, a Maryland counsel to the Loan Parties, and (C) Albright, Stoddard, Warnick & Albright, Nevada counsel to the Loan Parties, each
addressed to the Administrative Agent, the Issuing Bank and each of the Lenders, and covering such matters relating to the Loan Parties, the Loan 

  
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Documents and the transactions contemplated therein as the Administrative Agent or the Required Lenders shall reasonably request; 

(iv)      a certificate in the form of Exhibit 3.1(b)(iv), dated the
Closing Date and signed by a Responsible Officer, certifying that after giving effect to the transactions contemplated hereby, (A) no Default or Event of Default has occurred and is continuing on the Closing Date, (B) all representations
and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects (other than those representations and warranties that are expressly qualified by Material Adverse Effect or other materiality, in which
case such representations and warranties shall be true and correct in all respects), (C) since March 31, 2015, there has been no change which has had or could reasonably be expected to have a Material Adverse Effect and (D) the
condition set forth in clauses (b)(vi) and (b)(vii) below has been satisfied; 

(v)      all material consents, approvals, authorizations, registrations and
filings and orders required to be made or obtained under any Requirement of Law, or by any Material Indebtedness of any Loan Party, in each case, as of the Closing Date, in connection with the execution, delivery, performance, validity and
enforceability of the Loan Documents or any of the transactions contemplated thereby shall have been obtained and shall be in full force and effect and all applicable waiting periods shall have expired, and no investigation or inquiry by any
governmental authority regarding the Commitments or any transaction being financed with the proceeds thereof shall be ongoing; 

(vi)      copies of (A) pro forma consolidated financial statements for
the REIT Guarantor and its Subsidiaries for the fiscal year ended December 31, 2014, including in each case the related statements of income, shareholders’ equity and cash flows, in form and substance reasonably satisfactory to the Lead
Arrangers; and (B) financial projections on a quarterly basis for the Fiscal Year ending December 31, 2015 and annually thereafter through December 31, 2018; 

(vii)      a duly completed and executed Compliance Certificate, including
calculations of the financial covenants set forth in Article VI hereof as of March 31, 2015, calculated on a pro forma basis after giving effect to the transactions contemplated hereby as if the same had occurred as of the first day of
the four (4) Fiscal Quarter period ending on March 31, 2015 (and setting forth in reasonable detail such calculations); 

(viii)      a certificate, dated the Closing Date and signed by the chief
financial officer of the REIT Guarantor and the Borrower confirming that after giving effect to the execution and delivery of the Loan Documents and the consummation of the transactions contemplated hereby, each of (A) the REIT Guarantor,
(B) the Borrower and (C) the Loan Parties and their Subsidiaries, on a consolidated basis, are Solvent; 

(ix)      copies of UCC, tax and judgment lien search reports in all necessary
jurisdictions of the Loan Parties, as requested by the Administrative Agent, 

  
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indicating that there are no existing Liens with respect to the Loan Parties other than Permitted Encumbrances, Liens set forth on Schedule 7.2 and Liens to be released on the Closing Date; 

(x)      copies of a duly executed payoff letter, in form and substance
satisfactory to the Administrative Agent, executed by the administrative agent under the Existing Credit Agreement, together with (a) UCC-3 or other appropriate termination statements, mortgage discharges and terminations, in each case in form
and substance satisfactory to the Administrative Agent, releasing all liens of the lenders under the Existing Credit Agreement upon any of the personal property of the Borrower and its Subsidiaries granted pursuant to the Existing Credit Agreement
and related financing documents, (b) cancellations and releases, in form and substance satisfactory to the Administrative Agent, releasing all liens of the lenders under the Existing Credit Agreement upon any of the Real Estate of the Borrower
and its Subsidiaries granted pursuant to the Existing Credit Agreement and related financing documents, and (c) any other releases, terminations or other documents reasonably required by the Administrative Agent to evidence the payoff of
Indebtedness owed to the lenders issued or incurred pursuant to the Existing Credit Agreement and related financing documents; 

(xi)      [Reserved]; 

(xii)      each of the Borrowing Base Asset Deliverables with respect to each
Real Property Asset listed on Part I of Schedule 4.18; and 

(xiii)      a Borrowing Base Certificate, dated as of the Closing Date and
signed by a Responsible Officer of the Borrower or the REIT Guarantor, substantially in the form of Exhibit B; and 

(xiv)      at least three (3) days prior to the Closing Date, all
documentation and other information with respect to the Borrower and each other Loan Party that the Administrative Agent or any Lender reasonably determines is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including, without limitation the Patriot Act, to the extent reasonably requested by the Administrative Agent at least ten (10) days before the Closing Date. 

Without limiting the generality of the provisions of this Section, for purposes of determining compliance with the conditions
specified in this Section, each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved of, accepted or been satisfied with each document or other matter required thereunder to be consented to, approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  
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 Section 3.2.        Conditions
to Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to Section 2.26(c) and the satisfaction
of the following conditions: 
 (a)      at the time of and immediately after giving effect
to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall exist; 

(b)      at the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects, unless such representation or warranty
expressly relates to an earlier date, in which case such representations or warranty shall be true and correct in all material respects as of such earlier date (other than those representations and warranties that are expressly qualified by a
Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects); 

(c)      at the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, the aggregate Revolving Credit Exposures of all Lenders shall not exceed the lesser of (i) the Aggregate Revolving Commitment Amount and (ii) the Available Loan
Amount minus the outstanding principal amount of any Term Loans; and 
 (d)      the Borrower
shall, to the extent applicable, have delivered the required Notice of Borrowing. 
 Each Borrowing and each issuance,
amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in subsections (a), (b) and (c) of
this Section. 
 Section 3.3.      Delivery of Documents. All of the Loan
Documents, certificates, legal opinions and other documents and papers referred to in this Article, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of the Lenders and shall be in form and substance
satisfactory in all respects to the Administrative Agent. 

Section 3.4.        Removal of Borrowing Base Assets and Releases of Loan
Parties. 
 (a)      The Loan Parties may remove any Real Property Asset from the
Borrowing Base Assets hereunder, and obtain release of any Subsidiary Loan Party in connection therewith from the Obligations hereunder through satisfaction of each of the following conditions: 

(i)      the Borrower shall deliver to the Administrative Agent, not less than
five (5) Business Days (or such shorter period as is agreed to by the 

  
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Administrative Agent in its sole discretion) prior to the date of such requested removal or release, as applicable, a written request for removal or release, as applicable, of the applicable Loan
Party or Borrowing Base Asset; 
 (ii)      the Borrower shall deliver,
together with such request for removal or release, as applicable, a Borrowing Base Certificate and a Compliance Certificate showing that on the date of such removal or release, as applicable, and after giving effect to such removal or release, as
applicable, and any corresponding payment of the Loans, (A) the Loan Parties will be in compliance with the Financial Covenants; and (B) the aggregate Revolving Credit Exposures of all Lenders shall not exceed the lesser of (I) the
Aggregate Revolving Commitment Amount and (II) the Available Loan Amount minus the outstanding principal amount of any Term Loans; 

(iii)      a Responsible Officer of the Borrower shall certify in writing to
the Administrative Agent that no Default or Event of Default shall exist immediately after giving effect to the applicable removal or release, as applicable, any payment of the Loans that will be made on or prior to the date of such removal or
release, as applicable, and any addition of any Borrowing Base Asset to occur on or prior to the date of such removal or release, as applicable; and 

(iv)      after giving effect to any such removal of a Borrowing Base Assets,
the Borrower shall remain in compliance with the requirements of Section 5.22 below. 
 To the extent all such
conditions to removal or release, as applicable, are satisfied or waived, the Administrative Agent will promptly deliver, as soon as reasonably practical and, in any event, within ten (10) Business Days of the request by any Loan Party made on
or after the date such conditions to removal or release, as applicable, are satisfied or waived, to the applicable Loan Party, such documentation as such Loan Party reasonably requests to evidence the removal of the Borrowing Base Asset from the
Borrowing Base Amount and the release of such Loan Party, to the extent such Loan Party is not a Material Subsidiary, as the case may be, from the Obligations. 

(b)      Whenever the Administrative Agent on behalf of the Lenders is required to (or is
authorized by the Required Lenders to) provide a release of a Loan Party or removal of a Borrowing Base Asset under this Agreement, the Administrative Agent shall provide such release promptly and, to the extent the release of such Loan Party or
removal of such Borrowing Base Asset is being requested in connection with any Disposition permitted under this Agreement, provided that the Administrative Agent has received at least ten (10) Business Days prior written notice of the
requirements for such removal or release, as applicable, the Administrative Agent shall deliver such documentation necessary to evidence and effectuate such removal or release, as applicable, substantially concurrently with the closing of such
Disposition. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

  
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 Each of the Loan Parties represents and warrants, after giving effect to the
transactions contemplated hereby, to the Administrative Agent, each Lender and each Issuing Bank as follows: 

Section 4.1.        Due Organization and Good Standing. Each of the
Loan Parties (a) is duly organized, validly existing and in good standing as a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to carry
on its business as now conducted, and (c) is duly qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result
in a Material Adverse Effect. 
 Section 4.2.         Power and
Authority, Due Authorization, Execution, Delivery and Enforceability. The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party are within such Loan Party’s organizational powers and have
been duly authorized by all necessary organizational and, if required, shareholder, partner or member action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party
is a party, when executed and delivered by such Loan Party, will constitute, valid and binding obligations of the Borrower or such Loan Party (as the case may be), enforceable against it in accordance with their respective terms, except as may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

Section 4.3.        Governmental and Third Party Consents and Approvals; No
Conflicts. The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party (a) do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority,
except those as have been obtained or made and are in full force and effect, (b) will not violate any Requirement of Law applicable to the REIT Guarantor or any of its Subsidiaries or any judgment, order or ruling of any Governmental Authority,
(c) will not violate or result in a default under any Contractual Obligation of the REIT Guarantor or any of its Subsidiaries or any of its assets or give rise to a right thereunder to require any payment to be made by the REIT Guarantor or any
of its Subsidiaries (other than payments in accordance with the Loan Documents) and (d) will not result in the creation or imposition of any Lien on any asset of the REIT Guarantor or any of its Subsidiaries, except, in each case, as would not
reasonably be expected to result in a Material Adverse Effect. 

Section 4.4.        Financial Statements; Material Adverse Change.

 (a)      [Reserved]. 

(b)      The financial statements delivered pursuant to Section 5.1(a) and
(b) fairly present the consolidated financial condition of the REIT Guarantor and its Subsidiaries as of such dates and the consolidated results of operations for such periods in conformity with GAAP consistently applied (except as noted
therein), subject to year-end audit adjustments and the absence of footnotes in the case of the financial statements delivered pursuant to Section 5.1(b). 

  
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 (c)      Since March 31, 2015, there have
been no changes with respect to the REIT Guarantor and its Subsidiaries which have had or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

Section 4.5.        Litigation and Environmental Matters. 

(a)      No litigation, investigation or proceeding of or before any arbitrators or
Governmental Authorities is pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Consolidated Parties (i) as to which there is a reasonable possibility of an adverse determination that could
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect or (ii) which could reasonably be expected to result in the invalidity or unenforceability of this Agreement or any other Loan Document. 

(b)      Except as could not reasonably be expected to have a Material Adverse Effect: 

(i)      To the knowledge of the Responsible Officers of the Loan Parties, each
of the Borrowing Base Assets and all operations with respect to each of the Borrowing Base Assets and the Real Property Assets owned by the Loan Parties are in compliance with all applicable Environmental Laws in all material respects and there are
no conditions relating to the Borrowing Base Assets, the other Real Property Assets owned by the Loan Parties or the businesses of the Loan Parties that are likely to give rise to any liability to any Loan Party under any applicable Environmental
Laws. 
 (ii)      To the knowledge of the Responsible Officers of the Loan
Parties, none of the Borrowing Base Assets or other Real Property Assets owned by the Loan Parties contains, or has previously contained, any Hazardous Materials at, on or under such property in amounts or concentrations that constitutes a violation
of, or could give rise to liability of any Loan Party under, applicable Environmental Laws. 

(iii)      To the knowledge of the Responsible Officers of the Loan Parties, no
Loan Party has received any written or verbal notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with
Environmental Laws with regard to any of the Borrowing Base Assets, any of the other Real Property Assets owned by the Loan Parties or the businesses of the Loan Parties, nor does any Responsible Officer of any Loan Party have knowledge or reason to
believe that any such notice will be received or is being threatened. 

(iv)      To the knowledge of the Responsible Officers of the Loan Parties, no
Loan Party has generated, treated, stored or disposed of Hazardous Materials at, on or under any of the Borrowing Base Assets or any of the other Real Property Assets owned by the Loan Parties in violation of, or in a manner that could give rise to
liability under, any applicable Environmental Law. To the knowledge of the Responsible Officers of the Loan Parties, Hazardous Materials have not been transported or disposed of from the Borrowing Base Assets or the other Real Property Assets owned
by the Loan Parties, in each case by or on behalf of any Loan 

  
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Party, in violation of, or in a manner that is likely to give rise to liability under, any applicable Environmental Law. 

(v)      To the knowledge of the Responsible Officers of the Loan Parties, no
judicial proceeding or governmental or administrative action is pending or threatened, under any Environmental Law to which any Loan Party is or will be named as a party, nor are there any consent decrees or other decrees, consent orders,
administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Loan Parties, the Borrowing Base Assets, the other Real Property Assets owned by the Loan Parties or
the businesses of the Loan Parties. 
 Section 4.6.        Compliance
with Laws. 
 (a)      Each of the Consolidated Parties is in compliance with all
Requirements of Law and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (i) such Requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(b)      To the knowledge of the Responsible Officers of the Loan Parties, each of the Borrowing
Base Assets, and the uses of the Borrowing Base Assets, are in compliance in all material respects with all Requirements of Law and all orders, writs, injunctions and decrees applicable to the Borrowing Base Assets (including, without limitation,
building and zoning laws and Health Care Laws), except in such instances in which (i) such Requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (ii) the
failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(c)      No Loan Party is in default after all applicable notice and cure periods under or with
respect to any Contractual Obligation that individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 4.7.        Investment
Company Act. None of the Loan Parties is (a) an “investment company” or is “controlled” by an “investment company”, as such terms are defined in, or subject to regulation under, the Investment Company Act
of 1940, as amended and in effect from time to time, or (b) otherwise subject to any other regulatory scheme limiting its ability to incur debt or requiring any approval or consent from, or registration or filing with, any Governmental
Authority in connection therewith. 
 Section 4.8.        Taxes.
The REIT Guarantor and its Subsidiaries and each other Person for whose taxes the REIT Guarantor or any of its Subsidiaries could become liable have timely filed or caused to be filed all Federal income tax returns and all other material tax returns
that are required to be filed by them, and have paid all taxes shown to be due and payable on such returns or on any assessments made against it or its property and all other taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority, except where the same are currently being contested in good faith by appropriate proceedings and for which the REIT Guarantor or such Subsidiary, as the case may be, has set aside on its books adequate reserves in accordance
with GAAP, or except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

Section 4.9.        Margin Regulations. None of the proceeds of any
of the Loans or Letters of Credit will be used, directly or indirectly, for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of such terms under Regulation U or for any purpose that
violates the provisions of Regulation T, Regulation U or Regulation X. Neither the REIT Guarantor nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of
purchasing or carrying “margin stock”. 

  
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Section 4.10.        ERISA. Except as would not reasonably be
expected to have a Material Adverse Effect, each Plan is in substantial compliance in form and operation with its terms and with ERISA and the Code (including, without limitation, the Code provisions compliance with which is necessary for any
intended favorable tax treatment) and all other applicable laws and regulations. Each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from
the Internal Revenue Service to the effect that it meets the requirements of Sections 401(a) and 501(a) of the Code covering all applicable tax law changes, or is comprised of a master or prototype plan that has received a favorable opinion letter
from the Internal Revenue Service, and, except as would not reasonably be expected to have a Material Adverse Effect, nothing has occurred since the date of such determination that would adversely affect such determination (or, in the case of a Plan
with no determination, nothing has occurred that would adversely affect the issuance of a favorable determination letter or otherwise adversely affect such qualification). No ERISA Event has occurred or is reasonably expected to occur that would be
reasonably expected to have a Material Adverse Effect. There exists no Unfunded Pension Liability in excess of $15,000,000 with respect to any Plan that would reasonably be expected to result in liability to a Loan Party. There are no actions, suits
or claims pending against or involving a Plan (other than routine claims for benefits) or, to the knowledge of the REIT Guarantor, any of its Subsidiaries or any ERISA Affiliate, threatened in writing, which would reasonably be expected to be
asserted successfully against any Plan and, if so asserted successfully, would reasonably be expected either singly or in the aggregate to result in a Material Adverse Effect. Except as would not reasonably be expected either individually or in the
aggregate to have a Material Adverse Effect, the REIT Guarantor, each of its Subsidiaries and each ERISA Affiliate have made all contributions to or under each Plan and Multiemployer Plan required by law within the applicable time limits prescribed
thereby, by the terms of such Plan or Multiemployer Plan, respectively, or by any contract or agreement requiring contributions to a Plan or Multiemployer Plan. No Plan which is subject to Section 412 of the Code or Section 302 of ERISA
has applied for or received an extension of any amortization period within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA. None of the REIT Guarantor, any of its Subsidiaries or any ERISA Affiliate have ceased
operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of Section 4063 of ERISA or ceased making contributions to any
Plan subject to Section 4064(a) of ERISA to which it made contributions. None of the REIT Guarantor or any of its Subsidiaries has established, contributes to or maintains any Non-U.S. Plan. 

Section 4.11.        Ownership of Property. 

(a)        Each of the Consolidated Parties has good title to, or valid leasehold
interests in or other right to occupy, all of its real and personal property material to the operation of its business (including, in any case, each of the Borrowing Base Assets), in each case free and clear of Liens prohibited by this Agreement.
The real and personal property of each of the Consolidated Parties is subject to no Liens, other than Liens permitted pursuant to Section 7.2. 

  
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 (b)        As of the Closing Date,
(i) all Real Property owned or leased by the Borrower and its Subsidiaries is set forth on Schedule 4.11; and (ii) all Ensign Assets are listed on Part B of Schedule 4.11. 

  
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 Section 4.12.        Accuracy
of Disclosure. None of the reports (including, without limitation, all reports that the REIT Guarantor or the Borrower is required to file with the Securities and Exchange Commission), financial statements, certificates or other information
furnished by or on behalf of the REIT Guarantor or the Borrower to the Administrative Agent or any Lender in connection with the negotiation or syndication of this Agreement or any other Loan Document or delivered hereunder or thereunder (as
modified or supplemented by any other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, taken as a whole in light of the circumstances under which they
were made, not materially misleading; provided that, with respect to projected financial information, the Borrower represents only that such projected information was prepared in good faith based upon assumptions believed to be reasonable at
the time, it being understood and agreed that such projected information is subject to contingencies and assumptions, many of which are not within the control of the Borrower, and no assurances can be given that any projections will be realized, and
any divergences from projected results may be material. 

Section 4.13.        Labor Relations. There are no strikes,
lockouts or other labor disputes or grievances against the REIT Guarantor or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened in writing against or affecting the REIT Guarantor or any of its Subsidiaries, and no unfair labor
practice charges or grievances are pending against the REIT Guarantor or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened in writing against any of them before any Governmental Authority, in each case, that would, either
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. All payments due from the REIT Guarantor or any of its Subsidiaries pursuant to the provisions of any collective bargaining agreement have been paid or
accrued as a liability on the books of the REIT Guarantor or any such Subsidiary, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

Section 4.14.        Subsidiaries. As of the Closing Date and as of
each date on which such schedule is subsequently updated pursuant to the terms hereof through the delivery of a Compliance Certificate in connection with the delivery of financial statements pursuant to Section 5.1(a), Schedule
4.14 correctly sets forth the correct legal name, tax identification number and the jurisdiction of formation of the Loan Parties. Except as set forth on Schedule 4.14, as of the Closing Date: (i) no Loan Party (other than the REIT
Guarantor) has issued to any third party any securities convertible into any equity interest in such Loan Party, or any options, warrants or other rights to acquire any securities convertible into any such equity interest, and (ii) the
outstanding Capital Stock of each Loan Party (other than the REIT Guarantor) is owned by the Persons indicated on Schedule 4.14, is validly issued, fully paid and non-assessable, and is free and clear of all Liens (other than Liens permitted
pursuant to this Agreement), warrants, options and rights of others of any kind whatsoever. Each Person owning a Borrowing Base Asset and each Subsidiary directly or indirectly owning any Capital Stock of any other Loan Party is a Loan Party
hereunder. Each Loan Party (other than the REIT Guarantor and the Borrower) is a Wholly Owned Subsidiary of the Borrower. 

  
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Section 4.15.        Solvency. After giving effect to the execution
and delivery of the Loan Documents and the making of the Loans under this Agreement, the REIT Guarantor, the Borrower and the Loan Parties and their Subsidiaries, on a consolidated basis, are Solvent. 

Section 4.16.        Insurance. 

The Real Property Assets of the REIT Guarantor and its Subsidiaries are insured with financially sound and reputable
insurance companies not Affiliates of the REIT Guarantor (except with respect to Real Property Assets that do not constitute Borrowing Base Assets and except with respect to captive insurance companies of any Tenant or any self-insurance of any
Tenant maintained in compliance with the applicable Facility Lease), in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities
where the REIT Guarantor or the applicable Subsidiary operates. 

Section 4.17.        Reserved. 

Section 4.18.        Real Property Assets; Leases. 

(a)        Part I of Schedule 4.18 is a true and complete, in all material
respects as of the Closing Date, list of (i) the street address of each Borrowing Base Asset; (ii) the Loan Party which owns, as applicable, each such Borrowing Base Asset; (iii) the facility type of each such Borrowing Base Asset;
(iv) if applicable, the Borrowing Base Leases with respect to such Borrowing Base Asset, together with the name and address of the applicable Tenant; and (v) the type of interest (fee or leasehold) held by each Loan Party in its respective
Borrowing Base Asset. As of the Closing Date each parcel of real property identified on Part I of Schedule 4.18 is a Real Property Asset that qualifies as a Borrowing Base Asset pursuant to the terms hereof. 

(b)        As of the Closing Date, Part II of Schedule 4.18 is a true and
complete, in all material respects, list as of (i) the street address of each other Real Property Asset owned by any Loan Party or leased pursuant to an Eligible Ground Lease; (ii) the applicable Loan Party which owns or leases each such
other Real Property Asset; (iii) the facility type of each such other Real Property Asset; (iv) the lease(s) to which each such other Real Property Asset is subject; and (v) the name and address of the Tenants with respect to each
such other Real Property Asset. 
 (c)        As of the Closing Date, Part III of
Schedule 4.18 sets forth all subleases known by a Borrower to exist with respect to the Facility Leases relating to any of the Borrowing Base Assets (other than any Multi-Tenant Buildings), the termination of which could reasonably be
expected to result in a material adverse effect on the applicable Tenant’s ability to continue to make scheduled payments to the applicable Loan Party under the applicable Facility Lease, together with the applicable Tenant with respect
thereto, the remaining term of the sublease and whether or not such Tenant is current on payments due thereunder. 

  
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 (d)        Part IV of Schedule 4.18 is a
listing of the termination date of each Borrowing Base Lease and the respective Borrowing Base Asset(s) subject to such Borrowing Base Lease. 

(e)        To the knowledge of the Responsible Officers of the Loan Parties, each of
the facilities located on the Borrowing Base Assets owned by the Loan Parties complies with the requirements of Section 5.8 of this Agreement. To the knowledge of the Responsible Officers of the Loan Parties, no condemnation or
condemnation proceeding has been instituted and remained undismissed for a period in excess of ninety (90) consecutive days, in each case, with respect to a material portion of any Real Property Asset listed as a Borrowing Base Asset on Part I
of Schedule 4.18. To the knowledge of the Responsible Officers of the Loan Parties, no material casualty event has occurred with respect to the improvements located on any Real Property Asset listed as a Borrowing Base Asset on Part I of
Schedule 4.18 which has not been (or, if applicable) will not be able to be) fully remediated with available insurance proceeds. 

Section 4.19.        Assignment of Claims Act. Except as set forth
on Schedule 4.19 as of the Closing Date, no Loan Party is a party to any contract or agreement that is subject to the Federal Assignment of Claims Act, as amended (31 U.S.C. Section 3727) or any similar state or local law. 

Section 4.20.        Healthcare Matters. 

(a)        Compliance with Health Care Laws. Without limiting the generality
of Section4.6 hereof or any other representation or warranty made herein, each Loan Party and, to the knowledge of the Responsible Officers of the Loan Parties, each Tenant under an Ensign Master Lease and each Eligible Tenant, is in
compliance with applicable provisions of federal and state laws governing Medicare and any state Medicaid programs and any statutes or any regulations promulgated pursuant to such laws, including, without limitation, Sections 1320a-7, 1320a-7a,
1320a-7b and 1395nn of Title 42 of the United States Code, the False Claims Act (31 U.S.C. Section 3729 et seq.), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.), as amended by the Health
Information, Technology for Economic and Clinical Health Act of 2009 (collectively, “HIPAA”), all criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286 and 287, and the health
care fraud criminal provisions under HIPAA, the exclusion laws (42 U.S.C. 1320a-7), Medicare (Title XVIII of the Social Security Act), Medicaid (Title XIX of the Social Security Act) and related state or local statutes or regulations promulgated
under such laws (“Health Care Laws”), except to the extent such non-compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(i)        To the knowledge of the Responsible Officers of the Loan
Parties, no Eligible Tenant has engaged in activities which are, as applicable, cause for false claims liability, civil penalties or mandatory or permissive exclusion from Medicare, Medicaid or any other state or federal healthcare program. None of
the Loan Parties nor, to the knowledge of the Responsible Officers of the Loan Parties, no Eligible Tenant and none of the respective employees, officers or directors of the Loan Parties or any Eligible Tenant, has been excluded, suspended or
debarred from 

  
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participation in any state or federal health care program or, to the knowledge of the Responsible Officers of the Loan Parties, is subject to a governmental inquiry, investigation, proceeding, or
other similar action that could reasonably be expected to result in debarment, suspension, or exclusion from government health care programs. To the knowledge of the Responsible Officers of the Loan Parties, the business practices of each Tenant
under an Ensign Master Lease and each Eligible Tenant are in compliance with, as applicable to their respective businesses, federal or state laws regarding physician ownership of (or financial relationship with) and referral to entities providing
healthcare related goods or services, or laws requiring disclosure of financial interests held by physicians in entities to which they may refer patients for the provisions of health care related goods or services, except to the extent such
non-compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the knowledge of the Responsible Officers of the Loan Parties, except as set forth on Schedule 4.20, there are no
Medicare, Medicaid or any other recoupment or recoupments of any governmental or private health care payor being sought, requested, claimed, or threatened, against any Tenant under an Ensign Master Lease and any Eligible Tenant, which, individually
or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 

(ii)        Except as listed on Schedule 4.20, no Loan Party
and, to the knowledge of the Responsible Officers of the Loan Parties, no Eligible Tenant is a party to any corporate integrity agreements, deferred prosecution agreements, monitoring agreements, consent decrees, settlement orders or similar
agreements imposed by a governmental entity. 
 (iii)        In
accordance with applicable Health Care Laws and except where such noncompliance has not had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, to the knowledge of the Responsible Officers of the
Loan Parties, each Tenant under an Ensign Master Lease and each Eligible Tenant has: (i) verified that all employees, independent contractors and other suppliers, including physicians, advanced practice nurses, dentists, therapists and
physician assistants providing clinical services have valid and current licenses, permits and credentials, (ii) conducted criminal background checks on all such persons, and (iii) verified that none of such persons is included on an
applicable federal, state or other applicable listing of excluded persons, including the HHS/OIG List of Excluded Individuals/Entities, prior to their employment or engagement as contractors, as applicable, and have continued to conduct such
verifications on all such persons thereafter, as required by such applicable Health Care Laws. 

(iv)        Except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, to the knowledge of the Responsible Officers of the Loan Parties, (i) all cost reports, other reports, data, claims and information required to be filed by any Tenant under an Ensign
Master Lease or any Eligible Tenant in connection with any applicable state or federal healthcare program (“Program”) have been timely filed and were true and complete 

  
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at the time filed (or were corrected in or supplemented by a subsequent filing if so required); (ii) there are no claims, actions or appeals pending (and to the knowledge of the Responsible
Officers of the Loan Parties, no Tenant under an Ensign Master Lease and no Eligible Tenant has made any filing or submission that would result in any claims, actions or appeals) before any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority (including governmental fiscal agents) with respect to any Program reports or claims filed by a Tenant under an Ensign Master Lease or an Eligible Tenant on or before the date hereof, or with respect to any
disallowances by any regulatory body, administrative agency, governmental body or other authority (including governmental fiscal agents) in connection with any audit or any claims; (iii) no validation review, survey, inspection or program
integrity review related to any Tenant under an Ensign Master Lease or any Eligible Tenant has been conducted by any regulatory body, administrative agency, governmental body or other authority (including governmental fiscal agents) in connection
with any Program within the past three (3) years, and no such reviews are scheduled, pending, threatened against or affecting any Tenant under an Ensign Master Lease or any Eligible Tenant. 

(v)        To the knowledge of the Responsible Officers of the Loan
Parties, each Tenant under an Ensign Master Lease and each Eligible Tenant has paid or caused to be paid or will pay in connection with its next quarterly credit balance all known and undisputed material refunds that have become due, overpayments or
adjustments, except to the extent such failure to pay has not had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the date of this Agreement, to the knowledge of the Responsible
Officers of the Loan Parties, no Eligible Tenant has received any written notice of denial of material payment, recoupment, or overpayment from any Program or other third-party payor in excess of One Million Dollars ($1,000,000). 

(b)        Health Care Permits. 

(i)        Each Loan Party and, to the knowledge of the Responsible
Officers of the Loan Parties, each Tenant under an Ensign Master Lease and each Eligible Tenant has such permits, licenses, franchises, certificates and other approvals or authorizations of Governmental Authorities as are necessary under applicable
law or regulations to own its properties and conduct its business (including without limitation such permits as are required under such federal, state and other Health Care Laws, and under similar licensure laws and such insurance laws and
regulations, as are applicable thereto) (“Health Care Permits”), if the failure to obtain such permits, licenses, franchises, certificates and other approvals or authorizations could reasonably be expected to result in a Material
Adverse Effect. 
 (ii)        To the knowledge of the Responsible
Officers of the Loan Parties, each Tenant under an Ensign Master Lease and each Eligible Tenant has all Medicare, Medicaid and related agency supplier billing number(s) and related documentation necessary to receive reimbursement, to the extent
applicable, from Medicare and/or Medicaid for any item or service furnished by such Person in any 

  
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jurisdiction where it conducts business except to the extent the failure to obtain billing number(s) or related documentation could reasonably be expected to result in a Material Adverse Effect.
To the knowledge of the Responsible Officers of the Loan Parties, no Tenant under an Ensign Master Lease and no Eligible Tenant is currently subject to suspension, revocation, renewal or denial of its Medicare and/or Medicaid certification, supplier
billing number(s), or Medicare and/or Medicaid participation agreement(s), except in the case of such Tenants not party to a Material Borrowing Base Lease, to the extent such suspension, revocation, renewal or denial would not reasonably be expected
to result in a Material Adverse Effect. 

  
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Section 4.21.        OFAC. Neither any Loan Party nor any of its
Subsidiaries or Affiliates (a) is a Sanctioned Person, (b) has more than ten percent (10%) of its assets in Sanctioned Countries, or derives more than ten percent (10%) of its operating income from investments in, or transactions
with, Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Loans hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Person or a
Sanctioned Country or for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended and in effect from time to time. 

Section 4.22.        Patriot Act. Neither any Loan Party nor any of
its Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act or any enabling legislation or executive order relating thereto. Neither any Loan Party nor any or
its Subsidiaries is in violation of (a) the Trading with the Enemy Act, (b) any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation
or executive order relating thereto or (c) the Patriot Act. None of the Loan Parties (i) is a blocked person described in Section 1 of the Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or
transactions, or is otherwise associated, with any such blocked person. 

Section 4.23.        No Default. No Default has occurred and is
continuing. 
 Section 4.24.        Intellectual Property. Each
of the REIT Guarantor and its Subsidiaries owns or has the right to use all patents, trademarks, copyrights, service marks, and trade names, and rights with respect to the foregoing, necessary to conduct its business as now conducted and as proposed
to be conducted, without any conflict with the patents, trademarks, copyrights, service marks, and trade names, and rights with respect to the foregoing, of any other Person that would reasonably be expected to result in a Material Adverse Effect.

 Section 4.25.        REIT Status. Except as otherwise set
forth on Schedule 4.25, the REIT Guarantor is organized and will operate in conformity with the requirements for qualification and taxation as a REIT, and its proposed method of operation will enable the REIT Guarantor to meet the
requirements for qualification and taxation as a REIT. 

Section 4.26.        EEA Financial Institution. 

None of the Borrower, the REIT Guarantor or any other Guarantor is an EEA Financial Institution. 

ARTICLE V 

AFFIRMATIVE COVENANTS 

The Loan Parties covenant and agree that until Payment in Full of the Obligations: 

  
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 Section 5.1.        Financial
Statements and Other Information. The REIT Guarantor and the Borrower will deliver to the Administrative Agent (for distribution to each Lender) prompt written notice of the following: 

(a)        not later than ten (10) days following the filing of the REIT
Guarantor’s Form 10-K with the Securities and Exchange Commission, and in any event within ninety (90) days after the end of each Fiscal Year of the REIT Guarantor, a copy of the annual audited report for such Fiscal Year for the REIT
Guarantor and its Subsidiaries, containing a consolidated balance sheet of the REIT Guarantor and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows
(together with all footnotes thereto) of the REIT Guarantor and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and reported on by independent
public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation and without any qualification or exception as to the scope of such audit (other than any “going
concern” or similar qualification or exception related to the maturity of the Obligations, the Senior Notes or any other Indebtedness not prohibited hereunder)) to the effect that such financial statements present fairly in all material
respects the financial condition and the results of operations of the REIT Guarantor and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and that the examination by such accountants in connection with such
consolidated financial statements has been made in accordance with generally accepted auditing standards; 

(b)        not later than ten (10) days following the filing of the REIT
Guarantor’s Form 10-Q with the Securities and Exchange Commission, and in any event within sixty (60) days after the end of each Fiscal Quarter of each of the first three (3) Fiscal Quarters of each Fiscal Year of the REIT Guarantor
(or if the REIT Guarantor is not required to file periodic reports under Section 13(a) or Section 15(d) of the Exchange Act, then sixty (60) days after the end of each of the first three (3) Fiscal Quarters in each Fiscal Year),
an unaudited consolidated balance sheet of the REIT Guarantor and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated statements of income of the REIT Guarantor and its Subsidiaries for such Fiscal Quarter
and the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter and the corresponding portion of the REIT Guarantor’s previous Fiscal Year; 

(c)        within sixty (60) days after the end of each of the first three
(3) Fiscal Quarters of each Fiscal Year of the REIT Guarantor and no later than ninety (90) days after the end of the fourth (4th) Fiscal Quarter of each Fiscal Year of the REIT Guarantor, (i) a schedule setting forth, for the
four (4) Fiscal Quarter period ending on the last date of such Fiscal Quarter, (A) the aggregate Adjusted NOI for all Real Property Assets that are Borrowing Base Assets for each category of facilities set forth in the definition of
Capitalization Rate; (B) the aggregate Net Revenues for all Real Property Assets that are Borrowing Base Assets for each category of facilities set forth in the definition of Capitalization Rate; (C) the Adjusted NOI for each Real Property
Asset that is a Borrowing Base Asset; and (D) the Net Revenues with respect to each Borrowing Base Asset; and (ii) the amount of the annual rent payable by each Eligible Tenant with respect to each Borrowing Base Asset (other than any
Multi-Tenant 

  
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Buildings and Subsidiary Operated Facilities (with such Adjusted NOI, such Net Revenues and such rent payments to be determined in a manner consistent with Adjusted NOI, Net Revenues and rent
payments set forth in the Borrowing Base Deliverables with respect to the applicable Borrowing Base Asset); 

(d)        concurrently with the delivery of the financial statements referred to in
subsections (a) and (b) of this Section, a Compliance Certificate signed by the principal executive officer or the principal financial officer of the Borrower (i) certifying that such financial statements fairly present
the financial condition, results of operations, shareholders’ equity and cash flows of REIT Guarantor and its Subsidiaries on a consolidated basis in accordance with GAAP, in the case of quarterly financial statements subject only to normal
year-end audit adjustments and the absence of footnotes, (ii) certifying as to whether there exists a Default or Event of Default on the date of such certificate and, if a Default or an Event of Default then exists, specifying the details
thereof and the action which the Borrower has taken or proposes to take with respect thereto, (iii) setting forth in reasonable detail calculations demonstrating whether the Borrower is in compliance with the financial covenants set forth in
Article VI (beginning with the first full Fiscal Quarter following the Closing Date), (iv) specifying any change in the identity of the Subsidiaries as of the end of such Fiscal Year or Fiscal Quarter from the Subsidiaries identified to
the Lenders on the Closing Date or as of the most recent Fiscal Year or Fiscal Quarter, as the case may be, and (v) stating whether any change in GAAP or the application thereof has occurred since the date of the mostly recently delivered
audited financial statements of the REIT Guarantor and its Subsidiaries that impacts such financial statements, and, if any change has occurred, specifying the effect of such change on the financial statements accompanying such Compliance
Certificate; 
 (e)        concurrently with the delivery of the financial
statements referred to in subsections (a) and (b) of this Section, (i) a Borrowing Base Certificate calculated as of the end of the immediately prior Fiscal Quarter, duly completed and executed by a Responsible Officer
of the Borrower or the REIT Guarantor; provided, however, the Borrower may, at its option, provide an updated Borrowing Base Certificate more frequently than quarterly; and (ii) a Rent Coverage Ratio calculation concerning each of
the Borrowing Base Assets with respect to which Ensign is the Eligible Tenant under the applicable Borrowing Base Lease; 

(f)        within sixty (60) days after the end of the calendar year, (i) a
budget for REIT Guarantor and its Subsidiaries for the succeeding Fiscal Year, containing a projected income statement, balance sheet and statement of cash flows and (ii) a projected operating statement for each Real Property Asset that is a
Borrowing Base Asset; 
 (g)        [Reserved]; 

(h)        promptly after the same become publicly available, copies of all periodic
and other reports, proxy statements and other materials filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or distributed
by the REIT Guarantor or the Borrower to its equityholders generally, as the case may be; 

  
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 (i)        promptly following any
reasonable request therefor, such other information with respect to the Real Property Assets and/or the Borrowing Base Assets as the Administrative Agent or any Lender through the Administrative Agent, may reasonably request and as is reasonably
available to the REIT Guarantor or any of its Subsidiaries (provided that no such information shall be required to be provided if providing such information would violate confidentiality agreements or result in a loss of attorney-client
privilege or a claim of attorney work product with respect to such information so long as the REIT Guarantor notifies the Administrative Agent that such information is being withheld and the reason therefor); and 

(j)        promptly following any request therefor, such other information regarding
the results of operations, business affairs and financial condition of the REIT Guarantor or any of its Subsidiaries as the Administrative Agent may reasonably request (provided that no such information shall be required to be provided if
providing such information would violate confidentiality agreements or result in a loss of attorney-client privilege or a claim of attorney work product with respect to such information so long as the REIT Guarantor notifies the Administrative Agent
that such information is being withheld and the reason therefor). 
 So long as the REIT Guarantor is required to file
periodic reports under Section 13(a) or Section 15(d) of the Exchange Act, the Borrower shall be deemed to have satisfied its obligation to deliver the financial statements referred to in clauses (a), (b) and
(h) upon the filing of such reports with the Securities and Exchange Commission. 

Section 5.2.        Notices of Material Events. The REIT Guarantor
and the Borrower will deliver to the Administrative Agent (for distribution to each Lender) prompt written notice of the following: 

(a)        the occurrence of any Default or Event of Default; 

(b)        the filing or commencement of, or any material development in, any action,
suit, proceeding, audit, claim, demand, order or dispute with, by or before any arbitrator or Governmental Authority against or, to the knowledge of any Responsible Officer of the Loan Parties, affecting the REIT Guarantor, any of its Subsidiaries
or, to the knowledge of any Loan Party, any Tenant under an Ensign Master Lease or any Eligible Tenant that (i) seeks injunctive or similar relief, or (ii) alleges potential or actual violations of any Health Care Law by the REIT
Guarantor, any of its Subsidiaries or, to the knowledge of the Responsible Officers of the Loan Parties, any Tenant under an Ensign Master Lease or any Eligible Tenant or its Licensed Personnel, which, in each case above, if adversely determined,
could, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; 

(c)        the occurrence of any event or any other development by which the REIT
Guarantor or any of its Subsidiaries (i) fails to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any Environmental
Liability, (iii) receives notice of any claim with respect to any Environmental Liability, or (iv) becomes aware of any basis 

  
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for any Environmental Liability, in each case which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect; 

(d)        promptly and in any event within fifteen (15) days after
(i) becoming aware that any ERISA Event has occurred that, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, a certificate of the chief financial officer of the Borrower describing
such ERISA Event and the action, if any, proposed to be taken with respect to such ERISA Event and a copy of any notice filed with the PBGC or the IRS pertaining to such ERISA Event and any notices received by the REIT Guarantor, such Subsidiary or
such ERISA Affiliate from the PBGC or any other governmental agency with respect thereto, and (ii) becoming aware (A) that there has been a material increase in Unfunded Pension Liabilities (not taking into account Plans with negative
Unfunded Pension Liabilities) since the date the representations hereunder are given or deemed given, or from any prior notice, as applicable that could reasonably be expected to result in liability to a Loan Party, (B) of the incurrence of any
material Withdrawal Liability, (C) of the adoption of, or the commencement of contributions to, any Plan subject to Section 412 of the Code by the REIT Guarantor, any of its Subsidiaries or any ERISA Affiliate, or (D) of the adoption
of any amendment to a Plan subject to Section 412 of the Code which results in a material increase in contribution obligations of the REIT Guarantor, any of its Subsidiaries or any ERISA Affiliate, a detailed written description thereof from
the chief financial officer of the Borrower; 
 (e)        the occurrence of any
event of default, or the receipt by the REIT Guarantor or any of its Subsidiaries of any written notice of an alleged event of default, with respect to any Material Indebtedness of the REIT Guarantor or any of its Subsidiaries; 

(f)        [Reserved]; 

(g)        any other development that results in, or could reasonably be expected to
result in, a Material Adverse Effect; 
 (h)        at least fifteen (15) days
prior thereto (or such shorter period as the Administrative Agent may agree to), notice of any change (i) in any Loan Party’s legal name (but, for the avoidance of doubt, excluding any trade names), (ii) in any Loan Party’s chief
executive office, (iii) in any Loan Party’s organizational existence or (iv) in any Loan Party’s federal taxpayer identification number or organizational number or jurisdiction of organization; 

(i)        at least fifteen (15) days prior thereto (or such shorter period as
the Administrative Agent may agree to) notice of any change in the headquarters location of the Loan Parties, with a copy of the underlying lease; and 

(j)        no later than ten (10) Business Days after any Responsible Officer of
the Borrower or any of its Subsidiaries has actual knowledge of: 

(i)        any claim to recover any alleged overpayments (other than
any such claim made against the REIT Guarantor or any of its Subsidiaries that relates to a period during which the REIT Guarantor or such Subsidiary did not 

  
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operate the respective facility) with respect to any receivables in excess of $10,000,000; 

(ii)        any non-routine and material inspection of any facility of
the REIT Guarantor or any of its Subsidiaries or, to the knowledge of the Responsible Officers of the Loan Parties, any Eligible Tenant by any Governmental Authority; and 

(iii)        notice of the occurrence of any material reportable event
or similar term as defined in any corporate integrity agreement, corporate compliance agreement or deferred prosecution agreement pursuant to which the REIT Guarantor or any of its Subsidiaries or, to the knowledge of the Responsible Officers of the
Loan Parties, any Eligible Tenant has to make a submission to any Governmental Authority or other Person under the terms of such agreement, if any. 

Each notice or other document delivered under this Section 5.2 shall be accompanied by a written statement of a
Responsible Officer setting forth the details of the event or development requiring such notice or other document and any action taken or proposed to be taken with respect thereto (which, in the case of any event or development with respect to a
Tenant, shall be limited to such notices and documentation in the possession of the Loan Parties and limited to the actions taken or proposed to be taken that a Responsible Officer of a Loan Party has actual knowledge of). 

  
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 Section 5.3.        
Existence; Conduct of Business. The Loan Parties will, and will cause each of their Subsidiaries to, do or cause to be done all things necessary to (i) maintain in full force and effect its legal existence and (ii) preserve,
renew and maintain its respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business (except, in the case of this clause (ii), as would not reasonably be
expected to result in a Material Adverse Effect); provided that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.3. 

Section 5.4.         Compliance with Laws. The Loan Parties will,
and will cause each of their Subsidiaries to, comply with all laws, rules, regulations and requirements of any Governmental Authority applicable to its business and properties, including, without limitation, all Environmental Laws, ERISA, Health
Care Laws and OSHA, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; provided that to the extent a Loan Party is unable to comply with the
provisions of this Section 5.4 due to a Tenant’s act or omission with respect to any Borrowing Base Asset such violation shall not constitute a Default or Event of Default so long as the Borrower (a) delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a Responsible Officer of the Borrower becoming aware of such violation; and (b) make any prepayment required pursuant to
Section 2.12 in connection with such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or prior to such date), the Loan Parties are in compliance with this
Section 5.4. 
 Section 5.5.         Payment of Taxes and
Other Obligations. The Loan Parties will, and will cause each of their Subsidiaries to, pay and discharge (or cause to be paid or discharged) all tax liabilities, assessments and governmental charges or levies all lawful claims which, if
unpaid, would by law become a Lien (other than a Permitted Encumbrance) upon it or its properties or assets (including, without limitation, each Real Property Asset owned by the REIT Guarantor or any Subsidiary), unless (a) the same are being
contested in good faith by appropriate proceedings and adequate reserves in accordance with GAAP are being maintained by such Loan Party or Subsidiary or (b) the failure to pay any such payment could not reasonably be expected to result in a
Material Adverse Effect; provided that to the extent a Loan Party is unable to comply with the provisions of this Section 5.5 due to a Tenant’s act or omission with respect to any Borrowing Base Asset such violation shall not
constitute a Default or Event of Default so long as the Borrower (a) delivers a new Borrowing Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a Responsible Officer of the Borrower becoming
aware of such violation; and (b) make any prepayment required pursuant to Section 2.12 in connection with such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or
prior to such date), the Loan Parties are in compliance with this Section 5.5. 

  
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 Section 5.6.         Books and
Records. The Loan Parties will, and will cause each of their Subsidiaries 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 to the extent necessary to prepare the consolidated financial statements of the REIT Guarantor in conformity with GAAP. 

Section 5.7.         Visitation and Inspection. The Loan Parties
will, and will cause each of their Subsidiaries to, permit any representative or independent contractor of the Administrative Agent or any Lender to visit and inspect its properties, to examine its books and records and to make copies and take
extracts therefrom, and to discuss its affairs, finances and accounts with any of its officers and with its independent certified public accountants, all at such reasonable times as the Administrative Agent or any Lender may reasonably request after
reasonable prior notice to the Borrower; provided that (a) so long as no Event of Default shall have occurred and be continuing, the Administrative Agent and the Lenders shall not make more than one such visit and inspection in any
Fiscal Year; (b) if an Event of Default has occurred and is continuing, no prior notice shall be required and the limitation on the number of visits and inspections shall no longer apply; (c) any such inspection and examination, copies and
discussions shall not be permitted to the extent it would violate confidentiality agreements or result in a loss of attorney- client privilege or claim of attorney work product so long as the Borrower notifies the Administrative Agent of such
limitation and the reason therefor; and (d) any such inspection and examination, copies and discussions shall be subject to the terms of any applicable lease. 

Section 5.8.         Maintenance of Properties. The Loan Parties
will, and will cause each of their Subsidiaries to (a) protect and preserve, or cause to be protected and preserved all Real Property Assets and maintain, or cause to be maintained, in good repair, working order and condition all Real Property
Assets (ordinary wear and tear, force majeure, casualty and condemnations events excepted) in accordance with applicable Facility Leases and (b) from time to time make, or cause to be made, all needed and appropriate repairs, renewals,
replacements and additions to such Real Property Assets, so that the business carried on in connection therewith may be conducted at all times in accordance with applicable Facility Leases (to the extent the Loan Parties are required to do so under
the applicable Facility Lease); provided that to the extent a Loan Party is unable to comply with the provisions of this Section 5.8 due to a Tenant’s act or omission with respect to any Borrowing Base Asset such violation
shall not constitute a Default or Event of Default so long as the Borrower (i) delivers a new Borrowing Base Certificate removing the applicable Borrowing Base Asset within thirty (30) days of a Responsible Officer of the Borrower becoming
aware of such violation; and (ii) make any prepayment required pursuant to Section 2.12 in connection with such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or
prior to such date), the Loan Parties are in compliance with this Section 5.8. 

  
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 Section 5.9.        
Insurance. The Loan Parties will, and will cause each of their Subsidiaries to, maintain with financially sound and reputable insurance companies which are not Affiliates of any Loan Party insurance with respect to its properties and
business, and the properties and business of the REIT Guarantor and its Subsidiaries, against loss or damage of the kinds customarily insured against by companies in the same or similar businesses operating in the same or similar locations and will,
upon request of the Administrative Agent (which request shall be given no more than once in any Fiscal Year, unless an Event of Default has occurred and is continuing), furnish to each Lender a certificate of a Responsible Officer setting forth the
nature and extent of all insurance maintained by the Borrower and its Subsidiaries in accordance with this Section; provided that to the extent a Loan Party is unable to comply with the provisions of this Section 5.9 due to a
Tenant’s act or omission with respect to any Borrowing Base Asset such violation shall not constitute a Default or Event of Default so long as the Borrower (x) delivers a new Borrowing Base Certificate removing the applicable Borrowing
Base Asset within ten (10) Business Days of a Responsible Officer of the Borrower becoming aware of such violation; and (y) make any prepayment required pursuant to Section 2.12 in connection with such removal and after giving
effect to such removal and payment (and the addition of any other Borrowing Base Asset on or prior to such date), the Loan Parties are in compliance with this Section 5.9. 

Section 5.10.         Use of Proceeds; Margin Regulations. The
Borrower shall use the proceeds of any Revolving Borrowing and Term Loan hereunder for general corporate purposes not in contravention of any Requirement of Law or of any Loan Document, including, but not limited to the acquisition of Real Property
Assets or companies owning Real Property Assets, funding working capital, dividends and capital expenditures and any other purposes not prohibited by the Loan Documents (it being understood and agreed that no Loan Party shall use such proceeds,
whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock or to
refund indebtedness originally incurred for such purpose). All Letters of Credit will be used for general corporate purposes. 

Section 5.11.         Casualty and Condemnation. The Loan Parties
will, and will cause each of their Subsidiaries to, (a) furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of any Borrowing Base Assets or the commencement
of any action or preceding for the taking of any material portion of any Borrowing Base Assets or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the net cash
proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with clause (ix) of the definition of Borrowing Base Asset. 

Section 5.12.         Additional Subsidiaries. 

(a) As a condition to the inclusion of any Borrowing Base Asset in the Borrowing Base Amount, the REIT Guarantor and the
Borrower shall (i) cause (x) the Subsidiary that owns such Borrowing Base Asset (which shall be a Person organized under 

  
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the laws of any state of the United States or the District of Columbia) to become a Guarantor hereunder through the execution and delivery to the Administrative Agent of a Joinder Agreement and
(y) each Subsidiary that is not a Loan Party that owns, directly or indirectly, any Capital Stock of any Subsidiary which becomes a guarantor pursuant to clause (x) above to become a Guarantor hereunder through the execution and
delivery to the Administrative Agent of a Joinder Agreement, in each case under this clause (i), on or before the date on which a Real Property Asset owned by any such Subsidiary is initially included as a Borrowing Base Asset pursuant to a
Borrowing Base Certificate; and (ii) cause each such Subsidiary to deliver such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, certified resolutions and
other organizational and authorizing documents of such Subsidiary, favorable opinions of counsel to such Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to
above in a customary manner), all of which shall be reasonably satisfactory to the Administrative Agent, and such other information required in order for the Administrative Agent and the Lenders to comply with PATRIOT Act, OFAC and other “know-
your-customer” diligence requirements. 
 (b)         Upon the acquisition,
incorporation or other creation of any other direct or indirect Material Subsidiary of the REIT Guarantor if such Subsidiary is a U.S. Person, other than a U.S. Person substantially all of whose assets are one or more Foreign Subsidiaries, or at any
time that any Immaterial Subsidiary becomes a Material Subsidiary, if such Subsidiary is a U.S. Person, other than a U.S. Person substantially all of whose assets are one or more Foreign Subsidiaries, then in either such case the Borrower shall
(i) cause such Material Subsidiary (and each Subsidiary that is not a Loan Party that owns, directly or indirectly, any Capital Stock of any such Material Subsidiary) to become a Guarantor hereunder through the execution and delivery to the
Administrative Agent of a Joinder Agreement not later than thirty (30) days after such acquisition, incorporation or other creation (or such longer period as may be agreed to in writing by the Administrative Agent), and (ii) cause such
Material Subsidiary to deliver such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, certified resolutions and other organizational and authorizing documents of
such Material Subsidiary, favorable opinions of counsel to such Material Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above in a customary manner), all
of which shall be reasonably satisfactory to the Administrative Agent, and such other information required in order for the Administrative Agent and the Lenders to comply with PATRIOT Act, OFAC and other “know- your-customer” diligence
requirements. 

  
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 Section 5.13.         REIT
Status Except as otherwise disclosed on Schedule 4.25, the REIT Guarantor (a) will, and will cause each of its Subsidiaries to, be organized and operate its business at all times so as to satisfy all requirements necessary to qualify
and maintain the REIT Guarantor’s qualification as a REIT, and (b) will maintain adequate records so as to comply with all record-keeping requirements relating to its qualification as a real estate investment trust as required by the Code
and applicable regulations of the Department of the Treasury promulgated thereunder and will properly prepare and timely file (taking into account any valid extensions) with the IRS all returns and reports required thereby. 

Section 5.14.         Further Assurances. The Loan Parties will,
and will cause each of their Subsidiaries to, execute any and all further documents, agreements and instruments, and take all such further actions, which may be required under any applicable Requirement of Law, or which the Administrative Agent or
the Required Lenders may reasonably request, to effectuate the transactions contemplated by the Loan Documents, all at the expense of the Loan Parties. 

Section 5.15.         Healthcare Matters. 

(a)         Without limiting or qualifying Section 5.4, or any other
provision of this Agreement, the Loan Parties will, and will cause their applicable Subsidiaries to, be in compliance with all applicable Health Care Laws relating to the operation of such Person’s business, except where the failure to do so,
either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (b)
        Except where the failure to do so or noncompliance could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties will, and will cause each of their Subsidiaries to: 

(i)         obtain, maintain and preserve, and take all necessary
action to timely renew, all Health Care Permits (including, as applicable, Health Care Permits necessary for it to be eligible to receive payment and compensation from and to participate in Medicare, Medicaid or any other third party payors), if
any, which are necessary or useful for any Loan Party or Subsidiary thereof to obtain or maintain in the proper conduct of its business; 

(ii)         solely to the extent applicable to the Loan Parties and
their Subsidiaries, be and remain in compliance with all requirements for participation in, and for licensure required to provide the goods or services that are reimbursable under, Medicare, Medicaid and other third party payor programs; 

(iii)         cause all Licensed Personnel of the Loan Parties, if
any, to be in compliance with all applicable Health Care Laws in the performance of their duties to or for the Loan Parties, and to maintain in full force and effect all professional licenses and other Health Care Permits required to perform such
duties; and 
 (iv)         keep and maintain all records required
to be maintained by any Governmental Authority or otherwise under any Health Care Law applicable to the Loan Parties. 

  
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 (c)         Except where the failure to
do so or noncompliance could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties will use commercially reasonable efforts to enforce the obligations of the Tenants under the Facility Lease (other than with respect to
any Multi- Tenant Building) with respect to Health Care Laws or Health Care Permits. 
 (d)
        The Loan Parties will, and will cause their applicable Subsidiaries to, to the extent required by any Governmental Authority pursuant to applicable Health Care Laws or any agreement, order or decree,
maintain a corporate and healthcare regulatory compliance program (“CCP”) addressing compliance with all applicable Health Care Laws relating to the operation of the Loan Parties’ and their Subsidiaries’ businesses, to the extent
that the failure to do so, either individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. Such CCP may include, in each case, to the extent applicable to the Loan Parties’ and their
Subsidiaries’ businesses, the following components: (i) standards of conduct and procedures that describe compliance policies regarding applicable Health Care Laws, with an emphasis on prevention of fraud and abuse; (ii) a specific
officer within high-level personnel identified as having overall responsibility for compliance with such standards and procedures; (iii) training and education programs which effectively communicate the compliance standards and procedures to
employees and agents, including, without limitation, fraud and abuse laws and illegal billing practices; (iv) auditing and monitoring systems and reasonable steps for achieving compliance with such standards and procedures, including, without
limitation, publicizing a report system to allow employees and other agents to anonymously report criminal or suspect conduct and potential compliance problems; (v) disciplinary guidelines and consistent enforcement of compliance policies,
including, without limitation, discipline of individuals responsible for the failure to detect violations of the CCP; and (vi) mechanisms to appropriately respond to detected violations of the CCP. The Loan Parties will, and will cause their
applicable Subsidiaries to, modify such CCPs from time to time, as may be necessary to ensure continuing compliance with all applicable Health Care Laws, to the extent that the failure to do so, either individually or in the aggregate, would
reasonably be expected to result in a Material Adverse Effect. Upon request and reasonable prior notice, the Administrative Agent shall be permitted to review any such CCP. 

Section 5.16.         Environmental Matters. 

(a)         The Loan Parties will, and will cause their applicable Subsidiaries and
the Tenants to, (i) comply with all Environmental Laws in respect of the Borrowing Base Assets except to the extent such non-compliance could not reasonably be expected to result in a Material Adverse Effect; and (ii) promptly take all
actions reasonably necessary to prevent the imposition of any Liens (other than Permitted Encumbrances) on any of the Borrowing Base Assets arising out of or related to any Environmental Laws. 

(b)         In respect of any Borrowing Base Asset and to the extent the following
could reasonably be expected to result in a Material Adverse Effect, if any Loan Party shall (i) receive notice that any violation of any Environmental Law may have been committed by such Person, (ii) receive notice that any administrative
or judicial complaint or order has been filed or is about to be filed against any Loan Party alleging violations of 

  
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any Environmental Law or requiring any such Person to take any action in connection with the release of any Hazardous Materials or (iii) receive any notice from a Governmental Authority or
private party alleging that any such Loan Party may be liable or responsible for costs associated with a response to or cleanup of a release of a Hazardous Materials or any damages caused thereby, the Loan Parties shall provide the Administrative
Agent with a copy of such notice within ten (10) days after the receipt thereof by such Loan Party. 
 (c)
        At the request of the Administrative Agent, (x) in the event the Administrative Agent has a reasonable basis to believe that Hazardous Materials in a quantity or condition that violates
Environmental Laws in any material respect are present on any Borrowing Base Assets and that such Hazardous Materials could reasonably be expected to result in a Material Adverse Effect, or (y) to the extent an Event of Default has occurred and
is continuing, the Borrower shall provide to the Administrative Agent within sixty (60) days after such request, at the expense of the Borrower, an environmental site assessment report for any Borrowing Base Asset described in such request
(which, in the case of any circumstance described in clause (x), shall be limited to the affected Borrowing Base Asset), prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent, indicating the presence
or absence of Hazardous Materials and the estimated cost of any compliance or required removal or remedial action in connection with any Hazardous Materials on such Borrowing Base Asset to cause such property to be in compliance with Environmental
Laws; without limiting the generality of the foregoing, if the Administrative Agent reasonably determines at any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent
may retain an environmental consulting firm to prepare such report at the expense of the Loan Parties, and the Loan Parties hereby grant and agree to cause any Subsidiary that owns any property described in such request to grant at the time of such
request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof reasonable access, subject to the rights of Tenants, to enter onto their respective properties to undertake such an assessment. 

Notwithstanding the foregoing, to the extent a Loan Party is unable to comply with the provisions of this
Section 5.16 due to a Tenant’s act or omission with respect to any Borrowing Base Asset such violation shall not constitute a Default or Event of Default so long as the Borrower (A) delivers a new Borrowing Base Certificate
removing the applicable Borrowing Base Asset within thirty (30) days of a Responsible Officer of the Borrower becoming aware of such violation; and (B) make any prepayment required pursuant to Section 2.12 in connection with
such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or prior to such date), the Loan Parties are in compliance with this Section 5.16. 

Section 5.17.         Borrowing Base Additions. The Borrower may,
at any time after the Closing Date, include additional Real Property Assets as Borrowing Base Assets to the extent the following conditions are satisfied: 

(a)         such additional Real Property Asset satisfies the requirements set forth
in the definition of Borrowing Base Asset, including, without limitation, delivery of each of the Borrowing Base Asset Deliverables with respect thereto; and 

  
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 (b)         such additional Real
Property Asset is otherwise acceptable to the Administrative Agent in its reasonable discretion; provided that (i) the Administrative Agent shall use reasonable efforts to approve or disapprove such additional Real Property Asset within
ten (10) Business Days after the date on which (A) the Administrative Agent received a written request from the Borrower requesting the addition of such Real Property Asset; (B) all Borrowing Base Asset Deliverables; and (C) to
the extent available to the REIT Guarantor or its Subsidiaries, all reasonably requested information reasonably deemed necessary by the Administrative Agent to confirm compliance with the requirements for such Real Property Asset to be a Borrowing
Base Asset have been delivered, and a failure to approve or disapprove the additional Real Property Asset in such ten (10) Business Day period shall be deemed to mean that such additional Real Property Asset has been approved and (ii) to
the extent any such additional Real Property Asset is denied approval, the Administrative Agent shall specify the reasons in writing to the Borrower for such denial. 

Section 5.18.         Borrowing Base Assets. 

(a)         The Borrower shall deliver to the Administrative Agent, promptly
following a Responsible Officer of any Loan Party obtaining knowledge of a Borrowing Base Asset ceasing to qualify as such, a pro forma Borrowing Base Certificate (which certificate shall include an update to the information set forth on Schedule
4.18) demonstrating that, upon giving effect to the removal from the calculation of the Borrowing Base Amount of the Property Value and Interest Coverage Amount attributable to such former Borrowing Base Asset, the Borrowers shall be in
compliance with Section 2 hereof. 
 (b)         The Loan Parties shall
not include any Real Property Asset as a Borrowing Base Asset on any schedule, Borrowing Base Certificate or Compliance Certificate delivered in connection with this Credit Agreement unless (i) such Real Property Asset meets the definition of
Borrowing Base Asset or is a Suspended Borrowing Base Asset (as is specifically identified as such) and Loan Parties have otherwise satisfied the requirements set forth in this Agreement and (ii) such Real Property Asset continues to qualify as
a Borrowing Base Asset or is a Suspended Borrowing Base Asset (as is specifically identified as such) as of the date of such inclusion. 

Section 5.19.         Borrowing Base Leases. 

(a)         All Borrowing Base Leases (and all renewals thereof) executed after the
Closing Date (other than extensions or renewals of existing Material Borrowing Base Leases pursuant to options provided therein and the Ensign Master Leases in each case in accordance with the terms of the applicable Borrowing Base Lease) shall
provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Property Material Adverse Effect. Each Loan Party that
has entered into a Borrowing Base Lease: (A) shall not collect any rent under such Lease more than one (1) month in advance (other than security deposits); (B) shall not execute any other assignment of lessor’s interest in such
Lease or the rent thereunder; (C) shall promptly furnish Administrative Agent with a copy of such Borrowing Base Lease (other than leases of Multi-Tenant Buildings) upon execution thereof; (D) shall observe and perform the material
obligations imposed upon the lessor under such Leases in a commercially reasonable manner; and (E) shall enforce the 

  
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obligations of the lessee thereunder to be observed or performed in a commercially reasonable manner that does not result in any Property Material Adverse Effect. 

(b)         The Loan Parties will, and will cause their Subsidiaries to, cause each
Tenant with respect to each Borrowing Base Asset (other than a Multi-Tenant Building or a Subsidiary Operated Facility) to deliver each quarterly or annual financial statement of such Tenant or the parent company of such Tenant required to be
delivered pursuant to the applicable Borrowing Base Lease; provided that the failure of a Tenant to deliver any such financial statement shall not constitute a Default or Event of Default so long as the Borrower (i) delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a Responsible Officer of the Borrower becoming aware of such violation; and (ii) makes any prepayment required pursuant to
Section 2.12 in connection with such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or prior to such date), the Loan Parties are in compliance with this
Section 5.19(c). 
 Section 5.20.         Borrowing Base
Certificates. A Responsible Officer of the REIT Guarantor or the Borrower shall deliver an updated Borrowing Base Certificate upon (a) any amendment to any Borrowing Base Lease (other than Leases with respect to Multi-Tenant Buildings)
to the extent permitted by Section 7.13 hereof and (b) any material casualty or condemnation event, in either case, to the extent that such amendment or casualty event or condemnation event has caused, or could reasonably be
expected to cause such Real Property Asset to cease to qualify as a Borrowing Base Asset. 

Section 5.21.         Eligible Ground Leases. With respect to any
Eligible Ground Lease related to any Borrowing Base Asset, the Loan Parties will, and will cause their Subsidiaries to, for so long as such Eligible Ground Lease is related to a Borrowing Base Asset: 

(a)        (i) pay all rents, additional rents and other sums required to be paid by
the applicable Loan Party, as tenant under and pursuant to the provisions of the Eligible Ground Lease as and when such rent or other sums are due and payable; (ii) promptly and faithfully observe, perform and comply with all the material
terms, covenants and provisions of the Eligible Ground Leases on its part to be observed, performed and complied with, at the times set forth therein and to do all things necessary to preserve unimpaired its material rights thereunder;
(iii) not do, permit, suffer or refrain from doing anything, the result of which could be a material default under any of the terms thereof beyond the giving of any required notice and the expiration of any applicable cure period or a breach of
any of the terms thereof (it being agreed that any default that would permit any party thereto other than the applicable Loan Party to terminate its operating covenant shall be deemed to be material); (iv) not cancel, surrender, or Modify any
of the material terms thereof and not to release any party thereto (other than the applicable Loan Party) from any material obligation imposed upon it thereby; and (v) give the Administrative Agent prompt written notice of any material default
by anyone thereunder of which the applicable Loan Party becomes aware and promptly deliver to the Administrative Agent copies of each notice of material default. 

  
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 (b)         Except as otherwise provided
in this Agreement (including but not limited to clause (d) below), with respect to any Borrowing Base Asset that is the subject of an Eligible Ground Lease, the applicable Loan Party shall not, without the prior consent of the
Administrative Agent, surrender the leasehold estate created by such Eligible Ground Lease or terminate or cancel such Eligible Ground Lease or Modify such Eligible Ground Lease, in any material respect, either orally or in writing. 

(c)         The applicable Loan Party shall exercise each individual option, if any,
to extend or renew the term of the Eligible Ground Lease with respect to a Borrowing Base Asset with a term that expires less than ten (10) years after the then-existing latest Maturity Date, after giving effect to the exercise of the extension
option pursuant to Section 2.5, upon written demand (the “Extension Demand”) by the Administrative Agent made at any time within one (1) year of the last day upon which any such option may be exercised, and if the
applicable Loan Party shall fail to exercise such option at such time, the applicable Loan Party hereby expressly authorizes and appoints the Administrative Agent its attorney-in-fact to exercise any such option in the name of and upon behalf of the
applicable Loan Party, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest; provided that the applicable Loan Party shall not be required to exercise such option, and the Administrative Agent will not
exercise such option, so long as the Borrower (i) delivers a new Borrowing Base Certificate removing the applicable Borrowing Base Asset on or prior to the date that is the later of (x) the date on which such extension option may be
exercised and (y) ten (10) Business Days after delivery by the Administrative Agent of the Extension Demand; and (ii) makes any prepayment required pursuant to Section 2.12 in connection with such removal (determined after
giving effect to the addition of any other Borrowing Base Asset on or prior to such date). The applicable Loan Party shall not subordinate or consent to the subordination of the Eligible Ground Lease to any mortgage, security deed, lease or other
interest on or in the landlord’s interest in all or any part of the Real Property Asset, except as required under the terms of such Eligible Ground Lease, unless, in each such case, the written consent of the Administrative Agent shall have
been first had and obtained, which approval shall not unreasonably be withheld. 

Section 5.22.         Borrowing Base Covenants. The Borrower shall
at all times comply with the following, tested as of date of any Borrowing and as of the close of each Fiscal Quarter: 

(a)         the minimum weighted average remaining lease term of all such Borrowing
Base Assets shall be at least five (5) years; 
 (b)         the Borrower
shall maintain a minimum of twenty (20) Borrowing Base Assets with a minimum aggregate Property Value of not less than $250,000,000; 

(c)         No more than fifteen percent (15%) of the Borrowing Base Amount be
attributable to Borrowing Base Assets subject to Eligible Ground Leases; provided that a breach of this provision shall not constitute an Event of Default under this Agreement but shall result in the amount in excess of fifteen percent
(15%) being excluded when calculating the Borrowing Base Amount; 

  
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 (d)        a minimum 75% of the Property
Value of the Borrowing Base Assets must come from skilled nursing facilities, assisted living facilities and independent living facilities; and 

(e)        the Rent Coverage Ratio shall be at least 1.50 to 1.0. 

Section 5.23.         Post-Closing Matters. The Loan Parties will,
and will cause each Subsidiary to, satisfy the requirements set forth on Schedule 5.23 on or before the date specified for such requirement or such later date as agreed to by the Administrative Agent in its sole discretion. 

ARTICLE VI 
 FINANCIAL
COVENANTS 
 The Loan Parties covenant and agree that until Payment in Full of the Obligations: 

  
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 Section 6.1.        
Consolidated Leverage Ratio. The Loan Parties shall cause the Consolidated Leverage Ratio, as of the last day of each Fiscal Quarter, to be less than sixty percent (60%); provided that, if the Borrower shall have consummated a Material
Acquisition, then the Loan Parties shall cause the Consolidated Leverage Ratio, as of the last day of each Fiscal Quarter for the two consecutive Fiscal Quarter period following such Material Acquisition, to be less than sixty-five percent (65%),
such surge to be limited to three (3) such increases during the term of the Facility. 

Section 6.2.         Consolidated Fixed Charge Coverage Ratio. The
Loan Parties shall cause the Consolidated Fixed Charge Coverage Ratio for the Measurement Period with respect to each Fiscal Quarter to be equal to or greater than 1.75 to 1.00. 

Section 6.3.         Consolidated Tangible Net Worth. The Loan
Parties shall cause the Consolidated Tangible Net Worth as of the last day of each Fiscal Quarter to be equal to or greater than the sum of (i)$166,887,750.00 plus (ii) an amount equal to seventy-five percent (75%) of the net cash proceeds
received by the REIT Guarantor from any issuance or sale of shares of its Capital Stock (other than Convertible Indebtedness and any Permitted Warrant Transactions) during the period following the Closing Date and ending as of the last day of the
Fiscal Quarter for which such calculation is being performed. 

Section 6.4.         Distribution Limitation. The Loan Parties
shall cause the aggregate cash distributions to the REIT Guarantor’s shareholders made by the REIT Guarantor during the Applicable Distribution Period (including, without limitation, any Restricted Payments made to repurchase any common shares
of the REIT Guarantor) to not exceed ninety-five percent (95%) of the aggregate cumulative Adjusted Funds From Operations accrued on and after the Closing Date and through such Applicable Distribution Period (or such greater amount as is
required for the REIT Guarantor to maintain REIT status or to avoid any excise tax and income tax imposed on the REIT Guarantor) (it being understood that, notwithstanding anything to the contrary contained in this Section 6.4, the REIT
Guarantor may (a) distribute to the REIT Guarantor’s shareholders any and all cash proceeds received by the REIT Guarantor or the Borrower in connection with any issuance or sale of shares of Capital Stock of the REIT Guarantor (other than
Convertible Indebtedness) and (b) make unlimited distributions to the REIT Guarantor’s shareholders payable solely in the form of common stock of the REIT Guarantor); provided that no such cash distribution will be permitted so long as any
Event of Default under Section 8.1(a) or (b) or, with respect to the REIT Guarantor or the Borrower, Section 8.1(g), (h) or (i) has occurred and is continuing. 

Section 6.5.         Secured Debt.The Loan Parties shall cause the
aggregate principal amount of all Secured Debt as of the last day of each Fiscal Quarter to be less than or equal to thirty percent (30.0%) of the Consolidated Total Asset Value. 

Section 6.6.         Recourse Debt. The Loan Parties shall cause
the aggregate principal amount of all Recourse Debt (other than Indebtedness pursuant to the Loan Documents) as of the last day of each Fiscal Quarter to be less than or equal to ten percent (10.0%) of the Consolidated Total Asset Value. 

  
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 ARTICLE VII 

NEGATIVE COVENANTS 

The Loan Parties covenant and agree that until Payment in Full of the Obligations: 

Section 7.1.         Indebtedness and Preferred Equity. The Loan
Parties will not, and will not permit any of their Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except: 

(a)         Indebtedness created pursuant to the Loan Documents; 

(b)         Indebtedness of the Loan Parties and their Subsidiaries existing on the
date hereof and set forth on Schedule 7.1 and Permitted Refinancing Indebtedness with respect thereto; 
 (c)
        Indebtedness of the Borrower or any of its Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations (it being
understood that the completion of the construction or development of additional beds at existing facilities or new facilities shall constitute the acquisition of property), and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any such assets (provided that such Indebtedness is incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvements), and extensions, renewals,
refinancings or replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal, refinancing or replacement other than in an amount not to exceed
unpaid interest and fees and expenses incurred in connection therewith) or shorten the maturity or the weighted average life thereof; provided that the aggregate principal amount of such Indebtedness does not exceed $20,000,000 at any one
time outstanding; 
 (d)         Indebtedness among the Loan Parties and their
Subsidiaries; provided that any such Indebtedness that is owed to a Loan Party by a Subsidiary that is not a Loan Party must be permitted pursuant to Section 7.4 (other than Section 7.4(d)); 

(e)         Guarantees by the REIT Guarantor or any of its Subsidiaries of
Indebtedness otherwise permitted to be incurred by the REIT Guarantor or any of its Subsidiaries under this Section 7.1; provided that any such Guarantee by a Loan Party for the benefit of a Subsidiary that is not a Loan Party
shall be subject to Section 7.4 (other than Section 7.4(d)); 
 (f)
        [reserved]; 
 (g)         Hedging
Obligations permitted by Section 7.10; 
 (h)         Secured Debt,
whether incurred or assumed in connection with any Acquisition or otherwise; provided that after immediately giving effect thereto and to any Acquisition consummated after the end of the most recent Fiscal Quarter for which financial
statements have been delivered pursuant to Section 5.1(a) or (b) and on or prior to 

  
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such date, the Loan Parties are in compliance with the Financial Covenants on a pro forma basis (and Permitted Refinancing Indebtedness with respect thereto); 

(i)         other unsecured Indebtedness; provided that, immediately after
giving effect thereto and to any Acquisition consummated after the end of the most recent Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.1(a) or (b) and on or prior to such date, the
Loan Parties are in compliance with the Financial Covenants on a pro forma basis (and Permitted Refinancing Indebtedness with respect thereto); 

(j)         Indebtedness in respect of workers’ compensation claims,
self-insurance obligations, performance bonds, surety appeal or similar bonds, completion guarantees and letters of credit arising in the ordinary course of its business; 

(k)         cash management obligations and other Indebtedness in respect of netting
services, automatic clearing house arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts incurred in the ordinary course; 

(l)         Indebtedness arising in connection with endorsement of instruments for
deposit in the ordinary course of business; 
 (m)         Indebtedness consisting
of the financing of insurance premiums in the ordinary course of business; and 
 (n)
        other Indebtedness not to exceed $1,000,000 in the aggregate at any time outstanding. 

The Loan Parties will not, and will not permit any Subsidiary to, issue any preferred stock or other preferred equity interest
that (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise (except to the extent such maturity or redemption may be satisfied, at the option of the REIT Guarantor or such Subsidiary, as the case may be,
with the issuance of or exchange for Capital Stock or the REIT Guarantor or any of its Subsidiaries), (ii) is or may become redeemable or repurchaseable by such Loan Party or such Subsidiary at the option of the holder thereof, in whole or in
part (excluding any such option which the REIT Guarantor or any of its Subsidiaries may be satisfied, at the option of the REIT Guarantor or such Subsidiary, as the case may be, with the issuance of or exchange for Capital Stock of the REIT
Guarantor), or (iii) is convertible or exchangeable at the option of the holder thereof for Indebtedness or preferred stock or any other preferred equity interest described in this paragraph (other than any preferred stock or any other
preferred equity interest which the REIT Guarantor or any of its Subsidiaries will satisfy with the issuance of or exchange for Capital Stock of the REIT Guarantor or the Borrower), on or prior to, in the case of clause (i),
(ii) or (iii), the date that is one hundred eighty (180) days after the later of the then latest Revolving Commitment Termination Date and the then latest Maturity Date, after giving effect to the exercise of the extension
option pursuant to Section 2.5, in effect at the time such preferred stock or other preferred equity interest is issued, unless immediately after giving effect thereto and to any Acquisition consummated after the end of the most recent
Fiscal Quarter for which financial statements 

  
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have been delivered pursuant to Section 5.1(a) or (b) and on or prior to such date, the Loan Parties are in compliance with the Financial Covenants on a pro forma basis.

 Section 7.2.         Liens. The Loan Parties will not, and
will not permit any of their Subsidiaries to, create, incur, assume or suffer to exist any Lien on any of its assets or property now owned or hereafter acquired, except: 

(a)         [Reserved]; 

(b)         Permitted Encumbrances; 

(c)         customary rights of set-off, revocation, refund or chargeback under
deposit agreements or under the Uniform Commercial Code or common law of banks or other financial institutions where the Borrower or any of its Subsidiaries maintains deposits (other than deposits intended as cash collateral) in the ordinary course
of business; 
 (d)         judgment and attachment liens (and surety bonds related
thereto) not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding that are currently being contested in good faith by appropriate proceedings with respect to which adequate reserves are being
maintained in accordance with GAAP; 
 (e)         Liens on any property or asset
of the Loans Parties or any of their Subsidiaries existing on the date hereof and set forth on Schedule 7.2; 
 (f)
        purchase money Liens upon or in any fixed or capital assets to secure the purchase price or the cost of construction or improvement of such fixed or capital assets or to secure Indebtedness incurred
solely for the purpose of financing the acquisition, construction or improvement of such fixed or capital assets (including Liens securing any Capital Lease Obligations); provided that (i) any such Lien secures Indebtedness permitted by
Section 7.1(c), (ii) any such Lien attaches to such asset concurrently or within ninety (90) days after the acquisition or the completion of the construction or improvements thereof (or, in the case of an extension,
refinancing, replacement or renewal, at the time of such extension, refinancing, replacement or renewal), (iii) any such Lien does not extend to any other asset other than accessions to such asset and reasonable extensions of such asset,
including cash revenues generated by, or derived from, such asset and other than proceeds of such Indebtedness pending disbursement, and (iv) the Indebtedness secured thereby does not exceed the cost (including interest costs) of acquiring,
constructing or improving such fixed or capital assets; 
 (g)         Liens on any
property or asset of the Loans Parties or any of their Subsidiaries (other than Borrowing Base Assets, the equity interests held directly or indirectly by the REIT Guarantor in any Loan Party or the equity interests held directly or indirectly by
the Borrower in any Subsidiary Loan Party) securing Indebtedness permitted pursuant to Section 7.1(c), (d) or (h) and, with respect to any such Indebtedness, Hedging Obligations entered into in connection with
such Indebtedness and secured by the same collateral as such Indebtedness; 

  
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 (h)         Liens arising by virtue of
deposits made in the ordinary course of business to secure liability for premiums to insurance carriers; and 
 (i)
        deposits to secure the performance of bids, trade contracts, leases and licenses, statutory obligations, surety bonds (other than bonds related to judgments or litigations), performance bonds and other
obligations of a like nature incurred in the ordinary course of business; 
 (j)
        Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods not prohibited by this Agreement and entered into by the REIT Guarantor or any of its
Subsidiaries in the ordinary course of business; 
 (k)         Liens on cash and
Permitted Investments deposited to discharge, redeem or defease Indebtedness that was permitted to so be repaid; 

(l)        (i) Liens solely on any cash earnest money deposits made by the REIT
Guarantor or any of its Subsidiaries and (ii) restrictions on transfers of assets that are subject to sale or transfer pursuant to purchase and sale arrangements, in each case under this clause (l) in connection with any letter of
intent or purchase agreement in respect of an Acquisition, Investment or Disposition permitted by this Agreement; 
 (m)
        licenses and sub-licenses of Intellectual Property in the ordinary course of business; 

(n)         Liens on or in any fixed or capital assets to secure the purchase price
or the cost of construction or improvement of such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of such fixed or capital assets (including Liens securing
any Capital Lease Obligations); provided that (i) any such Lien secures Indebtedness permitted by Section 7.1(c), (ii) any such Lien attaches to such asset concurrently or within ninety (90) days after the
acquisition or the completion of the construction or improvements thereof (or, in the case of an extension, refinancing, replacement or renewal, at the time of such extension, refinancing, replacement or renewal), (iii) any such Lien does not
extend to any other asset other than accessions to such asset and reasonable extensions of such asset, including cash reserves generated by, or derived from, such asset and other than cash used to fund such Indebtedness pending disbursement, and
(iv) the Indebtedness secured thereby does not exceed the cost (including interest costs) of acquiring, constructing or improving such fixed or capital assets; 

(o)         in the case of any non-Wholly Owned Subsidiary, any put and call
arrangements or restrictions on Disposition related to its Capital Stock set forth in its organizational documents or any related joint venture or similar agreement. Liens on insurance policies and proceeds and premiums thereof or related thereto,
securing Indebtedness permitted under Section 7.1(o); 
 (p)
        extensions, renewals, or replacements of any Lien referred to in subsections (e), (f) and (g) of this Section; provided that the principal amount of the Indebtedness
secured thereby is not increased (other than in an amount not to exceed 

  
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unpaid interest, fees and premiums, and expenses incurred in connection therewith) and that any such extension, renewal or replacement is limited to the assets originally encumbered thereby; and

 (q)        other Liens securing obligations not to exceed $1,000,000 in the
aggregate at any time outstanding. 
 Section 7.3.         Fundamental
Changes . The Loan Parties will not, and will not permit any of their Subsidiaries to, merge into or consolidate into any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise
dispose of (in a single transaction or a series of transactions) all or substantially all of the assets of the REIT Guarantor and its Subsidiaries, taken as a whole (in each case, whether now owned or hereafter acquired) (in each case, whether now
owned or hereafter acquired) or liquidate or dissolve; provided that if, at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, (a) the REIT Guarantor may
merge or consolidate with any Subsidiary (other than the Borrower) if the REIT Guarantor is the surviving Person; (b) the Borrower may merge or consolidate with any Subsidiary if the Borrower is the surviving Person; (c) any Subsidiary may
merge or consolidate with any other Subsidiary, provided that if any Subsidiary party to such merger or consolidation is a Loan Party, then either a Loan Party is the surviving Person or the surviving Person immediately becomes a Loan Party;
(d) any Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets to the Borrower or to another Subsidiary; provided that if the transferor Subsidiary is a Loan Party, then the transferee must be
the Borrower or a Loan Party; (e) any Subsidiary (other than a Loan Party) may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders; (f) any Subsidiary may merge or consolidate in connection with the consummation of any Acquisition or other Investment permitted by Section 7.4 or a Disposition permitted by Section 7.6;
provided that if such Subsidiary is a Loan Party, then, unless such merger or consolidation is in connection with a permitted Disposition, either a Loan Party is the surviving Person or the surviving Person immediately becomes a Loan Party
and (g) the REIT Guarantor, Borrower or any Subsidiary may make any Investment or Disposition otherwise permitted under Section 7.4 or 7.6, as applicable. 

Section 7.4.         Investments, Loans. The Loan Parties will not,
and will not permit any of their Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Capital Stock, evidence of Indebtedness or other
securities (including any option, warrant, or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any
other Person (all of the foregoing being collectively called “Investments”), or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person that constitute a business unit, except:

 (a)         cash and Permitted Investments; 

  
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 (b)        Investments (other than
Permitted Investments) existing on the date hereof and set forth on Schedule 7.4 (including Investments in Subsidiaries existing on the Closing Date); 

(c)        Investments by (i) the REIT Guarantor or any Subsidiary in any Loan
Party; or (ii) any Subsidiary that is not a Loan Party in any other Consolidated Party; 

(d)        Guarantees by the REIT Guarantor and its Subsidiaries constituting
Indebtedness permitted by Section 7.1; 
 (e)        Acquisitions of
personal property in the ordinary course of business to the extent required to continue to operate the Loan Parties’ businesses permitted pursuant to Section 7.13; 

(f)        Investments in Real Property Assets or in the Capital Stock of any Person
that owns or leases Real Property Assets that are Healthcare Facilities, provided that: 

(i)        any such Investments in Real Property Assets under this
clause (f) consisting of unimproved land shall not exceed five percent (5.0%) of Consolidated Total Asset Value; 

(ii)        any Investments under this clause (f) consisting of
preferred equity, mortgage loans (other than leases structured as mortgages due to reimbursement requirements), mezzanine loans and notes receivable shall not exceed twenty percent (20.0%) of Consolidated Total Asset Value; 

(iii)        any Investments under this clause (f) in
Unconsolidated Affiliates shall not exceed fifteen percent (15.0%) of Consolidated Total Asset Value; and 

(iv)        any Investments under this clause (f) consisting of
Construction in Progress shall not exceed fifteen percent (15.0%) of Consolidated Total Asset Value; 
 provided
further that the aggregate value of Investments described in subsection (f)(i) through (iv) shall not exceed twenty-five percent (25.0%) of Consolidated Total Asset Value, with a violation of this maximum value not constituting an
Event of Default hereunder but rather resulting in such excess value being excluded when calculating Consolidated Total Asset Value under this Agreement; 

(g)        (i) payroll, travel and similar advances to cover matters that are
expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP and (ii) moving, entertainment and travel expenses, drawing accounts and similar expenditures made to officers, directors and employees in the
ordinary course of business not to exceed $2,000,000 in the aggregate at any time outstanding; 

(h)        Investments received in satisfaction of judgments or in settlements of
debt or compromises of obligations incurred in the ordinary course of business; 

  
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 (i)         any Investment consisting of
prepaid expenses, negotiable instruments held for collection and lease, endorsements for deposit or collection in the ordinary course of business, utility or workers compensation, performance and similar deposits entered into as a result of the
operations of the business in the ordinary course of business; 
 (j)
        pledges or deposits by a Person under workers compensation laws, unemployment insurance laws or similar legislation, or deposits in connection with bids, tenders, contracts (other than for the payment
of Indebtedness) or leases to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business; 

(k)         [Reserved]; 

(l)         Licenses and sublicenses of Intellectual Property in the ordinary course
of business; 
 (m)         Hedging Obligations permitted under
Section 7.10; and 
 (n)         other Investments not to exceed
$1,000,000 in the aggregate at any time outstanding. 
 The amount of any Investment shall be deemed to be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such Investment but determined net of all payments received with respect to such Investment whether constituting sale proceeds thereof, dividends, distributions, interest,
return of capital or otherwise, and the amount of any Investment constituting a Guarantee shall be reflective of the principal amount subject to such Guarantee from time to time. 

Section 7.5.         Restricted Payments. The Loan Parties will
not, and will not permit any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except: 

(i)        Restricted Payments payable by any Loan Party or any
Subsidiary solely in interests of any class of its common equity and Restricted Payments payable by the Borrower solely in interests of any class of its common equity and/or any class of common equity of the REIT Guarantor; 

(ii)        Restricted Payments made by any Subsidiary to the REIT
Guarantor or to another Subsidiary; provided that, on at least a pro rata basis with any other shareholders if such Subsidiary is not Wholly Owned by the REIT Guarantor and other Wholly Owned Subsidiaries of the REIT Guarantor, such
Restricted Payments shall be made on a pro rata basis to all holders of Capital Stock of such Subsidiary, according to the respective Capital Stock held by such holder, and any elections by such holder (other than any Subsidiary) to receive less
than pro rata Restricted Payments; 
 (iii)        So long
as no Default or Event of Default shall have occurred and be continuing, any regularly scheduled payment of interest with respect to any 

  
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Indebtedness subordinated in right of payment to the Obligations and payments of principal, interest, fees and premiums thereon funded with the proceeds of Permitted Refinancing Indebtedness
permitted pursuant to Section 7.1; 
 (iv)        
[Reserved]; 
 (v)         Restricted Payments made pursuant to an
exchange of or conversion into Capital Stock of the REIT Guarantor; 
 (vi)
        the making of cash payments in connection with any conversion or purchase of Convertible Indebtedness in an aggregate amount since the Closing Date not to exceed the sum of (a) the principal
amount of such Convertible Indebtedness and any accrued and unpaid interest thereon plus (b) any payments received by the REIT Guarantor pursuant to the exercise, settlement, unwinding or termination of any related Permitted Bond Hedge
Transaction; 
 (vii)         (a) any payments in connection
with a Permitted Bond Hedge Transaction and (b) the exercise, settlement, unwinding or termination of any related Permitted Warrant Transaction by (I) delivery of shares of common stock of the REIT Guarantor upon settlement thereof, (II)
by (A) set-off against the related Permitted Bond Hedge Transaction or payment of an early termination amount thereof in common stock upon any early termination thereof or (III) by a cash payment not to exceed the amount received upon any
exercise, settlement, unwinding or termination of a related Permitted Bond Hedge Transaction; 
 (viii)
        the REIT Guarantor and its Subsidiaries may make Restricted Payments to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or, warrants or rights or
upon the conversion or exchange of or into Capital stock; and 

(ix)        Restricted Payments by the REIT Guarantor permitted or
required pursuant to Section 6.4. 
 Section 7.6.        
Sale of Assets. The Loan Parties will not, and will not permit any of their Subsidiaries to make any Disposition, except: 

(a)         Disposition of (i) obsolete or worn out property or other property
not necessary or useful for operations disposed of in the ordinary course of business; and (ii) inventory, fixtures, furniture and equipment, in each case disposed of in the ordinary course of business; 

(b)         Disposition of cash and Permitted Investments in the ordinary course of
business; 
 (c)         Dispositions of equipment or other property to the extent
that (i) such equipment or other property is exchanged for credit against the purchase price of similar replacement equipment or other property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price
of such replacement equipment or other 

  
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property; provided, that if the Property disposed of is a Borrowing Base Asset it is removed from the calculation of the Borrowing Base Amount; 

(d)         Dispositions of property by any Subsidiary to a Loan Party or to a Wholly
Owned Subsidiary; provided, that (i) if the transferor of such property is a Secured Loan Party, the transferee thereof must be a Secured Loan Party; and (ii) if the transferor of such property is a Loan Party (other than a Secured
Loan Party), the transferee thereof must be a Loan Party; 
 (e)
        Dispositions consisting of Investments permitted by Section 7.4 or Restricted Payments permitted pursuant to Section 7.5; 

(f)         real estate leases entered into in the ordinary course of business; 

(g)         voluntary termination of (i) assets or contracts (other than
Borrowing Base Leases, unless, after giving effect to such termination, no Default or Event of Default shall exist) in the ordinary course of business and (ii) Hedging Obligations; 

(h)         other Dispositions by the Consolidated Parties so long as the fair market
value of all such Dispositions pursuant to this clause (h) does not exceed $1,000,000 in the aggregate in any single Fiscal Year; and 

(i)         Dispositions by the Consolidated Parties not otherwise permitted under
this Section 7.6; provided, that (i) at the time of such Disposition, no Default or Event of Default exists and is continuing (that would not be cured by such Disposition) or would result from such Disposition and after
giving effect thereto, the Loan Parties are in compliance with the Financial Covenants as of the date of such Disposition. 

Section 7.7.         Transactions with Affiliates. The Loan Parties
will not, and will not permit any of their Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of
its Affiliates, except: 
 (a)         in the ordinary course of business at prices
and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties; 

(b)         transactions between or among the REIT Guarantor and its Subsidiaries in
the ordinary course of business; 
 (c)         the payment of customary fees and
reasonable out of pocket costs to Approved Managers; 
 (d)         employment and
severance arrangements between the REIT Guarantor or any of its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements;

  
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 (e)        the payment of customary fees
and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the REIT Guarantor and its Subsidiaries in the ordinary course of business to the extent attributable to the
ownership, management or operation of the REIT Guarantor and its Subsidiaries; and 

(f)        any Restricted Payment permitted by Section 7.5. 

  
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Section 7.8.        Restrictive Agreements. The Loan Parties will
not, and will not permit any of their Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement (including any lease of Real Estate) that prohibits, restricts or imposes any condition upon (a) the ability of
the Loan Parties or any of their Subsidiaries to create, incur or permit any Lien as security for the Obligations upon any of its assets or properties, whether now owned or hereafter acquired, or (b) the ability of any of the REIT
Guarantor’s Subsidiaries to pay dividends or other distributions with respect to its Capital Stock, to make or repay loans or advances to the REIT Guarantor or any other Subsidiary thereof, to Guarantee Indebtedness of the REIT Guarantor or any
other Subsidiary thereof or to transfer any of its property or assets to the REIT Guarantor or any other Subsidiary thereof; provided that (i) the foregoing shall not apply to restrictions or conditions imposed by law or by this
Agreement or any other Loan Document; (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions
apply only to the Subsidiary that is sold and such sale is permitted hereunder; (iii) the foregoing shall not apply to restrictions contained in the leases of Real Estate listed on Schedule 7.8 as in effect as of the Closing Date;
(iv) the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such
Indebtedness or the Persons liable for such Indebtedness (or Capital Stock of such Persons); (v) clause (a), and to the extent that it relates to a dividend or distribution of the lease or any interest therein, clause (b) shall
not apply to customary provisions in leases restricting the assignment thereof; (vi) the foregoing shall not apply to restrictions contained in Indebtedness permitted pursuant to Section 7.1(e) or (j) to the extent
relating to assets or Persons acquired after the Closing Date if such restrictions and conditions apply only to the property or assets securing such Indebtedness; (vii) the foregoing shall not apply to restrictions contained in leases of Real
Estate binding upon the tenants thereunder (or guarantors thereof); (viii) the foregoing shall not apply to restrictions contained in any other Indebtedness permitted pursuant to Sections 7.1(d) or (k), to the extent the
restrictions thereunder are no more restrictive, in any material respect, taken as a whole, than such restrictions contained herein, taken as a whole; (ix) the foregoing shall not apply to restrictions contained in any other Indebtedness
permitted pursuant to Sections 7.1(c), to the extent the restrictions thereunder are no more restrictive, in any material respect, taken as a whole, than such restrictions contained in such Indebtedness on the Closing Date, taken as a whole;
(x) the foregoing shall not apply to customary restrictions in joint venture arrangements and management contracts; and (xi) the foregoing shall not apply to customary non- assignment provisions in contracts or other customary restrictions
arising under licenses and other contracts entered into in the ordinary course of business; provided that such restrictions are limited to assets subject to such licenses and contracts. 

Section 7.9.        Sale and Leaseback Transactions. The Loan
Parties will not, and will not permit any of their Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or
hereinafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (each, a “Sale/Leaseback Transaction”).

  
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 Section 7.10.        Hedging
Transactions. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into any Hedging Transaction, other than (i) Hedging Transactions entered into in the ordinary course of business to hedge or mitigate
risks to which the Loan Parties or any of their Subsidiaries is exposed in the conduct of its business or the management of its liabilities, including, without limitation, any Hedging Transaction entered into in order to hedge against fluctuations
in interest rates or currency values that arise in connection with any Borrowing or any Indebtedness permitted pursuant to Section 7.1, (ii) Permitted Bond Hedge Transactions and (iii) Permitted Warrant Transactions. Solely for
the avoidance of doubt, the Loan Parties acknowledge that a Hedging Transaction entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedging Transaction (other than a Permitted Bond Hedge Transaction
or a Permitted Warrant Transaction) under which any Loan Party or any of their Subsidiaries is or may become obliged to make any payment (a) in connection with the purchase by any third party of any Capital Stock or any Indebtedness or
(b) as a result of changes in the market value of any Capital Stock or any Indebtedness) is not a Hedging Transaction entered into in the ordinary course of business to hedge or mitigate risks. 

Section 7.11.        Amendment to Organizational Documents. The
Loan Parties will not, and will not permit any of their Subsidiaries to, amend, modify or waive any of its rights under its certificate of incorporation, bylaws or other organizational documents in any manner that would have an adverse effect on the
Lenders, the Administrative Agent, the Loan Parties or any of their Subsidiaries. 

Section 7.12.        RESERVED. 

Section 7.13.        Business. The Loan Parties will not, and will
not permit any of their Subsidiaries to, engage in any business other than businesses of the type conducted by the Loan Party and their Subsidiaries on the date hereof and businesses similar, reasonably related, incidental, ancillary or
complementary thereto. For the avoidance of doubt, “back office services”, including, without limitation, the provision of payroll services, shall be deemed complementary to the business of the Loan Parties. 

Section 7.14.        Accounting Changes. The Loan Parties will not,
and will not permit any of their Subsidiaries to change the fiscal year of any Loan Party or of any of their Subsidiaries, except to change the fiscal year of a Subsidiary to conform its fiscal year to that of the REIT Guarantor. 

Section 7.15.        Government Regulation. The Loan Parties will
not, and will not permit any of their Subsidiaries to, be or become subject at any time to any law, regulation or list of any Governmental Authority of the United States (including, without limitation, the OFAC list) that prohibits or limits the
Lenders or the Administrative Agent from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Loan Parties. 

  
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 Section 7.16.        Limited
Activities of GP LLC. GP LLC shall not engage in any business activities other than maintaining its existence, owning and maintaining the general partnership interests in the Borrower and activities related or incidental thereto and
performing its obligations under the Loan Documents, the Senior Notes (and the agreements related thereto) and the other agreements contemplated hereby (including any documentation with respect to Indebtedness of GP LLC permitted hereunder) and
activities related or incidental thereto. 
 ARTICLE VIII 

EVENTS OF DEFAULT 

Section 8.1.        Events of Default. If any of the following
events (each, an “Event of Default”) shall have occurred and be continuing: 

(a)         any Loan Party shall fail to pay any principal of any Loan or of any
reimbursement obligation in respect of any LC Disbursement, when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or otherwise; 

(b)         any Loan Party shall fail to pay any interest on any Loan or any fee or
any other amount (other than an amount payable under subsection (a) of this Section or an amount related to a Bank Product Obligation) payable under this Agreement or any other Loan Document, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of five (5) days; 

(c)         any representation or warranty made by the Loan Parties in or in
connection with this Agreement or any other Loan Document (including the Schedules attached hereto and thereto), or in any amendments or modifications hereof or waivers hereunder, or in any certificate, report, financial statement or other document
submitted to the Administrative Agent or the Lenders by any Loan Party or any representative of any Loan Party pursuant to or in connection with this Agreement or any other Loan Document shall prove to be incorrect in any material respect (other
than any representation or warranty that is expressly qualified by a Material Adverse Effect or other materiality, in which case such representation or warranty shall prove to be incorrect in any respect) when made or submitted; 

(d)        any Loan Party shall fail to observe or perform any covenant or agreement
contained in Section 5.3 (with respect to the legal existence of the REIT Guarantor or the Borrower), Section 5.10, Section 5.13, Section 5.19, Section 5.22, Section 5.23 or
Article VI or VII; 
 (e)        (i) any Loan Party shall fail to
observe or perform any covenant or agreement contained in Section 5.1 or 5.2, and such failure shall remain unremedied for fifteen days after the earlier of (x) any Responsible Officer of any Loan Party becoming aware of such
failure, or (y) notice thereof having been given to the Borrower by the Administrative Agent or any Lender, or (ii) any Loan Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those
referred to in subsections (a), (b), (d) and (e)(i) of this Section) or any other Loan Document or related to 

  
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any Bank Product Obligation, and such failure shall remain unremedied for thirty (30) days after the earlier of (x) any Responsible Officer of any Loan Party becoming aware of such
failure, or (y) notice thereof having been given to the Borrower by the Administrative Agent or any Lender; 

(f)        any Loan Party or any of their Subsidiaries (whether as primary obligor or
as guarantor or other surety) shall fail to pay any principal of, or premium or interest on, any Material Indebtedness that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, and without waiver, specified in the agreement or instrument evidencing or governing such Indebtedness; or any other event shall occur or
condition shall exist under any agreement or instrument relating to any Material Indebtedness and shall continue after the applicable grace period, if any, and without waiver, specified in such agreement or instrument, if the effect of such event or
condition is to accelerate, the maturity of such Indebtedness; or any Material Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption),
purchased or defeased, or any offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof (in each case, excluding (i) any prepayment or redemption requirements
in connection with a Disposition permitted under this Agreement of assets that secure Material Indebtedness to the extent such Material Indebtedness is repaid in connection with such sale and (ii) any offer to prepay or redeem Indebtedness of
any Person or securing any assets acquired in an Acquisition permitted pursuant to this Agreement); provided that any event or condition (x) causing or permitting the holders of any convertible Indebtedness to cause such Indebtedness to
be converted into common stock of the REIT Guarantor (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) or (y) requiring an offer to prepay or redeem convertible
Indebtedness, or requiring convertible Indebtedness to be redeemed or prepaid, in each case, shall not constitute an Event of Default pursuant to this clause (f); provided, further, that if any default or other event described
in this clause (f) shall be cured or waived by the holder of such Material Indebtedness, then the Default or Event of Default that occurred under this clause (f) by reason of such default or other event under such Material
Indebtedness shall be deemed likewise to have been cured or waived hereunder. 

(g)        the REIT Guarantor, the Borrower or any of their Material Subsidiaries
shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (i) of this subsection, (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for any the REIT Guarantor, the Borrower or any
such Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general

  
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assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing; 

(h)        an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of the REIT Guarantor, the Borrower or any of their Material Subsidiaries or its debts, or any substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for the REIT Guarantor, the Borrower or any of their Material Subsidiaries or
for a substantial part of its assets, and in any such case, such proceeding or petition shall remain undismissed for a period of sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i)        the REIT Guarantor, the Borrower or any of their Material Subsidiaries
shall become unable to pay, shall admit in writing its inability to pay, or shall fail to pay, its debts as they become due; 

(j)        any event of default by any Loan Party under any Material Borrowing Base
Lease shall occur and such event of default shall continue beyond the applicable grace period, if any, specified in such Material Borrowing Base Lease; 

(k)        any payment event of default by any Eligible Tenant shall occur under any
Ensign Master Lease and such payment event of default shall continue after the applicable grace period, if any, and without waiver, specified in such Ensign Master Lease; 

(l)        (i) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with other ERISA Events that have occurred, could reasonably be expected to result in liability to the Loan Parties and their Subsidiaries in an aggregate amount exceeding $15,000,000, (ii) there is or
arises an Unfunded Pension Liability (not taking into account Plans with negative Unfunded Pension Liability) in an aggregate amount exceeding $15,000,000 that could reasonably be expected to result in liability to a Loan Party, or (iii) there
is or arises any potential Withdrawal Liability in an aggregate amount exceeding $15,000,000 that could reasonably be expected to result in liability to a Loan Party; 

(m)         any final, non-appealable judgment or order for the payment of money in
excess of $15,000,000 in the aggregate, to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has not contested or denied coverage, shall be rendered by a court of competent jurisdiction against
any Loan Party or any of their Subsidiaries, and there shall be a period of sixty (60) consecutive days during which (i) a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect or
(ii) such judgment or order shall remain undischarged, unvacated or unbonded; 

(n)        any final, non-appealable, non-monetary judgment or order shall be
rendered by a court of competent jurisdiction against any Loan Party or any of their Subsidiaries that could reasonably be expected, either individually or in the aggregate for all such events, to have a Material Adverse Effect, and there shall be a
period of sixty (60)

  
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consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 

(o)         a Change in Control shall occur or exist; or 

(p)        (i) there shall occur any revocation, suspension, termination, recission,
exclusion, non-renewal or forfeiture or any similar final administrative action with respect to one or more Health Care Permits held by any Loan Party, any of its Subsidiaries, if any, or any Tenant under an Ensign Master Lease or any Eligible
Tenant that could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, or (ii)(x) any Loan Party, any of its Subsidiaries or any Tenant under an Ensign Master Lease or any Eligible Tenant shall be named
in any action, fully or partially unsealed, in which the United States has affirmatively intervened, alleging violation of the federal False Claims Act or any other applicable law and (y) any Loan Party or any Tenant under an Ensign Master
Lease or any Eligible Tenant shall have offered, agreed or paid to, or received a final judgment requiring payment to, any Governmental Authority for payment of any fine, penalty or overpayment, in each case, which could reasonably be expected to
have a Material Adverse Effect; 
 then, and in every such event (other than an event with respect to the REIT Guarantor or the Borrower
described in subsection (g), (h) or (i) of this Section) and at any time thereafter during the continuance of such event, the Administrative Agent may, and upon the written request of the Required Lenders shall, by
notice to the Borrower, take any or all of the following actions, at the same or different times: terminate the Commitments, whereupon the Commitment of each Lender shall terminate immediately, declare the principal of and any accrued interest on
the Loans, and all other Obligations owing hereunder, to be, whereupon the same shall become, due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower,
(iii) exercise all remedies contained in any other Loan Document and (iv) exercise any other remedies available at law or in equity; provided that, if an Event of Default specified in either subsection (g), (h) or
(i) with respect to the REIT Guarantor or the Borrower shall occur, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon, and all fees and all other
Obligations shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties. 

Section 8.2.        Application of Proceeds. All amounts received
by the Administrative Agent or any Lender after an Event of Default arises shall be applied as follows: 

(a)        first, to the fees and other reimbursable expenses of the
Administrative Agent, the Swingline Lender and the Issuing Bank then due and payable pursuant to any of the Loan Documents, until the same shall have been paid in full; 

(b)        second, to all reimbursable expenses, if any, of the Lenders then
due and payable pursuant to any of the Loan Documents, until the same shall have been paid in full; 

  
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 (c)        third, to the fees and
interest then due and payable under the terms of this Agreement, until the same shall have been paid in full; 

(d)        fourth, to the aggregate outstanding principal amount of the Loans,
the LC Exposure, the Bank Product Obligations and the Net Mark-to-Market Exposure of the Hedging Obligations that constitute Obligations, until the same shall have been paid in full, allocated pro rata among the Secured Parties based on their
respective pro rata shares of the aggregate amount of such Loans, LC Exposure, Bank Product Obligations and Net Mark-to-Market Exposure of such Hedging Obligations; 

(e)        fifth, to additional cash collateral for the aggregate amount of
all outstanding Letters of Credit until the aggregate amount of all cash collateral held by the Administrative Agent pursuant to this Agreement is at least 103% of the LC Exposure after giving effect to the foregoing clause fifth; and 

(f)        sixth, to the extent any amounts remain, to the Borrower or as
otherwise provided by a court of competent jurisdiction. 
 All amounts allocated pursuant to the foregoing clauses
second through fourth to the Lenders as a result of amounts owed to the Lenders under the Loan Documents shall be allocated among, and distributed to, the Lenders pro rata based on their respective Pro Rata Shares;
provided that all amounts allocated to that portion of the LC Exposure comprised of the aggregate undrawn amount of all outstanding Letters of Credit pursuant to clauses fourth and fifth shall be distributed to the
Administrative Agent, rather than to the Lenders, and held by the Administrative Agent in an account in the name of the Administrative Agent for the benefit of the Issuing Bank and the Lenders as cash collateral for the LC Exposure, such account to
be administered in accordance with Section 2.22(g). All cash collateral for LC Exposure shall be applied to satisfy drawings under the Letters of Credit as they occur; if any amount remains on deposit on cash collateral after all letters
of credit have either been fully drawn or expired, such remaining amount shall be applied to other Obligations, if any, in the order set forth above. 

Notwithstanding the foregoing, Bank Product Obligations and Hedging Obligations shall be excluded from the application
described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the Bank Product Provider or the Lender-Related Hedge Provider, as the
case may be. Each Bank Product Provider or Lender-Related Hedge Provider that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent
pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto. 
 ARTICLE IX

 THE ADMINISTRATIVE AGENT 

  
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 Section 9.1. Appointment of the Administrative Agent. 

(a)        Each Lender irrevocably appoints KeyBank as the Administrative Agent and
authorizes it to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together with all such actions and powers that are reasonably incidental
thereto. The Administrative Agent may perform any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents or attorneys-in-fact appointed by the Administrative Agent. The Administrative Agent and any such
sub- agent or attorney-in-fact may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth in this Article shall apply to any such sub-agent,
attorney-in-fact or Related Party and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 

(b)        The Issuing Bank shall act on behalf of the Lenders with respect to any
Letters of Credit issued by it and the documents associated therewith until such time and except for so long as the Administrative Agent may agree at the request of the Required Lenders to act for the Issuing Bank with respect thereto;
provided that the Issuing Bank shall have all the benefits and immunities (i) provided to the Administrative Agent in this Article with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of
Credit issued by it or proposed to be issued by it and the application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article included the Issuing
Bank with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to the Issuing Bank. 

  
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 Section 9.2.        Nature of
Duties of the Administrative Agent. The Administrative Agent shall not have any duties or obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take
any discretionary action or exercise any discretionary powers, except those discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.2), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law, and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Loan Parties or any of their Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any
capacity. The Administrative Agent shall not be liable for any action taken or not taken by it, its sub-agents or its attorneys-in-fact with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 10.2) or in the absence of its own gross negligence, bad faith or willful misconduct. The Administrative Agent shall not be responsible for the negligence or misconduct of
any sub-agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof (which notice shall include an express
reference to such event being a “Default” or “Event of Default” hereunder) is given to the Administrative Agent by any Loan Party or any Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements, or other terms and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan
Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent. The Administrative Agent may consult with legal counsel (including counsel for the Loan Parties) concerning all matters pertaining to such duties. 

  
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 Section 9.3.        Lack of
Reliance on the Administrative Agent. Each of the Lenders, the Swingline Lender and the Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, the Issuing Bank or any other Lender and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the Lenders, the Swingline Lender and the Issuing Bank also acknowledges that it will, independently and
without reliance upon the Administrative Agent, the Issuing Bank or any other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking any action under or based on
this Agreement, any related agreement or any document furnished hereunder or thereunder. 

Section 9.4.        Certain Rights of the Administrative Agent. If
the Administrative Agent shall request instructions from the Required Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act
or taking such act unless and until it shall have received instructions from such Lenders, and the Administrative Agent shall not incur liability to any Person by reason of so refraining. 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 hereunder in accordance with the instructions of the Required Lenders where required by the terms of this Agreement.

 Section 9.5.        Reliance by the Administrative Agent. The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, posting or other
distribution) believed by it to be genuine and to have been signed, sent or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person and
shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (including counsel for the Loan Parties), independent public accountants and other experts selected by it and shall not be liable for any
action taken or not taken by it in accordance with the advice of such counsel, accountants or experts. 

Section 9.6.        The Administrative Agent in its Individual
Capacity. The bank serving as the Administrative Agent shall have the same rights and powers under this Agreement and any other Loan Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the
same as though it were not the Administrative Agent; and the terms “Lenders”, “Required Lenders”, “Required Revolving Lenders”, “Required First Amendment Term Loan Lenders” or any similar terms shall, unless
the context clearly otherwise indicates, include the Administrative Agent in its individual capacity. The bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of
business with the Loan Parties or any Subsidiary or Affiliate of the Loan Parties as if it were not the Administrative Agent hereunder. 

Section 9.7.         Successor Administrative Agent. 

  
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 (a)        The Administrative Agent may
resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to approval by the Borrower provided that no
Default or Event of Default shall exist at such time. If no successor Administrative Agent shall have been so appointed, and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of
resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank organized under the laws of the United States or any state thereof or a bank which
maintains an office in the United States, having a combined capital and surplus of at least $500,000,000. 

(b)        Upon the acceptance of its appointment as the Administrative Agent
hereunder by a successor, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations under this Agreement and the other Loan Documents. If, within forty-five (45) days after written notice is given of the retiring Administrative Agent’s resignation under this Section, no successor
Administrative Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative Agent shall
thereupon be discharged from its duties and obligations under the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time as the Required
Lenders appoint a successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article shall continue in effect for the benefit of such retiring Administrative Agent
and its representatives and agents in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent. 

(c)        In addition to the foregoing, if a Lender becomes, and during the period
it remains, a Defaulting Lender, and if any Default has arisen from a failure of the Borrower to comply with Section 2.26(a), then the Issuing Bank and the Swingline Lender may, upon prior written notice to the Borrower and the
Administrative Agent, resign as Issuing Bank or as Swingline Lender, as the case may be, effective at the close of business Atlanta, Georgia time on a date specified in such notice (which date may not be less than five (5) Business Days after
the date of such notice). 
 Section 9.8.        Withholding Tax.

 (a) To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any
Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or any other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts
paid to or for the account of any Lender (because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or
reduction of, withholding tax ineffective, or for any other reason), such 

  
 146 

 
Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to
do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket
expenses. 
 (b)        Without duplication of any indemnity provided under
subsection (a) of this Section, each Lender shall also indemnify the Administrative Agent, within ten (10) days after written demand therefor, for (i) any Indemnified Taxes attributable to such Lender (to the extent that the
Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 10.4(d) 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. 

Section 9.9.        The Administrative Agent May File Proofs of Claim.

 (a)        In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or any Revolving Credit Exposure shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or
otherwise: 
 (i)        to file and prove a claim for the whole
amount of the principal and interest owing and unpaid in respect of the Loans or Revolving Credit Exposure and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and the Administrative Agent and its agents and counsel
and all other amounts due the Lenders, the Issuing Bank and the Administrative Agent under Section 10.3) allowed in such judicial proceeding; and 

(ii)        to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same. 

  
 147 

 (b) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly
to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Section 10.3. 
 Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 

Section 9.10.        Authorization to Execute Other Loan Documents.
Each Lender hereby authorizes the Administrative Agent to execute on behalf of all Lenders all Loan Documents other than this Agreement. 

Section 9.11.        Collateral and Guaranty Matters. The Lenders
irrevocably authorize the Administrative Agent, at its option and discretion to effectuate the releases and subordination agreements contemplated by Section 10.18. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release any Loan Party from its obligations under the applicable Loan Documents pursuant to Section 10.18. In each case as specified in Section 10.18, the Administrative Agent is authorized by the Lenders and the Borrower,
at the Borrower’s expense, to execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release such Loan Party from its obligations under the applicable Loan Documents, in each
case in accordance with the terms of the Loan Documents and Section 10.18. 

  
 148 

Section 9.12.        Co-Documentation Agents; Co-Syndication Agents.
Each Lender hereby designates Barclays Bank PLC and RBC Capital Markets as Co-Documentation Agents and agrees that the Co-Documentation Agents shall have no duties or obligations under any Loan Documents to any Lender or any Loan Party. Each Lender
hereby designates Raymond James Bank, N.A. and BMO Capital Markets as Co-Syndication Agents and agrees that the Co-Syndication Agents shall have no duties or obligations under any Loan Documents to any Lender or any Loan Party. 

Section 9.13.        Reserved. 

Section 9.14. Bank Product Obligations and Hedging Obligations Notwithstanding any other provision of this
Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Bank Product Obligations and Hedging Obligations unless the Administrative
Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Bank Product Provider or Lender-Related Hedge Provider, as the case may be. 

ARTICLE X 

MISCELLANEOUS 

Section 10.1.        Notices. 

(a)        Written Notices. 

(i)        Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
  

			
	 To the Loan Parties:
	 	 CTR Partnership, L.P.

905 Calle Amanecer, Suite 300
 San
Clemente, CA 92673
 Attention: William Wagner

Telecopy Number: (949) 540-3002

		
		 	 CareTrust REIT, Inc.

905 Calle Amanecer, Suite 300
 San
Clemente, CA 92673
 Attention: William Wagner

Telecopy Number: (949) 540-3002

		
	 With a copy to:
	 	 Kirkland and Ellis LLP

333 South Hope Street
 Los Angeles, CA
90071
 Attention: David M. Nemecek, P.C.

Telecopy Number: (213) 808-8107

  
 149 

			
	  
  

To the Administrative Agent:
	 	 Email: david.nemecek@kirkland.com

 
 KeyBank National Association

1200 Abernathy Road NE, Suite 1550

Atlanta, Georgia 30328
 Attention: Eric
Hafertepen
 Telecopy Number: 770-510-2138

		
		 	 KeyBank Real Estate Capital – Healthcare Services

Mailcode: OH–01–51-0311
 4910
Tiedeman Road
 Brooklyn, Ohio 44144

Attention: Marc Drummond
  

KeyBank National Association
 1301 Fifth
Avenue, 25th Floor (Rainier Tower)
 Mail Code WA-31-13-2513

Seattle, WA 98101
 Attention: William
Chalmers
  
 KeyBank National Association

1301 Fifth Avenue, 25th Floor (Rainier Tower)

Mail Code WA-31-13-2513
 Seattle, WA
98101
 Attention: Bellini Lacey
  

	 With a copy to:
	 	 Riemer & Braunstein LLP

Three Center Plaza
 Boston, MA 02108

Attention: Kevin J. Lyons
 Telecopy
Number: (617) 880-3456
 Email: klyons@riemerlaw.com

		
	 To the Issuing Bank:
	 	 KeyBank National Association

1200 Abernathy Road NE, Suite 1550

Atlanta, Georgia 30328
 Attention: Eric
Hafertepen
 Telecopy Number: 770-510-2138
  

KeyBank Real Estate Capital – Healthcare Services

Mailcode: OH–01–51-0311
 4910
Tiedeman Road
 Brooklyn, Ohio 44144

  
 150 

			
		 	 Attention: Marc Drummond
  

KeyBank National Association
 1301 Fifth
Avenue, 25th Floor (Rainier Tower)
 Mail Code WA-31-13-2513

Seattle, WA 98101
 Attention: William
Chalmers
  
 KeyBank National Association

1301 Fifth Avenue, 25th Floor (Rainier Tower)

Mail Code WA-31-13-2513
 Seattle, WA
98101
 Attention: Bellini Lacey
  

	 To the Swingline Lender:
	 	 KeyBank National Association

1200 Abernathy Road NE, Suite 1550

Atlanta, Georgia 30328
 Attention: Eric
Hafertepen
  
 Telecopy Number: 770-510-2138

KeyBank Real Estate Capital – Healthcare Services

Mailcode: OH–01–51-0311
 4910
Tiedeman Road
 Brooklyn, Ohio 44144

Attention: Marc Drummond
  

KeyBank National Association
 1301 Fifth
Avenue, 25th Floor (Rainier Tower)
 Mail Code WA-31-13-2513

Seattle, WA 98101
 Attention: William
Chalmers
  
 KeyBank National Association

1301 Fifth Avenue, 25th Floor (Rainier Tower)

Mail Code WA-31-13-2513
 Seattle, WA
98101
 Attention: Bellini Lacey

		
	 To any other Lender:
	 	the address set forth in the Administrative Questionnaire or the Assignment and Acceptance executed by such Lender

  
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 Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All such notices and other communications shall be effective upon actual receipt by the relevant Person or, if delivered by overnight courier service, upon the first Business Day after
the date deposited with such courier service for overnight (next-day) delivery or, if sent by telecopy, upon transmittal in legible form by facsimile machine or, if mailed, upon the third Business Day after the date deposited into the mail or, if
delivered by hand, upon delivery; provided that notices delivered to the Administrative Agent, the Issuing Bank or the Swingline Lender shall not be effective until actually received by such Person at its address specified in this Section.

 (ii)        Any agreement of the Administrative Agent, the
Issuing Bank or any Lender herein to receive certain notices by telephone or facsimile is solely for the convenience and at the request of the Borrower. The Administrative Agent, the Issuing Bank and each Lender shall be entitled to rely on the
authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Administrative Agent, the Issuing Bank and the Lenders shall not have any liability to the Borrower or other Person on account of any action
taken or not taken by the Administrative Agent, the Issuing Bank or any Lender in reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans and all other Obligations hereunder shall not be affected in any
way or to any extent by any failure of the Administrative Agent, the Issuing Bank or any Lender to receive written confirmation of any telephonic or facsimile notice or the receipt by the Administrative Agent, the Issuing Bank or any Lender of a
confirmation which is at variance with the terms understood by the Administrative Agent, the Issuing Bank and such Lender to be contained in any such telephonic or facsimile notice. 

(b)        Electronic Communications. 

(i)        Notices and other communications to the Lenders and the
Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender or the Issuing Bank pursuant to Article II unless such Lender, the Issuing Bank, as applicable, and the Administrative Agent have agreed to receive notices under any Section thereof by electronic communication and have
agreed to the procedures governing such communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by
it; provided that approval of such procedures may be limited to particular notices or communications. 

(ii)        Unless the Administrative Agent otherwise prescribes,
(A) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement); provided that if such notice or other 

  
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communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for
the recipient, and (B) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (A) of
notification that such notice or communication is available and identifying the website address therefor. 

(c)        Certification of Public Information. The Borrower and each Lender
acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant to Section 5.1 or Section 5.2 otherwise are being distributed through Syndtrak, Intralinks or any
other Internet or intranet website or other information platform (the “Platform”), any document or notice that the Borrower has indicated contains Non-Public Information shall not be posted on that portion of the Platform designated for
such Public Lenders. The Borrower agrees to clearly designate all information provided to the Administrative Agent by or on behalf of the Borrower which is suitable to make available to Public Lenders. If the Borrower has not indicated whether a
document or notice delivered pursuant to Section 5.1 or Section 5.2 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice solely on that portion of the Platform
designated for Lenders who wish to receive Non-Public Information. 

(d)        Private Side Information Contacts. Each Public Lender agrees to cause at
least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its
delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including Unites States federal and state securities laws, to make reference to information that is not made available through the “Public Side
Information” portion of the Platform and that may contain Non-Public Information with respect to the REIT Guarantor, its Affiliates or any of their securities or loans for purposes of United States federal or state securities laws. In the event
that any Public Lender has determined for itself not to access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i) other Lenders may have availed themselves of such information and
(ii) neither any Loan Party nor the Administrative Agent has any responsibility for such Public Lender’s decision to limit the scope of the information it has obtained in connection with this Agreement and the other Loan Documents. 

Section 10.2.        Waiver; Amendments. 

(a)        No failure or delay by the Administrative Agent, the Issuing Bank or any
Lender in exercising any right or power hereunder or under any other Loan Document, and no course of dealing between the Borrower and the Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of
the Administrative Agent, the Issuing 

  
 153 

 
Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or
of any other Loan Document or consent to any departure by the Loan Parties therefrom shall in any event be effective unless the same shall be permitted by subsection (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default,
regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 

(b)        No amendment or waiver of any provision of this Agreement or of the other
Loan Documents (other than the Fee Letter), nor consent to any departure by the any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Loan Parties and the Required Lenders, or the Loan
Parties and the Administrative Agent with the consent of the Required Lenders, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that, in
addition to the consent of the Required Lenders, no amendment, waiver or consent shall: 

(i)        increase the Commitment of any Lender without the written
consent of such Lender; 
 (ii)        reduce the principal amount
of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby (provided that any change to the calculation of the Consolidated
Leverage Ratio or the component definitions used therein shall not require consent of each Lender directly affected thereby and shall only be subject to Required Lender approval); 

(iii)        postpone the date fixed for any payment (other than any
mandatory prepayment) of any principal of, or interest on, any Loan or LC Disbursement or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any
Commitment, without the written consent of each Lender directly affected thereby (provided that any change to the calculation of the Consolidated Leverage Ratio or the component definitions used therein shall not require consent of each
Lender directly affected thereby and shall only be subject to Required Lender approval); 

(iv)        change Section 2.21(b) or (c) or
Section 8.2 in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender directly affected thereby; 

(v)        change any of the provisions of this subsection
(b) or the percentage set forth in the definition of “Required Lenders” or any other provision hereof specifying the percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder, without the consent of each Lender; or 

  
 154 

 (vi)        release all
or substantially all of the guarantors, or limit the liability of all or substantially all such guarantors, under any guaranty agreement guaranteeing any of the Obligations, without the written consent of each Lender; 

provided, further, that (x) no such amendment, waiver or consent shall amend, modify or otherwise affect the rights, duties
or obligations of the Administrative Agent, the Swingline Lender or the Issuing Bank without the prior written consent of such Person, (y) no amendment, waiver or consent shall, unless signed by the Loan Parties and the Required Revolving
Lenders, or the Loan Parties and the Administrative Agent with the consent of the Required Revolving Lenders: 

(1)        amend or waive compliance with the conditions precedent to
the obligations of the Revolving Lenders to make any Revolving Loan or LC Disbursement; 

(2)        amend or waive non-compliance with any provision of
Section 2.12; 
 (3)        waive any Default or Event
of Default for the purpose of satisfying the conditions precedent to the obligations of the Revolving Lenders to make any Revolving Loan or LC Disbursement; or 

(4)        change any of the provisions of this clause (y);

 and (z) no amendment, waiver or consent shall, unless signed by the Loan Parties and the Required First Amendment Term Loan Lenders,
or the Loan Parties and the Administrative Agent with the consent of the Required First Amendment Term Loan Lenders: 

(1)        amend or waive compliance with the conditions precedent to
the obligations of the First Amendment Term Loan Lenders to make the First Amendment Term Loan; or 

(2)        change any of the provisions of this clause (z);

 provided, further, that no such amendment, waiver or consent shall change the percentage contained (i) in the
definition of “Required Revolving Lenders” or any other provision hereof specifying the percentage of Revolving Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any consent
hereunder, without the consent of each Revolving Lender or (ii) in the definition of “Required First Amendment Term Loan Lenders” or any other provision hereof specifying the percentage of First Amendment Term Loan Lenders which are
required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each First Amendment Term Loan Lender. 

(c)        Notwithstanding anything to the contrary herein, no Defaulting Lender
shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended, and amounts payable to such Lender hereunder may not be permanently reduced,
without the 

  
 155 

 
consent of such Lender (other than reductions in fees and interest in which such reduction does not disproportionately affect such Lender). Notwithstanding anything contained herein to the
contrary, this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Loan Parties and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a
party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.20 and 10.3), such Lender
shall have no other commitment or other obligation hereunder and such Lender shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement. 

(d)        Notwithstanding the foregoing, this Agreement may be amended (or amended
and restated) with the written consent of the Required Lenders, Administrative Agent and Borrower (a) to add one or more additional credit facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder
and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Loans and the accrued interest and fees in respect thereof and (b) to
include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and, as applicable, Required Revolving Lenders or Required First Amendment Term Loan Lenders. 

(e)        Notwithstanding anything to the contrary herein, any Loan Document may be
waived, amended, supplemented or modified pursuant to an agreement or agreements in writing entered into by the Borrower and the Administrative Agent (without the consent of any Lender) solely to effect administrative changes that are not adverse to
any Lender or to correct administrative errors or omissions or to cure an ambiguity, defect or error. Notwithstanding anything to the contrary herein, additional extensions of credit consented to by the Required Lenders shall be permitted hereunder
on a ratable basis with the existing Loans (including sharing of mandatory prepayments) and, with respect of Loans of the same Class, voluntary prepayments. 

Section 10.3.        Expenses; Indemnification. 

(a)        The Loan Parties shall pay (i) all reasonable, documented
out-of-pocket costs and expenses of the Administrative Agent, the Lead Arrangers and their Affiliates, including the reasonable and documented fees, charges and disbursements of one outside counsel for the Administrative Agent, the Lead
Arrangers and their Affiliates, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the
transactions contemplated in this Agreement or any other Loan Document shall be consummated), (ii) all reasonable, documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket costs and expenses, which shall be limited, in the case of outside counsel, to the reasonable fees, charges and disbursements of one outside
counsel to the Administrative Agent and the Lenders, any local counsel in any applicable jurisdiction and any special regulatory counsel (and, solely in the case of a conflict of interest, one 

  
 156 

 
additional of each such counsel for each group of similarly situated Lenders) incurred by the Administrative Agent, the Issuing Bank or any Lender in connection with the enforcement or protection
of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or any Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b)        The Loan Parties shall indemnify the Administrative Agent (and any
sub-agent thereof), each Lender and the Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses
(excluding lost profits), claims, penalties, damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel for the Indemnitees, taken as a whole, one local
counsel for the Indemnitees in each applicable jurisdiction and any special regulatory counsel (and, solely in the case of a conflict of interest, one additional of each such counsel for each group of similarly situated Indemnitees)), incurred by
any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by the Loan Parties or any of their Subsidiaries, or any Environmental Liability related
in any way to the Loan Parties or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, penalties, damages,
liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (w) the gross negligence, bad faith or willful misconduct of such Indemnitee, (x) a material
breach of such Indemnitee’s obligations hereunder or under any other Loan Document, (y) unless an Event of Default shall be in existence, settlement without the written consent of the Borrower (not to be unreasonably withheld, conditioned
or delayed) or (z) arise out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding brought by or against the Administrative
Agent acting in its capacity as such. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through Syndtrak, Intralinks or any other Internet or intranet website, except as a
result of such Indemnitee’s gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. 

  
 157 

 (c)        The Loan Parties shall pay,
and hold the Administrative Agent, the Issuing Bank and each of the Lenders harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Loan Documents or any
payments due thereunder, and save the Administrative Agent, the Issuing Bank and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes. 

(d)        To the extent that the Loan Parties fail to pay any amount required to be
paid to the Administrative Agent, the Issuing Bank or the Swingline Lender under subsection (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline
Lender, as the case may be, such Lender’s pro rata share (in accordance with its respective Revolving Commitment (or Revolving Credit Exposure, as applicable) and Term Loan determined as of the time that the unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent,
the Issuing Bank or the Swingline Lender in its capacity as such. 
 (e)        To
the extent permitted by applicable law, each party hereto waives, and agrees not to assert, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or
direct damages) arising out of, in connection with or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated therein, any Loan or any Letter of Credit or the use of
proceeds thereof. 
 (f)        All amounts due under this Section shall be payable
promptly after written demand therefor. 

Section 10.4.        Successors and Assigns. 

(a)        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 the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder 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 assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this
Section (and 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 subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)        Any Lender may at any time assign to one or more assignees all or a
portion of its rights and obligations under this Agreement (including all or a portion of its 

  
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Commitments, Loans and other Revolving Credit Exposure at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i)         Minimum Amounts. 

(A)        in the case of an assignment of the entire remaining
amount of the assigning Lender’s Commitments, Loans and other Revolving Credit Exposure 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 subsection
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans and Revolving Credit Exposure outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans and Revolving Credit Exposure of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date) shall not be less than $1,000,000 with respect to Term Loans and $5,000,000 with respect to Revolving Loans and the Revolving Commitments and in minimum
increments of $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld, conditioned or delayed). 

(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 Loans, other Revolving Credit Exposure or the Commitments assigned, except that this
subsection (b)(ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Commitments or Classes on a non-pro rata basis. 

(iii)         Required Consents. No consent shall be required
for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 

(A)         the consent of the Borrower (such consent not to be
unreasonably withheld, conditioned or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) (1) in the case of Term Loans such assignment is to a Lender, an
Affiliate of such Lender or an Approved Fund of such Lender, or (2) in the case of Revolving Commitments or Revolving Loans, such assignment is to a Lender holding Revolving Commitments or an Affiliate of such Lender or an Approved Fund of such
Lender; 

  
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 (B)         the consent
of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) shall be required unless such assignment is of a Term Loan to a Lender, an Affiliate of such Lender or an Approved Fund of such Lender; and 

(C)         the consent of the Issuing Bank (such consent not to be
unreasonably withheld, conditioned or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding), and the consent of
the Swingline Lender (such consent not to be unreasonably withheld, conditioned or delayed) shall be required for any assignment in respect of the Revolving Commitments unless such assignment is to a Lender holding Revolving Commitments or Revolving
Loans, an Affiliate of such Lender or an Approved Fund of such Lender. 
 (iv)
        Assignment and Acceptance. The parties to each assignment shall deliver to the Administrative Agent (A) a duly executed Assignment and Acceptance, (B) a processing and recordation fee
of $3,500 (except with respect to any assignment by a Lender to one of its Affiliates), (C) an Administrative Questionnaire unless the assignee is already a Lender and (D) the documents required under Section 2.20(e). 

(v)         No Assignment to the Borrower. No such assignment
shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 (vi)
        No Assignment to Natural Persons, Defaulting Lenders or Disqualified Institutions. No such assignment shall be made to a natural person, a Defaulting Lender or a Disqualified Institution. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance 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 2.18, 2.19,
2.20 and 10.3 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 such Lender’s 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 subsection 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 subsection (d) of this Section. If the consent of the Borrower
to an assignment is required hereunder (including a consent to an assignment which does not meet the minimum assignment 

  
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thresholds specified above), the Borrower shall be deemed to have given its consent unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days
after notice thereof has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower. 

(c)         The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at one of its offices in Atlanta, Georgia a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amount of the Loans and Revolving Credit Exposure owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Information contained in the Register with respect to any Lender shall be available for
inspection by such Lender at any reasonable time and from time to time upon reasonable prior notice; information contained in the Register shall also be available for inspection by the Borrower at any reasonable time and from time to time upon
reasonable prior notice. In establishing and maintaining the Register, the Administrative Agent shall serve as the Borrower’s agent solely for tax purposes and solely with respect to the actions described in this Section, and the Borrower
hereby agrees that, to the extent KeyBank serves in such capacity, KeyBank and its officers, directors, employees, agents, sub-agents and affiliates shall constitute “Indemnitees”. 

(d)         Any Lender may at any time, without the consent of, or notice to, the
Borrower, the Administrative Agent, the Swingline Lender or the Issuing Bank, sell participations to any Person (other than a natural person, a Disqualified Institution, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (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
Bank, the Swingline Lender and the other 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 with respect to the following to the extent affecting such Participant: (i) increase the Commitment of such Lender; (ii) reduce the principal amount of any Loan or LC Disbursement
or reduce the rate of interest thereon, or reduce any fees payable hereunder (excluding the right of any Participant to consent to changes in the calculation of the Consolidated Leverage Ratio or the component definitions thereof);
(iii) postpone the date fixed for any payment of any principal of, or interest on, any Loan or LC Disbursement or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination
or reduction of any Commitment (excluding the right of any Participant to consent to changes in the calculation of the Consolidated Leverage Ratio or the component definitions thereof); (iv) change Section 2.21(b) or
(c) in a manner that would alter 

  
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the pro rata sharing of payments required thereby; (v) change any of the provisions of Section 10.2(b) or the definition of “Required Lenders”, “Required
Revolving Lenders” or “Required First Amendment Term Loan Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder; or (vi) release all or substantially all of the guarantors, or limit the liability of all or substantially all such guarantors, under any guaranty agreement guaranteeing any of the Obligations;.
Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.18, 2.19, and 2.20 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 agrees to be subject to Section 2.24 as though it were a Lender. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 10.7 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.21 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 in the United States 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 to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or other obligations under any Loan Document) 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. 

(e)         A Participant shall not be entitled to receive any greater payment under
Sections 2.18 and 2.20 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s
prior written consent. A Participant shall not be entitled to the benefits of Section 2.20 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to
comply with Section 2.20(e) and (f) as though it were a Lender. 
 (f)
        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, without limitation, 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)         The Administrative Agent shall not have any responsibility
for ensuring that an assignee of, or a participant in, a Loan or Revolving Commitment is not a 

  
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Disqualified Institution, and shall not have any liability in the event that Loans or Revolving Commitments, or a participation therein, are transferred to any Disqualified Institution. 

(h)         For the avoidance of doubt, the addition of any Person to the
Disqualified Institution List shall solely apply prospectively and shall have no effect with respect to any assignment or participation that occurs or any Loans, Commitments or Revolving Credit Exposure acquired by such Person, in each case prior to
the date such Person is added to the Disqualified Institution List. 
 Section 10.5.
        Governing Law; Jurisdiction; Consent to Service of Process. 

(a)         This Agreement and the other Loan Documents and any claim, controversy,
dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions
contemplated hereby and thereby shall be construed in accordance with and be governed by the law of the State of New York. 

(b)         Each of the Loan Parties hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York, and of the Supreme Court of the State of New York sitting in New York county, and of any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such District Court or New York state court or, to the extent permitted by applicable law, such appellate court. Each
of the parties hereto agrees that a final judgment in any such action 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 any other
Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in
the courts of any jurisdiction. 
 (c)         Each of the Loan Parties irrevocably
and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding described in subsection (b) of this Section and brought in any court referred to in
subsection (b) of this Section. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (d)         Each party to this Agreement irrevocably consents to the service of
process in the manner provided for notices in Section 10.1. Nothing in this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted by law. 

  
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 Section 10.6.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 10.7.
        Right of Set-off. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender and the Issuing Bank shall have the
right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to any Loan Party, any such notice being expressly waived by the Loan Parties to the extent permitted by applicable
law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of the Loan Parties at any time held or other obligations at any time owing by such Lender and the Issuing Bank to or for the credit or the
account of the Loan Parties against any and all Obligations held by such Lender or the Issuing Bank, as the case may be, irrespective of whether such Lender or the Issuing Bank shall have made demand hereunder and although such Obligations may be
unmatured. Each Lender and the Issuing Bank agrees promptly to notify the Administrative Agent and the Borrower after any such set-off and any application made by such Lender or the Issuing Bank, as the case may be; provided that the failure
to give such notice shall not affect the validity of such set-off and application. Each Lender and the Issuing Bank agrees to apply all amounts collected from any such set-off to the Obligations before applying such amounts to any other Indebtedness
or other obligations owed by the Loan Parties and any of its Subsidiaries to such Lender or the Issuing Bank. 

Section 10.8.         Counterparts; Integration. This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the Fee Letter, the other Loan
Documents, and any separate letter agreements relating to any fees payable to the Administrative Agent and its Affiliates constitute the entire agreement among the parties hereto and thereto and their affiliates regarding the subject matters hereof
and thereof and supersede all prior agreements and understandings, oral or written, regarding such subject matters. Delivery of an executed counterpart to this Agreement or any other Loan Document by facsimile transmission or by electronic mail in
pdf format shall be as effective as delivery of a manually executed counterpart hereof. 

  
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 Section 10.9.
        Survival. All covenants, agreements, representations and warranties made by the Loan Parties herein and in the certificates, reports, notices or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any
Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.18, 2.19, 2.20, and 10.3 and Article IX shall survive and
remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or
any provision hereof. 
 Section 10.10.         Severability. Any
provision of this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without
affecting the legality, validity or enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 

  
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 Section 10.11.
        Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of any information relating to the Loan Parties or any of their
Subsidiaries or any of their respective businesses, to the extent designated in writing as confidential and provided to it by the Loan Parties or any of their Subsidiaries, other than any such information that is available to the Administrative
Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Loan Parties or any of their Subsidiaries, except that such information may be disclosed (i) to any Related Party of the Administrative Agent, the
Issuing Bank or any such Lender including, without limitation, accountants, legal counsel and other advisors who need to know such information in connection with the transactions contemplated hereby and are informed of the confidential nature of
such information, (ii) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or regulation or compulsory legal process (in which case such
disclosing party agrees to inform the Borrower reasonably promptly thereof prior to such disclosure to the extent not prohibited by law, rule or regulation), (iii) to the extent requested by any regulatory agency or authority purporting to have
jurisdiction over such disclosing party or its Affiliates (including any self-regulatory authority such as the National Association of Insurance Commissioners) (in which case such disclosing party agrees to inform the Borrower reasonably promptly
thereof prior to such disclosure to the extent not prohibited by law, rule or regulation), (iv) to the extent that such information becomes publicly available other than as a result of a breach of this Section, or which becomes available to the
Administrative Agent, the Issuing Bank, any Lender or any Related Party of any of the foregoing on a non-confidential basis from a source other than the Loan Parties or any of their Subsidiaries that is not, to such disclosing party’s
knowledge, subject to confidentiality obligations to the Loan Parties and their Subsidiaries, (v) in connection with the exercise of any remedy hereunder or under any other Loan Documents or any suit, action or proceeding relating to this
Agreement or any other Loan Documents or the enforcement of rights hereunder or thereunder, (vi) subject to execution by such Person of an agreement containing provisions substantially the same as those of this Section (or language
substantially similar to this paragraph, including provisions customary in the syndicated loan market), to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of such disclosing party’s rights or
obligations under this Agreement, or (B) any direct or indirect actual or prospective contractual counterparty (and its Related Parties) to any swap, derivative or similar product, (vii) to the CUSIP Service Bureau or any similar
organization, for purposes of establishing a “due diligence” defense, (ix) to the extent that such information is independently developed by such disclosing party (other than with confidential information provided to such disclosing
party by the Loan Parties and their Subsidiaries), (x) to industry trade organizations, general information with respect to this Agreement that is customary for inclusion in league table measurements or (xi) with the consent of the
Borrower. Any Person required to maintain the confidentiality of any information as provided for 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 its own confidential information. 

  
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 Section 10.12.
        Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which
may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the “Maximum Rate”) which may be contracted for, charged, taken, received
or reserved by a Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the
extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other
Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment (to the extent permitted by applicable law), shall have been
received by such Lender. 
 Section 10.13.         Waiver of Effect of
Corporate Seal. The Loan Parties represent and warrant that none of them is required to affix its corporate seal to this Agreement or any other Loan Document pursuant to any Requirement of Law, agrees that this Agreement is delivered by the
Loan Parties under seal and waive any shortening of the statute of limitations that may result from not affixing the corporate seal to this Agreement or such other Loan Documents. 

Section 10.14.         Patriot Act. The Administrative Agent and
each Lender hereby notifies the Loan Parties that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan
Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. 

  
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 Section 10.15.        No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Loan
Parties acknowledges and agrees and acknowledges its Affiliates’ understanding that (i)(A) the services regarding this Agreement provided by the Administrative Agent and/or the Lenders are arm’s-length commercial transactions between the
Loan Parties and their respective Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (B) each of the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent
they have deemed appropriate, and (C) each if the Loan Parties is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(ii)(A) each of the Administrative Agent and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary
for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person, and (B) neither the Administrative Agent nor any Lender has any obligation to the Borrower, any other Loan Party or any of their Affiliates with
respect to the credit facilities contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and each of the Administrative Agent and the Lenders has no obligation to disclose any of such interests to
the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent
or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

Section 10.16.        Location of Closing. Each Lender and each
Issuing Bank acknowledges and agrees that it has delivered, with the intent to be bound, its executed counterparts of this Agreement to the Administrative Agent, c/o Riemer & Braunstein LLP, Seven Times Square Tower, 25th floor, New York,
New York 10036. The Loan Parties acknowledge and agree that they have delivered, with the intent to be bound, its executed counterparts of this Agreement and each other Loan Document, together with all other documents, instruments, opinions,
certificates and other items required under Section 3.1, to the Administrative Agent, c/o Riemer & Braunstein LLP, Seven Times Square Tower, 25th floor, New York, New York 10036. 

Section 10.17.        Reserved. 

Section 10.18.        Releases of Guaranty. The Administrative
Agent agrees with the Borrower that the Administrative Agent shall: 

(a)        effectuate the releases contemplated by Section 3.4 and
Section 11.8; and 

  
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 (b)        release any Loan Party from
its obligations under the applicable Collateral Documents (and release any Liens on the assets of each Person) if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 

(c)        In connection with the foregoing, the Administrative Agent shall, at the
Borrower’s expense, execute, deliver and record such documents and instruments as may be reasonably necessary or advisable to effectuate or confirm such releases. 

Section 10.19.        Acknowledgment and Consent to Bail-In of EEA
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 Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the writedown and conversion powers of an EEA 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 an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA 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; 
 (ii)        a conversion of
all, or a portion of, such liability into shares or other instruments of ownership in such EEA 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 any EEA Resolution Authority. 
 ARTICLE XI 

GUARANTY 

  
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 Section 11.1.        The
Guaranty. Each of the Guarantors hereby jointly and severally guarantees to each Lender and the Administrative Agent as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due
(whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not
paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise) in accordance with the terms of such extension or renewal. 
 Notwithstanding any provision
to the contrary contained herein or in any other of the Loan Documents, if any Guarantor is deemed to have been rendered insolvent as a result of its guarantee obligations under this Section 11.1 and not to have received reasonable
equivalent value in exchange therefor, then, in such an event, the liability of such Guarantor under this Section 11.1 shall be limited to the maximum amount of the Obligations of the Borrower that such Guarantor may guaranty without
rendering the obligations of such Guarantor under this Section 11.1 void or voidable under any fraudulent conveyance or fraudulent transfer law. 

Section 11.2.        Obligations Unconditional. The obligations of
the Guarantors under Section 11.1 are joint and several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents, or any other agreement or instrument
referred to therein, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever
which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 11.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional under any
and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for amounts paid under this Article XI until such time
as the Obligations have been Paid in Full. Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of the
Guarantor hereunder, which shall remain absolute and unconditional as described above: 

(a)        at any time or from time to time, without notice to the Guarantor, the
time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 

(b)        any of the acts mentioned in any of the provisions of any of the Loan
Documents or any documents or agreement with respect to Hedging Obligations or Bank Product Obligations of any Loan Party to any Lender, or any Affiliate of a Lender, or any 

  
 170 

 
other agreement or instrument referred to in the Loan Documents or such other documents or agreement shall be done or omitted; 

(c)        the maturity of any of the Obligations shall be accelerated in accordance
with the Loan Documents, or any of the Obligations shall be modified, supplemented, waived or amended in any respect in accordance with the Loan Documents, or any right under any of the Loan Documents or any documents or agreement with respect to
Hedging Obligations or Bank Product Obligations of any Loan Party to any Lender, or any Affiliate of a Lender, or any other agreement or instrument referred to in the Loan Documents or any such agreement or document shall be waived in accordance
with the Loan Documents or any other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 

(d)        any of the Obligations shall be determined to be void or voidable
(including, without limitation, for the benefit of any creditor of the Guarantor) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of the Guarantor); or 

(e)        any other circumstance whatsoever which might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor. 
 With respect to its obligations hereunder, each Guarantor
hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against any Person under any of the
Loan Documents or any documents or agreement with respect to Hedging Obligations or Bank Product Obligations of any Loan Party to any Lender, or any Affiliate of a Lender, or any other agreement or instrument referred to in the Loan Documents or any
such documents or agreement or against any other Person under any other guarantee of any of the Obligations. 

  
 171 

Section 11.3.        Reinstatement. The obligations of the
Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of
any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent and each Lender on written demand for all reasonable costs and
expenses (including, without limitation, the fees, charges and disbursements of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in
defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

Section 11.4.        Certain Additional Waivers. Each Guarantor
agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the exercise of rights of subrogation pursuant to Section 11.2 and through the exercise of rights of contribution pursuant to
Section 11.6. 
 Section 11.5.        Remedies. The
Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided
in Section 8.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in said Section 8.2) for purposes of Section 11.1 notwithstanding any stay, injunction or other
prohibition preventing such declaration (or preventing the Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically
due and payable), the Obligations (whether or not due and payable by any other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1. 

Section 11.6.        Rights of Contribution. The Guarantors agree
among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable law. Such contribution rights shall be subordinate and subject in right of
payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been Paid in Full and the Commitments have terminated. 

Section 11.7.        Guarantee of Payment; Continuing Guarantee.
The guarantee in this Article XI is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Obligations whenever arising. 

  
 172 

 Section 11.8.        Release
of Subsidiary Loan Parties. Within five (5) Business Days following the written request by a Responsible Officer of the Borrower, the Administrative Agent, on behalf of the Lenders, shall release a Subsidiary Loan Party from its
obligations under the Guaranty to the extent that the following conditions are satisfied to the reasonable satisfaction of the Administrative Agent: (a) there is no Event of Default existing under the Agreement either at the time of such
request or at the time such Subsidiary Loan Party is released; and (b) such Responsible Officer of the Borrower delivers to Administrative Agent a certificate in form and substance reasonably satisfactory to the Administrative Agent stating
that (i) such request is being made in connection with such Subsidiary Loan Party ceasing for any reason to be a guarantor of all of the Indebtedness permitted pursuant to Section 7.1(c); and (ii) such Subsidiary Loan Party
will also be released from its guaranty obligations with respect to all Indebtedness under Section 7.1(c). 

Section 11.9.        Keepwell. Each Qualified ECP Guarantor hereby
jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap
Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Article XI for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Article XI,
or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force
and effect until Payment in Full has occurred. Each Qualified ECP Guarantor intends that this Article XI constitute, and this Article XI shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit
of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 (remainder of page left
intentionally blank) 

  
 173 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year first above written. 
  

							
		 	CTR PARTNERSHIP, L.P., a Delaware limited partnership
			
		 	By:	 	CareTrust GP, LLC, its general partner
				
		 		 	By:  	 	CareTrust REIT, Inc., its sole member
			
		 		 	By:
			
		 		 	Name:
			
		 		 	Title:
		
		 	CARETRUST REIT, INC., a Maryland corporation
				
		 	By:	 		 	
				
		 	Name:	 		 	
				
		 	Title:	 		 	
		
		 	CARETRUST GP, LLC, a Delaware limited liability company
			
		 	By:	 	CareTrust REIT, Inc., its sole member
				
		 	By:	 		 	
				
		 	Name:	 		 	
				
		 	Title:	 		 	
		
		 	CARETRUST CAPITAL CORP., a Delaware corporation
				
		 	By:	 		 	
				
		 	Name:	 		 	
				
		 	Title:	 		 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	CTR ARVADA PREFERRED, LLC, a Delaware limited liability company
		
	 By:
	 	CTR Partnership, L.P., its sole member
		
	 By:
	 	CareTrust GP, LLC, its general partner
		
	 By:
	 	CareTrust REIT, Inc., its sole member
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

  
 [Signature Page to Credit
and Guaranty Agreement] 

 18TH PLACE HEALTH HOLDINGS LLC 

49TH STREET HEALTH HOLDINGS LLC 
 4TH STREET
HOLDINGS LLC 
 51ST AVENUE HEALTH HOLDINGS LLC 

ANSON HEALTH HOLDINGS LLC 
 ARAPAHOE HEALTH HOLDINGS
LLC 
 ARROW TREE HEALTH HOLDINGS LLC 
 AVENUE
N HOLDINGS LLC 
 BIG SIOUX RIVER HEALTH HOLDINGS LLC 

BOARDWALK HEALTH HOLDINGS LLC 
 BOGARDUS HEALTH
HOLDINGS LLC 
 BURLEY HEALTHCARE HOLDINGS LLC 

CASA LINDA RETIREMENT LLC 
 CHERRY HEALTH HOLDINGS
LLC 
 CM HEALTH HOLDINGS LLC 
 COTTONWOOD
HEALTH HOLDINGS LLC 
 DALLAS INDEPENDENCE LLC 

DIXIE HEALTH HOLDINGS LLC 
 EMMETT HEALTHCARE
HOLDINGS LLC 
 ENSIGN BELLFLOWER LLC 
 ENSIGN
SOUTHLAND LLC 
 EVERGLADES HEALTH HOLDINGS LLC 

EXPO PARK HEALTH HOLDINGS LLC 
 EXPRESSWAY HEALTH
HOLDINGS LLC 
 FALLS CITY HEALTH HOLDINGS LLC 

FIFTH EAST HOLDINGS LLC 
 FIG STREET HEALTH HOLDINGS
LLC 
 FLAMINGO HEALTH HOLDINGS LLC 
 FORT
STREET HEALTH HOLDINGS LLC 
 GAZEBO PARK HEALTH HOLDINGS LLC 

GILLETTE PARK HEALTH HOLDINGS LLC 
 GOLFVIEW
HOLDINGS LLC 
 GUADALUPE HEALTH HOLDINGS LLC 

HILLENDAHL HEALTH HOLDINGS LLC 
 HILLVIEW HEALTH
HOLDINGS LLC 
 IRVING HEALTH HOLDINGS LLC 

IVES HEALTH HOLDINGS LLC 
 JEFFERSON RALSTON
HOLDINGS LLC 
 JORDAN HEALTH PROPERTIES LLC 

JOSEY RANCH HEALTHCARE HOLDINGS LLC 
 KINGS COURT
HEALTH HOLDINGS LLC 
 LAFAYETTE HEALTH HOLDINGS LLC 

LEMON RIVER HOLDINGS LLC 
 LOCKWOOD HEALTH HOLDINGS
LLC 
 LONG BEACH HEALTH ASSOCIATES LLC 

LOWELL HEALTH HOLDINGS LLC 
 LOWELL LAKE HEALTH
HOLDINGS LLC 
 LUFKIN HEALTH HOLDINGS LLC 

MEMORIAL HEALTH HOLDINGS LLC 

  
 [Signature Page to Credit
and Guaranty Agreement] 

 MESQUITE HEALTH HOLDINGS LLC 

MISSION CCRC LLC 
 MOENIUM HOLDINGS LLC 

NORTHSHORE HEALTHCARE HOLDINGS LLC 
 OLESON PARK
HEALTH HOLDINGS LLC 
 OREM HEALTH HOLDINGS LLC 

PAREDES HEALTH HOLDINGS LLC 
 POLK HEALTH HOLDINGS
LLC 
 PRAIRIE HEALTH HOLDINGS LLC 
 PRICE
HEALTH HOLDINGS LLC 
 QUEEN CITY HEALTH HOLDINGS LLC 

QUEENSWAY HEALTH HOLDINGS LLC 
 RB HEIGHTS HEALTH
HOLDINGS LLC 
 REGAL ROAD HEALTH HOLDINGS LLC 

RENEE AVENUE HEALTH HOLDINGS LLC 
 RIO GRANDE HEALTH
HOLDINGS LLC 
 SALMON RIVER HEALTH HOLDINGS LLC 

SALT LAKE INDEPENDENCE LLC 
 SAN CORRINE HEALTH
HOLDINGS LLC 
 SARATOGA HEALTH HOLDINGS LLC 

SILVER LAKE HEALTH HOLDINGS LLC 
 SILVERADA HEALTH
HOLDINGS LLC 
 SNOHOMISH HEALTH HOLDINGS LLC 

SOUTH DORA HEALTH HOLDINGS LLC 
 STILLHOUSE HEALTH
HOLDINGS LLC 
 TEMPLE HEALTH HOLDINGS LLC 

TENTH EAST HOLDINGS LLC 
 TRINITY MILL HOLDINGS LLC

 TROUSDALE HEALTH HOLDINGS LLC 
 TULALIP BAY
HEALTH HOLDINGS LLC 
 VERDE VILLA HOLDINGS LLC 

WAYNE HEALTH HOLDINGS LLC 
 WILLITS HEALTH HOLDINGS
LLC 
 WILLOWS HEALTH HOLDINGS LLC 
 WISTERIA
HEALTH HOLDINGS LLC, 
 each a Nevada limited liability company 

 

			
	 By:
	 	CTR Partnership, L.P., its sole member
		
	 By:
	 	CareTrust GP, LLC, its general partner
		
	 By:
	 	CareTrust REIT, Inc., its sole member
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as the Administrative Agent, as the Issuing Bank, as the Swingline Lender and as a Lender
		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 RAYMOND JAMES BANK, N.A., as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 BMO HARRIS BANK, N.A., as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 BARCLAYS BANK PLC, as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 ROYAL BANK OF CANADA, as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 FIFTH THIRD BANK, as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 WELLS FARGO BANK N.A., as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 
			
	 FIRST BANK, A MISSOURI STATE

CHARTERED BANK, as a Lender

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Credit
and Guaranty Agreement] 

 SCHEDULE I 

Commitment Amounts 
  

					
	Lender	 	 Revolving

Commitment Amount    
  
	 
	  

KeyBank National Association
  
	 	  
  

 
	  

$50,000,000.00
  
	  

  
  

	  

Raymond James Bank, N.A.
  
	 	  
  

 
	  

$50,000,000.00
  
	  

  
  

	  

BMO Harris Bank, N.A.
  
	 	  
  

 
	  

$50,000,000.00
  
	  

  
  

	  

Barclays Bank PLC
  
	 	  
  

 
	  

$60,000,000.00
  
	  

  
  

	  

Royal Bank of Canada
  
	 	  
  

 
	  

$40,000,000.00
  
	  

  
  

	  

Fifth Third Bank
  
	 	  
  

 
	  

$25,000,000.00
  
	  

  
  

	  

Wells Fargo Bank, N.A.
  
	 	  
  

 
	  

$75,000,000.00
  
	  

  
  

	  

First Bank
  
	 	  
  

 
	  

$10,000,000.00
  
	  

  
  

	  

Healthcare Financial Solutions, LLC
  
	 	  
  

 
	  

$40,000,000.00
  
	  

  
  

	  

Total:
  
	 	  
  

 
	  

$400,000,000.00
  
	  

  
  

		
		 			
	Lender	 	
First Amendment Term    
Loan

Commitment Amount    
  
	 
	  

KeyBank National Association
  
	 	  
  

 
	  

$25,000,000.00
  
	  

  
  

	  

Raymond James Bank, N.A.
  
	 	  
  

 
	  

$15,000,000.00
  
	  

  
  

	  

BMO Harris Bank, N.A.
  
	 	  
  

 
	  

$25,000,000.00
  
	  

  
  

	  

Fifth Third Bank
  
	 	  
  

 
	  

$25,000,000.00
  
	  

  
  

	  

Healthcare Financial Solutions, LLC
  
	 	  
  

 
	  

$10,000,000.00
  
	  

  
  

	  

Total:
  
	 	  
  

 
	  

$100,000,000.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]