Document:

Exhibit

EXHIBIT 10.1

EXECUTION COPY

PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS
BY AND AMONG
THE SELLING PARTIES IDENTIFIED ON EXHIBIT A HERETO,
 TLG II, L.L.P.
AND
GAHC4 MISSOURI SNF PORTFOLIO, LLC
DATED AS OF JUNE 7, 2018

TABLE OF CONTENTS

	
			
	ARTICLE 1  PURCHASE AND SALE OF PROPERTY
	1

	1.01
	Purchase and Sale.
	1

	1.02
	Excluded Property
	4

	1.03
	Retained Liabilities
	5

	1.04
	Definitions
	5

	 
	 
	 

	ARTICLE 2  PURCHASE PRICE AND DEPOSIT
	7

	2.01
	Purchase Price
	7

	2.02
	Intentionally Omitted
	8

	2.03
	Deposit
	9

	 
	 
	 

	ARTICLE 3  TITLE AND SURVEY; ZONING
	9

	3.01
	Title, Surveys and Zoning
	9

	3.02
	Title, Survey and Zoning Objections
	9

	3.03
	Failure to Cure Title Objections
	12

	3.04
	Access.
	12

	 
	 
	 

	ARTICLE 4  PROPERTY INFORMATION; DUE DILIGENCE PERIOD
TERMINATION
	15

	4.01
	Property Information
	15

	4.02
	Due Diligence Period Termination
	15

	 
	 
	 

	ARTICLE 5  REPRESENTATIONS AND WARRANTIES
	15

	5.01
	Representations and Warranties of Sellers
	15

	5.02
	Subsequent Knowledge; Updated Disclosure
	24

	5.03
	Representations and Warranties of Purchaser
	25

	 
	 
	 

	ARTICLE 6  COVENANTS OF SELLERS AND PURCHASER
	26

	6.01
	Covenants of Sellers
	26

	6.02
	Covenants of Purchaser
	29

	6.03
	Intentionally Omitted
	30

	 
	 
	 

	ARTICLE 7  CONDITIONS PRECEDENT TO CLOSING
	30

	7.01
	Conditions Precedent to Purchaser’s Obligation to Close
	30

	7.02
	Conditions Precedent to Seller’s Obligation to Close
	31

	7.03
	Failure of a Condition
	31

	 
	 
	 

	ARTICLE 8  CLOSING; ESCROW CLOSE
	32

	8.01
	Closing and Closing Date
	32

i

TABLE OF CONTENTS 
(continued) 

	
			
	8.02
	Obligations of Sellers
	32

	8.03
	Obligations of Purchaser
	34

	8.04
	Costs and Adjustments at Closing
	35

	8.05
	Escrow Close
	37

	8.06
	Reporting Person
	38

	 
	 
	 

	ARTICLE 9  RISK OF LOSS; DAMAGE; CONDEMNATION
	38

	9.01
	Risk of Loss
	38

	9.02
	Notice of Casualty or Taking
	38

	9.03
	Damage
	38

	 
	 
	 

	ARTICLE 10  REMEDIES
	39

	10.01
	Seller Default
	39

	10.02
	Purchaser Default
	40

	 
	 
	 

	ARTICLE 11  ADDITIONAL AGREEMENTS
	40

	11.01
	Indemnification
	40

	11.02
	Indemnification Limitations
	41

	11.03
	Brokers
	42

	 
	 
	 

	ARTICLE 12  NOTICES
	42

	12.01
	Written Notice.
	42

	12.02
	Method of Transmittal
	42

	12.03
	Addresses
	43

	 
	 
	 

	ARTICLE 13  ESCROW AGENT
	44

	13.01
	Investment and Use of Funds
	44

	13.02
	Termination
	44

	13.03
	Interpleader
	45

	13.04
	Liability of the Escrow Agent
	45

	 
	 
	 

	ARTICLE 14  MISCELLANEOUS
	45

	14.01
	Entire Agreement
	45

	14.02
	Assignment
	45

	14.03
	Modifications; Waiver
	46

	14.04
	Interpretation; Usage
	46

	14.05
	Captions
	47

	14.06
	Successors and Assigns
	48

	14.07
	Controlling Law; Venue
	48

ii

TABLE OF CONTENTS 
(continued) 

	
			
	14.08
	Attachments
	48

	14.09
	Time of Essence; Survival of Claims
	48

	14.10
	Business Day
	48

	14.11
	Attorneys’ Fees and Costs.
	48

	14.12
	Counterparts
	49

	14.13
	Publicity
	49

	14.14
	Waiver of Jury Trial..
	49

	14.15
	Bulk Sales Laws
	49

	14.16
	Obligation to Close on All Facilities..
	49

	14.17
	Guaranty
	49

	14.18
	Cooperation with Audit.
	50

	14.19
	Purchaser’s Disclosures.
	51

	14.20
	No Personal Liability.
	51

EXHIBITS AND SCHEDULES
	
		
	Exhibit A
	Facilities, Owner Sellers, Operators and Master Tenants

	Exhibit B
	Form of Master Lease

	Exhibit C
	Form of Deed

	Exhibit D
	Form of Blanket Conveyance, Bill of Sale and Assignment

	Exhibit E
	Form of Certificate of Non‐Foreign Status

	Exhibit F
	Form of Seller’s Closing Certificate

	Exhibit G‐1
	Form of Operating Subleases

	Exhibit G‐2
	Form of Lease Guaranty (Subtenants)

	Exhibit G‐3
	Form of Lease Cross Guaranty (Subtenants)

	Exhibit H
	Form of Purchaser’s Closing Certificate

	Exhibit I
	Form of Representation Letter

	Exhibit J
	Form of Audit Letter

	Exhibit K
	Management Agreements

	Schedule 1.01(a)(i)
	Land

	Schedule 1.01(a)(viii)
	Warranties

	Schedule 1.02(a)(iv)
	Rent Roll

	Schedule 1.02(a)(vi)
	Regulatory Approvals

	Schedule 2.01(a)
	Portfolio Purchase Price Allocation

	Schedule 2.01(b)
	Facility Purchase Price Allocation

	Schedule 2.01(d)
	Seller Indebtedness

	Schedule 2.01(e)(i)
	Purchase Money Security Interest and Capitalized Leases

	Schedule 2.03
	Deposit Allocations

	Schedule 4.01
	Property Information

	Schedule 5.01(c)
	Conflicts and Consents

	Schedule 5.01(d)
	Litigation

	Schedule 5.01(g)(ii)
	Use and Occupancy Agreements

iii

	
		
	Schedule 5.01(g)(iii)
	Organizational Charts

	Schedule 5.01(h)
	Contracts

	Schedule 5.01(k)(ii)
	Compliance with Laws

	Schedule 5.01(l)
	Compliance with Environmental Laws

	Schedule 5.01(o)
	Existing Debt

	Schedule 5.01(q)
	Zoning and Parking

	Schedule 5.01(r)(i)
	Licensed Beds

	Schedule 5.01(r)(ii)
	Ownership and Operation

	Schedule 5.01(r)(iii)
	NPI, Medicare and Medicaid Numbers

	Schedule 5.01(r)(iv)
	DHSS Deficiencies

	Schedule 5.01(s)
	Regulatory Requirements

	Schedule 5.01(t)
	Federal Health Care Programs

	Schedule 5.01(u)
	Construction

	Schedule 6.01(a)
	Capital Improvements

iv

DEFINED TERMS 

	
			
	Defined Term
	Section
	Page

	Admission Agreements........................
	1.02(a)(iv)....................................
	4

	Affiliated Party..................................
	14.04(g)(ii)...................................
	47

	Affiliated Service Party........................
	14.04(g)(iii)..................................
	47

	Agreement.......................................
	Introduction..................................
	1

	Approval Authorities...........................
	1.04(a)........................................
	6

	Audited Years...................................
	14.18(a).......................................
	50

	Business Day....................................
	14.10..........................................
	48

	Casualty Termination Notice..................
	9.03(b)........................................
	39

	Claims............................................
	5.01(d)........................................
	16

	Closing...........................................
	8.01............................................
	32

	Closing Costs....................................
	8.04(a)(iv).....................................
	36

	Closing Date.....................................
	8.01(ii)........................................
	32

	Closing Payment................................
	2.01(c)(ii).....................................
	8

	Code..............................................
	5.01(m)........................................
	21

	Contracts.........................................
	1.02(a)(v) ....................................
	4

	DDP Expiration Date...........................
	4.02............................................
	15

	DDP Termination Notice......................
	4.02............................................
	15

	Damages..........................................
	3.04(c) ........................................
	13

	Data Room.......................................
	4.01............................................
	15

	Data Room Contracts...........................
	5.01(h)........................................
	18

	Deductible Amount.............................
	11.02(b) ......................................
	41

	Deed..............................................
	8.02(a)(i)......................................
	33

	Deposit...........................................
	2.03............................................
	9

	Dresner...........................................
	11.03(a)(i) ....................................
	42

	Effective Date...................................
	Introduction.................................
	1

	Environmental Law.............................
	5.01(l) ........................................
	20

	Escrow Agent....................................
	2.03............................................
	9

	Excluded Indebtedness.........................
	2.01(e)(i) .....................................
	8

	Excluded Property..............................
	1.02(a) ........................................
	4

	Existing Debt....................................
	5.01(o) .......................................
	21

	Existing Master Lease..........................
	Recitals.......................................
	1

	Existing Master Tenant........................
	Recitals.......................................
	1

	Facility...........................................
	Recitals.......................................
	1

	Facility Closing Payment......................
	2.01(c)(ii).....................................
	8

	Facility Indebtedness...........................
	2.01(d)........................................
	8

	Facility Indebtedness Payoff Amount........
	2.01(d)........................................
	8

	Facility Management...........................
	3.04(d).........................................
	14

	Financial Information..........................
	5.01(g)(i) .....................................
	17

	Financial Statements...........................
	5.01(g)(i) .....................................
	17

	Government Note...............................
	2.01(e)(iv) ....................................
	8

	Guaranties.......................................
	8.02(a)(xvi) ..................................
	34

	Guaranty........................................
	14.17..........................................
	49

v

	
			
	Defined Term
	Section
	Page

	HUD..............................................
	8.01............................................
	32

	HUD Lockout Fee..............................
	8.04(a)(i)......................................
	35

	Hazardous Materials...........................
	5.01(l).........................................
	21

	Healthcare Regulatory Agency...............
	1.04(b)........................................
	6

	IT Assets.........................................
	1.04(d) .......................................
	6

	Immaterial Contract...........................
	5.01(h) .......................................
	18

	Improvements...................................
	1.01(a)(ii) ....................................
	2

	Indemnity Period...............................
	11.02(a) ......................................
	41

	Initial Title Objections.........................
	3.02(a) ........................................
	9

	Inspection Engineer............................
	6.01(l) ........................................
	28

	Inspections......................................
	3.04(a) ........................................
	12

	Intellectual Property............................
	1.04(c) ........................................
	6

	Knowledge.......................................
	14.04(e) .......................................
	46

	Known Misrepresentations....................
	5.02(a) ........................................
	24

	Land..............................................
	1.01(a)(i)(D) .................................
	2

	Lease Guarantor.................................
	1.02(b) .......................................
	5

	Lease Parties.....................................
	7.01(d) .......................................
	30

	Litigation........................................
	5.01(d) .......................................
	16

	Loan Documents................................
	5.01(o) .......................................
	21

	Management Agreements.....................
	5.01(h)(ii) ....................................
	19

	Master Lease....................................
	7.01(d) .......................................
	30

	Master Lease Ancillary Documents..........
	8.02(a)(xvi) ..................................
	34

	Master Tenant...................................
	7.01(d) .......................................
	30

	Material Adverse Effect........................
	7.01(e) ........................................
	31

	Material Initial Title Objections...............
	3.02(c) ........................................
	10

	Material Known Misrepresentation..........
	5.02(a) ........................................
	25

	Material Title Objections......................
	3.02(d) .......................................
	11

	Modification.....................................
	6.01(c) ........................................
	27

	NPIs..............................................
	5.01(g)(iii) ...................................
	18

	New Master Tenant.............................
	7.01(d) .......................................
	30

	New Title Objections...........................
	3.02(d) .......................................
	11

	Non-Terminating Party........................
	13.02(a) .......................................
	44

	OFAC.............................................
	5.01(n)(ii) ....................................
	21

	Obligations.......................................
	14.09..........................................
	48

	Operational Assets..............................
	1.04(e) ........................................
	6

	Operator(s) ......................................
	Introduction..................................
	1

	Operator Goodwill and Naming Rights......
	1.01(b)(ii) ....................................
	3

	Operator Lease..................................
	Recitals.......................................
	1

	Operator Permits................................
	1.01(b)(i)(B) .................................
	3

	Operator Property...............................
	1.01(b) .......................................
	3

	Operator's Facility..............................
	Recitals.......................................
	1

	Outside Date.....................................
	8.01(ii)........................................
	31

	Owner Seller(s) .................................
	Introduction..................................
	1

	Owner Seller Appurtenant Property..........
	1.01(a)(iii)(B) ...............................
	2

	 
	 
	 

vi

	
			
	Defined Term
	Section
	Page

	Owner Seller Goodwill and Naming Rights
	1.01(a)(v) ....................................
	2

	Owner Seller Permits...........................
	1.01(a)(iv)(B) ...............................
	2

	Owner Seller Property.........................
	1.01(a) ........................................
	6

	PII.................................................
	1.04(g) .......................................
	6

	PZR Reports.....................................
	3.01............................................
	9

	Parent Guarantor................................
	Introduction..................................
	1

	Payoff Letters....................................
	2.01(e)(ii) ....................................
	8

	Permits...........................................
	1.04(f) ........................................
	6

	Permitted Exceptions...........................
	3.02(f) ........................................
	11

	Plans..............................................
	1.01(a)(vi) ....................................
	3

	Portfolio Purchase Price........................
	2.01(a) ........................................
	7

	Premises Condition Reports...................
	6.01(l) ........................................
	28

	Pro Forma Title Policy.........................
	3.02(c) ........................................
	10

	Property..........................................
	1.02(b) .......................................
	5

	Property Information...........................
	4.01............................................
	15

	Purchase Price...................................
	2.01(a) ........................................
	7

	Purchaser........................................
	Introduction..................................
	1

	Purchaser Knowledge Representatives......
	14.04(f) .......................................
	47

	Purchaser Known Inaccuracy.................
	5.02(a) ........................................
	24

	Purchaser NDA.................................
	3.04(f) ........................................
	14

	Purchaser Parties................................
	11.01..........................................
	40

	Purchaser's Conditions Precedent............
	7.01............................................
	30

	Purchaser's Reimbursable Transaction
Costs.............................................
	5.02(a)(ii)(y) .................................
	24

	RCMC............................................
	1.02(b) .......................................
	5

	REIT..............................................
	14.19..........................................
	51

	Registered Company...........................
	14.18(a) ......................................
	50

	Regulatory Approvals..........................
	1.02(a)(vi) ...................................
	5

	Reimbursement Cap............................
	5.02(a)(ii)(y) .................................
	24

	Rent Roll.........................................
	1.02(a)(iv) ....................................
	4

	Representation Letter...........................
	14.18(a)(xii) .................................
	50

	Required PCR Repairs.........................
	6.01(l) ........................................
	28

	Resident Assets.................................
	1.04(h) .......................................
	7

	Residents........................................
	1.02(a)(iv) ....................................
	4

	SEC Filings......................................
	14.18(a) .......................................
	50

	Schedule Supplement...........................
	5.02(b) .......................................
	25

	Seller(s) ..........................................
	Introduction..................................
	1

	Seller Creditor...................................
	2.01(e)(iii) ....................................
	8

	Seller Group.....................................
	3.04(c) ........................................
	13

	Seller Indebtedness.............................
	2.01(d) .......................................
	8

	Seller Indebtedness Payoff Amount..........
	2.01(d) .......................................
	8

	Seller Knowledge Representatives...........
	14.04(e) .......................................
	48

	Seller Known Inaccuracy......................
	5.02(a) ........................................
	24

	Seller Obligations..............................
	14.17..........................................
	49

	 
	 
	 

vii

	
			
	Defined Term
	Section
	Page

	Sellers' Conditions Precedent..................
	7.02............................................
	31

	Sellers' Representative.........................
	3.04(d) .......................................
	14

	Surveys...........................................
	3.01(b) .......................................
	9

	Tangible Personal Property....................
	1.02(a)(vii) ...................................
	5

	Terminating Party..............................
	13.02(a) .......................................
	44

	Third Party Payor...............................
	1.04(i)........................................
	7

	Title Commitments.............................
	3.01(a)........................................
	9

	Title Company..................................
	2.03...........................................
	9

	Title Objection Expiration Date...............
	3.02(a).........................................
	9

	Trade Secrets....................................
	1.04(j).........................................
	7

	Transfer Taxes..................................
	8.04(a)(iii)(B) ...............................
	36

	Transferred Goodwill and Naming Rights...
	1.01(b)(ii) ....................................
	3

	Transferred Permits.............................
	1.01(b)(i)(B) .................................
	3

	Transferred Property...........................
	1.01(b) .......................................
	3

	Unsatisfied Purchaser Condition.............
	7.03(a) ........................................
	31

	Unsatisfied Sellers' Condition................
	7.03(b) .......................................
	31

	Warranties.......................................
	1.01(a)(viii) .................................
	3

viii

PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of the 7th day of June, 2018 (“Effective Date”), by and among the owner selling parties identified on Exhibit A attached hereto (referred to herein as “Owner Seller” or “Owner Sellers”), the operator parties identified on Exhibit A attached hereto (referred to herein as “Operator” or “Operators”), and TLG II, L.L.P., a Missouri limited liability partnership (“Parent Guarantor”), solely for the limited purposes set forth in Section 14.17, and GAHC4 Missouri SNF Portfolio, LLC, a Delaware limited liability company, and its successors and assigns permitted hereunder (“Purchaser”).  
RECITALS
WHEREAS, each Owner Seller is an affiliate of Parent Guarantor and owns that certain skilled nursing facility and/or residential care facility set forth opposite the name of such Owner Seller on Exhibit A (each, a “Facility”);
WHEREAS, each Operator is an affiliate of Parent Guarantor and (i) leases directly from the Owner Seller; or (ii) subleases from TLG III, L.L.P., as master tenant (“Existing Master Tenant”) pursuant to the terms and conditions of a HUD Facilities Master Lease (the “Existing Master Lease”), the Facility set forth opposite the name of such Operator on Exhibit A (each such Facility, the “Operator’s Facility”), in each case, pursuant to the Existing Master Lease or a separate facility lease agreement (each such lease hereinafter referred to as an “Operator Lease”); 
WHEREAS, each Operator is also the licensed operator of such Operator’s Facility and the owner of certain of the Transferred Property used in the operation of such Facility;
WHEREAS, for purposes of this Agreement, each Owner Seller owning a Facility and the Operator operating such Facility are individually and collectively, as the context may require, referred to herein as “Seller,” and all of such parties together are referred to collectively herein as “Sellers”; and
WHEREAS, the parties desire to enter into this Agreement pursuant to which Purchaser will purchase, accept and assume from Sellers, and Sellers will sell, convey, transfer and assign to Purchaser, the Transferred Property, subject to and in accordance with the terms and conditions herein.
NOW, THEREFORE, in consideration of the recitals, and of the mutual agreements, representations, warranties, conditions and covenants herein contained, the parties hereto agree as follows:
ARTICLE 1 
PURCHASE AND SALE OF PROPERTY
1.01    Purchase and Sale.
(a)    On the terms and conditions stated in this Agreement, Owner Sellers hereby agree to sell, convey, transfer and assign to Purchaser, and Purchaser hereby agrees to

purchase, accept and assume from Owner Sellers, all of the following described property of Owner Sellers (collectively, the “Owner Seller Property”), but excluding, in all cases, the Excluded Property:
(i)    fee simple title in and to each tract of land identified and described on Schedule 1.01(a)(i), together with all of each Owner Seller’s respective right, title and interest, if any, in rights and appurtenances to the extent pertaining to such land, including, without limitation, each Owner Seller’s respective right, title and interest, if any, in and to the following:  (A) all minerals, water, oil, gas and other hydrocarbon substances thereon; (B) all adjacent strips, streets, roads, alleys and rights‐of‐way, public or private, open or proposed; (C) all easements, privileges, development rights and hereditaments, whether or not of record; and (D) all access, air, water, riparian, solar power (but excluding any solar equipment, if any) and utility rights and wastewater, fresh water, storm sewer or other utilities capacity or service commitments and allocations, and all other rights and benefits to the extent running with such land and any and all other real property rights owned or leased by such Owner Seller with respect to such land; provided, however, that Purchaser shall not be obligated to assume any lease obligations therefor unless it elects to do so in writing (with respect to each Facility, collectively the “Land”);
(ii)    the buildings, improvements and structures owned by each Owner Seller (“Improvements”) and located on the Land (each Owner Seller’s Land and Improvements comprise such Owner Seller’s Facility, as defined in the recitals hereto);
(iii)    each Owner Seller’s right, title and interest in and to the following:  (A) mechanical systems, facilities and fixtures owned by each Owner Seller and comprising a part of or attached to each Facility as of the Effective Date, and any additions to or replacements thereof as of the Closing Date, to the extent such items do not constitute Operational Assets; and (B) pylons and other signs located on the Land at each Facility, but only to the extent assignable by law and provided that Purchaser shall not be obligated to assume any lease obligations therefor unless it elects to do so in writing (collectively, the “Owner Seller Appurtenant Property”);
(iv)    to the extent assignable and except to the extent any of the following shall be deemed a Regulatory Approval, each Owner Seller’s interest in any and all Permits necessary and required for the ownership, planning, development, construction, maintenance or use of the Property, in each case, as (A) requested by Purchaser and consented to by Sellers in their reasonable discretion prior to the DDP Expiration Date; or (B) required by any Approval Authorities to be held by the fee owner of the Facilities or which otherwise run with the Land (collectively, the “Owner Seller Permits”);
(v)    all right, title and interest, if any, of each Owner Seller in and to the use of the Facility names listed on Exhibit A and any goodwill related thereto, to the extent assignable (collectively, the “Owner Seller Goodwill and Naming Rights”); provided, however, that notwithstanding the foregoing, Purchaser shall not be entitled to any right, title or interest of Sellers in any trade names, trademarks or other Intellectual Property containing the name “Reliant Care” or any derivative thereof;

2

(vi)    all right, title and interest of each Owner Seller in and to any construction plans and specifications and other architectural and engineering drawings relating to each Facility to the extent assignable; provided, however, that Purchaser shall not be obligated to assume any obligations with respect thereto unless it elects in writing to do so in its sole discretion (collectively, the “Plans”);
(vii)    all right, title and interest of each Owner Seller in and to any architectural and construction contracts, other design or development agreements, and/or related construction financing, relating to any Facility; provided, however, that Purchaser shall not be obligated to accept the assignment and/or assume any of the foregoing unless it elects in writing to do so in its sole discretion; and
(viii)    any guaranties, warranties and payment and performance bonds relating to each Facility, to the extent transferable and assignable, owned by an Owner Seller and received in connection with any construction, repair, maintenance or other services or materials performed or provided with respect to a Facility (collectively, the “Warranties”), a list of which Warranties is attached hereto as Schedule 1.01(a)(viii).
(b)    On the terms and conditions stated in this Agreement, the Operators hereby agree to sell, convey, transfer and assign to Purchaser, and Purchaser hereby agrees to purchase, accept and assume from the Operators, all of the following described property of the Operators (collectively, the “Operator Property” and together with the Owner Seller Property, the “Transferred Property”), but excluding, in all cases, the Excluded Property:
(i)    to the extent assignable and except to the extent any of the following shall be deemed a Regulatory Approval, each Operator’s interest in any and all Permits necessary and required for the ownership, planning, development, construction, maintenance or use of the Transferred Property, in each case, as (A) requested by Purchaser and consented to by Sellers in their reasonable discretion prior to the DDP Expiration Date; or (B) required by any Approval Authorities to be held by the fee owner of the Facilities or which otherwise run with the Land (collectively, the “Operator Permits” and together with the Owner Seller Permits, the “Transferred Permits”);
(ii)    all right, title and interest, if any, of each Operator in and to the use of the Facility names listed on Exhibit A and any goodwill related thereto, to the extent assignable (collectively, the “Operator Goodwill and Naming Rights” and together with the Owner Seller Goodwill and Naming Rights, the “Transferred Goodwill and Naming Rights”); provided, however, that notwithstanding the foregoing, Purchaser shall not be entitled to any right, title or interest of Sellers in any trade names, trademarks or other Intellectual Property containing the name “Reliant Care” or any derivative thereof;
(iii)    to the extent assignable, all right, title and interest of each Operator in and to any Plans; provided, however, that Purchaser shall not be obligated to assume any obligations with respect thereto unless it elects in writing to do so in its sole discretion; and

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(iv)    to the extent assignable, all right, title and interest of each Operator in and to any architectural and construction contracts, other design or development agreements, and/or related construction financing, for the improvement of any Facility and, to the extent assignable, any Warranties relating thereto; provided, however, that Purchaser shall not be obligated to accept the assignment and/or assume any of the foregoing unless it elects in writing to do so in its sole discretion.
1.02    Excluded Property.
(a)    Notwithstanding anything to the contrary contained in Section 1.01, Sellers shall retain all of their right, title and interest in and to, and shall not sell, transfer, assign, convey or deliver to Purchaser their right, title and interest to any assets or other property other than the Transferred Property, including, without limitation, the following assets, whether related to a Facility or otherwise (collectively, the “Excluded Property”):
(i)    all accounts receivable, cash, cash equivalents, marketable securities, bank accounts, non‐loan related deposits, reserves and escrow funds of Sellers or their affiliates and all other revenue and income;
(ii)    all sums and/or any other amounts payable to any Seller with respect to any rate adjustments or other reimbursements from any Third Party Payor;
(iii)    each Seller’s books and records, including, but not limited to, organizational documents, minute books and other books and records relating to the maintenance and operation of such Seller as a legal entity, books of account, ledgers and general, financial and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, records and data, sales material and records, strategic plans, internal financial statements and all marketing and promotional surveys, material and research;
(iv)    each Seller’s interest in occupancy and admission agreements and all amendments thereto (collectively, the “Admission Agreements”) with residents of each Facility (collectively, the “Residents”), a list of which Residents is attached hereto as Schedule 1.02(a)(iv), which schedule shall be updated at the Closing (the “Rent Roll”), and all refundable deposits, if any, held by any Seller in connection with the Admission Agreements;
(v)    other than and excluding any Plans or Warranties, each Seller’s interest in all contract rights arising out of the management and operation of, or otherwise related to, each Facility, including, without limitation, each Seller’s interest in maintenance, commission, parking, supply and service contracts, personal property leases, contracts for the provision of healthcare services and the billing therefor, and other agreements related to each Facility that will remain in existence after the Closing (collectively, the “Contracts”);
(vi)    other than and excluding the Transferred Permits, all right, title and interest of each Seller in and to any Permits, including, without limitation, any Permits relating to

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or affecting the Facilities, the provision of healthcare services thereon and/or the reimbursement of healthcare costs relating thereto (including, without limitation, the certificate of need, the nursing facility license and any Medicare/Medicaid or other Third Party Payor provider numbers held or to be held by such Operator) as set forth on Schedule 1.02(a)(vi) attached hereto (collectively, the “Regulatory Approvals”); provided, however, that the Regulatory Approvals shall not, to the extent required by applicable law, include any Permits to be held by the fee owner of the Land or which otherwise run with the Land;
(vii)    any and all tangible personal property owned by Sellers, whether held for use by Sellers in connection with the management and/or operation of the Facilities or otherwise, including, without limitation all IT Assets and Operational Assets (collectively, the “Tangible Personal Property”);
(viii)    other than and excluding the Transferred Goodwill and Naming Rights, all right, title and interest of each Seller in and to any Intellectual Property or other proprietary rights of any kind owned by any Seller or any of their respective affiliates; and
(ix)    any files, records or other information held by any Seller containing PII (or any derivative thereof).
In addition to the foregoing, and for the avoidance of doubt, the parties hereby acknowledge and agree that all Resident Assets shall be deemed Excluded Property.
(b)    The Transferred Property and the Excluded Property are sometimes referred to herein collectively as the “Property.”  Notwithstanding any language to the contrary set forth herein, Parent Guarantor, Existing Master Tenant and each Owner Seller shall transfer directly to the applicable Operator prior to the Closing Date, (i) any Excluded Property held by Existing Master Tenant, Parent Guarantor, Lease Guarantor or such Owner Seller and reasonably necessary and/or advisable for the operation of a Facility, as permitted by applicable law, and (ii) any Seller Indebtedness related deposits, reserves and/or escrows held in the name of an Owner Seller, if any.  As used herein, “Lease Guarantor” means, individually and collectively as the context requires, Reliant Care Management Company, L.L.C., a Missouri limited liability company (“RCMC”) and any other affiliate parties to that certain Limited Guaranty of the Master Lease.  For purposes of Article 5, all references to Affiliated Party and Parent Guarantor shall be deemed to include Lease Guarantor, in each case, solely with respect to Lease Guarantor’s operation of the Facilities.
1.03    Retained Liabilities.  Except as otherwise expressly set forth in Sections 3.04(c) and 11.03(b) of this Agreement, Purchaser will not assume or be liable for, and Sellers will retain and remain responsible for all debts, liabilities, guarantees, assurances, commitments and other obligations of Sellers, whether accrued or unaccrued, whether absolute or contingent, whether known or unknown, whether due or to become due, and regardless of when asserted.
1.04    Definitions.  As used in this Article 1 and for all other purposes of this Agreement, the following terms shall have the meanings set forth below:

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(a)    “Approval Authorities” shall mean any (i) federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self‐regulated organization or other non‐governmental regulatory authority or quasi‐governmental authority, in (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction, (ii) Healthcare Regulatory Agency, and/or (iii) Third Party Payor.
(b)    “Healthcare Regulatory Agency” means all agencies, boards, authorities, commissions, panels, bodies, accreditation organizations and governmental and quasi‐governmental authorities (to the extent that the rules, regulations or orders of the foregoing have the force of law) with jurisdiction over the healthcare operations at each Facility and the Regulatory Approvals related thereto.
(c)    “Intellectual Property” means all United States, foreign, multi‐national and other intellectual property and proprietary rights of any kind, including all: (i) patents, (ii) trademarks, service marks, certification marks, logos, trade dress, trade names, brand names, corporate names, domain names, and other indicia of commercial source of origin, (iii) copyrights and all copyrightable works (whether or not registered), (iv) Trade Secrets, (v) internet domain names, IP addresses and websites and the images, videos and data contained therein, (vi) copies and tangible embodiments of the foregoing (in whatever form or medium), and (vii) rights to past, present or future claims or causes of action arising out of or related to any infringement, dilution, misappropriation, improper disclosure or other violation of any of the foregoing, and all proceeds arising in connection therewith.
(d)    “IT Assets” means any telephones, routers, desktop computers, laptops, fixed and mobile computer storage devices, servers, network equipment, hardware and other electronic and information technology assets of any kind owned or leased by Sellers and used and/or held for use in connection with the management and operation of the Facilities.
(e)    “Operational Assets” means office, medical, food, housekeeping and laundry supplies, including without limitation, linens and draperies for each Facility, beds, equipment, medication and controlled substances; provided, however, that the foregoing shall exclude any Resident Assets.
(f)    “Permits” means all permits, licenses, franchises, approvals, accreditations, authorizations, registrations, certifications, entitlements, variances and similar rights from any (i) Approval Authorities (including utility providers), (ii) Healthcare Regulatory Agency, and/or (iii) Third Party Payor.
(g)    “PII” means (i) a combination of any information that identifies an individual with that individual’s sensitive and non‐public financial, health or other data or attribute, such as a combination of the individual’s name, address, or phone number with the individual’s social security number or other government issued number, financial account number, date of birth, address, biometric data, mother’s maiden name, or other personally identifiable information, (ii) any “non‐public personal information” as that term is defined in the

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Gramm‐Leach‐Bliley Act found at 15 USC Subchapter 1, § 6809(4), and (iii) “protected health information” as defined in the Health Insurance Portability and Accountability Act found at 45 CFR § 160.103.
(h)    “Resident Assets” means all tangible personal property and other assets owned by or under the control of individuals who are residents of any Facility.
(i)    “Third Party Payor” means Medicare, Medicaid, Tricare, Veteran’s Administration, commercial and private insurers, managed care company, employee assistance programs, HMOs, preferred provider organizations and any other governmental, quasi‐governmental, commercial, or other organization which maintains a healthcare reimbursement program or policy.
(j)    “Trade Secrets” means as all confidential, proprietary business information (including ideas, research and development, know‐how, techniques, technical data, designs, specifications, research records, studies, reports, records of inventions, pricing and cost information, financial information and business and marketing plans and proposals), in each case, whether or not reduced to written form.
ARTICLE 2 
PURCHASE PRICE AND DEPOSIT
2.01    Purchase Price.
(a)    Portfolio Purchase Price.  The purchase price to be paid by Purchaser to Sellers for the Transferred Property at the Closing shall be the aggregate amount equal to Eighty‐Eight Million Two Hundred Thousand and 00/100 Dollars ($88,200,000.00) (the “Portfolio Purchase Price”).  For purposes of the Closing, the Portfolio Purchase Price will be allocated among each Facility in accordance with Schedule 2.01(a) and, for purposes of this Agreement, the allocation made to each Facility shall be referred to as such Facility’s respective “Purchase Price”.  The Purchase Price will be paid in cash.
(b)    Facility Purchase Price Allocation.  Each Facility’s respective Purchase Price shall be allocated among the Transferred Property of the Owner Seller and, with respect to any Operator Property, the applicable Operator of such Facility, as set forth on Schedule 2.01(b).  Purchaser and Sellers agree to file their respective tax returns, reports and forms, including, without limitation, to the extent applicable, Internal Revenue Service Form 8594, in a manner consistent with Schedule 2.01(b) and the agreed upon values.
(c)    Payment to Sellers at the Closing.  At the Closing and subject to the conditions set forth herein, Purchaser shall deliver to the Escrow Agent for payment to each Owner Seller and Operator of a particular Facility an amount equal to (i) such Facility’s Purchase Price, as adjusted in accordance with the various prorations and adjustments set forth in Section 8.04, minus (ii) the portion of the Deposit allocated to such Facility (plus any accrued interest) in accordance with Section 2.03 of this Agreement (which amount will be released to Sellers at the Closing by the Escrow Agent in accordance with the terms and conditions of this

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 Agreement) (for each Facility, the “Facility Closing Payment” and, collectively for all Facilities, the “Closing Payment”).  Subject to Section 2.01(d), the Closing Payment and Deposit shall be paid to Sellers at Closing by the Escrow Agent by wire transfer of immediately available funds to a bank account or accounts designated in writing to the Escrow Agent by Sellers.  Sellers shall cause the Escrow Agent to allocate each Facility Closing Payment among the Owner Seller of such Facility in a manner consistent with Schedule 2.01(a).
(d)    Seller Indebtedness Payoff Amount.  Other than and excluding the Excluded Indebtedness, Schedule 2.01(d) sets forth, as of the Effective Date, all of the outstanding indebtedness of Sellers and each of their respective affiliates to the extent that, in each case, such indebtedness is secured by an encumbrance on the Transferred Property and/or any Tangible Personal Property or otherwise constitutes or is secured by a guaranty by any Seller, Existing Master Tenant or Parent Guarantor (collectively, the “Seller Indebtedness” and, for each individual Facility to which such Seller Indebtedness relates, if any, the “Facility Indebtedness”).  Facility Indebtedness shall also include all indebtedness evidenced by the Government Note, which shall be repaid and released or otherwise cancelled, dismissed or terminated at or prior to Closing.  At the Closing, Purchaser and Seller shall jointly instruct the Escrow Agent to pay by wire transfer of immediately available funds to each Seller Creditor the outstanding principal balance, and the unpaid interest accrued thereon, as of the Closing Date with respect to the Seller Indebtedness, as evidenced by the Payoff Letters delivered to Escrow Agent prior to the Closing (for each individual Facility, the “Facility Indebtedness Payoff Amount” and collectively, the “Seller Indebtedness Payoff Amount”).  In addition to the foregoing, except as otherwise expressly provided in Section 8.04(a)(i) with respect to the HUD Lockout Fee (hereinafter defined), Sellers shall be solely responsible for the payment and satisfaction of any and all fees, charges or costs in connection with the payment and satisfaction of the Seller Indebtedness Payoff Amount.  The parties hereby acknowledge and agree that the Escrow Agent shall pay each individual Facility Indebtedness Payoff Amount from the funds delivered to the Escrow Agent pursuant to Section 2.01(c) and each such payment shall be deducted from the applicable Facility Closing Payment. 
(e)    For purposes of this Agreement, (i) “Excluded Indebtedness” shall mean any indebtedness secured by liens constituting purchase money security interests or arising under capitalized leases as set forth on Schedule 2.01(e)(i); (ii) the “Payoff Letters” shall mean the payoff letters from each Seller Creditor, whereby such Seller Creditor agrees that upon payment of such Seller Creditor’s portion of the Seller Indebtedness Payoff Amount to the account designated by them, any encumbrances held by such Seller Creditor on any of the Transferred Property and Tangible Personal Property will be released and any guarantees or indemnities relating thereto terminated; (iii) “Seller Creditor” shall mean each creditor of Sellers with respect to the Seller Indebtedness; and (iv) “Government Note” shall mean, collectively, that certain Promissory Note issued July 5, 2017, by Reliant Care Group, L.L.C., et al., in favor of the United States of America, together with all related guaranties, security agreements and any other credit enhancements supporting the Promissory Note.
2.02    Intentionally Omitted.  

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2.03    Deposit.  Purchaser shall deliver by wire transfer of immediately available funds through the Federal Reserve System to an account designated in writing by First American Title Insurance Company, in its Los Angeles office located at 777 South Figueroa, Suite 400, Los Angeles, California 90017, Attention: Brian M. Serikaku (the “Escrow Agent” and the “Title Company”), unless Purchaser designates Old Republic National Title Insurance Company or another entity as the title insurance company prior to the DDP Expiration Date (in which case such designated entity shall be deemed the Title Company) the sum of Five Million Two Hundred Fifty Thousand and 00/100 Dollars ($5,250,000.00) (the “Deposit”) within three (3) Business Days following the Effective Date.  Subject to the terms and conditions set forth in Article 13 of this Agreement, the Escrow Agent shall place the Deposit in a segregated, interest‐bearing institutional money market account with First American Trust for the benefit of Purchaser.  The Deposit shall be allocated among the Facilities as set forth on Schedule 2.03 and in the event of any partial or complete termination of this Agreement as provided herein, the Deposit shall be adjusted and/or distributed as provided in this Agreement.  The Deposit shall be non‐refundable to Purchaser after the DDP Expiration Date, except as otherwise specifically provided in this Agreement.  One Hundred and 00/100 Dollars ($100.00) of the Deposit shall constitute independent consideration for this Agreement and shall not be refundable to Purchaser for any reason.  Subject to the provisions set forth in Article 13, at the Closing, the Deposit shall be released by the Escrow Agent and shall be paid to Sellers in accordance with the allocation set forth on Schedule 2.03, as it may be adjusted in accordance with the terms of this Agreement.
ARTICLE 3 
TITLE AND SURVEY; ZONING
3.01    Title, Surveys and Zoning.  Promptly following the Effective Date, Purchaser shall order a (a) title commitment issued by the Title Company for each Facility, together with legible copies of all instruments referred to in such title commitment (collectively, the “Title Commitments”); and (b) new or updated ACSM/ALTA Land Title Survey, certified to the 2016 standards, for each Facility, together with such optional items from Table A and certifications as Purchaser may request (collectively, the “Surveys”).  Upon receipt of the updated Title Commitments and the Surveys, Purchaser shall promptly deliver the same to Purchaser’s third‐party zoning consultant, Sellers and their counsel, and request a new or updated zoning report for each Facility (collectively, the “PZR Reports”).  Purchaser shall use commercially reasonable efforts to order and ensure receipt of all Title Commitments, Surveys and PZR Reports prior to the DDP Expiration Date.  The Title Commitments, the Surveys, and the PZR Reports shall all be obtained at Purchaser’s sole cost and expense.
3.02    Title, Survey and Zoning Objections.
(a)    On or prior to the DDP Expiration Date (the “Title Objection Expiration Date”), Purchaser may notify Sellers in writing of any title, survey and/or zoning matters to which it objects (the “Initial Title Objections”).  If prior to the Title Objection Expiration Date, Purchaser has not provided Sellers with notice of any Initial Title Objections, Purchaser shall be deemed to have waived its right to object to any title, survey and/or zoning matters set forth in the Title Commitments, Surveys and PZR Reports.

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(b)    Sellers shall have ten (10) Business Days after receipt of Purchaser’s Initial Title Objections notice to elect to cure (by endorsement or otherwise, except in the case of zoning matters, which shall not be deemed cured through title insurance) any of the Initial Title Objections relating to the Facilities and to deliver written notice of its election to Purchaser.  Notwithstanding the foregoing or any other language to the contrary in this Agreement, Sellers shall have no obligation to cure any Initial Title Objections, and Sellers’ failure to deliver in a timely manner any such election notice shall be deemed an election not to cure any uncured Initial Title Objection.  Subject to Section 3.02(d) below, all title exceptions set forth in the Title Commitments, all zoning matters set forth in the PZR Reports, and all survey matters set forth in the Surveys, other than the Initial Title Objections, and subject to the title endorsements and other requested changes to the Title Commitments and Surveys specified in writing by Purchaser in accordance with the terms of this Section 3.02, shall be deemed Permitted Exceptions.
(c)    If Sellers elect, or are deemed to have elected, not to cure any Initial Title Objection relating to matters which Purchaser, in its good faith judgment, believes materially and adversely affects the use of a Facility as a skilled nursing facility, and which shall not include any of the Permitted Exceptions (the “Material Initial Title Objections”), Purchaser shall, within ten (10) Business Days after receiving notice or deemed notice from Sellers with respect to all Initial Title Objections, elect, by giving written notice to Sellers, (i) to terminate this Agreement with respect to any one (1) or more of the Facilities that are the subject of the Material Initial Title Objections that the applicable Sellers have elected not to cure, or (ii) to waive any such Material Initial Title Objections giving rise to Purchaser’s termination right (and such Material Initial Title Objections shall be deemed to be Permitted Exceptions).  Notwithstanding the foregoing, in the event that Purchaser elects to terminate this Agreement with respect to any one (1) or more Facilities in accordance with this Section 3.02(c), Sellers shall have the right, exercisable within ten (10) Business Days following any such termination, to notify Purchaser of its election to terminate this Agreement with respect to all other Facilities.  Purchaser shall then have ten (10) Business Days upon receipt of such termination election to (A) accept Seller’s termination with respect to all other Facilities, or (B) waive any such Material Initial Title Objections giving rise to Purchaser’s termination right.  Purchaser’s failure to timely give notice in accordance with the first sentence of this Section 3.02(c) shall be deemed a waiver of any such Material Initial Title Objections giving rise to Purchaser’s termination right.  Prior to the expiration of its termination right, if any, under this Section 3.02(c), Purchaser shall use commercially reasonable efforts to negotiate with the Title Company with respect to the preparation of a pro forma title policy acceptable to Purchaser for each Facility (each, a “Pro Forma Title Policy”), provided, however, that prior to finalizing any such Pro Forma Title Policy, Sellers shall have the reasonable opportunity to review and comment with respect to same, and the parties hereto shall use commercially reasonably efforts to mutually agree upon a final version of the legal descriptions of the Facilities to be set forth in the Pro Forma Title Policies.
(d)    If, prior to the Closing, any update or amendment of any Title Commitment reflects any new title or survey exception, or materially and adversely amends any exception previously approved by Purchaser, or materially and adversely amends the terms under which the Title Company is willing to issue any title policy, or if a Survey is materially and

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adversely amended, then Purchaser shall have ten (10) calendar days from the date it receives the updated Title Commitment and a legible copy of the new exception or Survey disclosing the same (and, if necessary, the Closing shall be postponed to provide for such ten (10) day period), to disapprove the same by written notice to Sellers (the “New Title Objections”).  Upon Purchaser’s timely delivery to Sellers of notice of any New Title Objection, all references to Initial Title Objections and Material Initial Title Objections in Sections 3.02(b) and 3.02(c) shall be deemed to apply to the New Title Objections and the terms of such provisions shall apply to such New Title Objections.  For purposes of this Agreement, the term “Material Title Objections” shall mean, collectively, the Material Initial Title Objections and any New Title Objections which Purchaser, in its good faith judgment, believes materially and adversely affects the use of a Facility in accordance with its permitted use under the terms of the Master Lease, and which shall not include any of the Permitted Exceptions.
(e)    If Purchaser does not, in accordance with the terms of Section 3.02(c), terminate this Agreement with respect to a particular Facility pursuant to the existence of an uncured Material Title Objection by the expiration of the earlier of (i) ten (10) Business Days after Sellers’ election or deemed election not to cure any Material Title Objection at such Facility, or (ii) the Closing Date (as it may be extended pursuant to Section 3.02(d), if applicable), then any such Material Title Objection shall be deemed to be a Permitted Exception.  If Purchaser elects to terminate this Agreement with respect to any Facility in accordance with Section 3.02(c), then (A) neither party shall have any further rights or obligations hereunder as to such Facility (other than any obligations of either party that expressly survive termination); (B) the portion of the Deposit allocable to the terminated Facility shall be reallocated by the Escrow Agent, pro rata, among the remaining Facilities in proportion to each such Facility’s respective Purchase Price as measured against the remaining balance of the Portfolio Purchase Price; and (C) the Portfolio Purchase Price will be reduced by the Purchase Price allocated to the terminated Facility.  If Sellers elect to terminate this Agreement as to all Facilities and Purchaser does not waive the Material Title Objections giving rise to Purchaser’s termination right in accordance with Section 3.02(c), then the Deposit shall be returned to Purchaser, after which neither Sellers nor Purchaser will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  Notwithstanding any language to the contrary in this Agreement, Purchaser’s failure to timely deliver a notice of termination pursuant to Section 3.02(c) shall not be deemed a waiver by Purchaser of any other rights of termination it may have as set forth in this Agreement.
(f)    Notwithstanding the foregoing, Purchaser shall not have the right to object to any of the following (and none of the following may constitute a Material Title Objection), all of which shall be deemed to be “Permitted Exceptions” hereunder: (i) matters created or consented to in a separate written consent executed and delivered by Purchaser in its sole discretion after the Effective Date; (ii) real estate taxes and assessments, water rates, water meter charges, sewer rates, sewer charges and similar matters imposed by any Approval Authorities (including, without limitation special improvement districts) which are not yet due and payable; (iii) such matters set forth on any Survey, Title Commitment or PZR Report for which Purchaser did not timely and properly object pursuant to this Section 3.02; (iv) all present and future Laws, ordinances, restrictions, requirements, resolutions, orders, rules and regulations of any Approval 

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Authorities, as now or hereafter existing or enforced (including those related to zoning and land use); (v) any exceptions caused by Purchaser, its agents, representatives or employees; (vi) the rights of any current or future Residents, as occupants only, under any Admission Agreements; and (vii) such other matters deemed to be Permitted Exceptions pursuant to Sections 3.02(b), 3.02(c), 3.02(e) and 3.03.  Notwithstanding any language to the contrary set forth herein, each Seller shall be obligated, at its sole cost and expense (except as otherwise expressly provided in Section 8.04(a)(i) with respect to the HUD Lockout Fee), to satisfy at or prior to the Closing, all monetary encumbrances affecting a Facility or other related Property evidenced by mortgages or deeds of trust, UCC filings, tax liens, judgments, mechanic’s liens or other liens or fixed sum charges (except for those liens securing the Excluded Indebtedness, as defined in Section 2.01(e)), and Sellers shall authorize Escrow Agent to use the Purchase Price or a portion thereof allocable to the Facility for which such monetary liens exist to pay and discharge the same at the Closing.
3.03    Failure to Cure Title Objections.  If any Seller undertakes to cure or attempt to cure any Material Title Objection with respect to which Purchaser has given timely and proper notice of objections pursuant to Section 3.02 but at or prior to the Closing such Seller is unable to effect such cure, after using reasonable efforts to do so, then Purchaser shall have the right to (a) accept such matters as such Seller shall have failed to cure and proceed to purchase the Facility subject to such uncured matters, in which event such uncured matters shall constitute additional Permitted Exceptions, or (b) terminate this Agreement with respect to any one (1) or more of the applicable Facilities by written notice to Sellers.  Notwithstanding the foregoing, in the event that Purchaser elects to terminate this Agreement with respect to any one (1) or more Facilities in accordance with this Section 3.03, Sellers shall have the right, exercisable within ten (10) Business Days following any such termination, to notify Purchaser of its election to terminate this Agreement with respect to all other Facilities.  Purchaser shall then have ten (10) Business Days upon receipt of such termination election to notify Seller of its acceptance of Seller’s termination or to waive any such failures by Sellers to cure and proceed to the Closing.  In the event that pursuant to this Section 3.03, this Agreement is (i) terminated in whole, the Deposit shall be returned to Purchaser, after which neither Sellers nor Purchaser will have any further rights or obligations hereunder, except for any obligations that expressly survive termination; or (ii) partially terminated, the portion of the Deposit applicable to each terminated Facility shall be reallocated among the remaining Facilities and neither Purchaser nor Sellers shall have any further rights or obligations hereunder with respect to such terminated Facilities (other than any obligations of either party that expressly survive termination).
3.04    Access.
(a)    Subject to the terms of this Section 3.04,  from and after the Effective Date until the earlier of the DDP Expiration Date or earlier termination of this Agreement, Purchaser and its agents and contractors shall have the right, at Purchaser’s sole cost and expense, to enter any Facility for the purpose of making such tests, inspections, facility management and administrative interviews and document reviews (collectively, “Inspections”) as Purchaser deems necessary in connection with this Agreement, subject to the terms and conditions set forth herein.  Each Seller shall use commercially reasonable efforts to assist 

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Purchaser in arranging such Inspections in respect of any Facility owned or operated by such Seller at no cost to such Seller.
(b)    Purchaser and its agents and contractors shall not undertake any Inspections or perform any other activities at the Facilities without first obtaining Sellers’ prior consent thereto via email to Robert Craddick at RCraddick@reliantcaremgmt.com, which consent shall not be unreasonably withheld, conditioned or delayed.  Purchaser shall give Sellers at least two (2) Business Days advance notice when requesting to undertake Inspections or perform any other activities at the Facilities.  For the avoidance of doubt, Sellers’ failure to consent to any Inspections or the performance of any other activities at any Facility shall not be deemed unreasonable if Sellers, in their sole discretion, determine that the Inspections or such other activities that Purchaser or its agents desire to conduct at such Facility would be reasonably likely to create liability for any Seller or unreasonably interfere with or unreasonably interrupt the operation of such Facility.  Purchaser shall provide Sellers with a description of the Inspections proposed to be conducted at the Facilities, together with, upon request by Sellers, insurance certificates reflecting insurance coverage in connection with such Inspections reasonably acceptable to Sellers, and shall deliver such description and insurance certificates to Seller via email to Robert Craddick at RCraddick@reliantcaremgmt.com.  The Inspections shall be performed by licensed, insured parties reasonably acceptable to Sellers.  Sellers hereby acknowledge and agree that the following parties performing the Inspections shall be deemed acceptable to Sellers: EMG Corporation, Pixis, LLC and Zoning Reports, LLC.
(c)    Purchaser covenants that all Inspections shall be performed in a good and workmanlike fashion during normal business hours, and in a manner that minimizes any inconvenience to, or interruption of, the normal use and enjoyment of the Facilities and further covenants that at the conclusion of the Inspections, Purchaser shall restore the Facilities to at least the same condition such Facilities were in prior to the commencement of the Inspections, including, without limitation, the removal of any and all equipment necessary for Purchaser’s performance of the Inspections.  Purchaser shall not permit any liens to attach to any Facility by reason of the exercise of its rights pursuant to this Section 3.04 and shall indemnify, defend and hold harmless Sellers, the Affiliated Parties and each of their respective affiliates, officers, directors, employees, partners, shareholders, members, managers and any other person having a direct or indirect ownership interest in any Seller, Affiliated Party or any of their respective affiliates (together with the successors and assigns of each of the foregoing, individually and collectively, the “Seller Group”) from any out‐of‐pocket losses, damages, liabilities, deficiencies, Claims, amounts paid in settlement, judgments, awards, penalties, fines, costs or expenses (including, without limitation, reasonable attorneys’ fees) (collectively, “Damages”) incurred by the Seller Group and caused by Purchaser, Inspection Engineer or their respective agents, contractors and/or representatives in connection with the Inspections and/or the completion of the Premises Condition Reports.  For purposes of this Agreement, “Damages” shall not include any punitive, incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business reputation, diminution of value or any damages based on any type of multiple.  The foregoing indemnity obligations shall survive the Closing or earlier termination of this Agreement for a period of twenty‐four (24) months.  Notwithstanding the foregoing, in no event shall the indemnity of this Section include the mere discovery of

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pre‐existing conditions disclosed by Purchaser’s investigations or any damages caused by Seller or Seller’s negligence or willful misconduct (or by any other Seller Group party or its negligence or willful misconduct).  For purposes of clarification, and as only one example, Purchaser will not be deemed to have engaged in the “mere discovery of pre‐existing conditions” if, in addition to identifying said pre‐existing conditions, Purchaser were to provide notice of such conditions to any third party.
(d)    Sellers shall be entitled to have a representative (as designated by Sellers from time to time, each a “Sellers’ Representative”) present during all visits to the Facilities by Purchaser or its agents or representatives.  During and following any such Inspections, Purchaser shall direct all requests for information about the Property through a Sellers’ Representative.  Purchaser’s access to on‐site personnel shall be limited to meeting with the chief administrator and property manager at each Facility, and any replacement thereof to the extent the position or title of any such person changes prior to the Closing (collectively, the “Facility Management”), unless otherwise approved by Sellers or Sellers’ Representative.  Purchaser shall instruct and advise its agents and representatives visiting a Facility not to reveal to any personnel of any Seller (other than Sellers’ Representative and the Facility Management) that such visit and related activity is being conducted in connection with a proposed purchase of the Transferred Property and shall instruct its agents and representatives to direct all questions regarding their presence to Sellers’ Representative and the Facility Management.  Notwithstanding anything herein to the contrary, Purchaser shall use commercially reasonable efforts not to interfere unreasonably with any operations of any Seller at any Facility or unreasonably disturb or interfere with any Resident’s rights or occupancy at any Facility, and Purchaser will not contact any Residents or employees of any Facility, without first obtaining the written consent (which may be via electronic mail) of a Sellers’ Representative.
(e)    At all times prior to the Closing and in connection with the Inspections, Purchaser agrees to maintain at its own expense (and to cause its agents and contractors to maintain) and, upon request, provide evidence to Sellers of the following insurance policies: (i) commercial general liability insurance in a form satisfactory to Sellers, with a combined single limit for property damage and bodily injury of not less than Two Million and 00/100 Dollars ($2,000,000.00) per occurrence, and (ii) workers’ compensation coverage for the employees or and agents of any party (including, without limitation, Purchaser) engaging in the Inspections in accordance with applicable Law.  Such evidence shall be in the form of certificates of said policies in form reasonably acceptable to Sellers, which shall be delivered to Sellers prior to the date of any Inspection to be performed hereunder.  
(f)    Purchaser shall use commercially reasonable efforts to promptly furnish Sellers with copies of all reports issued as a result of the Inspections by delivery of same to Sellers’ attorneys, Vincent J. Garozzo and L. Taylor Hall, Greensfelder, Hemker & Gale, P.C., 10 South Broadway, Suite 2000, St. Louis, MO 63102, Email: vjg@greensfelder.com and lth@greensfelder.com, respectively.  Any such reports as well as all other results, findings or documentation obtained by Purchaser in connection with the Inspections shall be subject to the terms and conditions of that certain Non-Disclosure Agreement dated May 2, 2018 signed by American Healthcare Investors, LLC (the “Purchaser NDA”). 

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ARTICLE 4 
PROPERTY INFORMATION; DUE DILIGENCE PERIOD TERMINATION
4.01    Property Information.  Purchaser hereby acknowledges and agrees that as of the Effective Date, Sellers have delivered (including by way of the electronic data room located at http://www.greensfelder.firmex.com (the “Data Room”)) copies of all material due diligence items and materials relating to the Facilities and Property, including, without limitation, copies of all of the information set forth on Schedule 4.01 for each Facility, to the extent such information exists and is in Sellers’ possession or reasonable control (collectively, the “Property Information”).  The Property Information shall be considered Evaluation Material (as defined in the Purchaser NDA).  In providing the Property Information to Purchaser, neither Sellers, nor any of their affiliates nor any of their respective employees, agents and/or representatives makes any representation or warranty, express, written, oral, statutory or implied, and all such representations and warranties are hereby expressly excluded and disclaimed by all parties, except as provided in Section 5.01 and the Deeds.  Any Property Information provided by any Seller to Purchaser pursuant to the terms of this Agreement is for informational purposes only, and Purchaser shall not in any way be entitled to rely upon the accuracy of the Property Information.  Notwithstanding the foregoing, the parties hereby acknowledge and agree that all Property Information shall be provided to Purchaser in the Data Room.  
4.02    Due Diligence Period Termination.  Purchaser may terminate this Agreement by delivering written notice to Sellers (a “DDP Termination Notice”) for any reason or for no reason at any time from the Effective Date until the date that is forty‐five (45) days after the Effective Date (the “DDP Expiration Date”).  If, by the DDP Expiration Date, Purchaser fails to deliver a DDP Termination Notice to Sellers, such failure shall be deemed an election by Purchaser to proceed with the transactions contemplated hereby with respect to the applicable Facilities, subject to the terms and conditions of this Agreement.  Upon timely delivery of the DDP Termination Notice, this Agreement shall automatically terminate with respect to all (but not less than all) of the applicable Facilities, in which event the Deposit shall immediately and uncontestably be returned to Purchaser and neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  Notwithstanding anything herein to the contrary, Purchaser’s failure to timely deliver a DDP Termination Notice shall not be deemed to be a waiver by Purchaser of any other rights of termination it may have as set forth herein.   
ARTICLE 5 
REPRESENTATIONS AND WARRANTIES
5.01    Representations and Warranties of Sellers.  Each Owner Seller and Operator of a particular Facility, jointly and severally, solely as between themselves and solely with respect to the Facility and other Property owned and/or operated by them, hereby represent and warrant to Purchaser the following as of the Effective Date and as of the Closing Date, which representations and warranties shall survive the Closing for a period of one (1) year from and after the Closing Date (for the avoidance of doubt, any reference in this Section 5.01 to (i) “Sellers”, “Owner Sellers” or “Operators” shall refer solely to each Seller, Owner Seller or Operator in their individual capacity; and (ii) “Facilities” or “Transferred Property” shall refer 

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solely to the particular Facility and the Transferred Property owned and/or operated by such Seller, Owner Seller or Operator).
(a)    Organization.  Each Seller is, as applicable, a limited liability company, limited partnership or corporation which has been duly organized and is validly existing (and in good standing) under the laws of the State of Missouri, and is duly qualified to transact business in the State of Missouri.
(b)    Authority/Consent.  Each Owner Seller is the sole owner of the fee simple interest in and to the Facility set forth opposite the name of such Owner Seller on Exhibit A and the Land on which it is situated, and has fee simple title to the same.  Each Owner Seller and Operator have good title to all of their respective other Transferred Property.  The Sellers possess all requisite power and authority, and have (or, as of the Closing, will have) (i) taken all actions required by their organizational documents and applicable law; and (ii) obtained all necessary consents (other than any required Regulatory Approvals, which, as of the Closing Date, will have been obtained or waived by Purchaser) to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  Each individual executing this Agreement on behalf of Sellers is duly authorized to do so, and this Agreement is binding and enforceable against Sellers in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, arrangement, modification or other laws affecting the rights of creditors generally.
(c)    No Conflicts.  Except as set forth in Schedule 5.01(c) and to Sellers’ Knowledge, the execution of this Agreement and the consummation of the transactions contemplated hereby by Sellers, Master Tenant and Parent Guarantor, as applicable, do not, and at the Closing will not, result in a breach of any of the terms or provisions of, or constitute a default or a condition which upon notice or lapse of time or both would ripen into a default under any Admissions Agreements, Contracts or any other indenture, agreement, instrument or obligation to which any Seller is a party or, to Sellers’ Knowledge, by which the Property or any portion thereof is bound; and does not, and at the Closing will not, to Sellers’ Knowledge, constitute a violation of any Laws, Permits, or Regulatory Approvals. Except as set forth in Schedule 5.01(c) or as would not have a Material Adverse Effect, no consent, approval or other action of, or filing on registration with, any Approval Authority is required on any Seller’s behalf with respect to the transactions provided for herein.  
(d)    Litigation.  Except as disclosed on Schedule 5.01(d), no litigation, arbitration, mediation, action, suit, hearing, investigation, proceeding (including, without limitation, any condemnation action) or other Claim (collectively, “Litigation”) is pending or, to Sellers’ Knowledge, is threatened in writing that concerns or involves Sellers, Master Tenant, Parent Guarantor or the Facilities, nor are there any unpaid or unsatisfied judgments, orders, penalties or other amounts owed by any of the foregoing in respect of any such Litigation.  “Claims” means any demands, action, cause of action, lawsuit, arbitration, proceeding, investigation, allegation of violation of Laws, litigation or claim, including, without limitation, any claim for damage to property or injury to or death of any person or persons, commenced, brought, conducted or heard by or before, or otherwise involving any Approval Authorities.  The disclosure of any matters on Schedule 5.01(d) shall in no way release Sellers, Master Tenant, or 

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Parent Guarantor from responsibility for any such Claims, and Purchaser shall in no way be deemed to have assumed responsibility for any such Claims, either by virtue of receipt of such notice or the occurrence of the Closing.
(e)    Bankruptcy.  No Seller or any Affiliated Party has (i) made any general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered the filing of an involuntary petition in bankruptcy by such Seller’s or any Affiliated Party’s creditors, (iii) suffered the appointment of a receiver to take possession of all, or substantially all, of such Seller’s or any Affiliated Party’s assets, (iv) admitted in writing its inability to pay its debts as they come due, (v) made any offer of settlement, extension or compromise to its settlers generally, or (vi) considered doing or undertaking or planned to do or undertake any of the foregoing in the past eighteen (18) months.  Furthermore, no bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is pending or, to Seller’s Knowledge, has been threatened against such Seller or any Affiliated Party, and no Seller or any Affiliated Party has any intention of filing any such action or proceeding.
(f)    Other Sales Agreements.  Other than this Agreement, no Seller nor any Affiliated Party has entered into any other contract to sell the Transferred Property, the Excluded Property or any part thereof, other than any de minimis tangible personal property sold in the ordinary course of any such Seller’s or Affiliated Party’s business.
(g)    Rent Roll; Financial Information.
(i)    To Sellers’ Knowledge, all information set forth in the Rent Roll attached hereto as Schedule 1.02(a)(iv) and the Financial Statements (collectively, the “Financial Information”) is true, correct and complete in all material respects as of the date hereof (and, with respect to the Rent Roll, as updated and presented at the Closing, as of the Closing Date) and fairly presents the financial position of Sellers, Master Tenant and Parent Guarantor as of the dates listed therein.  All such Financial Information, where applicable, has been prepared in a manner consistent with Sellers’ historical accounting methods and the practices, principles, policies and procedures applicable thereto applied on a consistent basis throughout the period involved.  For purposes of this Section 5.01(g)(i), the “Financial Statements” shall mean (A) with respect to each Owner Seller, the reviewed (but unaudited) financial statements of such Owner Seller, consisting of the balance sheet of such Owner Seller as of December 31 in each of the years 2017 (excluding the Eastview Owner Seller), 2016 and 2015 and the related statements of income and retained earnings, equity and cash flow for the years then ended; (B) with respect to each Operator (excluding the Eastview Operator), the audited financial statements of such Operator, consisting of the balance sheet of such Owner Seller as of December 31 in each of the years 2017, 2016 and 2015 and the related statements of income and retained earnings, equity and cash flow for the years then ended; and (C) with respect to the Eastview Operator, the reviewed (but unaudited) financial statements of the Eastview Operator, consisting of the balance sheet of the Eastview Operator as of December 31 in each of the years 2017, 2016 and 2015 and the related statements of income and retained earnings, equity and cash flow for the years then ended.  

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(ii)    Except for the Admission Agreements in respect of the Residents listed on the Rent Roll, each Operator Lease (including, without limitation, the Existing Master Lease for the Facilities leased by the applicable Owner Sellers to Existing Master Tenant, as set forth on Exhibit A), any matters of record shown in the Title Commitments and such other matters set forth on Schedule 5.01(g)(ii), there are no resident agreements, occupancy agreements, leases, subleases or license agreements for the use or occupancy of the Facility, and no Seller or, if applicable, Master Tenant, has entered into any leases, letters of intent or other written agreements now in effect to lease their respective Facility, in whole or in part, to any party other than Purchaser or its designee in connection with the Master Lease and there are no adverse or other parties in possession of the Property.  Sellers  shall certify and deliver to Purchaser at the Closing an updated Rent Roll effective as of a date no earlier than three (3) Business Days prior to the Closing.
(iii)    To Sellers’ Knowledge, all material Permits held by the Facilities; all provider numbers, including Medicare, Medicaid and National Provider Identifiers (collectively, “NPIs”) currently used by the Facilities; all state and federal surveys and plans of correction; Medicare and Medicaid censuses; documentation related to Resident care reports, and any and all corporate integrity agreements, settlement agreements and related documents, in each case, uploaded by or on behalf of each Seller onto the Data Room are true, correct and complete in all material respects.  To Sellers’ Knowledge, Sellers have delivered to Purchaser or uploaded onto the Data Room true, correct and complete (in all material respects) copies of Sellers’ form of Admission Agreement, each Operator Lease and the Existing Master Lease and a chart reflecting the organizational structure of Sellers, Existing Master Tenant and Parent Guarantor, a copy of which is attached hereto as Schedule 5.01(g)(iii).
(iv)    The Regulatory Approvals have not been transferred to any location other than the respective Facility to which they relate, have not been pledged as collateral security (except as collateral for Seller Indebtedness, which shall be paid in full and all collateral released on or prior to Closing), and are held free from restrictions or known conflicts that would materially impair the use or operation of any Facility as intended, and are not provisional or probationary.
(h)    Contracts.  To Sellers’ Knowledge, except for any Immaterial Contracts and each of the Contracts available to Purchaser in the Data Room as of the date hereof, which to Sellers’ Knowledge, are, except as set forth on Schedule 5.01(h), true, correct and complete in all material respects (the “Data Room Contracts”), there are no material personal property leases or license agreements, or construction, employment, management, service, healthcare provider, billing, Third Party Payor, supply or other similar contracts in effect entered into by Sellers or binding on Sellers or the Facility or otherwise relating to the Property.  To Sellers’ Knowledge, the Data Room Contracts (excluding any Immaterial Contracts included therein) have been entered into, and are being carried out and enforced, in compliance with all Laws.  To Sellers’ Knowledge, except as set forth on Schedule 5.01(h), there are no material defaults or threatened in writing defaults under any of the Data Room Contracts (excluding any Immaterial Contracts included therein), and no event or condition has occurred or exists, which with the passage of time, notice, or both could constitute a material default under any of the Data Room Contracts.  For purposes of this Agreement, “Immaterial Contract” shall mean any contract (i) reasonably

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expected to result in future payments by the Seller Group of an amount less than Thirty‐Five Thousand and 00/100 Dollars ($35,000.00) per annum; and (ii) which is terminable within ninety (90) days’ notice without payment of premium or penalty; provided, however, “Immaterial Contracts” shall expressly exclude any contracts by and between any Seller and an Affiliated Service Party or RCMC, including without limitation, those certain management agreements identified on Exhibit K attached hereto and incorporated herein by reference, including any amendments, supplements, modifications or replacements thereof (the “Management Agreements”).  
(i)    Utilities and Assessments.  To Sellers’ Knowledge, Sellers have received no written notice that there are unpaid and delinquent assessments for public improvements, including, without limitation, any and all water, sewer, gas, electric, telephone and drainage facilities, against the Facilities.
(j)    Permits and Warranties.  To Sellers’ Knowledge, (i) the list of Permits, Regulatory Approvals set forth on Schedule 1.02(a)(iv) and Warranties set forth on Schedule 1.01(a)(viii) attached to this Agreement are true, correct and complete in all material respects, and (ii) Sellers have delivered to Purchaser or uploaded onto the Data Room true and complete (in all material respects) copies of the Permits, Regulatory Approvals and Warranties set forth on such schedules (to the extent same are in Sellers’ possession or reasonable control).
(k)    Violations of Law or Governmental Agreements.
(i)    To Sellers’ Knowledge, each of Sellers and the Affiliated Parties and the use and operation of the Facilities by Sellers, including, without limitation, the provision of healthcare services and the billing therefor, are in compliance, in all material respects, with all applicable laws, statutes, moratoria, initiative, referenda, ordinances, rules, orders, regulations, codes, standards and orders promulgated by any Approval Authorities over Seller or the Facility or the operations thereof (collectively, “Laws”), including, without limitation:
(A)    all applicable building codes, environmental, zoning, subdivision, and land use Laws and the Americans with Disabilities Act;
(B)    the Healthcare Insurance Portability and Accountability Act of 1996, and the regulations promulgated thereunder; and
(C)    all Regulatory Approvals and requirements of Healthcare Regulatory Agencies and other Approval Authorities having jurisdiction over the operation of the Facility, including, without limitation, (i) staffing requirements, (ii) health and fire safety codes and standards, including quality and safety standards, (iii) accepted professional standards and principles that apply to professionals providing services in such Facility, (iv) federal, state or local laws, rules, regulations or published interpretations or policies relating to the prevention of fraud and abuse, (v) insurance, reimbursement and cost reporting requirements, (vi) government payment program requirements and disclosure of ownership and related information requirements, and (vii) requirements of the applicable state department of health or equivalent and all other federal, state, or focal governmental authorities, including, without limitation, those

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relating to such Facility’s physical structure and environment, licensing, quality and adequacy of medical care, distribution or pharmaceuticals, rate setting, equipment, personnel, operating policies, additions to facilities and services and fee splitting, and any other applicable laws, regulations or agreements for reimbursement for the type of care or services provided at the Facility.
(ii)    Except as may be disclosed on Schedule 5.01(k)(ii), neither Seller nor any Affiliated Party has received written notice in the last three (3) years from any private party or governmental authority, including any Approval Authority, advising Seller or any Affiliated Party of, or alleging a violation of any Law in connection with the Facilities (including, without limitation, the provision of healthcare services and the billing therefor and the conduct of any other business operations thereon).  Neither Seller nor any Affiliated Party has entered into any material settlements, commitments or agreements with any Approval Authorities affecting such Property, and neither Seller nor any Affiliated Party is otherwise the subject of an investigation or corporate integrity agreement by any Approval Authorities, except as disclosed on Schedule 5.01(k)(ii).
(iii)    Tenant has in place policies and procedures to maintain all patient and resident records at each Facility, including patient and/or resident account records, in material compliance with applicable Laws and professional standards.
(l)    Environmental Laws.  Except with respect to issues, if any, disclosed on Schedule 5.01(l) or in those certain environmental reports uploaded onto the Data Room as of the Effective Date and any Inspections received by Purchaser in accordance with Section 3.04 of this Agreement, to Sellers’ Knowledge, (i) Seller does not use or permit such Facility to be used in a manner which violates any Environmental Law (as hereinafter defined), nor has Seller done so in the past and Seller has not received written notice that such Facility is in violation of any Environmental Law, (ii) during Seller’s term of ownership, such Facility has not been used for the storage, treatment or disposal of Hazardous Materials (as hereinafter defined) in such a manner that would reasonably be expected to result in a violation of Environmental Law, other than medical wastes, equipment, cleaning solutions, maintenance materials and other products customarily used or stored incidental to the operation or maintenance of such Facility and all in compliance with Environmental Law, (iii) no storage tanks have been or are currently located at such Facility in violation of Environmental Law, except for any propane tanks and oxygen tanks used in the ordinary course of business at such Facility in compliance with Environmental Law, and (iv) Seller has no Knowledge of any discharge, seepage or release of Hazardous Materials onto the Facility from adjoining property.  As used herein, the term “Environmental Law” means any law, statute, ordinance, rule, regulation, order or determination of any governmental authority or agency having jurisdiction over or otherwise affecting the Property and pertaining to health or the environment, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601 et seq., and the Federal Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801 et seq., the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq., the Clean Air Act, 42 U.S.C. Section 7401 et seq., the Clean Water Act, 33 U.S.C. Section 1251 et seq., all as presently or hereafter amended.  To Seller’s Knowledge, neither Seller nor any Affiliated Party has received notice that the Property

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or any portion thereof contains any form of toxic mold.  As used herein, “Hazardous Materials” means all flammable substances, explosives, radioactive materials, pollutants, contaminants, medical waste materials, petroleum, petroleum products, asbestos, polychlorinated byphenyls, lead paint, hazardous or toxic materials or any related hazardous materials or substances defined as “extremely hazardous substances,” “hazardous substances,” “hazardous waste,” “hazardous materials,” “toxic substances,” “infectious waste” or “medical waste,” in any Environmental Law or in the regulations adopted and publications promulgated pursuant to said Environmental Laws.
(m)    Foreign Person.  Seller is not a “foreign person,” “foreign trust” or “foreign corporation” within the meaning of the United States Foreign Investment in Real Property Tax Act of 1980 and the Internal Revenue Code of 1986, as amended (the “Code”), and upon consummation of the transaction contemplated hereby, Purchaser will not be required by the Code to withhold from the Purchase Price any withholding tax.
(n)    No Prohibited Persons.  Neither Seller nor any Affiliated Party, nor their respective equity owners, is a person or entity:  (i) that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order 13224 issued on September 24, 2001 (“EO13224”); (ii) whose name appears on the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums, including, without limitation, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports “terrorism,” as that term is defined in EO13224; or (iv) who is otherwise affiliated with any entity or person listed above.  Notwithstanding anything herein to the contrary, the foregoing representation shall not apply to the beneficiaries of any pension plan affiliated with Seller.
(o)    Loans.  The principal balance of the Seller Indebtedness (collectively, the “Existing Debt”), in each case, as of the date hereof, is estimated to be as shown on Schedule 5.01(o), which amounts shall be adjusted and confirmed in the Payoff Letters at the Closing.  Sellers have delivered or made available to Purchaser true, correct and complete copies of the loan documents evidencing the Existing Debt (collectively, the “Loan Documents”).  The Loan Documents are in full force and effect, and no Seller nor any Affiliated Party (to the extent a party thereto or otherwise bound) has received written notice of its default thereunder and, to Sellers’ Knowledge and except as set forth on Schedule 5.01(o), there are no existing events or conditions that would give rise to a default by any Seller, Existing Master Tenant or any other lender under the Loan Documents after the passage of time or the giving of notice.  Between the date of this Agreement and the Closing Date, each Seller shall perform (and shall cause Existing Master Tenant to perform) in all material respects its obligations in accordance with the Loan Documents.   
(p)    CCRs.  To Sellers’ Knowledge, no Seller nor any Affiliated Party has received any written notice from and there are no grounds for, any association, declarant or easement holder requiring the material correction of any condition with respect to the Land and Improvements, or any part thereof, by reason of a violation of any covenants, conditions or

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restrictions recorded against the Land, or otherwise asserting any material violation of any such covenants, conditions or restrictions.
(q)    Zoning and Parking.  To Sellers’ Knowledge, the Transferred Property is properly zoned for its current use and operation, except as set forth on Schedule 5.01(q).  There is no pending or, to Sellers’ Knowledge, threatened, request, application or proceeding to alter or restrict the zoning or otherwise restrict the current use of each Facility.  To Sellers’ Knowledge, there is no plan, study or effort by any governmental authority or agency or any private party or entity that would adversely affect the authorization of the current use and operation of the Transferred Property for zoning purposes.  To Sellers’ knowledge, the Transferred Property contains sufficient on‐site parking in compliance with all Laws, except as set forth on Schedule 5.01(q).
(r)    Permits and Regulatory Approvals.
(i)    Each Facility is a duly licensed and operated as a skilled nursing facility and/or residential care facility, with the number of licensed beds set forth on Schedule 5.01(r)(i) attached hereto and incorporated herein, in compliance with all Laws, Permits and Regulatory Approvals.  Each Owner Seller or Operator, as the case may be, has obtained all Permits and Regulatory Approvals required to own and operate such Facility as owned and operated currently, and in the manner contemplated under the Master Lease, and all such required Permits and Regulatory Approvals remain in full force and effect, and to Sellers’ Knowledge, without breach.  Subject to satisfaction of the conditions set forth in Section 7.01 and Section 7.02, to Sellers’ Knowledge, the transactions contemplated herein will not jeopardize or threaten the validity of any Permit or Regulatory Authority.
(ii)    Except for any applicable notices, surveys or other documentation provided in the Data Room or as otherwise set forth on Schedule 5.01(r)(ii), Sellers and the Affiliated Parties have not at any time during the past five (5) years received any written notice of and, to Sellers’ Knowledge, no Approval Authority alleges or has determined that the ownership and operation of the Facilities as currently owned and operated and in the manner contemplated under the Master Lease has failed or will fail to comply with or has otherwise revoked or suspended (or threatened in writing to revoke or suspend), permanently or temporarily, any Permit or Regulatory Approval.
(iii)    The NPI, Medicare and Medicaid numbers listed on Schedule 5.01(r)(iii) attached hereto and incorporated herein are the current, valid numbers utilized by the Facilities and, except as set forth on Schedule 5.01(r)(iii), all government receivables for the Facility are billed under the numbers listed on Schedule 5.01(r)(iii).  
(iv)    Except as set forth on Schedule 5.01(r)(iv), to Sellers’ Knowledge, (A) the Facilities did not have any deficiencies at level G or above and did not receive citations for any substandard quality of care deficiencies (as that term is defined in Part 488 of 42 C.F.R.) on any of its most recent past four (4) consecutive surveys (standard or complaint); and (B) neither the Facilities nor any other health care facility owned or operated by Sellers has been the subject of an “immediate jeopardy” determination for the last three (3) years.

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(s)    Additional Governmental Reporting Requirements.  Except as set forth on Schedule 5.01(s), Sellers have (and have caused each Affiliated Party (in connection with their operations at the Facilities) to) timely and, to Sellers’ Knowledge, accurately and in compliance with all Laws filed all material reports, data and other information required to be filed with any Healthcare Regulatory Agency or Third Party Payor, including all Medicare, Medicaid and other Third Party Payor billing and cost reports.
(t)    Federal Health Care Programs.  Except as set forth in Schedule 5.01(t), no Seller nor any Affiliated Party, nor, to Sellers’ Knowledge, any employee, contractor or agent of any Seller or Affiliated Party or any other party with which any Seller or any Affiliated Party contracts with for the provision and/or billing of healthcare services at the Facilities (i) is currently excluded, suspended, debarred or otherwise ineligible to participate in any “federal health care program” as defined in 42 U.S.C. sections 1320a‐7b(f) or in any other government payment program, (ii) is bound to be excluded, suspended, debarred or otherwise declared ineligible to participate in any federal or state health care program or other government or Third Party Payor program, (iii) has, within the last five (5) years, received any written notice of any investigation or inquiry by any Approval Authority, or (iv) is otherwise the subject of any existing or pending corporate integrity agreement or other settlement agreement.  To Sellers’ Knowledge and except as set forth on Schedule 5.01(t), no other circumstances exist that could reasonably be expected to result in Sellers, the Affiliated Parties or their employees, contractors or agents being excluded from participation in any federal or state health care program or other Third Party Payor program.
(u)    Construction.  Except as set forth on Schedule 5.01(u), there are no planned or unfinished construction projects at the Facilities and all prior projects have been completed in all material respects, and there are no outstanding certificates of need for incomplete projects relating to the Facilities.  There are no claims pending or unpaid bills with respect to prior projects which could result in the creation of any lien on any Facility for any improvements completed or in progress, including, but not limited to, water, sewage, street paving, electrical or power improvements.  There are no delinquent bills or claims in connection with any repair of the Facilities or other work or material purchased in connection with the Facilities which will not be paid by or at the Closing or placed in escrow pursuant to the provisions of this Agreement.
(v)    Management.  Each Operator operates their respective Facility and RCMC is the manager of such Facility.  The Management Agreement by and between RCMC and each Operator relating to the management or operation of the applicable Facility is in full force and effect and is not in default by any party thereto.  True, correct and complete copies of the Management Agreements have been uploaded onto the Data Room as of the Effective Date.
(w)    Affiliated Parties.  Neither any Seller or any Parent Guarantor has contracted with any affiliate of Seller for the provision of, nor are any affiliates of Seller or Parent Guarantor providing, any healthcare, operational or billing services at the Facilities except pursuant to the Management Agreements or to the extent each is named as an Affiliated Service Party in Section 14.4.  

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(x)    Individual Facility Representations.  For the avoidance of doubt and notwithstanding anything to the contrary set forth in this Agreement, any representation and/or warranty made in this Section 5.01 by any Seller is being made by such Seller solely with respect to itself (in its capacity as an Owner Seller or Operator) and the Property which such Seller owns and/or operates.
(y)    Schedules.  Any information disclosed in any schedule (i) delivered by Sellers pursuant to this Section 5.01; or (ii) referenced in this Section 5.01, shall be deemed to relate to and to qualify (A) the particular representation or warranty set forth in the corresponding numbered section of this Agreement, and (B) any other representation or warranty set forth in this Agreement in the case in which it is readily apparent on the face of such disclosure that such information relates to and/or qualifies such other representation or warranty, whether or not a specific cross‐reference appears.  In no event will the disclosure of any item, matter or document in the schedules to this Agreement be deemed to broaden Sellers’ representations and warranties, obligations, covenants, conditions or agreements contained in the Agreement.  No disclosure by Sellers’ in any schedule to this Agreement relating to any possible breach or violation of any agreement or law shall be construed as an admission or indication that any such breach or violation exists or has actually occurred.
5.02    Subsequent Knowledge; Updated Disclosure.
(a)    Subsequent Knowledge.  Upon Purchaser acquiring Knowledge that any of the representations or warranties made herein by any Seller are untrue, inaccurate or incorrect in any material respect when made or when deemed to be made (a “Purchaser Known Inaccuracy”), Purchaser shall use commercially reasonable efforts to give Sellers written notice thereof within ten (10) Business Days of obtaining such knowledge.  If at or prior to the Closing, any Seller (or any of the Seller Knowledge Representatives) obtains knowledge that any of the representations or warranties made herein by such Seller are untrue, inaccurate or incorrect in any material respect, or that the facts leading to such representations or warranties have materially and adversely changed (a “Seller Known Inaccuracy” and together with the Purchaser Known Inaccuracies, the “Known Misrepresentations”), Sellers shall give Purchaser written notice thereof within five (5) Business Days of obtaining such Knowledge (but, in any event, prior to the Closing).  In either such event, Sellers shall have the right to cure each Known Misrepresentation, at no cost to Purchaser, and shall be entitled to a reasonable adjournment of the Closing (not to exceed thirty (30) days) for the purpose of such cure.  If Sellers are either unwilling or unable to cure any Known Misrepresentation, then Sellers shall promptly notify Purchaser and, within ten (10) Business Days thereafter, Purchaser as its sole and exclusive remedy for any and all Known Misrepresentations shall elect either to (i) waive all such Known Misrepresentations and consummate the Closing without any reduction of or credit against the Portfolio Purchase Price, or (ii) terminate this Agreement with respect to all (but not less than all) of the Facilities by written notice to Sellers, in which event (x) the Deposit shall be returned to Purchaser, and (y) solely in the case of a Material Known Misrepresentation, Sellers shall reimburse Purchaser for Purchaser’s and its affiliates’ actual and documented out‐of‐pocket costs, including, without limitation, legal costs, incurred in connection with the preparation and negotiation of this Agreement, Purchaser’s due diligence review and the other transactions contemplated herein (“Purchaser’s Reimbursable Transaction Costs”) up to the amount of Four

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Hundred Forty‐One Thousand and 00/100 Dollars ($441,000.00) (the “Reimbursement Cap”) (which shall be in addition to the return of the Deposit), and neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  For the avoidance of doubt, Purchaser shall only be permitted to recover the Purchaser’s Reimbursable Transaction Costs in the event that Purchaser elects to terminate this Agreement in accordance with this Section 5.02(a) as a result of a “Material Known Misrepresentation” which, for purposes of this Agreement, shall mean a Known Misrepresentation, the occurrence and/or existence of which would materially and adversely affect the ability of the Lease Parties to satisfy their respective obligations under the Master Lease, the operating subleases and/or the Guaranties.  Notwithstanding anything contained herein to the contrary, Purchaser’s sole and exclusive remedy with respect to any Known Misrepresentation shall be to terminate this Agreement in accordance with this Section 5.02(a), receive a return of the Deposit and, solely in the case of a Material Known Misrepresentation, Purchaser’s Reimbursable Transaction Costs up to the Reimbursement Cap, and in no event shall Purchaser be permitted to pursue any additional Damages with respect to any Known Misrepresentation (or Material Known Misrepresentation) whether pursuant to Section 11.01 or otherwise.
(b)    Updated Disclosure.  From time to time prior to the Closing, Sellers shall have the right (but not the obligation) to supplement, modify or amend any schedule included or referenced in Section 5.01, or provide one or more additional schedules in Section 5.01, with respect to any matter hereafter arising or of which they become aware after the date hereof (each a “Schedule Supplement”).  Any disclosure in any such Schedule Supplement shall be deemed to have cured any inaccuracy in or breach of any representation or warranty contained in this Agreement for purposes of (i) the post‐Closing indemnification rights contained in this Agreement; and (ii) delivery of the certificate required pursuant to Section 8.02(a)(iv); provided, however, that the delivery of any such Schedule Supplement shall not affect or otherwise alter the rights of Purchaser set forth in Section 5.02(a) of this Agreement.
5.03    Representations and Warranties of Purchaser.  Purchaser represents and warrants to Sellers the following as of the Effective Date (and, at the Closing, as of the Closing Date), which representations and warranties shall survive the Closing for a period of one (1) year from and after the Closing Date:
(a)    Organization.  Purchaser is duly formed, validly existing limited liability company and in good standing under the laws of the state of Delaware and, as of the Closing Date, to the extent required by Law, shall be duly qualified to transact business in the State of Missouri.
(b)    Authority/Consent.  Subject to Purchaser’s Conditions Precedent, Purchaser possesses all requisite power and authority, has taken all actions required by its organizational documents and applicable law, and has obtained all necessary consents (other than any required third party consents to be obtained prior to the Closing) to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  Each individual executing this Agreement on behalf of such Purchaser is duly authorized to do so, and this Agreement is binding and enforceable against Purchaser in accordance with its term, subject to applicable

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bankruptcy, insolvency, reorganization, arrangement, modification or other laws affecting the rights of creditors generally.
(c)    No Prohibited Persons.  Neither Purchaser nor, to Purchaser’s Knowledge, any person or entity that controls the management and policies of Purchaser or owns directly or indirectly more than fifty percent (50%) of Purchaser, and to Purchaser’s Knowledge, no employee, officer or director of Purchaser is a person or entity: (i) that is listed in the annex to, or is otherwise subject to the provisions of, EO13224; (ii) whose name appears on OFAC’s most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums, including, without limitation, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports “terrorism,” as that term is defined in EO13224; or (iv) who is otherwise affiliated with any entity or person listed above.  Notwithstanding anything herein to the contrary, the foregoing representation shall not apply to the beneficiaries of any pension plan affiliated with Purchaser.
ARTICLE 6 
COVENANTS OF SELLERS AND PURCHASER
6.01    Covenants of Sellers.  Each Owner Seller and Operator of a particular Facility, jointly and severally, solely as between themselves and solely with respect to the Facility and other Property owned and/or operated by them, hereby covenant and agree that from the Effective Date until the Closing (for the avoidance of doubt, any reference in this Section 6.01 to (i) “Sellers”, “Owner Sellers” or “Operators” shall refer solely to each Seller, Owner Seller or Operator in their individual capacity; and (ii) “Facilities” or “Transferred Property” shall refer solely to the particular Facility and the other Transferred Property owned and/or operated by such Seller, Owner Seller or Operator):
(a)    Operation of the Transferred Property and the Excluded Property.  Sellers shall (and shall cause the Affiliated Parties to) operate, maintain and repair the Facilities and all other Transferred Property and, to the extent applicable, the Excluded Property in accordance with its ordinary course of business (excluding any material capital improvements except for such capital improvements contemplated on Schedule 6.01(a) or approved in writing by Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed) and consistent with reasonable and prudent business practices, keeping the Facilities and all other Transferred Property in good condition, repair and working order, ordinary wear and tear excepted and in compliance with all Laws, Permits and Regulatory Approvals.  Sellers will not remove (or permit the removal of) any Owner Seller Appurtenant Property from the Facilities, except as may be required for necessary repair or replacement, and any such replacement shall be of equal quality and quantity as existed as of the time of its removal.  Sellers shall (and shall cause the Affiliated Parties to) perform when due all of their respective obligations under the Seller Indebtedness, any deed of trust, mortgage or other lien encumbering the Facilities or any other Property, the Admission Agreements, Contracts, Plans, Licenses, Warranties and any other agreements relating to the Facilities or other Transferred Property or Excluded Property.  Except as otherwise provided herein, Sellers shall deliver the Facilities at the Closing in substantially the same condition as of the date hereof, reasonable wear and tear excepted, and, subject to Article 9, casualty excepted. 

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(b)    SNF Operations; Compliance with Applicable Laws.  Sellers shall continue (and shall cause the Affiliated Parties (as applicable)) to operate each Facility as a skilled nursing facility (or as applicable, residential care facility), with the number of licensed beds set forth on Schedule 5.01(r)(i), in compliance with all applicable Laws, Permits and Regulatory Approvals, required for the current ownership and operation thereof and for the ownership and operation contemplated by the Master Lease, and in accordance with its existing policies and reasonable and prudent course of business; and Seller shall (and shall cause the Affiliated Parties, as applicable, to) otherwise act in compliance with all Laws, Permits and Regulatory Approvals.
(c)    Contracts.  Seller shall (and shall cause each Affiliated Party to) perform its obligations in all material respects under any material Contract entered into in connection with the operation of the Facilities.  Except in the ordinary course of business, Seller shall not enter into, materially modify or terminate (or permit the material modification or termination of) (a “Modification”) any material Contracts without the prior written consent of Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that if such Seller has not received Purchaser’s objection to any such proposed action within five (5) Business Days of notice thereof, Purchaser shall be deemed to have consented thereto.  Purchaser shall have the right to consent, not to be unreasonably withheld, conditioned or delayed, to a Modification of any Management Agreement or other similar administrative, service or consulting agreement relating to the provision of management and operational services by an Affiliated Service Party for the benefit of a Seller.
(d)    Receipt of Governmental Notices.  Sellers and the Affiliated Parties shall provide Purchaser with copies of any written notices that are received by any Seller (or any Affiliated Party) through the Closing (i) with respect to any (A) special assessments or proposed increases in the valuation of the Facilities, (B) condemnation or eminent domain proceedings affecting the Facilities, or (C) material violation of any Laws, Permits or Regulatory Approvals, including any Environmental Law or any zoning, health, fire, safety or other law, regulation or code applicable to the Facilities; or (ii) from any private party or any Approval Authority, alleging the violation of any Laws, Permits or Regulatory Approvals in connection with the ownership and/or operation of the Facilities.
(e)    Litigation.  Sellers will advise Purchaser of any Litigation of which Sellers or the Affiliated Parties receive written notice or otherwise have Knowledge and that concerns or affects the Facilities in any manner no later than five (5) Business Days after receipt of such notice or obtaining of Knowledge.
(f)    Insurance.  Sellers shall (and shall cause the Affiliated Parties to (as applicable) maintain its existing insurance coverage with respect to each Facility and not allow any breach, default, termination or cancellation thereof or thereunder; provided, however, that Sellers shall be permitted to amend, restate and/or renew any policies related to such insurance coverage in a manner consistent with its ordinary course of business.
(g)    Listings and Other Offers.  Sellers will not list the Facilities with any broker or otherwise market, solicit or make or accept any offers to sell or lease the Facilities, in 

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whole or in part, engage in any discussions or negotiations with any third party with respect to the sale, lease or other disposition of the Facilities, in whole or in part, or enter into any contracts or agreements (whether binding or not) regarding any disposition of the Facilities, or otherwise mortgage, pledge, encumber, or hypothecate the Facilities in whole or in part (except any Admissions Agreements entered into in the ordinary course and pursuant to Sellers standard form of admission agreements).
(h)    Permits, Regulatory Approvals and Warranties.  Sellers shall maintain in existence all Permits, Regulatory Approvals and Warranties necessary for the ownership or operation of the Facilities, and shall not apply or consent to any action or proceeding which will have the effect of terminating, suspending, or revoking, or changing, temporarily or permanently, such Permits, Regulatory Approvals and Warranties, or the zoning of the Facilities, or would otherwise materially and adversely affect the Facilities.
(i)    Loans.  No Seller nor any Affiliated Party shall modify the Loan Documents or enter into new loan documents or any guarantees in connection with the Seller Indebtedness or any other indebtedness for borrowed money affecting the Facilities unless expressly consented to by Purchaser in writing in its sole and absolute discretion.  Sellers shall (and shall cause the Affiliated Parties to) materially perform any and all obligations under the Loan Documents.
(j)    Casualty.  Sellers will advise Purchaser promptly of any casualty at the Facilities.
(k)    Representations and Warranties.  Sellers shall not take or cause to be taken any action or fail to perform any obligation which would cause any of the representations or warranties contained in this Agreement to be untrue in any material respect as of the Closing Date.
(l)    Repairs and Replacements.  Sellers acknowledge and agree that prior to the DDP Expiration Date, EMG Corporation or an engineer approved by Sellers in their reasonable discretion and hired by or on behalf of Purchaser (the “Inspection Engineer”) will be inspecting the Facilities and issuing reports with respect to their condition, which reports shall be consistent, in form and substance, with generally accepted industry standards (the “Premises Condition Reports”).  To the extent requested by Purchaser, prior to the Closing or within such other reasonable time periods following the Closing as may be required by Purchaser in its reasonable discretion after consulting with Seller, Seller shall, at its own expense, make any and all repairs or replacements on the Premises Condition Reports that are designated as “critical” or are otherwise referred to as immediate or year one repair or replacement items, or words to such effect (the “Required PCR Repairs”).  Following the completion of the Premises Condition Reports, Sellers shall have the right to review, comment and/or negotiate with the Inspection Engineer regarding the contents of such reports and the Required PCR Repairs, if any, set forth on such Premises Condition Reports.
(m)    Governmental Approvals.  Sellers shall (and shall cause the Affiliated Parties to) use commercially reasonable efforts to assist Purchaser in obtaining any required third

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party consents, Permits and Regulatory Approvals or satisfying any notice requirements, including, without limitation, (i) filing any applications, notices or other documents required by the applicable Approval Authority in connection with the sale of the Facilities; and (ii) as necessary to satisfy the conditions set forth in Section 7.01(d).
6.02    Covenants of Purchaser.  Purchaser covenants and agrees as follows:
(a)    Governmental and Lender Approvals.  Purchaser shall cooperate with Sellers and use commercially reasonable efforts to assist Sellers (and the Affiliated Parties) in obtaining any required third party consents, Permits and Regulatory Approvals or satisfying any notice requirements, including, without limitation, filing any applications, notices or other documents at no cost to Purchaser, (i) required by the applicable Approval Authority in connection with the sale of the Facilities; and (ii) as necessary to satisfy the conditions set forth in Section 7.01(f).
(b)    No Future Financial Representation.  Sellers have provided to Purchaser certain financial information regarding the Facilities.  Purchaser hereby acknowledges that Sellers (or any other person or entity including, without limitation, any other member of the Seller Group) make no representation or warranty that such information is complete or accurate (except as, and only to the extent, expressly set forth in Section 5.01(g)) or that Purchaser will achieve similar financial or other results with respect to the ownership of the Facilities.  Purchaser acknowledges that it is a sophisticated and experienced purchaser of real estate similar to the Facilities and further that, subject to the express representations, warranties and covenants of Sellers herein, Purchaser has relied upon its own investigation and inquiry with respect to the operation of the Facilities, and Purchaser releases each Seller (as well as any other member of the Seller Group) from any liability with respect to such financial information (except as, and only to the extent, expressly set forth in Section 5.01(g)).
(c)    As‐Is.  Purchaser hereby confirms, acknowledges and agrees that, subject only to the express representations and warranties made by Sellers in this Agreement and in the Deeds: (i) (A) it is buying the Transferred Property on an “AS‐IS, WHERE‐IS AND WITH ALL FAULTS” basis; (B) it has made or will have made its own investigations and inspections of the Transferred Property, including, without limitation, the physical aspects of the Transferred Property and the Transferred Property’s compliance with all laws applicable to the Transferred Property’s current or intended use; (C) in connection with its investigations and inspections of the Transferred Property it has contracted or had the opportunity to contract with certain advisors and consultants as Purchaser deemed to be necessary; and (D) it has or will have approved the reports of such advisors and consultants; (ii) in entering into this Agreement, Purchaser has not been induced by, and has not relied upon, whether express or implied, warranties, guaranties, promises, statements, inducements, representations or information pertaining to the Transferred Property or its uses, the physical condition, environmental condition, state of title, income, expenses or operation of the Transferred Property, written or unwritten, whether made by Sellers or any affiliates, agent, employee or other representative of Sellers, or any broker or any other person representing (or purporting to represent) Sellers, and (iii) Sellers shall not be liable for or bound by any written or unwritten statements, representations, warranties, brokers’ statements or

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other information pertaining to the Property furnished by Sellers, any broker, any agent, employee or other actual (or purported) representative of Sellers, or any other person.
6.03    Intentionally Omitted.
ARTICLE 7 
CONDITIONS PRECEDENT TO CLOSING
7.01    Conditions Precedent to Purchaser’s Obligation to Close.  Purchaser’s obligation to consummate the Closing is subject to the satisfaction of the following conditions by each Seller in respect of the Property owned or operated by it on or before the Closing, unless waived by Purchaser in writing prior to the Closing (“Purchaser’s Conditions Precedent”):
(a)    Covenants.  Each Seller shall have performed and observed in all material respects all covenants and obligations of such Seller under this Agreement, including, without limitation, delivery into escrow of any and all documents required pursuant to Section 8.02.
(b)    Representations and Warranties.  All representations and warranties of each Seller set forth in this Agreement shall be true and correct in all material respects as if made on the Closing Date.
(c)    Title.  At Closing, the Title Company shall be irrevocably and unconditionally prepared to issue to Purchaser after Closing in the form of the fully “marked‐up” Title Commitments or Pro Forma Title Policies issued to Purchaser and attached to Purchaser’s closing instruction letter signed by the Title Company, as such forms were agreed upon by Purchaser, together with all endorsements, on or prior to the DDP Expiration Date, subject to and in accordance with Sections 3.02(d) and (e).
(d)    Master Lease.  Concurrently with the Closing, Purchaser, RC TIER Properties, L.L.C. (the “New Master Tenant”) and the other entities to be parties thereto (collectively, the “Lease Parties”) shall enter a master lease agreement substantially in the form attached hereto as Exhibit B (the “Master Lease”), whereby Purchaser shall lease each Facility to the New Master Tenant or one or more subsidiaries thereof to be approved by Purchaser.  On or prior to the Effective Date, the New Master Tenant and Purchaser shall agree, in writing, on the final form of the Master Lease and all ancillary documents and instruments and deliverables to be executed or delivered in connection therewith, including any letter of credit, evidence of insurance, the sublease for each Facility and each guaranty required thereunder.  As used herein, “Master Tenant” means, as applicable, Existing Master Tenant and/or New Master Tenant.
(e)    Material Adverse Effect.  None of the following shall have been done by, against or have occurred with respect to any Seller, Existing Master Tenant or Parent Guarantor prior to the Closing:  (i) the commencement of a case under Title 11 of the U.S. Code (as now constituted or hereafter amended) or under any other applicable bankruptcy or other similar law; (ii) the appointment of a trustee or receiver of any property interest; (iii) an assignment for the benefit of creditors; (iv) an attachment, execution or other judicial seizure of a substantial property interest; (v) the taking of, failure to take or submission to any action indicating an

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inability to meet its financial obligations as they accrue; (vi) a dissolution or liquidation; (vii) the commencement of any regulatory enforcement action which will or reasonably may limit admissions or government reimbursements with respect to any Facility, which is not dismissed within thirty (30) days after such commencement; (viii) the receipt of an “immediate jeopardy” determination against a Facility, which has not been dismissed or cured; or (ix) the occurrence of any Material Adverse Effect.  For purposes of this Agreement, “Material Adverse Effect” shall mean any material adverse change with respect to the financial condition of Sellers or Parent Guarantor, or in the business, operations, assets or cash flow of a particular Facility or the Property, taken as a whole; provided, however, that the following shall not be deemed to constitute, and shall not be taken into account in determining whether or not a “Material Adverse Effect” has occurred and the term “Material Adverse Effect” shall not include the impact of (A) changes in Laws, regulations or interpretations thereof by any Approval Authorities, (B) actions or omissions of Sellers taken with the prior written consent of Purchaser in contemplation of the transactions contemplated by this Agreement, (C) national or international hostilities, acts of terror, acts of war, or natural disasters, (D) conditions affecting the United States economy generally, (E) changes in GAAP, and (F) conditions generally affecting the industries in which the Sellers operate, including, without limitation, any Third Party Payor change to reimbursements.
(f)    Third Party Consents.  All Permits and Regulatory Approvals, if any, that Sellers are required to obtain in connection with the conveyance of the Property to Purchaser and the transactions contemplated under the Master Lease shall have been issued and/or obtained.
7.02    Conditions Precedent to Seller’s Obligation to Close.  Each Seller’s obligation to consummate the Closing in respect of Transferred Property owned or operated by it is subject to the satisfaction of the following conditions on or before the Closing, unless waived by Sellers in writing prior to the Closing (“Sellers’ Conditions Precedent”):
(a)    Covenants.  Purchaser shall have performed and observed in all material respects all covenants and obligations of Purchaser under this Agreement, including, without limitation, delivery into escrow of any and all documents required pursuant to Section 8.03.
(b)    Representations and Warranties.  All representations and warranties of Purchaser set forth in Section 5.03 of this Agreement shall be true and correct in all material respects as if made on the Closing Date.
(c)    Intentionally Omitted.  
7.03    Failure of a Condition.
(a)    Purchaser’s Conditions Precedent.  In the event that any of the Purchaser’s Conditions Precedent have not been satisfied on or before the Outside Date (the “Unsatisfied Purchaser Condition”), then Purchaser shall have the right to give notice to Sellers, on or before the Outside Date, of each Unsatisfied Purchaser Condition that Purchaser asserts has not been satisfied or be deemed to have waived its right to object.  In such notice, Purchaser may elect (i) to extend the Outside Date for a reasonable period of time (not to exceed thirty (30) calendar

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days) to allow Sellers to satisfy the Unsatisfied Purchaser Condition; or (ii) to waive such Unsatisfied Purchaser Condition in a writing delivered to the Escrow Agent and Sellers and proceed to the Closing as contemplated hereunder.  In the event that Purchaser has elected to extend the Outside Date and the Unsatisfied Purchaser Condition remains unsatisfied upon the expiration of such extension, then, provided that Purchaser is not then in material breach of any provision of this Agreement, Purchaser shall have the right, upon notice to Sellers, to terminate this Agreement with respect to all Facilities.  In the event of a termination of this Agreement with respect to all Facilities under this Section 7.03(a), the Deposit shall be reimbursed to Purchaser, after which neither Sellers nor Purchaser will have any further rights or obligations hereunder, whether pursuant to Section 11.01 or otherwise.  
(b)    Sellers’ Conditions Precedent.  In the event that any of the Sellers’ Conditions Precedent have not been satisfied on or before the Outside Date (the “Unsatisfied Sellers’ Condition”), then Sellers shall have the right to give notice to Purchaser, on or before the Outside Date, of each Unsatisfied Sellers’ Condition that Sellers assert have not been satisfied or be deemed to have waived its right to object.  In such notice, Sellers may elect (i) to extend the Outside Date for a reasonable period of time (not to exceed thirty (30) calendar days) to allow Purchaser to satisfy the Unsatisfied Purchaser Condition, or (ii) to waive such Unsatisfied Purchaser Condition in a writing delivered to the Escrow Agent and Purchaser and proceed to the Closing as contemplated hereunder.  In the event that Sellers elect to extend the Outside Date and the Unsatisfied Sellers’ Condition remains unsatisfied upon the expiration of such extension, then, provided that Sellers are not then in material breach of any provision of this Agreement, Sellers shall have the right, upon notice to Purchaser, to terminate this Agreement with respect to all Facilities.  In the event of a termination of this Agreement with respect to all Facilities under this Section 7.03(b), the Deposit shall be retained by Sellers, after which neither Sellers nor Purchaser will have any further rights or obligations hereunder.
ARTICLE 8 
CLOSING; ESCROW CLOSE
8.01    Closing and Closing Date.  The consummation of the transactions contemplated hereby (the “Closing”) will take place via the escrow services of the Escrow Agent or at such other location upon which Sellers and Purchaser mutually agree, thirty (30) days following the later to occur of (i) the DDP Expiration Date, or (ii) as otherwise agreed to by Purchaser and Sellers (the “Closing Date”); provided, however, that in any event, the Closing Date shall occur no later than September 30, 2018 (the “Outside Date”), subject to the right of the parties to postpone the Outside Date as set forth in Section 7.03.  Notwithstanding the foregoing or any other language in this Agreement to the contrary, the location and other logistics of the Closing and the Closing Date shall be subject to any requirements or extensions imposed by the U.S. Department of Housing and Urban Development (“HUD”) in connection with the payoff of the applicable Seller Indebtedness.  
8.02    Obligations of Sellers.
(a)    Closing Documents.  At least one (1) Business Day prior to Closing, each Seller will execute (if applicable), acknowledge (if necessary) and deliver originals (or copies, 

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where indicated) of the following documents to the Escrow Agent in respect of any Facility owned by such Seller:
(i)    a Special Warranty Deed substantially in the form attached hereto as Exhibit C and reasonably acceptable to the parties hereto and the Title Company, conveying such Seller’s Facility to Purchaser in fee simple utilizing the legal description for the Land set forth on the Pro Forma Title Policy, subject only to the Permitted Exceptions and the provisions set forth in Section 3.02 (the “Deed”);
(ii)    a Blanket Conveyance, Bill of Sale and Assignment substantially in the form of Exhibit D, whereby (A) such Seller shall sell, assign, transfer and convey to Purchaser, free and clear of all liens and encumbrances except Permitted Exceptions, all of such Seller’s right, title, interest and obligations in, to and under all other Transferred Property in respect of the particular Facility which such Seller owns and/or operates, and (B) Purchaser shall purchase, accept and assume, from and after the Closing Date, all of such Seller’s right, title, interest and obligations in, to and under all other Transferred Property in respect of the particular Facility which such Seller owns and/or operates to the extent the same are assignable;
(iii)    a certificate of Non‐Foreign Status substantially in the form of Exhibit E;
(iv)    a certificate that all of such Seller’s representations and warranties in this Agreement are true and correct in all material respects as of the Closing Date substantially in the form of Exhibit F and an updated Rent Roll dated as of the Closing Date and certified to be true, correct and complete in all material respects;
(v)    a Seller’s settlement statement, showing all of the payments, adjustments and prorations provided for in Section 8.04 and otherwise agreed upon by each Seller and Purchaser;
(vi)    such affidavits or letters of indemnity (including “gap” indemnity) for the benefit of the Title Company as the Title Company shall require in order to omit from the Title Policy all pre‐printed standard exceptions, including any unfiled mechanic’s, materialmen’s or similar liens;
(vii)    such additional evidence as may be reasonably required by the Title Company with respect to the authority of the persons executing the documents on behalf of such Seller;
(viii)    such disclosures, reports and withholding forms as are required by applicable state and local law in connection with the conveyance of real property;
(ix)    real estate transfer tax forms and returns for such Facility if required under applicable law;
(x)    evidence of the termination as of the Closing of each Operator Lease;

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(xi)    certified resolutions of the board of directors (or equivalent body) of such Seller’s and Parent Guarantor’s ultimate parent evidencing that each has been duly authorized to enter into and perform this Agreement and the transactions contemplated hereby;
(xii)    certified resolutions of the board of directors (or equivalent body) of the ultimate parent of (A) RCMC and any other Lease Guarantor, (B) New Master Tenant, and (C) Operators evidencing that each has been duly authorized to enter into and perform this Agreement, the Master Lease, Master Lease Ancillary Documents, the Guaranties and the transactions contemplated thereby;
(xiii)    any additional documents that the Escrow Agent or the Title Company may reasonably require for the proper consummation of the transactions contemplated by this Agreement;
(xiv)    Intentionally Omitted; 
(xv)    the Payoff Letters, if any; and
(xvi)    a duly executed counterpart to the Master Lease by the New Master Tenant, and fully executed copies of all operating subleases entered into thereunder, in substantially the form attached hereto as Exhibit G‐1, along with duly executed counterparts to all ancillary documents required to be delivered as of the effective date of the Master Lease (collectively, the “Master Lease Ancillary Documents”), including the Lease Guaranty (Subtenants) and Lease Cross‐Guaranty (Subtenants), in substantially the forms attached hereto as Exhibit G‐2 and G‐3 (collectively, the “Guaranties”), together with all other deliverables which may be required under the Master Lease, including, without limitation, any non‐disturbance agreement, letters of credit and certificates of insurance as are required pursuant to the Master Lease, showing Purchaser as an additional insured and loss payee, with appropriate provisions for prior notice to Purchaser in the event of cancellation or termination of such policies and any other executed or other documents reasonably required by Purchaser to consummate the transactions contemplated hereby. 
(b)    Possession.  At the Closing, each Seller will deliver possession of any Facility owned or operated by it and all (including, without limitation, at least one (1) complete set of) keys for use at such Facility in the possession or subject to the control of such Seller, including, without limitation, master keys as well as combinations, card keys and cards for the security systems, if any.  Each Seller will also deliver to Purchaser, or provide Purchaser access to, upon request, copies or originals of all other Transferred Property that is in such Seller’s possession or control; provided, however, that any of the Transferred Property located at a Facility shall remain at such Facility.
(c)    Costs.  At the Closing, each Seller will pay all costs allocated to such Seller pursuant to Section 8.04.
8.03    Obligations of Purchaser.

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(a)    Closing Documents.  At the Closing, Purchaser shall execute (if applicable), acknowledge (if necessary) and deliver originals of the following documents to the Escrow Agent in respect of each Property purchased by it:
(i)    a Blanket Conveyance, Bill of Sale and Assignment substantially in the form of Exhibit D;
(ii)    a certificate that all of Purchaser’s representations and warranties in this Agreement are true and correct in all material respects as of the Closing Date substantially in the form of Exhibit H;
(iii)    a Purchaser’s settlement statement, showing all of the payments, adjustments and prorations provided for in Section 8.04 and otherwise agreed upon by each Seller and Purchaser;
(iv)    such evidence as may be reasonably required by the Title Company with respect to the authority of the person(s) executing the documents required to be executed by Purchaser or on behalf of Purchaser;
(v)    certified resolutions of the sole member of Purchaser evidencing that Purchaser has been duly authorized to enter into and perform this Agreement and the transactions contemplated hereby; 
(vi)    Intentionally Omitted; and
(vii)    a duly executed counterpart to the Master Lease, along with duly executed counterparts to all ancillary documents required to be delivered as of the effective date of the Master Lease.
(b)    Payment of Consideration and Costs.  At the Closing, Purchaser will pay any and all amounts required in accordance with the terms and conditions set forth in Article 2 of this Agreement, and will pay all costs allocated to Purchaser pursuant to Section 8.04.  
8.04    Costs and Adjustments at Closing.
(a)    Expenses.
(i)    Purchaser shall pay the prepayment penalty in accordance with the formula shown on Exhibit L attached hereto (collectively, the “HUD Lockout Fee”) imposed by HUD in connection with the payoff of the HUD‐insured Seller Indebtedness at the Closing.  Sellers shall pay at the Closing any penalties, fees, interest or other charges arising as a result of any breach, default or event of default by a Seller under the Seller Indebtedness and Sellers’ and its Affiliated Parties’ attorney’s fees, including with respect to any opinion letters required to be provided by Sellers or any Affiliated Party.  
(ii)    Purchaser shall pay: (A) all title examination fees and any endorsement costs for the Title Policies; (B) the cost of the Surveys; (C) the cost of recording the 

35

Deeds; (D) the cost of any appraisals of Sellers’ interest in the Transferred Property obtained by Purchaser; (E) Purchaser’s legal, accounting and other professional fees and expenses; (F) one‐half (1/2) of any escrow fees charged by the Title Company or applicable escrow company in connection with the Closing; and (G) all other costs and expenses which are required to be paid by Purchaser pursuant to other provisions of this Agreement.
(iii)    Sellers shall pay: (A) the premiums for the Title Policies (excluding any endorsements); (B) any and all state, county, municipal or other conveyance, documentary or transfer taxes, including stamp taxes (“Transfer Taxes”) customarily payable by seller in connection with the Deeds or in connection with the delivery of any other instrument contemplated by this Agreement and any non‐resident withholding taxes; (C) the cost of recording and/or filing of any instrument contemplated by this Agreement (other than with respect to the Deeds); (D) Sellers’ legal, accounting and other professional fees and expenses and the cost of all opinions, certificates, instruments, documents and papers required to be delivered, by Seller or any Affiliated Party hereunder, including without limitation, the cost of performance by Seller of its obligations hereunder; (E) all other costs and expenses which are required to be paid by Sellers pursuant to other provisions of this Agreement, including any and all expenses in connection with the payment of any encumbrances and recording costs to release any encumbrances; and (F) one‐half (1/2) of any escrow fees charged by the Title Company or applicable escrow company in connection with the Closing.
(iv)    Except as specifically set forth in this Agreement, all other costs and expenses of the transactions contemplated hereby shall be borne by the party incurring the same or as is the custom for the state in which the particular Facility is located.  The costs described in this Section 8.04(a) shall be referred to herein as the “Closing Costs”.  The provisions of this Section 8.04(a) shall survive the termination of this Agreement.
(v)    Notwithstanding any language to the contrary set forth in this Agreement, Purchaser shall not be obligated to pay any recordation fees, stamp taxes or other transfer taxes on any memoranda of the Master Lease or any sublease to an Operator, any rental or lease taxes or nursing home privilege or similar business taxes, all of which shall be the responsibility of the tenant under the Master Lease or the applicable Operator.
(vi)    If the Closing does not occur for any reason other than a material default by one of the parties, Sellers and Purchaser shall split the costs incurred through the Title Company and Escrow Agent equally including the cost of the Title Commitments.  If Sellers or Purchaser materially defaults and the Closing does not occur, the defaulting party shall bear such costs.
(b)    Rent and Impounds.  Sellers shall pay at the Closing any prorated rent and impounds under the Master Lease (and any related subleases) for the period from the Closing through the end of the calendar month in which the Closing occurs, plus the rents and impounds payable for the first full month under the Master Lease (and any related subleases).
(c)    Premises Condition Report; Repairs Escrow.  Subject to the terms and conditions set forth in Section 6.01(l), at the Closing, Sellers and Purchaser shall direct the 

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Escrow Agent to withhold from Sellers’ proceeds and retain in escrow for the benefit of Purchaser, pursuant to a mutually‐acceptable escrow agreement, one hundred twenty percent (120%) of the estimated cost to complete the then outstanding and unfinished Required PCR Repairs.  Sellers, Purchaser and the Escrow Agent shall agree upon the final form of the applicable escrow agreement on or before the Closing Date, and the actual amount of funds to be withheld shall be determined and mutually agreed to by the parties on or before the Closing Date based upon the Premises Condition Report for each Facility; provided, however that neither party shall unreasonably withhold, condition or delay their approval.(d)    Prorations.  Subject to the terms of the Master Lease, all operating expenses shall continue to be the obligation of the Master Tenant under the Master Lease (and the subtenants under any related subleases), and all operating income shall continue to inure to Sellers’ benefit after the Closing pursuant to approved subleases.
(e)    Mortgage Interest, Escrows and Deposits.  Sellers shall not receive a credit at the Closing for any insurance, tax or other reserves, escrows and/or such deposits held by HUD or the HUD servicer, it being understood that Sellers shall be entitled to pursue a refund of such amounts directly from HUD or the HUD servicer; provided, however, that to the extent available at Closing, Sellers agree that Sellers shall make such funds available to New Master Tenant and the Operators to satisfy their reserve requirements under the Master Lease; provided, further, however, that Owner Sellers shall be entitled to retain any replacement reserve funds in excess of Five Hundred and 00/100 Dollars ($500.00) per bed per Facility to the extent refunded by HUD or the HUD servicer.  
(f)    Post‐Closing Reconciliation.  All adjustments for items to be prorated pursuant to this Section 8.04 which cannot be prorated (or for items to be prorated pursuant to this Section 8.04 which were prorated based upon an estimation) as of the Closing Date shall be completed within sixty (60) days after the Closing Date, except for (i) those items for which Purchaser was given a credit against the Portfolio Purchase Price at the Closing, and (ii) those items that are not reasonably capable of determination within such sixty (60) day period, and the parties agree to adjust such items in clause (ii) as and when ascertainable and to make the appropriate payment forthwith and without interest thereon.
(g)    Survival.  The provisions of this Section 8.04 shall survive Closing.
8.05    Escrow Close.  The delivery of the documents and the payment of the sums to be delivered and paid at the Closing shall be accomplished through an escrow established with the Escrow Agent.  The Escrow Agent shall not deliver or record any documents or disburse any funds until the Escrow Agent receives written confirmation (which may include e‐mail) from authorized representatives of the applicable Seller and Purchaser that all conditions to the Closing have been satisfied or waived, including, without limitation, the Escrow Agent’s unconditional and irrevocable willingness and ability to comply with the terms of each party’s escrow instruction letter to the Escrow Agent.
8.06    Reporting Person.  If requested in writing by any party, the Escrow Agent shall confirm its status as the “reporting person” in a writing that complies with the requirements of Section 6045(e) of the Code and the regulations promulgated thereunder.

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ARTICLE 9 
RISK OF LOSS; DAMAGE; CONDEMNATION
9.01    Risk of Loss.  Risk of loss for damage to the Facilities, or any part thereof, by fire or other casualty from the Effective Date until the Closing will be on Sellers.
9.02    Notice of Casualty or Taking.  Sellers shall promptly deliver to Purchaser written notice of any casualty or taking involving the Facilities; to the extent the same are received by Sellers.
9.03    Damage.
(a)    Loss or Damage.  In the event of loss or damage to a Facility or any portion thereof which is not “major” (as defined in Section 9.03(c)), this Agreement shall remain in full force and effect, and the repairs shall be completed in accordance with Section 9.03(b).  In the event of a major loss or damage, Purchaser may terminate this Agreement with respect to all (but not less than all) of the Facilities by written notice to Sellers, and thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination, and the Deposit shall be returned to Purchaser.  If Purchaser does not elect to terminate this Agreement within ten (10) Business Days after receipt of written notice from a Seller of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with the Closing and the repairs shall be completed in accordance with Section 9.03(b), provided that insurance proceeds are available to Purchaser to cover the costs of repairing the damaged Facility to the extent such repairs are not completed.
(b)    Proceeds; Repairs.  If this Agreement may not be, or is not, terminated in accordance with Section 9.03(a) and if, prior to Closing, Sellers are unable to perform all repairs necessary to bring a Facility owned or operated by it to its condition immediately prior to such loss or damage, Sellers shall assign to Purchaser all of such Sellers’ right, title and interest to any claims and proceeds Sellers may have with respect to any casualty insurance policies (including any rent loss insurance applicable to any period on and after the Closing Date) or condemnation awards relating to such Facility, except to the extent needed to reimburse Sellers for reasonable, actual, out‐of‐pocket sums it expended prior to the Closing for the restoration or repair of such Facility or in collecting such insurance proceeds or condemnation awards, and Purchaser shall receive a credit at the Closing for any deductible, uninsured or coinsured amount under said insurance policies.  In the event of damage that is not major as set forth in Section 9.03(a) Sellers shall, at Sellers’ cost, repair the damage before the Closing in a manner reasonably satisfactory to Purchaser or, if repairs cannot be completed before Closing, credit Purchaser at the Closing for the reasonably estimated cost to complete the repair.  The terms of this Section 9.03(b) shall be subject to the rights of any mortgagee or lender under any mortgage, deed of trust or similar document encumbering a Facility, unless any such mortgagee or lender acknowledges in a signed document satisfactory to Sellers and Purchaser that such mortgagee or lender will not take possession of or otherwise require any such proceeds or awards to be used in a particular manner.  If any such mortgagee or lender refuses to provide any such signed document, or requires that any casualty or condemnation proceeds or awards be used pursuant to the terms of any mortgage, deed of trust or similar document (including use for restoration of the

38

Property), then Sellers shall notify Purchaser thereof (“Casualty Termination Notice”) and Sellers or Purchaser shall have the right to terminate this Agreement with respect to all Facilities upon written notice to the other party no later than five (5) days following such Casualty Termination Notice or the Closing Date, whichever first occurs.  Following any such termination of this Agreement, the Deposit shall be returned to Purchaser after which neither Sellers nor Purchaser will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  If this Agreement is not terminated as provided in the immediately preceding sentence, then Sellers shall credit Purchaser at the Closing with an amount equal to the amount of any proceeds or awards applied by any such mortgagee or lender to the indebtedness secured by any mortgage, deed of trust or similar document encumbering such Facility.
(c)    “Major” Loss or Damage.  For purposes of this Section 9.03, “major” loss or damage to a Facility refers to the following: (i) loss or damage to such Facility or any portion thereof (A) such that the cost of repairing or restoring such Facility to a condition substantially similar to that of such Facility prior to the event of damage would be, in the written opinion of the insurance adjuster for Seller that owns such Facility, equal to or greater than ten percent (10%) of the Purchase Price allocated to such Facility, (B) which, in  Sellers’ reasonable estimation, will take longer than one hundred eighty (180) days to repair, or (C) which materially and adversely affects access to or from such Facility; and (ii) any condemnation proceeding contemplated, threatened or instituted by anybody having the power of eminent domain with respect to any improvements on such Facility (or any portion thereof).
ARTICLE 10 
REMEDIES
10.01    Seller Default.  If, prior to Closing, a Seller materially breaches or fails to perform any of its covenants herein in any material respect, and such breach or failure shall continue for a period of fifteen (15) Business Days after written notice thereof from Purchaser specifying to which Facility the default applies and the specific nature of the default, then, provided that Purchaser is not then in material breach of any provision of this Agreement, Purchaser shall have the right, as Purchaser’s sole and exclusive (except to the extent caused by any acts or omissions constituting fraud by Sellers or Parent Guarantor) remedy at law, in equity or otherwise (a) to file an action to obtain specific performance of such Seller’s obligation to perform in accordance with this Agreement (to the extent available), or (b) to declare this Agreement terminated as to all (but not less than all) of the Facilities and receive, as fixed, agreed and liquidated damages and not as a penalty, a return of the Deposit (plus any accrued interest thereon) plus Purchaser’s Reimbursable Transaction Costs up to the Reimbursement Cap.  Upon such return of the Deposit and payment by Sellers of Purchaser’s Reimbursable Transaction Costs, (c) all rights and obligations of Purchaser and Sellers under this Agreement shall expire, except for such provisions as expressly survive the expiration or the termination hereof; and (d) Purchaser hereby waives any and all rights to damages in excess of Purchaser’s Reimbursable Transaction Costs up to the Reimbursement Cap.
10.02    Purchaser Default.  If, prior to Closing, Purchaser materially breaches or fails to perform any of its covenants herein in any material respect and as a result thereof fails to close as

39

required by this Agreement, and such breach or failure shall continue for a period of fifteen (15) Business Days after written notice thereof from Seller specifying to which Facility the default applies and the specific nature of the default (other than a failure to deliver the Portfolio Purchase Price upon satisfaction of Purchaser’s Conditions Precedent for which no cure period shall be given), the parties stipulate and agree that actual damages may be difficult, if not impossible, to compute.  Consequently, in the event of any such material breach or failure by Purchaser pursuant to this Section, then, provided that Sellers are not then in material breach of any provision of this Agreement, Sellers’ sole and exclusive remedy (except to the extent caused by any acts or omissions constituting fraud by Purchaser) at law, in equity or otherwise shall be either to (a) terminate this Agreement in its entirety and retain the Deposit (plus any accrued interest thereon) as fixed, agreed and liquidated damages and not as a penalty, or (b) terminate this Agreement only as to the specific Facility as to which Purchaser is in default, by giving written notice thereof to Purchaser prior to the Closing, in which event an amount equal to the amount of Deposit allocable to the Facility which is the subject of such default of Purchaser shall be paid to Sellers as fixed, agreed and liquidated damages and not as a penalty, and after the payment of such portion of the Deposit to Sellers, neither Sellers nor Purchaser will have any further rights or obligations under this Agreement with respect to such Facility, except for any obligations that expressly survive termination.  In the event that Sellers elect to terminate this Agreement in its entirety, then upon Sellers’ receipt of the Deposit (plus any accrued interest thereon), (i) all rights and obligations of Purchaser and Sellers under this Agreement shall expire, except for such provisions as expressly survive the expiration or the termination hereof; and (ii) Sellers hereby waive any right to action for specific performance of Purchaser’s obligations under this Agreement and any other remedies at law or in equity.  Notwithstanding the foregoing, nothing in this Section 10.02 shall be deemed to limit Sellers’ recovery in connection with the indemnity provided by Purchaser in Section 3.04 of this Agreement.
ARTICLE 11 
ADDITIONAL AGREEMENTS
11.01    Indemnification.  Subject to any of the limitations set forth in this Agreement, including, without limitation, Section 5.02, Article 10 and Section 11.02, each Owner Seller and Operator of a particular Facility, hereby jointly and severally, solely as between themselves and solely with respect to the Facility and other Property owned and/or operated by them, agree, from and after the Closing, to indemnify and hold free and harmless the Purchaser and its affiliates and their respective officers, directors, employees, advisors, accountants, attorneys, partners, shareholders and any other person having a direct or indirect ownership interest in Purchaser (collectively, the “Purchaser Parties”) from and against any Damages incurred by the Purchaser Parties and resulting from (i) any material inaccuracy or material breach of any representation or warranty made by such Owner Seller and Operator in this Agreement, and (ii) any material breach or default by such Owner Seller and Operator under any of such Owner Seller and Operator’s covenants or agreements contained in this Agreement.  
11.02    Indemnification Limitations.  Notwithstanding anything contained herein to the contrary, the indemnification obligations of Sellers set forth in Section 11.01 of this Agreement shall be subject to the following limitations:

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(a)    The indemnification obligations set forth in Section 11.01 shall survive for a period of one (1) year following the Closing (the “Indemnity Period”); provided, however, any claims asserted by the Purchaser Parties in good faith, with specificity and in writing prior to the expiration of the Indemnity Period shall not thereafter be barred by the expiration of the Indemnity Period.
(b)    No Seller shall have any obligations under Section 11.01 until the aggregate amount of Damages incurred by the Purchaser Parties thereunder exceeds Two Hundred Fifty Two Thousand and 00/100 Dollars ($252,000.00) (the “Deductible Amount”), after which the Purchaser Parties shall be entitled to indemnification under Section 11.01 for the amount of all such Damages in excess of the Deductible Amount; provided, however, that the aggregate amount of Damages for which the Purchaser Parties shall be entitled to indemnification pursuant to Section 11.01 shall not exceed Two Million Five Hundred Twenty Thousand and 00/100 Dollars ($2,520,000.00). 
(c)    Payments by a Seller pursuant to Section 11.01 shall be limited to the amount of any Damages that remain after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment received or reasonably expected to be received by the Purchaser Parties in respect of any such Damages.  The Purchaser Parties shall use commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements prior to seeking indemnification under this Agreement.
(d)    Notwithstanding anything contained herein to the contrary, no Seller shall be liable under Section 11.01 for any Damages based upon or arising out of any inaccuracy in or breach of any of the representations, warranties, covenants and/or agreements of such Seller contained in this Agreement if Purchaser had Knowledge of such inaccuracy or breach prior to the Closing.
(e)    Notwithstanding anything in this Agreement to the contrary, the parties hereby acknowledge and agree that Purchaser shall have certain rights, remedies and/or recoveries available to it under the terms of the Master Lease in the event of a breach or default by Sellers thereunder; provided, however, that in no event shall Purchaser be entitled to recover twice (once under this Agreement and again under the Master Lease) for any Damages arising or resulting from the same set of facts and/or circumstances.  
(f)    Purchaser, on behalf of itself and each of the Purchaser Parties, hereby acknowledges and agrees that, from and after the Closing, its sole and exclusive remedy with respect to any and all claims for breach of any representations, warranty, covenant or agreement set forth in this Agreement shall be pursuant to the indemnification provisions set forth in this Article 11. 

11.03    Brokers.

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(a)    Commissions and Fees.  Sellers jointly and severally represent and warrant to Purchaser that no Seller has (i) contacted or entered into any agreement with any investment banker, real estate broker, agent, finder or any party in connection with the transactions contemplated hereby other than Dresner Partners – Investment Banking (“Dresner”), or (ii) taken any action that would result in any fees or commissions being due and payable to any party other than Dresner with respect to the transactions contemplated hereby.  Sellers will be solely responsible for the payment of Dresner’s fees in accordance with the provisions of separate agreements, and Purchaser shall have no obligation or liability relative thereto.  Purchaser hereby represents and warrants to each Seller that Purchaser has not contracted or entered into any agreement with any investment banker, real estate broker, agent or finder in connection with the transactions contemplated hereby and that Purchaser has not taken any action that would result in any fees or commissions being due or payable to any such party with respect to the transactions contemplated hereby other than Dresner.
(b)    Indemnity.  Sellers, on the one hand, and Purchaser, on the other, hereby indemnifies and agrees to hold the other party harmless from any actual, out‐of‐pocket Claims and/or Damages (including, without limitation, reasonable attorneys’ fees) paid or incurred by the other party by reason of a breach of the representation and warranty made by such party in Section 11.03(a).  Notwithstanding anything to the contrary contained in this Agreement, the indemnities set forth in this Section 11.03(b) shall survive the Closing for a period of eighteen (18) months.
ARTICLE 12 
NOTICES
12.01    Written Notice.  All notices, demands and requests that may be given or that are required to be given by any Seller to Purchaser or by Purchaser to any Seller under this Agreement must be in writing given to the applicable party’s address set forth in Section 12.03.
12.02    Method of Transmittal.  All notices, demands, requests or other communications required or permitted to be given hereunder must be sent by (a) personal delivery, (b) a nationally recognized overnight courier service, (c) facsimile with written telephonic confirmation, with a copy to follow by overnight courier service, or (d) certified mail, return receipt requested.  Any such notice, request, demand, tender or other communication shall be deemed to have been duly given as follows:  (i) if served in person, when served; (ii) if sent by facsimile (provided that such facsimile transmission is confirmed by telephone or a statement generated by the transmitting machine) upon completion of transmission, or if transmission is completed after 5:00 p.m. Eastern Time or on a day other than a Business Day, on the next succeeding Business Day, provided that a duplicate copy of any such facsimile is also delivered on the next succeeding Business Day in accordance with paragraphs (a), (b) or (d), above; (iii) if by overnight courier, on the first Business Day after delivery to the courier; or (iv) if by certified mail, return receipt requested, upon receipt.  Rejection or other refusal to accept, or inability to deliver because of changed address or facsimile number of which no notice was given shall be deemed to be receipt of such notice, request, demand, tender or other communication.

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12.03    Addresses.  The addresses for proper notice under this Agreement are as follows:
	
	
	If to any Seller or Parent Guarantor, to:

	Reliant Care Management Company, L.L.C. 
1869 Craig Park Court 
St. Louis, Missouri  63146 
Attn: Richard J. DeStefane, President 
Email: rdestefane@reliantcaremgmt.com 
Fax:  (314) 543‐3880

	with a copy to (which shall not constitute notice):

	Reliant Care Management Company, L.L.C.
1869 Craig Park Court
St. Louis, Missouri  63146
Attn:  Robert J. Craddick, In‐House Counsel
Email:  rcraddick@reliantcaremgmt.com
Fax: 314‐226‐1736

	with a copy to (which shall not constitute notice):

	

Greensfelder, Hemker & Gale, P.C.
10 South Broadway, Suite 2000
St. Louis, Missouri 63102
Attn: Vincent J. Garozzo
Email: vjg@greensfelder.com 
Fax: 314‐241‐8624

	If to Purchaser, to:

	

GAHC4 Missouri SNF Portfolio, LLC 
c/o Griffin‐American Healthcare REIT II, Inc.  
18191 Von Karman Avenue, Suite 300 
Irvine, California 92612 
Attention:  Stefan Oh 
Email: soh@ahinvestors.com  
Fax:  (949) 474‐0442

	

with a copy to (which shall not constitute notice):

	

Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. 
211 Commerce Street, Suite 800 
Nashville, Tennessee  37201 
Attn:  Elizabeth C. Sauer, Esq. 

43

	
	
	Email: esauer@bakerdonelson.com 
Fax:  (615) 744‐5745

	

If to the Escrow Agent or Title Company, to:

	

First American Title Insurance Company 
777 South Figueroa, Suite 400  
Los Angeles, California 90017  
Attention:  Brian M. Serikaku  
Email: bmserikaku@firstam.com
Fax: (877) 398‐1603 

Any party may, from time to time, by written notice to the other parties hereto given in accordance with the foregoing, designate a different address for notices to such party.
ARTICLE 13 
ESCROW AGENT
13.01    Investment and Use of Funds.  The Escrow Agent shall invest the Deposit in a segregated, interest‐bearing, institutional money market account with First American Trust for the benefit of Purchaser, shall not commingle the Deposit with any funds of the Escrow Agent or others and shall promptly provide Purchaser and Seller with confirmation of the investments made.  All interest earned on the Deposit shall become a part of the Deposit and be disbursed with it.  If the Closing under this Agreement occurs, then the Escrow Agent shall deliver or credit the Deposit (or portion thereof) as provided herein.  Provided such supplemental escrow instructions are not in conflict with this Agreement as it may be amended in writing from time to time, Seller and Purchaser agree to execute such supplemental escrow instructions as may be appropriate to enable the Escrow Agent to comply with the terms of this Agreement.
13.02    Termination.
(a)    Upon a termination of this Agreement in accordance with its terms, either Parent Guarantor, on behalf of itself and Sellers, or Purchaser (in either case, the “Terminating Party”) may give written notice to the Escrow Agent and the other party (the “Non‐Terminating Party”) of such termination and the grounds for such termination.  Such notice shall also constitute a request for the release of the Deposit to the Terminating Party, if applicable.
(b)    In such event, the Non‐Terminating Party shall have five (5) Business Days after the Non‐Terminating Party’s receipt of notice of termination provided in accordance with the provisions of Article 12 in which to object in writing to, as applicable, the reallocation of the Deposit or the release of the Deposit (or any portion thereof) to the Terminating Party.  If the Non‐Terminating Party provides such an objection, then the Escrow Agent shall retain the Deposit until it receives written instructions executed by Parent Guarantor, on behalf of Sellers, and Purchaser as to the disposition and disbursement of the Deposit, or until ordered by final court order, decree or judgment, which is not subject to appeal, to deliver the Deposit to a particular party, in which event the Deposit shall be delivered in accordance with such notice,

44

instruction, order, decree or judgment.  If the Non‐Terminating Party does not provide such an objection, then the Escrow Agent shall deliver the Deposit in accordance with the Terminating Party’s notice, if applicable, provided that the Terminating Party shall include with its notice to the Escrow Agent or promptly upon request by Escrow Agent evidence of delivery of its notice of termination in accordance with the provisions of Article 12.  In no event shall the Escrow Agent ever be obligated to confirm actual delivery of notice to the Non‐Terminating Party.
13.03    Interpleader.  Except as provided in Section 13.02, Sellers and Purchaser agree that in the event of any controversy regarding the Deposit, unless mutual written instructions are received by the Escrow Agent directing the disposition of such Deposit, the Escrow Agent shall not take any action, but instead shall await the disposition of any proceeding relating to the Deposit or, at the Escrow Agent’s option, the Escrow Agent may interplead all parties and deposit the Deposit with a court of competent jurisdiction in which event the Escrow Agent may recover all of its actual, out‐of‐pocket costs, including, without limitation, reasonable attorneys’ fees.  Sellers or Purchaser, whichever loses in any such interpleader action, shall be solely obligated to pay such costs and fees of the Escrow Agent related to such interpleader action.
13.04    Liability of the Escrow Agent.  The parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties and that the Escrow Agent shall not be liable to any of the parties for any action or omission on its part taken or made in good faith and not in disregard of this Agreement, but shall be liable for its negligent acts.  Sellers and Purchaser shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all actual, out‐of‐pocket costs, claims and expenses, including, without limitation, reasonable attorneys’ fees, incurred in connection with the performance of its duties hereunder, except with respect to actions or omissions taken or made by the Escrow Agent in bad faith, in disregard of this Agreement or involving negligence on its part.  Additionally, the Escrow Agent shall not be liable to any of the parties hereto if the Escrow Agent retains the Deposit because the Escrow Agent is uncertain as to the proper party to whom the Deposit should be delivered, provided the Escrow Agent acts reasonably and in good faith.
ARTICLE 14 
MISCELLANEOUS
Where applicable, the terms and conditions of the provisions set forth in this Article 14 shall survive the Closing or earlier termination of this Agreement.
14.01    Entire Agreement.  This Agreement embodies the entire agreement among the parties and supersedes all prior agreements and undertakings.
14.02    Assignment.  This Agreement may not be assigned by Sellers or Parent Guarantor without the prior consent of Purchaser in its sole discretion.  This Agreement shall not be assigned by Purchaser without the prior consent of Parent Guarantor, on behalf of itself and Sellers, which consent may be withheld in Parent Guarantor’s sole discretion.  Notwithstanding the foregoing, Purchaser may assign its interest in this Agreement, in part or in whole and as to any Facility, to an affiliate of Purchaser; provided, however, that in the event of any such

45

assignment, (a) Purchaser shall not be released from any obligations of Purchaser hereunder, and (b) Purchaser shall provide notice of any such assignment to Parent Guarantor, on behalf of itself and Sellers.
14.03    Modifications; Waiver.  This Agreement may be modified, amended, or cancelled only by a written instrument signed by the parties hereto.  No waiver of any of the provisions of this Agreement will be deemed to or will constitute a waiver of any other provision, whether or not similar, nor will any waiver constitute a continuing waiver.  Any waiver must be in writing and signed by the party entitled to performance.  No waiver by a party of any breach or default on the part of another party will be effective unless set forth in writing and executed by the party against which enforcement of the waiver is sought, and any such waiver will operate only as a waiver of the particular breach or default specified in such written waiver and will not be effective as a waiver of any other subsequent breach or default.
14.04    Interpretation; Usage.
(a)    Whenever the words “include”, “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”
(b)    The word “or” as used in this Agreement shall not be exclusive.
(c)    The word “will” as used in this Agreement has the same meaning as “shall” and thus means an obligation and an imperative and not a futurity.
(d)    The words “hereof”, “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise specified.
(e)    As used in this Agreement, or in any other agreement, document, certificate or instrument delivered by any Seller to Purchaser (other than the Master Lease or any ancillary document or instrument delivered in connection with the Master Lease), the phrase “to Sellers’ Knowledge” or any similar phrase regarding the “Knowledge” of Sellers, shall mean the actual, not constructive or imputed, knowledge of Richard DeStefane, Wentric Williams, Dennis Holtmann, Lannie Wineland and Robert Craddick (the “Seller Knowledge Representatives”).  Under no circumstances shall the Seller Knowledge Representatives have any individual liability for any representations or warranties made by or on behalf of any Seller.  Sellers represent that the Seller Knowledge Representatives are involved with Seller’s ownership, operation and management of the Property and that the factual matters addressed in the representations set forth in this Agreements fall within the scope of their responsibilities.
(f)    As used in this Agreement, or in any other agreement, document, certificate or instrument delivered by any Purchaser to Seller (other than the Master Lease or any ancillary document or instrument delivered in connection with the Master Lease), the phrase “to Purchaser’s Knowledge” or any similar phrase regarding the “Knowledge” of Purchaser, shall

46

mean the actual, not constructive or imputed, knowledge of Stefan Oh, Paul Baker and Danny Prosky (the “Purchaser Knowledge Representatives”).  Under no circumstances shall the Purchaser Knowledge Representatives have any individual liability for any representations or warranties made by or on behalf of any Purchaser.  Purchaser represents that the Purchaser Knowledge Representatives are involved with the ownership, operation and management of Purchaser and that the factual matters addressed in the representations set forth in this Agreements fall within the scope of their responsibilities.
(g)    As used in this Agreement, (i) an “affiliate” of a person means any other person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, while the term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise; (ii) “Affiliated Party” means each of Parent Guarantor and Existing Master Tenant; and (iii) “Affiliated Service Party” means each Affiliated Party and Advanced Medical Supply Management Services, L.L.C., Reliant Care Finance Company, L.L.C., Reliant Care Rehabilitative Services, L.L.C. and United Scripts LTC, LLC.
(h)    Solely for purpose of Section 5.01(k) and Section 5.01(t) hereunder, Affiliated Party shall include any affiliate of such Affiliated Party or Sellers to the extent an event or occurrence with respect to such affiliate has or is reasonably likely to have a Material Adverse Effect.  As used in this Agreement, the masculine shall include the feminine and neuter, the singular shall include the plural and the plural shall include the singular, as the context may require.
(i)    A reference to any statute or to any provision of any statute shall include any amendment to, and any modification or re‐enactment thereof, and all regulations and statutory instruments issued thereunder or pursuant thereto.
(j)    The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.
(k)    “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including, without limitation, electronic media) in a visible form.
(l)    References from or through any date mean, unless otherwise specified, from and including, without limitation, or through and including, without limitation, respectively.

47

14.05    Captions.  The captions used in connection with the articles, sections and subsections of this Agreement are for convenience only and will not be deemed to expand or limit the meaning of the language of this Agreement.
14.06    Successors and Assigns.  This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and assigns permitted hereunder.
14.07    Controlling Law; Venue.  This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri and without reference to any Missouri conflict of laws rule that would result in the application of the laws of a state other than Missouri.  Any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted in the United States District Court for the Eastern District of Missouri or the courts of the State of Missouri located in the County of St. Louis, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
14.08    Attachments.  If the provisions of any schedule, exhibit or rider to this Agreement are inconsistent with the provisions of this Agreement, the provisions this Agreement shall prevail.  The schedules and exhibits attached hereto are hereby incorporated as integral parts of this Agreement.
14.09    Time of Essence; Survival of Claims.  Time is important to all parties in the performance of this Agreement, and all parties have agreed that time is of the essence with respect to the obligations of the parties hereunder and to any date set out in this Agreement, except as otherwise expressly provided herein.  Notwithstanding anything contained herein to the contrary, the parties hereby acknowledge and agree that none of the terms, conditions, representations, warranties, indemnities, covenants, agreements or obligations of the parties set forth in this Agreement (collectively, “Obligations”) shall survive the Closing or earlier termination of this Agreement except as expressly set forth in this Agreement; provided, however, that any such surviving Obligations shall survive the Closing or earlier termination of this Agreement solely for the period expressly contemplated by its terms.  With respect to the survival period for any Obligation set forth herein, if the party seeking to enforce its rights files a claim against the other party in good faith, with specificity and in writing within the period of survival for such Obligation as set forth herein, the Obligation that is the subject of the claim shall survive for as long as reasonably necessary for the parties to obtain a final, non‐appealable judgment with respect thereto.
14.10    Business Day.  “Business Day” means a day other than a Saturday, Sunday, federal holiday or other day on which commercial banks in St. Louis, Missouri are authorized or required by law or executive order to close.  If the final date of any period set out in any provision of this Agreement falls on a day that is not a Business Day, then, and in such event, the time of such period will be extended to the next Business Day.

48

14.11    Attorneys’ Fees and Costs.  If a party is required to resort to litigation to enforce its rights under this Agreement, then the prevailing party in such litigation will be entitled to collect from the other party all actual, out‐of‐pocket costs and expenses, including reasonable attorneys’ fees incurred in connection with such action, without regard to statutory presumption.
14.12    Counterparts.  This Agreement may be executed in multiple counterparts which shall together constitute a single document; however, this Agreement shall not be effective unless and until all counterpart signatures have been obtained.  A facsimile or other electronic transmission of an original signature shall be binding hereunder.
14.13    Publicity.  Sellers and Purchaser each hereby covenant that, after the Closing, any press release or public statement with respect to the Closing issued by Sellers or Purchaser shall be subject to the prior review and approval of Sellers and Purchaser (which approval shall not be unreasonably withheld, conditioned or delayed).  
14.14    Waiver of Jury Trial.  TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF ANY SELLER AND PURCHASER HEREUNDER, PURCHASER’S OWNERSHIP OR USE OF ANY PROPERTY OR ANY CLAIMS OF INJURY OR DAMAGE.
14.15    Bulk Sales Laws.  Purchaser hereby waives compliance by Sellers with the provisions of the “bulk sales”, “bulk transfer” or similar laws of any state.
14.16    Obligation to Close on All Facilities.  Except as expressly set forth in this Agreement and subject to the terms and conditions of this Agreement, Purchaser’s obligation to purchase the Facilities is not severable, and Purchaser must purchase all of the Facilities.
14.17    Guaranty.  Parent Guarantor joins in this Agreement for the purpose of guaranteeing compliance by Sellers with all obligations of Sellers contained in this Agreement (collectively, the “Seller Obligations”).  In furtherance thereof, Parent Guarantor hereby unconditionally and irrevocably guarantees to Purchaser the full and timely payment and performance of the Seller Obligations (the “Guaranty”).  The Guaranty is legal, valid and binding upon and against Parent Guarantor, enforceable in accordance with its respective terms, subject to no defense, counterclaims, set‐off, or objection of any kind.  The obligation of Parent Guarantor under the Guaranty are continuing, absolute and unconditional and shall remain in full force and effect until the Seller Obligations shall have been paid and performed in full.  The obligations of Parent Guarantor hereunder shall not be affected, modified, changed, amended, limited, impaired, released or discharged, in whole or in part, by reason of: (a) the entry of an order for relief pursuant to the United States Bankruptcy Code by or against any Seller or Parent Guarantor; (b) the modification, change, amendment, limitation, impairment or release of the liability of a Seller or its estate in bankruptcy or of any remedy for the enforcement thereof, resulting from the operation of any present or future provision of the U.S. Bankruptcy Code, or from the decision of any federal, state or local court; (c) the proposal or confirmation of a plan of 

49

reorganization concerning a Seller or Parent Guarantor or by any rejection of this Agreement pursuant to any such proceeding; or (d) the assignment of a Seller’s obligations pursuant to this Agreement or an order of court or by operation of law.  The Guaranty constitutes a guarantee of payment and performance and not of collection.  Accordingly, Purchaser may enforce the Guaranty against Parent Guarantor without first making demand or instituting collection or enforcement proceedings against any Seller.  Parent Guarantor’s liability for the Seller Obligations is hereby declared to be primary, and not secondary, and the liability of Parent Guarantor under this Agreement shall in no way be limited or impaired by, and Parent Guarantor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of this Agreement.
14.18    Cooperation with Audit.  
(a)    Sellers acknowledge that, subject to Section 14.02, Purchaser may assign all of its right, title and interest in and to this Agreement.  The assignee may be affiliated with a publicly registered company (“Registered Company”) promoted by Purchaser.  Sellers acknowledge that they have been advised that if Purchaser is affiliated with a Registered Company, the assignee may be required to make certain filings with the Securities and Exchange Commission (the “SEC Filings”) that relate to the three (3) most recent pre‐acquisition fiscal years (the “Audited Years”) and the current fiscal year through the date of acquisition (the “stub period”) for each Property.  To assist the assignee in preparing the SEC Filings, Sellers covenant and agree to (and to cause Parent Guarantor to) provide the assignee (to the extent in Sellers’ possession or reasonable control), upon not less than two (2) weeks prior written notice and during normal business hours, with the following within five (5) Business Days prior to the DDP Expiration Date and any time thereafter until the first anniversary of the Closing Date: (i) access to bank statements for the Audited Years and stub periods; (ii) rent roll as of the end of the Audited Years and stub periods; (iii) operating statements for the Audited Years and stub periods; (iv) access to the general ledger for the Audited Years and stub periods; (v) cash receipts schedule for each month in the Audited Years and stub periods; (vi) access to invoices for expenses and capital improvements in the Audited Years and stub periods; (vii) accounts payable ledger and accrued expense reconciliations; (viii) check register for the Audited Years and stub periods and the three months thereafter; (ix) all leases and five (5) year lease schedules; (x) copies of all insurance documentation for the Audited Years and stub periods; (xi) copies of accounts receivable aging as of the end of the Audited Years and stub periods along with an explanation for all accounts over thirty (30) days past due as of the end of the Audited Years and stub periods; (xii) signed representation letter in the form attached hereto as Exhibit I (“Representation Letter”); (xiii) all organizational documents of Seller; (xiv) confirmation of all cash receivables and payables for the Audited Years and the stub periods; (xv) all information related to financial statement footnotes; and (xvi) to the extent necessary, the information set forth in the letter set forth in the form attached hereto as Exhibit J.  To the extent requested by Purchaser prior to Closing, Sellers also agree to deliver to Purchaser a signed Representation Letter and the foregoing requested information within five (5) Business Days prior to Closing, and such delivery shall be a condition to Closing.  Sellers acknowledge receipt of a sample audit request deliverables checklist provided by Purchaser for Sellers’ review.  Purchaser understands that not all of the items listed thereon may be applicable to Sellers, Parent Guarantor and the 

50

Facilities, but Sellers agree to use commercially reasonable efforts to deliver or otherwise make available at the Facilities the items listed thereon to the extent applicable and requested by Purchaser’s auditor.
(b)    Notwithstanding any language to the contrary set forth herein, Purchaser agrees to engage Purchaser’s auditor at its sole cost and expense and to reimburse Sellers for (i) the fees and expenses actually charged by Sellers’ independent accountants in assisting Purchaser’s auditor with the foregoing audit and SEC Filings (not to include the cost of Sellers’ audited financial statements or other fees or expenses which Sellers would have incurred regardless of the foregoing audit and SEC Filing requirements), and (ii) any other reasonable out‐of‐pocket expenses actually incurred by Sellers pursuant to meeting its obligations under this Section 14.18, including, without limitation, legal fees.  In no event shall Sellers’ cooperation with Purchaser in accordance with this Section 14.18 materially interfere with the operation of its business.
14.19    Purchaser’s Disclosures.  Seller acknowledges that it is Purchaser’s intention that the ultimate acquirer be a corporation that is or intends to qualify as a subsidiary of a Real Estate Investment Trust (“REIT”) and that, as such, it is subject to certain filing and reporting requirements in accordance with federal laws and regulations, including, without limitation, regulations promulgated by the Securities and Exchange Commission.  Accordingly, and notwithstanding any provision of this Agreement or the provisions of any other existing agreement between the parties hereto to the contrary, Purchaser may publicly file, disclose, report or publish any and all information related to this transaction that may be reasonably interpreted as being required by federal law or regulation, or as Purchaser otherwise elects in its sole discretion.
14.20    No Personal Liability.  In addition to any limitation on liability provided by law or any other agreement or instrument, no advisor, trustee, director, officer, employee, accountant, attorney, beneficiary, shareholder, partner, participant or agent of or in Purchaser or any Seller or Parent Guarantor shall have any personal liability, directly or indirectly, under or in connection with this Agreement or the transaction contemplated hereunder.
[Signature page follows.

51

	
		
	IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed and delivered as of the date first written above.

	SELLERS:

	 

	

BKY PROPERTIES OF ST ELIZABETH LLC,
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

MMA HEALTHCARE OF ST ELIZABETH,
INC. D/B/A ST. ELIZABETH CARE
CENTER, a Missouri corporation

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

BRIDGEWOOD ASSOCIATES, L.L.C., 
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President
	

BRIDGEWOOD HEALTH CARE CENTER,
L.L.C. D/B/A BRIDGEWOOD HEALTH
CARE CENTER, a Missouri limited liability
company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

CRESTWOOD ASSOCIATES, L.L.C., 
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President
	

CRESTWOOD HEALTH CARE CENTER,
L.L.C. D/B/A CRESTWOOD HEALTH CARE
CENTER, a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

EASTVIEW ASSOCIATES, L.L.C.,
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President
	

EASTVIEW MANOR, INC. D/B/A
EASTVIEW MANOR CARE CENTER,
a Missouri corporation

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

MILAN ASSOCIATES, L.L.C., 
a Missouri limited liability company

	

BKY HEALTHCARE OF MILAN, INC.
D/B/A MILAN HEALTH CARE CENTER,
a Missouri corporation

	
		
	

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

M‐S ASSOCIATES, L.P., 
a Missouri limited partnership

By:  Randolph Pettis GP LLC, a Missouri
        limited liability company, its General
        Partner

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President
	

NORTH VILLAGE PARK, L.L.C. D/B/A
NORTH VILLAGE PARK, a Missouri limited
liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

SALISBURY ASSOCIATES LLC, 
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

CHARITON PARK HEALTH CARE
CENTER, L.L.C., a Missouri limited liability
company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

	

SEDALIA ASSOCIATES, L.P.,
a Missouri limited partnership

By:  Brunswick Park Associates, Inc., 
        a Missouri corporation, its General 
        Partner 

By:  /s/ Richard J. DeStefane, President
Richard J. DeStefane, President
	

FOUR SEASONS LIVING CENTER, L.L.C.
D/B/A FOUR SEASONS LIVING CENTER,
a Missouri limited liability company

By:  /s/ Richard J. DeStefane, President
   Richard J. DeStefane, President

PARENT GUARANTOR:

TLG II, L.L.P., 
a Missouri limited liability partnership

By:  RCG, Inc., a Missouri corporation,
        its General Partner

         By: /s/  Richard J. DeStefane, President
   Richard J. DeStefane, President

PURCHASER:

GAHC4 MISSOURI SNF PORTFOLIO, LLC,
a Delaware limited liability company 

By:    Griffin‐American Healthcare REIT IV Holdings, LP, 
a Delaware limited partnership, its Sole Member

By:    Griffin‐American Healthcare REIT IV, Inc.,
a Maryland corporation, its General Partner

By:    /s/ Danny Prosky            
Name:    Danny Prosky                
Its:    President and Chief Operating Officer

CONSENT OF ESCROW AGENT
The undersigned Escrow Agent hereby agrees to (i) accept the foregoing Agreement, (ii) be Escrow Agent under said Agreement, and (iii) be bound by said Agreement in the performance of its duties as Escrow Agent; provided, however, that the undersigned shall have no obligations, liability or responsibility under (a) this Consent or otherwise unless and until said Agreement, fully signed by the parties, has been delivered to the undersigned, or (b) any amendment to said Agreement unless and until the same shall be accepted by the undersigned in writing.
	
		
	DATED:  June 8, 2018
	First American Title Insurance Company
(“Escrow Agent”)

	 
	 

	 
	By:   /s/ Brian M. Serikaku  

	 
	Its:   Senior Commercial Escrow Officer

Consent of Escrow Agent

Exhibit A
FACILITIES, OWNER SELLERS, OPERATORS AND MASTER TENANTS
	
				
	FACILITY NAME
	OWNER SELLER
	OPERATOR
	MASTER
TENANT

	Bridgewood Health Care
Center (“Bridgewood”)
	Bridgewood Associates,
L.L.C.
	Bridgewood Health Care
Center, L.L.C. d/b/a
Bridgewood Health Care
Center
	TLG III, L.L.P.

	Chariton Park Health Care
Center (“Chariton Park”)
	SALISBURY
ASSOCIATES LLC
	CHARITON PARK
HEALTH CARE CENTER,
L.L.C. d/b/a Chariton Park
Health Care Center
	TLG III, L.L.P.

	Crestwood Health Care
Center (“Crestwood”)
	Crestwood Associates,
L.L.C.
	Crestwood Health Care
Center, L.L.C. d/b/a
Crestwood Health Care Center
	TLG III, L.L.P.

	Four Seasons Living Center
(“Four Seasons”)
	SEDALIA
ASSOCIATES, L.P.
	FOUR SEASONS LIVING
CENTER, L.L.C. d/b/a Four
Seasons Living Center

	N/A

	Milan Health Care Center
(“Milan”)
	Milan Associates, L.L.C.
	BKY Healthcare of Milan,
Inc. d/b/a Milan Health Care
Center
	TLG III, L.L.P.

	Eastview Manor Care
Center (“Eastview”)
	Eastview Associates,
L.L.C.
	Eastview Manor, Inc. d/b/a
Eastview Manor Care Center

	N/A

	North Village Park (“North
Village”)
	M-S ASSOCIATES, L.P.
	North Village Park, L.L.C.
d/b/a North Village Park
	TLG III, L.L.P.

	St. Elizabeth Care Center
(“St. Elizabeth”)
	BKY Properties of St
Elizabeth LLC
	MMA Healthcare of St.
Elizabeth, Inc. d/b/a St.
Elizabeth Care Center
	TLG III, L.L.P.twtr-ex101_6.htm

Exhibit 10.1

 

 

REVOLVING CREDIT AGREEMENT

dated as of

August 7, 2018

among

TWITTER, INC.,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

 

JPMorgan Chase Bank, N.A.,
as Sole Lead Arranger and Sole Bookrunner

 

 

 

                                                                                                                                                                                                                                                                                                                                                                       

 

 

 

TABLE OF CONTENTS

 

 

	
 
	
 
	
 
	
PAGE

	
ARTICLE 1

	
DEFINITIONS

	
Section
	
1.01.
	
Defined Terms
	
1

	
Section
	
1.02.
	
Classification of Loans and Borrowings
	
21

	
Section
	
1.03.
	
Terms Generally
	
21

	
Section
	
1.04.
	
Accounting Terms; GAAP
	
22

	
Section
	
1.05.
	
Interest Rates
	
22

	
ARTICLE 2

	
THE CREDITS

	
Section
	
2.01.
	
Commitments.
	
23

	
Section
	
2.02.
	
Loans and Borrowings
	
23

	
Section
	
2.03.
	
Requests for Borrowings
	
23

	
Section
	
2.04.
	
Funding of Borrowings
	
24

	
Section
	
2.05.
	
Interest Elections
	
25

	
Section
	
2.06.
	
Termination and Reduction of Commitments
	
26

	
Section
	
2.07.
	
Repayment of Loans; Evidence of Debt
	
26

	
Section
	
2.08.
	
Prepayment of Loans
	
27

	
Section
	
2.09.
	
Fees
	
27

	
Section
	
2.10.
	
Interest
	
28

	
Section
	
2.11.
	
Alternate Rate of Interest
	
39

	
Section
	
2.12.
	
Increased Costs
	
30

	
Section
	
2.13.
	
Break Funding Payments
	
31

	
Section
	
2.14.
	
Taxes
	
32

	
Section
	
2.15.
	
Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	
35

	
Section
	
2.16.
	
Mitigation Obligations; Replacement of Lenders
	
36

	
Section
	
2.17.
	
Defaulting Lenders
	
37

	
ARTICLE 3

	
REPRESENTATIONS AND WARRANTIES

	
Section
	
3.01.
	
Organization; Powers
	
38

	
Section
	
3.02.
	
Authorization; Enforceability
	
39

	
Section
	
3.03.
	
Governmental Approvals; No Conflicts
	
39

	
Section
	
3.04.
	
Financial Condition; No Material Adverse Change
	
39

	
Section
	
3.05.
	
Properties
	
40

	
Section
	
3.06.
	
Litigation and Environmental Matters
	
40

	
Section
	
3.07.
	
Compliance with Laws and Agreements; No Default
	
40

	
Section
	
3.08.
	
Investment Company Status
	
40

	
Section
	
3.09.
	
Margin Stock
	
40

i

 

 

 

	
Section
	
3.10.
	
Taxes
	
41

	
Section
	
3.11.
	
ERISA
	
41

	
Section
	
3.12.
	
Disclosure
	
42

	
Section
	
3.13.
	
Subsidiaries
	
43

	
Section
	
3.14.
	
Solvency
	
43

	
Section
	
3.15.
	
Anti-Terrorism Law and Sanctions
	
43

	
Section
	
3.16.
	
Anti-Corruption Laws
	
44

	
ARTICLE 4

	
CONDITIONS

	
Section
	
4.01.
	
Effective Date
	
44

	
Section
	
4.02.
	
Each Credit Event
	
46

	
ARTICLE 5

	
AFFIRMATIVE COVENANTS

	
Section
	
5.01.
	
Financial Statements; Ratings Change and Other Information
	
47

	
Section
	
5.02.
	
Notices of Material Events
	
48

	
Section
	
5.03.
	
Existence; Conduct of Business
	
49

	
Section
	
5.04.
	
Payment of Taxes
	
49

	
Section
	
5.05.
	
Maintenance of Properties; Insurance
	
49

	
Section
	
5.06.
	
Books and Records; Inspection Rights
	
49

	
Section
	
5.07.
	
ERISA-Related Information
	
50

	
Section
	
5.08.
	
Compliance with Laws and Agreements
	
50

	
Section
	
5.09.
	
Use of Proceeds
	
50

	
Section
	
5.10.
	
Guarantors
	
51

	
ARTICLE 6

	
NEGATIVE COVENANTS

	
Section
	
6.01.
	
Indebtedness
	
52

	
Section
	
6.02.
	
Liens
	
52

	
Section
	
6.03.
	
Fundamental Changes
	
54

	
Section
	
6.04.
	
Restricted Payments
	
55

	
Section
	
6.05.
	
Restrictive Agreements
	
56

	
Section
	
6.06.
	
Transactions with Affiliates
	
57

	
Section
	
6.07.
	
Minimum Liquidity
	
57

ii

 

 

	
ARTICLE 7

	
EVENTS OF DEFAULT

	
ARTICLE 8

	
THE ADMINISTRATIVE AGENT

	
ARTICLE 9

	
MISCELLANEOUS

	
Section
	
9.01.
	
Notices
	
63

	
Section
	
9.02.
	
Waivers; Amendments
	
64

	
Section
	
9.03.
	
Expenses; Indemnity; Damage Waiver
	
66

	
Section
	
9.04.
	
Successors and Assigns
	
68

	
Section
	
9.05.
	
Survival
	
72

	
Section
	
9.06.
	
Counterparts; Integration; Effectiveness
	
73

	
Section
	
9.07.
	
Severability
	
73

	
Section
	
9.08.
	
Right of Setoff
	
73

	
Section
	
9.09.
	
Governing Law; Jurisdiction; Consent to Service of Process
	
74

	
Section
	
9.10.
	
Waiver Of Jury Trial
	
74

	
Section
	
9.11.
	
Headings
	
75

	
Section
	
9.12.
	
Confidentiality
	
75

	
Section
	
9.13.
	
Interest Rate Limitation
	
76

	
Section
	
9.14.
	
No Advisory or Fiduciary Responsibility
	
76

	
Section
	
9.15.
	
Electronic Execution of Assignments and Certain Other Documents
	
77

	
Section
	
9.16.
	
USA PATRIOT Act
	
77

	
Section
	
9.17.
	
Release of Guarantors
	
78

	
Section
	
9.18.
	
Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	
78

	
Section
	
9.19.
	
Certain ERISA Matters
	
78

 

 

SCHEDULES

Schedule 2.1–Commitments

 

 

EXHIBITS

Exhibit A–Form of Assignment and Assumption

Exhibit B–Form of Borrowing Request

Exhibit C–Form of Interest Election Request

Exhibit D–Form of Note

Exhibit E–Form of Guaranty Agreement

Exhibit F–Form of Compliance Certificate

 

 

 

iii

 

 

REVOLVING CREDIT AGREEMENT dated as of August 7, 2018 among TWITTER, INC., as Borrower, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

The Borrower (such term and each other capitalized term used and not otherwise defined herein having the meaning assigned to it in ‎Article 1), has requested the Lenders to make Loans to the Borrower on a revolving credit basis on and after the date hereof and at any time and from time to time prior to the Maturity Date.

The proceeds of borrowings hereunder are to be used for the purposes described in ‎Section 5.09.  The Lenders are willing to establish the credit facility referred to in the preceding paragraph upon the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 

Article 1
Definitions

Section 1.01.Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent.

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

“Agent Parties” has the meaning set forth in ‎Section 9.01.

“Agreement” means this Revolving Credit Agreement, as the same may hereafter be modified, supplemented, extended, amended, restated or amended and restated from time to time.

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such 

 

 

 

 

day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.11 hereof, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

“Anti-Terrorism Laws” has the meaning set forth in Section 3.14(a).

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.

“Applicable Rate” means, for any day, with respect to any Eurodollar Loan, any ABR Loan or the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth across from the caption “Applicable Rate for Eurodollar Loans”, “Applicable Rate for ABR Loans” or “Commitment Fee” in the table below, as the case may be, based upon the Total Leverage Ratio, as more fully described below.

	
 
	
Level 1
	
Level 2
	
Level 3
	
Level 4

	
Total Leverage Ratio
	
Less than 2.0:1.00 
	
Less than 2.5:1.00 but greater than or equal to 2.0:1.00
	
Less than 3.0:1.00 but greater than or equal to 2.5:1.00
	
Greater than or equal to 3.0:1.00

	
Commitment Fee
	
0.100%
	
0.150%
	
0.200%
	
0.250%

	
Applicable Rate for Eurodollar Loans
	
1.000%
	
1.250%
	
1.500%
	
1.750%

	
Applicable Rate for ABR Loans
	
0.000%
	
0.250%
	
0.500% 
	
0.750%

 

The Total Leverage Ratio shall be determined on the basis of the most recent certificate of the Borrower to be delivered pursuant to ‎Section 5.01(c), for the most 

2

 

 

recently ended fiscal quarter or fiscal year of the Borrower, as applicable, and any change in the Total Leverage Ratio shall be effective one Business Day after the date on which the Administrative Agent receives such certificate; provided, that for so long as the Borrower has not delivered such certificate when due pursuant to ‎Section 5.01(c), the Total Leverage Ratio shall be deemed to be at Level 3 until the respective certificate is delivered to the Administrative Agent.

In the event that any financial statement or compliance certificate delivered pursuant to Sections ‎5.01(a), ‎5.01(b) or ‎5.01(c) is 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 Rate for any period (an “Applicable Period”) than the Applicable Rate applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a corrected financial statement and a corrected compliance certificate for such Applicable Period, (ii) the Applicable Rate shall be determined based on the corrected financial statement and corrected compliance certificate for such Applicable Period and (iii) the Borrower shall immediately pay to the Administrative Agent (for the account of the Lenders during the Applicable Period or their successors and assigns) the accrued additional interest owing as a result of such increased Applicable Rate for such Applicable Period. This paragraph shall not limit the rights of the Administrative Agent or the Lenders with respect to ‎Section 2.10(c) and ‎Article 7 hereof, and shall survive the termination of this Agreement.

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Arranger” means JPMorgan Chase Bank, N.A., in its capacity as sole lead arranger and sole bookrunner, and any successor thereto.

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by ‎Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

“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.

3

 

 

“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.

“Bankruptcy Code” means Chapter 11 of Title 11 of the United States Code, as amended from time to time and any successor statute and all rules and regulations promulgated thereunder.

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

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

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

“Board” means the Board of Governors of the Federal Reserve System of the United States of America.

“Borrower” means Twitter, Inc., a Delaware corporation.

“Borrowing” means Loans of the same 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.

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with ‎Section 2.03.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) 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, for the avoidance of doubt, any obligations relating to a lease that was accounted for by such Person as an operating lease as of the Effective Date and any similar lease entered into after the Effective Date by 

4

 

 

such Person shall be accounted for as obligations relating to an operating lease and not as Capital Lease Obligations.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act and the rules of the Securities and Exchange Commission thereunder), of Equity Interests in the Borrower representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in the Borrower; or (b) persons who were (i) directors of the Borrower on the date hereof, (ii) nominated by the board of directors of the Borrower or whose nomination for election by the stockholders of Borrower was approved by the board of directors of the Borrower or (iii) appointed by directors that were directors of the Borrower or directors nominated as provided in the preceding clause (ii), ceasing to occupy a majority of the seats (excluding vacant seats) on the board of directors of the Borrower. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or the implementation thereof and (y) 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, issued or implemented.

“Charges” has the meaning set forth in ‎Section 9.13.

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Loans hereunder, as such commitment may be (a) reduced from time to time pursuant to ‎Section 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to ‎Section 9.04. The initial amount of each Lender’s Commitment as of the Effective Date is set forth on Schedule 2.1. The initial aggregate amount of the Lenders’ Commitments as of the Effective Date is $500,000,000.

“Commitment Fee” has the meaning set forth in ‎Section 2.09(a).

5

 

 

“Communications” has the meaning set forth in ‎Section 9.01.

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

“Consolidated Adjusted EBITDA” means, for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to, goodwill), (e) any extraordinary charges or losses determined in accordance with GAAP, (f) non-cash stock option and other equity-based compensation expenses and payroll tax expense related to stock option and other equity-based compensation expenses, (g) any other non-cash charges, non-cash expenses or non-cash losses of the Borrower or any Subsidiaries for such period (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of, or a reserve for, cash charges for any future period), including, for the avoidance of doubt, non-cash foreign currency translation losses (including non-cash losses related to currency remeasurement of Indebtedness); provided, however that cash payments made in such period or in any future period in respect of such non-cash charges, expenses or losses (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of, or a reserve for, cash charges for any future period) shall be subtracted from Consolidated Net Income in calculating Consolidated Adjusted EBITDA in the period when such payments are made, (h) transition, integration and similar fees, charges and expenses related acquisitions or dispositions, (i) restructuring charges, and (j) charges related to settlements of legal claims (provided that the amount that may be added back pursuant to clause (h), (i) and (j) may not in the aggregate for any four fiscal quarter period exceed 15% of Consolidated Adjusted EBITDA for such period (determined without giving effect to any such adjustment pursuant to such clause (h), (i) and (j))) and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income, (b) any extraordinary income or gains determined in accordance with GAAP, and (c) any other non-cash income (excluding any items that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period that are described in the parenthetical to clause (g) above), including for the avoidance of doubt non-cash foreign currency translation gains (including non-cash gains related to currency remeasurement of Indebtedness), all as determined on a consolidated basis.

“Consolidated Net Income” means, for any period, the net income or loss of the Borrower and its consolidated Subsidiaries for such period, determined on a consolidated basis in conformity with GAAP; provided that there shall be excluded (a) the income of any Person that is not a consolidated Subsidiary except to the extent of the amount of cash dividends or similar cash distributions actually paid by such Person to the Borrower or, subject to clauses (b) and (c) below, any consolidated Subsidiary during such period, (b) the income of, and any amounts referred to in clause (a) above paid to, any 

6

 

 

consolidated Subsidiary of the Borrower to the extent that, on the date of determination, the declaration or payment of cash dividends or similar cash distributions by such Subsidiary is not permitted without any prior approval of any Governmental Authority that has not been obtained or is not permitted by the operation of the terms of the organizational documents of such Subsidiary, any agreement or other instrument binding upon such Subsidiary or any law applicable to such Subsidiary, unless such restrictions with respect to the payment of cash dividends and other similar cash distributions have been legally and effectively waived, and (c) the income or loss of, and any amounts referred to in clause (a) above paid to, any consolidated Subsidiary that is not wholly owned by the Borrower to the extent such income or loss or such amounts are attributable to the noncontrolling interest in such consolidated Subsidiary.

“Consolidated Net Tangible Assets” means, at any date, the total assets of the Borrower and its Subsidiaries on a consolidated basis after deducting (a) all current liabilities (excluding the amount of those which are by their terms extendable or renewable at the option of the obligor to a date more than 12 months after the date of which the amount is being determined) and (b) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangible assets, all as set forth on the most recent balance sheet of the Borrower and its consolidated Subsidiaries delivered pursuant to ‎Section 5.01(a) or ‎(b).

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

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

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

“Defaulting Lender” means, subject to ‎Section 2.17(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two 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 such funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent 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 

7

 

 

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 Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States 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 2.17(b)) upon delivery of written notice of such determination to the Borrower and each Lender.

“dollars” or “$” refers to lawful money of the United States of America.

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States, excluding (x) any such Subsidiary substantially all of the assets of which consist of Equity Interests in one or more Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code or other Subsidiaries described in this clause (x), and (y) any such Subsidiary that is owned (directly or indirectly) by a Subsidiary that is a “controlled foreign corporation” within the meaning of Section 957 of the Code.

“Earn-Out” means any bona fide contingent obligation to make “earn-out” payments to one or more prior owners of any Person, business or division, the capital stock of which, or all or substantially all of the assets of which, have been acquired by the Borrower or any of its Subsidiaries, which “earn-out” payment obligation is contingent upon, or varies in amount based upon, the performance of the Person or of the assets so acquired, as such performance is measured by one or more financial, business or other performance criteria.

“EEA Financial Institution” means (a) any institution 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 

8

 

 

described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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

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

“Effective Date” means the date on which the conditions specified in ‎Section 4.01 are satisfied (or waived in accordance with ‎Section 9.02).

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, use, handling, transportation, storage, treatment, disposal, management, release or threatened release of any Hazardous Material or to health and safety matters.

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of investigation, reclamation or remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any Environmental Law, including compliance or noncompliance therewith, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence, release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest; provided that Equity Interests shall not include any debt securities that are convertible into or exchangeable for any combination of Equity Interests and/or cash. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

“ERISA Affiliate” means 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 Borrower or a Subsidiary under Section 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA.

9

 

 

“ERISA Event” means any one or more of the following: (a) any reportable event, as defined in Section 4043 of ERISA, with respect to a Plan, as to which the PBGC has not waived under subsection .22, .23, .25, .26, .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Regulation Section 4043 the requirement of Section 4043(a) of ERISA that it be notified of such event; (b) the termination of any Plan under Section 4041(c) of ERISA; (c) 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; (d) the 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; (e) the failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived; or a determination that any Plan is, or is expected to be, considered an at-risk plan within the meaning of Section 430 of the Code or Section 303 of ERISA; (f) engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to a Plan; (g) the complete or partial withdrawal of any Borrower, Subsidiary or any ERISA Affiliate from a Multiemployer Plan which results in the imposition of Withdrawal Liability or the insolvency under Title IV of ERISA of any Multiemployer Plan or (h) a determination that any Multiemployer Plan is in endangered or critical status under Section 432 of the Code or Section 305 of ERISA.

“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.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

“Event of Default” has the meaning set forth in ‎Article 7.

“Excluded Taxes” means, with respect to the Administrative Agent, any Recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed by the jurisdiction (or any political subdivision thereof) 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 or (ii) that otherwise are Other Connection Taxes, (b) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under ‎Section 2.16(b)), any United States withholding Tax that is imposed on amounts payable to such Lender pursuant to a law in effect at the time such Lender becomes a party to this Agreement or designates a new lending office, except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office or assignment, to receive additional amounts from the Borrower with respect to such withholding tax pursuant to ‎Section 2.14(a), (c) Taxes attributable to such Recipient’s failure to comply with ‎Section 2.14(f) and (d) any withholding Taxes imposed under FATCA.

10

 

 

“Executive Order” has the meaning set forth in ‎Section 3.15(a).

“FATCA” means 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, any agreements entered into pursuant to Section 1471(b)(1) of the Code or any intergovernmental agreement and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

“Fee Letter” means that certain Fee Letter, dated as of July 25, 2018, by and between the Borrower and JPMorgan Chase Bank, N.A.

“Financial Officer” means the chief financial officer, principal accounting officer, vice president of finance or corporate controller of the Borrower.

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

“GAAP” means generally accepted accounting principles in the United States of America.

“Governmental Authority” means the government of the United States of America, 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 (including any supra-national bodies such as the European Union or the European Central Bank).

“Guarantee” of or by any Person (the “guarantor”) means 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 of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such 

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Indebtedness of the payment thereof, (c) 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 other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business, or customary indemnification obligations entered into in connection with any acquisition or disposition of assets or of other entities (other than to the extent that the primary obligations that are the subject of such indemnification obligation would be considered Indebtedness hereunder).

“Guarantor” means any Material Domestic Subsidiary of the Borrower that has delivered a Guaranty or a joinder agreement to a Guaranty pursuant to ‎Section 5.10 hereof.

“Guaranty” has the meaning set forth in ‎Section 5.10.

“Hazardous Materials” means 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.

“Impacted Interest Period” has the meaning assigned to it in the definition of “LIBO Rate.”

“Indebtedness” of any Person at any date means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of bankers’ acceptances, letters of credit, surety bonds or similar arrangements, (g) all Guarantees of such Person in respect of obligations of the kind referred to in clauses (a) through (f) above, and (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned or acquired by such Person, whether or not such Person has assumed or become liable for the payment of such obligation. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

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

“Indemnitee” has the meaning set forth in ‎Section 9.03(b).

“Information” has the meaning set forth in ‎Section 9.12(a).

“Interest Election Request” has the meaning set forth in ‎Section 2.05(b).

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (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 Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.

“Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, twelve months or less than one month) thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. 

“IRS” means the U.S. Internal Revenue Service.

“Lenders” means the Persons listed on Schedule 2.1 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

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“LIBO Rate” means, with respect to any Eurodollar Borrowing and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.

“LIBO Screen Rate”  means, for any day and time, with respect to any Eurodollar Borrowing and for any Interest Period, 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 such day and time 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)); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

“Liquidity” means, as of any time, the sum of (i) unrestricted cash and cash equivalents of the Borrower and its Subsidiaries at such time plus (ii) the aggregate principal amount of Commitments that are unused and available for borrowing under this Agreement at such time.

“Loan Documents” means this Agreement (including any amendment hereto or waiver hereunder), the Notes (if any), any Guaranty, any joinder agreements to any Guaranty delivered pursuant to ‎Section 5.10 hereof and the Fee Letter.

“Loan Parties” means the Borrower and the Guarantors.

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 “Material Adverse Effect” means a material adverse effect on (a) the business, property, financial condition or results of operations of the Borrower and Subsidiaries taken as a whole or (b) the rights of or remedies available to the Lenders under this Agreement or any Guaranty.

“Material Domestic Subsidiary” means a Domestic Subsidiary that is a Material Subsidiary.

“Material Indebtedness” means Indebtedness (other than any Indebtedness under the Loan Documents), or obligations in respect of one or more Swap Agreements, 

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of any one or more of the Borrower and its Subsidiaries in a principal amount exceeding $150,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 “Material Subsidiary” means, at any date of determination, a Subsidiary of the Borrower (a) whose total assets as of the most recent available quarterly or year-end financial statements were equal to or greater than 5% of the total assets of the Borrower and its Subsidiaries at such date or (b) whose gross revenues as of the most recent available quarterly or year-end financial statements were equal to or greater than 5% of the consolidated gross revenues of the Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP.

“Maturity Date” means August 7, 2023.

“Maximum Rate” has the meaning set forth in ‎Section 9.13.

“Measurement Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ended on such date.

“Multiemployer Plan” means any multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or to which there is or could be an obligation to contribute of) the Borrower or a Subsidiary or an ERISA Affiliate, and each such plan for the five- year period immediately following the latest date on which the Borrower, or a Subsidiary or an ERISA Affiliate contributed to or had an obligation to contribute to such plan.

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of ‎Section 9.02 and (ii) has been approved by the Required Lenders.

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

“Non-U.S. Plan” means 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 Borrower or one or more Subsidiaries primarily for the benefit of employees of the Borrower 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.

“Note” has the meaning set forth in ‎Section 2.07.

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“NYFRB” means the Federal Reserve Bank of New York.

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Obligations” means all amounts owing by any Loan Party to the Administrative Agent or any Lender pursuant to the terms of this Agreement or any other Loan Document (including all interest which accrues after the commencement of any case or proceeding in bankruptcy after the insolvency of, or for the reorganization of the Borrower or any of its Subsidiaries, whether or not allowed in such case or proceeding).

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

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

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes which arise from any payment made, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement and the other Loan Documents; excluding, however, such taxes that are Other Connection Taxes imposed with respect to an assignment (other than such taxes imposed with respect to an assignment that occurs as a result of the Borrower’s request pursuant to ‎Section 2.16(b)).

 “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

“Participant” has the meaning set forth in ‎Section 9.04(c)(i).

“Participant Register” has the meaning set forth in ‎Section 9.04(c)(iii).

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“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

“Pension Plan” means any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA, Section 412 of the Code or Section 302 of ERISA and is maintained in whole or in part by the Borrower, any Subsidiary or any ERISA Affiliate or with respect to which any of the Borrower, any Subsidiary or any ERISA Affiliate has actual or contingent liability.

“Permitted Encumbrances” means:

(a) Liens imposed by law for taxes, assessments or governmental charges or levies that are not yet delinquent or are being contested in compliance with ‎Section 5.04;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, landlord’s, supplier’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with ‎Section 5.04;

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;

(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case incurred in the ordinary course of business;

(e) judgment liens in respect of judgments that do not constitute an Event of Default under clause ‎(k) of ‎Article 7;

(f) easements, zoning restrictions, rights-of-way, encroachments and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; and

(g) Uniform Commercial Code financing statements filed (or similar filings under applicable law) solely as a precautionary measure in connection with operating leases.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA (other than a Multiemployer Plan) which is or was sponsored, maintained or contributed to by, or required to be contributed to by, a Borrower.

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“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

“Platform” has the meaning set forth in ‎Section 9.01.

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

“Purchase Money Indebtedness” means Indebtedness incurred to finance the acquisition, construction or improvement of any fixed or capital asset to the extent incurred prior to or within 180 days following such acquisition, construction or improvement. 

“Recipient” means (a) the Administrative Agent or (b) any Lender, as applicable.

“Register” has the meaning set forth in ‎Section 9.04(b).

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

 “Required Lenders” means, at any time, Lenders having more than 50% of the aggregate amount of the Commitments or, if the Commitments shall have been terminated, holding more than 50% of the aggregate outstanding principal amount of the Loans at such time. The Commitment and Loans of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

“Resignation Effective Date” has the meaning set forth in ‎Article 8.

“Responsible Officer” means any of the President and Chief Executive Officer, Senior Vice President and Chief Financial Officer of the applicable Loan Party, or any person designated by any such Loan Party in writing to the Administrative Agent from time to time, acting singly.

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower.  For the avoidance of doubt, the receipt or acceptance by the Borrower or any Subsidiary of the return of Equity Interests issued by the Borrower or any Subsidiary to the seller of a 

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Person, business or division as consideration for the purchase of such Person, business or division, which return is in settlement of indemnification claims owed by such seller in connection with such acquisition, shall not be deemed to be a Restricted Payment.

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

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 

“Solvent” means, with respect to the Borrower and its Subsidiaries on a particular date, that on such date (a) the fair value of the present assets of the Borrower and its Subsidiaries, taken as a whole, is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of the Borrower and its Subsidiaries, taken as a whole, (b) the present fair saleable value of the assets of the Borrower and its Subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries, taken as a whole, on their debts as they become absolute and matured, (c) the Borrower and its Subsidiaries, taken as a whole, do not intend to, and do not believe that they will, incur debts or liabilities (including current obligations and contingent liabilities) beyond their ability to pay such debts and liabilities as they mature in the ordinary course of business and (d) the Borrower and its Subsidiaries, taken as a whole, are not engaged in business or a transaction, and are not about to engage in business or a transaction, in relation to which their property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5 (ASC 450)). 

“Specified Indebtedness” means (i) indebtedness for borrowed money (including, for the avoidance of doubt, outstanding Loans), (ii) obligations for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of business and excluding Earn-Outs), (iii) obligations evidenced by notes, bonds, debentures and similar instruments, (iv) all obligations, contingent or 

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otherwise, as an account party or applicant under or in respect of bankers acceptances or letters of credit, (v) Capital Lease Obligations, (vi) Purchase Money Indebtedness and (vii) Guarantees of indebtedness of the type referred to in clauses (i) through (vi), but in any case excluding (a) indebtedness among Loan Parties and (b) indebtedness owed by any Loan Party to a Subsidiary that is not a Loan Party.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

“Subsidiary” means any subsidiary of the Borrower.

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, 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, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) 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 and which is required by GAAP to be consolidated in the consolidated financial statements of the parent.

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup withholding), value-added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges 

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imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 “Total Indebtedness” means the aggregate principal amount of Specified Indebtedness of the Borrower and its Subsidiaries, as determined on a consolidated basis.

“Total Leverage Ratio” means, as of the last day of any period, the ratio of (a) Total Indebtedness (excluding, solely for the purpose of determining the Applicable Rate, up to $250,000,000 of Capital Lease Obligations and Purchase Money Indebtedness) to (b) Consolidated Adjusted EBITDA for such period.

“Transactions” means the execution, delivery and performance by the Loan Parties of each Loan Document to which it is a party and the borrowing of Loans.

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended from time to time.

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

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA.

“Withholding Agent” means any Loan Party and the Administrative Agent.

“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 write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

Section 1.02.Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”).

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Section 1.03.Terms Generally.  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.” Unless the context requires otherwise (a) 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 from time to time amended, restated, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, amendments and restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

Section 1.04.Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding the foregoing, all financial covenants contained herein shall be calculated (1) without giving effect to any election under the Statement of Financial Accounting Standards No. 159 (ASC 825) (or any similar accounting principle) permitting or requiring a Person to value its financial liabilities or Indebtedness at the fair value thereof and (2) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

Section 1.05.Interest Rates.  The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the 

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administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor rate thereto, or replacement rate therefor.

Article 2
The Credits

Section 2.01.Commitments.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make Loans in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a)the aggregate outstanding principal amount of such Lender’s Loans exceeding such Lender’s Commitment or (b) the sum of the aggregate outstanding principal amount of all Loans exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

Section 2.02.Loans and Borrowings.  (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders in accordance with their respective Applicable Percentages. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

(b) Subject to ‎Section 2.11, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten Eurodollar Borrowings outstanding.

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

Section 2.03.Requests for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an 

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ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day prior to the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower and delivered to the Administrative Agent in the form of a written Borrowing Request in substantially the form of Exhibit B attached hereto. Each such Borrowing Request shall specify the following information in compliance with ‎Section 2.02:

(i)the aggregate amount of the requested Borrowing;

(ii)the date of such Borrowing, which shall be a Business Day;

(iii)whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

(iv)in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and

(v)the location and number of the account or accounts to which funds are to be disbursed, which shall comply with the requirements of ‎Section 2.04.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

Section 2.04.Funding of Borrowings.  (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 Noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account or accounts designated by the Borrower in the applicable Borrowing Request.

(b)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s Applicable Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such Applicable Percentage available on such date in accordance with paragraph ‎(a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its Applicable Percentage of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the 

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date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

Section 2.05.Interest Elections.  (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, 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 among the Lenders holding the Loans comprising such Borrowing in accordance with their respective Applicable Percentages, 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 notify the Administrative Agent of such election by telephone or in writing by the time that a Borrowing Request would be required under ‎Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower and delivered to the Administrative Agent (an “Interest Election Request”) in substantially the form of Exhibit C attached hereto.

(c) Each Interest Election Request shall specify the following information in compliance with ‎Section 2.02:

(i)the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

(iii)whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

(iv)if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.”

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

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(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Borrowing with an Interest Period of one month’s duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

Section 2.06.Termination and Reduction of Commitments.  (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with ‎Section 2.08, the sum of the aggregate outstanding principal amount of Loans would exceed the total Commitments.

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph ‎(b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be applied to the Lenders in accordance with their respective Applicable Percentages.

Section 2.07.Repayment of Loans; Evidence of Debt.  (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

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(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraph ‎(b) or ‎(c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

(e) Any Lender may request that Loans made by it be evidenced by a promissory note (each such promissory note being called a “Note” and all such promissory notes being collectively called the “Notes”). In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in substantially the form of Exhibit D attached hereto. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to ‎Section 9.04) 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).

Section 2.08.Prepayment of Loans.  (a) 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 (subject to the requirements of ‎Section 2.13), subject to prior notice in accordance with paragraph ‎(b) of this Section. 

(b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or delivery of written notice (which may include electronic mail)) or telecopy or writing of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by ‎Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with ‎Section 2.06. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in ‎Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans of the Lenders in accordance with their respective Applicable Percentages. Prepayments shall be 

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accompanied by accrued interest to the extent required by ‎Section 2.10 and any costs incurred as contemplated by ‎Section 2.13.

Section 2.09.Fees.  (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than any Defaulting Lender) a commitment fee (the “Commitment Fee”), which shall accrue at the relevant percentage set forth in the row entitled “Commitment Fee” in the definition of “Applicable Rate” on the daily amount of the unused Commitment of such Lender during the period from and including the date hereof to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any commitment fees accruing after the date on which the Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

(b) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

(c) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

Section 2.10.Interest.  (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

(c) Notwithstanding the foregoing, at all times when an Event of Default listed in paragraph ‎(a) or ‎(b) of ‎Article 7 has occurred hereunder and is continuing, all overdue amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2% plus the rate applicable to ABR Loans as provided in paragraph ‎(a) of this Section.

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph ‎(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the 

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current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.11.Alternate Rate of Interest.  (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

(i)the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on a current basis), for such Interest Period; or

(ii)the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electonic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

(b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause ‎(a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause ‎(a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate 

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will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in ‎Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause ‎(ii) of the first sentence of this ‎Section 2.11(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

Section 2.12.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 against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);

(ii)subject the Recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)impose on any Lender or the London interbank market any other condition, cost or expense (other than Indemnified Taxes and Excluded Taxes) affecting this Agreement or Eurodollar Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or 

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receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

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

(c) A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph ‎(a) or ‎(b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefore; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive (or has retroactive effect), then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.13.Break Funding Payments.  In the event of (a) the payment or prepayment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under ‎Section 2.08(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to ‎Section 2.16, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such 

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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 Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

Section 2.14.Taxes.  (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without deduction or withholding for any Taxes, except as required by law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after making such deduction or withholding for Indemnified Taxes (including such deductions and withholdings for Indemnified Taxes applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deduction or withholding for Indemnified Taxes been made.

(b) In addition, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

(c) The Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, within 10 days after demand therefore, for the full amount of any Indemnified Taxes paid by the Administrative Agent or such Lender, as the case may be, or required to be withheld or deducted from any payment by or on account of any obligation of the Borrower hereunder (including Indemnified 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 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 the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

(d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Loan Parties has not already indemnified the Administrative Agent for such Indemnified Taxes 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 

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of ‎Section 9.04 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are 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 paragraph ‎(d).

(e) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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

(i)executed originals of Internal Revenue Service Form W-8BEN or W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States of America is a party;

(ii)executed originals of Internal Revenue Service Form W-8ECI;

(iii)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN or W-8BEN-E;

(iv)to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W8BEN or W-8BEN-E, a portfolio interest certificate in compliance with ‎Section 2.14(f)(iii), IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are 

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claiming the portfolio interest exemption, such Foreign Lender may provide a certificate in compliance with ‎Section 2.14(f)(iii) on behalf of such direct or indirect partner or partners; or

(v)any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made unless, in the Foreign Lender’s sole determination exercised in good faith, such completion would subject such Foreign Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Foreign Lender.

In addition, 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 as required by law or upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. In addition, each such Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender.

(g) 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 failed 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 other documentation reasonably requested by the Borrower or the Administrative Agent sufficient for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such applicable reporting requirements or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this paragraph ‎(g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

(h) If any Lender or the Administrative Agent 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 by any Loan Party pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the applicable Loan Party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, 

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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 (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h), 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. 

Section 2.15.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 or fees, or of amounts payable under Sections ‎2.12, ‎2.13 or ‎2.14, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set off or counterclaim. 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 270 Park Avenue, New York, NY 10017 and except that payments pursuant to Sections ‎2.12, ‎2.13 or ‎2.14 and ‎Section 9.03 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 or performance hereunder shall be due on a day that is not a Business Day, the date for payment or performance shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars.

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

(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 resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans 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 Loans; 

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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 paragraph 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 (including the application of funds arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph 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 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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 NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

(e) If any Lender shall fail to make any payment required to be made by it pursuant to ‎Section 2.04(b) or paragraph (d) of this Section, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

Section 2.16.Mitigation Obligations; Replacement of Lenders.  (a) If any Lender requests compensation under ‎Section 2.12, 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 2.14, 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 judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to ‎Section 2.12 or ‎Section 2.14, 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 reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

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(b) If (i) any Lender requests compensation under ‎Section 2.12, (ii) 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 2.14 or (iii) any Lender is a Defaulting Lender or a Non-Consenting 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 contained in ‎Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents, from the assignee (to the extent of such outstanding principal and accrued interest and fees so assigned) or the Borrower (in the case of all other amounts so assigned), (iii) in the case of any such assignment resulting from a claim for compensation under ‎Section 2.12 or payments required to be made pursuant to ‎Section 2.14, such assignment will result in a reduction in such compensation or payments, (iv) such assignment does not conflict with applicable law and (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, (x) the applicable assignee shall have consented to, or shall consent to, the applicable amendment, waiver or consent and (y) the Borrower exercises its rights pursuant to this clause ‎(b) with respect to all Non-Consenting Lenders relating to the applicable amendment, waiver or consent. A Lender shall not be required to make any such assignment or 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.  

Section 2.17.Defaulting Lenders.  (a) 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:

(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 9.02.

(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 7 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to ‎Section 9.08 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, 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 

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Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, 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 sixth, 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 in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made when the conditions set forth in ‎Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments. 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 pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

(iii)No Defaulting Lender shall be entitled to receive any commitment fee pursuant to ‎Section 2.09 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) If the Borrower and the Administrative Agent 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, 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 to be held on a pro rata basis by the Lenders in accordance with their respective Applicable Percentages, 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.

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Article 3
Representations and Warranties

The Borrower represents and warrants to the Lenders that:

Section 3.01.Organization; Powers.  Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and (to the extent the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

Section 3.02.Authorization; Enforceability.  The Transactions are within the Borrower’s and each Guarantor’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational and, if required, equity holder action. Each of the Borrower and the Guarantors has duly executed and delivered each of the Loan Documents to which it is party, and each of such Loan Documents constitute its legal, valid and binding obligations, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.03.Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect and (ii) those approvals, consents, registrations, filings or other actions, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect, (b) except as could not reasonably be expected to have a Material Adverse Effect, will not violate any applicable law or regulation or any order of any Governmental Authority, (c) will not violate any charter, by-laws or other organizational document of the Borrower or any of its Subsidiaries, (d) except as could not reasonably be expected to have a Material Adverse Effect, will not violate or result in a default under any indenture, agreement or other instrument (other than the agreements and instruments referred to in clause (c)) binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (e) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

Section 3.04.Financial Condition; No Material Adverse Change.  (a) The Borrower has heretofore furnished to the Administrative Agent its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal years ended December 31, 2017, December 31, 2016 and December 31, 2015, reported on by PricewaterhouseCoopers LLP, independent public accountants and (ii) as of and for the fiscal quarters ended March 31, 2018 and June 30, 2018, certified by its chief financial officer. Such financial statements present fairly, in all material respects, 

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the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the unaudited financial statements referred to in clause (ii) above.

(b) Since December 31, 2017, no event, development or circumstance exists or has occurred that has had or could reasonably be expected to have a material adverse effect on the business, property, financial condition or results of operations of the Borrower and its Subsidiaries, taken as a whole, or on the ability of the Borrower to consummate the Transactions.

Section 3.05.Properties.  (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in or rights to use, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents, software, domain names, trade secrets, know-how and other similar proprietary or intellectual property rights, including any registrations and applications for registration of, and all goodwill associated with, the foregoing, material to or necessary to its business as currently conducted, and the operation of such business or the use of any of the foregoing intellectual property rights by the Borrower and its Subsidiaries does not infringe upon, misappropriate, or otherwise violate the rights of any other Person, except for any such infringements, misappropriations, or violations that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Section 3.06.Litigation and Environmental Matters.  (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened  in writing against or affecting the Borrower or any of its Subsidiaries (i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement, any other Loan Document or the Transactions.

(b) Except with respect to any matter that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed 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) has become subject to any Environmental Liability, or (iii) has received notice of any claim with respect to any Environmental Liability.

Section 3.07.Compliance with Laws and Agreements; No Default.  Each of the Borrower and its Subsidiaries is in compliance with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure 

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to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

Section 3.08.Investment Company Status.  None of the Borrower or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

Section 3.09.Margin Stock.  None of the Borrower or any Subsidiary is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board), and no proceeds of any Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock in violation of Regulation U or Regulation X issued by the Board and all official rulings and interpretations thereunder or thereof.

Section 3.10.Taxes.  Except as could not reasonably be expected to result in a Material Adverse Effect, (i) each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed with respect to income, properties or operations of the Borrower and its Subsidiaries, (ii) such returns accurately reflect in all material respects all liability for Taxes of the Borrower and its Subsidiaries as a whole for the periods covered thereby and (iii) each of the Borrower and its Subsidiaries has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate proceedings and, to the extent required by GAAP, for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP.

Section 3.11.ERISA.  (a) Each Plan is in 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, except where any failure to comply could not reasonably be expected to result in a Material Adverse Effect. 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 IRS 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 IRS, and, 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 materially adversely affect the issuance of a favorable determination letter or otherwise materially adversely affect such qualification). No ERISA Event has occurred, or is reasonably expected to occur, other than as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(b) There exists no material Unfunded Pension Liability with respect to any Pension Plan, except as could not reasonably be expected to result in a Material Adverse Effect.

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(c) None of the Borrower, any Subsidiary or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the five calendar years immediately preceding the date this assurance is given or deemed given, made or accrued an obligation to make contributions to any Multiemployer Plan.

(d) 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 Borrower, any Subsidiary or any ERISA Affiliate, threatened, 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 in a Material Adverse Effect.

(e) The Borrower, its Subsidiaries and its ERISA Affiliates have made all contributions to or under each Pension Plan and Multiemployer Plan required by law within the applicable time limits prescribed thereby, the terms of such Pension Plan or Multiemployer Plan, respectively, or any contract or agreement requiring contributions to a Pension Plan or Multiemployer Plan save where any failure to comply, individually or in the aggregate, could not reasonably be expected to result in in a Material Adverse Effect.

(f) No Pension 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 302 or 304 of ERISA. The Borrower, any Subsidiary, and any ERISA Affiliate have not ceased operations at a facility so as to become subject to the provisions of Section 4062(e) 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 Pension Plan subject to Section 4064(a) of ERISA to which it made contributions. None of the Borrower, any Subsidiary or any ERISA Affiliate have incurred or reasonably expect to incur any liability to PBGC except as could not reasonably be expected to result in material liability, save for any liability for premiums due in the ordinary course or other liability which could not reasonably be expected to result in material liability, and no lien imposed under the Code or ERISA on the assets of the Borrower or any Subsidiary or any ERISA Affiliate exists or, to the knowledge of the Borrower, is likely to arise on account of any Pension Plan. None of the Borrower, any Subsidiary or any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

(g) Each Non-U.S. Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities, except as could not reasonably be expected to result in a material liability. All contributions required to be made with respect to a Non-U.S. Plan have been timely made, except as could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries has incurred any material obligation in connection with the termination of, or withdrawal from, any Non-U.S. Plan. The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan, determined as of the end of the Borrower’s most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed 

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the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities, except as could not reasonably be expected to result in a Material Adverse Effect.

Section 3.12.Disclosure.  (a) All written information or oral information provided in formal presentations or in any meeting or conference call with Lenders (other than any projected financial information and other than information of a general economic or industry specific nature) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder, as modified or supplemented by other information so furnished and when taken as a whole and together with any information disclosed in Borrower’s most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q and subsequent Current Reports on Form 8-K filed with the Securities and Exchange Commission, does not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading; provided that, with respect to any projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time furnished (it being understood that such projected financial information is subject to significant uncertainties and contingencies, any of which are beyond the Borrower’s control, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projected financial information may differ significantly from the projected results and such differences may be material).

(b) As of the Effective Date, to the knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

Section 3.13.Subsidiaries.  Borrower has no Material Domestic Subsidiaries as of the Effective Date.  Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the shares of capital stock or other ownership interests of all Subsidiaries of the Borrower are fully paid and non-assessable and are owned by the Borrower, directly or indirectly, free and clear of all Liens other than Liens permitted under ‎Section 6.02.

Section 3.14.Solvency.  As of the Effective Date, the Borrower is, individually and together with its Subsidiaries, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith will be, Solvent.

Section 3.15.Anti-Terrorism Law and Sanctions.  (a) To the extent applicable, neither the Borrower nor any of its Subsidiaries is in violation of any legal requirement relating to U.S. economic sanctions or any laws with respect to terrorism or money laundering (collectively, “Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing effective September 24, 2001 (the “Executive Order”) and the USA Patriot Act.

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(b) None of  the Borrower, any Subsidiary, any of their respective directors or officers or   employees, or to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary, is a Sanctioned Person. 

(c) The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees and agents, are in compliance with applicable Sanctions in all material respects.  No Borrowing, use of proceeds or other transaction contemplated by this Agreement  will violate any applicable Sanctions.

(d) The Borrower will not use, and will not permit any of its Subsidiaries to use, the proceeds of the Loans or otherwise make available such proceeds for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or  in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 3.16.Anti-Corruption Laws.  

(a) The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees and agents, are in compliance with Anti-Corruption Laws in all material respects. No Borrowing or use of proceeds will violate any Anti-Corruption Laws; 

(b) No part of the proceeds of the Loans will be used by the Borrower or any of its Subsidiaries, or any of its or their respective directors, officers, employees and agents, directly or indirectly, in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws.

Article 4
Conditions

Section 4.01.Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with ‎Section 9.02):

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement and the other Loan Documents required on the Effective Date signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a 

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counterpart of this Agreement and the other Loan Documents required on the Effective Date.

(b) The Administrative Agent shall have received a Note executed by the Borrower in favor of each Lender requesting a Note in advance of the Effective Date.

(c) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Wilson Sonsini Goodrich & Rosati, P.C., counsel for the Borrower in form and substance reasonably satisfactory to the Administrative Agent. The Borrower hereby requests such counsel to deliver such opinion.

(d) The Administrative Agent shall have received (i) certified copies of the resolutions of the board of directors of the Borrower and the Guarantors approving the transactions contemplated by the Loan Documents to which each such Loan Party is a party and the execution and delivery of such Loan Documents to be delivered by such Loan Party on the Effective Date, and all documents evidencing other necessary organizational action and governmental approvals, if any, with respect to the Loan Documents and (ii) all other documents reasonably requested by the Administrative Agent relating to the organization, existence and good standing of the Guarantors and the Borrower and authorization of the transactions contemplated hereby.

(e) The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of the Borrower and each Guarantor certifying the names and true signatures of the officers of such entity authorized to sign the Loan Documents to which it is a party, to be delivered by such entity on the Effective Date and the other documents to be delivered hereunder on the Effective Date.

(f) The Administrative Agent shall have received a certificate, dated the Effective Date and signed on behalf of the Borrower by the President, a Vice President or a Financial Officer of the Borrower, (i) confirming compliance with the conditions set forth in paragraphs ‎(a) and ‎(b) of ‎Section 4.02 as of the Effective Date and (ii) setting forth reasonably detailed calculations demonstrating the Total Leverage Ratio for the fiscal quarter ending on June 30, 2018.

(g) The Lenders, the Administrative Agent and the Arranger shall have received all fees required to be paid by the Borrower on the Effective Date, and all expenses required to be reimbursed by the Borrower for which invoices have been presented at least three business days prior to the Effective Date, on or before the Effective Date.

(h) The Administrative Agent shall have received at least three Business Days prior to the Effective Date, to the extent reasonably requested by any of the Lenders at least five Business Days prior to the Effective Date, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA Patriot Act.

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(i) The Administrative Agent shall have received (i) audited consolidated financial statements of the Borrower for the three most recent fiscal years ended at least 90 days prior to the Effective Date as to which such financial statements are available and (ii) unaudited interim consolidated financial statements of the Borrower for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph and at least 30 days prior to the Effective Date as to which such financial statements are available; provided that the financial statements required to be delivered pursuant to clauses (i) and (ii) shall be deemed to have been delivered when the Borrower files such financial statements with the Securities and Exchange Commission. 

(j) All amounts outstanding under the Revolving Credit Agreement, dated as of October 22, 2013 (as amended), among the Borrower, as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent and the other lenders from time to time party thereto shall have been repaid and all commitments in respect thereof shall have been terminated.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Without limiting the generality of the provisions of ‎Article 8, for purposes of determining compliance with the conditions specified in this Section, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.

Section 4.02.Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction of the following conditions:

(a) The representations and warranties of the Borrower set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing, except that (i) for purposes of this Section, the representations and warranties contained in ‎Section 3.04(a) shall be deemed to refer to the most recent statements furnished pursuant to clauses ‎(a) and ‎(b), respectively, of ‎Section 5.01 and (ii) to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; and

(b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower that the conditions specified in paragraphs ‎(a) and ‎(b) of this Section have been satisfied as of the date thereof.

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Article 5
Affirmative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:

Section 5.01.Financial Statements; Ratings Change and Other Information.  The Borrower will furnish to the Administrative Agent (for distribution to each Lender):

(a) within 90 days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLP, or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception (other than a qualification related to the maturity of the Commitments and the Loans at the Maturity Date) and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

(b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, commencing with the fiscal quarter ending September 30, 2018, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

(c) concurrently with any delivery of financial statements under clause ‎(a) or ‎(b) above, a certificate of a Financial Officer of the Borrower in substantially the form of Exhibit F attached hereto (i) certifying as to whether a Default has occurred and is continuing as of the date thereof and, if a Default has occurred and is continuing as of the date thereof, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating the Total Leverage Ratio for the Measurement Period ending on the last day of the applicable fiscal quarter or fiscal year for which such financial statements are being delivered, (iii) setting forth reasonably detailed calculations demonstrating compliance with ‎Section 6.01(b) and ‎(c) as of the last day of the applicable fiscal quarter or fiscal year for which such financial statements are being delivered, (iv) setting forth the amount of Restricted Payments made pursuant to ‎Section 6.04(ix) during the respective fiscal quarter or fiscal year and demonstrating compliance with such ‎Section 6.04(ix), (v) setting forth 

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reasonably detailed calculations demonstrating compliance with ‎Section 6.07 hereof for the relevant fiscal quarter and (vi) if and to the extent that any change in GAAP that has occurred since the date of the audited financial statements referred to in ‎Section 3.04 had an impact on such financial statements, specifying the effect of such change on the financial statements accompanying such certificate;

(d) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, as the case may be, in each case that is not otherwise required to be delivered to the Administrative Agent pursuant hereto, provided, that such information shall be deemed to have been delivered on the date on which such information has been posted on the Borrower’s website on the Internet on the investor relations page at https://twitter.com (or any successor page) or at http://www.sec.gov; and

(e) promptly following any request in writing (including any electronic message) therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request and (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act and the Beneficial Ownership Regulation.

Information required to be delivered pursuant to ‎Section 5.01(a) or ‎Section 5.01(b) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such information, or provides a link thereto on the Borrower’s website on the Internet on the investor relations page at https://twitter.com (or any successor page) or at http://www.sec.gov; or (ii) on which such information is posted on the Borrower’s behalf on an Internet or intranet website, if any, to which the Lenders and the Administrative Agent have been granted access (whether a commercial, third-party website or whether sponsored by the Administrative Agent).

Section 5.02.Notices of Material Events.  The Borrower will furnish to the Administrative Agent (for distribution to each Lender) prompt written notice of the following:

(a) the occurrence of any Default;

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that could reasonably be expected to result in a Material Adverse Effect; 

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(c) any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification; and

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

Section 5.03.Existence; Conduct of Business.  The Borrower will, and will cause each of its Material Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that (i) the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under ‎Section 6.03 and (ii) none of the Borrower or any of its Material Subsidiaries shall be required to preserve, renew or keep in full force and effect its rights, licenses, permits, privileges or franchises where failure to do so could not reasonably be expected to result in a Material Adverse Effect.

Section 5.04.Payment of Taxes.  The Borrower will, and will cause each of its Subsidiaries to, pay all Tax liabilities, including all Taxes imposed upon it or upon its income or profits or upon any properties belonging to it that, if not paid, could reasonably be expected to result in a Material Adverse Effect, before the same shall become delinquent or in default, and all lawful claims other than Tax liabilities that, if unpaid, would become a Lien upon any properties of the Borrower or any of its Subsidiaries not otherwise permitted under ‎Section 6.02, in both cases except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and (b) to the extent required by GAAP, the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

Section 5.05.Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property used in the conduct of its business in good working order and condition, ordinary wear and tear and casualty events excepted, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, and (b) maintain insurance with financially sound and reputable insurance companies in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

Section 5.06.Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which entries full, true and correct in all material respects are made and are sufficient to prepare financial statements in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent 

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or any Lender (pursuant to the request made through the Administrative Agent), upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants (provided, that the Borrower or such Subsidiary shall be afforded the opportunity to participate in any discussions with such independent accountants), all at such reasonable times and as often as reasonably requested (but no more than once annually if no Event of Default exists). Notwithstanding anything to the contrary in this Section, none of the Borrower or any of its Subsidiaries shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives) is prohibited by applicable law or any third party contract legally binding on Borrower or its Subsidiaries or (iii) is subject to attorney, client or similar privilege or constitutes attorney work-product.

Section 5.07.ERISA-Related Information.  The Borrower shall supply to the Administrative Agent (in sufficient copies for all the Lenders, if the Administrative Agent so requests): (a) promptly and in any event within 15 days after the Borrower, any Subsidiary or any ERISA Affiliate files a Schedule B (or such other schedule as contains actuarial information) to IRS Form 5500 in respect of a Pension Plan with Unfunded Pension Liabilities, a copy of such IRS Form 5500 (including the Schedule B); (b) promptly and in any event within 30 days after the Borrower, any Subsidiary or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred, 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 such Borrower, Subsidiary, or ERISA Affiliate from the PBGC or any other governmental agency with respect thereto; provided that, in the case of ERISA Events under paragraph (b) of the definition thereof, in no event shall notice be given later than the occurrence of the ERISA Event; and (c) promptly, and in any event within 30 days, after becoming aware that there has been (i) a material increase in Unfunded Pension Liabilities (taking into account only Pension Plans with positive Unfunded Pension Liabilities) since the date the representations hereunder are given or deemed given, or from any prior notice, as applicable; (ii) the existence of potential withdrawal liability under Section 4201 of ERISA, if the Borrower, any Subsidiary and the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans, (iii) the adoption of, or the commencement of contributions to, any Pension Plan by the Borrower, any Subsidiary or any ERISA Affiliate, or (iv) the adoption of any amendment to a Pension Plan which results in a material increase in contribution obligations of the Borrower, any Subsidiary or any ERISA Affiliate, a detailed written description thereof from the chief financial officer of the Borrower.

Section 5.08.Compliance with Laws and Agreements.  The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure 

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to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

Section 5.09.Use of Proceeds.  The proceeds of the Loans will be used only for working capital and general corporate purposes, including, without limitation, for stock repurchases under stock repurchase programs approved by the Borrower and for acquisitions not prohibited hereunder. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

Section 5.10.Guarantors.  If, as of the date of the most recently available financial statements delivered pursuant to ‎Section 5.01(a) or ‎(b), as the case may be, any Person shall have become a Material Domestic Subsidiary, then the Borrower shall, within 30 days (or such longer period of time as the Administrative Agent may agree in its sole discretion) after delivery of such financial statements, cause such Material Domestic Subsidiary to enter into a guaranty agreement (a “Guaranty”) in substantially the form of Exhibit E hereto, or, if a Guaranty has previously been entered into by a Material Domestic Subsidiary (and remains in effect), a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent to such Guaranty. If requested by the Administrative Agent, the Administrative Agent shall receive an opinion of counsel for the Borrower in form and substance reasonably satisfactory to the Administrative Agent in respect of matters reasonably requested by the Administrative Agent relating to any Guaranty delivered pursuant to this Section, dated as of the date of such Guaranty.

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Article 6
Negative Covenants

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the Lenders that:

Section 6.01.Indebtedness.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness other than:

(a) Indebtedness that is not Specified Indebtedness;

(b) Specified Indebtedness constituting Capital Lease Obligations and Purchase Money Indebtedness; provided that the aggregate principal amount of Indebtedness pursuant to this clause ‎(b) shall not exceed $500,000,000 at any time outstanding; and 

(c) Specified Indebtedness (including, for the avoidance of doubt, Capital Lease Obligations and Purchase Money Indebtedness) in an aggregate principal amount at any time outstanding not to exceed the greater of (A) $4,500,000,000 and (B) the product of (x) 2.5 and (y) Consolidated Adjusted EBITDA for the most recently ended Measurement Period for which financial statements have been delivered.

Notwithstanding the foregoing, any Specified Indebtedness owed by a Loan Party to a Subsidiary that is not a Loan Party shall be permitted only to the extent subordinated to the Obligations on customary terms reasonably satisfactory to the Administrative Agent.

Section 6.02.Liens.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it except:

(a) Permitted Encumbrances;

(b) [reserved];

(c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and any refinancing, extension, renewal or replacement thereof that does not increase the outstanding principal amount thereof except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, extensions, renewals or replacements;

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(d) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness that is not prohibited by ‎Section 6.01, (ii) such security interests and the Indebtedness secured thereby are initially incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary other than additions, accessions, parts, attachments or improvements thereon or proceeds thereof;

(e) licenses, sublicenses, leases or subleases granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole;

(f) the interest and title of a lessor under any lease, license, sublease or sublicense entered into by the Borrower or any Subsidiary in the ordinary course of its business and other statutory and common law landlords’ Liens under leases;

(g) in connection with the sale or transfer of any assets in a transaction not prohibited hereunder, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

(h) in the case of any joint venture, any put and call arrangements related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

(i) Liens securing Indebtedness to finance insurance premiums owing in the ordinary course of business to the extent such financing is not prohibited hereunder;

(j) Liens on earnest money deposits of cash or cash equivalents made in connection with any acquisition not prohibited hereunder;

(k) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Borrower or any Subsidiary, in each case granted in the ordinary course of business in favor of the banks, securities intermediaries or other depository institutions with which such accounts are maintained, securing amounts owing to such institutions with respect to cash management and operating account arrangements;

(l) Liens in the nature of the right of setoff in favor of counterparties to contractual agreements not otherwise prohibited hereunder with the Borrower or any of its Subsidiaries in the ordinary course of business; and

(m) other Liens securing obligations in an aggregate amount at any time outstanding not to exceed, the greater of (x) $300,000,000 and (y) 5.0% of Consolidated Net Tangible Assets.

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Section 6.03.Fundamental Changes.  (a) The Borrower will not, and will not permit any Subsidiary to, (x) merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, (y) sell, transfer, license, lease, enter into any sale-leaseback transactions with respect to, or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole, or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or (z) liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing:

(i)any Subsidiary or any other Person may merge into or consolidate with the Borrower in a transaction in which the Borrower is the surviving corporation;

(ii)any Person (other than the Borrower) may merge into or consolidate with any Subsidiary in a transaction in which the surviving entity is a Subsidiary (provided that any such merger or consolidation involving a Guarantor must result in a Guarantor as the surviving entity);

(iii) any Subsidiary may sell, transfer, license, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary;

(iv) any Loan Party may sell, transfer, license, lease or otherwise dispose of its assets to any other Loan Party;

(v) in connection with any acquisition, any Subsidiary may merge into or consolidate with any other Person, so long as the Person surviving such merger or consolidation shall be a Subsidiary (provided that any such merger or consolidation involving a Guarantor must result in a Guarantor as the surviving entity);

(vi)any Subsidiary 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; and

(vii)any Subsidiary may merge into or consolidate with any other Person in a transaction not otherwise prohibited hereunder and all or substantially all of the Equity Interests of any Subsidiary may be sold, transferred or otherwise disposed of, so long as the aggregate consideration received in respect of all such mergers or consolidations, sales, transfers or other disposals pursuant to this clause (vii) shall not exceed the greater of (a) $500,000,000 and (b) 10% of Consolidated Net Tangible Assets as of the date of such merger, consolidation, sale, transfer or other disposal.

(b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related, complementary or incidental thereto, which businesses, for the 

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avoidance of doubt, may include or relate to internet, mobile and other media platforms or devices, mobile applications, publishing, advertising, and content creation and distribution.

Section 6.04.Restricted Payments.  The Borrower will not, and will not permit any of its Subsidiaries to, declare or make any Restricted Payments with respect to the Borrower or any of its Subsidiaries, except: 

(i)any Subsidiary of the Borrower may make Restricted Payments to the Borrower or to any direct or indirect wholly-owned Subsidiary of the Borrower, and any non-wholly-owned Subsidiary may make Restricted Payments to the Borrower or any of its other Subsidiaries and to each other owner of Equity Interests of such Subsidiary based on their relative ownership interests of the relevant class of Equity Interests;

(ii)the Borrower may declare and make dividends payable solely in additional shares of Borrower’s common stock;

(iii)the Borrower may (i) repurchase fractional shares of its Equity Interests arising out of stock dividends, splits or combinations, business combinations or conversions of convertible securities, (ii) issue or otherwise deliver shares of its common stock upon the exercise of warrants to purchase its Equity Interests, (iii) so long as no Default or Event of Default then exists or would result therefrom, make cash settlement payments upon the exercise of warrants to purchase its Equity Interests, or (iv) “net exercise” or “net share settle” warrants;

(iv) the Borrower may redeem or otherwise cancel Equity Interests or rights in respect thereof granted to (or make payments on behalf of) directors, officers, employees or other providers of services to the Borrower and the Subsidiaries in an amount required to satisfy tax withholding obligations relating to the vesting, settlement or exercise of such Equity Interests or rights;

(v)the Borrower or any Subsidiary may make any Restricted Payment that has been declared by the Borrower or such Subsidiary, so long as (A) such Restricted Payment was permitted under clause ‎(ix) of this ‎Section 6.04 at the time so declared and (B) such Restricted Payment is made within 30 days of such declaration; 

(vi)the Borrower may repurchase Equity Interests pursuant to any accelerated stock repurchase or similar agreement; provided that the payment made by the Borrower with respect to such repurchase was permitted under clause (ix) of this ‎Section 6.04 at the time made as if it was a Restricted Payment made by the Borrower at such time;

(vii)the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans or agreements for 

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directors, management, employees or other eligible service providers of the Borrower or its Subsidiaries;

(viii) the Borrower or any Subsidiary may make Restricted Payments to employees of and third party investors in a Person, business or division acquired by the Borrower or its Subsidiaries, the payment or amount of which is contingent upon the performance and/or continued employment of one or more employees of such acquired Person, business or division; and

(ix) so long as no Default or Event of Default then exists or would result therefrom, the Borrower may declare or make Restricted Payments if the Total Leverage Ratio for the most recent Measurement Period then ended and after giving pro forma effect to such Restricted Payment is less than 2.0:1.0; provided that, so long as no Default or Event of Default then exists or would result therefrom, the Borrower may declare or make Restricted Payments not otherwise permitted under this clause ‎(ix) in an aggregate principal amount not to exceed $1,000,000,000.

Section 6.05.Restrictive Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets to secure the Obligations, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or of any Subsidiary to Guarantee Indebtedness of the Borrower or any other Subsidiary under the Loan Documents; provided that (i) the foregoing shall not apply to restrictions and 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 or assets of the Borrower or any Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary or assets to be sold and such sale is not prohibited hereunder, (iii) the foregoing shall not apply to any agreement or restriction or condition in effect at the time any Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower, (iv) the foregoing shall not apply to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures, (v) clause ‎(a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, excluding Indebtedness secured by a blanket lien on, or restrictions or conditions that purport to apply to, all or substantially all of the assets of the Borrower or any Subsidiary, (vi) clause ‎(a) of the foregoing shall not apply to customary provisions in leases, licenses, sub-leases and sub-licenses and other contracts restricting the assignment thereof, (vii) the foregoing shall not apply to restrictions or conditions set forth in any agreement governing Indebtedness not prohibited by ‎Section 6.02, excluding Indebtedness secured by a blanket lien on, or restrictions or conditions that purport to apply to, all or substantially all of the assets of 

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the Borrower or any Subsidiary; provided that such restrictions and conditions are customary for such Indebtedness, and (viii) the foregoing shall not apply to restrictions on cash or other deposits (including escrowed funds) imposed under contracts entered into in the ordinary course of business.

Section 6.06.Transactions with Affiliates.  The Borrower will not, and will not permit any of its 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 (other than between or among the Borrower and its Subsidiaries and not involving any other Affiliate except as otherwise permitted hereunder), except (a) 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) payment of customary directors’ fees, reasonable out-of-pocket expense reimbursement, indemnities (including the provision of directors and officers insurance) and compensation arrangements for members of the board of directors, officers or other employees of the Borrower or any of its Subsidiaries, (c) transactions approved by a majority of the disinterested directors of Borrower’s board of directors, (d) any transaction involving amounts less than $500,000 individually and $5,000,000 in the aggregate and (e) any Restricted Payment permitted by ‎Section 6.04.

Section 6.07.Minimum Liquidity.  The Borrower will not permit Liquidity as of the last day of each fiscal quarter of the Borrower ended after the Effective Date to be less than $750,000,000.

Article 7
Events of Default

If any of the following events (each, an “Event of Default”) shall occur:

(a)the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause ‎(a) of this Article) payable under any of the Loan Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement, any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

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(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in ‎Section 5.02, ‎Section 5.03 (solely with respect to the Borrower’s existence), ‎Section 5.09 or in ‎Article 6;

(e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in any of the Loan Documents (other than those specified in clause ‎(a), ‎(b) or ‎(d) of this Article of this Agreement), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

(f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure shall have continued after the applicable grace period, if any;

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, (y) any redemption, repurchase, conversion or settlement with respect to any convertible debt instrument (including any termination of any related Swap Agreement or portion thereof) pursuant to its terms unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default or (z) an early payment requirement, unwinding or termination with respect to any Swap Agreement except, in the case of this clause (z) (i) an early payment, unwinding or termination that results from a default or non-compliance thereunder by the Borrower or any Subsidiary, or another event of the type that would constitute an Event of Default or (ii) an early termination of such Swap Agreement by the counterparty thereto (it being understood and agreed that this clause (ii) shall not apply to an early termination of such Swap Agreement by mutual agreement of the Borrower or Subsidiary and the counterparty thereto);

(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 Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Debtor Relief Law or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

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(i) except as may otherwise be permitted under ‎Section 6.03, the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause ‎(h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any 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 assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

(j) the Borrower or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

(k) one or more judgments for the payment of money in excess of $150,000,000 in the aggregate shall be rendered against the Borrower, any Subsidiary or any combination thereof (to the extent not paid or covered by a reputable and solvent independent third-party insurance company which has not disputed coverage) and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment and such action shall not be stayed;

(l) one or more ERISA Events shall have occurred, other than as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect;

(m) a Change in Control shall occur; or

(n) any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the obligations hereunder or thereunder, ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of any Loan Document; 

then, and in every such event (other than an event with respect to the Borrower described in clause ‎(h) or ‎(i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, 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; and in case of any event with respect to the Borrower described in clause ‎(h) or ‎(i) of this Article, the Commitments shall 

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automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

Article 8
The Administrative Agent

Each of the Lenders hereby irrevocably appoints JPMorgan Chase Bank, N.A. as the Administrative Agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Except, in each case, as set forth in the sixth paragraph of this Article, the provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in ‎Section 9.02 or in the other Loan Documents); 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) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as 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 (i) with the consent or at the request of the Required Lenders (or 

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such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in ‎Section 9.02) or (ii) in the absence of its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a 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 this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in ‎Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

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, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may 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. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent 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 any such counsel, accountants or experts.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

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Subject to the provisions of this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States; provided that, in the event that such successor or Administrative Agent appointed by the Required Lenders is not JP Morgan Chase Bank, N.A. or any of its affiliates, and so long as no Event of Default shall have occurred and be continuing, the Borrower shall have the right to consent to such successor Administrative Agent (such consent not to be unreasonably withheld or delayed). If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier date as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Article). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and ‎Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender or any of their Related Parties 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 Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

Anything herein to the contrary notwithstanding, the Arranger shall not have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Guarantor from its obligations under any Guaranty if such 

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Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or ceases to be a Material Subsidiary. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under any Guaranty pursuant to this paragraph.

Article 9
Miscellaneous

Section 9.01.Notices.  (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph ‎(b) below), all notices and other communications provided for herein 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:

(i)if to the Borrower, to it at Twitter, Inc., 1355 Market Steet, Suite 900, San Francisco, CA 94103, Attention: Chief Financial Officer (email: treasurynotices@twitter.com);

(ii)if to the Administrative Agent, to it at JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor Newark, DE 19713, Attention of Loan and Agency Services Group (Fax No. 1 (302) 634-3301); and

(iii)if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection ‎(b) below, shall be effective as provided in such subsection ‎(b).

(b)Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to ‎Article 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. 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.  Unless the Administrative Agent otherwise prescribes, (i) 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), and (ii) notices or communications posted to an Internet 

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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)‎(i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (a)‎(i) and (a)‎(ii) above, if such notice, email or other 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.

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. 

(d) The Borrower agrees that the Administrative Agent may make the Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, IntraLinks, Syndtrak, ClearPar, the Internet or another similar electronic system chosen by the Administrative Agent to be its electronic transmission system (the “Platform”). THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications effected thereby (the “Communications”). No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) be responsible or liable for damages arising from the unauthorized use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission, except to the extent that such damages have resulted from the willful misconduct or gross negligence of such Agent Party (as determined in a final, non-appealable judgment by a court of competent jurisdiction).

(e) Although the Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Platform is secured through a per-deal  authorization method whereby each user may access the Platform only on a deal-by-deal basis, each of the Lenders, the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders and the Borrower hereby approves distribution of the Communications through the Platform and understands and assumes the risks of such distribution. Each of the Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.

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Section 9.02.Waivers; Amendments.  (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder 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 a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph ‎(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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

(b) Subject to ‎Section 2.11(b) and ‎Section 9.02(c) below, none of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided, however, that, subject to Section 2.11(b) and Section 9.02(c), no such amendment, waiver or consent shall: (i) extend or increase the Commitment of any Lender (or make any changes to the definition of “Applicable Percentage”) without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby; provided, however, that notwithstanding clause ‎(ii) or ‎(iii) of this ‎Section 9.02(b), only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the default rate set forth in ‎Section 2.10(c), (iv) change ‎Section 2.15(b), ‎Section 2.15(c) or any other Section hereof providing for the ratable treatment of the Lenders, in each case in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) release all or substantially all of the value of any Guaranty, without the written consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to ‎Article 8 or ‎Section 9.17 (in which case such release may be made by the Administrative Agent acting alone), (vi) change any of the provisions of this Section or the percentage referred to in the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (vii) waive any condition set forth in ‎Section 4.01 (other than as it relates to the payment of fees and expenses of counsel), or, in the case of any Loans made on the Effective Date, ‎Section 4.02, without the written consent of each Lender. Notwithstanding anything to the contrary herein, no such agreement shall amend, modify or otherwise affect the rights or duties of the 

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Administrative Agent hereunder without the prior written consent of the Administrative Agent.

(c) If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

Section 9.03.Expenses; Indemnity; Damage Waiver.  (a) The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, Arranger and any syndication agent and their respective Affiliates, including, without limitation, the reasonable and documented fees, disbursements and other charges of one firm of counsel for the Administrative Agent, Arranger and any syndication agent, taken as a whole, (and if reasonably necessary (as determined by the Administrative Agent in consultation with the Borrower), of a single regulatory counsel and a single local counsel in each appropriate jurisdiction) in connection with the syndication of the credit facilities provided for herein, the preparation, execution, delivery and administration of this Agreement, any other Loan Document or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all documented out-of-pocket expenses incurred by the Administrative Agent, Arranger, any Lender, or any syndication agent including, without limitation, the fees, disbursements and other charges of one firm of counsel for the Administrative Agent and Arranger, taken as a whole, (and if reasonably necessary (as determined by the Administrative Agent in consultation with the Borrower), of a single regulatory counsel and a single local counsel in each appropriate jurisdiction and in the case of an actual or potential conflict of interest where the Administrative Agent or any Arranger affected by such conflict informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected person), in connection with the enforcement or protection of its rights in connection with this Agreement or any other Loan Document, including its rights under this Section, or in connection with the Loans made hereunder, including all such out-of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

(b) The Borrower shall indemnify the Administrative Agent, the Arranger, each Lender, and any syndication agent and each Related Party, successor, partner, representative or assign of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, costs or reasonable and documented expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by 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, the performance by the parties hereto of their respective obligations hereunder or 

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the consummation of the Transactions or any other transactions contemplated hereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned, leased or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its 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 and regardless of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or the Borrower or any Affiliate of the Borrower); provided that such indemnity shall not, as to any Indemnitee, be available (v) with respect to Taxes (and amounts relating thereto), the indemnification for which shall be governed solely and exclusively by ‎Section 2.14, (w) to the extent that such losses, claims, damages, liabilities, costs or reasonable and documented expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (x) if arising from a material breach by such Indemnitee or one of its Affiliates of its obligations under this Agreement or any other Loan Document (as determined by a court of competent jurisdiction by final and non-appealable judgment), (y) if arising from any dispute between and among Indemnitees that does not involve an act or omission by the Borrower or its Subsidiaries (as determined by a court of competent jurisdiction by final and non-appealable judgment) other than any proceeding against the Administrative Agent or Arranger in such capacity and (z) if arising from any settlement with respect to indemnified liabilities which is entered into by such Indemnitee without Borrower’s written consent (such consent not to be unreasonably withheld, conditioned or delayed); provided that (A) Borrower shall be deemed to consent to such settlement if it does not respond to the Indemnitee’s request within 5 business days; (B) the foregoing indemnity will apply if the Borrower shall have been offered an opportunity to assume the defense of such matter and shall have declined to do so and (C) the foregoing indemnity will apply if there is a final judgment for the plaintiff in such proceeding. In the case of any proceeding to which the indemnity in this paragraph applies, such indemnity and reimbursement obligations shall be effective, whether or not such proceeding is brought by the Borrower, any of its securityholders or creditors, an Indemnitee or any other Person, or an Indemnitee is otherwise a party thereto.

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph ‎(a) or ‎(b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such.

(d) Without limiting in any way the indemnification obligations of the Borrower pursuant to ‎Section 9.03(b) or of the Lenders pursuant to ‎Section 9.03(c), to the extent permitted by applicable law, each party hereto shall not assert, and hereby waives, any claim against any Indemnitee or the Borrower or any of its Subsidiaries, on any 

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theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual 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 or any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and non-appealable judgment of a court of competent jurisdiction.

(e) All amounts due under this Section shall be payable promptly after written demand therefor.

Section 9.04.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 (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 paragraph ‎(c) 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)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (but not to the Borrower or an Affiliate thereof) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

(A)the Borrower, provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee and provided further that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof; and

(B)the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender with a Commitment 

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immediately prior to giving effect to such assignment, an Affiliate of a Lender, or  an Approved Fund.

(ii)Assignments shall be subject to the following additional conditions:

(A)except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (or a greater amount that is an integral multiple of $1,000,000) unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

(B)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;

(C)the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500;

(D)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws;

(E)no such assignment shall be made to (i) any Loan Party nor any Affiliate of a Loan Party, (ii) any Defaulting Lender or any of its subsidiaries, or any Person, who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (ii), or (iii) any natural person; and

(F)in connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, 

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purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)‎(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of ‎Section 2.12, ‎Section 2.13, ‎Section 2.14 and ‎Section 9.03); provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’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 Section 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 paragraph ‎(c) of this Section.

(iv)The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and amounts on the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. The Borrower agrees to indemnify the Administrative Agent from and 

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against any and all losses, claims, damages and liabilities of whatsoever nature which may be imposed on, asserted against or incurred by the Administrative Agent in performing its duties under this ‎Section 9.04(b)(iv), except to the extent that such losses, claims, damages or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of the Administrative Agent. The Loans (including principal and interest) are registered obligations and the right, title, and interest of any Lender or its assigns in and to such Loans shall be transferable only upon notation of such transfer in the Register.

(v)Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph ‎(b) of this Section and any written consent to such assignment required by paragraph ‎(b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to ‎Section 2.04(b), ‎Section 2.15(d) or ‎Section 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

(c)(i) Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (but not to the Borrower or an Affiliate thereof) (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent 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 described in the first proviso to ‎Section 9.02(b) that affects such Participant. Subject to paragraph (c)‎(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections ‎2.12, ‎2.13 and ‎2.14 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph ‎(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of ‎Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to ‎Section 2.15(c) as though it were a Lender.

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(ii)A Participant shall not be entitled to receive any greater payment under Sections ‎2.12 or ‎2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant except to the extent such entitlement to receive a greater payment results from a Change in Law requiring a payment under ‎Section 2.12 that occurs after the Participant acquired the applicable participation. Participants entitled to the benefits of Sections ‎2.12, ‎2.13 and ‎2.14 are entitled to such benefits subject to the requirements and limitations therein, including the requirements under ‎Section 2.14(f) (it being understood that the documentation required under ‎Section 2.14(f) shall be delivered to the participating Lender).

(iii)Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

(d)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, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

Section 9.05.Survival.  All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates 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 making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 

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Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of ‎Section 2.12, ‎Section 2.13, ‎Section 2.14 and ‎Section 9.03 and ‎Article 8 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 Commitments, the resignation of the Administrative Agent, the replacement of any Lender, or the termination of this Agreement or any provision hereof.

Section 9.06.Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in ‎Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 9.07.Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 9.08.Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of ‎Section 2.17 and, pending such payment, shall be segregated by such 

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Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

Section 9.09.Governing Law; Jurisdiction; Consent to Service of Process.

(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York.

(b) Each of the parties hereto 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 sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and 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 relating hereto or thereto, 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 (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State 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 in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

(c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph ‎(b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by 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 service of process in the manner provided for notices in ‎Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

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Section 9.10.Waiver Of Jury Trial.  EACH PARTY HERETO HEREBY 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 OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.11.Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12.Confidentiality.  (a) Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below) and to not use the Information for any purpose except in connection with the Loan Documents, except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees, and agents, including accountants, legal counsel and other professionals, experts or advisors, or to any credit insurance provider relating to the Borrower and its obligations, in each case whom it reasonably determines needs to know such information in connection with this Agreement and the transactions contemplated hereby and who are informed of the confidential nature of such Information and instructed to keep such Information confidential, (ii) to the extent requested by any rating agency or regulatory authority, examiner regulating banks or banking, or other self-regulatory authority having or claiming oversight over Administrative Agent, any Lender or any of their respective Affiliates, (iii) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable laws or regulations or by any subpoena or similar legal process based on the advice of counsel (in which case the Administrative Agent or such Lender, as applicable, agrees, to the extent permitted by applicable law, to inform the Borrower promptly thereof), (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or prospective Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower, (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section, (B) becomes available to the Administrative Agent or any Lender on a 

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nonconfidential basis from a source other than the Borrower or (C) is independently developed by the Administrative Agent or a Lender or (ix) for purposes of establishing a “due diligence” defense. In addition, the Administrative Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents. For the purposes of this Section, “Information” means all memoranda or other information received from or on behalf of the Borrower relating to the Borrower or its business that is clearly identified by the Borrower as confidential, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

(b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(A) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

Section 9.13.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 are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the 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 

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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 NYFRB Rate to the date of repayment, shall have been received by such Lender.

Section 9.14.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), the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arranger and the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders, on the other hand, (ii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the Transactions contemplated hereby and by the other Loan Documents; (b) (i) each of the Administrative Agent, the Arranger 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 or any of its Subsidiaries, or any other Person and (ii) neither the Administrative Agent, any Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the Transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arranger and 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 and its Affiliates, and neither the Administrative Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby agrees not to assert any claims that it may have against the Administrative Agent, the Arranger or the Lenders with respect to any alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

Section 9.15.Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 9.16.USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA Patriot Act hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record 

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information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the USA Patriot Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act.

Section 9.17.Release of Guarantors.  In the event that all the Equity Interests in any Guarantor are sold, transferred or otherwise disposed of to a Person other than the Borrower or its Subsidiaries in a transaction permitted under this Agreement or in the event that a Guarantor ceases to be a Material Subsidiary, the Administrative Agent shall, at the Borrower’s expense, promptly take such action and execute such documents as the Borrower may reasonably request to terminate the guarantee of such Guarantor.

Section 9.18.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 EEA Financial Institution arising under any Loan Document may be subject to the Write-Down 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 party hereto 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 entity, 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.

Section 9.19.Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and Arranger 

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and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

(i)such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Commitments,

(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection therewith,

(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b) In addition, unless sub-clause ‎(i) in the immediately preceding clause ‎(a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause ‎(iv) in the immediately preceding clause ‎(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and Arranger and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:

(i)neither the Administrative Agent and Arranger nor any of its Affiliates is a fiduciary with respect to the assets of such Lender (including in 

79

 

 

connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto),

(ii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21, as amended from time to time) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

(iii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the obligations), the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and

(iv)no fee or other compensation is being paid directly to the Administrative Agent and Arranger or any of its Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.

(c) The Administrative Agent and Arranger hereby informs the Lenders that the Administrative Agent and Arranger is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that the Administrative Agent and Arranger has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i)  may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

 

80

 

 

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.

		
	
TWITTER, INC.,
as Borrower

	
By:
	
/s/ Ned Segal

	
 
	
Name:Ned Segal

	
 
	
Title:Chief Financial Officer

 

[Signature Page to Revolving Credit Agreement]

 

 

 

		
	
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent and as a Lender

	
By:
	
/s/ John Kowalczuk

	
 
	
Name:John Kowalczuk

	
 
	
Title:Executive Director

[Signature Page to Revolving Credit Agreement]

 

 

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

	
/s/ Jeannette Lu
	
	
Name:Jeannette Lu
	
	
Title:Director
	

 

 

		
	
GOLDMAN SACHS BANK USA, 
as a Lender

	
/s/ Rebecca Kratz
	
	
Name:Rebecca Kratz
	
	
Title:Authorized Signatory
	

 

 

 

		
	
WELLS FARGO BANK, N.A., 
as a Lender

	
/s/ Meggie Chichioco
	
	
Name:Meggie Chichioco
	
	
Title:Managing Director
	

 

 

 

		
	
MORGAN STANLEY SENIOR FUNDING, INC., 
as a Lender

	
/s/ Michael King
	
	
Name:Michael King
	
	
Title:Vice President
	

 

[Signature Page to Revolving Credit Agreement]

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