Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SECOND
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This
SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of January 29,
2021, by and among DIVERSIFIED HEALTHCARE TRUST (f/k/a SENIOR HOUSING PROPERTIES TRUST), a real estate investment trust formed
under the laws of the State of Maryland (the “Borrower”), the Guarantors solely for the purpose of Section 6
hereof, each of the financial institutions party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
 “Administrative Agent”).

 

WHEREAS, the Borrower,
the Lenders, the Administrative Agent and certain other parties have entered into that certain Amended and Restated Credit Agreement
dated as of August 1, 2017 (as amended and as in effect immediately prior to the date hereof, the “Credit Agreement”);
and

 

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

 

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

 

Section 1. Amendments
to Credit Agreement. Subject to the conditions precedent set forth in Section 2 below, as of the Second Amendment
Effective Date:

 

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

 

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

 

(c)        a
new Schedule 2.12 to the Credit Agreement, attached hereto as Schedule C, is hereby added to the Credit Agreement as Schedule
2.12 thereto; and

 

(d)        a
new Schedule 6.1.(z) to the Credit Agreement, attached hereto as Schedule D, is hereby added to the Credit Agreement
as Schedule 6.1.(z) thereto.

 

Section 2. Conditions
Precedent. The effectiveness of this Amendment is subject to (i) the truth and accuracy of the representations set forth
in Section 4 below and (ii) satisfaction of each of the following conditions (the first date on which each of
the conditions pursuant to the foregoing clauses (i) and (ii) shall have been satisfied, the “Second Amendment
Effective Date”):

 

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

 

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

 

     

     

    

 

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

 

(iii)            a
certificate of the Secretary or Assistant Secretary (or other individual performing similar functions) on behalf of each Loan Party
(including, for the avoidance of doubt, each Initial Pledgor) dated the Second Amendment Effective Date, certifying (A) that
attached thereto are true, correct and complete copies of (i) the certificate of incorporation or formation, certificate of
limited partnership, declaration of trust or other comparable organizational instrument, as applicable, of such Loan Party certified
as of a recent date by the Secretary of State of the state of organization of such Loan Party and (ii) the by-laws, operating
agreement, partnership agreement, or other comparable governing document, as applicable, of such Loan Party, (B) that attached
thereto is a true, correct and complete copy of a certificate as to the good standing of such Loan Party as of a recent date from
the Secretary of State (or other applicable Governmental Authority) of its jurisdiction of organization, (C) that attached
thereto is a true and complete copy of resolutions duly adopted by the board of directors (or board of members or equivalent governing
body) of such Loan Party authorizing the execution, delivery and performance of this Amendment and the other Loan Documents to
which such person is a party entered into in connection herewith, and that such resolutions have not been modified, rescinded or
amended and are in full force and effect as of the date of such certificate, and (D) as to the signature and incumbency certificates
of its officers executing this Amendment or any of the other Loan Documents or any other document delivered in connection herewith
on behalf of such Loan Party (together with a certificate of another officer or authorized person as to the incumbency and specimen
signature of the officer or authorized person executing the certificate pursuant to this clause (c)); provided that such
certificate can certify that there have been no changes to such documents or items described in the foregoing clauses (A) or
(D) since such documents or items were last delivered to the Administrative Agent on the First Amendment Effective Date or
June 12, 2020, as applicable;

 

(iv)            a
Pledge Agreement executed by each of the direct owners of the Equity Interests issued by each Subsidiary directly owning an Initial
Collateral Property (each, an “Initial Pledgor” and, collectively, the “Initial Pledgors”),
in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations;

 

(v)            Uniform
Commercial Code financing statements in proper form for filing naming each Initial Pledgor as debtor thereunder;

 

(vi)            copies
of Uniform Commercial Code search reports listing all effective financing statements filed against each Initial Pledgor, with copies
of such financing statements;

 

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

 

    	- 2 - 

     

    

 

(viii)            an
Intercreditor Agreement executed by the Administrative Agent, the Term Loan Administrative Agent, the Collateral Agent, the Borrower
and each other Initial Pledgor;

 

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

 

(x)            (i) all
information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer”
and Anti-Money Laundering Laws and regulations, including without limitation, the Patriot Act, and (ii) to the extent the
Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification
in relation to the Borrower, in each case, at least five (5) Business Days prior to the Second Amendment Effective Date; and

 

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

 

(b)            The
Borrower shall have (i) permanently reduced the Commitments by a minimum amount of $200,000,000, and (ii) paid to the
Administrative Agent for the account of the Lenders all interest on the Loans, and the Fees under Section 3.5.(b) of
the Credit Agreement with respect to the amount of such reduction, accrued to the date of such reduction of the Commitments, including
but not limited to any applicable compensation due to each Lender in accordance with Section 4.4 of the Credit Agreement,
in each case, in accordance with Section 2.11 of the Credit Agreement.

 

(c)            The
Second Amendment to Amended and Restated Term Loan Agreement, dated as of the date hereof, amending the Existing Term Loan Agreement,
shall be fully executed and delivered to the Administrative Agent and shall be (or simultaneously herewith will be) in full force
and effect, and all conditions precedent thereto shall have been satisfied (or shall be satisfied concurrently with the effectiveness
of this Amendment).

 

(d)            The
Borrower shall have delivered to the Administrative Agent and the Lenders the Approved Budget in form and substance satisfactory
to the Requisite Lenders.

 

Section 3. Post-Closing
Covenant. As soon as reasonably practicable following the date hereof, but in no event later than 150 days after the Second
Amendment Effective Date (or such later date as may be approved by (x) in the case of any extension to a date no later than
195 days after the Second Amendment Effective Date, the Administrative Agent in its sole discretion, and (y) in the case of
any extension to a date thereafter, the Requisite Lenders), (i) the applicable Loan Parties shall deliver to the Administrative
Agent, with respect to each Property listed on Schedule A attached hereto (as supplemented or otherwise modified from time
to time, including, without limitation, to remove Properties in connection with any Term Loan Repayment in accordance with clause
(ii) below, in each case, as mutually agreed between the Borrower and the Administrative Agent) (each, an “Initial
Collateral Property” and, collectively, the “Initial Collateral Properties”), (A) a Security
Instrument and each of the items set forth on Annex I to the Amended Credit Agreement, (B) a supplement to Schedule 6.1.(ee)
to the Amended Credit Agreement, and (C) if such property is owned by a Subsidiary of the Borrower that is not, at such time,
a Guarantor, all of the items required to be delivered to the Administrative Agent under Section 7.13(a) of the Amended
Credit Agreement, and (ii) the Collateral Property Availability shall be equal to or greater than $1,000,000,000; provided,
however, that, if the Borrower repays all or a portion of the Term Loans prior to the satisfaction of the Initial Mortgage Collateral
Requirement (a “Term Loan Repayment”), then the Collateral Property Availability required pursuant to this clause
(ii) shall instead be equal to or greater than the greater of (x) the sum of the aggregate Commitments of all Lenders
and the outstanding principal amount of Term Loans and (y) $600,000,000 (the foregoing clauses (i) and (ii), the “Initial
Mortgage Collateral Requirement”). Failure by the Loan Parties to comply with the covenant set forth in this Section 3
shall result in an immediate Event of Default under the Amended Credit Agreement. The Loan Parties acknowledge and agree that the
covenants and other requirements of this Section 3 are a material inducement to Administrative Agent and the undersigned
Lenders entering into this Amendment and Administrative Agent and such Lenders would not execute and deliver this Amendment but
for the covenants and other requirements of the Loan Parties under this Section 3.

 

    	- 3 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	- 4 - 

     

    

 

Section 6. Confirmation
of Guaranty. Each Guarantor (i) confirms its obligations under the Guaranty, (ii) confirms that its obligations under
the Amended Credit Agreement constitute “Obligations” (as defined in the Amended Credit Agreement) and “Guarantied
Obligations” (as defined in the Guaranty), (iii) confirms its guarantee of the Obligations under the Guaranty, (iv) confirms
that its obligations under the Amended Credit Agreement are entitled to the benefits of the guarantee set forth in the Guaranty,
(v) agrees that the Amended Credit Agreement is the “Credit Agreement” under and for all purposes of the Guaranty,
(vi) confirms that is has received reasonably equivalent value for the Guaranteed Obligations it has incurred, which reasonably
equivalent value includes, without limitation, the availability of extensions of credit for the working capital needs of such Guarantor
pursuant to the terms of the Loan Documents, and (vii) confirms that the incurrence by such Guarantor of its Guaranteed Obligations
does not result in any fraudulent transfer or fraudulent conveyance within the meaning of any applicable federal or state statute
or the interpretation thereof or relevant common law. Each Guarantor, by its execution of this Amendment, hereby confirms that
the Obligations shall remain in full force and effect.

 

Section 7. Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Amended
Credit Agreement. This Amendment is a Loan Document.

 

Section 8. Costs
and Expenses. Without limiting the obligations of the Borrower under Section 12.2 of the Amended Credit Agreement, the
Borrower shall reimburse the Administrative Agent for all reasonable costs and expenses (including reasonable attorneys’
fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and
the other agreements and documents executed and delivered in connection herewith.

 

Section 9. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 10. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 11. Effect.
Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full
force and effect. The amendment contained herein shall be deemed to have prospective application only. The Amended Credit Agreement
is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the rights,
powers or remedies available to the Administrative Agent or the Lenders under the Amended Credit Agreement or any other Loan Document.
This Amendment is not intended to and shall not constitute a novation of any of the Loan Documents or Obligations.

 

Section 12. Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns.

 

Section 13. Electronic
Signatures. The words “execute,” “execution,” “signed,” “signature,” and words
of like import in or related to any document to be signed by any Lender, Titled Agent, Issuing Bank or Swingline Lender (collectively,
the “Lender Parties”) in connection with this Amendment and the transactions contemplated hereby shall be deemed
to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved
by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature of such Lender Party or the use of a paper-based recordkeeping system with respect
to such Lender Party, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to
the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures from any Lender Party in
any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. Each of
the undersigned hereby (i) agrees that, for all purposes, electronic images of this Amendment (including with respect to any
of the Lender Parties’ signature pages thereto) shall have the same legal effect, validity, admissibility into evidence
and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity, admissibility
into evidence or enforceability of this Amendment based solely on the lack of paper original copies hereof, including with respect
to any of the Lender Parties’ signatures hereto.

 

    	- 5 - 

     

    

 

Section 14. Intercreditor
Agreement. The undersigned Lenders constituting Requisite Lenders hereby authorize the Administrative Agent to enter into an
Intercreditor Agreement, dated as of the date hereof and in the form attached as Exhibit B hereto (as amended, restated,
supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), with the Term Loan Administrative
Agent, the Collateral Agent, and the Loan Parties. The terms and provisions of the Intercreditor Agreement that refer to the Lenders
shall be binding on all Lenders to the same extent as if each Lender were a party thereto, and the Lenders shall be bound by, and
will not take any action contrary to, the provisions of the Intercreditor Agreement.

 

Section 15. Definitions.
All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Amended Credit
Agreement.

 

[Signatures on Next Page]

 

    	- 6 - 

     

    

 

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

 

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

 

Signature Page to Second Amendment
to Amended and Restated Credit Agreement

 

    

     

    

 

	CCC ALPHA INVESTMENTS TRUST 	SNH FM FINANCING TRUST
	CCC DELAWARE TRUST 	SNH GEORGIA TENANT LLC
	CCC FINANCING I TRUST	SNH GLENVIEW (PATRIOT) LLC 
	CCC INVESTMENTS I, L.L.C. 	SNH GP VALENCIA LLC 
	CCC LEISURE PARK CORPORATION 	SNH GRANITE GATE LANDS TENANT LLC 
	CCC PUEBLO NORTE TRUST	SNH GRANITE GATE LANDS TRUST 
	CCC RETIREMENT PARTNERS TRUST 	SNH GROVE PARK TENANT LLC 
	CCC RETIREMENT TRUST	SNH GROVE PARK TRUST 
	CCDE SENIOR LIVING LLC 	SNH HARRISBURG LLC 
	CCOP SENIOR LIVING LLC 	SNH IL JOPLIN INC. 
	CRESTLINE VENTURES LLC 	SNH IL PROPERTIES TRUST
	CSL GROUP, INC. 	SNH INDEPENDENCE PARK LLC 
	DHC HOLDINGS LLC 	SNH INDY TENANT LLC
	ELLICOTT CITY LAND I, LLC 	SNH JACKSON LLC 
	HRES1 PROPERTIES TRUST 	SNH KENT PROPERTIES LLC 
	HRES2 PROPERTIES TRUST	SNH LINCOLN TENANT LLC
	MSD POOL 1 LLC 	SNH LONGHORN TENANT LLC
	MSD POOL 2 LLC 	SNH LTF PROPERTIES LLC 
	O.F.C. CORPORATION 	SNH MARYLAND HEIGHTS LLC 
	SNH 30 NEWCROSSING INC. 	SNH MASS TENANT LLC
	SNH AL AIMO II, INC. 	SNH MD TENANT LLC
	SNH AL AIMO TENANT II, INC. 	SNH MEDICAL OFFICE PROPERTIES LLC 
	SNH AL AIMO TENANT, INC. 	SNH MEDICAL OFFICE PROPERTIES TRUST
	SNH AL AIMO, INC.	SNH MEZZCO SAN ANTONIO LLC 
	SNH AL CRIMSON TENANT INC. 	SNH MO TENANT LLC
	SNH AL CUMMING LLC 	SNH MODESTO LLC 
	SNH AL CUMMING TENANT LLC 	SNH NC TENANT LLC
	SNH AL GEORGIA HOLDINGS LLC 	SNH NEB TENANT LLC
	SNH AL GEORGIA LLC 	SNH NJ TENANT GP LLC
	SNH AL GEORGIA TENANT LLC	SNH NJ TENANT LLC
	SNH AL PROPERTIES LLC 	SNH NM TENANT LLC
	SNH AL PROPERTIES TRUST 	SNH NORTHWOODS LLC 
	SNH AL TRS, INC. 	SNH NORTHWOODS TENANT LLC 
	SNH AL WILMINGTON TENANT INC. 	SNH NS PROPERTIES TRUST 
	SNH ALPHARETTA LLC	SNH OHIO TENANT LLC
	SNH ALT LEASED PROPERTIES TRUST	SNH OMISS TENANT LLC
	SNH AZ TENANT LLC	SNH PARKVIEW PROPERTIES TRUST
	SNH BAKERSFIELD LLC 	SNH PENN TENANT LLC
	SNH BAMA TENANT LLC	SNH PHOENIX (COTTON) LLC
	SNH BATON ROUGE (NORTH) LLC 	SNH PLAQUEMINE LLC 
	SNH BATON ROUGE (REALTORS) LLC 	SNH PLFL PROPERTIES LLC 
	SNH BLAINE INC. 	SNH PLFL TENANT LLC 
	SNH BRFL PROPERTIES LLC 	SNH PRAIRIEVILLE LLC 
	SNH BRFL TENANT LLC	SNH PROJ LINCOLN TRS LLC
	SNH BRIDGEWATER LLC 	SNH REDMOND PROPERTIES LLC 
	SNH CAL TENANT LLC	SNH REIT IRVING LLC 
	SNH CALI TENANT LLC 	SNH REIT ROCKWALL LLC 
	SNH CCMD PROPERTIES BORROWER LLC 	SNH REIT SAN ANTONIO LLC 
	SNH CCMD PROPERTIES LLC 	SNH REIT VICTORIA LLC 
	SNH CCMD TENANT LLC 	SNH RMI FOX RIDGE MANOR PROPERTIES LLC 
	SNH CHS PROPERTIES TRUST 	SNH RMI JEFFERSON MANOR PROPERTIES LLC 
	SNH CLEAR BROOK LLC 	SNH RMI MCKAY MANOR PROPERTIES LLC 
	SNH CLEAR CREEK PROPERTIES TRUST 	SNH RMI NORTHWOOD MANOR PROPERTIES LLC 
	SNH CO TENANT LLC	SNH RMI OAK WOODS MANOR PROPERTIES LLC 
	SNH CONCORD LLC 	SNH RMI PARK SQUARE MANOR PROPERTIES LLC 
	SNH DEL TENANT LLC	SNH RMI PROPERTIES HOLDING COMPANY LLC 
	SNH DENHAM SPRINGS LLC 	SNH RMI SMITH FARMS MANOR PROPERTIES LLC 
	SNH DERBY TENANT LLC	SNH RMI SYCAMORE MANOR PROPERTIES LLC 
	SNH DURHAM LLC 	SNH SC TENANT LLC
	SNH FLA TENANT LLC	SNH SE ASHLEY RIVER LLC 
	SNH FM FINANCING LLC 	SNH SE ASHLEY RIVER TENANT LLC 

 

Signature Page to Second Amendment
to Amended and Restated Credit Agreement

 

    

     

    

 

	SNH SE BARRINGTON BOYNTON LLC 	SNH/LTA PROPERTIES GA LLC 
	SNH SE BARRINGTON BOYNTON TENANT LLC 	SNH/LTA PROPERTIES TRUST 
	SNH SE BURLINGTON LLC 	SNH/LTA SE HOME PLACE NEW BERN LLC 
	SNH SE BURLINGTON TENANT LLC 	SNH/LTA SE MCCARTHY NEW BERN LLC 
	SNH SE DANIEL ISLAND LLC 	SNH/LTA SE WILSON LLC
	SNH SE DANIEL ISLAND TENANT LLC 	SPTGEN PROPERTIES TRUST 
	SNH SE HABERSHAM SAVANNAH LLC 	SPTIHS PROPERTIES TRUST 
	SNH SE HABERSHAM SAVANNAH TENANT LLC 	SPTMISC PROPERTIES TRUST 
	SNH SE HOLLY HILL LLC 	SPTMNR PROPERTIES TRUST 
	SNH SE HOLLY HILL TENANT LLC 	SPTMRT PROPERTIES TRUST 
	SNH SE KINGS MTN LLC 	SPTSUN II PROPERTIES TRUST
	SNH SE KINGS MTN TENANT LLC 	 
	SNH SE MOORESVILLE LLC 	each as a Guarantor 
	SNH SE MOORESVILLE TENANT LLC 	 
	SNH SE N. MYRTLE BEACH LLC 	 
	SNH SE N. MYRTLE BEACH TENANT LLC 	By:	/s/ Richard W. Siedel, Jr.
	SNH SE PROPERTIES LLC 	 	Richard W. Siedel, Jr.  
	SNH SE PROPERTIES TRUST 	 	Chief Financial Officer and Treasurer
	SNH SE SG LLC 	 
	SNH SE SG TENANT LLC 	 
	SNH SE TENANT 2 TRS, INC. 	 
	SNH SE TENANT TRS, INC. 	 
	SNH SOMERFORD PROPERTIES TRUST 	 
	SNH ST. LOUIS LLC 	 
	SNH TEANECK PROPERTIES LLC 	 
	SNH TEANECK TENANT LLC 	 
	SNH TELLICO TENANT LLC 	 
	SNH TELLICO TRUST	 
	SNH TEMPE LLC 	 
	SNH TENN TENANT LLC	 
	SNH TOTO TENANT LLC	 
	SNH TRS INC. 	 
	SNH TRS LICENSEE HOLDCO LLC	 
	SNH VA TENANT LLC	 
	SNH VIKING TENANT LLC	 
	SNH WARD AVE. PROPERTIES I INC. 	 
	SNH WELL PROPERTIES GA-MD LLC 	 
	SNH WELL PROPERTIES TRUST	 
	SNH WILMINGTON LLC	 
	SNH WIS TENANT LLC	 
	SNH WY TENANT LLC	 
	SNH YONKERS PROPERTIES TRUST	 
	SNH YONKERS TENANT INC. 	 
	SNH/CSL PROPERTIES TRUST	 

 

Signature Page to Second Amendment
to Amended and Restated Credit Agreement

 

    

     

    

 

		LEXINGTON OFFICE REALTY TRUST
	 	SNH MEDICAL OFFICE REALTY TRUST
	 	each as a Guarantor
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	as Trustee and not individually

 

		CCC FINANCING LIMITED, L.P., as a Guarantor
	 	 
	 	By:     CCC
RETIREMENT TRUST,
	 	its general partner
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	Chief Financial Officer and Treasurer

 

	 	CCC RETIREMENT COMMUNITIES II, L.P., as a
Guarantor
	 	 
	 	By:     CRESTLINE
VENTURES LLC,
	 	its general partner
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	Chief Financial Officer and Treasurer

 

	 	LEISURE PARK VENTURE LIMITED PARTNERSHIP, as a Guarantor
	 	 
	 	By:     CCC
LEISURE PARK CORPORATION,
	 	its general partner
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	Chief Financial Officer and Treasurer

 

	 	SNH NJ TENANT LP, as a Guarantor
	 	 
	 	By:     SNH
NJ TENANT GP LLC,
	 	its general partner
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	Chief Financial Officer and Treasurer

 

	 	SNH VALENCIA LP, as a Guarantor
	 	 
	 	By:     SNH
GP VALENCIA LLC,
	 	its general partner
	 	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	Chief Financial Officer and Treasurer

 

Signature Page to Second Amendment
to Amended and Restated Credit Agreement

 

    

     

    

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Issuing Bank as Swingline Lender and as a Lender
	 	 
	 	 
	 	By:	/s/
    Matthew Ricketts
	 	 	Name:	Matthew
    Ricketts
	 	 	Title:	Managing
    Director

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	CITIBANK,
    N.A.,
	 	as
    Issuing Bank, as Swingline Lender and as a Lender
	 	 
	 	 
	 	By:	/s/
    Tina Lin
	 	 	Name:	Tina
    Lin
	 	 	Title:	Vice
    President

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement  

 

     

     

    

 

	 	ROYAL
    BANK OF CANADA,
	 	as
    Issuing Bank, as Swingline Lender and as a Lender
	 	 
	 	 
	 	By:	/s/
    Brian Gross
	 	 	Name:	Brian
    Gross
	 	 	Title:	Authorized
    Signatory

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION,
	 	as
    Issuing Bank, as Swingline Lender and as a Lender
	 	 
	 	 
	 	By:	/s/
    Shari L. Reams-Henofer
	 	 	Name:	Shari
    L. Reams-Henofer
	 	 	Title:	Senior
    Vice President

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY HERETO
    AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution: SUMITOMO MITSUI BANKING CORPORATION,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Michael Maguire
	 	 	Name:	Michael
    Maguire
	 	 	Title:	Managing
    Director

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY HERETO
    AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution: U.S. Bank National Association,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Lee Hord
	 	Name:	Lee
    Hord
	 	Title:	Senior
    Vice President

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY HERETO
    AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution:
	 	UBS
    AG, Stamford Branch, as a Lender
	 	 
	 	 
	 	By:	/s/
    Anthony Joseph
	 	Name:	Anthony
    Joseph
	 	Title:	Associate
    Director
	 	 
	 	[If
    second signature block is necessary]
	 	 
	 	By:	/s/
    Houssem Daly
	 	Name:	Houssem
    Daly
	 	Title:	Associate
    Director

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY HERETO
    AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution: BMO Harris Bank, N.A.,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Lloyd Baron
	 	Name:	Lloyd
    Baron
	 	Title:	Managing
    Director

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

EXHIBIT A

 

Amended Credit Agreement

 

[To be attached]

 

    

     

    

 

 

	 	
        Loan Number: 1010272-2

         

        EXECUTION VERSION

 

 

CONFORMED COPY OF AMENDED AND RESTATED CREDIT
AGREEMENT

 

Dated as of August 1, 2017

 

conformed through

 

FIRSTSECOND
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of June 30January 29,
20202021

 

by and among

 

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

as Borrower,

 

The
financial institutions party hereto

and
their assignees under Section 12.6.,

as Lenders,

 

WELLS
FARGO Bank, National Association,

as Administrative Agent,

 

WELLS FARGO SECURITIES, LLC,

RBC CAPITAL MARKETS,

CITIGROUP GLOBAL MARKETS INC.

and

PNC CAPITAL MARKETS LLC

 

as Joint
Lead Arrangers and

Joint Lead Bookrunners,

 

ROYAL BANK OF CANADA,

CITIBANK, N.A.

and

PNC BANK, NATIONAL ASSOCIATION,

as Syndication Agents

 

and

 

BANK OF AMERICA, N.A.,

BBVA
USA f/k/a Compass Bank,

MIZUHO BANK, LTD.,

SUMITOMO MITSUI BANKING CORPORATION,

BMO HARRIS BANK, N.A.

and

REGIONS BANK,

as Documentation Agents

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	ARTICLE I. Definitions	1
	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	General; References to Eastern Time	3138
	Section 1.3.	Rates	3139
	Section 1.4.	Divisions	3139
	 	 	 
	ARTICLE II. Credit Facility	3139
	 	 
	Section 2.1.	Revolving Loans	3139
	Section 2.2.	Letters of Credit	3341
	Section 2.3.	Swingline Loans	3745
	Section 2.4.	Rates and Payment of Interest on Loans	3947
	Section 2.5.	Number of Interest Periods	4048
	Section 2.6.	Repayment of Loans	4048
	Section 2.7.	Prepayments	4048
	Section 2.8.	Continuation	4151
	Section 2.9.	Conversion	4251
	Section 2.10.	Notes	4252
	Section 2.11.	Voluntary Reductions of the Commitment	4352
	Section 2.12.	Extension of Termination Date	4352
	Section 2.13.	Expiration Date of Letters of Credit Past Commitment Termination	4454
	Section 2.14.	Amount Limitations	4455
	Section 2.15.	Increase in Commitments	4455
	Section 2.16.	Funds Transfer Disbursements	4556
	Section 2.17.	Collateral Property Amount Limitations.	56
			 
	ARTICLE III. Payments, Fees and Other General Provisions	4556
	 	 
	Section 3.1.	Payments	4556
	Section 3.2.	Pro Rata Treatment	4657
	Section 3.3.	Sharing of Payments, Etc.	4758
	Section 3.4.	Several Obligations	4758
	Section 3.5.	Fees	4758
	Section 3.6.	Computations	4859
	Section 3.7.	Usury	4859
	Section 3.8.	Statements of Account	4960
	Section 3.9.	Defaulting Lenders	4960
	Section 3.10.	Taxes; Foreign Lenders	5263
	 	 	 
	ARTICLE IV. Yield Protection, Etc.	5567
	 	 
	Section 4.1.	Additional Costs; Capital Adequacy	5567
	Section 4.2.	Suspension of LIBOR Loans	5768
	Section 4.3.	Illegality	5869
	Section 4.4.	Compensation	5869

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 4.5.	Treatment of Affected Loans	5970
	Section 4.6.	Affected Lenders	5970
	Section 4.7.	Change of Lending Office	6071
	Section 4.8.	Assumptions Concerning Funding of LIBOR Loans	6071
	 	 	 
	ARTICLE V. Conditions Precedent	6071
	 	 
	Section 5.1.	Initial Conditions Precedent	6071
	Section 5.2.	Conditions Precedent to All Loans and Letters of Credit	6273
	 	 	 
	ARTICLE VI. Representations and Warranties	6374
	 	 
	Section 6.1.	Representations and Warranties	6374
	Section 6.2.	Survival of Representations and Warranties, Etc.	6982
	 	 	 
	ARTICLE VII. Affirmative Covenants	6983
	 	 
	Section 7.1.	Preservation of Existence and Similar Matters	6983
	Section 7.2.	Compliance with Applicable Law and Material Contracts; Beneficial Ownership Regulation	7083
	Section 7.3.	Maintenance of Property	7084
	Section 7.4.	Conduct of Business	7084
	Section 7.5.	Insurance	7084
	Section 7.6.	Payment of Taxes and Claims	7084
	Section 7.7.	Books and Records; Inspections	7185
	Section 7.8.	Use of Proceeds	7185
	Section 7.9.	Environmental Matters	7185
	Section 7.10.	Further Assurances	7286
	Section 7.11.	REIT Status	7286
	Section 7.12.	Exchange Listing	7286
	Section 7.13.	Guarantors	7286
	Section 7.14.	Equity
Pledges	87
	Section 7.15.	Collateral
Properties	89
			 
	ARTICLE VIII. Information	7392
	 	 
	Section 8.1.	Quarterly Financial Statements	7392
	Section 8.2.	Year-End Statements	7392
	Section 8.3.	Compliance Certificate	7493
	Section 8.4.	Other Information	7493
	Section 8.5.	Electronic Delivery of Certain Information	7695
	Section 8.6.	Public/Private Information	7796
	Section 8.7.	USA Patriot Act Notice; Compliance	7796
	 	 	 
	ARTICLE IX. Negative Covenants	7796
	 	 
	Section 9.1.	Financial Covenants	7796
	Section 9.2.	Negative Pledge	7998
	Section 9.3.	Restrictions on Intercompany Transfers	8098

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 9.4.	Merger, Consolidation, Sales of Assets and Other Arrangements	8099
	Section 9.5.	Plans	8199
	Section 9.6.	Fiscal Year	8199
	Section 9.7.	Modifications of Organizational Documents, Business Management Agreement and Property Management Agreement and Other Material
Contracts	81100
	Section 9.8.	Transactions with Affiliates	81100
	Section 9.9.	Environmental Matters	82100
	Section 9.10.	Derivatives Contracts	82100
	Section 9.11.	Use of Proceeds	82100
	Section 9.12.	Amendment Period	82101
	 	 	 
	ARTICLE X. Default	84102
	 	 
	Section 10.1.	Events of Default	84102
	Section 10.2.	Remedies Upon Event of Default	87105
	Section 10.3.	Remedies Upon Default	88107
	Section 10.4.	Marshaling; Payments Set Aside	88107
	Section 10.5.	Allocation of Proceeds	88107
	Section 10.6.	Letter of Credit Collateral Account	89108
	Section 10.7.	Performance by Administrative Agent	90110
	Section 10.8.	Rights Cumulative	91110
	 	 	 
	ARTICLE XI. The Administrative Agent	91111
	 	 
	Section 11.1.	Appointment and Authorization	91111
	Section 11.2.	Wells Fargo as Lender	92111
	Section 11.3.	Approvals of Lenders	92112
	Section 11.4.	Notice of Events of Default	93112
	Section 11.5.	Administrative Agent’s Reliance	93112
	Section 11.6.	Indemnification of Administrative Agent and
Collateral Agent	94113
	Section 11.7.	Lender Credit Decision, Etc.	94114
	Section 11.8.	Successor Administrative Agent	95115
	Section 11.9.	Titled Agents	96116
	Section 11.10.	Collateral
Matters; Protective Advances	116
	Section 11.11.	Post-Foreclosure
Plans	118
	Section 11.12.	Flood Laws	119
	Section 11.13.	No
Set Off	119
			 
	ARTICLE XII. Miscellaneous	96119
	 	 
	Section 12.1.	Notices	96119
	Section 12.2.	Expenses	98121
	Section 12.3.	[Intentionally Omitted]	99122

 

    -iii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 12.4.	Setoff	99122
	Section 12.5.	Litigation; Jurisdiction; Other Matters; Waivers	100123
	Section 12.6.	Successors and Assigns	101124
	Section 12.7.	Amendments and Waivers	105128
	Section 12.8.	Nonliability of Administrative Agent and Lenders	106129
	Section 12.9.	Confidentiality	107130
	Section 12.10.	Indemnification	108131
	Section 12.11.	Termination; Survival	109133
	Section 12.12.	Severability of Provisions	110133
	Section 12.13.	GOVERNING LAW	110133
	Section 12.14.	Counterparts	110133
	Section 12.15.	Obligations with Respect to Loan Parties	110133
	Section 12.16.	Independence of Covenants	110134
	Section 12.17.	Limitation of Liability	111134
	Section 12.18.	Entire Agreement	111134
	Section 12.19.	Construction	111134
	Section 12.20.	Headings	111134
	Section 12.21.	LIABILITY OF TRUSTEES, ETC.	111134
	Section 12.22.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	112135
	Section 12.23.	Effect on Existing Credit Agreement	112135
	Section 12.24.	Acknowledgement Regarding Any Supported QFCs	113136
	Section 12.25.	Stamp, Intangible
and Recording Taxes	137
	Section 12.26.	Technical
Amendments	137
	Section 12.27.	Intercreditor
Agreement	137

 

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

 

    -iv-

     

    

 

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

 

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

 

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

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree that the Existing Credit Agreement is amended and restated in its entirety as follows:

 

ARTICLE I.
Definitions

 

Section 1.1.          Definitions.

 

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

 

“6.75%
Senior Notes” has the meaning given that term in Section 2.7(b)(v)(B).

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Agreement
Date” means August 1, 2017.

 

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

 

“Amendment
Period Termination Date” means the earlier of (i) June 30, 2021 and (ii) such earlier date as elected
by the Borrower (the “Amendment Period Early Termination Date”), so long as each of the following conditions are satisfied
as of such date elected by the Borrower: (A) no Default or Event Default shall exist as of such Amendment Period Early Termination
Date and (B) the Borrower shall be in compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y),
(f) and (i) as of such Amendment Period Early Termination Date, in each case, based upon the three consecutive fiscal
months of the Borrower immediately preceding such Amendment Period Early Termination Date, annualized.

 

     - 2 -

     

    

 

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

 

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

 

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

 

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

 

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

 

     - 3 -

     

    

 

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

 

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

 

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

 

     - 4 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 5 -

     

    

 

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

 

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

 

Table I –
Non-Amendment Period

 

	Level	 	Borrower’s Credit Rating

(S&P/Moody’s)	 	Applicable

Margin for

LIBOR Loans	 	Applicable

Margin for Base

Rate Loans	 
	1	 	A/A2 or better	 	0.7751.575	%	0.000.575	%
	2	 	A-/A3	 	0.8251.625	%	0.000.625	%
	3	 	BBB+/Baa1	 	0.8751.675	%	0.000.675	%
	4	 	BBB/Baa2	 	1.001.800	%	0.000.800	%
	5	 	BBB-/Baa3	 	1.202.000	%	0.201.000	%
	6	 	Lower than BBB-/Baa3 or not rated	 	1.552.350	%	0.551.350	%

 

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

 

     - 6 -

     

    

 

Table
II – Amendment Period

 

	Level	 	Borrower’s Credit Rating

(S&P/Moody’s)	 	Applicable

Margin for

LIBOR Loans	 	Applicable

Margin for Base

Rate Loans	 
	1	 	A/A2 or better	 	1.275	%	0.275	%
	2	 	A-/A3	 	1.325	%	0.325	%
	3	 	BBB+/Baa1	 	1.375	%	0.375	%
	4	 	BBB/Baa2	 	1.500	%	0.500	%
	5	 	BBB-/Baa3	 	1.700	%	0.700	%
	6	 	Lower than BBB-/Baa3	 	2.050	%	1.050	%

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 7 -

     

    

 

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market
Index Rate plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in
the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause (c) shall not be applicable during
any period in which LIBOR is unavailable or unascertainable).

 

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

 

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

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 8 -

     

    

 

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

 

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

 

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

 

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

 

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

 

     - 9 -

     

    

 

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

 

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

 

“Collateral
Property Availability” means, as determined with respect to the then Collateral Properties, the lesser of (i) 60%
of the As-Is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 9%
Collateral Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify
as such pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property
Availability, and the Collateral Property Availability shall be recalculated immediately upon such exclusion.

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 10 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 11 -

     

    

 

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

 

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

 

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

 

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

 

     - 12 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 13 -

     

    

 

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

 

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

 

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

 

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

 

     - 14 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 15 -

     

    

 

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

 

“Existing
Term Loan Agreement” means that certain Amended and Restated Term Loan Agreement dated as of August 1, 2017 by and
among the Borrower, the lenders party thereto and Wells Fargo, as administrative agent, providing for a term loan facility in an
original aggregate principal amount of $200,000,000, as the same may
be amended, restated, supplemented, or otherwise modified from time to time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 16 -

     

    

 

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

 

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

 

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

 

“First Amendment
Effective Date” has the meaning assigned to suchgiven
that term in the First Amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 17 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 18 -

     

    

 

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

 

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

 

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

 

     - 19 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 20 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 21 -

     

    

 

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

 

“LIBOR”
means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest
per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period which
appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two
Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus
the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding
(currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the
Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest
rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an
office of any Lender outside of the United States of America). If, for any reason, the rate referred to in the preceding clause (i) does
not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall
be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would
be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London
time) two Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period. Any
change in the maximum rate or reserves described in the preceding clause (ii) shall result in a change in LIBOR on the
date on which such change in such maximum rate becomes effective. If LIBOR determined as provided above would be less than fifty
basis points (0.50%), LIBOR shall be deemed to be fifty basis points (0.50%).

 

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

 

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

 

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

 

     - 22 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 23 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 24 -

     

    

 

“Net
Operating Income” or “NOI” means, with respect to a Property, Adjusted EBITDA attributable to such
Property. In no event shall Net Operating Income for any Property be less than $0.

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 25 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 26 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 27 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Post-Amendment
Period Compliance Date” means the earlier to occur of (i) the date upon which the Borrower delivers to the Administrative
Agent a Compliance Certificate in accordance with Section 8.3 evidencing compliance with each of the covenants set forth in
Section 9.1 as of September 30, 2022, and (ii) following the Amendment Period Termination Date, the date upon which
the Borrower delivers to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent demonstrating the
Borrower’s pro forma compliance with each of the covenants set forth in Section 9.1 (each as adjusted pursuant to the
last paragraph of Section 9.1) using pro forma projections based upon results through the most recently ended period for which
such financial information is available to the Borrower.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 29 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 30 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 31 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 32 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 33 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 34 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 35 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Unencumbered
Asset” means each Property that satisfies all of the following requirements: (a) such Property is (i) owned
in fee simple solely by the Borrower or a Wholly Owned Subsidiary or (ii) leased solely by the Borrower or a Wholly Owned
Subsidiary pursuant to a Ground Lease; (b) such Property is not an Asset Under Development and is in service; (c) neither
such Property, nor any interest of the Borrower or such Subsidiary therein, is subject to any Lien (other than Permitted Liens
of the types described in clauses (a) through (c) and (e) through (j) of the definition thereof) or to any
Negative Pledge other than Negative Pledges permitted under Sections 9.2.(b)(iii) and (iv); (d) regardless of whether
such Property is owned or leased by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a
Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such
Property (or its leasehold interest therein, as applicable) as security for Indebtedness of the Borrower or such Subsidiary, as
applicable, and (ii) to sell, transfer or otherwise dispose of such Property (or its leasehold interest therein, as applicable);
(e) neither such Property, nor if such Property is owned by a Subsidiary, any of the Borrower's direct or indirect ownership
interest in such Subsidiary, is subject to (i) any Lien (other than Permitted Liens of the types described in clauses (a) through
(c) or (e) through (j) of the definition thereof) or (ii) any Negative Pledge other than Negative Pledges permitted
under Sections 9.2.(b)(iii) and (iv); (f) such Property is free of structural defects or major architectural deficiencies,
title defects, environmental conditions or other adverse matters which, individually or collectively, materially impair the value
of such Property; and (g) any Lessee of more than a
majority of the leasable space in such Property is not more than 120 days past due with respect to any fixed rental payment obligations
under any Lease for such Property; (h) such Property (i) has been designated by the
Borrower as an “Unencumbered Asset” on Item 6.1.(z) of the Borrower Letter or on an Unencumbered Asset Certificate
delivered by the Borrower to the Administrative Agent and
(ii) has not been removed voluntarily by the Borrower from “Unencumbered Assets”. Notwithstanding
the immediately preceding sentence, a Property owned by a Foreign Subsidiary will be considered to be an Unencumbered Asset so
long as: (1) such Property is (i) owned in fee simple (or the legal equivalent in the jurisdiction where such Property
is located) by such Foreign Subsidiary or (ii) leased solely by such Foreign Subsidiary pursuant to a long-term lease having
terms and conditions reasonably acceptable to the Administrative Agent; (2) all of the issued and outstanding Equity Interests
of such Foreign Subsidiary are legally and beneficially owned by one or more of the Borrower and Wholly Owned Subsidiaries; (3) such
Foreign Subsidiary has no Indebtedness other than (x) Nonrecourse Indebtedness and (y) other Indebtedness in an aggregate
outstanding principal amount of less than 2.0% of the value of the assets of such Foreign Subsidiary (such value to be determined
in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value,
in a manner acceptable to the Administrative Agent); (4) neither such Property, nor any interest of such Foreign Subsidiary
therein, is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through (c) or
(e) through (j) of the definition thereof) or to any Negative Pledge other than Negative Pledges permitted under Sections
9.2.(b)(iii) and (iv); and (5) such Property satisfies the requirements set forth in the immediately preceding clauses
(b), (c), (d), (e), (f) and (g). In addition, a Senior Housing Asset Pool or the portion thereof comprised of Properties which
are individually Unencumbered Assets shall constitute an Unencumbered Asset for purposes of this Agreement.

 

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

 

“Unencumbered
Asset Value” means on any date of determination, the sum
of: (a) the product of (i) Net Operating Income for the period of four fiscal quarters most recently ended (or for such
other period as provided in the last paragraph of Section 9.1) attributable to Unencumbered Assets owned or leased by the
Borrower or any Subsidiary at all times during the applicable test period (annualized, to the extent provided in the last paragraph
of Section 9.1), divided by (ii) the applicable
Capitalization Rate; (b) the value of the Equity Interests in each of RMR Inc. and Five Star owned by the Borrower, such
value determined at Fair Market Value, so long as such Equity Interests are not subject to any Liens (other
than Permitted Liens of the types described in clauses (a) through (c) or clauses (e) through
(j) of the definition thereof) or to any Negative Pledge (other than a Negative Pledge permitted under clause (iii) of
Section 9.2.(b)); (c) unrestricted cash and Cash Equivalents and unencumbered Marketable Securities of the Borrower
and its Subsidiaries so long as neither such cash, Cash Equivalents and Marketable Securities, nor, if any such cash, Cash Equivalents
or Marketable Securities are owned by a Subsidiary, any of the Borrower's direct or indirect ownership interest in such Subsidiary,
are subject to any Liens (other than Permitted Liens of the types described
in clauses (a) through (c) and (e) through (j) of the definition
thereof) or any Negative Pledge (other than a Negative Pledge permitted under clause (iv) of Section 9.2.(b)); and (d) the
purchase price paid for any Unencumbered Asset acquired during the applicable test period (less any amounts paid as a purchase
price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements). To the extent that the value
of the Equity Interests of RMR Inc. and Five Star owned by the Borrower would in the aggregate account for more than 3.0% of Unencumbered
Asset Value, such excess shall be excluded. In addition, to the extent that the amount of Unencumbered Asset Value attributable
to (x) Senior Housing Assets leased pursuant to a Ground Lease would constitute more than 20.0% of Unencumbered Asset Value,
such excess shall be excluded and (y) Non-Domestic Properties would constitute more than 10.0% of Unencumbered Asset Value,
such excess shall be excluded. Notwithstanding the foregoing, for purposes of determining Unencumbered Asset Value at any time,
the Borrower may, in addition to the Net Operating Income referred to in the immediately preceding clause (a)(i), include the
Net Operating Income of any Unencumbered Asset acquired during the period following the end of the applicable test period most
recently ended through such time of determination on a pro forma basis reasonably acceptable to the Administrative Agent.

 

“Unencumbered
NOI” means, for any given period, the sum of (a) the aggregate NOI attributable to all Unencumbered Assets for such
period and (b) cash dividends received by the Borrower or any of its Subsidiaries from RMR Inc. and Five Star during such
period.

 

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

 

“Unsecured
Debt Service” means, for a given period,
Debt Service for such period with respect to Unsecured Indebtedness any
Debt of the Borrower andor
its Subsidiaries which is not Secured Debt (as such terms are defined
in the definition of “Amendment Period Incurrence Conditions”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 1.2.     General;
References to Eastern Time.

 

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

 

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Section 1.3.       Rates.

 

The Administrative
Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission
or any other matter related to the rates in the definition of “LIBOR” or with respect to any rate that is an alternative
or replacement for or successor to any such rate or the effect of any of the foregoing.

 

Section 1.4.       Divisions.

 

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

 

ARTICLE II.
Credit Facility

 

Section 2.1.       Revolving
Loans.

 

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

 

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

 

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

 

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

 

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Section 2.2.           Letters
of Credit.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.3.      Swingline
Loans.

 

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

 

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

 

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

 

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

 

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

 

Section 2.4.       Rates
and Payment of Interest on Loans.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.5.       Number
of Interest Periods.

 

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

 

Section 2.6.       Repayment
of Loans.

 

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

 

Section 2.7.      Prepayments.

 

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

 

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(b)            Mandatory.

 

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

 

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

 

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

 

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

 

(iiiv)         Application
of Mandatory Prepayments.

 

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

 

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(B)            Amendment
Period;
Qualified Collateral Property Sale. So long as no Event of Default has occurred and is continuing, amounts paid
under the preceding subsection (iisubsections
(iii) and (iv) shall be applied as follows: (1) first,
to repay in full the existing “6.75% Senior Notes due 2021” issued by the Borrower, in the original principal
amount of $300,000,000 with a stated maturity date of December 15, 2021 (the “6.75% Senior Notes”)
(provided, however, that Borrower may elect to deposit such repayment amount in a cash collateral account pledged to the
Collateral Agent as collateral for the Pari Passu Guaranteed Obligations pursuant to documentation in form and substance
satisfactory to the Administrative Agent (an “Approved Cash Collateral Account”) until such time as the
Make-Whole Amount (as defined in the Supplemental Indenture) with respect to such repayment of the 6.75% Senior Notes shall
be zero, at which time the Administrative Agent shall direct the Collateral Agent to make such amounts available to repay in
full the 6.75% Senior Notes), (2) second, to repay the outstanding principal amount of Term Loans on a pro rata
basis in accordance with Section 3.2 of the Existing Term Loan Agreement, and then all other outstanding
 “Obligations” under and as defined in the Existing Term Loan Agreement, in each case, to the full extent thereof,
(3) third, to repay the principal outstanding on Swingline Loans, from nearest Swingline Maturity Date
to latest Swingline Maturity Date, to the full extent thereof, (24) secondfourth,
to repay the principal outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with
Section 3.2. and then if any Letters of Credit are outstanding at such time, the undrawn amount thereof deposited into
the Letter of Credit Collateral Account for application to any Reimbursement Obligations, in each such case, to the full
extent thereof, (35) thirdfifth,
to repay all other outstanding Obligations hereunder, in the order and manner provided in Section 10.5, to the full
extent thereof, and (46) fourthsixth,
after all Obligations have been repaid in full, to the Borrower either,
at the Borrower’s discretion, (i) to repay any other unsecured notes issued by Borrower or other
Indebtedness then outstanding, or (ii) to be retained and applied by
the Borrower as it may, in its discretion, elect (provided that any amounts
so retained and applied by the Borrower may not be applied to
repay any Indebtedness (other than amounts subsequently due under the Loan Documents or as permitted pursuant to the
foregoing clauses (B)(1) through (B)(4)) or in a manner that violates this Agreement). Notwithstanding
the immediately preceding sentence, if at
any time during the Amendment Period and
continuing thereafter until the Post-Amendment Period Compliance Date, the Borrower fails to satisfy the conditions precedent
set forth in Section 5.2 solely as a result of its failure to satisfy any of the Amendment Period Incurrence Conditions,
then the Borrower shall notify the Administrative Agent of any such failure, and any amounts paid under the preceding
subsections (b)(iii) and (b)(iv) during such time shall instead be applied as follows: (1) first, to
repay in full the 6.75% Senior Notes (provided, however, that Borrower may elect to deposit such repayment amount in an
Approved Cash Collateral Account until such time as the Make-Whole Amount (as defined in the Supplemental Indenture) with
respect to such repayment of the 6.75% Senior Notes shall be zero, at which time the Administrative Agent shall direct the
Collateral Agent to make such amounts available to repay in full the 6.75% Senior Notes), (2) second, to repay
the outstanding principal amount of Term Loans on a pro rata basis in accordance with Section 3.2 of the Existing Term
Loan Agreement, and then all other outstanding “Obligations” under and as defined in the Existing Term Loan
Agreement, in each case, to the full extent thereof, (3) third, to repay the principal outstanding on Swingline
Loans, from nearest Swingline Maturity Date to latest Swingline Maturity Date, to the full extent thereof,
(4) fourth, solely in the case of amounts paid under the preceding subsection (b)(iv), to repay the principal
outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 in the
amount necessary to maintain compliance with the Collateral Property Availability (recalculated to exclude the Collateral
Property that is the subject of such Qualified Collateral Property Sale), and (5) fifth, to be deposited in an
Approved Cash Collateral Account, which cash collateral may be used, so long as all conditions precedent set forth in
Section 5.2 (other than Section 5.2(e) and any other condition precedent set forth in Section 5.2 which
would not be satisfied as a result of any such failure specified in Section 5.2(e)) are satisfied, to repay Indebtedness
and for working capital purposes of the Borrower and its Subsidiaries, in each such case, in a manner consistent with the
then-applicable Approved Budget; provided, however, that if any Default or Event of Default, other than as a
result of the Borrower’s failure to satisfy the Amendment Period Incurrence Conditions, shall exist, then, subject to
the provisions of the Intercreditor Agreement, the Administrative Agent may, in its sole and absolute discretion, direct the
Collateral Agent to apply the amount of such cash collateral to repay the Obligations in the order and manner provided in
Section 10.5.

 

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

 

Section 2.8.        
   Continuation.

 

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

 

Section 2.9.           Conversion.

 

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

 

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Section 2.10.         Notes.

 

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

 

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

 

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

 

Section 2.11.         Voluntary
Reductions of the Commitment.

 

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

 

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Section 2.12.         Extension
of Termination Date.

 

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

 

(b)            The
Borrower shall have the right, exercisable one time,
to extend the current Termination Date by one year. The Borrower may exercise such right only
by executing and delivering to the Administrative Agent at least 30 days but not more than 90 days prior to the current
Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall
notify the Lenders if it receives an Extension Request promptly upon receipt thereof. SubjectFirst
Extension Option. Solely in the case of the First Extension Option, subject to satisfaction of the following
conditions, the Termination Date with
respect to all Commitments shall be extended for one year (as
so extended, the “First Extended Termination Date”) effective upon receipt by the
Administrative Agent of the Extension Request in
connection with the First Extension Option and payment of the fee referred to in the following clause (ii):
(i) immediately prior to such extension and immediately after giving effect thereto, (x) no Default or Event of
Default shall exist and (y) the representations and warranties made or deemed made by the Borrower and each other Loan
Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in
the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be
true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as
of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and correct in all material respects (except in the case
of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and
correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and
expressly permitted under the Loan Documents and, (ii) the
Borrower shall have paid the Fees payable under Section 3.5.(d),
and (iii) (x) the 6.75% Senior Notes shall have been paid in full or refinanced pursuant to a Qualified Refinancing
Issuance, and (y) the Term Loans shall have been repaid in full. At any time prior to the effectiveness of any
such extensionthe
First Extension Option, upon the Administrative Agent’s request, the Borrower shall deliver to the
Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters
referred to in the immediately preceding clauses (i)(x) and (i)(y).

 

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(c)            Second
Extension Option.

 

(i)             Solely
in the case of the Second Extension Option, subject to satisfaction of the following conditions, the then current Termination
Date with respect to the Extended Commitments shall be extended for one year, effective upon the First Extended Termination
Date: (A) the Borrower shall have delivered to the Administrative Agent an Extension Request in connection with the
Second Extension Option in accordance with Section 2.12(a), (B) immediately prior to such extension and immediately
after giving effect thereto, (x) no Default or Event of Default shall exist and (y) the representations and
warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a
party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date
of such extension with the same force and effect as if made on and as of such date except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such
earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan
Documents, (C) the Borrower shall have paid the Fees payable under Section 3.5.(d), and (D) if
(x) immediately prior to giving effect to the Second Extension Option the aggregate Revolving Credit Exposure of all
Lenders exceeds the aggregate Extended Commitments of the Extending Lenders or (y) immediately upon giving effect to the
Second Extension Option any Extending Lender’s Commitment Percentage (recalculated solely with respect to the Extended
Commitments in accordance with Section 2.12(c)(ii)) of the aggregate Revolving Credit Exposure would exceed the amount
of such Extending Lender’s Extended Commitment, then, on the First Extended Termination Date, the Borrower shall have
repaid Loans or otherwise reduced the Revolving Credit Exposure in an amount sufficient to cure each such excess under the
foregoing clause (x) or (y) (it being understood and agreed that, notwithstanding Section 3.2 or anything
herein to the contrary, any repayment of principal of or interest on the Loans in accordance with this clause
(D)(x) shall be paid to the Administrative Agent for the account of those Lenders with Commitments other than Extended
Commitments pro rata in accordance with their respective Commitments (exclusive of Extended Commitments). At any time prior
to the effectiveness of the Second Extension Option, upon the Administrative Agent’s request,
the Borrower shall deliver to the Administrative Agent a certificate from the chief
executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses
(B)(x) and (B)(y).

 

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

 

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

 

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

 

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

 

Section 2.14.         Amount
Limitations.

 

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

 

Section 2.15.         Increase
in Commitments.

 

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

 

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Section 2.16.         Funds
Transfer Disbursements.

 

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

 

Section 2.17.         Collateral
Property Amount Limitations.

 

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

 

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ARTICLE III.
Payments, Fees and Other General Provisions

 

Section 3.1.           Payments.

 

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

 

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

 

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Section 3.2.           Pro Rata
Treatment.

 

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

 

Section 3.3.           Sharing
of Payments, Etc.

 

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

 

Section 3.4.           Several
Obligations.

 

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

 

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Section 3.5.           Fees.

 

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

 

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

 

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

 

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

 

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

 

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Section 3.6.           Computations.

 

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

 

Section 3.7.           Usury.

 

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

 

Section 3.8.           Statements
of Account.

 

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

 

Section 3.9.           Defaulting
Lenders.

 

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

 

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

 

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

 

(c)            Certain
Fees.

 

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

 

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

 

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

 

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

 

(e)            Cash
Collateral, Repayment of Swingline Loans.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.10.         Taxes;
Foreign Lenders.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)            Status
of Lenders.

 

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

 

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(ii)            Without
limiting the generality of the foregoing:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV.
Yield Protection, Etc.

 

Section 4.1.           Additional
Costs; Capital Adequacy.

 

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

 

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

 

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

 

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

 

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

 

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Section 4.2.         Suspension
of LIBOR Loans.

 

Anything herein to
the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:

 

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

 

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

 

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

 

Section 4.3.         Illegality.

 

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

 

Section 4.4.         Compensation.

 

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

 

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

 

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

 

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

 

Section 4.5.         Treatment
of Affected Loans.

 

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

 

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

 

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

 

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

 

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Section 4.6.         Affected
Lenders.

 

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

 

Section 4.7.         Change
of Lending Office.

 

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

 

Section 4.8.         Assumptions
Concerning Funding of LIBOR Loans.

 

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

 

ARTICLE V.
Conditions Precedent

 

Section 5.1.         Initial
Conditions Precedent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)          [intentionally
omitted];

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VI.
Representations and Warranties

 

Section 6.1.         Representations
and Warranties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)          [Intentionally
Omitted.]

 

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

 

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

 

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

 

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

 

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

 

(n)          ERISA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(z)          Unencumbered
Assets. As of the AgreementSecond
Amendment Effective Date, ItemSchedule
6.1.(z) of the Borrower Letter issets
forth a correct and complete list of all Unencumbered Assets. Each of the Properties
included by the Borrower in calculations of Unencumbered Asset Value satisfies all of the requirements contained in the definition
of “Unencumbered Asset”.

 

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

 

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

 

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

 

(dd)       Collateral
Properties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 6.2.         Survival
of Representations and Warranties, Etc.

 

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

 

ARTICLE VII.
Affirmative Covenants

 

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

 

Section 7.1.         Preservation
of Existence and Similar Matters.

 

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

 

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

 

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

 

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Section 7.3.         Maintenance
of Property.

 

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

 

Section 7.4.         Conduct
of Business.

 

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

 

Section 7.5.         Insurance.

 

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

 

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

 

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Section 7.6.         Payment
of Taxes and Claims.

 

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

 

Section 7.7.         Books
and Records; Inspections.

 

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

 

Section 7.8.         Use of
Proceeds.

 

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

 

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Section 7.9.         Environmental
Matters.

 

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

 

Section 7.10.       Further
Assurances.

 

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

 

Section 7.11.       REIT
Status.

 

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

 

Section 7.12.       Exchange
Listing.

 

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

 

Section 7.13.       Guarantors.

 

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

 

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

 

(y)           such
Subsidiary (A) owns an Unencumbered Asset
or other asset the value of which is included in the determination of Unencumbered Asset Value and (B) or any other Subsidiary
directly or indirectly owning any Equity Interest in such Subsidiary, has incurred, acquired or suffered to exist, any Indebtedness
that is not Nonrecourse Indebtedness.a Collateral Property
or a Collateral Property Addition that has been approved to be a Collateral Property.

 

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

 

Section 7.14.       Equity
Pledges.

 

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

 

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(b)          Equity
Pledge Requirement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.15.       Collateral
Properties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 90 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     - 91 -

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII.
Information

 

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

 

Section 8.1.         Quarterly
Financial Statements.

 

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

 

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Section 8.2.         Year-End
Statements.

 

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

 

Section 8.3.         Compliance
Certificate.

 

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

 

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Section 8.4.         Other
Information.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(k)          [Intentionally
Omitted];

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 8.5.         Electronic
Delivery of Certain Information.

 

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

 

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

 

Section 8.6.          Public/Private
Information.

 

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

 

Section 8.7.         USA Patriot
Act Notice; Compliance.

 

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

 

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ARTICLE IX.
Negative Covenants

 

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

 

Section 9.1.         Financial
Covenants.

 

(a)          Leverage
Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter
ending after the Amendment Period, the Borrower shall not permit the ratio of (x) Total Indebtedness to (y) Total Asset
Value to exceed 0.60 to 1.00 at any time; provided, however,
that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Borrower shall be deemed to be in
compliance with this subsection (a)(i) so long as (A) the Borrower completed a Material Acquisition during the fiscal
quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such ratio first exceeded 0.60 to 1.00, (B) such
ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal
quarter in which such Material Acquisition was completed, (C) the Borrower has not maintained compliance with this subsection
(a)(i) in reliance on this proviso more than two times during the term of this Agreement and (D) such ratio is not greater
than 0.65 to 1.00 at any time, and (ii) for the fiscal quarter ending June 30, 2020 and any subsequent fiscal quarter
ending during the Amendment Period (including, for the avoidance of doubt, financial
covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall The
Borrower shall not permit the ratio of (x) Total Indebtedness to (y) Total Asset Value to exceed 0.70 to 1.00
at any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00,
then the Borrower shall be deemed to be in compliance with this subsection (a)(ii) so
long as (A) the Borrower has not previously maintained compliance with this subsection (a)(ii) in
reliance on this proviso two times during the Amendment Period and (B) such
ratio is not greater than 0.75 to 1.00 at any time.

 

(b)          Minimum
Fixed Charge Coverage Ratio. The Borrower shall not permit the ratio of (i) Adjusted EBITDA for the applicable test period
most recently ending to (ii) Fixed Charges for such period, to be less than (x) for
the fiscal quarter ending June 30, 2020 and any subsequent fiscal quarter during the Amendment Period (including, for the
avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination
date), 1.25 to 1.00 at any time or (y) for any other fiscal quarter, 1.50
to 1.00 at any time.

 

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

 

(d)          Unencumbered
Leverage Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter ending
after the Amendment Period, the Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its
Subsidiaries to (y) Unencumbered Asset Value, to be greater than 0.60 to 1.00 at any time; provided,
however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65
to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (d)(i) so long as (A) the Borrower
completed a Material Acquisition during the fiscal quarter, or the fiscal quarter immediately preceding the fiscal quarter, in
which such ratio first exceeded 0.60 to 1.00, (B) such ratio does not exceed 0.60 to 1.00 for a period of more than three
consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (C) the
Borrower has not maintained compliance with this subsection (d)(i) in reliance on this proviso more than two times during
the term of this Agreement and (D) such ratio is not greater than 0.65 to 1.00 at any time, and (ii) for the fiscal quarter
ending June 30, 2020 and any subsequent fiscal quarter ending during the Amendment Period (including, for the avoidance of
doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the
Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its Subsidiaries to (y) Unencumbered
Asset Value, to be greater than 0.70 to 1.00 at any time; provided, however,
that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then the Borrower shall be deemed to be in
compliance with this subsection (d)(ii) so long as (A) the Borrower has not previously maintained compliance with this
subsection (d)(ii) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not greater
than 0.75 to 1.00 at any time.

 

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(d)          [Intentionally
Omitted.]

 

(e)          Unencumbered
Interest Coverage Ratio. The Borrower shall not permit the ratio of (i) Unencumbered NOI to (ii) Unsecured
Debt Service for the Borrower’s fiscal quarter most recently ending, to be less than (x) for the fiscal quarter ending
June 30, 2020 and any subsequent fiscal quarter ending during the Amendment Period (including, for the avoidance of doubt,
financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), 1.50 to 1.00
at any time; provided, however, that if such
ratio is less than 1.50 to 1.00 but is not less than 1.35 to 1.00, then the Borrower shall be deemed to be in compliance with this
subsection (e)(x) so long as (A) the Borrower has not previously maintained compliance with this subsection (e)(x) in
reliance on this proviso two times during the Amendment Period and (B) such ratio is not less than 1.35 to 1.00 at any time,
or (y) for any other fiscal quarter, 1.75 to 1.00 at any time.

 

(e)          [Intentionally
Omitted.]

 

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

 

(g)          [Intentionally
Omitted.]

 

(h)          [Intentionally
Omitted.]

 

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

 

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

 

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

 

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

 

Commencing with the
fiscal quarter ended June 30, 2020 and for each fiscal quarter thereafter, the applicable testing period for the covenants
set forth in Sections 9.1(a) through (ec)
(including the related defined terms) shall be based upon the fiscal quarter of the Borrower most recently ending and the three
immediately preceding fiscal quarters; provided, however, that immediately following the Amendment Period Termination
Date, the applicable testing period for the covenants set forth in Sections 9.1(a) through (ec)
(including the related defined terms) shall be modified as follows: (i) for the first fiscal quarter ending after the Amendment
Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter
ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding
fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter
of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth
fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower
most recently ending and the three immediately preceding fiscal quarters. Notwithstanding the
foregoing, the applicable testing period for determining compliance with the covenants contained in Sections 9.1(a)(i), (b)(y),
(d)(i), (e)(y), (f) and (i) for the purposes of determining whether the conditions to the occurrence of the Amendment
Period Early Termination Date have been met shall be the three consecutive fiscal months of the Borrower immediately preceding
the Amendment Period Early Termination Date, annualized.

 

Section 9.2.         Negative
Pledge.

 

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

 

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

 

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Section 9.3.         Restrictions
on Intercompany Transfers.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 9.5.           Plans.

 

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

 

Section 9.6.           Fiscal
Year.

 

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

 

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

 

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

 

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

 

Section 9.8.           Transactions
with Affiliates.

 

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

 

Section 9.9.           Environmental
Matters.

 

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

 

Section 9.10.         Derivatives
Contracts.

 

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

 

Section 9.11.         Use of
Proceeds.

 

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

 

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

 

     - 103 -

     

    

 

Section 9.12.         Amendment
Period.

 

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

 

(a)            incur
any additional unsecured Indebtedness
(including, without limitation, any increase in the Commitments pursuant to Section 2.15), other than
(i) borrowings of Loans in accordance with the terms hereof, (ii) pursuant to aone
or more Stimulus TransactionTransactions,
(iii) any other incurrenceissuance by
the Borrower or any Subsidiary or Unconsolidated Affiliate of secured
orof unsecured Indebtedness,
in each casenotes
pursuant to a Qualified Notes Issuance, provided that (A) any such
Indebtedness has an initial term of at least three
(3) years, (B) no scheduled principal repayments
or other mandatory prepayments in respect of such Indebtedness are
required to be paid, nor will be paid, by the Borrower within the first three (3) years following
the date of incurrence thereof (other than, in the case of Nonrecourse Indebtedness, principal repayments scheduled over a
period of fifteen (15) years or more), (C) the proceeds thereof are applied in accordance with
Section 2.7(b)(iii)(B), and (DB)
no Default or Event of Default has occurred and is continuing or would result therefrom, (E) if
any such Indebtedness is secured by a mortgage, deed of trust, deed to
secure debt or other similar instrument or agreement creating a Lien on Property, such
Indebtedness shall be Nonrecourse Indebtedness, and (F) if any issuance of notes by the Borrower in reliance on this
clause (iii) is secured by a pledge of the Borrower’s equity interests in one or more Subsidiaries of the
Borrower, within 15 days of the date of issuance of such pledge, the Borrower shall deliver
to the Administrative Agent a pledge agreement in form and
substance satisfactory to the Administrative Agent granting as security for the Obligations
an equal and ratable Lien in favor of the Administrative Agent, for the benefit of the Lenders, on all such equity interests
pledged in connection with such issuance of notes, together with all other schedules, supplements, instruments, certificates,
intercreditor agreements, filings, opinions or information in connection therewith as required by any such pledge agreement
or as reasonably requested by the Administrative Agent, and (iv) subject to Section 7.13, the Guarantee by any
Subsidiary of the Borrower of any issuance of notes by the Borrower pursuant to the foregoing clause
(iii).and
(iv) any other incurrence by the Borrower or any Subsidiary of unsecured Indebtedness, provided that (A) the
proceeds thereof are applied in accordance with Section 2.7(b)(iii)(B), (B) no Default or Event of Default has
occurred and is continuing or would result therefrom, and (C) unless the Borrower is not in compliance with the
Amendment Period Incurrence Conditions, at the time of incurrence or as a result of the application of subclause (A) of
this clause (iv), no Loans or Term Loans remain outstanding, and all Pari Passu Obligations have been repaid in full (or with
respect to any issued but undrawn amount of an outstanding Letter of Credit, the amount thereof has been paid to the
Administrative Agent for deposit into the Letter of Credit Collateral Account);

 

(b)            acquire
any real property or make any other Investments of any kind (other than cash, Cash Equivalents
and similar investments),, other than: (i) renovations,
repositionings or improvements to orand
capital expenditures in respect of any Property, (ii) leasing and tenant improvement
costs to be paid by the Borrower or its Subsidiaries (or its Ownership Share thereof to be paid by Unconsolidated Affiliates),
(iii) maintenance capital expenditures and repairs to be paid by Borrower or its Subsidiaries (or its Ownership Share thereof
to be paid by Unconsolidated Affiliates), and (ivcollectively,
in an aggregate amount not to exceed $250,000,000 in any calendar year (to be automatically increased to $350,000,000 for the calendar
year in which the Term Loans and all other “Obligations” under and as defined in the Term Loan Agreement are discharged
and repaid in full and for each calendar year thereafter), (ii) if Five Star conducts an equity offering, the acquisition
by the Borrower of such minimum number of additional shares of Five Star as would permit the Borrower to retain pro rata ownership
of 3433.9%
of Five Star, and (iii) acquisitions of any properties in the proximity
of, and accretive to, existing real property assets of the Borrower and its Subsidiaries in an aggregate amount not to exceed $50,000,000
in any calendar year (the foregoing clauses (i) through (iviii),
collectively, the “Permitted Capital Expenditures”);

 

     - 104 -

     

    

 

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

 

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

 

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

 

ARTICLE X.
Default

 

Section 10.1.         Events
of Default.

 

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

 

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

 

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(b)            Default
in Performance.

 

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

 

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

 

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

 

(d)            Indebtedness
Cross-Default.

 

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

 

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

 

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

 

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

 

     - 106 -

     

    

 

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

 

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

 

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

 

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

 

     - 107 -

     

    

 

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

 

(j)            ERISA.

 

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

 

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

 

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

 

(l)           Change
of Control.

 

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

 

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

 

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

 

     - 108 -

     

    

 

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

 

Section 10.2.         Remedies
Upon Event of Default.

 

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

 

(a)            Acceleration;
Termination of Facilities.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.3.         Remedies
Upon Default.

 

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

 

Section 10.4.         Marshaling;
Payments Set Aside.

 

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

 

Section 10.5.         Allocation
of Proceeds.

 

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

 

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

 

(ab)         amounts
due to the Collateral Agent, the Administrative Agent, the
Issuing Banks and theTerm
Loan Administrative Agent, the Lenders and the Term Lenders in respect of expenses
due under Section 12.2. until paid in full, and then Fees and other amounts due to the Administrative Agent and the Lenders
pursuant to Sections 11.6. and 12.10.;Protective Advances
in proportion to the respective amounts described in this clause (b) payable to them;

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.6.         Letter
of Credit Collateral Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.7.         Performance
by Administrative Agent.

 

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

 

Section 10.8.         Rights
Cumulative.

 

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

 

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

 

ARTICLE XI.
The Administrative Agent

 

Section 11.1.         Appointment
and Authorization.

 

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

 

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Section 11.2.         Wells
Fargo as Lender.

 

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

 

Section 11.3.         Approvals
of Lenders.

 

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

 

Section 11.4.         Notice
of Events of Default.

 

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

 

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Section 11.5.         Administrative
Agent’s Reliance.

 

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

 

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Section 11.6.         Indemnification
of Administrative Agent and Collateral Agent.

 

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

 

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

 

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Section 11.7.         Lender
Credit Decision, Etc.

 

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

 

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		Section 11.8.	Successor Administrative Agent.

 

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

 

		Section 11.9.	Titled Agents.

 

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

 

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		Section
                            11.10.	Collateral
Matters; Protective Advances.

 

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

 

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

 

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

 

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

 

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

 

(f)           By
their acceptance of the benefits of the Security Documents, each Lender that is at any time itself a Specified Derivatives Provider,
or having an Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate, in its
capacity as a Specified Derivatives Provider, acknowledges that obligations arising under any Specified Derivatives Contract are
not secured by the Collateral.

 

(g)           Each
Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any other Loan
Party under the Loan Documents with respect to exercising claims against or rights in the Collateral without the written consent
of the Requisite Lenders. For purposes of this Section, the term “Lender” includes any Person that is or at any time
has been a Lender and the terms and conditions of this provision shall be binding upon such Person at all times and expressly survive
any assignment of the Commitment or Loans of such Person in whole or in part.

 

(h)           Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.10 shall
be subject in all respects to the provisions of the Intercreditor Agreement.

 

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		Section
                            11.11.	Post-Foreclosure
Plans.

 

(a)           If
all or any portion of the Collateral is acquired by the Collateral Agent as a result of a foreclosure or the acceptance of an
assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Pari Passu Guaranteed
Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Collateral Agent or a
nominee or Subsidiary of the Collateral Agent, as “Collateral Agent”, for the ratable benefit of the holders of
Pari Passu Guaranteed Obligations. The Collateral Agent shall prepare a recommended course of action for such Collateral (a
 “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders. In accordance
with the approved Post-Foreclosure Plan, the Collateral Agent shall manage, operate, repair, administer, complete, construct,
restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating thereto, including
agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral and paying the
expenses of such Collateral. Actions taken by the Collateral Agent with respect to the Collateral, which are not specifically
provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the
Requisite Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender
will contribute its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by the Collateral Agent
pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance,
leasing and sale of such Collateral. In addition, the Collateral Agent shall render or cause to be rendered to each Lender,
on a monthly basis, an income and expense statement for such Collateral, and each Lender shall promptly contribute its Pro
Rata Share of any operating loss for such Collateral, and such other expenses and operating reserves as the Collateral Agent
shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan. To the extent there is
net operating income from such Collateral, the Collateral Agent shall, in accordance with the approved Post-Foreclosure Plan,
determine the amount and timing of distributions to the Lenders. All such distributions shall be made to the Lenders in
accordance with their respective Pro Rata Shares. The Lenders acknowledge and agree that if title to any Collateral is
obtained by the Collateral Agent or its nominee, such Collateral will not be held as a permanent investment but will,
consistent with and subject to the requirements of Section 11.10 and this Section 11.11, be liquidated and the
proceeds of such liquidation will be distributed in accordance with Section 10.5 as soon as practicable. The Collateral
Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Requisite Lenders
reasonably shall determine to be most advantageous to the holders of Pari Passu Guaranteed Obligations. Any purchase money
Mortgage taken in connection with the disposition of such Collateral in accordance with the immediately preceding
sentence shall name the Collateral Agent, as collateral agent for the holders of Pari Passu Guaranteed Obligations, as the
beneficiary or mortgagee. In such case, the Collateral Agent and the holders of Pari Passu Guaranteed Obligations shall enter
into an agreement with respect to such purchase money Mortgage defining the rights of the holders of Pari Passu Guaranteed
Obligations in the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects similar to
this Article XI insofar as the same is appropriate or applicable.

 

(b)           Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.11 shall
be subject in all respects to the provisions of the Intercreditor Agreement.

 

		Section 11.12.	Flood
Laws

 

Wells
Fargo has adopted internal policies and procedures that address requirements placed on federally regulated lenders under the National
Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). Wells Fargo, as Administrative
Agent, will post on the applicable electronic platform (or otherwise distribute to each Lender in the syndicate) documents that
it receives in connection with the Flood Laws. However, Wells Fargo reminds each Lender and Participant that, pursuant to the Flood
Laws, each federally regulated Lender (whether acting as a Lender or Participant) is responsible for assuring its own compliance
with the flood insurance requirements.

 

		Section 11.13.	No
Set Off.

 

Each
Lender hereby acknowledges that the exercise by any Lender of any offset, set-off, banker’s lien or similar rights against
any deposit account or other property or asset of any Loan Party, whether or not located in California, could result under certain
laws in significant impairment of the ability of all Lenders to recover any further amounts in respect of the Pari Passu Guaranteed
Obligations. Therefore, each Lender agrees not to charge or offset any amount owed to it by any Loan Party against any of the accounts,
property or assets of any Loan Party or any of its affiliates held by such Lender without the prior written approval of the Administrative
Agent and the Requisite Lenders.

 

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ARTICLE XII.
Miscellaneous

 

		Section 12.1.	Notices.

 

Unless otherwise provided
herein (including without limitation as provided in Section 8.5.), communications provided for hereunder shall be in writing
and shall be mailed, telecopied, or delivered as follows:

 

If to the Borrower:

 

Diversified Healthcare Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458-1634

Attention: Chief Financial Officer

Telecopy Number: (617) 219-8349

Telephone Number: (617) 796-8350

 

If to the Administrative
Agent:

 

Wells Fargo Bank, National Association

10 South Wacker Drive, 32nd Floor

Chicago, IL 60606

Attn: Douglas Frazer

Telecopier: (704)-410-0329

Telephone: (704) 715-5747

 

and

 

Wells Fargo Bank, National Association

550 South Tryon Street

Charlotte, North Carolina 28202

Attn:  Kristen Ray

Telecopier:         
704-410-0329

Telephone:         
704-410-1772

 

If to the Administrative
Agent under Article II.:

 

Wells Fargo Bank, National Association

Minneapolis Loan Center

600 South 4th Street,
9th Floor

Minneapolis, Minnesota 55415

Attn: Anthony Gangelhoff

Telecopier: (877) 410-5023

Telephone: (612) 316-0109

 

If to Wells Fargo Bank,
as an Issuing Bank:

 

Wells Fargo Bank, National Association

550 South Tryon Street

Charlotte, North Carolina 28202

Attn:  Kristen Ray

Telecopier:         
704-410-0329

Telephone:         
704-410-1772

 

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If to Royal Bank of
Canada, as an Issuing Bank:

 

Royal Bank of Canada

30 Hudson
Street

28th Floor

Jersey City,
NJ 07302-4699

Attention:
Credit Administration

Fax: 212-428-3015

Tel: 212-428-6298

 

If to Citibank, N.A.,
as an Issuing Bank:

 

Wei Ke

388 Greenwich
Street, 19th Fl.

New York,
NY 10013

Phone: (212)
816-7306

Fax: (646)
291-5499

Wei.Ke@citi.com

 

with a copy
to:

 

Miguel A.
Saez

500 Warren
Corporate Center Drive – C-116A

Warren,
NJ 07059

Phone: (212)
816-7312

Fax: (347)
321-4597

Miguel.A.Saez@Citi.com

 

If to PNC Bank, National
Association, as an Issuing Bank:

 

PNC Bank, National Association

500 First Avenue

Pittsburgh, PA 15219

loccentralizedunit@pnc.com

 

If to any other Lender:

 

To such Lender’s address
or telecopy number as set forth in the applicable Administrative Questionnaire

 

or, as to each party at such other address
as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided,
a Lender or an Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the
Borrower. All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or
the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed
to the address of the Borrower or the Administrative Agent, the Issuing Banks and the Lenders at the addresses specified; (ii) if
telecopied, when transmitted; (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered
in accordance with Section 8.5. to the extent applicable; provided, however, that, in the case of the immediately preceding
clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending
party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding
the immediately preceding sentence, all notices or communications to the Administrative Agent, any Issuing Bank or any Lender under
Article II. shall be effective only when actually received. None of the Administrative Agent, any Issuing Bank or any Lender
shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the Issuing Banks or the
Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, such Issuing Bank
or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or
for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall
not affect the validity of notice properly given to another Person.

 

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		Section 12.2.	Expenses.

 

The Borrower
agrees (a) to pay or reimburse the Administrative Agent and
the Collateral Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or
modification to, any of the Loan Documents (including due diligence expense and reasonable travel expenses related to
closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and
disbursements of counsel to the Administrative Agent and the
Collateral Agent and all costs and expenses of the Administrative Agent and
the Collateral Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission
systems in connection with the Loan Documents and
in connection with the review of Properties for inclusion as Collateral Properties and the other activities of the
Administrative Agent and the Collateral Agent under Section 7.15 and the fees and disbursements of counsel to the
Administrative Agent and the Collateral Agent (including, without limitation, local counsel to the Administrative Agent and
the Collateral Agent in each applicable jurisdiction) relating to all such activities (it being understood and agreed that,
to the extent any of such services or activities are provided internally by the Administrative Agent or the Collateral Agent,
the Borrower shall reimburse the Administrative Agent and the Collateral Agent, as applicable, for such costs and expenses at
market rates), (b) to pay or reimburse the Administrative Agent,
the Collateral Agent, the Issuing Banks and the Lenders for all their reasonable costs and expenses incurred in
connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letter, including the
reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel)
and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent and
the Collateral Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the
Administrative Agent, the Collateral
Agent, the Issuing Banks and the Lenders from, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes,
if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan
Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of,
any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the
fees and disbursements of counsel to the Administrative Agent, the
Collateral Agent, any Issuing Bank and any Lender incurred in connection with the representation of the
Administrative Agent,
the Collateral Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy
or other proceeding of the type described in Sections 10.1.(e) or 10.1.(f), including, without limitation
(i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery
of any document relating to the Obligations and (iii) the negotiation and preparation of any
debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether
proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred
prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If
the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent,
the Collateral Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be
deemed to be Obligations owing hereunder.

 

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		Section 12.3.	[Intentionally Omitted].

 

		Section 12.4.	Setoff.

 

Subject to SectionSections
3.3. and 11.13. and the provisions of the Intercreditor Agreement, and
in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower
hereby authorizes the Administrative Agent, each Issuing Bank, each Lender, each Affiliate of the Administrative Agent, any Issuing
Bank or any Lender, and each Participant, at any time or from time to time while an Event of Default exists, without notice to
the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of an Issuing Bank, a Lender,
an Affiliate of an Issuing Bank or a Lender, or a Participant, subject to receipt of the prior written consent of the Requisite
Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special,
including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness
at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative Agent,
such Issuing Bank or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account
of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared
to be, or have otherwise become, due and payable as permitted by Section 10.2., and although such Obligations shall be contingent
or unmatured. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right
of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 3.9. and, pending such payment, shall be segregated by such Defaulting Lender from
its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders and (y) such
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff.

 

		Section 12.5.	Litigation; Jurisdiction; Other Matters; Waivers.

 

(a)            EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT,
THE COLLATERAL AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
LENDERS, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
EACH ISSUING BANK AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE
IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG
THE BORROWER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
ANY ISSUING BANK OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

 

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(b)            THE
BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR
DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT,
THE COLLATERAL AGENT, ANY LENDER, ANY ISSUING BANK OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS
TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED
BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE
COLLATERAL AGENT, ANY ISSUING BANK OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF
ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND
EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO
PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE
COLLATERAL AGENT, ANY ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT,
THE COLLATERAL AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER
APPROPRIATE JURISDICTION.

 

(c)            THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF
THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE
OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

 

		Section 12.6.	Successors and Assigns.

 

(a)           Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent
of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by
way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way
of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (f) (and,
subject to the last sentence of the immediately following subsection (b), any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that
any such assignment shall be subject to the following conditions:

 

(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of an assigning Lender’s Commitment and the Loans at the time owing
to it, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

(B)             in
any case not described in the immediately preceding subsection (A), the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such assignment (in each case, determined as of the
date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if
 “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than
$5,000,000, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if, after giving
effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal balance of
the Loans of such assigning Lender, as applicable, would be less than $5,000,000, then such assigning Lender shall assign the
entire amount of its Commitment and the Loans at the time owing to it.

 

(ii)           Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.

 

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

 

(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or
Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof;

 

(B)             the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of a Commitment if such assignment is to a Person that is not already a Lender with a Commitment, an Affiliate of such
a Lender or an Approved Fund with respect to such a Lender; and

 

(C)             the
consent of the Swingline Lenders and the Issuing Banks (such consent not to be unreasonably withheld or delayed) shall be required
for any assignment in respect of a Commitment.

 

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(iv)         Assignment
and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may,
in its sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the
transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to
the assignee and such transferor Lender, as appropriate.

 

(v)           No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B).

 

(vi)          No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

(vii)         Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no
such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the
parties to such assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative
Agent, the applicable amount of the Loan previously requested but not funded by the Defaulting Lender, to each of which the
applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, each Swingline Lender and each other
Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of
all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Commitment Percentage.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder
shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of
such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified
in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.10., 4.1., 4.4., 12.2. and 12.10. and the other provisions of this Agreement and the other Loan Documents as
provided in Section 12.11. with respect to facts and circumstances occurring prior to the effective date of such assignment;
provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with the immediately following subsection (d).

 

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

 

(d)           Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, any Swingline Lender, any Issuing Bank, any
other Lender or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries or a Defaulting Lender) (each, a “Participant”) in all or
a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver of any provision of any Loan Document that (w) increases such
Lender’s Commitment or reduces the principal of any such Lender’s Loan, in each case, in which such Participant
has a participation, (x) extends the date fixed for the payment of principal on the Loans or portions thereof owing to
such Lender, (y) reduces the rate at which interest is payable thereon or (z) releases any Guarantor from its
Obligations under the Guaranty except as contemplated by Section 7.13.(b), in each case, as applicable to that portion
of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.10., 4.1., 4.4. (subject to the requirements and limitations
therein, including the requirements under Section 3.10.(g) (it being understood that the documentation required
under Section 3.10.(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such
Participant (A) agrees to be subject to the provisions of Section 4.6. as if it were an assignee under
subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections
4.1. or 3.10., with respect to any participation, than its participating Lender would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the
Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of
Section 4.6. with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to
the benefits of Section 12.4. as though it were a Lender; provided that such Participant agrees to be subject to
Section 3.3. as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as
a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and
the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the
Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or
any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e)           [Intentionally
Omitted.]

 

(f)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

(g)           No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will
not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of,
or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America
or of any other jurisdiction.

 

(h)           USA
Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and anti-money
laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender or any Issuing Bank that
is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative
Agent may request, and such Lender or such Issuing Bank shall provide to the Administrative Agent, its name, address, tax identification
number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.

 

		Section 12.7.	Amendments and Waivers.

 

(a)           Generally.
Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement
or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document
may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms
of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may
be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written
consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case
of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto.

 

(b)          [Intentionally
Omitted.]

 

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(c)           Consent
of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall, unless in writing,
and signed by each of the Lenders directly and adversely affected thereby (or the Administrative Agent at the written direction
of such Lenders), do any of the following:

 

(i)            increase
the Commitments of such Lenders (excluding any increase as a result of an assignment of Commitments permitted under Section 12.6.
and any increases contemplated under Section 2.15.) or subject such Lenders to any additional obligations;

 

(ii)           reduce
the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount
of, any Loans or other Obligations;

 

(iii)          reduce
the amount of any Fees payable to such Lenders hereunder;

 

(iv)          modify
the definition of “Termination Date” (except in accordance with Section 2.12.), or otherwise postpone any date
fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations, or extend
the expiration date of any Letter of Credit beyond the Termination Date (except as permitted under Section 2.2.(b)) or, with
respect to any Letter of Credit having an expiration date beyond the Termination Date as permitted by Section 2.2.(b), extend
the expiration date of such Letter of Credit;

 

(v)           modify
the definition of “Commitment Percentage” or amend or otherwise modify the provisions of Section 3.2.;

 

(vi)         amend
this Section or amend any of the other definitions of the terms used in this Agreement or the other Loan Documents insofar
as such definitions affect the substance of this Section;

 

(vii)        modify
the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders
required to make any determinations or waive any rights hereunder or to modify any provision hereof;

 

(viii)       release
any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.13.(b);

 

(ix)          waive
a Default or Event of Default under Section 10.1.(a); or

 

(x)           amend,
or waive the Borrower’s compliance with, Section 2.14.

 

(d)           Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the
Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties
of the Administrative Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent
relating to Section 2.3. or the obligations of a Swingline Lender under this Agreement or any other Loan Document shall,
in addition to the Lenders required hereinabove to take such action, require the written consent of such Swingline Lender.
Any amendment, waiver or consent relating to Section 2.2. or the obligations of an Issuing Bank under this Agreement or
any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written
consent of such Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the
rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or
(ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders
required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such
Specified Derivatives Provider. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms
requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other
than Defaulting Lenders), except that (x) the Commitment or Loans of a Defaulting Lender may not be increased,
reinstated or extended without the written consent of such Defaulting Lender and (y) any waiver, amendment or
modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender
more adversely than other affected Lenders shall require the written consent of such Defaulting Lender. No waiver shall
extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or
consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing
or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver
thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time
as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted
cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of
Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the
Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.

 

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		Section 12.8.	Nonliability of Administrative Agent and Lenders.

 

The relationship between
the Borrower, on the one hand, and the Lenders, the Issuing Banks and,
the Administrative Agent, and the Collateral Agent, on the
other hand, shall be solely that of borrower and lender. None of the Administrative Agent, the
Collateral Agent, any Issuing Bank or any Lender shall have any fiduciary responsibilities to the Borrower and no provision
in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall
be deemed to create any fiduciary duty owing by the Administrative Agent, the
Collateral Agent, any Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party.
None of the Administrative Agent, the Collateral Agent, any
Issuing Bank or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection
with any phase of the Borrower’s business or operations.

 

		Section 12.9.	Confidentiality.

 

Except as
otherwise provided by Applicable Law, the Administrative Agent, each Issuing Bank and each Lender shall maintain the
confidentiality of all Information (as defined below) in accordance with its customary procedure for handling confidential
information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure:
(a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed Assignee,
Participant or other transferee in connection with a potential transfer of any Commitment or participation therein as
permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority or
representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by
Applicable Law; (d) to the Administrative Agent’s, such Issuing Bank’s or such Lender’s independent
auditors and other professional advisors (provided they shall be notified of the confidential nature of the information);
(e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or
any action or proceeding relating to any Loan Document (or any such Specified Derivatives Contract) or the enforcement of
rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than as a
result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such Lender to be a
breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank, any Lender or any
Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the
Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any
nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the
National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade
publications, such information to consist of deal terms and other information customarily found in such publications;
(i) to any other party hereto; (j) on a confidential basis to the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the Loan Documents; (k) for purposes of
establishing a “due diligence” defense; and (l) with the consent of the Borrower. Notwithstanding the
foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any such confidential information,
without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory
examination of the Administrative Agent, such Issuing Bank or such Lender or in accordance with the regulatory compliance
policy of the Administrative Agent, such Issuing Bank or such Lender. As used in this Section, the term
 “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or
Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available
to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower,
any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received from
the Borrower, any other Loan Party, any other Subsidiary or any Affiliate after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. No Indemnified Party (as defined in Section 12.10.) shall be liable to the Borrower or any
other Loan Party for any damages arising from the use by others of Information or other materials obtained by electronic
transmission, except to the extent resulting from the gross negligence or willful misconduct of such Person, as determined by
a court of competent jurisdiction in a final, non-appealable judgment.

 

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		Section 12.10.	Indemnification.

 

(a)           The
Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Collateral
Agent, the Lead Arrangers, the Issuing Banks, the Lenders, all of the Affiliates of each of the Administrative Agent,
the Collateral Agent, any of the Lead Arrangers, any of the Issuing Banks or any of the Lenders, and their respective
directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”)
from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims,
penalties, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts
paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation, investigation,
claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs indemnification in respect
of which is specifically covered by Section 3.10. or 4.1. or expressly excluded from the coverage of such Sections) incurred
by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation
or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which
is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated
thereby or the Collateral; (ii) the making of any Loans
or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans
or Letters of Credit; (iv) the Administrative Agent’s, any Issuing Bank’s or any Lender’s entering into
this Agreement; (v) the fact that the Administrative Agent, the Issuing Banks and the Lenders have established the credit
facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent, the Issuing Banks and the
Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic
plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent, the Issuing
Banks and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions
or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the
Administrative Agent, the Collateral Agent, the Lead Arrangers, the
Issuing Banks or the Lenders may have under this Agreement or the other Loan Documents; provided, however, that the Borrower shall
not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters
described in this clause (viii) to the extent arising from the gross negligence or willful misconduct of such Indemnified
Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment; (ix) any civil penalty or fine
assessed by the OFAC against, and all costs and expenses (including counsel fees and disbursements) incurred in connection with
defense thereof by, the Administrative Agent, the Collateral Agent,
any Lead Arranger, any Issuing Bank or any Lender as a result of conduct of the Borrower, any other Loan Party or any
other Subsidiary that violates a sanction administered or enforced by the OFAC; or (x) any violation or non-compliance
by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity
Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority
or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other
Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Administrative
Agent and/or the Collateral Agent and/or the Lead Arrangers and/or the
Lenders and/or the Issuing Banks as successors to the Borrower) to be in compliance with such Environmental Laws.

 

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(b)           The
Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of,
or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this
connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition
of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents).
This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the
Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are
prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account
debtor of the Borrower or any Subsidiary or by any Governmental Authority.

 

(c)           This
indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against
the Borrower and/or any Subsidiary.

 

(d)           All
out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced
by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified
Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified
Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified
Party is not so entitled to indemnification hereunder.

 

(e)           An
Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall
be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against
any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify
and hold harmless each such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified
Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the
Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect
to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior
written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an
Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where
(x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation
of a violation of law by such Indemnified Party.

 

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(f)            If
and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable
Law.

 

(g)           The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents
and the payment in full in cash of the Pari Passu Obligations,
and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan
Document to which it is a party.

 

References in this Section 12.10.
to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity
as Specified Derivatives Providers.

 

		Section 12.11.	Termination; Survival.

 

This Agreement
shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have
terminated or expired or been cancelled (other than Letters of Credit the expiration dates of which extend beyond the
Termination Date as permitted under Section 2.2.(b) and in respect of which the Borrower has satisfied the
requirements of such Section), (c) none of the Lenders is obligated any longer under this Agreement to make any Loans
and the Issuing Banks are no longer obligated under this Agreement to issue Letters of Credit and (d) all Obligations
(other than obligations which survive as provided in the following sentence) have been paid and satisfied in full; provided,
however, if on the Termination Date or any other date the Commitments are terminated or reduced to zero (whether voluntarily,
by reason of the occurrence of an Event of Default or otherwise) any Letters of Credit remain outstanding, then the
provisions of this Agreement applicable to Letters of Credit, including without limitation, the terms of Section 2.13
and the Borrower’s reimbursement obligations under Section 2.2.(d), shall remain in effect until all such Letters
of Credit have expired, have been cancelled or have otherwise terminated. The indemnities to which the Administrative Agent,
the Collateral
Agent, the Issuing Banks and the Lenders are entitled under the provisions of Sections 3.10., 4.1., 4.4.,
11.6., 12.2. and 12.10. and any other provision of this Agreement and the other Loan Documents, and the provisions of
Sections 12.5. and 12.13, shall continue in full force and effect and shall protect the Administrative Agent, the Collateral
Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of this Agreement, or of the
other Loan Documents, against events arising after such termination as well as before and (ii) in
the case of the Administrative Agent, any Issuing Bank and any Lender, at all times after any such party ceases to
be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be
a party to this Agreement.

 

		Section 12.12.	Severability of Provisions.

 

If any provision of
this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable,
that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining
provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan
Documents.

 

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Section 12.13.     GOVERNING
LAW.

 

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

 

Section 12.14.     Counterparts.

 

To facilitate execution,
this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient
or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar
electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons
required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall
not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto.

 

Section 12.15.     Obligations
with Respect to Loan Parties.

 

The obligations of
the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute
and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties.

 

Section 12.16.     Independence
of Covenants.

 

All covenants hereunder
shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such
covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant
shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

Section 12.17.     Limitation
of Liability.

 

None of the Administrative
Agent, the Collateral Agent, any Issuing Bank or any Lender,
or any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent, the
Collateral Agent, any Issuing Bank or any Lender shall have any liability with respect to, and the Borrower hereby waives,
releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered
or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan
Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The
Borrower hereby waives, releases, and agrees not to sue the Administrative Agent, the
Collateral Agent, any Issuing Bank or any Lender or any of the Administrative Agent’s,
the Collateral Agent’s, any Issuing Bank’s or any Lender’s Affiliates, officers, directors, employees,
attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to,
this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed
hereby.

 

Section 12.18.     Entire
Agreement.

 

This Agreement, the
Notes, the Intercreditor Agreement, the other Loan Documents
and the Fee Letter embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements,
representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto.
To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to which the parties of this Agreement
are party, the term of this Agreement shall control to the extent of such inconsistency;
provided, however, that in the case of any inconsistency between any term of the Intercreditor Agreement, on the one hand, and
any term of this Agreement or any other Loan Document, on the other hand, the term of the Intercreditor Agreement shall control
to the extent of such inconsistency. There are no oral agreements among the parties hereto.

 

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Section 12.19.     Construction.

 

The Administrative
Agent, each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its
own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and
that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, each Issuing
Bank, the Borrower and each Lender.

 

Section 12.20.     Headings.

 

The paragraph and section
headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.

 

Section 12.21.     LIABILITY
OF TRUSTEES, ETC.

 

THE PARTIES HERETO
ACKNOWLEDGE AND AGREE AS FOLLOWS:

 

THE AMENDED AND RESTATED
DECLARATION OF TRUST ESTABLISHING THE BORROWER, DATED SEPTEMBER 20, 1999, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO
(THE “DECLARATION”), IS DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND,
PROVIDES THAT THE NAME “SENIOR HOUSING PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY
AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE BORROWER SHALL
BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE BORROWER. ALL PERSONS DEALING
WITH THE BORROWER, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE BORROWER FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE
OF ANY OBLIGATION. THE PROVISIONS OF THIS SECTION SHALL NOT LIMIT ANY OBLIGATIONS OF ANY LOAN PARTY OTHER THAN THE BORROWER.

 

Section 12.22.     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.

 

Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

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(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable
Resolution Authority.

 

Section 12.23.     Effect
on Existing Credit Agreement.

 

(a)           Existing
Credit Agreement. Upon satisfaction of the conditions precedent set forth in Article V., this Agreement shall exclusively
control and govern the mutual rights and obligations of the parties hereto with respect to the Existing Credit Agreement, and the
Existing Credit Agreement shall be superseded by this Agreement in all respects, in each case, on a prospective basis only.

 

(b)          NO
NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF, AND THE OBLIGATIONS
OWING UNDER AND IN CONNECTION WITH, THE EXISTING CREDIT AGREEMENT PURSUANT TO THE TERMS AND PROVISIONS OF THIS AGREEMENT. THE PARTIES
DO NOT INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE
EXISTING CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING CREDIT AGREEMENT).

 

Section 12.24.     Acknowledgement
Regarding Any Supported QFCs.

 

(a)            To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Derivatives Contracts or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States):

 

(b)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.

 

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(c)           As
used in this Section 12.24, the following terms have the following meanings:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Covered Entity”
means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

Section 12.25.     Stamp, Intangible
and Recording Taxes.

 

The
Borrower will pay or cause to be paid any and all stamp, excise, intangible, registration, recordation and similar taxes, fees
or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting
from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable
in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other
Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes or any of the other
Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents.

 

Section 12.26.     Technical
Amendments.

 

Notwithstanding
anything to the contrary herein, if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake
or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent
and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or
inconsistency so long as to do so would not adversely affect the interests of the Lenders and the Issuing Banks. Any such amendment
shall become effective without any further action or consent of any of other party to this Agreement and the Administrative Agent
will provide a copy of such amendment to the Lenders.

 

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Section 12.27.     Intercreditor
Agreement.

 

(a)          REFERENCE
IS MADE TO THE INTERCREDITOR AGREEMENT. EACH LENDER AND EACH ISSUING BANK HEREUNDER AGREES THAT IT WILL BE BOUND BY AND WILL
TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE
AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT ON BEHALF OF SUCH LENDER OR ISSUING BANK. THE PROVISIONS OF THIS
SECTION 12.27 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT. REFERENCE MUST BE
MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER AND EACH ISSUING BANK
IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF,
AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER OR ISSUING BANK AS TO
THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT.
In the case of any conflict or inconsistency between the Intercreditor Agreement and any Loan Document, the terms of the
Intercreditor Agreement shall govern and control.

 

(b)  Automatically upon final repayment in full of the outstanding principal amount of Term Loans and the discharge of all other outstanding
 “Obligations” under and as defined in the Existing Term Loan Agreement, all references herein to the “Existing
Term Loan Agreement”, “Term Lenders”, “Term Loans”, “Term Loan Administrative Agent”
and “Term Loan Documents” shall be of no further force or effect, and shall be disregarded for all purposes under this
Agreement and the other Loan Documents, following such date.

 

[Signatures on Following Pages]

 

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SCHEDULE I

 

Commitments

 

	Lender
  
	 	Commitment
                                         Amount

                                                                                 
	 
	Wells Fargo Bank, National Association	 	$	90,000,00072,000,000.00	 
	Citibank, N.A.	 	$	90,000,00072,000,000.00	 
	PNC Bank, National Association	 	$	90,000,00072,000,000.00	 
	Royal Bank of Canada	 	$	90,000,00072,000,000.00	 
	Bank of America, N.A.	 	$	85,000,00068,000,000.00	 
	BBVA
    USA f/k/a Compass Bank	 	$	85,000,00068,000,000.00	 
	Mizuho Bank, Ltd.	 	$	75,000,00060,000,000.00	 
	Sumitomo Mitsui Banking Corporation	 	$	75,000,00060,000,000.00	 
	BMO Harris Bank, N.A.	 	$	65,000,00052,000,000.00	 
	Regions Bank	 	$	65,000,00052,000,000.00	 
	Morgan StanleyAssociated
    Bank, N.A.National
    Association	 	$	38,000,00020,000,000.00	 
	UBS
    AG, Stamford BranchU.S.
    Bank National Association	 	$	38,000,00020,000,000.00	 
	AssociatedThe
    Bank, National Association of
    East Asia, Limited (LA Branch)	 	$	25,000,00018,659,379.30	 
	First Hawaiian Bank	 	$	20,000,00016,000,000.00	 
	First TennesseeHorizon
    Bank, National Association	 	$	15,000,00012,000,000.00	 
	Morgan
    Stanley Bank, N.A.	 	$	11,740,620.70	 
	UBS
    AG,
    Stamford Branch	 	$	10,400,000.00	 
	Bank of Taiwan, Los Angeles Branch	 	$	10,000,0008,000,000.00	 
	First Commercial Bank, Ltd. New York Branch	 	$	10,000,0008,000,000.00	 
	Land Bank of Taiwan, Los Angeles Branch	 	$	10,000,0008,000,000.00	 
	Taiwan Cooperative Bank Seattle Branch	 	$	10,000,0008,000,000.00	 
	Mega International Commercial Bank Co., Ltd. Los
    Angeles Branch	 	$	9,000,0007,200,000.00	 
	CTBC Bank Co., Ltd. New York Branch, previously
    known as Chinatrust Commercial Bank New York Branch	 	$	5,000,0004,000,000.00	 
	TOTAL	 	$	1,000,000,000800,000,000	 

 

     

     

    

 

ANNEX
I

 

COLLATERAL
PROPERTY DILIGENCE

 

1.            An
executive summary of the Property including the following information relating to such Property: (a) a description of such
Property, and (b) the current projected capital plans and, if applicable, current renovation plans for such Property;

 

2.            An
operating statement for such Property audited or certified by a representative of the Borrower as being true and correct in all
material respects and prepared in accordance with GAAP for the previous three (3) fiscal years; provided that, with respect
to any period during which such Property was owned by a Subsidiary of the Borrower for less than three (3) years, such information
shall only be required to be delivered to the extent reasonably available to the Borrower and such certification may be based upon
the best of the Borrower’s knowledge; provided, further, that if such Property has been operating for less than three (3) years,
the Borrower shall provide such projections and other information concerning the anticipated operation of such Property as the
Administrative Agent may reasonably request;

 

3.            All
Security Documents for such Property;

 

4.            Copies
of all documents of record reflected in Schedule A and Schedule B of the commitment or preliminary report for the applicable
Title Policy and a copy of the most recent real estate tax bill and notice of assessment;

 

5.            A
Title Policy for such Property insuring the Lien of the applicable Security Instrument;

 

6.            An
opinion of counsel in the jurisdiction in which such Property is located;

 

7.            A
survey of such Property certified by a surveyor licensed in the applicable jurisdiction to have been prepared in accordance with
the then effective Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys;

 

8.            Receipt
of a completed standard flood hazard determination for such Property and if such Property is located in a FEMA-designated special
flood hazard area, evidence of the Borrower’s receipt of required notices and adequate flood insurance;

 

9.            An
Appraisal of such Property addressed to the Collateral Agent or on which the Collateral Agent and the Lenders are expressly permitted
to rely pursuant to a reliance letter addressed to the Collateral Agent and the Lenders;

 

10.           A
 “Phase I” environmental assessment of such Property, which report (a) has been prepared by an environmental engineering
firm acceptable to the Administrative Agent and (b) complies with the requirements contained in the Administrative Agent’s
guidelines adopted from time to time by the Administrative Agent to be used in its lending practice generally and any other environmental
assessments or other reports relating to such Property, including, without limitation, any “Phase II” environmental
assessment prepared or recommended by such environmental engineering firm to be prepared for such Property;

 

11.           A
property condition report for such Property prepared by a firm or firms acceptable to the Administrative Agent;

 

     

     

    

 

12.           To
the extent requested by the Administrative Agent in its reasonable discretion, seismic reports and such other reports as are usual
and customary for secured real estate loans or similar properties in the jurisdiction in which the Property is located, in each
case, commissioned by the Collateral Agent in the name of the Collateral Agent, its successors and assigns;

 

13.           If
available, final certificates of occupancy and any other Governmental Approvals relating to such Property;

 

14.           A
property zoning report indicating that such Property complies with applicable zoning and land use laws;

 

15.           Copies
of (a) all Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of such Property,
if any, (b) all Leases with respect to such Property as requested by the Administrative Agent, and (c) any other franchises,
leases or material operating agreements with respect to such Property;

 

16.           UCC,
tax, judgment, litigation, bankruptcy and lien search reports with respect to such Property and the Guarantor owning such Property
in all necessary or appropriate jurisdictions indicating that there are no Liens of record on such Property other than Permitted
Liens described in clauses (c), (g), (i) and (j) of the definition of that term;

 

17.           Copies
of any applicable ground leases and estoppels from ground lessors for such Property as requested by Administrative Agent;

 

18.           Inspection
of such Property by the Administrative Agent and any Lender and their respective engineers and consultants as the Administrative
Agent or any such Lender may require;

 

19.           Execution
and delivery of any state specific documents or waivers required and/or customary in connection with the execution of any Security
Instrument, including, but not limited to, anti-coercion statements, disclosure of confession of judgments, tax affidavits, recording
tax orders or other similar documents;

 

20.           Copies
of all policies of insurance required by Section 7.5. including, without limitation, such evidence of flood insurance coverage
(including contents coverage, as applicable) as the Administrative Agent shall require;

 

21.           Evidence
satisfactory to the Administrative Agent that the Borrower has taken all actions required under the Flood Laws and/or requested
by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to such Collateral
Property; and

 

22.           Such
other documents, instruments, comfort letters, estoppels, subordination, nondisturbance and attornment agreements, consents, and
other agreements and information reasonably deemed necessary by the Administrative Agent (including any supplements to the Schedules
hereto with respect to such Property reasonably acceptable to the Administrative Agent).

 

     

     

    

 

EXHIBIT B

 

Form of Intercreditor Agreement

 

[To be attached]

 

    

    

    

 

EXECUTION VERSION

 

COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT

 

dated as of January 29, 2021

 

among

 

DIVERSIFIED HEALTHCARE TRUST,

 

THE OTHER GRANTORS FROM TIME TO TIME PARTY
HERETO,

 

EACH CREDIT AGREEMENT REPRESENTATIVE

from time to time a party hereto,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent

 

    

    

    

 

Table of Contents

 

	 	Page
	 	 
	SECTION 1. Definitions; Principles of Construction	2
	 	 	 
	1.1	Defined Terms	2
	1.2	Rules of Interpretation	6
	 	 	 
	SECTION 2. The Liens	7
	 	 	 
	2.1	Collateral Shared Equally and Ratably	7
	2.2	No New Liens	7
	 	 	 
	SECTION 3. Obligations and Powers of Collateral Agent	8
	 	 	 
	3.1	Transfer of the Collateral Agent; Restatement of Appointment	8
	3.2	Undertaking of the Collateral Agent	8
	3.3	Release or Subordination of Liens	9
	3.4	Enforcement of Liens	10
	3.5	Application of Proceeds	11
	3.6	Powers of the Collateral Agent.	13
	3.7	Documents and Communications	13
	3.8	For Sole and Exclusive Benefit of Holders of Pari Passu Guaranteed Obligations	13
	 	 	 
	SECTION 4. Obligations Enforceable by the Borrower and the Other Grantors	14
	 	 	 
	4.1	Release of Liens on Collateral	14
	4.2	Agreements of the Collateral Agent and Credit Agreement Representatives	14
	 	 	 
	SECTION 5. Collateral Matters	15
	 	 	 
	5.1	Collateral Matters; Protective Advances	15
	5.2	Post-Foreclosure Plans	16
	 	 	 
	SECTION 6. Immunities of the Collateral Agent	17
	 	 	 
	6.1	No Implied Duty	17
	6.2	Appointment of Agents and Advisors	17
	6.3	Other Agreements	17
	6.4	Solicitation of Instructions	17
	6.5	Limitation of Liability	18
	6.6	Documents in Satisfactory Form	18
	6.7	Entitled to Rely	18
	6.8	Triggering Event	18
	6.9	Actions by Collateral Agent	18
	6.10	Security or Indemnity in favor of the Collateral Agent	18
	6.11	Rights of the Collateral Agent	19
	6.12	Limitations on Duty of Collateral Agent in Respect of Collateral	19
	6.13	Assumption of Rights, Not Assumption of Duties	20

 

    -i-

    

    

 

	 	 	Page
	 	 	 
	6.14	No Liability for Clean Up of Hazardous Materials	20
	 	 	 
	SECTION 7. Resignation of the Collateral Agent	20
	 	 	 
	7.1	Resignation of Collateral Agent	20
	7.2	Appointment of Successor Collateral Agent	20
	7.3	Succession	21
	7.4	Merger, Conversion or Consolidation of Collateral Agent	21
	 	 	 
	SECTION 8. Miscellaneous Provisions	21
	 	 	 
	8.1	Amendment	21
	8.2	Voting	23
	8.3	Certain Bankruptcy Provisions.	23
	8.4	Successors and Assigns	24
	8.5	Delay and Waiver	24
	8.6	Notices	24
	8.7	Termination of Certain Term Loan Rights.	26
	8.8	Entire Agreement	26
	8.9	Payment of Expenses and Taxes; Indemnification	26
	8.10	No Set Off	28
	8.11	Severability	28
	8.12	Headings	28
	8.13	Obligations Secured	28
	8.14	Governing Law	29
	8.15	Litigation; Jurisdiction; Other Matters; Waivers	29
	8.16	Counterparts	30
	8.17	Effectiveness	30
	8.18	Additional Grantors	30
	8.19	Continuing Nature of this Agreement	30
	8.20	Insolvency	31
	8.21	Rights and Immunities of Credit Agreement Representatives	31
	8.22	U.S.A. Patriot Act	31
	8.23	Legend.	31
	8.24	Force Majeure	31
	8.25	Benefit of the Holders.	31
	8.26	Reliance by the Grantors	32

 

EXHIBIT

 

Exhibit A -- Form of Joinder

 

    -ii-

    

    

 

This COLLATERAL AGENCY
AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of January 29, 2021, is by and among DIVERSIFIED
HEALTHCARE TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”),
the other Grantors from time to time party hereto, each Credit Agreement Representative (as defined below) party hereto, and WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as collateral agent to the extent and in the manner provided
herein (in such capacity and together with its successors in such capacity, the “Collateral Agent”).

 

RECITALS

 

WHEREAS, the Borrower
has entered into the (i) Amended and Restated Credit Agreement, dated as of August 1, 2017 (as amended by the First Amendment
to Amended and Restated Credit Agreement, dated as of June 30, 2020, and by the Second Amendment to Amended and Restated Credit
Agreement, dated as of the date hereof (the “Second Amendment to Revolving Credit Agreement”), and as further
amended, restated, supplemented or otherwise modified from time to time in compliance with this Agreement, the “Revolving
Credit Agreement”), by and among the Borrower, the lenders from time to time party thereto (collectively, the “Revolving
Lenders”), and Wells Fargo, as administrative agent thereunder (in such capacity and together with its successors and
assigns in such capacity, the “Revolving Administrative Agent”), and (ii) Amended and Restated Term Loan
Agreement, dated as of August 1, 2017 (as amended by the First Amendment to Amended and Restated Term Loan Agreement, dated
as of June 30, 2020, and by the Second Amendment to Amended and Restated Term Loan Agreement, dated as of the date hereof
(the “Second Amendment to Term Loan Agreement”, and together with the Second Amendment to Revolving Credit Agreement,
each a “Second Amendment” and, collectively, the “Second Amendments”), and as further amended,
restated, supplemented or otherwise modified from time to time in compliance with this Agreement, the “Term Loan Agreement”,
and together with the Revolving Credit Agreement, each a “Credit Agreement” and, collectively, the “Credit
Agreements”), by and among the Borrower, the lenders from time to time party thereto (collectively, the “Term
Lenders”), and Wells Fargo, as administrative agent thereunder (in such capacity and together with its successors and
assigns in such capacity, the “Term Loan Administrative Agent”);

 

WHEREAS, in order to
provide collateral for the Pari Passu Guaranteed Obligations (as hereinafter defined), the Borrower and/or certain Subsidiaries
thereof, as applicable, will enter into (i) a Pledge Agreement, among the Grantors named therein and Wells Fargo as Collateral
Agent thereunder (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”),
(ii) mortgages, deeds of trust, deeds to secure debt, or equivalent instruments executed by a Subsidiary of the Borrower in
favor of the Collateral Agent for the benefit of the Secured Parties (each such instrument, as amended, restated, supplemented
or otherwise modified from time to time, a “Security Instrument”), and (iii) each other Credit Agreement
Security Document (as hereinafter defined), to permit the Secured Parties (as hereinafter defined) to share Equally and Ratably
in the Collateral (as hereinafter defined);

 

WHEREAS, the Collateral
Agent has agreed to act on behalf of all Secured Parties with respect to the Collateral and is entering into this Agreement to,
among other things, define the rights, duties, authority and responsibilities of the Collateral Agent and the relationship among
the Secured Parties regarding their interests in the Collateral.

 

NOW THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties
to this Agreement hereby agree as follows:

 

    

    

    

 

SECTION 1.

 

Definitions; Principles of Construction

 

1.1            Defined
Terms. Capitalized terms used but not defined in this Agreement will have the meanings assigned to them in the Revolving Credit
Agreement or the Term Loan Agreement, as applicable. The following terms will have the following meanings:

 

“Act of Specified
Lenders” means, as to any matter, a direction in writing delivered to the Collateral Agent by or with the written consent
of the holders of Pari Passu Guaranteed Obligations representing the Specified Lenders. For purposes of this definition, votes
will be determined in accordance with the provisions of Section 8.2.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition,
the terms “controlling,” “controlled by” and “under common control with” shall
have correlative meanings.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Bankruptcy
Case” has the meaning assigned to such term in Section 8.3(b).

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended.

 

“Bankruptcy
Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.

 

“Borrower”
has the meaning set forth in the preamble.

 

“Business Day”
means any day (other than a Saturday, Sunday or legal holiday) on which banks in New York, New York, are open for the conduct of
their commercial banking business.

 

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

 

“Collateral”
means any real or personal property directly or indirectly securing any of the Pari Passu Guaranteed Obligations or any other obligation
of a Person under or in respect of any Credit Agreement Document and includes, without limitation, all Pledged Interests (as defined
in the Pledge Agreement), all “Property,” “Improvements,” and “Collateral” (or other similar
term) under and as defined in each Security Instrument, all “Management Agreements” (or other similar term) as defined
in any Property Management Contract Assignment (as defined in each Credit Agreement), and all other property subject to a Lien
created by a Credit Agreement Security Document (other than cash collateral in support of Letters of Credit as defined and issued
under the Revolving Credit Agreement).

 

“Collateral
Agent” has the meaning set forth in the preamble.

 

     -2-

     

    

 

“Common Collateral”
means all Collateral in which Liens have been granted to secure all of the Pari Passu Guaranteed Obligations.

 

“Credit Agreements”
or “Credit Agreement” has the meaning set forth in the Recitals to this Agreement.

 

“Credit Agreement
Documents” means, collectively, each Credit Agreement, each other “Loan Document” as defined in each Credit
Agreement, any Credit Agreement Security Document, and each of the other agreements, documents and instruments providing for or
evidencing any Pari Passu Obligations, and any other document or instrument executed or delivered at any time in connection with
any Pari Passu Obligations, including this Agreement and any joinders hereto, in each case as each may be amended, restated, supplemented,
or modified, from time to time in accordance with the terms hereof.

 

“Credit Agreement
Representative” means (i) in the case of the Revolving Credit Agreement, the Revolving Administrative Agent, or
(ii) in the case of the Term Loan Agreement, the Term Loan Administrative Agent.

 

“Credit Agreement
Security Documents” means this Agreement, the Pledge Agreement, each Security Instrument, and all other security agreements,
pledge agreements, collateral assignments, Property Management Contract Assignments (as defined in each Credit Agreement), mortgages,
collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered
by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Agent,
for the benefit of any Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part,
from time to time, in accordance with its terms and Section 8.1.

 

“Directing Credit
Agreement Representative” means, any Credit Agreement Representative; provided, that the “Directing Credit Agreement
Representative” may, but shall not be required to, await direction by an Act of Specified Lenders and will act, or decline
to act, as directed by an Act of Specified Lenders, in respect of any act that requires the direction of the “Directing Credit
Agreement Representative.”

 

“Discharge of
Credit Agreement Obligations” means the occurrence of all of the following:

 

(1)             payment
in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or
Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness
outstanding under the Credit Agreement Documents and constituting Pari Passu Guaranteed Obligations;

 

(2)             payment
in full in cash of all other Pari Passu Guaranteed Obligations that are due and payable or otherwise accrued and owing at or prior
to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment,
whether oral or written, has been made at such time);

 

(3)             termination
or expiration of all commitments, if any, to extend credit that would constitute Pari Passu Guaranteed Obligations; and

 

(4)             termination
or cash collateralization (in an amount and manner reasonably satisfactory to the Collateral Agent of the aggregate un-drawn face
amount) of all Letters of Credit as defined and issued under the Revolving Credit Agreement and constituting Pari Passu Guaranteed
Obligations.

 

     -3-

     

    

 

“Equally and
Ratably” means, in reference to sharing of Liens granted for the benefit of the Secured Parties or proceeds thereof as
between holders of Pari Passu Guaranteed Obligations, that such Liens or proceeds will be allocated and distributed to the applicable
Credit Agreement Representative for each outstanding Series of Credit Agreement Debt for the account of the holders of such
Series of Credit Agreement Debt ratably in proportion to the Pari Passu Guaranteed Obligations under each outstanding Series of
Credit Agreement Debt (in accordance with Section 3.5(b)) when the allocation or distribution is made (it being expressly
understood and agreed that, for purposes of determining “equally and ratably,” there shall be no double counting of
the face amount of any Letter of Credit or any Reimbursement Obligation (each as defined in the Revolving Credit Agreement) arising
from a drawing thereunder, on the one hand, and any Revolving Loans or commitments to fund Revolving Loans to acquire a participating
interest in any Letter of Credit or Reimbursement Obligation thereunder, on the other hand).

 

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

 

“Grantors”
means the Borrower and each of the Guarantors or other Subsidiaries that have executed and delivered, or may from time to time
hereafter execute and deliver, a Credit Agreement Security Document as a “grantor” or “pledgor” (or the
equivalent thereof).

 

“Guarantors”
means “Guarantors” as defined in each Credit Agreement.

 

“Impairment”
has the meaning set forth in Section 3.5(e).

 

“Indebtedness”
shall mean the “Obligations” as defined in each Credit Agreement.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1)             any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to the Borrower or any Guarantor;

 

(2)             any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to the Borrower or any Guarantor or with respect to a material portion of their
respective assets;

 

(3)             any
liquidation, dissolution, reorganization or winding up of the Borrower or any Guarantor whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy; or

 

(4)             any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Borrower or any Guarantor.

 

“Intervening
Creditor” has the meaning set forth in Section 3.5(e).

 

     -4-

     

    

 

“Joinder”
means an agreement substantially in the form of Exhibit A.

 

“Lenders”
means, collectively, the Revolving Lenders and the Term Lenders.

 

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

 

“Officer’s
Certificate” means a certificate of a Responsible Officer of the Borrower.

 

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

 

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

 

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

 

“Pledge Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Responsible
Officer” has the meaning set forth in each Credit Agreement as of the date hereof.

 

“Revolving Administrative
Agent” has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Credit
Agreement” has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Lenders”
has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Loans”
has the meaning given to the defined term “Loans” in the Revolving Credit Agreement.

 

“Secured Debt
Default” means, with respect to any Series of Credit Agreement Debt, any event or condition which, under the terms
of any Credit Agreement Document, causes, or permits holders of Pari Passu Guaranteed Obligations outstanding thereunder to cause,
the Pari Passu Guaranteed Obligations outstanding thereunder to become immediately (after giving effect to the requisite notices
and expiration of all applicable grace periods) due and payable. For the avoidance of doubt, an “Event of Default”
(or any other defined term having a similar purpose) (as defined in any Credit Agreement) shall, in each case, constitute a Secured
Debt Default with respect to the Series of Credit Agreement Debt evidenced by each other Credit Agreement.

 

     -5-

     

    

 

“Secured Debt
Termination Date” means the date on which the Discharge of Credit Agreement Obligations occurs.

 

“Secured Parties”
means, collectively, each holder of Pari Passu Guaranteed Obligations and each Credit Agreement Representative.

 

“Security Instrument”
has the meaning set forth in the Recitals to this Agreement.

 

“Series of
Credit Agreement Debt” means, severally, (i) Indebtedness under the Revolving Credit Agreement, and (ii) Indebtedness
under the Term Loan Agreement. For the avoidance of doubt, in no circumstance shall Specified Derivatives Obligations (as defined
in each Credit Agreement) constitute a separate and distinct Series of Credit Agreement Debt.

 

“Specified Lenders”
means, at any time, collectively, “Requisite Lenders” as defined in the Revolving Credit Agreement and “Requisite
Lenders” as defined in the Term Loan Agreement. For purposes of this definition, votes will be determined in accordance with
the provisions of Section 8.2.

 

“Term Lenders”
has the meaning set forth in the Recitals to this Agreement.

 

“Term Loan Administrative
Agent” has the meaning set forth in the Recitals to this Agreement.

 

“Term Loan Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Term Loans”
has the meaning given to the defined term “Loans” in the Term Loan Agreement

 

“Triggering
Event” means a Secured Debt Default under any then effective Credit Agreement Document.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

 

“Wells Fargo”
has the meaning set forth in the preamble.

 

1.2            Rules of
Interpretation.

 

(a)            All
terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein have the meanings assigned
to them in Article 9 of the UCC.

 

(b)            Unless
otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement or instrument
as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time, in each case,
in accordance with the terms of this Agreement.

 

(c)            The
use in this Agreement or any of the other Credit Agreement Security Documents of the word “include” or “including,”
when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language
(such as “without limitation” or “but not limited to” or words of similar import) is used with reference
thereto, but will be deemed to refer to all other items or matters that fall within the broadest possible scope of such general
statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.”

 

     -6-

     

    

 

(d)            References
to “Sections,” “clauses,” “recitals” and the “preamble” will be to Sections, clauses,
recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles”
will be to Articles of this Agreement unless otherwise specifically provided. References to “Exhibits” and “Schedules”
will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided.

 

(e)            This
Agreement and the other Credit Agreement Security Documents will be construed without regard to the identity of the party who drafted
it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that
any rule of construction that a document is to be construed against the drafting party will not be applicable either to this
Agreement or the other Credit Agreement Security Documents.

 

SECTION 2.

 

The Liens

 

2.1            Collateral
Shared Equally and Ratably. The parties to this Agreement agree that except as expressly set forth in Section 3.5,
the payment and satisfaction of all of the Pari Passu Guaranteed Obligations will be secured Equally and Ratably by the Liens established
in favor of the Collateral Agent for the benefit of the Secured Parties.

 

2.2            No
New Liens.

 

(a)            So
long as the Discharge of Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Borrower or any other Grantor, the parties hereto agree that the Borrower shall not, and shall
not permit any other Grantor to grant or permit any additional Liens on any asset or property (other than cash collateral in support
of Letters of Credit as defined and issued under the Revolving Credit Agreement) to secure any Pari Passu Guaranteed Obligations
unless it has granted or concurrently grants an equal and ratable Lien on such asset or property to secure all Pari Passu Guaranteed
Obligations.

 

(b)            If,
notwithstanding the provisions of Section 2.2(a) above, any Secured Party acquires any Liens over any asset or
property of the Borrower or any other Grantor that is not part of the Common Collateral (other than cash collateral in support
of Letters of Credit as defined and issued under the Revolving Credit Agreement), such Secured Party will forthwith deliver and
assign such Liens to the Collateral Agent, or be deemed to hold such Liens, for the account of all of the Secured Parties (Equally
and Ratably) and in any event, proceeds of such Collateral shall be applied in accordance with Section 3.5(a) or
(b), as applicable.

 

     -7-

     

    

 

SECTION 3.

 

Obligations and Powers of Collateral
Agent

 

3.1           Transfer
of the Collateral Agent; Restatement of Appointment. Each holder of Pari Passu Guaranteed Obligations, acting through its Credit
Agreement Representative, hereby irrevocably appoints Wells Fargo to serve as Collateral Agent hereunder and under the Credit Agreement
Security Documents on the terms and conditions set forth herein and the other Credit Agreement Security Documents and authorizes
said Collateral Agent to take such action and exercise such powers under this Agreement and/or any Credit Agreement Security Document
that are specifically delegated to the Collateral Agent by the terms hereof or thereof and the Collateral Agent hereby accepts
such appointment.

 

3.2           Undertaking
of the Collateral Agent.

 

(a)            Subject
to, and in accordance with, this Agreement and the other Credit Agreement Security Documents, the Collateral Agent will, for the
benefit solely and exclusively of the present and future Secured Parties, subject to the terms hereof (including clause (c) of
this Section 3.2 and Section  3.4):

 

(1)            accept,
enter into, hold, maintain, administer and enforce all Credit Agreement Security Documents, including all Collateral subject thereto,
and all Liens created thereunder, perform its obligations under the Credit Agreement Security Documents and protect, exercise and
enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the Credit
Agreement Security Documents;

 

(2)            take
all lawful and commercially reasonable actions permitted under the Credit Agreement Security Documents, at the written direction
of the Directing Credit Agreement Representative, to protect or preserve its interest in the Collateral subject thereto and such
interests, rights, powers and remedies;

 

(3)            deliver
and receive notices pursuant to the Credit Agreement Security Documents;

 

(4)            at
the direction of an Act of Specified Lenders, sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect
to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary
and insurance beneficiary or loss payee) with respect to the Collateral under the Credit Agreement Security Documents and its other
interests, rights, powers and remedies;

 

(5)            remit
as provided in Section 3.5 all cash proceeds received by the Collateral Agent from the collection, foreclosure or enforcement
of its interest in the Collateral under the Credit Agreement Security Documents or any of its other interests, rights, powers or
remedies;

 

(6)            execute
and deliver amendments to the Credit Agreement Security Documents as from time to time directed by the Directing Credit Agreement
Representative pursuant to Section 8.1;

 

(7)            at
the direction of each Credit Agreement Representative, approve or consent to any amendments, adjustments or other modifications
to the Approved Budget (as defined in the Credit Agreements); and

 

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(8)            at
the direction of the Directing Credit Agreement Representative, release any Lien granted to it by any Credit Agreement Security
Document upon any Collateral if and as required by Section 4.1.

 

(b)            Each
party to this Agreement acknowledges and consents to the undertaking of the Collateral Agent set forth in Section 3.2(a) and
agrees to each of the other provisions of this Agreement applicable to the Collateral Agent.

 

(c)            Notwithstanding
anything to the contrary contained in this Agreement, the Collateral Agent will not commence any exercise of remedies or any foreclosure
actions or otherwise take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect
or preserve the Liens securing the Pari Passu Guaranteed Obligations) unless (i) the exercise of such remedy or action shall
then be permitted under the underlying Credit Agreement Security Document and (ii) it shall have been directed by written
notice of an Act of Specified Lenders and then only in accordance with the provisions of this Agreement and the other Credit Agreement
Security Documents.

 

If the Collateral Agent
shall not have received appropriate written instruction within ten (10) Business Days of a request therefor from such holders
(or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but
shall be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Secured
Parties under the Credit Agreement Security Documents and the Collateral Agent will have no liability to any Person for such action
or inaction. Notwithstanding the foregoing, each holder of Pari Passu Guaranteed Obligations, acting through its Credit Agreement
Representative, hereby irrevocably appoints and authorizes the Collateral Agent to take such action as contractual representative
on such holder’s behalf and to exercise such powers under this Agreement and the other Credit Agreement Documents as are
specifically delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Nothing herein shall be construed to deem the Collateral Agent a trustee or fiduciary for any Secured Party or to impose
on the Collateral Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of
the foregoing, the use of the terms “Agent”, “Collateral Agent”, “agent” and similar terms
in the Credit Agreement Documents with reference to the Collateral Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable law. Instead, use of such terms is merely a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
As to any matters not expressly provided for by the Credit Agreement Documents (including, without limitation, enforcement or collection
of any of the Pari Passu Guaranteed Obligations), the Collateral Agent shall not be required to exercise any discretion or take
any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the instructions of the Specified Lenders (or all of the Secured Parties if explicitly required under any other provision
of this Agreement), and such instructions shall be binding upon all Secured Parties; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Collateral Agent shall not be required to take any action which exposes the Collateral
Agent to personal liability or which is contrary to this Agreement or any other Credit Agreement Document or applicable law.

 

3.3           Release
or Subordination of Liens. The Collateral Agent will not release or subordinate any Lien of the Collateral Agent pursuant to
the Credit Agreement Security Documents or consent to the release or subordination of any Lien of the Collateral Agent pursuant
to the Credit Agreement Security Documents, or permit any Lien of the Collateral Agent pursuant to the Credit Agreement Security
Documents to secure any obligation other than the Pari Passu Guaranteed Obligations (as they exist as of the date hereof and expressly
excluding any refinancing thereof, any increase of the Commitments (as defined in the Revolving Credit Agreement) and any increase
of the outstanding principal amount of the Term Loans), except:

 

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(a)            as
directed by a written consent of all Lenders accompanied by an Officer’s Certificate to the effect that the release or subordination
was permitted by each applicable Credit Agreement Document;

 

(b)           as
required by Section 4.1;

 

(c)           as
ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; or

 

(d)            in
connection with any foreclosure or exercise of rights and remedies pursuant to Section 3.4.

 

3.4            Enforcement
of Liens. If the Collateral Agent at any time receives written notice from the Directing Credit Agreement Representative that
any Triggering Event has occurred entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens on the
Collateral under any Credit Agreement Security Document, the Collateral Agent will promptly deliver written notice thereof to each
Credit Agreement Representative. Thereafter, the Collateral Agent may await written direction by an Act of Specified Lenders and
will act, or decline to act, as directed by an Act of Specified Lenders, in the exercise and enforcement of the Collateral Agent’s
interests, rights, powers and remedies in respect of the Collateral or under the Credit Agreement Security Documents or applicable
law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act, with respect
to the manner of such exercise of remedies as directed in writing by an Act of Specified Lenders. Subsequent to the Collateral
Agent delivering written notice to each Credit Agreement Representative that any Triggering Event has occurred entitling the Collateral
Agent to foreclose upon, collect or otherwise enforce its Liens on the Collateral, then, unless it has been directed in writing
to the contrary by an Act of Specified Lenders, the Collateral Agent in any event may at the written direction of the Directing
Credit Agreement Representative (but will not be obligated to) take all lawful and commercially reasonable actions permitted under
the Credit Agreement Security Documents to protect or preserve its interest in the Collateral subject thereto and the interests,
rights, powers and remedies granted or available to it under, pursuant to or in connection with the Credit Agreement Security Documents.
Notwithstanding anything to the contrary contained in this Agreement and without limiting the rights of the Specified Lenders to
act as provided above, at any time while a payment default has occurred and is continuing with respect to any Series of Credit
Agreement Debt following the final maturity thereof or the acceleration by the holders of such Series of Credit Agreement
Debt of the maturity of all then outstanding Pari Passu Guaranteed Obligations in respect thereof, and in either case after the
passage of a period of 180 days (the “Non-controlling Credit Agreement Secured Parties’ Standstill Period”)
from the date of delivery of a notice of same in writing (and requesting that enforcement action be taken with respect to the Common
Collateral) to the Collateral Agent and each other Credit Agreement Representative and so long as the respective payment default
shall not have been cured or waived (or the respective acceleration rescinded), the Requisite Lenders (as defined in the applicable
Credit Agreement) in respect of such Series of Credit Agreement Debt may exercise their rights and remedies in respect of
Common Collateral under the respective Credit Agreement Security Documents; provided further, however, that, notwithstanding
the foregoing, in no event shall any holder of such Series of Credit Agreement Debt exercise or continue to exercise (or be
permitted to direct the Collateral Agent to exercise or continue to exercise) any such rights or remedies if, notwithstanding the
expiration of the Non-controlling Credit Agreement Secured Parties’ Standstill Period, (i) the Collateral Agent, at
the direction of the Directing Credit Agreement Representative (whether or not directed by an Act of the Specified Lenders) or
the Specified Lenders, shall have commenced and be diligently pursuing the exercise of rights and remedies with respect to any
of the Common Collateral (prompt notice of such exercise to be given to the Credit Agreement Representative of the holders of the
relevant Series of Credit Agreement Debt) or (ii) an Insolvency or Liquidation Proceeding in respect of the respective
Grantor shall have been commenced and be continuing.

 

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3.5           Application
of Proceeds.

 

(a)            So
long as no Secured Debt Default exists, the Collateral Agent will make available to the applicable Credit Agreement Representative
the proceeds of all Net Cash Proceeds (as defined in each Credit Agreement) delivered to the Collateral Agent in accordance with
Section 2.7(b)(v)(B) of the Revolving Credit Agreement and Section 2.7(d)(iii) of the Term Loan Agreement.

 

(b)            If
a Secured Debt Default exists, the Collateral Agent will apply the proceeds of any collection, sale, foreclosure or other realization
upon all Collateral in the following order and priority (provided, however, that (i) any amounts due to any Lender or the
Issuing Bank (as defined in the Revolving Credit Agreement) shall be made available to the applicable Credit Agreement Representative
and (ii) the Collateral Agent shall have no obligation or responsibility hereunder in connection with the application of any
amounts received by any Credit Agreement Representative or any other Secured Party):

 

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

 

(2)            amounts
due to the Collateral Agent, the Revolving Administrative Agent, the Term Loan Administrative Agent, the Revolving Lenders and
the Term Lenders in respect of Protective Advances (as defined in the Revolving Credit Agreement) in proportion to the respective
amounts described in this clause (2) payable to them;

 

(3)             payments
of interest on Swingline Loans (as defined in the Revolving Credit Agreement), ratably among the Swingline Lenders (as defined
in the Revolving Credit Agreement) in proportion to the respective amounts described in this clause (3) payable to them;

 

(4)             payments
of interest on all other Revolving Loans, Term Loans, and Reimbursement Obligations (as defined in the Revolving Credit Agreement)
to be applied for the ratable benefit of (i) in the case of payments in respect of Loans and Reimbursement Obligations, the
Revolving Lenders and the Issuing Banks (as defined in the Revolving Credit Agreement) and (ii) in the case of payments in
respect of Term Loans, the Term Lenders, in each case under the foregoing clauses (i) and (ii), in proportion to the respective
amounts described in this clause (4) payable to them;

 

(5)            payments
of principal of Swingline Loans (as defined in the Revolving Credit Agreement), ratably among the Swingline Lenders (as defined
in the Revolving Credit Agreement) in proportion to the respective amounts described in this clause (5) payable to them;

 

(6)             payments
of principal of all other Loans, Term Loans, Reimbursement Obligations (as defined in the Revolving Credit Agreement) and other
Letter of Credit Liabilities (as defined in the Revolving Credit Agreement), to be applied for the ratable benefit of (i) in
the case of payments in respect of Loans, Reimbursement Obligations, and other Letter of Credit Liabilities, the Revolving Lenders
and the Issuing Banks (as defined in the Revolving Credit Agreement), in such order and priority as the Revolving Lenders and the
Issuing Banks may determine in their sole discretion, and (ii) in the case of payments in respect of Term Loans, the Term
Lenders, in such order and priority as the Term Lenders may determine in their sole discretion, in each case under the foregoing
clauses (i) and (ii), in proportion to the respective amounts described in this clause (6) payable to them; provided,
however, that to the extent that any amounts available for distribution pursuant to this subsection are attributable to the issued
but undrawn amount of an outstanding Letter of Credit (as defined in the Revolving Credit Agreement), such amounts shall be paid
to the Revolving Administrative Agent for deposit into the Letter of Credit Collateral Account (as defined in the Revolving Credit
Agreement);

 

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(7)            payments
of all other Pari Passu Obligations and other amounts due under any of the Credit Agreement Documents, to be applied for the ratable
benefit of (i) in the case of payments of “Obligations” or any other amount due under the Revolving Credit Agreement,
the Revolving Lenders and the Issuing Banks (as defined in the Revolving Credit Agreement), and (ii) in the case of payments
of “Obligations” or any other amount due under the Term Loan Agreement, the Term Lenders, in each case under the foregoing
clauses (i) and (ii), in proportion to the respective amounts described in this clause (7) payable to them; and

 

(8)            any
amount remaining after application as provided above and after the Discharge of Credit Agreement Obligations shall have occurred
shall be paid to the Borrower or whomever else may be legally entitled thereto, or as a court of competent jurisdiction may direct
in a final, non-appealable judgment.

 

For purposes of this
Section 3.5(b), “proceeds” of Collateral shall mean any and all cash, securities and other property or
assets of any kind realized from collection, foreclosure or enforcement of the Collateral Agent’s Liens upon the Collateral
(including distributions of Collateral in satisfaction of any Pari Passu Guaranteed Obligations).

 

(c)            This
Section 3.5 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and
future holder of Pari Passu Obligations, each Credit Agreement Representative and the Collateral Agent. Nothing in this Section 3.5
is intended to negate or supersede any right of any Grantor to receive and apply any Net Cash Proceeds or other proceeds of Collateral
as otherwise expressly permitted under any other Credit Agreement Document.

 

(d)            In
connection with the application of proceeds pursuant to this Section 3.5, except as otherwise directed by an Act of
Specified Lenders, the Collateral Agent may sell any non-cash proceeds for cash prior to the application of the proceeds thereof.

 

(e)            Notwithstanding
Sections 3.5(a) and (b) above, (x) in the event of any determination by a court of competent jurisdiction
that the Pari Passu Obligations of any Series of Credit Agreement Debt are unenforceable under applicable law or are subordinated
to any other obligation, (with respect to any Series of Credit Agreement Debt, an “Impairment” of such
Pari Passu Obligations), the results of such Impairment shall be borne solely by the holders of such Series of Credit Agreement
Debt affected by such Impairment, and the rights of the holders of such Series of Credit Agreement Debt (including, without
limitation, the right to receive distributions in respect of such Pari Passu Obligations) set forth in this Section 3
shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of such Series of
Credit Agreement Debt subject to such Impairment, and (y) with respect to any Collateral for which a third party (other than
a holder of Pari Passu Guaranteed Obligations or Affiliates thereof) has a lien or security interest that is junior in priority
to the security interest of the holder of any Series of Credit Agreement Debt but senior (as determined by appropriate legal
proceedings in the case of any dispute) to the security interest of the holder of any other Series of Credit Agreement Debt
(such third party, an “Intervening Creditor”), the value of any Collateral or proceeds which are allocated to
such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or proceeds to be distributed in respect
of the Series of Credit Agreement Debt with respect to which such Intervening Creditor has a lien or security interest that
is senior in priority. Prior to, in connection with, and as a condition to any modification of a holder’s rights as a result
of an Impairment or with any allocation of Collateral to an Intervening Creditor, the Collateral Agent shall be entitled to request,
receive and rely upon, and shall be protected in relying upon, an Act of Specified Lenders providing specific instructions, satisfactory
in level of detail to the Collateral Agent, with regard to such modification or allocation.

 

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(f)             For
the avoidance of doubt, each Secured Party agrees that it will not (and hereby waives any right to) claim or support any other
Person in a claiming, or take any action which may bring about the Impairment of any Pari Passu Obligations or the rights of an
Intervening Creditor, or any other claim or action which may otherwise impair the rights of any Secured Party pursuant to this
Agreement.

 

(g)            If
any Credit Agreement Representative or any other Secured Party collects or receives any proceeds of such foreclosure, collection,
sale or other enforcement that should have been applied to the payment of the Pari Passu Obligations in accordance with Section 3.5(b) above,
whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise, but such proceeds were not so applied,
such Credit Agreement Representative or such other Secured Party, as the case may be, will forthwith deliver the same to the Collateral
Agent, for the account of the Secured Parties, to be applied in accordance with Section 3.5(b) above, as applicable.
Until so delivered, such proceeds will be held by that Credit Agreement Representative or such Secured Party, as the case may be,
for the benefit of all Secured Parties.

 

(h)            It
is acknowledged and agreed that the Pari Passu Obligations of any Series of Credit Agreement Debt may, subject to the terms
of the applicable Credit Agreement and the other provisions of this Agreement, be extended, supplemented, or otherwise amended
or modified from time to time (but not increased or refinanced), all without affecting the priorities set forth in Section 3.5(a) or
(b) above or the other provisions of this Agreement defining the relative rights of the Secured Parties of any Series of
Credit Agreement Debt.

 

3.6            Powers
of the Collateral Agent.

 

(a)            The
Collateral Agent is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise
and enforce its interest, rights, powers and remedies under the Credit Agreement Security Documents and applicable law and in equity
and to act as set forth in this Article 3 or as requested in any lawful directions given to it from time to time in
respect of any matter by an Act of Specified Lenders.

 

(b)            No
Credit Agreement Representative or holder of Pari Passu Guaranteed Obligations will have any liability whatsoever for any act or
omission of the Collateral Agent.

 

3.7            Documents
and Communications. The Collateral Agent will permit each Credit Agreement Representative and each holder of Pari Passu Guaranteed
Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and expense of the party requesting
such copies, any and all Credit Agreement Security Documents and other documents, notices, certificates, instructions or communications
received by the Collateral Agent in its capacity as such.

 

3.8           For
Sole and Exclusive Benefit of Holders of Pari Passu Guaranteed Obligations. The Collateral Agent will accept, hold, administer
and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and
remedies at any time granted to or enforceable by the Collateral Agent and all other property constituting Collateral solely and
exclusively for the benefit of the present and future holders of Pari Passu Guaranteed Obligations, and will distribute all proceeds
received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.5.

 

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SECTION 4.

 

Obligations Enforceable by the Borrower
and the Other Grantors

 

4.1            Release
of Liens on Collateral. The Collateral Agent shall release its Liens upon the Collateral upon the occurrence of any of the
following:

 

(a)             in
whole, upon the Secured Debt Termination Date; and

 

(b)            upon
the written request of the Borrower and the applicable Grantor to the Collateral Agent, as to any Collateral to the extent that
such release is permitted by the terms of all of the Credit Agreement Documents which then remain in effect, including, without
limitation any such release permitted by Section 7.14(c) or 7.15(b) of each Credit Agreement; provided, that (i) the
Borrower has delivered an Officer’s Certificate to the Collateral Agent certifying that any such release is permitted by
all of the Credit Agreement Documents which then remain in effect, and (ii) if requested by the Collateral Agent of any Credit
Agreement Representative, such Credit Agreement Representative has delivered a certificate to the Collateral Agent certifying that
any such release is permitted by all of the applicable Credit Agreement Documents for which such Credit Agreement Representative
acts; provided, however, that the failure or delay of such Credit Agreement Representative to provide such certificate shall not
prohibit the Collateral Agent from releasing such Liens.

 

Notwithstanding the foregoing, at any time
that any Grantor desires that the Collateral Agent take any action to acknowledge or give effect to any release of Collateral pursuant
to the foregoing provisions of this Section 4.1, the Borrower and the respective Grantor shall deliver to the Collateral
Agent a certificate signed by a Responsible Officer of the Borrower and such Grantor stating that the release of the respective
Collateral is permitted pursuant to Section 4.1(a) or (b) , as the case may be. In determining whether
any release of Collateral is permitted, the Collateral Agent shall be entitled to conclusively rely on any officer’s certificate
furnished to it pursuant to the immediately preceding sentence. All actions taken pursuant to this Section 4.1 shall
be at the sole cost and expense of the Borrower and the respective Grantor.

 

4.2            Agreements
of the Collateral Agent and Credit Agreement Representatives.

 

(a)            In
connection with any release of the Collateral Agent’s Lien on the Collateral pursuant to Section 4.1, the Collateral
Agent shall (subject to compliance with any deliverable requirements under Section 4.1) execute and deliver to any
Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such release, and
to deliver to such Grantor any portion of such Collateral so released that is in the Collateral Agent’s possession, as applicable.
Any execution and delivery of documents pursuant to this Section 4.2 shall be without recourse to or warranty by the
Collateral Agent.

 

(b)            If
requested by the Collateral Agent of any Credit Agreement Representative, such Credit Agreement Representative shall certify to
the Collateral Agent the holders of the applicable Series of Credit Agreement Debt consenting to any matter hereunder requiring
the consent of the Specified Lenders or all Lenders, the then Commitments or outstanding principal amounts held by such consenting
Lenders, as applicable, and the then aggregate amount of all Commitments or outstanding principal of the applicable Series of
Credit Agreement Debt.

 

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SECTION 5.

 

Collateral Matters

 

5.1           Collateral
Matters; Protective Advances.

 

(a)            Each
of the Secured Parties hereby authorizes the Collateral Agent, without the necessity of any notice to or further consent from any
Secured Party, from time to time prior to a Secured Debt Default, to take any action with respect to any Collateral or any Credit
Agreement Document which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any
of the Credit Agreement Security Documents.

 

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

 

(c)            Upon
any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement and the applicable Credit
Agreement Documents, and upon at least five (5) Business Days’ prior written request by the Borrower, the Collateral
Agent shall (and is hereby irrevocably authorized by the Secured Parties to) execute, and cause the execution of, such documents
as may be necessary to evidence the release of the Liens granted to the Collateral Agent pursuant to the Credit Agreement Documents
upon the Collateral that was sold or transferred; provided, however, that (i) the Collateral Agent shall not
be required to execute any such document on terms which, in the Collateral Agent’s opinion, would expose the Collateral Agent
to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty
and (ii) such release shall not in any manner discharge, affect or impair the Pari Passu Guaranteed Obligations or any Liens
upon (or obligations of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other
Loan Party, including, without limitation, the proceeds of such sale or transfer, all of which shall continue to constitute part
of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral,
the Collateral Agent shall be authorized to deduct all of the expenses reasonably incurred by the Collateral Agent from the proceeds
of any such sale, transfer or foreclosure.

 

(d)            The
Collateral Agent shall not have any obligation whatsoever to any Secured Party or to any other Person to assure that the Collateral
exists or is owned by the Borrower, any other Grantor or any other Subsidiary or is cared for, protected or insured or that the
Liens granted to the Collateral Agent pursuant to any Credit Agreement Security Document have been properly or sufficiently or
lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising
at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or
available to the Collateral Agent in this Section or in any of the Credit Agreement Documents, it being understood and agreed
that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent may act in any manner it
may deem appropriate, in its sole discretion, and that the Collateral Agent shall have no duty or liability whatsoever to the Secured
Parties, except to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from its gross negligence or willful misconduct.

 

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(e)            The
Collateral Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata Shares (as defined in the
applicable Credit Agreement)) to the extent not reimbursed by the Borrower for, Protective Advances (as defined in each Credit
Agreement) during any one (1) calendar year with respect to each Pledged Interest (as defined in the Pledge Agreement) or
Collateral Property (as defined in each Credit Agreement) up to the sum of (i) amounts expended to pay taxes, assessments
and governmental charges or levies imposed upon such Collateral; (ii) amounts expended to pay insurance premiums for policies
of insurance related to such Collateral; and (iii) $5,000,000. Protective Advances in excess of said sum during any calendar
year for any Pledged Interest or Collateral Property shall require the consent of the Specified Lenders. The Borrower agrees that
all Protective Advances shall be Pari Passu Obligations. Each Grantor agrees that all Protective Advances shall be Pari Passu Guaranteed
Obligations guaranteed by each Guaranty and secured by the Credit Agreement Security Documents. The Borrower agrees to pay on demand
all Protective Advances.

 

(f)             By their acceptance of the benefits of the Credit Agreement Security Documents, each
Secured Party that is at any time itself a Specified Derivatives Provider (as defined in each Credit Agreement), or having an
Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate, in its capacity
as a Specified Derivatives Provider, acknowledges that obligations arising under any Specified Derivatives Contract are not
secured by the Collateral.

 

(g)            Each
Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any other Loan
Party under the Credit Agreement Documents with respect to exercising claims against or rights in the Collateral without the written
consent of the Specified Lenders. For purposes of this Section, the term “Lender” includes any Person that is or at
any time has been a Lender and the terms and conditions of this provision shall be binding upon such Person at all times and expressly
survive any assignment of the Pari Passu Obligations of such Person in whole or in part.

 

5.2            Post-Foreclosure
Plans. If all or any portion of the Collateral is acquired by the Collateral Agent as a result of a foreclosure or the acceptance
of an assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Pari Passu Guaranteed Obligations,
the title to any such Collateral, or any portion thereof, shall be held in the name of the Collateral Agent or a nominee or Subsidiary
of the Collateral Agent, as “Collateral Agent”, for the ratable benefit of the holders of Pari Passu Guaranteed Obligations.
The Collateral Agent shall prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”),
which shall be subject to the approval of the Specified Lenders. In accordance with the approved Post-Foreclosure Plan, the Collateral
Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and
shall administer all transactions relating thereto, including agents for the sale of such Collateral, and the collecting of rents
and other sums from such Collateral and paying the expenses of such Collateral. Actions taken by the Collateral Agent with respect
to the Collateral, which are not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto,
shall require the written consent of the Specified Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor
from time to time, each Lender will contribute its share (based on its Pro Rata Share (as defined in the applicable Credit Agreement))
of all reasonable costs and expenses incurred by the Collateral Agent pursuant to the approved Post-Foreclosure Plan in connection
with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, the Collateral Agent
shall render or cause to be rendered to each Lender, on a monthly basis, an income and expense statement for such Collateral, and
each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and
operating reserves as the Collateral Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure
Plan. To the extent there is net operating income from such Collateral, the Collateral Agent shall, in accordance with the approved
Post-Foreclosure Plan, determine the amount and timing of distributions to the Lenders. All such distributions shall be made to
the Lenders in accordance with their respective Pro Rata Shares. The Secured Parties acknowledge and agree that if title to any
Collateral is obtained by the Collateral Agent or its nominee, such Collateral will not be held as a permanent investment but will,
consistent with and subject to the requirements of Section 5.1 and this Section 5.2, be liquidated and
the proceeds of such liquidation will be distributed in accordance with Section 3.5(b) as soon as practicable.
The Collateral Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Specified
Lenders reasonably shall determine to be most advantageous to the holders of Pari Passu Guaranteed Obligations. Any purchase money
Mortgage taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence shall
name the Collateral Agent, as collateral agent for the holders of Pari Passu Guaranteed Obligations, as the beneficiary or mortgagee.
In such case, the Collateral Agent and the holders of Pari Passu Guaranteed Obligations shall enter into an agreement with respect
to such purchase money Mortgage defining the rights of the holders of Pari Passu Guaranteed Obligations in the same Pro Rata Shares
as provided hereunder, which agreement shall be in all material respects similar to this Article 5 insofar as the same
is appropriate or applicable.

 

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SECTION 6.

 

Immunities of the Collateral Agent

 

6.1           No
Implied Duty. The Collateral Agent will not have any fiduciary duties nor will it have duties, responsibilities or obligations
other than those expressly assumed by it in this Agreement and the other Credit Agreement Security Documents. The Collateral Agent
will not be required to take or omit to take any action that is contrary to applicable law or any provision of this Agreement or
the other Credit Agreement Security Documents.

 

6.2           Appointment
of Agents and Advisors. The Collateral Agent may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors, and to the extent reasonable,
at the expense of the Borrower, selected by in its sole discretion and the Collateral Agent will not be responsible for any misconduct
or negligence on the part of any of them, except resulting from the gross negligence or willful misconduct of the Collateral Agent
as determined by a court of competent jurisdiction in a final nonappealable judgement.

 

6.3           Other
Agreements. The Collateral Agent shall accept and be bound by the Credit Agreement Security Documents, in each case, reasonably
satisfactory to the Collateral Agent and, as directed by an Act of Specified Lenders or the Directing Credit Agreement Representative,
the Collateral Agent shall execute additional Credit Agreement Security Documents delivered to it after the date of this Agreement;
provided, however, that such additional Credit Agreement Security Documents do not adversely affect the rights, privileges,
benefits and immunities of the Collateral Agent. The Collateral Agent will not otherwise be bound by, or be held obligated by,
the provisions of any credit agreement (including the Credit Agreements), hedge agreement or other agreement governing Pari Passu
Obligations (other than this Agreement and the other Credit Agreement Security Documents to which it is a party).

 

6.4           Solicitation
of Instructions.

 

(a)             The
Collateral Agent may at any time (in its sole judgment) solicit written confirmatory instructions, in the form of a direction by
the Credit Agreement Representatives or an Act of Specified Lenders, an Officer’s Certificate, an opinion of legal counsel
to the Collateral Agent or an order of a court of competent jurisdiction, as to any action that it may be requested or required
to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Credit
Agreement Security Documents, and the Collateral Agent may await receipt of the respective confirmatory instructions before taking
the respective such action.

 

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(b)            No
written direction given to the Collateral Agent by the Credit Agreement Representatives or an Act of Specified Lenders that in
the sole judgment of the Collateral Agent imposes, purports to impose or might reasonably be expected to impose upon the Collateral
Agent any obligation or liability not set forth in or arising under this Agreement and the other Credit Agreement Security Documents
will be binding upon the Collateral Agent unless the Collateral Agent elects, at its sole option, to accept such direction.

 

6.5           Limitation
of Liability. The Collateral Agent will not be responsible or liable for any action taken or omitted to be taken by it hereunder
or under any other Credit Agreement Security Document, except for its own gross negligence, or willful misconduct, in each case
as determined by a final, non-appealable order by a court of competent jurisdiction.

 

6.6           Documents
in Satisfactory Form. The Collateral Agent will be entitled to require that all agreements, certificates, opinions, instruments
and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in
a form and with substantive provisions reasonably satisfactory to it.

 

6.7           Entitled
to Rely. The Collateral Agent may seek and conclusively rely upon, and shall be fully protected in relying upon, any judicial
order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by
it and upon any certification, instruction, notice or other writing delivered to it by the Borrower or any other Grantor in compliance
with the provisions of this Agreement or delivered to it by any Credit Agreement Representative as to the holders of Pari Passu
Guaranteed Obligations for whom it acts, without being required to determine the authenticity thereof or the correctness of any
fact stated therein or the propriety or validity of service thereof. The Collateral Agent may act in reliance upon any instrument
comporting with the provisions of this Agreement or any signature reasonably believed by it to be genuine and may assume that any
Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions
hereof or the other Credit Agreement Security Documents has been duly authorized to do so. To the extent an Officer’s Certificate
or opinion of legal counsel is required or permitted under this Agreement to be delivered to the Collateral Agent in respect of
any matter, the Collateral Agent may rely conclusively on such Officer’s Certificate or opinion of legal counsel as to such
matter and such Officer’s Certificate or opinion of legal counsel shall be full warranty and protection to the Collateral
Agent for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Credit Agreement Security
Documents.

 

6.8           Triggering
Event. The Collateral Agent will not be required to inquire as to the occurrence or absence of any Triggering Event and will
not be affected by or required to act upon any notice or knowledge as to the occurrence of any Triggering Event unless and until
it is directed by an Act of Specified Lenders.

 

6.9           Actions
by Collateral Agent. As to any matter not expressly provided for by this Agreement or the other Credit Agreement Security Documents,
the Collateral Agent will act or refrain from acting as directed by an Act of Specified Lenders and will be fully protected if
it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Pari Passu
Guaranteed Obligations.

 

6.10         Security
or Indemnity in favor of the Collateral Agent. The Collateral Agent will not be required to advance or expend any funds or
otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless
it has been provided with security or indemnity reasonably satisfactory to it against any and all cost, liability or expense which
may be incurred by it by reason of taking or continuing to take such action.

 

     -18-

     

    

 

 

6.11         Rights
of the Collateral Agent. In the event of any conflict between any terms and provisions set forth in this Agreement and those
set forth in any other Credit Agreement Security Document, the terms and provisions of this Agreement shall supersede and control
the terms and provisions of such other Credit Agreement Security Document. In the event there is any bona fide, good faith disagreement
between the other parties to this Agreement or any of the other Credit Agreement Security Documents resulting in adverse claims
being made in connection with Collateral held by the Collateral Agent and the terms of this Agreement or any of the other Credit
Agreement Security Documents do not unambiguously mandate the action the Collateral Agent is to take or not to take in connection
therewith under the circumstances then existing, or the Collateral Agent is in doubt as to what action it is required to take or
not to take hereunder or under the other Credit Agreement Security Documents, it will be entitled to refrain from taking any action
(and will incur no liability for doing so) until directed otherwise in writing by a request signed jointly by the parties hereto
entitled to give such direction or by order of a court of competent jurisdiction.

 

6.12         Limitations
on Duty of Collateral Agent in Respect of Collateral.

 

(a)            The
Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its
possession, under Section 9-207 of the NY UCC or otherwise, shall be to deal with it in the same manner as the Collateral
Agent deals with similar property for its own account. The Collateral Agent shall be deemed to have exercised reasonable care in
the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to
that which the Collateral Agent accords its own property. Neither the Collateral Agent, any other Secured Party nor any of their
respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral
or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of
any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Collateral Agent and the other Secured Parties hereunder are solely to protect the Collateral Agent’s and
the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any other
Secured Party to exercise any such powers. The Collateral Agent and the other Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they (except to the extent expressly provided
in this Agreement or any other Credit Agreement Security Document to the contrary) nor any of their officers, directors, employees
or agents shall be responsible to any Grantor for any act or failure to act hereunder. The Collateral Agent will not be responsible
for filing any financing or continuation statement or recording of any document or instrument in any public office at any time
or times or otherwise perfecting or maintain the perfection of any Lien on the Collateral and such responsibility and obligation
shall belong to the Borrower.

 

(b)            Except
as provided in Section 6.12(a), the Collateral Agent will not be responsible for the existence, genuineness or value
of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether
impaired by operation of law or by reason of any action or omission to act on its part hereunder on the part of the Collateral
Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of
the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens
upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Agent hereby disclaims any representation
or warranty to the present and future holders of the Pari Passu Guaranteed Obligations concerning the perfection of the Liens granted
hereunder or in the value of any of the Collateral. The Collateral Agent will not be responsible for determining whether any given
Pari Passu Guaranteed Obligations are in fact secured pursuant to the various Credit Agreement Security Documents, it being understood
that each Secured Party shall be responsible for ascertaining whether its obligations are in fact secured pursuant to the Credit
Agreement Security Documents.

 

     -19-

     

    

 

6.13         Assumption
of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein:

 

(a)            each
of the parties thereto will remain liable under each of the Credit Agreement Security Documents (other than this Agreement) to
the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this
Agreement had not been executed;

 

(b)            the
exercise by the Collateral Agent of any of its rights, remedies or powers hereunder will not release such parties from any of their
respective duties or obligations under the other Credit Agreement Security Documents; and

 

(c)            the
Collateral Agent will not be obligated to perform any of the obligations or duties of any of the parties thereunder other than
those of the Collateral Agent.

 

6.14         No
Liability for Clean Up of Hazardous Materials. In the event that the Collateral Agent is required to acquire title to an asset
for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation
for the benefit of another, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to be considered
an “owner or operator” under any environmental laws or otherwise cause the Collateral Agent to incur, or be exposed
to, any environmental liability or any liability under any other federal, state or local law, the Collateral Agent reserves the
right, instead of taking such action, either to resign as Collateral Agent or to arrange for the transfer of the title or control
of the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person for any environmental liability
or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of
the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge
or release or threatened discharge or release of any hazardous materials into the environment.

 

SECTION 7.

 

Resignation of the Collateral Agent

 

7.1            Resignation
of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 7.2 and
the acceptance of such appointment by the successor Collateral Agent, the Collateral Agent may resign at any time by giving not
less than 15 days’ notice of resignation to each Credit Agreement Representative and the Borrower.

 

7.2            Appointment
of Successor Collateral Agent. Upon any such resignation, a successor Collateral Agent may be appointed by an Act of Specified
Lenders, with the consent of the Borrower unless a Secured Debt Default has occurred and is continuing. If no successor Collateral
Agent has been so appointed and accepted such appointment within 15 days after the predecessor Collateral Agent gave notice of
resignation, the retiring Collateral Agent may (at the expense of the Borrower), at its option, appoint a successor Collateral
Agent, with the consent of the Borrower unless a Secured Debt Default has occurred and is continuing, or petition a court of competent
jurisdiction for appointment of any such successor Collateral Agent, which must be a commercial banking institution or trust company
or a branch or agency of the foregoing:

 

(a)            authorized
to exercise corporate agency powers;

 

(b)            having
a combined capital and surplus of at least $100,000,000; and

 

(c)            maintaining
an office or branch in the United States (or any State thereof).

 

     -20-

     

    

 

The Collateral Agent
will fulfill its obligations hereunder until the earlier of (i) the date on which a successor Collateral Agent meeting the
requirements of this Section 7.2 has accepted its appointment as Collateral Agent and the provisions of Section 7.3
have been satisfied or (ii) the date on which the Collateral Agent (or any of its Affiliates) no longer serves as a Credit
Agreement Representative; provided that in case of clause (ii) above, the Credit Agreement Representative representing the
largest Series of Credit Agreement Debt, shall fulfill the duties and obligations of the “Collateral Agent” under
the Credit Agreement Security Documents until a Successor Collateral Agent is appointed pursuant to the terms hereof and such Credit
Agreement Representative shall be entitled to the benefit of all expense reimbursement, indemnity and exculpatory provisions in
the Credit Agreement Security Documents afforded to the Collateral Agent in performing such duties obligations.

 

7.3           Succession.
When the Person so appointed as successor Collateral Agent accepts such appointment:

 

(a)            such
Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral Agent,
and the predecessor Collateral Agent will be irrevocably discharged from its duties and obligations hereunder; and

 

(b)            the
predecessor Collateral Agent will (at the expense of the Borrower) transfer all Liens and collateral security and other property
constituting Collateral within its possession or control to the possession or control of the successor Collateral Agent and will
execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor Collateral Agent
to transfer to the successor Collateral Agent all Liens, interests, rights, powers and remedies of the predecessor Collateral Agent
in respect of the Credit Agreement Security Documents or the Collateral.

 

Thereafter the predecessor
Collateral Agent will remain entitled to enforce the immunities granted to it in Article 6 and the provisions of Section 8.9.
After any Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section shall continue
to inure to its benefits as to any actions taken or omitted to be taken by it while it was Collateral Agent under the Credit Agreement
Documents. Notwithstanding anything contained herein to the contrary, the Collateral Agent may assign its rights and duties under
this Agreement or any Credit Agreement Security Document to any of its Affiliates by giving the Borrower and each Credit Agreement
Representative prior written notice.

 

7.4            Merger,
Conversion or Consolidation of Collateral Agent. Any Person into which the Collateral Agent may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent
shall be a party, or any Person succeeding to the business of the Collateral Agent shall be the successor of the Collateral Agent
pursuant to Section 7.3, provided that without the execution or filing of any paper with any party hereto or
any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law
to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements
specified in clauses (1) through (3) of Section 7.2.

 

SECTION 8.

 

Miscellaneous Provisions

 

8.1            Amendment.

 

(a)            No
amendment or supplement to the provisions of any Credit Agreement Security Document will be effective without the approval of the
Collateral Agent acting as directed by an Act of Specified Lenders, except that:

 

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(1)           any
amendment or supplement that has the effect solely of adding or maintaining Collateral, securing additional Pari Passu Guaranteed
Obligations to be secured by the Collateral in accordance herewith, including in connection with preserving, perfecting or establishing
the Liens thereon or the rights of the Collateral Agent therein will become effective when executed and delivered by the Borrower
or any other applicable Grantor party thereto and the Collateral Agent;

 

(2)           no
amendment or supplement that reduces, impairs or adversely affects the right of any holder of Pari Passu Guaranteed Obligations:

 

(A)            to
vote its Pari Passu Guaranteed Obligations as to any matter described as subject to an Act of Specified Lenders or a vote of the
Specified Lenders (or amends the provisions of this clause (2) or the definition of “Act of Specified Lenders”),

 

(B)            to
share in the order of application described in Section 3.5 in the proceeds of enforcement of or realization on any
Collateral, or

 

(C)            to
require that Liens securing Pari Passu Guaranteed Obligations of such holder be released only as set forth in the provisions described
in Section 4.1;

 

will become effective without
the consent of the requisite percentage or number of holders of each Series of Credit Agreement Debt so affected under the
applicable Credit Agreement Documents;

 

(3)            no
amendment or supplement that imposes any obligation upon the Collateral Agent or any Credit Agreement Representative or adversely
affects the rights of the Collateral Agent or any Credit Agreement Representative, respectively, in its capacity as such will become
effective without the consent of the Collateral Agent or such Credit Agreement Representative, respectively; and

 

(4)            prior
to executing any amendment or supplement pursuant to this Section 8.1, the Collateral Agent shall receive an Officer’s
Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained
in any of the Credit Agreement Documents to the effect that the execution of such documents is authorized or permitted hereunder.

 

(b)            Notwithstanding
Section 8.1(a) but subject to Sections 8.1(a)(2) and 8.1(a)(3), any Credit Agreement Security
Document that secures Pari Passu Guaranteed Obligations may be amended or supplemented with the approval of the Collateral Agent
acting as directed in writing by the Specified Lenders or the Credit Agreement Representatives, as applicable.

 

(c)            The
Collateral Agent will deliver a copy of each amendment or supplement to the Credit Agreement Security Documents to each Credit
Agreement Representative upon request.

 

(d)            Notwithstanding
Section 8.1(a) and (b), (i) the addition of a party hereto as a Grantor pursuant to Section 8.24
shall not require further approval under Section 8.1(a), and (ii) the written consent of the Borrower and each
Grantor shall be required for any amendment or modification of this Agreement that directly affects the rights, duties or obligations
of the Borrower or such Grantor, including, without limitation any amendment or modification to any of Sections 3.3, 4.1,
4.2, 7, 8.9, and 8.17 and this Section 8.1(d).

 

(e)            No
amendment, modification or waiver with respect to (i) the provisions of Section 2.7(b)(ii), 2.7(b)(iv), or 2.7(b)(v)(B) of
the Revolving Credit Agreement, Section 2.7(d)(iii) of the Term Loan Agreement, Section 7.13, 7.14, 7.15, 9.1(i),
9.12, 10.5, 11.10, 11.11 or 11.13 of any Credit Agreement, or Section 3 of any Second Amendment, or, in each case, any constituent
defined term used therein to the extent it would modify any such provision, (ii) the definition of “Collateral Property”,
 “Pro Rata Percentage” or “Requisite Lenders” set forth in any Credit Agreement, or (iii) any modification
of Section 9.1 of any Credit Agreement that makes such provisions materially more restrictive, in any case, will be effective
without the approval of the Collateral Agent acting as directed by an Act of Specified Lenders and a corresponding amendment, modification
or waiver of such provisions of the other Credit Agreement or Second Amendment, as applicable.

 

     -22-

     

    

 

(f)            Without
the consent of the Specified Lenders, no Credit Agreement Document may be amended, restated, waived, supplemented or otherwise
modified in accordance with their terms, to the extent that such amendment, restatement, supplement or modification affects the
Lien priorities provided for herein or contravenes any provision (or the intent thereof) of this Agreement.

 

8.2            Voting.

 

(a)            In
connection with any matter under this Agreement requiring a vote of holders of Pari Passu Guaranteed Obligations, each Series of
Credit Agreement Debt will cast its votes in accordance with the Credit Agreement Documents governing such Series of Credit
Agreement Debt. Following and in accordance with the outcome of the applicable vote under its Credit Agreement Documents, the Credit
Agreement Representative of each Series of Credit Agreement Debt will cast all of its votes as a block in respect of any vote
under this Agreement. In making all determinations of votes hereunder, the Collateral Agent shall be entitled to conclusively rely
upon the votes, and relative outstanding amounts, as determined and reported to it by the various Credit Agreement Representatives,
and shall have no duty to independently ascertain such votes or amounts.

 

8.3            Certain
Bankruptcy Provisions. (a) This Agreement shall continue in full force and effect notwithstanding the commencement of
any proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar
law by or against the Borrower or any of its Subsidiaries.

 

(b)            If
the Borrower or any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code (including,
for the avoidance of doubt, a Bankruptcy Case filed by any Subsidiary of a Grantor that is a Pledged Subsidiary (as defined in
the Pledge Agreement) that is not itself a Grantor) and Borrower and/or any Subsidiary thereof shall, as debtor(s)-in-possession,
move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”)
under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, each
Credit Agreement Representative, on behalf of itself and the holders of the Series of Credit Agreement Debt for which it is
the Credit Agreement Representative (other than the Specified Lenders or any Credit Agreement Representative of the Specified Lenders)
agrees not to object to any such financing or to the Liens on the Collateral securing the same (“DIP Financing Liens”)
or to any use of cash collateral, unless the Specified Lenders or any Credit Agreement Representative of the Specified Lenders,
shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent
that such DIP Financing Liens are senior to the Liens on any Collateral for the benefit of the Specified Lenders or any Credit
Agreement Representative of the Specified Lenders, each Credit Agreement Representative, on behalf of itself and the holders of
the Series of Credit Agreement Debt for which it is the Credit Agreement Representative (other than the Specified Lenders
or any Credit Agreement Representative of the Specified Lenders) will subordinate its Liens with respect to such Collateral on
the same terms as the Liens of the Specified Lenders or any Credit Agreement Representative of the Specified Lenders (other than
any Liens of holders of any Series of Credit Agreement Debt (or Credit Agreement Representative thereof)) are subordinated
thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Common Collateral
granted to secure the Pari Passu Guaranteed Obligations of the Specified Lenders, each Credit Agreement Representative, on behalf
of itself and the holders of the Series of Credit Agreement Debt for which it is the Credit Agreement Representative (other
than the Specified Lenders or any Credit Agreement Representative of the Specified Lenders) will confirm the priorities with respect
to such Common Collateral as set forth herein), in each case so long as (A) the holders of each Series of Credit Agreement
Debt retain the benefit of their Liens on all such Common Collateral pledged to the DIP Lenders, including proceeds thereof arising
after the commencement of such proceeding, with the same priority vis-à-vis as all the other holders of any Series of
Credit Agreement Debt (other than any Liens of holders of any Series of Credit Agreement Debt (or Credit Agreement Representative
thereof) constituting DIP Financing Liens)) as existed prior to the commencement of the Bankruptcy Case, (B) ) the holders
of each Series of Credit Agreement Debt are granted Liens on any additional collateral pledged to any other holder of a Series of
Credit Agreement Debt as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with
the same priority vis- à -vis the other holders of each Series of Credit Agreement Debt as set forth in this Agreement,
(C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Pari Passu Guaranteed Obligations,
such amount is applied pursuant to Section 3.5(a) of this Agreement, and (D) if any holder of Pari Passu
Guaranteed Obligations is granted adequate protection, including in the form of periodic payments, in connection with such DIP
Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 3.5(a) of
this Agreement; provided that, any holder of a Series of Credit Agreement Debt that is receiving adequate protection
shall not object to any other holder of a Series of Credit Agreement Debt receiving adequate protection comparable to any
adequate protection granted to such holder of a Series of Credit Agreement Debt in connection with a DIP Financing or use
of cash collateral.

 

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8.4           Successors
and Assigns.

 

(a)            Except
as provided in Section 6.2, and subject to Section 7.2, the Collateral Agent may not, in its capacity as
such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such
duties or rights will be null and void. All obligations of the Collateral Agent hereunder will inure to the sole and exclusive
benefit of, and be enforceable by, each Credit Agreement Representative and each present and future holder of Pari Passu Guaranteed
Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective
successors and assigns.

 

(b)            Neither
the Borrower nor any other Grantor may assign its rights or obligations hereunder or under any other Credit Agreement Security
Document other than in accordance with the terms hereof and thereof. All obligations of the Borrower and the other Grantors hereunder
will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Agent, each Credit Agreement Representative
and each present and future holder of Pari Passu Guaranteed Obligations, each of whom will be entitled to enforce this Agreement
as a third-party beneficiary hereof, and all of their respective successors and assigns.

 

8.5           Delay
and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right,
power or remedy arising under this Agreement or any of the other Credit Agreement Security Documents will impair any such right,
power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude
any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and
are not exclusive of any remedies provided by law.

 

8.6           Notices.
Any communications, including notices and instructions, between the parties hereto or notices provided herein to be given may be
given to the following addresses:

 

     -24-

     

    

 

	If to the Collateral Agent:	
        Wells Fargo Bank, National Association

        550 South
        Tryon Street

        Charlotte,
        North Carolina 28202

        Attention: 
        Kristen Ray

        Facsimile:
        (704) 410-0329

        Telephone: (704) 410-1772

	With a Copy to:	
        Wells Fargo
        Bank, National Association

        10 South Wacker Drive, 32nd Floor

        Chicago, IL 60606

        Attention:
        Douglas Frazer

        Facsimile: (704) 410-0329

        Telephone: (704) 715-5747

	If to the Borrower or any other Grantor:	
        Diversified Healthcare Trust

        Two Newton Place

        255 Washington Street, Suite 300

        Newton, Massachusetts 02458-1634

        Attention: Chief Financial Officer

        Facsimile: (617) 219-8349

        Telephone: (617) 796-8350

 

and if to any other Credit Agreement Representative,
to such address or facsimile number as set forth on its signature page hereto or as to each party at such other address as
shall be designated by such party in a written notice to the other parties delivered in compliance with this Section. All
such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration
of three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address
of the Borrower or the Collateral Agent, and Secured Parties at the addresses specified; (ii) if faxed, when transmitted;
or (iii) if hand delivered or sent by overnight courier, when delivered; provided, however, that, in the case
of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change
of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt
of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Collateral Agent
shall be effective only when actually received. The Collateral Agent shall not incur any liability to the Secured Parties for acting
upon any telephonic notice referred to in this Agreement which the Collateral Agent believes in good faith to have been given by
a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to receive
a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.

 

All notices and communications
will be transmitted by email or mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Pari Passu Guaranteed
Obligations, its address shown on the register kept pursuant to the applicable Credit Agreement Documents or as otherwise set forth
in the applicable Credit Agreement Documents. Failure to mail a notice or communication to a holder of Pari Passu Guaranteed Obligations
or any defect in it will not affect its sufficiency with respect to other holders of Pari Passu Guaranteed Obligations.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

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8.7           Termination
of Certain Term Loan Rights. Automatically upon the repayment in full of the outstanding principal amount of Term Loans and
the discharge all other outstanding “Obligations” under and as defined in the Term Loan Agreement, (i) the Term
Loan Administrative Agent and the Term Lenders shall have no further rights against, or obligations or liabilities to, any other
party hereto, in each case, except for rights, obligations or liabilities which are expressly stated herein to survive the termination
of this Agreement or apply upon discharge and payment in full of the “Obligations” under and as defined in the Term
Loan Agreement, and (ii) any action or approval under this Agreement or any of the Credit Agreement Security Documents may
be taken without the need for any consent, approval, act or direction by the Term Loan Lenders or Term Loan Administrative Agent.

 

8.8           Entire
Agreement. This Agreement together with the Credit Agreement Security Documents states the complete agreement of the parties
relating to the undertakings of the Collateral Agent set forth herein and supersedes all oral negotiations and prior writings in
respect of such undertakings.

 

8.9           Payment
of Expenses and Taxes; Indemnification.

 

(a)            The
Grantors agree (i) to pay or reimburse the Collateral Agent for all its reasonable costs and expenses incurred in connection
with the preparation, negotiation and execution of, and any amendment, supplement or modification to, this Agreement and the other
Credit Agreement Documents and/or Credit Agreement Security Documents and any other documents prepared in connection herewith or
therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable
fees, expenses and disbursements of legal counsel to the Collateral Agent, and all costs and expenses of the Collateral Agent in
connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in connection with this Agreement,
the Credit Agreement Documents and/or any Credit Agreement Security Documents, the preservation of the Liens or any rights of the
Collateral Agent, and the review of Properties for inclusion as Collateral Properties and the other activities of the Collateral
Agent under Section 7.15 of each Credit Agreement and the reasonable fees and disbursements of counsel to the Collateral Agent
(including, without limitation, local counsel to the Collateral Agent in each applicable jurisdiction) relating to all such activities
(it being understood and agreed that, to the extent any of such services or activities are provided internally by the Collateral
Agent, the Borrower shall reimburse the Collateral Agent for such costs and expenses at market rates) (ii) to pay or reimburse
the Collateral Agent and the other Secured Parties for all their reasonable costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Agreement, the other Credit Agreement Security Documents and any such other
documents, including the reasonable fees, expenses and disbursements of their respective counsel (including the allocated fees
and expenses of in-house counsel) and any payments in indemnification (but solely to the extent otherwise indemnifiable pursuant
to the Credit Agreement Documents or otherwise payable by the Secured Parties to the Collateral Agent pursuant to the Credit Agreement
Documents), (iii) to pay, and indemnify and hold harmless the Collateral Agent and the Secured Parties from, any and all recording
and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary,
stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution
and delivery of any of the Credit Agreement Documents, or consummation of any amendment, supplement or modification of, or any
waiver or consent under or in respect of, this Agreement and any other Credit Agreement Document, and (iv) to the extent not
already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Collateral
Agent and any Secured Party incurred in connection with the representation of the Collateral Agent, or such Secured Party in any
matter relating to or arising out of any bankruptcy or other proceeding of the type described in Section 10.1.(e) or
10.1.(f) of each Credit Agreement, including, without limitation, (A) any motion for relief from any stay or similar
order, (B) the negotiation, preparation, execution and delivery of any document relating to the Pari Passu Obligations and
(C) the negotiation and preparation of any debtor in possession financing or any plan of reorganization of the Borrower or
any other Grantor, whether proposed by the Borrower, such Grantor, the Secured Parties or any other Person, and whether such fees
and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any
such proceeding.

 

     -26-

     

    

 

(b)            The
Grantors agree to indemnify, defend and hold harmless the Collateral Agent, its Affiliates, and the other Secured Parties and their
respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified
Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses,
costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without
limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation,
investigation, claim or proceeding or any advice rendered in connection therewith) incurred by an Indemnified Party in connection
with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree
or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related
directly or indirectly to: (i) this Agreement or any other Credit Agreement Document or the transactions contemplated thereby
or the Collateral; (ii) the execution, delivery, enforcement, performance and administration of this Agreement, the other
Credit Agreement Security Documents and any such other document; (iii) the fact that the Collateral Agent and the Secured
Parties are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic
plans or business operations of the Borrower and the Subsidiaries; (iv) the fact that the Collateral Agent and the Secured
Parties are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs
of the Borrower and the Subsidiaries or their financial condition; (v) the exercise of any right or remedy the Collateral
Agent or the Secured Parties may have under this Agreement, any Credit Agreement Document or any Credit Agreement Security Document;
provided, however, that the Grantors shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such
Indemnified Party in connection with matters described in this clause (v) to the extent arising from the gross negligence
or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable
judgment; (vi) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including counsel fees
and disbursements) incurred in connection with defense thereof by, the Collateral Agent or any Secured Party as a result of conduct
of the Borrower, any other Grantor or any other Subsidiary that violates a sanction administered or enforced by the OFAC; or (vii) any
violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including,
but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any
Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental
Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties)
(or the Collateral Agent and/or the Secured Parties as successors to the Borrower) to be in compliance with such Environmental
Laws.

 

(c)            The
agreements in this Section 8.9 shall survive (x) repayment of the Pari Passu Obligations and all other amounts
payable hereunder and under the other Credit Agreement Documents, (y) the resignation of the Collateral Agent, and (z) any
termination of this Agreement and the other Credit Agreement Documents and/or Credit Agreement Security Documents and are in addition
to (but without duplication of recovery under), and not in substitution of, any of the other obligations set forth in this Agreement,
any Credit Agreement Security Document or any other Credit Agreement Document to which it is a party. The agreements in this Section 8.9
shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a
named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all costs and expenses of any Indemnified
Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting
the production of documents). This indemnification shall, among other things, apply to any such proceeding commenced by other creditors
of the Borrower or any Affiliate (as defined in the Credit Agreements), any shareholder of the Borrower or any Affiliate (as defined
in the Credit Agreements) (whether such shareholder(s) are prosecuting such proceeding in the Borrower’s individual
capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any Affiliate (as defined in the Credit
Agreements) or by any Governmental Authority. This indemnification shall apply to any Indemnity Proceeding arising during the pendency
of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. All out of pocket fees and expenses of, and
all amounts paid to third persons by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified
Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder
upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually
and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder.
An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any
Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party
shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending
against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to
indemnify and hold harmless each such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify
an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified
Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified
Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding
without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding
the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of
the Borrower where (x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there
is an allegation of a violation of law by such Indemnified Party. If and to the extent that the obligations of the Borrower hereunder
are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of
such obligations which is permissible under applicable law.

 

     -27-

     

    

 

8.10         No
Set Off. Each Secured Party acknowledges that the exercise by any Secured Party of any offset, set-off, banker’s lien
or similar rights against any deposit account or other property or asset of any Grantor, whether or not located in California,
could result under certain laws in significant impairment of the ability of all Secured Parties to recover any further amounts
in respect of the Pari Passu Guaranteed Obligations. Therefore, each Secured Party agrees not to charge or offset any amount owed
to it by any Grantor against any of the accounts, property or assets of any Grantor or any of its affiliates held by such Secured
Party without the prior written approval of each Credit Agreement Representative and the Specified Lenders.

 

8.11         Severability.
If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality
and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other
jurisdictions, will not in any way be affected or impaired thereby.

 

8.12         Headings.
Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this Agreement
and will in no way modify or restrict any of the terms or provisions hereof.

 

8.13         Obligations
Secured. All obligations of the Grantors (other than the Borrower) set forth in or arising under this Agreement will be Pari
Passu Guaranteed Obligations and are secured by all Liens granted by each such Grantor in the Credit Agreement Security Documents
to which such Grantor is a party. All obligations of the Borrower set forth in or arising under this Agreement will be Pari Passu
Obligations and are secured by all Liens granted by the Borrower in the Credit Agreement Security Documents to which the Borrower
is a party. Notwithstanding anything to the contrary herein, the Pari Passu Obligations of the Borrower and the Pari Passu Guaranteed
Obligations of any Guarantor that is not a direct owner of a Collateral Property, in each such case, under the Credit Agreement
Documents shall not be directly secured by any real property interest whatsoever.

 

     -28-

     

    

 

8.14         Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

8.15         Litigation;
Jurisdiction; Other Matters; Waivers.

 

(i)             EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, ANY GRANTOR, THE COLLATERAL AGENT, OR
ANY OF THE SECURED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE
TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE SECURED PARTIES, EACH GRANTOR, THE COLLATERAL
AGENT, AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT
OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY CREDIT AGREEMENT
SECURITY DOCUMENT, OR ANY CREDIT AGREEMENT DOCUMENT OR IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN CREATED HEREUNDER OR THEREUNDER
OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, ANY GRANTOR, THE COLLATERAL
AGENT, OR ANY OF THE SECURED PARTIES OF ANY KIND OR NATURE ARISING OUT OF THIS AGREEMENT, ANY CREDIT AGREEMENT SECURITY DOCUMENT,
OR ANY CREDIT AGREEMENT DOCUMENT OR IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN CREATED HEREUNDER OR THEREUNDER.

 

(ii)            EACH
OF THE BORROWER, GRANTORS, COLLATERAL AGENT, AND EACH SECURED PARTY HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK OR, AT THE OPTION OF THE COLLATERAL AGENT, ANY STATE COURT LOCATED IN NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, GRANTORS, THE COLLATERAL AGENT, OR ANY
OF THE SECURED PARTIES, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, ANY CREDIT AGREEMENT SECURITY DOCUMENT OR ANY CREDIT
AGREEMENT DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR ANY COLLATERAL. THE BORROWER, EACH GRANTOR, AND EACH OF THE
SECURED PARTIES EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS.
EACH OF THE BORROWER AND THE GRANTORS HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED
THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO IT AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT
IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL
NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE COLLATERAL AGENT OR ANY SECURED PARTY OR THE ENFORCEMENT BY THE COLLATERAL
AGENT OR ANY SECURED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 

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THE PROVISIONS OF THIS SECTION HAVE
BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF LEGAL COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF,
AND SHALL SURVIVE THE PAYMENT OF ALL PARI PASSU OBLIGATIONS AND THE TERMINATION OF THIS AGREEMENT.

 

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

 

8.17         Effectiveness.
This Agreement will become effective in respect of any Person upon the execution of a counterpart hereof or a Joinder hereto by
such Person.

 

8.18         Additional
Grantors. The Borrower will cause each Person that becomes a Grantor or is required by any Credit Agreement Document to become
a party to this Agreement to become a party to this Agreement (including, for the avoidance of doubt, each Pledgor and each other
Loan Party who pledges any Collateral to secure all or a portion of the Pari Passu Guaranteed Obligations), for all purposes of
this Agreement, by causing such Person to execute and deliver to the parties hereto a Joinder and any other documentation reasonably
required by the Collateral Agent, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed
and delivered this Agreement as of the date hereof. The Borrower shall promptly provide each Credit Agreement Representative with
a copy of each Joinder executed and delivered pursuant to this Section 8.18.

 

8.19         Continuing
Nature of this Agreement. This Agreement will be reinstated if at any time any payment or distribution in respect of any of
the Pari Passu Guaranteed Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or
otherwise by any holder of Pari Passu Guaranteed Obligations (whether by demand, settlement, litigation or otherwise).

 

     -30-

     

    

 

8.20         Insolvency.
This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding by or against
any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency
or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement.

 

8.21         Rights
and Immunities of Credit Agreement Representatives. Each Credit Agreement Representative shall have all of the rights, protections,
immunities and indemnities set forth in the Credit Agreement Documents and other agreements governing the applicable Pari Passu
Obligations with respect to which such Person will act as representative, in each case as if specifically set forth herein. In
no event will any Credit Agreement Representative be liable for any act or omission on the part of the Grantors or the Collateral
Agent hereunder.

 

8.22         U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the Patriot Act, the Collateral Agent,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Collateral Agent. The parties to this Agreement agree that they will provide the Collateral Agent with such information
as it may request in order for the Collateral Agent to satisfy the requirements of the Patriot Act.

 

8.23         Legend.
Each Credit Agreement Representative hereby covenants to include the following legend in each material Credit Agreement Document
governing such Credit Agreement Representative’s Pari Passu Guaranteed Obligations:

 

“NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, THE LIENS AND SECURITY INTERESTS GRANTED TO THE COLLATERAL AGENT IN ANY COLLATERAL SECURING THE Pari
Passu Guaranteed Obligations AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE COLLATERAL AGENT WITH RESPECT TO ANY COLLATERAL
HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR
AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.”

 

8.24         Force
Majeure. In no event shall the Collateral Agent be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, pandemics, civil or military disturbances, nuclear or natural catastrophes.

 

8.25         Benefit
of the Holders. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights
of the holders of Pari Passu Guaranteed Obligations in relation to one another. None of the Borrower or any other Grantors or any
other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided
that nothing in this Agreement is intended to or will amend, waive or otherwise modify the provisions of any other Credit Agreement
Document).  Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any Grantor, which
are absolute and unconditional, to pay the Pari Passu Obligations as and when the same shall become due and payable in accordance
with their terms.  For the avoidance of doubt, nothing contained in this Agreement shall be construed to constitute a waiver
or an amendment of any covenant of the Borrower or any Subsidiary thereof contained in any Credit Agreement, which restricts the
incurrence of any Indebtedness or the grant of any Lien.

 

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8.26         Reliance
by the Grantors. The Grantors may conclusively rely on, and shall be fully protected in relying on, any action, notice, consent
or other communication by the Collateral Agent as having been duly authorized by the Secured Parties, and no Grantor shall have
any obligation to inquire as to the authorization or validity thereof. No Grantor shall have any obligation to see to or inquire
as to, or any liability for, the compliance by the Collateral Agent with the terms of this Agreement or the other Credit Agreement
Security Documents, including the application by the Collateral Agent of any Net Cash Proceeds or other proceeds of the Collateral
received by it.

 

[remainder of page intentionally left
blank]

 

     -32-

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered by their respective officers or representatives as of the day and year
first above written.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	WELLS FARGO BANK, NATION ASSOCIATION,
	 	as Credit Agreement Representative under the Revolving Credit Agreement
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	WELLS FARGO BANK, NATION ASSOCIATION,
	 	as Credit Agreement Representative under the Term Loan Agreement
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Collateral Agency and Intercreditor Agreement

 

    

     

    

 

	 	BORROWER:
	 	 
	 	DIVERSIFIED HEALTHCARE TRUST
	 	 
	 	 
	 	By:	         
	 	Name:
	 	Title:
	 	 
	 	 
	 	OTHER GRANTORS:
	 	 
	 	SNH GP Valencia LLC
	 	 
	 	 
	 	By:	 
	 	Name: Richard W. Siedel, Jr.
	 	Title: Chief Financial Officer and Treasurer
	 	 
	 	 
	 	SNH MezzCo San Antonio LLC
	 	 
	 	By:	 
	 	Name: Richard W. Siedel, Jr.
	 	Title: Chief Financial Officer and Treasurer
	 	 
	 	 
	 	SNH Medical Office Properties Trust
	 	 
	 	 
	 	By:	 
	 	Name: Richard W. Siedel, Jr.
	 	Title: Chief Financial Officer and Treasurer

 

Collateral Agency and Intercreditor Agreement

 

    

     

    

 

EXHIBIT A

to Collateral Agency and Intercreditor Agreement

 

[FORM OF]

JOINDER

 

The undersigned, ________________,
a _______________ (the “New Grantor”) hereby agrees to become party as a Grantor under the Collateral Agency
and Intercreditor Agreement, dated as of January 29, 2021, among DIVERSIFIED HEALTHCARE TRUST, a real estate investment trust
formed under the laws of the State of Maryland (the “Borrower”), the other Grantors from time to time party
hereto, each Credit Agreement Representative party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Collateral
Agent”) (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Intercreditor
Agreement”) for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor
Agreement as fully as if such New Grantor had executed and delivered the Intercreditor Agreement as a Grantor thereunder as of
the date thereof. The Intercreditor Agreement is hereby incorporated herein by reference. Capitalized terms used herein but not
otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement.

 

The New Grantor hereby
agrees to all the terms and provisions of the Intercreditor Agreement applicable to it as a Grantor thereunder. The New Grantor
represents and warrants to the Collateral Agent and the Secured Parties that this Joinder has been duly authorized, executed and
delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except
as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein
or in the Intercreditor Agreement and as may be limited by equitable principles generally.

 

THIS JOINDER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

All communications and
notices hereunder shall be in writing and given as provided in Section 8.6 of the Intercreditor Agreement. All communications
and notices hereunder to the New Credit Agreement Representative shall be given to it at its address set forth below its signature
hereto.

 

The Borrower agrees to
reimburse the Collateral Agent for its reasonable expenses in connection with this Joinder, including the reasonable fees, other
charges and disbursements of counsel, in each case, as required by the Intercreditor Agreement or the applicable Credit Agreement
Security Documents.

 

The provisions of Article 8
of the Intercreditor Agreement will apply with like effect to this Joinder. Except
as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and effect.

 

    

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Joinder to be executed by their respective officers or representatives as of _________, 20__.

 

	 	[______________________]
	 	 
	 	 
	 	By:	                        
	 	 	Name:
	 	 	Title:Exhibit 10.2

 

EXECUTION VERSION

 

SECOND
AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT

 

This
SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Amendment”) dated as of January 29,
2021, by and among DIVERSIFIED HEALTHCARE TRUST (f/k/a SENIOR HOUSING PROPERTIES TRUST), a real estate investment trust formed
under the laws of the State of Maryland (the “Borrower”), the Guarantors solely for the purpose of Section
6 hereof, each of the financial institutions party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
(the “Administrative Agent”).

 

WHEREAS, the Borrower,
the Lenders, the Administrative Agent and certain other parties have entered into that certain Amended and Restated Term Loan Agreement
dated as of August 1, 2017 (as amended and as in effect immediately prior to the date hereof, the “Credit Agreement”);
and

 

WHEREAS, as permitted
by Section 12.6. of the Credit Agreement, the parties hereto desire to amend the Credit Agreement subject to the terms and
conditions of this Amendment (the Credit Agreement as so amended, the “Amended Credit Agreement”);

 

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

 

Section 1. Amendments
to Credit Agreement. Subject to the conditions precedent set forth in Section 2 below, as of the Second Amendment Effective
Date:

 

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

 

(b)       a
new Schedule 6.1.(z) to the Credit Agreement, attached hereto as Schedule B, is hereby added to the Credit Agreement as
Schedule 6.1.(z) thereto.

 

Section 2. Conditions
Precedent. The effectiveness of this Amendment is subject to (i) the truth and accuracy of the representations set forth in
Section 4 below and (ii) satisfaction of each of the following conditions (the first date on which each of the conditions
pursuant to the foregoing clauses (i) and (ii) shall have been satisfied, the “Second Amendment Effective Date”):

 

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

 

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

 

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

 

     

     

    

 

(iii)            
a certificate of the Secretary or Assistant Secretary (or other individual performing similar functions) on behalf of each
Loan Party (including, for the avoidance of doubt, each Initial Pledgor) dated the Second Amendment Effective Date, certifying
(A) that attached thereto are true, correct and complete copies of (i) the certificate of incorporation or formation, certificate
of limited partnership, declaration of trust or other comparable organizational instrument, as applicable, of such Loan Party certified
as of a recent date by the Secretary of State of the state of organization of such Loan Party and (ii) the by-laws, operating agreement,
partnership agreement, or other comparable governing document, as applicable, of such Loan Party, (B) that attached thereto is
a true, correct and complete copy of a certificate as to the good standing of such Loan Party as of a recent date from the Secretary
of State (or other applicable Governmental Authority) of its jurisdiction of organization, (C) that attached thereto is a true
and complete copy of resolutions duly adopted by the board of directors (or board of members or equivalent governing body) of such
Loan Party authorizing the execution, delivery and performance of this Amendment and the other Loan Documents to which such person
is a party entered into in connection herewith, and that such resolutions have not been modified, rescinded or amended and are
in full force and effect as of the date of such certificate, and (D) as to the signature and incumbency certificates of its officers
executing this Amendment or any of the other Loan Documents or any other document delivered in connection herewith on behalf of
such Loan Party (together with a certificate of another officer or authorized person as to the incumbency and specimen signature
of the officer or authorized person executing the certificate pursuant to this clause (c)); provided that such certificate
can certify that there have been no changes to such documents or items described in the foregoing clauses (A) or (D) since such
documents or items were last delivered to the Administrative Agent on the First Amendment Effective Date or June 12, 2020, as applicable;

 

(iv)             
a Pledge Agreement executed by each of the direct owners of the Equity Interests issued by each Subsidiary directly owning
an Initial Collateral Property (each, an “Initial Pledgor” and, collectively, the “Initial Pledgors”),
in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations;

 

(v)               
Uniform Commercial Code financing statements in proper form for filing naming each Initial Pledgor as debtor thereunder;

 

(vi)             
copies of Uniform Commercial Code search reports listing all effective financing statements filed against each Initial Pledgor,
with copies of such financing statements;

 

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

 

(viii)         
an Intercreditor Agreement executed by the Administrative Agent, the Revolving Administrative Agent, the Collateral Agent,
the Borrower and each other Initial Pledgor;

 

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

 

    - 2 -

     

    

 

(x)               
 (i) all information requested by the Administrative Agent and each Lender in order to comply with applicable “know
your customer” and Anti-Money Laundering Laws and regulations, including without limitation, the Patriot Act, and (ii) to
the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial
Ownership Certification in relation to the Borrower, in each case, at least five (5) Business Days prior to the Second Amendment
Effective Date; and

 

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

 

(b)               
The Second Amendment to Amended and Restated Credit Agreement, dated as of the date hereof, amending the Existing Credit
Agreement, shall be fully executed and delivered to the Administrative Agent and shall be (or simultaneously herewith will be)
in full force and effect, and all conditions precedent thereto shall have been satisfied (or shall be satisfied concurrently with
the effectiveness of this Amendment).

 

(c)               
The Borrower shall have delivered to the Administrative Agent and the Lenders the Approved Budget in form and substance
satisfactory to the Requisite Lenders.

 

Section 3. Post-Closing
Covenant. As soon as reasonably practicable following the date hereof, but in no event later than 150 days after the Second
Amendment Effective Date (or such later date as may be approved by (x) in the case of any extension to a date no later than 195
days after the Second Amendment Effective Date, the Administrative Agent in its sole discretion, and (y) in the case of any extension
to a date thereafter, the Requisite Lenders), (i) the applicable Loan Parties shall deliver to the Administrative Agent, with respect
to each Property listed on Schedule A attached hereto (as supplemented or otherwise modified from time to time, including,
without limitation, to remove Properties in connection with any Term Loan Repayment in accordance with clause (ii) below, in each
case, as mutually agreed between the Borrower and the Administrative Agent) (each, an “Initial Collateral Property”
and, collectively, the “Initial Collateral Properties”), (A) a Security Instrument and each of the items set
forth on Annex I to the Amended Credit Agreement, (B) a supplement to Schedule 6.1.(ee) to the Amended Credit Agreement, and (C)
if such property is owned by a Subsidiary of the Borrower that is not, at such time, a Guarantor, all of the items required to
be delivered to the Administrative Agent under Section 7.13(a) of the Amended Credit Agreement, and (ii) the Collateral Property
Availability shall be equal to or greater than $1,000,000,000; provided, however, that, if the Borrower repays all or a portion
of the Loans prior to the satisfaction of the Initial Mortgage Collateral Requirement (a “Term Loan Repayment”),
then the Collateral Property Availability required pursuant to this clause (ii) shall instead be equal to or greater than the greater
of (x) the sum of the aggregate Revolving Commitments of all Revolving Lenders and the outstanding principal amount of Loans and
(y) $600,000,000 (the foregoing clauses (i) and (ii), the “Initial Mortgage Collateral Requirement”). Failure
by the Loan Parties to comply with the covenant set forth in this Section 3 shall result in an immediate Event of Default
under the Amended Credit Agreement. The Loan Parties acknowledge and agree that the covenants and other requirements of this Section
3 are a material inducement to Administrative Agent and the undersigned Lenders entering into this Amendment and Administrative
Agent and such Lenders would not execute and deliver this Amendment but for the covenants and other requirements of the Loan Parties
under this Section 3.

 

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

 

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

 

    - 3 -

     

    

 

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

 

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

 

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

 

Section 6. Confirmation
of Guaranty. Each Guarantor (i) confirms its obligations under the Guaranty, (ii) confirms that its obligations under the Amended
Credit Agreement constitute “Obligations” (as defined in the Amended Credit Agreement) and “Guarantied Obligations”
(as defined in the Guaranty), (iii) confirms its guarantee of the Obligations under the Guaranty, (iv) confirms that its obligations
under the Amended Credit Agreement are entitled to the benefits of the guarantee set forth in the Guaranty, (v) agrees that the
Amended Credit Agreement is the “Credit Agreement” under and for all purposes of the Guaranty, (vi) confirms that is
has received reasonably equivalent value for the Guaranteed Obligations it has incurred, which reasonably equivalent value includes,
without limitation, the availability of extensions of credit for the working capital needs of such Guarantor pursuant to the terms
of the Loan Documents, and (vii) confirms that the incurrence by such Guarantor of its Guaranteed Obligations does not result in
any fraudulent transfer or fraudulent conveyance within the meaning of any applicable federal or state statute or the interpretation
thereof or relevant common law. Each Guarantor, by its execution of this Amendment, hereby confirms that the Obligations shall
remain in full force and effect.

 

Section 7. Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Amended
Credit Agreement. This Amendment is a Loan Document.

 

Section 8. Costs
and Expenses. Without limiting the obligations of the Borrower under Section 12.2 of the Amended Credit Agreement, the
Borrower shall reimburse the Administrative Agent for all reasonable costs and expenses (including reasonable
attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of
this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

    - 4 -

     

    

 

Section 9. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 10. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 11. Effect.
Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full
force and effect. The amendment contained herein shall be deemed to have prospective application only. The Amended Credit Agreement
is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the rights,
powers or remedies available to the Administrative Agent or the Lenders under the Amended Credit Agreement or any other Loan Document.
This Amendment is not intended to and shall not constitute a novation of any of the Loan Documents or Obligations.

 

Section 12. Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns.

 

Section 13. Electronic
Signatures. The words “execute,” “execution,” “signed,” “signature,” and words
of like import in or related to any document to be signed by any Lender or Titled Agent (collectively, the “Lender Parties”)
in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the
electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature of such Lender Party or the use of a paper-based recordkeeping system with respect to such Lender Party, as
the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative
Agent is under no obligation to agree to accept electronic signatures from any Lender Party in any form or in any format unless
expressly agreed to by the Administrative Agent pursuant to procedures approved by it. Each of the undersigned hereby (i) agrees
that, for all purposes, electronic images of this Amendment (including with respect to any of the Lender Parties’ signature
pages thereto) shall have the same legal effect, validity, admissibility into evidence and enforceability as any paper original,
and (ii) waives any argument, defense or right to contest the validity, admissibility into evidence or enforceability of this Amendment
based solely on the lack of paper original copies hereof, including with respect to any of the Lender Parties’ signatures
hereto.

 

    - 5 -

     

    

 

Section 14. Intercreditor
Agreement. The undersigned Lenders constituting Requisite Lenders hereby authorize the Administrative Agent to enter into an
Intercreditor Agreement, dated as of the date hereof and in the form attached as Exhibit B hereto (as amended, restated,
supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), with the Revolving Administrative
Agent, the Collateral Agent, and the Loan Parties. The terms and provisions of the Intercreditor Agreement that refer to the Lenders
shall be binding on all Lenders to the same extent as if each Lender were a party thereto, and the Lenders shall be bound by, and
will not take any action contrary to, the provisions of the Intercreditor Agreement.

 

Section 15. Definitions.
All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Amended Credit
Agreement.

 

[Signatures on Next Page]

 

    - 6 -

     

    

 

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

 

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

 

Signature Page to Second Amendment to Amended and Restated
Term Loan Agreement

 

     

     

    

 

CCC ALPHA INVESTMENTS TRUST

CCC DELAWARE TRUST

CCC FINANCING I TRUST

CCC INVESTMENTS I, L.L.C.

CCC LEISURE PARK CORPORATION

CCC PUEBLO NORTE TRUST

CCC RETIREMENT PARTNERS TRUST

CCC RETIREMENT TRUST

CCDE SENIOR LIVING LLC

CCOP SENIOR LIVING LLC

CRESTLINE VENTURES LLC

CSL GROUP, INC.

DHC HOLDINGS LLC

ELLICOTT CITY LAND I, LLC

HRES1 PROPERTIES TRUST

HRES2 PROPERTIES TRUST

MSD POOL 1 LLC

MSD POOL 2 LLC

O.F.C. CORPORATION

SNH 30 NEWCROSSING INC.

SNH AL AIMO II, INC.

SNH AL AIMO TENANT II, INC.

SNH AL AIMO TENANT, INC.

SNH AL AIMO, INC.

SNH AL CRIMSON TENANT INC.

SNH AL CUMMING LLC

SNH AL CUMMING TENANT LLC

SNH AL GEORGIA HOLDINGS LLC

SNH AL GEORGIA LLC

SNH AL GEORGIA TENANT LLC

SNH AL PROPERTIES LLC

SNH AL PROPERTIES TRUST

SNH AL TRS, INC.

SNH AL WILMINGTON TENANT INC.

SNH ALPHARETTA LLC

SNH ALT LEASED PROPERTIES TRUST

SNH AZ TENANT LLC

SNH BAKERSFIELD LLC

SNH BAMA TENANT LLC

SNH BATON ROUGE (NORTH) LLC

SNH BATON ROUGE (REALTORS) LLC

SNH BLAINE INC.

SNH BRFL PROPERTIES LLC

SNH BRFL TENANT LLC

SNH BRIDGEWATER LLC

SNH CAL TENANT LLC

SNH CALI TENANT LLC

SNH CCMD PROPERTIES BORROWER LLC

SNH CCMD PROPERTIES LLC

SNH CCMD TENANT LLC

SNH CHS PROPERTIES TRUST

SNH CLEAR BROOK LLC

SNH CLEAR CREEK PROPERTIES TRUST

SNH CO TENANT LLC

SNH CONCORD LLC

SNH DEL TENANT LLC

SNH DENHAM SPRINGS LLC

SNH DERBY TENANT LLC

SNH DURHAM LLC

SNH FLA TENANT LLC

SNH FM FINANCING LLC

SNH FM FINANCING TRUST

SNH GEORGIA TENANT LLC

SNH GLENVIEW (PATRIOT) LLC

SNH GP VALENCIA LLC

SNH GRANITE GATE LANDS TENANT LLC

SNH GRANITE GATE LANDS TRUST

SNH GROVE PARK TENANT LLC

SNH GROVE PARK TRUST

SNH HARRISBURG LLC

SNH IL JOPLIN INC.

SNH IL PROPERTIES TRUST

SNH INDEPENDENCE PARK LLC

SNH INDY TENANT LLC

SNH JACKSON LLC

SNH KENT PROPERTIES LLC

SNH LINCOLN TENANT LLC

SNH LONGHORN TENANT LLC

SNH LTF PROPERTIES LLC

SNH MARYLAND HEIGHTS LLC

SNH MASS TENANT LLC

SNH MD TENANT LLC

SNH MEDICAL OFFICE PROPERTIES LLC

SNH MEDICAL OFFICE PROPERTIES TRUST

SNH MEZZCO SAN ANTONIO LLC

SNH MO TENANT LLC

SNH MODESTO LLC

SNH NC TENANT LLC

SNH NEB TENANT LLC

SNH NJ TENANT GP LLC

SNH NJ TENANT LLC

SNH NM TENANT LLC

SNH NORTHWOODS LLC

SNH NORTHWOODS TENANT LLC

SNH NS PROPERTIES TRUST

SNH OHIO TENANT LLC

SNH OMISS TENANT LLC

SNH PARKVIEW PROPERTIES TRUST

SNH PENN TENANT LLC

SNH PHOENIX (COTTON) LLC

SNH PLAQUEMINE LLC

SNH PLFL PROPERTIES LLC

SNH PLFL TENANT LLC

SNH PRAIRIEVILLE LLC

SNH PROJ LINCOLN TRS LLC

SNH REDMOND PROPERTIES LLC

SNH REIT IRVING LLC

SNH REIT ROCKWALL LLC

SNH REIT SAN ANTONIO LLC

SNH REIT VICTORIA LLC

SNH RMI FOX RIDGE MANOR PROPERTIES LLC

SNH RMI JEFFERSON MANOR PROPERTIES LLC

SNH RMI MCKAY MANOR PROPERTIES LLC

SNH RMI NORTHWOOD MANOR PROPERTIES LLC

SNH RMI OAK WOODS MANOR PROPERTIES LLC

SNH RMI PARK SQUARE MANOR PROPERTIES LLC

SNH RMI PROPERTIES HOLDING COMPANY LLC

SNH RMI SMITH FARMS MANOR PROPERTIES LLC

SNH RMI SYCAMORE MANOR PROPERTIES LLC

SNH SC TENANT LLC

SNH SE ASHLEY RIVER LLC

SNH SE ASHLEY RIVER TENANT LLC

 

 

Signature Page
to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

SNH SE BARRINGTON BOYNTON LLC

SNH SE BARRINGTON BOYNTON TENANT LLC

SNH SE BURLINGTON LLC

SNH SE BURLINGTON TENANT LLC

SNH SE DANIEL ISLAND LLC

SNH SE DANIEL ISLAND TENANT LLC

SNH SE HABERSHAM SAVANNAH LLC

SNH SE HABERSHAM SAVANNAH TENANT LLC

SNH SE HOLLY HILL LLC

SNH SE HOLLY HILL TENANT LLC

SNH SE KINGS MTN LLC

SNH SE KINGS MTN TENANT LLC

SNH SE MOORESVILLE LLC

SNH SE MOORESVILLE TENANT LLC

SNH SE N. MYRTLE BEACH LLC

SNH SE N. MYRTLE BEACH TENANT LLC

SNH SE PROPERTIES LLC

SNH SE PROPERTIES TRUST

SNH SE SG LLC

SNH SE SG TENANT LLC

SNH SE TENANT 2 TRS, INC.

SNH SE TENANT TRS, INC.

SNH SOMERFORD PROPERTIES TRUST

SNH ST. LOUIS LLC

SNH TEANECK PROPERTIES LLC

SNH TEANECK TENANT LLC

SNH TELLICO TENANT LLC

SNH TELLICO TRUST

SNH TEMPE LLC

SNH TENN TENANT LLC

SNH TOTO TENANT LLC

SNH TRS INC.

SNH TRS LICENSEE HOLDCO LLC

SNH VA TENANT LLC

SNH VIKING TENANT LLC

SNH WARD AVE. PROPERTIES I INC.

SNH WELL PROPERTIES GA-MD LLC

SNH WELL PROPERTIES TRUST

SNH WILMINGTON LLC

SNH WIS TENANT LLC

SNH WY TENANT LLC

SNH YONKERS PROPERTIES TRUST

SNH YONKERS TENANT INC.

SNH/CSL PROPERTIES TRUST

 

SNH/LTA PROPERTIES GA LLC

SNH/LTA PROPERTIES TRUST

SNH/LTA SE HOME PLACE NEW BERN LLC

SNH/LTA SE MCCARTHY NEW BERN LLC

SNH/LTA SE WILSON LLC

SPTGEN PROPERTIES TRUST

SPTIHS PROPERTIES TRUST

SPTMISC PROPERTIES TRUST

SPTMNR PROPERTIES TRUST

SPTMRT PROPERTIES TRUST

SPTSUN II PROPERTIES TRUST

 

	each as a Guarantor	 
	 	 
	 	 
	By: 	/s/ Richard W. Siedel, Jr.	 
	 	Richard W. Siedel, Jr.	 
	 	Chief Financial Officer and Treasurer	 

 

 

Signature Page
to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

 

	 	LEXINGTON OFFICE REALTY TRUST
	 	SNH MEDICAL OFFICE REALTY TRUST
	 	each as a Guarantor
	 	 
	 	 
	 	By:	/s/ Richard W. Siedel, Jr.
	 	 	Richard W. Siedel, Jr.
	 	 	as Trustee and not individually

 

	 	CCC FINANCING LIMITED, L.P., as a Guarantor
	 	 
	 	By: 	CCC RETIREMENT TRUST,
	 	 	its general partner
	 	 
	 	 
	 	 	By:	 /s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 
	 	CCC RETIREMENT COMMUNITIES II, L.P., as
    a Guarantor
	 	 
	 	By: 	CRESTLINE VENTURES LLC,
	 	 	its general partner
	 	 
	 	 
	 	 	By:	 /s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 
	 	LEISURE PARK VENTURE LIMITED PARTNERSHIP,
    as a Guarantor
	 	 
	 	By: 	CCC LEISURE PARK CORPORATION,
	 	 	its general partner
	 	 
	 	 
	 	 	By:	 /s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 
	 	SNH NJ TENANT LP, as a Guarantor
	 	 
	 	By: 	SNH NJ TENANT GP LLC,
	 	 	its general partner
	 	 
	 	 
	 	 	By:	 /s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer
	 	 
	 	SNH VALENCIA LP, as a Guarantor
	 	 
	 	By: 	SNH GP VALENCIA LLC,
	 	 	its general partner
	 	 
	 	 
	 	 	By:	 /s/ Richard W. Siedel, Jr.
	 	 	 	Richard W. Siedel, Jr.
	 	 	 	Chief Financial Officer and Treasurer

 

Signature Page to Second
Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,
	 	as
    Administrative Agent and as a Lender
	 	 
	 	 
	 	By:	/s/
    Matthew Ricketts
	 	 	Name:	Matthew
    Ricketts
	 	 	Title:	Managing
    Director

 

Signature
Page to Second Amendment to Amended and Restated Term Loan Agreement 

 

     

     

    

 

	 	PNC
    BANK, NATIONAL ASSOCIATION,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Shari L. Reams-Henofer
	 	 	Name:	Shari
    L. Reams-Henofer
	 	 	Title:	Senior
    Vice President

 

Signature
Page to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

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

 

Signature
Page to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY
    HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution: U.S. Bank National Association,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Lee Hord
	 	Name:	Lee
    Hord
	 	Title:	Senior
    Vice President

 

Signature
Page to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

	 	SIGNATURE
    PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT, AMONG DIVERSIFIED HEALTHCARE TRUST, EACH LENDER PARTY
    HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	 	 
	 	Name
    of Institution: First Horizon Bank,
	 	as
    a Lender
	 	 
	 	 
	 	By:	/s/
    Jean M. Brennan
	 	Name:	Jean
    M. Brennan
	 	Title:	Senior
    Vice President

 

Signature
Page to Second Amendment to Amended and Restated Term Loan Agreement

 

     

     

    

 

EXHIBIT A

 

Amended Credit Agreement

 

[To be attached]

 

     

     

    

 

Loan
Number: 1015062

 

		EXECUTION
    VERSION

 

 

 

CONFORMED
COPY OF AMENDED AND RESTATED TERM LOAN AGREEMENT

 

Dated
as of August 1, 2017

 

conformed
through

 

FIRSTSECOND
AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT

 

Dated
as of June 30 January
29, 20202021

 

by
and among

 

DIVERSIFIED
HEALTHCARE TRUST (f/k/a SENIOR HOUSING PROPERTIES TRUST),

as
Borrower,

 

The
financial institutions party hereto

and
their assignees under Section 12.5.,

as
Lenders,

 

and

 

WELLS
FARGO Bank, National Association,

as
Administrative Agent

 

 

 

WELLS
FARGO SECURITIES, LLC, and

PNC
CAPITAL MARKETS LLC

as
Joint Lead Arrangers 

and

Joint
Lead Bookrunners,

 

PNC
BANK, NATIONAL ASSOCIATION,

as
Syndication Agent    

 

and

 

MIZUHO
BANK (USA)

as
Documentation Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	ArticleARTICLE
    I. Definitions	1
	 	 
	Section
    1.1. Definitions	1
	Section
    1.2. General; References to Eastern Time	2837
	Section
    1.3. Rates	2938
	Section
    1.4. Divisions	2938
	 	 
	ArticleARTICLE
    II. Credit Facility	2938
	 	 
	Section
    2.1. Loans	2938
	Section
    2.2. [Intentionally Omitted]	30
    39
	Section
    2.3. [Intentionally Omitted]	3039
	Section
    2.4. Rates and Payment of Interest on Loans	30
    39
	Section
    2.5. Number of Interest Periods	3139
	Section
    2.6. Repayment of Loans	3140
	Section
    2.7. Prepayments	3140
	Section
    2.8. Continuation	3241
	Section
    2.9. Conversion	3242
	Section
    2.10. Notes	3242
	Section
    2.11. [Intentionally Omitted]	3342
	Section
    2.12. [Intentionally Omitted]	3342
	Section
    2.13. [Intentionally Omitted]	3342
	Section
    2.14. [Intentionally Omitted]	3342
	Section
    2.15. Additional Loans[Intentionally Omitted]	3343
	Section
    2.16. Funds Transfer Disbursements	3443
	 	
	ArticleARTICLE
    III. Payments, Fees and Other General
    Provisions	3444
	 	 
	Section
    3.1. Payments	3444
	Section
    3.2. Pro Rata Treatment.	3544
	Section
    3.3. Sharing of Payments, Etc.	3545
	Section
    3.4. Several Obligations	3545
	Section
    3.5. Fees	3645
	Section
    3.6. Computations	3645
	Section
    3.7. Usury	3645
	Section
    3.8. Statements of Account	3646
	Section
    3.9. Defaulting Lenders	3646
	Section
    3.10. Taxes	3747
	 	 
	ArticleARTICLE
    IV. Yield Protection, Etc.	4151
	 	 
	Section
    4.1. Additional Costs; Capital Adequacy	4151
	Section
    4.2. Suspension of LIBOR Loans	4252
	Section
    4.3. Illegality	4352
	Section
    4.4. Compensation	4353
	Section
    4.5. Treatment of Affected Loans	44
    53
	Section
    4.6. Affected Lenders	4454
	Section
    4.7. Change of Lending Office	4554
	Section
    4.8. Assumptions Concerning Funding of LIBOR Loans	4555
	 	 
	ArticleARTICLE
    V. Conditions Precedent	4555
	 	 
	Section
    5.1. Initial Conditions Precedent	4555
	Section
    5.2. Conditions Precedent to All Credit Events	4757

 

    - i -

     

    

 

	ArticleARTICLE
    VI. Representations and Warranties	4857
	 	 
	Section
    6.1. Representations and Warranties	4857
	Section
    6.2. Survival of Representations and Warranties, Etc.	5466
	 	 
	ArticleARTICLE
    VII. Affirmative Covenants	5467
	 	 
	Section
    7.1. Preservation of Existence and Similar Matters	5567
	Section
    7.2. Compliance with Applicable Law and Material Contracts; Beneficial Ownership Regulation	55
    67
	Section
    7.3. Maintenance of Property	5567
	Section
    7.4. Conduct of Business	5567
	Section
    7.5. Insurance	5568
	Section
    7.6. Payment of Taxes and Claims	5668
	Section
    7.7. Books and Records; Inspections	5668
	Section
    7.8. Use of Proceeds	5669
	Section
    7.9. Environmental Matters	5669
	Section
    7.10. Further Assurances	5769
	Section
    7.11. REIT Status	5770
	Section
    7.12. Exchange Listing	5770
	Section
    7.13. Guarantors	5770
	Section
    7.14. Equity Pledges	71
	Section
    7.15. Collateral Properties	72
	 	 
	ArticleARTICLE
    VIII. Information	5876
	 	 
	Section
    8.1. Quarterly Financial Statements	5876
	Section
    8.2. Year-End Statements	5876
	Section
    8.3. Compliance Certificate	5977
	Section
    8.4. Other Information	5977
	Section
    8.5. Electronic Delivery of Certain Information	6179
	Section
    8.6. Public/Private Information	6280
	Section
    8.7. USA Patriot Act Notice; Compliance	6280
	 	 
	ArticleARTICLE
    IX. Negative Covenants	6280
	 	 
	Section
    9.1. Financial Covenants	6280
	Section
    9.2. Negative Pledge	6483
	Section
    9.3. Restrictions on Intercompany Transfers	6584
	Section
    9.4. Merger, Consolidation, Sales of Assets and Other Arrangements	6584
	Section
    9.5. Plans	6685
	Section
    9.6. Fiscal Year	6685
	Section
    9.7. Modifications of Organizational Documents, Business Management Agreement and Property Management Agreement and Other
    Material Contracts	6685
	Section
    9.8. Transactions with Affiliates	6785
	Section
    9.9. Environmental Matters	6786
	Section
    9.10. Derivatives Contracts	6786
	Section
    9.11. Use of Proceeds	6786
	Section
    9.12. Amendment Period	6887
	 	 
	ArticleARTICLE
    X. Default	6988
	 	 
	Section
    10.1. Events of Default	6988
	Section
    10.2. Remedies Upon Event of Default	7291

 

    - ii -

     

    

 

	Section
    10.3. [Intentionally Omitted]	7392
	Section
    10.4. Marshaling; Payments Set Aside	7392
	Section
    10.5. Allocation of Proceeds	7493
	Section
    10.6. [Intentionally Omitted]	7494
	Section
    10.7. Performance by Administrative Agent	7494
	Section
    10.8. Rights Cumulative	7495
	 	 
	ArticleARTICLE
    XI. The Administrative Agent	7596
	 	 
	Section
    11.1. Appointment and Authorization	7596
	Section
    11.2. Administrative Agent as Lender	7696
	Section
    11.3. Approvals of Lenders	7697
	Section
    11.4. Notice of Events of Default	7797
	Section
    11.5. Administrative Agent’s Reliance	7797
	Section
    11.6. Indemnification of Administrative Agent and Collateral Agent	7898
	Section
    11.7. Lender Credit Decision, Etc.	7899
	Section
    11.8. Successor Administrative Agent	79100
	Section
    11.9. Titled Agents	80101
	Section
    11.10. Collateral Matters; Protective Advances	101
	Section
    11.11. Post-Foreclosure Plans.	102
	Section
    11.12. Flood Laws	103
	Section
    11.13. No Set Off.	103
	 	 
	ArticleARTICLE XII. Miscellaneous	80104
	 	 
	Section
    12.1. Notices	80104
	Section
    12.2. Expenses	81105
	Section
    12.3. Setoff.	82106
	Section
    12.4. Litigation; Jurisdiction; Other Matters; Waivers	82106
	Section
    12.5. Successors and Assigns	84107
	Section
    12.6. Amendments and Waivers	87111
	Section
    12.7. Nonliability of Administrative Agent and Lenders	89113
	Section
    12.8. Confidentiality	89113
	Section
    12.9. Indemnification	90114
	Section
    12.10. Termination; Survival	92116
	Section
    12.11. Severability of Provisions	92116
	Section
    12.12. GOVERNING LAW	92116
	Section
    12.13. Counterparts	92116
	Section
    12.14. Obligations with Respect to Loan Parties	93117
	Section
    12.15. Independence of Covenants	93117
	Section
    12.16. Limitation of Liability	93117
	Section
    12.17. Entire Agreement	93117
	Section
    12.18. Construction	93117
	Section
    12.19. Headings	93118
	Section
    12.20. LIABILITY OF TRUSTEES, ETC.	94118
	Section
    12.21. Acknowledgement and Consent to Bail-In of Affected Financial Institutions	94118
	Section
    12.22. Effect on Existing Term Loan Agreement	94119
	Section
    12.23. Acknowledgement Regarding Any Supported QFCs	95119
	Section
    12.24. Stamp, Intangible and Recording Taxes	120
	Section
    12.25. Intercreditor Agreement	120

 

    - iii -

     

    

 

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

 

    - iv -

     

    

 

THIS
AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Agreement”) dated as of August 1, 2017 by and among DIVERSIFIED HEALTHCARE
TRUST (f/k/a SENIOR HOUSING PROPERTIES TRUST), a real estate investment trust formed under the laws of the State of Maryland (the
 “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees
under Section 12.5. (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
(the “Administrative Agent”), with each of WELLS FARGO SECURITIES, LLC and PNC CAPITAL MARKETS LLC, as Joint Lead
Arrangers and Joint Bookrunners (each a “Lead Arranger”), PNC BANK, NATIONAL ASSOCIATION, as Syndication Agent (the
 “Syndication Agent”) and MIZUHO BANK (USA), as Documentation Agent (the “Documentation Agent”).

 

WHEREAS,
the Borrower, certain of the Lenders and other financial institutions, the Administrative Agent and the other parties thereto
previously entered into that certain Term Loan Agreement dated as of September 28, 2015 (as amended and in effect immediately
prior to the date hereof, the “Existing Term Loan Agreement”) pursuant to which the Administrative Agent, Wells Fargo
and certain of the Lenders made available to the Borrower term loans in an aggregate initial amount of $200,000,000, on the terms
and conditions contained therein; and

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders desire to amend and restate the terms of the Existing Term Loan Agreement
on the terms and conditions contained herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto agree that the Existing Term Loan Agreement is amended and restated in its entirety as follows:

 

ARTICLE
I. Definitions

 

Section
1.1. Definitions.

 

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

 

“6.75%
Senior Notes” has the meaning given that term in Section 2.7(d)(iii).

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Agreement
Date” means August 1, 2017.

 

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

ending
on the Amendment Period Termination Date.

 

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

 

    - 2 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

    - 3 - 

     

    

 

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

 

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

 

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

 

    - 4 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Amendment
Period Termination Date” means the earlier of (i) June 30, 2021
and (ii) such2022.
earlier date as elected
by the Borrower (the “Amendment Period Early Termination Date”), so long as each of the following conditions are satisfied
as of such date elected by the Borrower: (A) no Default or Event Default shall exist as of such Amendment Period Early Termination
Date and (B) the Borrower shall be in compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f)
and (i) as of such Amendment Period Early Termination Date, in each case, based upon the three consecutive fiscal months of the
Borrower immediately preceding such Amendment Period Early Termination Date, annualized.

 

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

 

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

 

“Applicable
Law” means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with,
any Governmental Authority, in each case whether or not having the force of law. For purposes of Section 3.10., the term “Applicable
Law” includes FATCA.

 

    - 5 - 

     

    

 

“Applicable
Margin” means (a) at any time other than the times described in the immediately following
clause (b), the percentage rate set forth in Table Ithe
table below corresponding to the level (each a “Level”)
into which the Borrower’s Credit Rating then falls, and (b) at
any time during the Amendment Period, the percentage rate set forth in Table II below corresponding
to the Level into which the Borrower’s Credit Rating then falls. As of the Agreement Date, the Applicable
Margin is determined based on Level 4 of Table I. Any change in the Borrower’s Credit Rating which would cause it to move
to a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative
Agent of written notice delivered by the Borrower in accordance with Section 8.4.(m) that the Borrower’s Credit Rating
has changed; provided, however, if the Borrower has not delivered the notice required by such Section but the Administrative Agent
becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion,
adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent becomes
aware that the Borrower’s Credit Rating has changed. During any period that the Borrower has received two Credit Ratings
that are not equivalent, then (x) the Applicable Margin shall be determined based on the Level corresponding to the higher of
such two Credit Ratings if the higher of such two Credit Ratings is not more than one Level higher than the lower of such two
Credit Ratings and (y) the Applicable Margin shall be determined based on the Level corresponding to the Level immediately below
the higher of such two Credit Ratings if the higher of such two Credit Ratings is more than one Level higher than the lower of
such two Credit Ratings. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then
the Applicable Margin shall be determined based on such Credit Rating. During any period that the Borrower has not received a
Credit Rating from any Rating Agency, the Applicable Margin shall be determined based on Level 5
of the applicable table6.
The provisions of this definition shall be subject to Section 2.4.(c).

 

Table
I – Non-Amendment Period

 

	 

        Level
	Borrower’s
    Credit Rating (S&P/Moody’s)	Applicable
    Margin for LIBOR Loans	Applicable
    Margin for Base Rate Loans
	1	A-A/A3
    (or equivalent) or2 or better	0.901.575%	0.000.575%
	2	BBB+/Baa1	0.95%	0.00%
	3	BBB/Baa2	1.10%	0.10%
	4	BBB-/Baa3	1.35%	0.35%
	5	Lower
    than BBB-/Baa3 (or equivalent) or unrated	1.75%	0.75%

 

 

Table
II – Amendment Period

 

	 

        Level
	Borrower’s
    Credit Rating (S&P/Moody’s)	Applicable
    Margin for LIBOR Loans	Applicable
    Margin for Base Rate Loans
	12	A-/A3
    (or equivalent) or better	1.401.650%	0.400.650%
	23	BBB+/Baa1
    	1.451.725%	0.450.725%
	34	BBB/Baa2
    	1.601.900%	0.600.900%
	45	BBB-/Baa3
    	1.852.150%	0.851.150%
	56	Lower
    than BBB-/Baa3 (or equivalent) or unratednot
    rated	2.252.550%	1.251.550%

 

    - 6 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Assignment
and Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 12.5.), and accepted by the Administrative Agent, substantially in the
form of Exhibit A or any other form approved by the Administrative Agent.

 

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

 

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

 

    - 7 - 

     

    

 

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

 

“Base
Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the
LIBOR Market Index Rate plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change
or changes in the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause (c) shall not be applicable
during any period in which LIBOR is unavailable or unascertainable).

 

“Base
Rate Loan” means a Loan, or any portion thereof, bearing interest at a rate based on the Base Rate.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as

required
by the Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 8 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 9 - 

     

    

 

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

 

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

 

“Collateral
Property Availability” means, as determined with respect to the then Collateral Properties, the lesser of (i) 60% of
the As-Is Appraised Value of such Collateral Properties, in the aggregate, and (ii) the amount that would result in a 9% Collateral
Property Debt Yield for such Collateral Properties, in the aggregate. If any Collateral Property shall cease to qualify as such
pursuant to Section 7.15(c), such ineligible Property shall be excluded from the calculation of the Collateral Property Availability,
and the Collateral Property Availability shall be recalculated immediately upon such exclusion.

 

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

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

 

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

 

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

 

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

 

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

 

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

 

“Covered
Party” has the meaning given that term in Section 12.23.

 

    - 10 - 

     

    

 

“Credit
Event” means any of the following: (a) the making of any Loan and (b) the Conversion of a Base Rate Loan into
a LIBOR Loan.

 

“Credit
Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the unpaid principal amount
of such Lender’s Loan to (b) the aggregate unpaid principal amount of all Loans.

 

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

 

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

 

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

 

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

 

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

 

    - 11 - 

     

    

 

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

 

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

 

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

 

“Disbursement
Instruction Agreement” means an agreement substantially in the form of Exhibit G to be executed and delivered by
the Borrower pursuant to Section 5.1.(a), as the same may be amended, restated or modified from time to time with the prior
written approval of the Administrative Agent.

 

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

 

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

 

    - 12 - 

     

    

 

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

 

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

 

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

 

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

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (subject to
such consents, if any, as may be required under Section 12.5.(b)(iii)).

 

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

 

    - 13 - 

     

    

 

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

 

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

 

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

 

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

 

    - 14 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Existing
Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of August 1, 2017 by and among the
Borrower, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other
parties thereto ,
as the same may be amended, restated, supplemented, or otherwise modified from time to time.

 

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

 

    - 15 - 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“First
Amendment Effective Date” has the meaning assigned to such term in the First Amendment.

 

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

 

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

 

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

 

“Flood
Laws” has the meaning given that term in Section 11.12.

 

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction.

 

    - 16 - 

     

    

 

 

“Foreign Subsidiary”
means a Subsidiary not formed under the laws of the United States of America, any state thereof or the District of Columbia.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activitiesbusiness.

 

“Funds From
Operations” means, for any period, (a) net income of the Borrower for such period determined on a consolidated basis
exclusive of the following (to the extent included in the determination of such net income): (i) depreciation and amortization;
(ii) gains and losses from extraordinary or non-recurring items; (iii) gains and losses on sales of real estate; (iv) gains and
losses on investments in marketable securities; and (v) provisions/benefits for income taxes for such period; plus (b) the Borrower’s
share of Funds From Operations from Unconsolidated Affiliates. Straight line rent leveling adjustments and deferred percentage
rent adjustments required under GAAP, and amortization of intangibles pursuant to FASB ASC 805 and the like, shall be disregarded
in determinations of Funds From Operations (to the extent such adjustments otherwise would be included in the determination of
Funds From Operations).

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting
Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession in the United States of America, which are applicable to the circumstances as of the date of determination.

 

“Governmental
Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with,
and reports to, all Governmental Authorities.

 

“Governmental
Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof
or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body,
agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation,
the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with
authority to bind a party at law.

 

“Ground Lease”
means a ground lease containing the following terms and conditions: (a) either (i) a remaining term (taking into account extensions
which may be effected by the lessee without the consent of the lessor) of no less than 30 years from the Agreement Date, or (ii)
the right of the lessee to purchase the property on terms reasonably acceptable to the Administrative Agent; (b) the right
of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation
of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the
lessee and that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures,
and fails to do so; and (d) free transferability of the lessee’s interest under such lease, including ability to sublease,
subject to only reasonable consent provisions.

 

    - 17 -

     

    

 

“Guarantor”
means any Person that is party to the Guaranty
as a “Guarantor” , collectively, (i) each
direct owner of any Collateral Property and (ii) any Subsidiary that becomes a Guarantor pursuant to the terms of Section 7.13.

 

“Guaranteed
Obligations” means, at any given time, the “Guarantied Obligations” (as defined in the Guaranty) of each
Guarantor that directly owns a Collateral Property at such time. 

 

“Guaranty”,
 “Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a
guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly,
in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and
whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages
in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations,
(ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose
of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event
of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss,
(iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment
of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on
account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless,
in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also
mean the guaranty executed and delivered pursuant to Section 5.1. or 7.13.
and substantially in the form of Exhibit B.

 

“Hazardous
Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified
pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous
wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason
of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP”
toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids
or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production
of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials;
(d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing
levels of polychlorinated biphenyls in excess of fifty parts per million.

 

“Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all
obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (excluding
trade debt incurred in the ordinary course of business); (b) all obligations of such Person, whether or not for money
borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money
indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest
charges are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered;
(c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of
such Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for
payment); (e) all Off-Balance Sheet Obligations; (f) all obligations of such Person to purchase, redeem, retire,
defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other
Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
(g) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or
forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the
obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock)); (h) all
Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (excluding guarantees
required under Applicable Laws, or by any Governmental Authority, as a condition to ownership of Senior Housing Assets);
(i) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien (other than Permitted Liens of the types described in clauses (a)
through (c) or (e) through (j) of the definition thereof) on property or assets owned by such Person, even though such Person
has not assumed or become liable for the payment of such Indebtedness or other payment obligation, valued, in the case of any
such Indebtedness as to which recourse for the payment thereof is expressly limited to the property or assets on which such
Lien is granted, at the lesser of (x) the stated or determinable amount of the Indebtedness that is so secured or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to
perform thereunder) and (y) the Fair Market Value of such property or assets; and (j) such Person’s Ownership
Share of the Indebtedness of any Unconsolidated Affiliate of such Person.

 

    - 18 -

     

    

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described
in the immediately preceding clause (a), Other Taxes.

 

“Initial
Collateral Property” has the meaning given that term in the Second Amendment.

 

“Initial
Mortgage Collateral Requirement” has the meaning given that term in the Second Amendment.

 

“Intellectual
Property” has the meaning given that term in Section 6.1.(t).

 

“Intercreditor
Agreement” means the Collateral Agency and Pari Passu Intercreditor Agreement, dated as of the Second Amendment Effective
Date, by and among the Collateral Agent, the Administrative Agent, the Revolving Administrative Agent, and the Loan Parties from
time to time party thereto, substantially in the form of Exhibit B to the Second Amendment, as the same may be amended, restated,
supplemented, or otherwise modified from time to time.

 

“Interest
Expense” means, with respect to a Person for any period of time (a) the interest expense whether paid, accrued or
capitalized (without deduction of consolidated interest income) of such Person for such period plus (b) in the case of the
Borrower, the Borrower’s Ownership Share of Interest Expense of its Unconsolidated Affiliates. Interest Expense shall exclude
any amortization of (i) deferred financing fees and (ii) debt discounts (but only to the extent such discounts do not exceed 3.0%
of the initial face principal amount of such debt).

 

“Interest
Period” means, with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in
the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such Loan, and ending 7 days
thereafter or on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower
may select in the Notice of Borrowing, a Notice of Continuation or a Notice of Conversion, as the case may be, except that
each Interest Period (other than an Interest Period having a duration of 7 days) that commences on the last Business Day of a
calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar
month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing:
(i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the
Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end
on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month,
on the immediately preceding Business Day).

 

    - 19 -

     

    

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended.

 

“Investment”
means, (x) with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person,
by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan,
advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any
Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase
or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business
or a division or operating unit of another Person and (y) with respect to any Property or other asset, the acquisition thereof.
Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such
Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any
covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

 

“Lead Arrangers”
has the meaning given that term in the introductory paragraph hereof.

 

“Lease”
means a (sub)lease of a Property, between the Borrower or a Subsidiary, as Lessor, and a Lessee.

 

“Lender”
means each financial institution from time to time party hereto as a “Lender,” together with its respective successors
and permitted assigns. Except as expressly provided herein, the term “Lender” shall exclude any Lender (and its Affiliates)
in its capacity as a Specified Derivatives Provider.

 

“Lending Office”
means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire
or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative
Agent in writing from time to time.

 

“Lessee”
means the (sub)lessee of a Property pursuant to a Lease, provided that (without the Administrative Agent’s approval) no such
(sub)lessee shall be an Affiliate of the Borrower (including, without limitation, RMR, or any Managing Trustee, but, subject to
compliance with Section 9.8., excluding (x) Five Star and any of its Subsidiaries at
any time Five Star or any such Subsidiary is an Affiliate and (y) any TRS), except during an interim period for Properties
which are foreclosed upon or repossessed upon lease terminations or otherwise by or on behalf of the Borrower or a Subsidiary.

 

“Letter
of Credit Liabilities” has the meaning given that term in the Existing Credit Agreement. 

 

“Level”
has the meaning given that term in the definition of the term “Applicable Margin.”

 

“LIBOR”
means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of
interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest
Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London
time) two Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus
the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency
funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of
Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to
which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which
includes loans by an office of any Lender outside of the United States of America). If, for any reason, the rate referred to
in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the
rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the
rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the
Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable
Interest Period for a period equal to such Interest Period. Any change in the maximum rate or reserves described in the
preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes
effective. If LIBOR determined as provided above would be less than fifty basis points (0.50%), LIBOR shall be deemed to be
fifty basis points (0.50%).

 

    - 20 -

     

    

 

“LIBOR Loan”
means a Loan (other than a Base Rate Loan), or any portion thereof, bearing interest at a rate based on LIBOR.

 

“LIBOR Market
Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest
Period determined at approximately 11:00 a.m. Eastern time for such day (rather than 11:00 a.m. (London time) two Business
Days prior to the first day of such Interest Period as otherwise provided in the definition of “LIBOR”), or if such
day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis.
If the LIBOR Market Index Rate determined as provided above would be

less than fifty basis points (0.50%), then
the LIBOR Market Index Rate shall be deemed to be fifty basis

points (0.50%).

 

“Lien”
as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed
of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease
Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect
of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under
which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to
the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors
of such Person; (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than
any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect
of a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its
equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other
assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien; and (d) any
agreement by such Person to grant, give or otherwise convey any of the foregoing.

 

“Liquidity”
means, at any time, the sum of (a) the aggregate  Revolving
Commitments of all “Revolving
Lenders” under and as defined in the Existing Credit Agreement
as of such date minus the outstanding principal balance of all Revolving Loans, Swingline Loans and Letter of Credit Liabilities
(as such terms are defined in the Existing Credit Agreement), plus (b) unrestricted
and unencumbered cash, in Dollars, solely owned by the Borrower and held in the United States.

 

“Loan”
means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a)(i) of the Existing
Term Loan Agreement or Section 2.15.

 

    - 21 -

     

    

             

                “Loan
Document” means this Agreement, each Note, the Borrower Letter, the Guaranty,
the Intercreditor Agreement, the Pledge Agreement, each other Security Document, and each other document or instrument
now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than
the Fee Letter and any Specified Derivatives Contract).

 

“Loan Party”
means each of the Borrower,
each Pledgor, and each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral
to secure all or a portion of the Obligations. Schedule 1.1. sets forth the Loan Parties
in addition to the Borrower as of the Agreement Date.

 

“Managed Property”
means a Property acquired by the Borrower or a Subsidiary as a result of, or in connection with, a foreclosure or repossession
(or consensual arrangement in lieu thereof).

 

“Managing
Trustee” means either Adam D. Portnoy or Jennifer B. Clark, both having a business address c/o RMR, or any duly appointed
successor thereto.

 

“Mandatorily
Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity
Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the
happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise
(other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests
at the option of the issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness
or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or part (other than an
Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests); in each case,
on or prior to the date that is ninety-one (91) days following the Termination Date.

 

“Marketable
Securities” means (a) bank deposits and certificates of deposit from a bank rated Baa1 or BBB+ or better by a Rating
Agency; (b) government obligations; and (c) commercial paper rated A1 or P1 by a Rating Agency.

 

“Material
Acquisition” means any acquisition (whether by direct purchase, merger or otherwise and whether in one or more related
transactions) by the Borrower or any Subsidiary in which the purchase price of the assets acquired exceed 5% of the consolidated
total assets of the Borrower and its Subsidiaries determined under GAAP as of the last day of the most recently ending fiscal quarter
of the Borrower for which financial statements are publicly available.

 

“Material
Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial
or otherwise), or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower
or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability
of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan
Documents or,
(e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith,
or (f) when used with respect to a Collateral Property, the use, value or operation of such Property.

 

“Material
Contract” means any contract or other arrangement (other than Loan Documents and Specified Derivatives Contracts), whether
written or oral, to which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance,
cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect, and in any
event shall include the Business Management Agreement and Property Management Agreement.

 

    - 22 -

     

    

 

“MIRE
Event” means (a) any increase, extension or renewal of any of the Loans (excluding any continuation or conversion of
Loans) or (b) any Collateral Property Addition.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Mortgage”
means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning an interest in real
estate granting a Lien on such interest in real estate as security for the payment of Indebtedness.

 

“Mortgage
Receivable” means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains
the rights of collection of all payments thereunder.

 

“Multiemployer
Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member
of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made
contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such six-year period.

 

“Negative
Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document, a Specified Derivatives Contract or a lease or related agreement between a TRS, as tenant, and the Borrower or another
Subsidiary, as landlord) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security
for Indebtedness of the Person owning such asset or any other Person; provided, however, that  (i)
an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios
that limit a Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or
the encumbrance of specific assets,  and (ii) negative pledge provisions
set forth in the Existing Credit Agreement on substantially the same terms as the provisions of Sections 7.14(d) and 9.2 hereof,
in each case, shall not constitute a Negative Pledge.

 

“Net
Operating Income” or “NOI” means, with respect to a Property, Adjusted EBITDA attributable to such
Property. In no event shall Net Operating Income for any Property be less than
$0.

  

“Net
Cash Proceeds” means the aggregate cash or cash equivalent proceeds received
by the Borrower or any of its Subsidiaries, or Borrower’s
Ownership Share of any cash or cash equivalents proceeds received by the Borrower or any Subsidiary from any Unconsolidated Affiliate,
in respect of any sale, assignment, transfer or other disposition of any kind of any asset, any capital markets transaction (including
the issuance of any Equity Interest, whether common, preferred or otherwise), or any debt or debt refinancing (whether secured
or unsecured), in each case, net of (a) customary direct costs incurred in connection therewith (including legal, accounting and
investment banking fees, and underwriting discounts and commissions), (b) taxes paid or payable as a result thereof, and (c) in
the case of any such sale, assignment, transfer or other disposition of an asset, amounts required to be applied to the repayment
of any Indebtedness secured by a Lien that has priority over any Lien in favor of the Administrative Agent on the asset subject
to such sale, assignment, transfer or disposition; provided, however, that “Net Cash Proceeds” shall not include
any cash or cash equivalent proceeds of any Stimulus Transaction.

 

“Net
Collateral Property Availability” means, as of any particular date, the difference of (a) the then Collateral Property
Availability minus (b) the outstanding principal amount of Loans as of such date.

 

“Net
Operating Income” means, for any Collateral Property at any date of its determination (without duplication and
determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from such
Collateral Property (including proceeds from rent loss or business interruption insurance (but not in excess of
the actual rent otherwise payable), determined in accordance with GAAP, but excluding rents and other contractually due
amounts not collected during the applicable period, minus (b) all expenses paid (excluding depreciation, amortization, other
non-cash expenses, interest expense, income tax expense, capital expenses and real estate acquisition costs and expenses, but
including appropriate adjustments to allocate property taxes and insurance premiums evenly over the applicable period)
related to the ownership, operation or maintenance of such Collateral Property, including but not limited to, ground rents,
property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses,
marketing expenses, and general and administrative expenses, in each case, which are the responsibility of the applicable
Subsidiary Guarantor that are not paid directly by the applicable tenant (including an appropriate allocation for legal,
accounting, advertising, marketing and other expenses incurred by such Guarantor in connection with such Collateral Property,
but specifically excluding any property management fees), minus (c) the Capital Expenditure Reserves for such Collateral
Property for the applicable period, minus (d) the greater of (i) the actual management fee paid during such period with
respect to such Collateral Property and (ii) three percent (3.00%) of the gross revenues of such Collateral Property.
In no event shall Net Operating Income for any Property be less than $0.

 

    - 23 -

     

    

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Domestic
Property” means a Property located outside a state, territory or commonwealth of the United States of America (including
without limitation Puerto Rico and the U.S. Virgin Islands) or the District of Columbia.

 

“Nonrecourse
Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment
(except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive
involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets
of such Person encumbered by a Lien securing such Indebtedness.

 

“Note”
means a promissory note of the Borrower substantially in the form of Exhibit F, payable to the order of a Lender in a principal
amount equal to the amount of such Lender’s Loan.

 

“Notice of
Borrowing” means a notice substantially in the form of Exhibit C (or such other form reasonably acceptable to the
Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent evidencing
the Borrower’s request for the borrowing of Loans.

 

“Notice of
Continuation” means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to
the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant
to Section 2.8. evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

 

“Notice of
Conversion” means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to the
Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant
to Section 2.9. evidencing the Borrower’s request for the Conversion of a Loan from
one Type to another Type.

 

“Obligations”
means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on,
all Loans and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other
Loan Parties owing to the Administrative Agent or any Lender of every kind, nature and description, under or in respect of
this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations,
whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and
whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include
Specified Derivatives Obligations.

 

    - 24 -

     

    

 

“Off-Balance
Sheet Obligations” means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of
 “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities
Act) which the Borrower would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” section of the Borrower’s report on Form 10-Q or Form 10-K (or their equivalents)
which the Borrower is required to file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor).

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Existing
Term Loan Agreement” means that certain Term Loan Agreement dated as of May 30, 2014 by and among the Borrower, the financial
institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties thereto.

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 4.6.).

 

“Ownership
Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated
Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed
as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) subject to compliance with Section 8.4.(r),
such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated
Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation,
articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary
or Unconsolidated Affiliate.

 

“Pari
Passu Guaranteed Obligations” means all Guaranteed Obligations and all “Guaranteed Obligations” as defined
in the Existing Credit Agreement.

 

“Pari
Passu Obligations” means all Obligations and all “Obligations” as defined in the Existing Credit Agreement.

 

“Participant”
has the meaning given that term in Section 12.5.(d).

 

“Participant
Register” has the meaning given that term in Section 12.5.(d).

 

    - 25 -

     

    

 

“Patriot Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any successor agency.

 

“Permitted
Capital Expenditures” has the meaning given that term in Section 9.12(b).

 

“Permitted
Liens” means, as to any Person: (a) Liens securing (x) taxes, assessments and other charges or levies imposed by
any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA) or (y) the claims of materialmen,
mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business,
in each case, (i) which are not at the time required to be paid or discharged under Section 7.6.,
or (ii) if such Lien is the responsibility of a financially responsible tenant, mortgagor or manager to discharge, or (iii)
in the case of a Senior Housing Asset or Senior Housing Asset Pool, when considered in the aggregate with all other Liens on such
Senior Housing Asset (or Senior Housing Asset Pool), which Lien does not materially detract from (A) if the Senior Housing Asset
subject to such Lien is part of a Senior Housing Asset Pool, the value of such Senior Housing Asset Pool, or (B) if the Senior
Housing Asset subject to such Lien is not part of a Senior Housing Asset Pool, the value of such Senior Housing Asset; (b) Liens
consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations
under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances
in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not
materially detract from the value of such property or impair the use thereof in the business of such Person and, in the case of
the Borrower or any Subsidiary, Liens granted by any tenant on its leasehold estate in a Property which are subordinate to the
interest of the Borrower or a Subsidiary in such Property; (d) Liens in existence as of the Agreement Date and set forth in
Part II of Item 6.1.(f) of the Borrower Letter; (e) deposits to secure trade contracts (other than for Indebtedness), statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course
of business; (f) the lessor’s interest in property leased to the Borrower or any of its Subsidiaries pursuant to a lease
permitted by this Agreement; (g) the interests of tenants, operators or managers of Properties; (h) Liens on any assets
of a TRS in favor of the Borrower or any other Subsidiary; (i) Liens in favor of the AdministrativeCollateral
Agent for the benefit of the Lenders and the Specified Derivatives Providers pursuant to the Loan
Documentsholders of Pari Passu Guaranteed Obligations;
(j) Liens required under Applicable Law, or by any Governmental Authority, as a condition to ownership or operation of Senior Housing
Assets; (k) Liens which are also secured by restricted cash or Cash Equivalents of equal or greater value; (l) Liens securing
judgments not constituting an Event of Default under Section 10.1.(h); (m) Liens (i) of a collection bank arising
under Section 4-210 of the UCC on items in the course of collection, (ii) attaching to commodity trading accounts
or other commodities brokerage accounts incurred in the ordinary course of business, and (iii) in favor of a banking or other
financial institution arising as a matter of law or under customary general terms and conditions encumbering deposits (including
the right of set-off) and which are within the general parameters customary in the banking industry; (n) Liens (i) on
earnest money deposits in connection with purchases and sales of properties, (ii) on cash advances in favor of the seller
of any property to be acquired in an Investment permitted pursuant to this Agreement, or (iii) consisting of an agreement
to dispose of any property; (o) Liens in favor of the Borrower or any of its Subsidiaries; and (p) Liens arising from
precautionary UCC financing statement filings regarding operating leases entered into by the Borrower or any of its Subsidiaries
in the ordinary course of business.

 

“Permitted
Restricted Payments” has the meaning given that term in Section 9.12(c).

 

    - 26 -

     

    

 

       “Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company,
limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other
organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.

 

“Plan”
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to,
by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six
years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any
Person which was at such time a member of the ERISA Group.

 

“Pledge
Agreement” means the Pledge Agreement, executed and delivered by the applicable Loan Parties on the Second Amendment
Effective Date in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations, together with
each joinder agreement and supplement executed and delivered in connection therewith, as the same may be amended, restated, supplemented,
or otherwise modified from time to time.

 

“Pledged
Interests” has the meaning given that term in the Pledge Agreement.

 

 “Pledgor”
means any Person that is party to the Pledge
Agreement as a “Pledgor”.

 

“Post-Amendment
Period Compliance Date” means the earlier to occur of (i) the date upon which the Borrower delivers to the Administrative
Agent a Compliance Certificate in accordance with Section 8.3 evidencing compliance with each of the covenants set forth in Section 9.1
as of September 30, 2022, and (ii) following the Amendment Period Termination Date, the date upon which the Borrower delivers to
the Administrative Agent evidence reasonably satisfactory to the Administrative Agent demonstrating the Borrower’s pro forma
compliance with each of the covenants set forth in Section 9.1 (each as adjusted pursuant to the last paragraph of Section
9.1) using pro forma projections based upon results through the most recently ended period for which such financial information
is available to the Borrower. 

 

“Post-Default
Rate” means, in respect of any principal of any Loan or any other Obligation, a rate per annum equal to the Base Rate
as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%).

 

“Preferred
Dividends” means, for any given period and without duplication, all Restricted Payments accrued or paid (and in the case
of Restricted Payments paid, which were not accrued during a prior period) during such period on Preferred Stock issued by the
Borrower or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity
Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests; (b) paid or payable
to the Borrower or a Subsidiary; or (c) constituting or resulting in the redemption of Preferred Stock, other than scheduled
redemptions not constituting balloon, bullet or similar redemptions in full.

 

“Preferred
Stock” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority
over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation
or both.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Lender acting as the Administrative
Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change
in such prime rate occurs. The

rate announced publicly by the Administrative
Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers
or other banks.

 

    - 27 -

     

    

 

“Principal
Office” means the office of the Administrative Agent located at 608 Second Ave. South, 11th Floor, Minneapolis,
Minnesota 55402, or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written
notice to the Borrower and the Lenders.

 

“Property”
means any parcel of real property and related personal property, either owned in fee simple or leased pursuant to a ground lease
by the Borrower, any Subsidiary or any Unconsolidated Affiliate. With respect to a mortgage note or other promissory note secured
by real property, the term Property means each parcel of real property, and related personal property, securing such mortgage note
or other promissory note.

 

“Property
Management Agreement” means that certain Second Amended and Restated Property Management
Agreement dated as of June 5, 2015, as amended to date, by and between RMR and the Borrower, on behalf of itself and its Subsidiaries.

 

“Property
Management Contract Assignment” means an Assignment and Subordination of Management
Agreement executed by a Loan Party in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed
Obligations, in form and substance reasonably satisfactory to the Administrative Agent. Such
document may, at the Administrative Agent’s election, constitute a subordination of the Property Management Agreement rather
than an assignment thereof.

 

“Pro
Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) (i)
the amount of such Lender’s Revolving Commitment plus (ii) the amount of outstanding
Loans held by such Lender to (b) (i) the aggregate amount of the Revolving Commitments
of all Lenders plus (ii) the aggregate amount of all outstanding Loans; provided, however, that if at the time of determination
the Revolving Commitments have terminated or been reduced to zero, the “Pro Rata
Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of (x) the unpaid principal amount of
all outstanding Revolving Loans, Swingline Loans and Letter of Credit Liabilities owing to such Lender as of such date plus (y)
the unpaid principal amount of all outstanding Loans owing to such Lender as of such date to (B) the sum of (x) the aggregate unpaid
principal amount of all outstanding Revolving Loans, Swingline Loans and Letter of Credit Liabilities of all Lenders as of such
date plus (y) the aggregate unpaid principal amount of all outstanding Loans as of such date. For purposes of this definition,
a Lender (other than the applicable Swingline Lender with respect to such Swingline Loan) shall be deemed to hold a Swingline Loan
and a Lender (other than the applicable Issuing Bank (as defined in the Existing Credit Agreement) with
respect to such Letter of Credit) shall be deemed to hold a Letter of Credit Liability, in each case, to the extent such Lender
has acquired a participation therein under the terms of the Existing Credit Agreement and has not failed to perform its obligations
in respect of such participation. If at the time of determination the Revolving Commitments
have terminated and there are no outstanding Loans or Letter of Credit Liabilities, then the Pro Rata Shares of the Lenders shall
be determined as of the most recent date on which Revolving Commitments were in effect
or Loans or Letters of Credit Liabilities were outstanding. For purposes of this definition, the term “Lender” shall
be deemed to include, without duplication, each Lender in its capacities as a Lender hereunder and as a Revolving Lender, as applicable,
and each Revolving Lender in its capacities as a Revolving Lender and as a Lender hereunder, as applicable.

 

“Protective
Advance” means all sums expended as determined by the Collateral Agent to be
necessary or appropriate after the Borrower or any other Loan Party fails to do so when required: (a) to protect the
validity, enforceability, perfection or priority of the Liens in any of the Collateral and the instruments evidencing the
Pari Passu Guaranteed Obligations; (b) to prevent the value of any Collateral from being materially
diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to
lose value); or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including,
without limitation, any amounts expended in connection therewith in accordance with Section 11.10 or 12.2.

 

    - 28 -

     

    

 

“QFC Credit
Support” has the meaning given that term in Section 12.23.

 

“Qualified
Collateral Property Sale” means a sale of any Collateral Property (or 100% of the ownership interests therein) to an
unaffiliated third party purchaser (excluding, for the avoidance of doubt, any Affiliate of the Borrower or any Subsidiary of the
Borrower) on arms’-length terms, which sale and the terms thereof shall be reasonably acceptable to the Administrative Agent
in all respects. 

 

 “Qualified
Notes Issuance” means any issuance by the Borrower of unsecured notes with an
initial term of at least three (3) years (and in any event
not sooner than 91 days prior to the Termination Date (as defined in the Existing Credit Agreement)), and in respect of which
no scheduled principal repayments or other mandatory prepayments are required
to be paid, nor will be paid, by the Borrower within the first three (3) years (and
in any event not sooner than 91 days prior to the Termination Date (as defined in the Existing Credit Agreement)) following the
date of issuance thereof.

 

“Qualified
Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue
Code.

 

“Rating Agency”
means S&P, Moody’s or any other nationally recognized securities rating agency selected by the Borrower and approved
of by the Administrative Agent in writing.

 

“Recipient”
means the Administrative Agent and any Lender, as applicable.

 

“Register”
has the meaning given that term in Section 12.5.(c).

 

“Regulatory
Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including
without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such
date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable
Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental
Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any
request or directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date
enacted, adopted, implemented or issued.

 

“REIT”
means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

 

“RMR”
means The RMR Group LLC, together with its successors and permitted assigns.

 

“RMR Inc.”
means The RMR Group Inc., a Maryland corporation, together with its successors and permitted assigns.

 

    - 29 -

     

    

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Requisite
Lenders” means, as of any date, Lenders holding more than 50% of the principal amount of the aggregate outstanding Loans;
provided, that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded
and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term
 “Requisite Lenders” shall in no event mean less than two Lenders.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK

Financial Institution, a UK Resolution
Authority.

 

“Responsible
Officer” means (a) with respect to the Borrower, the Borrower’s President or Treasurer or any Managing Trustee
of the Borrower and (b) with respect to any other Loan Party, such Loan Party’s chief executive officer or chief financial
officer.

 

“Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of
the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend or distribution payable solely in shares
of that class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking
fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any Equity Interest of the
Borrower or any of its Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender
of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower or any of its Subsidiaries
now or hereafter outstanding.

 

“Revolving
Commitment” has the meaning given to the defined term “Commitment” in the Existing Credit Agreement.

 

“Revolving
Lender” has the meaning given to the defined term “Lender” in the Existing Credit Agreement.

 

“Revolving
Administrative Agent” means Wells Fargo Bank, National Association, as administrative agent under the Existing Credit
Agreement or any successor thereto acting in such capacity. 

 

“Revolving
Loan Documents” has the meaning given to the defined term “Loan Documents” in the Existing Credit Agreement.

 

“Revolving
Loans” has the meaning given to the defined term “Loans” in the Existing Credit Agreement.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself (or whose government is) the subject or target
of any Sanctions (including, as of the Effective Date, Cuba, Iran, North Korea, Syria and Crimea).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
OFAC (including OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN
List), the U.S. Department of State, the United Nations Security Council, the European Union, any European member state, Her
Majesty’s Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a
Sanctioned Country, (c) any Person owned or controlled by, or acting or purporting to act for or on behalf of, directly
or indirectly, any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a
Sanctions target based on the ownership of such legal entity by Sanctioned Person(s) or (d) any Person otherwise a target of
Sanctions, including vessels and aircraft, that are designated under any Sanctions program.

 

    - 30 -

     

    

 

“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and
anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government
(including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union,
any European member state, Her Majesty’s Treasury, or other relevant sanctions authority in any jurisdiction (a) in which
the Borrower or any of its Subsidiaries or Affiliates is located or conducts business, (b) in which any of the proceeds of the
Loans will be used, or (c) from which repayment of the Loans will be derived.

 

“Second
Amendment” means that certain Second Amendment to Amended and Restated Credit Agreement, dated as of January 29, 2021,
among the Borrower, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

 

“Second
Amendment Effective Date” has the meaning given that term in the Second Amendment.

 

“Secured
Indebtedness” means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness
of such Person outstanding on such date and that is secured in any manner by any Lien on any property and, in the case of the
Borrower and its Subsidiaries, shall include (without duplication) the Borrower’s Ownership Share of the Secured Indebtedness
of its Unconsolidated Affiliates. For the avoidance of doubt, at all
times following the delivery of any Security Instrument and for so long as any Security Instrument is required to secure any Pari
Passu Guaranteed Obligations in accordance with the terms of this Agreement and/or the Existing Credit Agreement, all Indebtedness
under the Loan Documents and the Revolving Loan Documents shall constitute Secured Indebtedness.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.

 

“Security
Documents” means, collectively, the Pledge Agreement, any Security Instrument, any Property Management Contract Assignment,
and any other security agreement, pledge agreement, financing statement, or other document, instrument or agreement creating, evidencing
or perfecting the Liens granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations, in
any of the Collateral, including, without limitation, any assignment of leases and rents and any collateral assignment of reciprocal
easement agreements, tax credit or abatement program, architectural and construction related contracts, permits, or licenses, in
each case, to the extent the Administrative Agent determines applicable or appropriate.

 

 “Security
Instrument” means a mortgage, deed of trust, deed
to secure debt, or equivalent instrument executed by a Subsidiary
of the Borrower in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations,
in form and substance satisfactory to the Administrative Agent.

 

“Senior
Housing Asset” means any Property on which the improvements consist only of one or more of the following:
(a) senior residences, (b) independent living facilities, (c) congregate communities, (d) assisted living
facilities, (e) nursing homes, (f) hospitals and (g) other Property primarily used for senior citizen residences or
health care services, together with other improvements incidental thereto.

 

    - 31 -

     

    

 

“Senior Housing
Asset Pool” means any group of two or more Properties, substantially all of the value of which is attributable to Senior
Housing Assets, that are (a) leased to a Lessee pursuant to a single Lease, (b) leased pursuant to Leases that are cross-defaulted
(as to defaults by Lessee) and which the Borrower has designated in a notice to the Administrative Agent (which designation has
not been withdrawn by the Borrower) to be a Senior Housing Asset Pool, or (c) Managed Properties managed under one management
agreement (or multiple management agreements with the same or affiliated managers that are cross-defaulted) and which the Borrower
has designated in a notice to the Administrative Agent (which designation has not been withdrawn by the Borrower) to be a Senior
Housing Asset Pool.

 

“Solvent”
means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any
Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including
all contingent liabilities computed at the amount which, in light of all facts and circumstances existing at such time, represents
the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its
debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to
carry on its business and all business in which it proposes to be engaged.

 

“Specified
Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating thereto,
that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer
or otherwise, between the Borrower or any Subsidiary of the Borrower and any Specified Derivatives Provider.

 

“Specified
Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the Borrower or its
Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due
or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation.

 

“Specified
Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a party to a Derivatives Contract at the
time the Derivatives Contract is entered into.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services, LLC business, or any successors.

 

“Stimulus
Transaction” means any loans, equity investments, grants or other transactions pursuant to which the Borrower, any of
its Subsidiaries or any Unconsolidated Affiliate thereof receives funds in connection with any federal COVID-19 stimulus legislation,
including, without limitation, any loan made pursuant any program implemented by the “Coronavirus Aid, Relief, and Economic
Security Act” or the “CARES Act”, or any similar program now or hereafter in effect.

 

“Subsidiary”
means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of
the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals
performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the
occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries
of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which
are consolidated with those of such Person pursuant to GAAP.

 

    - 32 -

     

    

 

“Supplemental
Indenture” means the Supplemental Indenture No. 6, dated as of December 8, 2011, supplemental to the Indenture dated
as of December 20, 2001 between the Borrower and U.S. Bank National Association, as trustee.

 

“Supported
QFC” has the meaning given that term in Section 12.23.

 

“Swing
Line Loans” has the meaning given that term in the Existing Credit Agreement.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Termination
Date” means September 28, 2022.

 

“Titled
Agent” has the meaning given that term in Section 11.9.

 

“Title
Insurance Company” means (i) First American Title Insurance Company or (ii) any other title company reasonably acceptable
to the Administrative Agent.

 

 “Title
Policy” means, with respect to each Collateral Property, an ALTA standard form title insurance policy (or, if such form
is not available, an equivalent, legally promulgated form of mortgagee title insurance policy reasonably acceptable to the Administrative
Agent) issued by a Title Insurance Company (with such co-insurance or reinsurance as the Administrative Agent may require) in an
amount as the Administrative Agent may reasonably require based on the As-Is Appraised Value of such Collateral Property insuring
the priority of the Security Instrument thereon and that the Borrower or a Loan Party, as applicable, holds marketable or indefeasible
(with respect to Texas) fee simple (or leasehold, if applicable) title to such parcel, subject only to encumbrances reasonably
acceptable to the Administrative Agent and which shall not contain standard exceptions for mechanics liens, persons in occupancy
(other than tenants as tenants only under tenant leases with no rights of purchase) or matters which would be shown by a survey,
shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to
the Administrative Agent in its reasonable discretion, and
shall contain such endorsements and affirmative insurance as the Administrative Agent may reasonably require to the extent available
in the jurisdiction in which such Collateral Property is located, including, but not limited to, an aggregation endorsement to
the extent available in the jurisdiction in which such Collateral Property is located, but may exclude, in any event, affirmative
coverage for preferential transfers.

 

“Total
Asset Value” means the sum of the following (without duplication) of the Borrower and its Subsidiaries for the
period of four fiscal quarters most recently ended (or for such other period as provided in the last paragraph of Section
9.1): (a) with respect to all Properties owned (or leased pursuant to a Ground Lease) by the Borrower or any Subsidiary at
all times during the applicable test period, (i) Adjusted EBITDA attributable to such Properties for the applicable test
period (annualized, to the extent provided in the last paragraph of Section 9.1), divided by (ii) the applicable
Capitalization Rate; (b) the purchase price paid for any Property acquired during the applicable test period (less any
amounts paid as a purchase price adjustment, held in escrow, retained as a contingency reserve, or other similar arrangements
and prior to allocations of property purchase prices pursuant to Statement of FASB ASC 805 and the like); (c) the value of
the Borrower’s equity Investments in RMR Inc. and Five Star as of the end of the applicable test period, such value
determined at Fair Market Value; (d) all Marketable Securities, cash and Cash Equivalents; (e) the book value of
all Assets Under Development as of the end of the applicable test period; (f) the book value of all Mortgage
Receivables, and all other promissory notes secured by a Lien on any Property, as of the end of the applicable test period;
and (g) the Borrower’s Ownership Share of the preceding items (other than those referred to in clause (c)) of any
Unconsolidated Affiliate of the Borrower. For purposes of determining Total Asset Value, to the extent the amount of Total
Asset Value attributable to (w) Unconsolidated Affiliates would exceed 20.0% of Total Asset Value, (x) Assets Under
Development (determined as the aggregate Construction Budget for all such Assets Under Development) would exceed 10.0% of
Total Asset Value, (y) Mortgage Receivables would exceed 10.0% of Total Asset Value and (z) Unimproved Land would exceed 5.0%
of Total Asset Value, in each case, such excess shall be excluded. To the extent that the value of the Borrower’s
equity Investments in RMR Inc. and Five Star would in the aggregate account for more than 3.0% of Total Asset Value, such
excess shall be excluded. Notwithstanding the foregoing, for purposes of determining Total Asset Value at any time,
(i) the Borrower may, in addition to the Properties referred to in the immediately preceding clause (b), include
the purchase price paid for any Property acquired during the period following the end of the fiscal quarter most recently
ended through the time of such determination (less any such amounts paid during such period as a purchase price adjustment or
held in escrow at the time of such determination, retained as a contingency reserve at the time of such determination, or
subject to other similar arrangements at the time of such determination) and (ii) for purposes of the immediately
preceding clause (d), the amount of Marketable Securities, cash, and Cash Equivalents shall be calculated as of such
date of determination rather than as of the end of the applicable test period most recently ended.

 

    - 33 -

     

    

 

“Total Indebtedness”
means, as of a given date, all liabilities of the Borrower and its Subsidiaries which would, in conformity with GAAP, be properly
classified as a liability on a consolidated balance sheet of the Borrower and its Subsidiaries as of such date (excluding allocations
of property purchase prices pursuant to FASB ASC 805 and the like), and in any event shall include (without duplication): (a) all
Indebtedness of the Borrower and its Subsidiaries, (b) the Borrower’s Ownership Share of Indebtedness of its Unconsolidated
Affiliates, and (c) net obligations of the Borrower and its Subsidiaries under any Derivatives Contracts not entered into
as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof.

 

“Total
Unencumbered Assets” means, as of any date, the sum of (i) Undepreciated Real Estate Assets not securing any portion
of Secured Debt and (ii) the amount of all other assets of the Borrower and its Subsidiaries not securing any portion of Secured
Debt, in each case on such date determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and
intangibles); provided that, any joint venture interests shall be excluded from the calculation of Total Unencumbered Assets. For
purposes of this definition, “Undepreciated Real Estate Assets” and “Secured Debt” shall have the meanings
assigned thereto in the definition of “Amendment Period Incurrence Conditions”.

 

“Trading with
the Enemy Act” has the meaning given to that term in Section 6.1.(y).

 

“TRS”
means any direct or indirect Subsidiary of the Borrower that is classified as a “taxable REIT subsidiary” under Section
856(l) of the Internal Revenue Code.

 

“Type”
with respect to any Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in any applicable jurisdiction.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of
the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

    - 34 -

     

    

 

“UK Resolution
Authority” means the Bank of England or any other public administrative

authority having responsibility for the
resolution of any UK Financial Institution.

 

“Unconsolidated
Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment
is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would
not be consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person.
Notwithstanding the foregoing, neither of RMR Inc. and Five Star shall be considered to be an Unconsolidated Affiliate of the Borrower
or any of its Subsidiaries.

 

“Unencumbered
Asset” means each Property that satisfies all of the following requirements: (a) such Property is (i) owned in
fee simple solely by the Borrower or a Wholly Owned Subsidiary or (ii) leased solely by the Borrower or a Wholly Owned
Subsidiary pursuant to a Ground Lease; (b) such Property is not an Asset Under Development and is in service; (c) neither
such Property, nor any interest of the Borrower or such Subsidiary therein, is subject to any Lien (other than Permitted
Liens of the types described in clauses (a) through (c) and (e) through (j) of the definition thereof) or to any Negative
Pledge other than Negative Pledges permitted under Sections 9.2.(b)(iii) and (iv); (d)
regardless of whether such Property is owned or leased by the Borrower or a Subsidiary, the Borrower has the right directly,
or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person:
(i) to create Liens on such Property (or its leasehold interest therein, as applicable) as security for Indebtedness of
the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (or its
leasehold interest therein, as applicable); (e) neither such Property, nor if such Property is owned by a Subsidiary, any of
the Borrower's direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien (other than
Permitted Liens of the types described in clauses (a) through (c) or (e) through (j) of the definition thereof) or
(ii) any Negative Pledge other than Negative Pledges permitted under Sections 9.2.(b)(iii)
and (iv); (f) such Property is free of structural defects or major architectural deficiencies, title defects, environmental
conditions or other adverse matters which, individually or collectively, materially impair the value of such Property; and (g)
any Lessee of more than a majority of the leasable space in such Property is not more than 120 days past due with respect to
any fixed rental payment obligations under any Lease for such Property; (h) such Property
(i) has been designated by the Borrower as an “Unencumbered Asset” on Item 6.1.(z) of the Borrower Letter or on
an Unencumbered Asset Certificate delivered by the Borrower to the
Administrative Agent and (ii) has not been removed voluntarily by the Borrower from
 “Unencumbered Assets”. Notwithstanding the immediately preceding sentence, a Property owned by a
Foreign Subsidiary will be considered to be an Unencumbered Asset so long as: (1) such Property is (i) owned in fee
simple (or the legal equivalent in the jurisdiction where such Property is located) by such Foreign Subsidiary or
(ii) leased solely by such Foreign Subsidiary pursuant to a long-term lease having terms and conditions reasonably
acceptable to the Administrative Agent; (2) all of the issued and outstanding Equity Interests of such Foreign
Subsidiary are legally and beneficially owned by one or more of the Borrower and Wholly Owned Subsidiaries; (3) such
Foreign Subsidiary has no Indebtedness other than (x) Nonrecourse Indebtedness and (y) other Indebtedness in an
aggregate outstanding principal amount of less than 2.0% of the value of the assets of such Foreign Subsidiary (such value to
be determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of
Total Asset Value, in a manner acceptable to the Administrative Agent); (4) neither such Property, nor any interest of
such Foreign Subsidiary therein, is subject to any Lien (other than Permitted Liens of the types described in
clauses (a) through (c) or (e) through (j) of the definition thereof) or to any Negative Pledge other than Negative
Pledges permitted under Sections 9.2.(b)(iii) and (iv); and (5) such Property
satisfies the requirements set forth in the immediately preceding clauses (b), (c), (d), (e), (f) and (g). In addition, a
Senior Housing Asset Pool or the portion thereof comprised of Properties which are individually Unencumbered Assets shall
constitute an Unencumbered Asset for purposes of this Agreement.

 

    - 35 -

     

    

 

“Unencumbered
Asset Certificate” has the meaning given that term in Section 8.3.

 

“Unencumbered
Asset Value” means on any date of determination, the sum
of: (a) the product of (i) Net Operating Income for the period of four fiscal quarters most recently ended (or for such other period
as provided in the last paragraph of Section 9.1) attributable to Unencumbered Assets owned or leased by the Borrower or any Subsidiary
at all times during the applicable test period (annualized, to the extent provided in the last paragraph of Section 9.1), divided
by (ii) the applicable Capitalization Rate; (b) the value of the Equity Interests in each of RMR Inc. and
Five Star owned by the Borrower, such value determined at Fair Market Value, so long as such Equity Interests are not subject to
any Liens (other than Permitted Liens of the types described in clauses (a)
through (c) or clauses (e) through (j) of the definition thereof) or to any Negative Pledge (other
than a Negative Pledge permitted under clause (iii) of Section 9.2.(b)); (c) unrestricted cash and Cash Equivalents and unencumbered
Marketable Securities of the Borrower and its Subsidiaries so long as neither such cash, Cash Equivalents and Marketable Securities,
nor, if any such cash, Cash Equivalents or Marketable Securities are owned by a Subsidiary, any
of the Borrower’s direct or indirect ownership interest in such Subsidiary, are subject to
any Liens (other than Permitted Liens of the types described in clauses (a) through (c) and (e) through (j) of the definition thereof)
or any Negative Pledge (other than a Negative Pledge permitted under clause (iv) of Section 9.2.(b)); and (d) the purchase price
paid for any Unencumbered Asset acquired during the applicable test period (less any amounts paid as a purchase price adjustment,
held in escrow, retained as a contingency reserve, or other similar arrangements). To the extent that the value of the Equity Interests
of RMR Inc. and Five Star owned by the Borrower would in the aggregate account for more than 3.0% of Unencumbered Asset Value,
such excess shall be excluded. In addition, to the extent that the amount of Unencumbered Asset Value attributable to (x) Senior
Housing Assets leased pursuant to a Ground Lease would constitute more than 20.0% of Unencumbered Asset Value, such excess shall
be excluded and (y) Non-Domestic Properties would constitute more than 10.0% of Unencumbered Asset Value, such excess shall be
excluded. Notwithstanding the foregoing, for purposes of determining Unencumbered Asset Value at any time, the Borrower may, in
addition to the Net Operating Income referred to in the immediately preceding clause (a)(i), include the Net Operating Income of
any Unencumbered Asset acquired during the period following the end of the applicable test period most recently ended through such
time of determination on a pro forma basis reasonably acceptable to the Administrative Agent.

 

“Unencumbered
NOI” means, for any given period, the sum of (a) the aggregate NOI attributable to all Unencumbered Assets for such period
and (b) cash dividends received by the Borrower or any of its Subsidiaries from
RMR Inc. and Five Star during such period. 

 

“Unimproved
Land” means land on which no development (other than improvements that are not material and are temporary in nature)
has occurred.

 

“Unsecured
Debt Service” means, for a given period,
Debt Service for such period with respect to Unsecured Indebtedness  any
Debt of the Borrower andor
its Subsidiaries  which is not Secured Debt (as such terms are defined
in the definition of “Amendment Period Incurrence Conditions”).

 

“Unsecured
Indebtedness” means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness
of such Person outstanding at such date that is not Secured Indebtedness (excluding Indebtedness associated with Unconsolidated
Affiliates that is not Guaranteed by the Borrower or any of its Subsidiaries) and in the case of the Borrower shall include (without
duplication) Indebtedness that does not constitute Secured Indebtedness. Indebtedness secured solely by a pledge of Equity Interests
in a Subsidiary owning one or more Properties which is also recourse to the Borrower or a Subsidiary shall not be treated as Secured
Indebtedness.

 

    - 36 -

     

    

 

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal
Revenue Code.

 

“U.S. Special
Resolution Regimes” has the meaning given that term in Section 12.23.

 

“Wells Fargo”
means Wells Fargo Bank, National Association, and its successors and assigns.

 

“Wholly Owned
Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case
of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned and controlled by such Person
or one or more other Subsidiaries of such Person.

 

“Withdrawal
Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable.

 

“Write-Down
and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

Section 1.2. General; References to Eastern
Time.

 

Unless otherwise
indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP in effect
as of the Agreement Date. Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair
value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair
value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and
Financial Liabilities) or other standards of the Financial Accounting Standards Board allowing entities to elect fair value
option for financial liabilities. References in this Agreement to “Sections”, “Articles”,
 “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless
otherwise indicated. references in this Agreement to any document, instrument
or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all
documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and
(c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented,
restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect
at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall
include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine,
the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a
Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference
to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for
convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references
to time are references to Eastern time, daylight savings or standard, as applicable.

 

    -37- 

     

    

 

Section 1.3. Rates.

 

The
Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the
administration, submission or any other matter related to the rates in the definition of “LIBOR” or with respect
to any rate that is an alternative or replacement for or successor to any such rate or the effect of any of the
foregoing.

 

Section 1.4. Divisions.

 

For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different
jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to
the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized
on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE
II. Credit Facility

 

Section 2.1. Loans.

 

(a)       Loans.
Pursuant to the Existing Term Loan Agreement each Lender (or its successor) made a Loan to the Borrower, the outstanding principal
amount of which on the Effective Date is set forth on Schedule I. The Borrower may not reborrow any portion of a Loan once repaid.
Additional Loans shall be made in accordance
with Section 2.15.

 

(b)       Loan
Reallocation. The Administrative Agent, the Borrower, each Lender (including any Lender who was not a “Lender”
under the Existing Term Loan Agreement immediately prior to giving effect hereto, each such Lender, an “Additional Lender”)
agree that upon the effectiveness of this Agreement, the outstanding principal amount of such Lender’s Loan is as set forth
on Schedule I attached hereto. Simultaneously with the effectiveness of this Agreement, the principal amount of all outstanding
Loans shall be reallocated among the Lenders in accordance with their respective Loans (determined in accordance with the amount
of each such Lender’s Loan set forth on Schedule I attached hereto). In order to effect such reallocations, any Additional
Lender and each other Lender whose Loan exceeds its “Loan” under the Existing Term Loan Agreement immediately prior
to the effectiveness of this Agreement (each, an “Assignee Lender”) shall be deemed to have purchased at par a portion
of all right, title and interest in, and all obligations in respect of, the “Loan” under the Existing Term Loan Agreement
of any “Lender” under the Existing Term Loan Agreement which shall cease to be a Lender hereunder and each Lender whose
Loan will be less than its “Loan” under the Existing Term Loan Agreement immediately prior to the effectiveness of
this Agreement (each, an “Assignor Lender”) so that the outstanding principal amount of the Loan of each Lender will
be as set forth on Schedule I attached hereto. Such purchases shall be deemed to have been effected by way of, and subject to the
terms and conditions of, Assignment and Assumptions without the payment of any related assignment fee, and, except for replacement
Notes to be provided to the Assignee Lenders and, if applicable, the Assignor Lenders, in the principal amounts of their respective
Loans upon the effectiveness of this Agreement, no other documents or instruments shall be, or shall be required to be, executed
in connection with such assignments (all of which are hereby waived). The Assignee Lenders shall make the proceeds of such purchases
available to the Administrative Agent which shall then make such amounts of the proceeds of such purchases available to the Assignor
Lenders as is necessary to purchase in full at par the Loan owing to the Assignor Lender.

 

    -38- 

     

    

 

Section 2.2. [Intentionally Omitted].

 

Section 2.3. [Intentionally Omitted].

 

Section 2.4. Rates and Payment of Interest
on Loans.

 

(a)       Rates.
The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount
of the Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date
such Loan shall be paid in full, at the following per annum rates:

 

(i)       during
such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin for
Base Rate Loans; and

 

(ii)       during
such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin
for LIBOR Loans.

 

Notwithstanding the foregoing, while an
Event of Default exists, the Borrower shall pay to the Administrative Agent for the account of each Lender interest at the Post-Default
Rate on the outstanding principal amount of the Loan made by such Lender and on any other amount payable by the Borrower hereunder
or under the Note held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest
to the extent permitted under Applicable Law).

 

(b)       Payment
of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) monthly
in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and
(ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration
or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the
Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes,
absent manifest error.

 

(c)       Borrower
Information Used to Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations
and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or
other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is
subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because
of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable
interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided,
then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information.
The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due because of such
recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of
each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by
this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative
Agent’s or any Lender’s other rights under this Agreement.

 

Section 2.5. Number of Interest Periods.

 

There may be no more
than 3 different Interest Periods outstanding at the same time.

 

    -39- 

     

    

 

Section 2.6. Repayment of Loans.

 

The Borrower shall
repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Termination Date.

 

Section 2.7. Prepayments.

 

(a)       Optional.
Subject to Section 4.4., and except as otherwise provided in the immediately following subsection
(c), the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative Agent
at least three (3) Business Days prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans shall be
in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.

 

(b)       No
Effect on Derivatives Contracts. No prepayment of the Loans pursuant to this Section or otherwise shall affect any of the Borrower’s
obligations under any Derivatives Contract entered into with respect to any of the Loans.

 

(c)       Prepayment
Premium. During the periods set forth below, the Borrower may only prepay the Loans, in whole or in part, at the prices (expressed
as percentages of the principal amount of such Loans to be prepaid) set forth below, plus accrued and unpaid interest, if any,
to the date of payment:

 

	Period	Percentage
	September 28, 2015 to and including September 28, 2016	102.0%
	September 29, 2016 to and including September 28, 2017	101.0%
	All times after September 28, 2017	100.0%

 

The
Borrower acknowledges and agrees that the amounts payable by it under this Section in connection with the prepayment of the Loans
is a reasonable calculation of the lost profits of the Lenders in view of the difficulties and impracticality of determining actual
damages resulting from the prepayment of such Loans.

 

 (d)        Mandatory.

 

 (i)        Amendment
Period. No later than the third Business Day following the date of receipt by the Borrower, any of its Subsidiaries or Unconsolidated
Affiliates of any Net Cash Proceeds at any time during the
Amendment Period, the Borrower shall (to the extent any Obligations
remain outstanding) (A) give the Administrative Agent written notice of the receipt of such Net Cash Proceeds and (B) pay to the
Revolving Administrative Agent one hundred percent (100%) of all such Net Cash Proceeds, which prepayment shall be applied in accordance
with Section 2.7(d)(iii). 

 

 (ii)        Qualified
Collateral Property Sale. If the Borrower or any Guarantor consummates a Qualified Collateral Property Sale and in connection therewith
requests a Property Release in accordance with Section 7.15(b), then, no later than the third Business Day following the date of
receipt by the Borrower of the Net Cash Proceeds from such sale the Borrower or the applicable Guarantor shall (to the extent any
Pari Passu Obligations remain outstanding) (1) give the Administrative Agent written notice of the receipt of such Net Cash Proceeds
and (2) pay to the Collateral Agent the greater of (x) one hundred percent (100%) of all such Net Cash Proceeds and (y) the amount
required to maintain compliance with the Net Collateral Property Availability (recalculated to exclude the Collateral Property
that is the subject of such Qualified Collateral
Property Sale), which prepayment shall be applied in accordance with Section 2.7(d)(iii).

 

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 (iii)        Application
of Mandatory Prepayments. So long as no Event of Default has occurred and is continuing, amounts paid under the preceding subsections
(d)(i) and (d)(ii) shall be applied as follows: (1) first, to repay in full the existing “6.75% Senior Notes due 2021”
issued by the Borrower, in the original principal amount of $300,000,000 with a stated maturity date of December 15, 2021 (the
 “6.75% Senior Notes”) (provided, however, that Borrower may elect to deposit such repayment amount in a cash
collateral account pledged to the Collateral Agent as collateral for the Pari Passu Guaranteed Obligations pursuant to documentation
in form and substance satisfactory to the Administrative Agent (an “Approved Cash Collateral Account”) until
such time as the Make-Whole Amount (as defined in the Supplemental Indenture) with respect to such repayment of the 6.75% Senior
Notes shall be zero, at which time the Administrative Agent shall direct the Collateral Agent to make such amounts available to
repay in full the 6.75% Senior Notes), (2) second, to repay the outstanding principal amount of Loans on a pro rata basis
in accordance with Section 3.2, and then all other outstanding Obligations, in each case, to the full extent thereof, and (3) third,
after all Obligations have been repaid in full, to be applied in accordance with Section 2.7(b)(v)(B) of the Existing Credit Agreement
(without duplication); provided, however, that if any Default or Event of Default, other than as a result of the
Borrower’s failure to satisfy the Amendment Period Incurrence Conditions, shall exist, then, subject to the provisions of
the Intercreditor Agreement, the Administrative Agent may, in its sole and absolute discretion, direct the Collateral Agent to
apply the amount of such cash collateral to repay the Obligations in the order and manner provided in Section 10.5. 

 

Section 2.8. Continuation.

 

So long as no Default
or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR
Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR
Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount, and each
new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each
selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not
later than 10:00 a.m. Eastern time on the third Business Day prior to the date of any such Continuation. Such notice by the
Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice
of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject
to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner
as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable
by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify
each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any
LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor,
continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event of Default exists,
such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding
the first sentence of Section 2.9. or the Borrower’s failure to comply with any of
the terms of such Section.

 

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Section 2.9. Conversion.

 

The Borrower may
on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy,
electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another
Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists.
Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral
multiples of $1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than
10:00 a.m. Eastern time 3 Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice
of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions
specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in
the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be
Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted
into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each
Notice of Conversion shall be irrevocable by and binding on the Borrower once given.

 

Section 2.10. Notes.

 

(a)       Notes.
Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not to receive a Note, the
Loan made by each Lender shall, in addition to this Agreement, also be evidenced by a Note, payable to the order of such Lender
in a principal amount equal to the amount of its Loan as originally in effect and otherwise duly completed.

 

(b)       Records.
The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of the Loan made by each Lender to the Borrower,
and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall
be binding on the Borrower absent manifest error; provided, however, that (i) the failure of a Lender to make any such record shall
not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such
records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.8.,
in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8.
shall be controlling.

 

(c)       Lost,
Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that the Note of
such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured
agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation,
upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note
dated the date of such lost, stolen, destroyed or mutilated Note.

 

Section 2.11. [Intentionally Omitted].

 

Section 2.12. [Intentionally Omitted].

 

Section 2.13. [Intentionally Omitted].

 

Section 2.14. [Intentionally Omitted].

 

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Section 2.15. Additional
Loans [Intentionally Omitted].

 

The
Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date to but
excluding the Termination Date to request additional Loans by providing written notice to the Administrative Agent, which
notice shall be irrevocable once given; provided, however,
that after giving effect to any such additional Loans, the aggregate outstanding principal amount of the Loans shall not
exceed $400,000,000. Each such borrowing of additional Loans must be an aggregate minimum amount of $50,000,000 and integral
multiples of $10,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall manage all
aspects of the syndication of such additional Loans, including decisions as to the selection of the existing Lenders and/or
other banks, financial institutions and other institutional lenders to be approached with respect to such additional Loans
and the allocations of such additional Loans among such existing Lenders and/or other banks, financial institutions and other
institutional lenders. No Lender shall be obligated in any way whatsoever to make additional Loans, and any new Lender
becoming a party to this Agreement in connection with any such requested additional Loan must be an Eligible Assignee.
Effecting the making of additional Loans under this Section is subject to the following conditions precedent: (x) no Default
or Event of Default shall be in existence on the effective date of such borrowing of additional Loans, (y) the
representations and warranties made or deemed made by the Borrower or any other
Loan Party in any Loan Document to which such Loan Party is
a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or
warranty shall be true and correct in all respects) on the
effective date of such borrowing of additional Loans except
to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects (except in
the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and
except for changes in factual circumstances specifically and expressly permitted hereunder, and (z) the Administrative Agent
shall have received each of the following, in form and
substance satisfactory to the Administrative Agent: (i) if
not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all
corporate and other necessary action taken by the Borrower to authorize such borrowing of additional Loans and (B) all
corporate, partnership, member and other necessary action taken by each Guarantor authorizing the guaranty of such additional
Loans; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the
Lenders covering such matters as reasonably requested by the Administrative Agent; and (iii) except in the case of any Lender
that has notified the Administrative Agent in writing that it elects not to receive a Note, new Notes executed by the
Borrower, payable to any new Lenders and replacement Notes executed by the Borrower, payable to any existing Lenders making
additional Loans, in the principal amount of such Lender’s outstanding Loans at the time of the effectiveness of the
making of the additional Loans. In connection with any increase in the aggregate principal amount outstanding of the Loans
pursuant to this Section any Lender becoming a party hereto shall execute such documents and agreements as the Administrative
Agent may reasonably request.

 

Section 2.16. Funds Transfer Disbursements.

 

The Borrower hereby
authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant
to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement
Instruction Agreement.

 

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ARTICLE
III. Payments, Fees and Other General Provisions

 

Section 3.1. Payments.

 

(a)       Payments
by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts
to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in
immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office,
not later than 12:00 p.m. Eastern time on the date on which such payment shall become due (each such payment made after such
time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.5.,
the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the
Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment
received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such
Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to
the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender.
In the event the Administrative Agent fails to pay such amounts to such Lender (i) by 5:00 p.m. Eastern time on the Business
Day such funds are received by the Administrative Agent, if such amounts are received by 12:00 p.m. Eastern time on such date
or (ii) by 5:00 p.m. Eastern time on the Business Day following the date such funds are received by the Administrative Agent,
if such amounts are received after 12:00 p.m. Eastern time on any Business Day, the Administrative Agent shall pay interest
on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of
any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such
date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any,
applicable to such payment for the period of such extension.

 

(b)       Presumptions
Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date
on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make
such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and
may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders 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
on demand that 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 Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

Section 3.2. Pro Rata Treatment.

 

Except to the extent
otherwise provided herein: (a) each payment or prepayment of principal of the Loans shall be made for the account of the Lenders
pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; (b) each payment of interest
on the Loans shall be made for the account of the Lenders, pro rata in accordance with the amounts of interest on such Loans then
due and payable to the respective Lenders; and (c) the Conversion and Continuation of Loans of a particular Type (other than
Conversions provided for by Sections 4.1.(c) and 4.5.) shall
be made pro rata among the Lenders according to the amounts of their respective Loans and the then current Interest Period for
each Lender’s portion of each such Loan of such Type shall be coterminous. Any payment or prepayment of principal or interest
made during the existence of a Default or Event of Default shall be made for the account of the Lenders in accordance with the
order set forth in Section 10.5.

 

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Section 3.3. Sharing of Payments, Etc.

 

If a Lender shall
obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or shall obtain
payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off,
banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or
other payments made by or on behalf the Borrower or any other Loan Party to a Lender (other than any payment in respect of
Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be distributed
to the Lenders in accordance with Section 3.2. or Section 10.5.,
as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent
specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such other
Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the
Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender
in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or
Section 10.5., as applicable. To such end, all the Lenders shall make appropriate
adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must
otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or
other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar
rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such
participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any
Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation
of the Borrower.

 

Section 3.4. Several Obligations.

 

No Lender shall be
responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such
other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed
by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be
made or performed by such other Lender.

 

Section 3.5. Fees.

 

(a)       Closing
Fees. On the Effective Date, the Borrower agrees to pay all fees then due and payable under the Fee Letter.

 

(b)       Administrative
and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the
Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent.

 

Section 3.6. Computations.

 

Unless otherwise expressly
set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis
of a year of 360 days and the actual number of days elapsed.

 

Section 3.7. Usury.

 

In no event shall
the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such
excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto
that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess
of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that
the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest
specifically described in Section 2.4.(a)(i) and (ii). Notwithstanding the foregoing,
the parties hereto further agree and stipulate that all agency fees, syndication fees, commitment fees, closing fees,
underwriting fees, default charges, late charges, funding or “breakage” charges, prepayment premiums, increased
cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender
to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the
transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative
Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no
circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be
fully earned and nonrefundable when due.

 

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Section 3.8. Statements of Account.

 

The Administrative
Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant
to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive
upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall
not relieve or discharge the Borrower from any of its obligations hereunder.

 

Section 3.9. Defaulting Lenders.

 

Notwithstanding anything
to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is
no longer a Defaulting Lender, to the extent permitted by Applicable Law:

 

(a)       Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Requisite Lenders.

 

(b)       Defaulting
Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X.
or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.3.
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment
of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed
to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, 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; fourth,
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 fifth, 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 at a time when the
conditions set forth in Article V. were satisfied or waived, such payment shall be applied
solely to pay the Loans of 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 their respective Credit
Percentages (determined as if there had been no Defaulting Lenders). 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 subsection shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(c)       Certain
Fees. No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.
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).

 

(d)       Defaulting
Lender Cure. 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, 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.

 

Section 3.10. Taxes.

 

(a)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable
Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would
have received had no such deduction or withholding been made.

 

(b)       Payment
of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the relevant Governmental Authority
in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

 

(c)       Indemnification
by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within 10 days
after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) payable or paid by such Recipient (whether directly or pursuant to Section 3.10.(d)(i))
or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority;
provided, however, that neither the Borrower nor any other Loan Party shall be liable to indemnify any Lender or Participant for
any Taxes attributable to a Lender’s failure to comply with the provisions of Section 12.5. relating to the maintenance of
a Participant Register. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

 

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(d)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party
has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with
the provisions of Section 12.5. relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to
such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this subsection.

 

(e)       Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority
pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(f)       Status
of Lenders.

 

(i)       Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in the immediately following
clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the applicable Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender.

 

(ii)       Without
limiting the generality of the foregoing:

 

(A)       any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9
(or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable:

 

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(I)       in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the
Administrative Agent) of an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to
any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

(II)       an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI;

 

(III)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the
Internal Revenue Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender
is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an  IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable; or

 

(IV)       to
the extent a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by the Borrower or the
Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct
and indirect partner;

 

(C)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by Applicable
Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made; and

 

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(D)       if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time
or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent
such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue
Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for
the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification
or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(g)       Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant
to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this subsection, in no event will an indemnified party be required to pay any amount to an indemnifying
party pursuant to this subsection the payment of which would place such indemnified party in a less favorable net after-Tax position
than such indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to, or apply for or seek any refund for or on behalf of, any indemnifying
party or any other Person.

 

(h)       Survival.
Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all obligations under
any Loan Document.

 

(i)       FATCA
Determination. For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrower
and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as
not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

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ARTICLE
IV. Yield Protection, Etc.

 

Section 4.1. Additional Costs; Capital
Adequacy.

 

(a)       Capital
Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect
of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any,
as a consequence of this Agreement or the Loan made by such Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies and
the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the
Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding
company for any such reduction suffered.

 

(b)       Additional
Costs. In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly pay to the
Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to
compensate such Lender for any costs incurred by such Lender that it determines are attributable to its making, maintaining, continuing
or converting of any Loans or its obligation to make any Loans hereunder, any reduction in any amount receivable by such Lender
under this Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by
such Lender of capital in respect of its Loans (such increases in costs and reductions in amounts receivable being herein called
 “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable
to such Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans (other than Indemnified
Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), or (ii) imposes
or modifies any reserve, special deposit, compulsory loan insurance charge, or similar requirements (other than Regulation D
of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of
liabilities or category of extensions of credit or other assets by reference to which the interest rate on Loans is determined
to the extent utilized when determining the interest rate for such Loans) relating to any extensions of credit or other assets
of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender
(or its parent corporation), or any commitment of such Lender or (iii) imposes on any Lender or the London interbank market, any
other condition, cost or expense (other than Taxes) affecting this Agreement or the Loan made by such Lender.

 

(c)       Lender’s
Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b),
if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a
specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference
to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or
other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category
of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative
Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until
such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5.
shall apply).

 

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(d)       Notification
and Determination of Additional Costs. Each of the Administrative Agent and each Lender, as the case may be, agrees to notify
the Borrower (and in the case of a Lender, to notify the Administrative Agent) of any event occurring after the Agreement Date
entitling the Administrative Agent or such Lender to compensation under any of the preceding subsections of this Section as promptly
as practicable; provided, however, that the failure of the Administrative Agent or any Lender to give
such notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Administrative
Agent); provided, further, that notwithstanding the foregoing provisions of this Section, the Administrative Agent or a Lender,
as the case may be, shall not be entitled to compensation for any such amount relating to any period ending more than six months
prior to the date that the Administrative Agent or such Lender, as applicable, first notifies the Borrower in writing thereof
or for any amounts resulting from a change by any Lender of its Lending Office (other than changes required by Applicable Law).
The Administrative Agent and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender to
the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this
Section. Determinations by the Administrative Agent or such Lender, as the case may be, of the effect of any Regulatory Change
shall be conclusive and binding for all purposes, absent manifest error. The Borrower shall pay the Administrative Agent and or
any such Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

Section 4.2. Suspension of LIBOR Loans.

 

Anything herein to
the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:

 

(a)       the
Administrative Agent shall determine (which determination shall be conclusive absent manifest error) that reasonable and adequate
means do not exist for ascertaining LIBOR for such Interest Period, or the Administrative Agent reasonably determines (which determination
shall be conclusive absent manifest error) that quotations of interest rates for the relevant deposits referred to in the definition
of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest
for LIBOR Loans as provided herein; or

 

(b)       the
Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that the relevant rates
of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest
Period is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such
Interest Period,

 

then the Administrative Agent shall give
the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, all of the Lenders, in the
case of the immediately preceding clause (a), and any Lender affected thereby, in the case of the immediately preceding clause
(b), shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR
Loans, unless and until the Administrative Agent or such Lender, as the case may be, gives notice as provided in Section 4.5.
that such condition no longer exists, and, so long as such condition remains in effect, the Lenders or such Lender’s LIBOR
Loans, as the case may be, shall be treated in accordance with Section 4.5.

 

Section 4.3. Illegality.

 

Notwithstanding
any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding)
that due to a Regulatory Change it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans
hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative
Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall
be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of
Section 4.5. shall be applicable).

 

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Section 4.4. Compensation.

 

The Borrower shall
pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts
as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss,
cost or expense attributable to:

 

(a)       any
payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any
reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or

 

(b)       any
failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent
specified in Section 5.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date
for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion
or Continuation.

 

Not in limitation of the foregoing, such
compensation shall include, without limitation, in the case of a LIBOR Loan, an amount equal to the then present value of (A) the
amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to
such LIBOR Loan, less (B) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set
on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert
or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date. Upon
the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for
requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest
error.

 

Section 4.5. Treatment of Affected Loans.

 

If the obligation of
any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c),
Section 4.2. or Section 4.3. then such Lender’s
LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for
LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(c), Section 4.2.,
or Section 4.3. on such earlier date as such Lender or the Administrative Agent, as applicable,
may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the
Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 4.1.,
Section 4.2. or Section 4.3. that gave rise to such
Conversion no longer exist:

 

(a)       to
the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise
be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and

 

(b)       all
Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans,
and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.

 

    -53- 

     

    

 

If such Lender or the
Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that
the circumstances specified in Section 4.1.(c) or 4.3. that
gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the
Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans
made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first
day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving
effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts,
Types and Interest Periods) in accordance with their respective Credit Percentages.

 

Section 4.6. Affected Lenders.

 

If (a) a Lender
requests compensation pursuant to Section 3.10. or 4.1.,
and the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to Continue,
or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c)
or 4.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections,
(c) a Lender does not vote in favor of any amendment, modification or waiver to this Agreement or any other Loan Document
which, pursuant to Section 12.6., requires the vote of such Lender, and the Requisite Lenders
shall have voted in favor of such amendment, modification or waiver or (d) a Lender becomes a Defaulting Lender, then, so long
as there does not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”),
and upon such demand the Affected Lender shall promptly, assign its Loans to an Eligible Assignee subject to and in accordance
with the provisions of Section 12.5.(b) for a purchase price equal to (x) the aggregate
principal balance of all Loans then owing to the Affected Lender, plus (y) any accrued but unpaid interest thereon and accrued
but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible
Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of
such Affected Lender under this Section, and such Affected Lender shall promptly execute all documents reasonably requested to
surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption,
but at no time shall the Administrative Agent, such Affected Lender nor any other Lender nor any Titled Agent be obligated in any
way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its
rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative
Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s
obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including, without
limitation, pursuant to Sections 3.10., 4.1. or 4.4.)
with respect to any period up to the date of replacement.

 

Section 4.7. Change of Lending Office.

 

Each Lender agrees
that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an
alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10.,
4.1. or 4.3. to reduce the liability of the Borrower or avoid
the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender
in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States
of America.

 

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Section 4.8. Assumptions Concerning Funding
of LIBOR Loans.

 

Calculation of all
amounts payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the
purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the
amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender
may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts
payable under this Article.

 

ARTICLE
V. Conditions Precedent

 

Section 5.1. Initial Conditions Precedent.

 

The effectiveness of
this Agreement is subject to the satisfaction or waiver of the following conditions precedent:

 

(a)       The
Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:

 

(i)       counterparts
of this Agreement executed by each of the parties hereto;

 

(ii)       Notes
executed by the Borrower, payable to each Lender (other than any Lender that has requested that it not receive a Note) and complying
with the terms of Section 2.10.(a);

 

(iii)       the
Guaranty executed by each of the Guarantors, if any, initially required to be a party thereto pursuant to Section 7.13.;

 

(iv)       an
opinion of Sullivan & Worcester LLP, and an opinion of Saul Ewing LLP, special Maryland counsel, in each case, counsel to the
Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders and covering such matters as the Administrative
Agent may reasonably request;

 

(v)       the
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration
of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary
of State of the state of formation of such Loan Party;

 

(vi)       a
certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by
the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business
or other comparable certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as
applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably
be expected to have a Material Adverse Effect  and each state in which
a Collateral Property owned by such Loan Party is located;

 

(vii)       a
certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of
each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to
which such Loan Party is a party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Borrower
the Notice of Borrowing, Notices of Conversion and Notices of Continuation;

 

    -55- 

     

    

 

(viii)       copies
certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the
by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement,
if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all
corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance
of the Loan Documents to which it is a party;

 

(ix)       a
Compliance Certificate calculated as of the Effective Date on a pro forma basis for the Borrower’s fiscal quarter ending
March 31, 2017;

 

(x)       a
Disbursement Instruction Agreement effective as of the Agreement Date;

 

(xi)       [intentionally
omitted];

 

(xii)       evidence
that the Fees, if any, then due and payable under Section 3.5., together with all other fees,
expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation,
the fees and expenses of counsel to the Administrative Agent, have been paid;

 

(xiii)       the
Borrower Letter executed by the Borrower; and

 

(xiv)       such
other documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably
request;

 

(b)       there
shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status
since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning
the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had
or could reasonably be expected to result in a Material Adverse Effect;

 

(c)       no
litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened
which could reasonably be expected to (i) result in a Material Adverse Effect or (ii) restrain or enjoin, impose materially burdensome
conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its
obligations under the Loan Documents to which it is a party;

 

(d)       the
Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary
filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default
under, conflict with or violation of (i) any Applicable Law or (ii) any agreement, document or instrument to which any
Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers,
filings and notices the receipt, making or giving of which could not reasonably be likely to (x) have a Material Adverse Effect,
or (y) restrain or enjoin impose materially burdensome conditions on, or otherwise materially and adversely affect the ability
of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;

 

(e)       there
shall not have occurred or exist any material disruption of financial or capital markets that could reasonably be expected to materially
and adversely affect the transactions contemplated by the Loan Documents; and

 

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(f)       the
Borrower and each other Loan Party shall have provided all information requested in writing by the Administrative Agent and each
Lender at least five Business Days prior to the Effective Date in order to comply with applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act.

 

Section 5.2. Conditions Precedent to
All Credit Events.

 

In addition to the
satisfaction or waiver of the conditions precedent contained in the immediately preceding Section, the effectiveness of this Agreement
and the obligation of the Lenders to effect any Credit Event is subject to the further conditions precedent that: (a) no Default
or Event of Default shall exist as of the date of the requested Credit Event or would exist immediately after giving effect thereto;
provided, however, that a LIBOR Loan may be Converted into a Base Rate Loan notwithstanding the existence of a Default or Event
of Default; and (b) the representations and warranties made or deemed made
by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation
or warranty shall be true and correct in all respects) on and as of the date of the occurrence of the requested Credit Event with
the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically
and expressly permitted hereunder. ;
(c) in the case of any Credit Event occurring during the period commencing on the date immediately following the Amendment Period
Expiration Date and ending on the Post-Amendment Period Compliance Date, the Borrower shall have delivered to the Administrative
Agent evidence of the Borrower’s compliance with the financial covenants set forth in Sections 9.1 (each as adjusted pursuant
to the last paragraph of Section 9.1) using pro forma projections based upon results through the most recently ended period for
which such financial information is available to the Borrower, (d) in the case of any Credit Event occurring during the Amendment
Period and continuing thereafter until the Post-Amendment Period Compliance Date, upon giving effect to such Credit Event, the
Borrower shall be in compliance with the Amendment Period Incurrence Conditions, and (e) in the case of any Credit Event occurring
on or after May 29, 2021, the Initial Mortgage Collateral Requirement shall have been satisfied. Each Credit Event shall constitute
a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice
relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit
Event, as of the date of the occurrence of such Credit Event). Each Credit Event shall constitute a certification by
the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit
Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date
of the occurrence of such Credit Event). Unless set forth in writing to the contrary, the making of its Loan by a Lender shall
constitute a certification by such Lender to the Administrative Agent and the other Lenders that the conditions precedent for Loans
set forth in Sections 5.1. and 5.2. that have not previously
been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.

 

ARTICLE
VI. Representations and Warranties

 

Section 6.1. Representations and Warranties.

 

In order to induce
the Administrative Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and warrants to
the Administrative Agent and each Lender as follows:

 

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(a)     Organization;
Power; Qualification. Each of the Borrower, the other Loan Parties and the other Subsidiaries is a corporation, partnership
or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation
or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as
now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership
or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature
of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably
be expected to have, in each instance, a Material Adverse Effect.

 

(b)      Ownership
Structure. Part I of Item 6.1.(b) of the Borrower Letter is, as of the Agreement Date, a complete and correct list of all Subsidiaries
of the Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person,
(iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is
an Excluded Subsidiary and/or a Foreign Subsidiary. As of the Agreement Date, except as disclosed in Part I of Item 6.1.(b) of
the Borrower Letter, (A) each of the Borrower and its Subsidiaries owns, free and clear of all Liens, and has the unencumbered
right to vote, all outstanding Equity Interests in each Person shown to be held by it in Part I of Item 6.1.(b) of the Borrower
Letter, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued,
fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights
or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance,
sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class,
or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Item 6.1.(b)
of the Borrower Letter correctly sets forth all Unconsolidated Affiliates of the Borrower, including the correct legal name of
such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly
by the Borrower.

 

(c)      Authorization
of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to authorize it,
to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and
has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents and the Fee Letter to
which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby.
The Loan Documents and the Fee Letter to which the Borrower or any other Loan Party is a party have been duly executed and delivered
by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against
such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar
laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations
(other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.

 

(d)      Compliance
of Loan Documents with Laws. The execution, delivery and performance of this Agreement, the other Loan Documents to which
any Loan Party is a party and of the Fee Letter in accordance with their respective terms and the borrowings and other
extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require
any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any
other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents
of any Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party
or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or
imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in
favor of the AdministrativeCollateral Agent
for its benefit and the benefit of the Lendersholders
of Pari Passu Guaranteed Obligations.

 

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(e)      Compliance
with Law; Governmental Approvals. Each of the Borrower, the other Loan Parties and the other Subsidiaries is in compliance
with each Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental
Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default
or Event of Default or have a Material Adverse Effect.

 

(f)      Title
to Properties; Liens. Each of the Borrower, each other Loan Party and each other Subsidiary has good, marketable and legal
title to, or a valid leasehold interest in, its respective assets. As of the Agreement Date, there are no Liens against any assets
of the Borrower, any Subsidiary or any other Loan Party except for Permitted Liens.  No
Collateral Property nor any direct or indirect interest of the Borrower therein is subject to any Lien (other than Permitted Liens
described in clauses (c), (g), (i) and (j) of the definition of that term) or any Negative Pledge. Each Collateral Property satisfies
all requirements set forth in the definition of “Eligible Property”.

 

(g)      Existing
Indebtedness. As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries have performed and
are in compliance with all of the terms of their Indebtedness and all instruments and agreements relating thereto, and no default
or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default
or event of default, exists with respect to any such Indebtedness.

 

(h)      [Intentionally Omitted.]

 

(i)       Litigation.
Except as set forth on Schedule 6.1.(i), there are no actions, suits or proceedings pending
(nor, to the knowledge of any Loan Party, are there any actions, suits or proceedings threatened, nor is there any basis therefor)
against or in any other way relating adversely to or affecting the Borrower, any other Loan Party, any other Subsidiary or any
of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority
which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity
or enforceability of any Loan Document or the Fee Letter. There are no strikes, slowdowns, work stoppages or walkouts or other
labor disputes in progress or threatened relating to, any Loan Party or any other Subsidiary that could reasonably be expected
to have a Material Adverse Effect.

 

(j)       Taxes.
All federal, state and other material tax returns of the Borrower, each other Loan Party and each other Subsidiary required by
Applicable Law to be filed have been duly filed (after taking into account any extensions of time within which to file such tax
returns), and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party, each
other Subsidiary and their respective properties, income, profits and assets which are due and payable have been paid, except any
such nonpayment or non-filing which is at the time permitted under Section 7.6. As of the
Agreement Date, none of the United States income tax returns of the Borrower, any other Loan Party or any other Subsidiary is under
audit. All charges, accruals and reserves on the books of the Borrower, the other Loan Parties and the other Subsidiaries in respect
of any taxes or other governmental charges are in accordance with GAAP.

 

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(k)      Financial
Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the
Borrower and its consolidated Subsidiaries for the fiscal year ended December 31, 2016, and the related audited
consolidated statements of operations, shareholders’ equity and cash flow for the fiscal year ended on such date, with
the opinion thereon of Ernst & Young LLP and (ii) the unaudited consolidated balance sheet of the Borrower and its
consolidated Subsidiaries for the fiscal quarter ended March 31, 2017, and the related unaudited consolidated statements of
operations, and cash flow of the Borrower and its consolidated Subsidiaries for the fiscal quarter ended on such date. Such
financial statements (including in each case related schedules and notes) are complete and correct in all material respects
and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial
position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the
cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit
adjustments). Neither the Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities,
liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any
unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as
referred to or reflected or provided for in said financial statements.

 

(l)      No
Material Adverse Change. Since December 31, 2016, there has been no material adverse change in the consolidated financial
condition, results of operations or business of the Borrower and its consolidated Subsidiaries taken as a whole; provided that,
during the Amendment Period, any such determination under this clause (l) shall exclude any event or circumstance resulting from
the COVID-19 pandemic to the extent that (i) such event or circumstance has been disclosed in writing by the Borrower to the Lenders
or publicly, or in the public domain, prior to the FirstSecond
Amendment Effective Date and (ii) the scope of such adverse effect is not materially greater than that which has been disclosed.
Each of the Borrower, the other Loan Parties and the Borrower and its Subsidiaries taken as a whole is Solvent.

 

(m)    REIT
Status. The Borrower qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and
conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT.

 

(n)      ERISA.

 

(i)       Each
Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws
in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination
from the Internal Revenue Service applicable to such Qualified Plan’s current remedial amendment cycle (as defined in Revenue
Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the
Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently
being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial
amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle
first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under
a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype
plan. To the best knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified
Plan’s favorable determination letter or opinion letter.

 

(ii)      With
respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the applicable
ERISA Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does
not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and
with such terms defined in accordance with FASB ASC 715.

 

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(iii)    Except
as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event
has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims,
actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement;
(iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no
member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA
and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group
to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code.

 

(o)     Absence
of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of incorporation
or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not
been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or
which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party
or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is
a party or by which any such Person or any of its respective properties may be bound where such default or event of default could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(p)     Environmental
Laws. In the ordinary course of business and from time to time each of the Borrower, each other Loan Party and each other
Subsidiary conducts reviews of the effect of Environmental Laws on its respective business, operations and properties,
including without limitation, its respective Properties. Each of the Borrower, each other Loan Party and each other
Subsidiary: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties,
(ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval
is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with
respect tothe
failure to obtain or to comply with each of the immediately preceding clauses (i) through (iii) could
reasonably be expected to have a Material Adverse Effect with
respect to such Collateral Property, individually, or the Collateral Properties taken as a whole, and with respect to all
Properties other than Collateral Properties, where the failure to obtain or to comply with each
of the immediately preceding clauses (i) through (iii) could reasonably be expected to have a Material Adverse
Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, no
Loan Party has any knowledge of, or has received notice of, any past, present, or pending releases, events, conditions,
circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party
or any other Subsidiary, their respective businesses, operations or with respect to the Properties or
any Collateral Property, may: (x) cause or contribute to an actual or alleged violation of or noncompliance
with Environmental Laws, (y) cause or contribute to any other potential common-law or legal claim or other
liability, or (z) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or
transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document
under any Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or
related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal,
transport, removal, clean up or handling, or the emission, discharge, release or threatened release of any wastes or
Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action,
suit, demand, claim, hearing, notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending
or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower, any other Loan Party or any other
Subsidiary relating in any way to Environmental Laws with
respect to the Properties, any Collateral Property, individually, or the Collateral Properties taken as a whole,
which reasonably could be expected to have a Material Adverse Effect. As of the AgreementSecond
Amendment Effective Date, none of the Properties is listed on or proposed for listing on the National Priority
List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its
implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. No
Hazardous Materials have been transported, released, discharged or disposed on any of the Properties other than (x) in compliance
with all applicable Environmental Laws or (y)  the
case of the Collateral Properties, as could not reasonably
be expected to have a Material Adverse Effect with
respect to any such Collateral Property, individually, or the Collateral Properties taken as a whole and (y) in the case of
Properties other than Collateral Properties, as could not reasonably be expected to have a Material Adverse
Effect.

 

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(q)      Investment
Company. None of the Borrower, any other Loan Party or any other Subsidiary is (i) an “investment company”
or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow
money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations
under any Loan Document to which it is a party.

 

(r)       Margin
Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
 “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.

 

(s)      Affiliate
Transactions. Except as permitted by Section  9.4, 9.8.
or 9.12 or as otherwise set forth on Schedule 6.1.(s),
none of the Borrower, any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with
any Affiliate.

 

(t)      Intellectual
Property. Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or
otherwise, all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade
name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses,
without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade
secret, trade name, copyright, or other proprietary right of any other Person except for such Intellectual Property, the absence
of which, and for conflicts which, could not reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties
and each other Subsidiary has taken all such steps as it deems reasonably necessary to protect its respective rights under and
with respect to such Intellectual Property. No material claim has been asserted by any Person with respect to the use of any such
Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity
or effectiveness of any such Intellectual Property. The use of such Intellectual Property by the Borrower, the other Loan Parties
and the other Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as do not, in
the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party or any other Subsidiary that could
reasonably be expected to have a Material Adverse Effect.

 

(u)     Business.
As of the Agreement Date, the Borrower, its Subsidiaries and the other Loan Parties are engaged primarily in the business of the
acquisition, financing (including mortgage financing), and ownership of Senior Housing Assets, medical office buildings and wellness
centers, and other businesses activities incidental thereto.

 

(v)      Broker’s
Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the
transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other
services rendered to the Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions contemplated
hereby.

 

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(w)    Accuracy
and Completeness of Information. All written information, reports and other papers and data (other than financial projections
and other forward looking statements, and information of a general economic or industry specific nature) furnished to the Administrative
Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary were,
at the time the same were so furnished, taken as a whole, complete and correct in all material respects, to the extent necessary
to give the recipient a true and accurate knowledge of the subject matter, or, in the case of financial statements, present fairly,
in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as
at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from
normal year end audit adjustments and absence of full footnote disclosure). All financial projections and other forward looking
statements prepared by or on behalf of the Borrower, any other Loan Party or any other Subsidiary that have been or may hereafter
be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on reasonable assumptions.
No fact is known to any Loan Party which has had, or may in the future have (so far as any Loan Party can reasonably foresee),
a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1.(k)
or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders
or in the public domain. No document furnished or written statement made to the Administrative Agent or any Lender in connection
with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or
will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make
the statements contained therein not misleading.

 

(x)      Not
Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes
 “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29
C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of
credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or
the Internal Revenue Code.

 

(y)      Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.

 

(i)      None
of (i) the Borrower, any other Loan Party, any Subsidiary, any of their respective directors, officers, employees or, to the knowledge
of the Borrower, any Affiliates, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any Subsidiary
that will act in any capacity in connection with or benefit from this Agreement, (A) is a Sanctioned Person or currently the subject
or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, (C) has its assets located in a
Sanctioned Country, (D) is under administrative, civil or criminal investigation for an alleged violation of, or received notice
from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering
Laws, or (E) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons.

 

(ii)     Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure
compliance by the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and, to the
knowledge of the Borrower, any Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable
Sanctions.

 

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(iii)      Each
of the Borrower and its Subsidiaries, each director, officer, employee, agent and, to the knowledge of the Borrower, any Affiliate
of Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all respects
and applicable Sanctions.

 

(iv)    No
proceeds of any Loans have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or their respective
directors, officers, employees and agents in violation of Section 9.11(b).

 

(z)     Unencumbered
Assets. As of the AgreementSecond
Amendment Effective Date, ItemSchedule
6.1.(z) of the Borrower Letter issets
forth a correct and complete list of all Unencumbered Assets. Each of the Properties
included by the Borrower in calculations of Unencumbered Asset Value satisfies all of the requirements contained in the definition
of “Unencumbered Asset”.

 

(aa)     Beneficial
Ownership Certification. As of the FirstSecond
Amendment Effective Date, all information included in the Beneficial Ownership Certification is true and correct to
the knowledge of the officer of the Borrower that executes such certification.

 

(bb)     Affected
Financial Institutions. None of the Borrower or any of its Subsidiaries is an Affected Financial Institution.

 

 (cc)     Security
Interests. Each of the Security Documents creates, or when executed and delivered hereunder, will create, as security for the Pari
Passu Guaranteed Obligations, a valid and enforceable Lien on all of the Collateral granted pursuant thereto, superior to and prior
to the rights of all third Persons (other than the rights of third Persons under Permitted Liens of the types described in clauses
(a)(x) (solely to the extent constituting inchoate Liens for taxes not yet delinquent), (c), (g), (i) and (j) of the definition
of that term), in favor of the Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations.

 

(dd)   
Collateral
Properties.

 

 (i)        Eligibility.
Each Collateral Property is an Eligible Property.

 

 (ii)      Americans
with Disabilities Act Compliance. To each Loan Party’s knowledge, the Collateral Properties comply with the requirements
and regulations of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327, 42 U.S.C.
 § 12101, et seq., in all material respects.

 

(iii)     Property
Agreements. The Borrower and each applicable Loan Party have delivered to the Administrative Agent true, correct and complete
copies of the Property Management Agreement and each other management agreement (if any) for each Collateral Property. To
each Loan Party’s knowledge, as of the Second Amendment Effective Date, the Property Management Agreement and each
other management agreement (if any) for each Collateral Property is in full force and effect, has not been amended or
modified, and there are no defaults or events of default thereunder. Except for the Property Management Agreement and any
other such management agreement delivered to the Administrative Agent, no agreements exist which are binding on any of the
Loan Parties relating to the management of any of the Collateral Properties.

 

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 (iv)    Certificate
of Occupancy; Licenses. To each Loan Party’s knowledge, all material certificates, permits, licenses and approvals, including
certificates of completion and occupancy permits, required for the legal use, occupancy and operation of each Collateral Property
(excluding, however, certificates of occupancy for tenant spaces and improvements) have been obtained and are in full force and
effect. The Borrower shall cause all such material certificates, permits, licenses and approvals to be maintained in full force
and effect. The use being made of each Collateral Property is in conformity with all material certificates, permits, licenses and
approvals issued for and currently applicable to each Collateral Property.

 

 (v)       Physical
Condition. To the knowledge of the Borrower, (a) each Collateral Property (including all buildings, improvements, parking facilities,
sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment,
elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, as applicable) is in good
condition, order and repair in all material respects, subject to ordinary wear and tear; and (b) there exist no structural
or other material defects in or damage to any Collateral Property, whether latent or otherwise. No Loan Party has received or has
any knowledge of: (i) any written notice from any insurance company or bonding company of any defects or inadequacies in any
Collateral Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of
extraordinary premiums or charges thereon; or (ii) any written notice of any termination or threatened termination of any
policy of insurance or bond.

 

 (vi)      Boundaries.
(A) All of the improvements at each Collateral Property lie wholly within the boundaries and building restriction lines of such
Collateral Property, and no improvements on adjoining properties encroach upon any Collateral Property, except, in each case, where
such encroachment of an improvement does not and will not have an adverse effect on the use, operation or value of such Collateral
Property and, with respect to any such encroachment of an improvement from a Collateral Property onto an adjoining property, for
which affirmative coverage has been provided in the applicable Title Policy, and (B) no improvements encroach, in any material
respect, upon or violate, in any material respect, any easements or other encumbrances upon any Collateral Property, except those
for which affirmative coverage has been provided in the applicable Title Policy. 

 

 (vii)     Flood
Zone. Except as set forth on Schedule 6.1.(ee) (as such schedule may be supplemented from time to time by the Administrative
Agent in its sole discretion without the consent of any other Person), as of the date that a Security Instrument is delivered for
any Collateral Property, no portion of such Collateral Property will be located in an area identified by the Federal Emergency
Management Agency as a special flood hazard area. 

 

(viii)    Filing
and Recording Taxes. All transfer taxes, deed stamps, intangible taxes, personal property taxes or other amounts in the
nature of transfer or debt taxes required to be paid under applicable law in connection with the transfer of or debt on the
Collateral Properties prior to the Second Amendment Effective Date, if any, have been paid. Any mortgage or deed of trust
recording, stamp, intangible, personal property or other similar taxes required to be paid under applicable law in connection
with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents,
including, without limitation, the Security Documents, were paid substantially concurrently with any Property becoming
a Collateral Property, as applicable. All taxes and
governmental assessments due and owing in respect of the Collateral Properties have been paid prior to
delinquency.

 

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 (ix)      Property
Information. (A) To the knowledge of Borrower, the Collateral Properties include sufficient on-site parking to comply with Applicable
Law; (B) the Collateral Properties currently abut completed and dedicated public thoroughfares or otherwise benefit from recorded
and insurable easements sufficient to provide access (both ingress and egress) to and from the Collateral Properties and such dedicated
public thoroughfares; and (C) to the knowledge of Borrower, no archaeological ruins, discoveries or specimens, or cemeteries exist
on any Collateral Property.

 

 (x)       Brokers.
No agreements exist which are binding on any of the Loan Parties relating to the future leasing of such rentable spaces within
the Collateral Properties by brokers or other similar agents other than those such agreements which are terminable upon no more
than thirty (30) days’ notice. 

 

 (xi)      Parking.
No agreements exist which are binding on any of the Loan Parties relating to the rights of tenants at the Collateral Properties
to park at locations other than at the Collateral Properties, except to the extent through recorded and insurable easements appurtenant
to such Collateral Properties. 

 

 (ee)    Flood
Hazard Insurance. With respect to each Collateral Property as to which a Security Instrument has been delivered, the Administrative
Agent has received (a) such flood hazard certifications, notices and confirmations thereof, and effective flood hazard insurance
policies as described in Annex I, (b) all flood hazard insurance policies required hereunder have been obtained and remain in full
force and effect, and the premiums thereon have been paid in full, and (c) except as the Borrower has previously given written
notice thereof to the Administrative Agent, there has been no redesignation of any Collateral Property into or out of a special
flood hazard area.

 

Section 6.2. Survival of Representations
and Warranties, Etc.

 

All statements contained
in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any other Subsidiary
to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including,
but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate,
financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to
the Administrative Agent or any Lender in connection with the underwriting or closing the transactions contemplated hereby) shall
constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under
this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date ,
the date on which any Collateral Property Addition is effectuated pursuant to Section 7.15(a), the date on which the Security Instrument
with respect to any Initial Collateral Property is delivered to the Administrative Agent, and at and as of the date
of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to
an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except
in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances expressly and specifically
permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and
delivery of the Loan Documents and the making of the Loans.

 

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ARTICLE
VII. Affirmative Covenants

 

For so long as this
Agreement is in effect, the Borrower shall comply with the following covenants:

 

Section 7.1. Preservation of Existence
and Similar Matters.

 

Except as otherwise
permitted under Section 9.4., the Borrower shall, and shall cause each other Loan Party and
each other Subsidiary to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction
of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which
the character of its properties or the nature of its business requires such qualification and authorization and where the failure
to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.

 

Section 7.2. Compliance with Applicable
Law and Material Contracts; Beneficial Ownership Regulation.

 

The Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, comply with (a) all Applicable Law, including the obtaining
of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect
and (b) all terms and conditions of all Material Contracts to which it is a party. The Borrower shall maintain in effect and
enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. Borrower will
(x) notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification (or a certification
that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial
Ownership Regulation) of any change in the information provided in the Beneficial Ownership Certification that would result in
a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express
exclusion to the definition of “legal entity customer” under the Beneficial Ownership Regulation) and (y) promptly
upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender, as the
case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.

 

Section 7.3. Maintenance of Property.

 

In addition to the
requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, (a) protect and preserve, or cause to be protected and preserved, all of its respective material properties, including,
but not limited to, all Intellectual Property necessary to the conduct of its respective business, and maintain, or cause to be
maintained, in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b) from
time to time make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties,
so that the business carried on in connection therewith may be properly and advantageously conducted at all times.

 

Section 7.4. Conduct of Business.

 

The Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in Section 6.1. (u).

 

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Section 7.5. Insurance.

 

 (a)      In
addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and
each other Subsidiary to, maintain, or cause to be maintained, insurance (on a replacement cost basis) with financially sound and
reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar
businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon
request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance
companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby.

 

 (b)      In
addition to, and not in limitation of, the foregoing, the Borrower shall or shall cause each Guarantor owning a Collateral Property
to maintain such additional insurance with respect to such Collateral Property as the Administrative Agent may reasonably require
from time to time, including, without limitation, flood insurance coverage (including contents coverage, as applicable). All insurance
policies shall be in amounts and have deductibles, limits and retentions as reasonably required by the Administrative Agent. All
insurance policies shall be issued and maintained by insurers approved to do business in the jurisdiction in which the applicable
Property is located and must have an A.M. Best Company financial rating and policyholder surplus acceptable to the Administrative
Agent. The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with copies
of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance,
the dates of the expiration thereof and the properties and risks covered thereby and insurance certificates, in each such case,
in form acceptable to the Administrative Agent, providing that the insurance coverage required under this Section 7.5. is
in full force and effect and stating that coverage shall not be cancelable or materially changed without ten (10) days prior written
notice to the Administrative Agent of any cancelation for nonpayment of premiums, and not less than thirty (30) days prior written
notice to the Administrative Agent of any other cancellation or any modification (including a reduction in coverage), together
with appropriate evidence that the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations, is named
as mortgagee lender’s loss payee on each property casualty insurance policy and additional insured on all other insurance
policies (in each such case, pursuant to endorsements acceptable to the Administrative Agent) that the Borrower or any Loan Party
actually maintains with respect to any Collateral Property and improvements on such Property. 

 

Section 7.6. Payment of Taxes and Claims.

 

The Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, pay and discharge, or cause to be paid and discharged, when
due (a) all federal and state income, and all other material taxes, assessments and governmental charges or levies imposed
upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics,
carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties
of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge,
levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof
and for which adequate reserves have been established on the books of such Person in accordance with GAAP.

 

Section 7.7. Books and Records; Inspections.

 

The
Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and account
in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and
activities in accordance with GAAP and Applicable Law. The Borrower shall, and shall cause each other Loan Party and
each other Subsidiary to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of their
respective properties, to examine and make abstracts from any of their respective books and records and to discuss their
respective affairs, finances and accounts with their respective officers, employees and independent public accountants (in
the presence of an officer of the Borrower if an Event of Default does not then exist), all at such reasonable times during
business hours and as often as may reasonably be requested and so long as no Event of Default exists, with reasonable prior
notice. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses
incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or
Event of Default exists. If requested by the Administrative Agent, the Borrower shall execute an authorization letter
addressed to its accountants authorizing the Administrative Agent or any Lender to discuss the financial affairs of the
Borrower, any other Loan Party or any other Subsidiary with the Borrower’s accountants.

 

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Section 7.8. Use of Proceeds.

 

The Borrower will use
the proceeds of the Loans only for the repayment of Indebtedness, the direct or indirect acquisition of properties, working capital
and for other general business purposes.

 

Section 7.9. Environmental Matters.

 

The Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, comply, or cause to be complied,  in
all material respects with all Environmental Laws the failure with which to comply
could reasonably be expected to have a Material Adverse Effectwith
respect to all Properties. The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary
to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable
efforts to cause all other Persons occupying, using or present on the Properties to comply,
with all Environmental Laws  with respect to the Properties and each
Collateral Property the failure with which to comply could reasonably be expected to have a Material Adverse Effect
 with respect thereto. The Borrower shall, and shall cause
each other Loan Party and each other Subsidiary to, promptly take all actions and pay or arrange to pay all costs necessary for
it and for the Properties to comply  in all material respects
with all Environmental Laws and all Governmental Approvals the failure with which to comply could
reasonably be expected to have a Material Adverse Effect, including
actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws. The
Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take, or cause to be taken, all actions
necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental
Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

 

Section 7.10. Further Assurances.

 

At the Borrower’s
cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each
other Subsidiary to,  (i)
duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments,
documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the
reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and
the other Loan Documents., and (ii) take such additional actions and execute such documents as the Administrative Agent or the Collateral Agent may reasonably
require from time to time in order to perfect and maintain the validity, effectiveness and (to the extent required
hereby) priority of the Pledge Agreement, any of the Security Instruments, the other Security Documents, and the Liens intended
to be created by any of the foregoing.

 

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Section 7.11. REIT Status.

 

The Borrower shall
maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code.

 

Section 7.12. Exchange Listing.

 

The Borrower shall
maintain at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the NYSE
MKT LLC Exchange or which is subject to price quotations on The NASDAQ Stock Market’s National Market System.

 

Section 7.13. Guarantors.

 

(a)     Within
10 days after the date on which any of the following conditions first applies to any Subsidiary that is not already a Guarantor,
the Borrower shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative
Agent: (i) an Accession Agreement executed by such Subsidiary (or if the Guaranty is not then in existence, a Guaranty executed
by such Subsidiary) and ,
(ii)  a Joinder (as defined in the Intercreditor Agreement) executed
by such Subsidiary (if applicable), and (iii) the items that would have been delivered under subsections (iv)
through (viii), (x) and (xiv) of Section 5.1.(a) and Section 5.1.(f)
if such Subsidiary had been required to be a Guarantor on the Agreement Date:

 

(x)      such
Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Indebtedness of the Borrower or any other Subsidiary of
the Borrower; provided, that a Subsidiary shall not be required to become a Guarantor under this clause (x) if such Subsidiary
is an Excluded Subsidiary that has Guaranteed, or otherwise become obligated in respect of, any Indebtedness of another Excluded
Subsidiary; or

 

(y)      such
Subsidiary (A) owns an Unencumbered Asset or
other asset the value of which is included in the determination of Unencumbered Asset Value and (B) or any other Subsidiary directly
or indirectly owning any Equity Interest in such Subsidiary, has incurred, acquired or suffered to exist, any Indebtedness that
is not Nonrecourse Indebtedness. a Collateral Property
or a Collateral Property Addition that has been approved to be a Collateral Property. 

 

(b)      The
Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative
Agent shall release, a Guarantor from the Guaranty so long as: (i) either (A) simultaneously with its release from
the Guaranty such Subsidiary will cease to be a Subsidiary or (B) such Guarantor is not otherwise required to be a party
to the Guaranty under the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be
in existence or would occur as a result of such release, including without limitation, a Default or Event of Default
resulting from a violation of any of the covenants contained in Section 9.1.;
(iii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan
Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct
in all respects) on and as of the date of such release with the same force and effect as if made on and as of such date
except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct
in all respects)) and except for changes in factual circumstances expressly permitted under the Loan Documents; and (iv) such
Guarantor owns no Collateral Property (as such term is defined hereunder and under the Existing Credit Agreement) and the
Liens of each Security Document (other than the Pledge Agreement, if applicable) granted by such Guarantor have been released
in accordance with Section 7.15(b); and (v) the Administrative Agent shall have received such written request
at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested
date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation
by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and
as of the date of the effectiveness of such request) are true and correct with respect to such request. Notwithstanding
anything herein to the contrary, upon and after the Second Amendment Effective Date, no Guarantor that owns a Collateral
Property shall be subject to release pursuant to this Section 7.13(b) (regardless of whether or not the Initial Mortgage
Collateral Requirement has been satisfied). 

 

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Section
7.14. Equity Pledges.

 

 (a)       Initial
Delivery of Pledged Collateral. Within 10 Business Days following the Second Amendment Effective Date or such later date acceptable
to Administrative Agent, the Borrower shall deliver or cause to be delivered to the Collateral Agent the following each in form
and substance reasonably acceptable to the Administrative Agent: (i) each certificate or other instrument in respect of the Pledged
Interests, in the manner required under the Pledge Agreement, duly indorsed by such Pledgor to the Collateral Agent, together with
an undated stock power covering such certificate (or other appropriate instrument of transfer) duly executed, in blank, by such
Pledgor and countersigned by the issuer thereof, (ii) such other schedules, supplements, instruments, certificates, or information
in connection therewith as required by the Pledge Agreement or as reasonably requested by the Administrative Agent and (iii) a
legal opinion issued by a law firm reasonably acceptable to the Administrative Agent covering the creation and perfection of the
security interest in the Pledged Interests upon indorsement and delivery to the Collateral Agent of such certificates or other
instruments.

 

 (b)      Equity
Pledge Requirement. 

 

 (i)      Subject
to Section 7.14(c) below, at all times on and after the Second Amendment Effective Date, the Pari Passu Guaranteed Obligations
shall be secured equally and ratably by the Pledged Interests.

 

 (ii)      In
connection with any Collateral Property Addition, in addition to the requirements set forth in Section 7.15(a), the Administrative
Agent may require that the Equity Interests issued by the Subsidiary owning such additional Collateral Property be pledged to the
Collateral Agent for the benefit of the holders of Pari Passu Guaranteed Obligations. If so requested by the Administrative Agent,
the Borrower shall promptly deliver to the Administrative Agent each of the following in form and substance satisfactory to the
Administrative Agent: (i) a supplement to the Pledge Agreement executed by each Person that owns any such Equity Interests that
are to become Pledged Interests, (ii) a Joinder (as defined in the Intercreditor Agreement) executed by each such Person, and (iii) such
other schedules, supplements, instruments, certificates, or information in connection therewith as required by the Pledge Agreement
(as though such Equity Interests were subject thereto on the Second Amendment Effective Date) or as reasonably requested by the
Administrative Agent.

 

(c)       Release
of Certain Pledged Interests. In connection with a Property Release, the Borrower may request in writing that the
Administrative Agent direct the Collateral Agent to release, and upon receipt of such request the Administrative Agent shall,
pursuant to the terms of the Intercreditor Agreement, direct the Collateral Agent to release, the Lien in favor of
the Collateral Agent on any Pledged Interests so long as: (i) no Default or Event of Default has occurred and is continuing
or would occur as a result of such release, (ii) such Property Release is effected in accordance with Section 7.15(b) and all
conditions set forth therein shall have been satisfied to the satisfaction of the Administrative Agent, (iii) the issuer of
such Pledged Interest owns no Collateral Property, (iv) the conditions to such release set forth in Section 7.14(c) of the
Existing Credit Agreement shall have been, or concurrently with the effectiveness of such release hereunder will be,
satisfied or waived in accordance with the terms of the Existing Credit Agreement, and (v) the Administrative Agent
shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to the
Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any
such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as
of the date of such request and as of the date of such release) are true and correct with respect to such request.

 

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 (d)      No
Liens or Negative Pledges. Neither the Pledged Interests nor any asset owned by the issuer of such Pledged Interest nor any direct
or indirect interest of Borrower in such issuer shall be subject to any Lien  (other
than Permitted Liens of the types described in clauses (a)(x)
and (i) of the definition thereof) or Negative Pledge, other than Negative Pledges permitted pursuant to Section 9.2.(b)(iii) and
Section 9.2.(b)(iv).

 

 (e)       Security
Interests. The Borrower represents, warrants and covenants that the Pledge Agreement creates as security for the Pari Passu Guaranteed
Obligations a valid and enforceable Lien on all of the Collateral granted pursuant thereto in favor of the Collateral Agent for
the benefit of the holders of Pari Passu Guaranteed Obligations, superior to and prior to the rights of all third parties. 

 

 (f)       Other
Indebtedness. Borrower represents, warrants and covenants that (i) no Indebtedness of the Borrower or its Subsidiaries prohibits
or shall prohibit the Liens now or hereafter granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed
Obligations, in the Pledged Interests and (ii) none of the issuers of the Pledged Interests is or shall be required to be a Guarantor
pursuant to Section 7.13(a)(x) (provided that, solely for purposes of this Section 7.14(f)(ii), the Guarantee obligations
of any such issuer as a “Guarantor” under the Revolving Loan Documents shall be disregarded). 

 

 (g)      Required
Consents. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the consent of all
Lenders and all Revolving Lenders shall be required to (i) release any of the Collateral granted pursuant to the Pledge Agreement
(except for releases thereof expressly permitted under or contemplated by this Agreement or the Pledge Agreement), (ii) subordinate
any Lien granted to the Collateral Agent, for the benefit of the holders of Pari Passu Guaranteed Obligations, in any Pledged Interests,
or (iii) permit any of the Collateral granted pursuant to the Pledge Agreement to secure any obligations other than the Pari Passu
Guaranteed Obligations. 

 

Section
7.15. Collateral Properties.

 

 (a)      Addition
of Collateral Properties. If the Borrower desires to include any additional Property as a Collateral Property (each such addition,
a “Collateral Property Addition”), then the Borrower shall so notify the Administrative Agent in writing (and
the Administrative Agent shall promptly notify the Lenders thereof). No Property may become a Collateral Property unless it is
an Eligible Property and unless and until each of the following conditions is satisfied or waived by the Administrative Agent in
writing: 

 

 (i)       the
Administrative Agent shall have approved such Collateral Property Addition; 

 

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 (ii)     the
Borrower shall have delivered to the Administrative Agent each of the following in
form and substance satisfactory to the Administrative Agent:

 

(A)      
each
of the items set forth on Annex I (or, if applicable, updates to such items), unless such item has been waived by the Administrative
Agent in writing; provided that any such items requiring delivery of Security Documents that the Administrative Agent determines
to be applicable, a Title Policy, flood hazard determinations or, to the extent applicable, evidence of flood insurance coverage
as required by the Administrative Agent shall not be waived without the written consent of the Requisite Lenders;

 

 (B)        all
of the items required to be delivered to the Administrative Agent under Section 7.13(a). (including, without limitation, a
Joinder (as defined in the Intercreditor Agreement) executed by such Subsidiary) if not previously delivered unless such property
is owned by a Subsidiary of the Borrower that is, at such time, a Guarantor and then only to the extent required by the Administrative
Agent; 

 

 (C)        if
and to the extent required by the Administrative Agent, the items required to be delivered to the Administrative Agent under Section
7.14(b)(ii); and

 

 (D)      such
other items or documents as may be appropriate under the circumstances or as the Administrative Agent may reasonably request; and

 

 (iii)     the
conditions to such Collateral Property Addition set forth in Section 7.15(a) of the Existing Credit Agreement shall have been,
or concurrently with the effectiveness of such Collateral Property Addition hereunder will be, satisfied or waived in accordance
with the terms of the Existing Credit Agreement.

 

 (b)      Borrower
Requests for Property Releases. From time to time the Borrower may request that any Collateral Property be released from the Security
Documents, and the Liens created thereby to the extent applicable to such Property and related Collateral, in connection with (i)
a Qualified Collateral Property Sale, (ii) a permanent reduction of the Revolving Commitments in accordance with the Existing Credit
Agreement or a repayment of Loans in accordance with the terms hereof, or (iii) such Property being excluded from Collateral Property
Eligibility under Section 7.15(c), in each case, which release (the “Property Release”) shall be subject to
the satisfaction of the following conditions:

 

 (i)      Upon
giving effect to such Property Release, (A) the Net Collateral Property Availability shall be equal to or greater than $600,000,000
and (B) the remaining Collateral Property Availability shall not be less than the sum of (1) the aggregate Revolving Commitments,
plus (2) the outstanding principal amount of Loans (in each case, giving effect to any reduction in Revolving Commitments and/or
repayment of Loans occurring in connection therewith, if applicable); 

 

 (ii)       No
Default or Event of Default has occurred and is continuing or would occur as a result of such Property Release; 

 

(iii)    
All
representations and warranties in the Loan Documents are true and accurate in all material respects (except that, to the extent
any representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such
representation or warranty shall be true and correct in all respects) at
the time of such Property Release and immediately after giving effect to such Property Release, except
to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects (except  that,
to the extent any such representation or warranty is qualified by materiality or Material Adverse Effect or similar language,
such representation or warranty shall have been true and
correct in all respects) on and as of such earlier date);

 

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 (iv)     Any
prepayment to be made in accordance with Section 2.7(d)(ii)
shall have been made or shall be made substantially concurrently with such Property Release pursuant to an escrow arrangement acceptable
to the Administrative Agent; 

 

 (v)      The
conditions to such Property Release set forth in Section 7.15(b) of the Existing Credit Agreement shall have been, or concurrently
with the effectiveness of such Property Release hereunder will be, satisfied or waived in accordance with the terms of the Existing
Credit Agreement; and

 

 (vi)     The
Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be
acceptable to the Administrative Agent) prior to the requested date of release. 

 

 Delivery
by the Borrower to the Administrative Agent of
any such request shall constitute a representation by the Borrower that the foregoing conditions (both as of the date of such request
and as of the date of such release) are true and correct with respect to such Property Release.

 

 (c)      Ineligibility
of Properties. A Property shall be excluded from the calculation of Collateral Property Availability if, at any time: (i) such
Property fails to qualify as an Eligible Property, and such failure is not cured within thirty (30) days after the Borrower obtains
knowledge of such failure, (ii) the Collateral Agent shall cease to hold a valid and perfected first priority mortgage, deed
of trust or deed to secure debt, as applicable, Lien in such Property, or (iii) there shall have occurred and be continuing
a default (after giving effect to any applicable cure period) under any Security Document relating to such Property. Such Property
shall not be released from the Liens of the applicable Security Instruments unless the requirements of Section 7.15(b) are satisfied
with respect thereto. Upon the occurrence of any such event or circumstance described in the foregoing clause (i), (ii) or (iii),
Collateral Property Availability shall be recalculated excluding such ineligible Property.

 

 (d)     Continuity
of Liens. Except as set forth in Section 7.15(b), no Collateral Property shall be released from the Liens created by the Security
Documents applicable thereto.

 

 (e)      Frequency
of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant
to Appraisals conducted under each of the following circumstances:

 

 (i)      In
connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), which shall include, without
limitation, in connection with the initial encumbrance of the Initial Collateral Properties with Security Instruments;

 

 (ii)       If
any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower;

 

 (iii)      If
necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the
Administrative Agent or any of the Lenders; and

 

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(iv)    
Upon
written request from the Administrative Agent to the Borrower, not more than once every 12 months with respect to each Collateral
Property. 

 

All
Appraisals shall be engaged by the Administrative Agent at the Borrower’s expense and shall be subject to satisfactory review
and approval of the Administrative Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of
any Collateral Property at any time at such Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall
not be used in determining or redetermining the As-Is Appraised Value of a Collateral Property.

 

 (f)       MIRE
Events. Notwithstanding anything to the contrary set forth herein, no MIRE Event may be closed until the date that is (a) if there
are no Collateral Properties in a “special flood hazard area” in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), twenty (20) days or (b) if there are any Collateral Properties in a “special
flood hazard area”, sixty (60) days, after the Administrative Agent has delivered to the Lenders the following documents
in respect of such Property: (i) a completed flood hazard determination from a third party vendor; (ii) if such Property is located
in a “special flood hazard area”, (A) a notification to the applicable Loan Parties of that fact and (if applicable)
notification to the applicable Loan Parties that flood insurance coverage is not available and (B) evidence of the receipt by the
applicable Loan Parties of such notice; and (iii) if required by applicable Flood Laws, evidence of required flood insurance with
respect to which flood insurance has been made available under applicable Flood Laws; provided that any such MIRE Event may be
closed prior to such period expiring if the Administrative Agent shall have received confirmation from each Lender that such Lender
has completed any necessary flood insurance due diligence to its reasonable satisfaction.

 

 (g)      Real
Property Collateral. Notwithstanding anything to the contrary in the Loan Documents, it is the intention of the parties hereto
that (i) each Security Instrument and each other Security Document with respect to any Collateral Property creates as security
for the Pari Passu Guaranteed Obligations a valid and enforceable Lien on all of the Collateral granted pursuant thereto in favor
of the Collateral Agent, for the equal and ratable benefit of the holders of Pari Passu Guaranteed Obligations, superior to and
prior to the rights of all third parties (other than the rights of third parties under Permitted Liens of the types described in
clauses (a)(x) (solely to the extent constituting inchoate Liens for taxes not yet delinquent), (c), (g), (i) and (j) of the definition
of that term), and (ii) the Obligations of the Borrower and the “Guarantied Obligations” (as defined in the Guaranty)
of any Guarantor that is not a direct owner of a Collateral Property, in each such case, under the Loan Documents shall not be
directly secured by any real property interest whatsoever. 

 

 (h)      Other
Indebtedness. Borrower represents, warrants and covenants that no Subsidiary owning a Collateral Property (i) has or shall incur,
acquire or suffer to exist any Indebtedness other than Nonrecourse Indebtedness in respect of which recourse is contractually limited
to assets of such Subsidiary other than any Collateral Property (other than obligations in respect of Indebtedness under the Loan
Documents and the Revolving Loan Documents), or (ii) is or shall become obligated in respect of any Indebtedness of the Borrower
or any other Subsidiary (other than obligations in respect of Indebtedness under the Loan Documents and the Revolving Loan Documents
(excluding, for the avoidance of doubt, any refinancing or replacement of any of the foregoing) in its capacity as a Guarantor
hereunder).

 

(i)      
Required
Consents. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the consent of all
Lenders and all Revolving Lenders shall be required to (i) release any Loan Party from its obligations under any Security Document
(except as contemplated by Section 7.14(c) or 7.15(b)), (ii) release or dispose of any Collateral Property, or all or substantially
all of the value of any other Collateral unless released or disposed of as permitted by, and in accordance with, Section 11.3.,
Section 11.10(b), Section 7.14(c) or Section 7.15(b), or (iii) permit the Collateral to secure any Indebtedness other than the
Pari Passu Guaranteed Obligations, as applicable.

 

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ARTICLE
VIII. Information

 

For so long as this
Agreement is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:

 

Section 8.1. Quarterly Financial Statements.

 

As soon as available
and in any event within 5 days after the same is filed with the Securities and Exchange Commission (but in no event later than
45 days after the close of each of the first, second and third fiscal quarters of the Borrower) commencing with the fiscal quarter
ending June 30, 2017, the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such period
and the related unaudited consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its
Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding
periods of the previous fiscal year, all of which shall be certified by the chief financial officer or chief accounting officer
of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Borrower and its Subsidiaries as at the date thereof and the results of operations for such period (subject
to normal year-end audit adjustments). Together with such financial statements, the Borrower shall deliver reports, in form
and detail satisfactory to the Administrative Agent, setting forth: (a) a statement of Funds From Operations for the fiscal
quarter then ending; (b) a listing of capital expenditures made during the fiscal quarter then ended; and (c) a listing
of all Properties acquired during such fiscal quarter, including the net operating income of each such Property, acquisition costs
and related mortgage debt, if any.

 

Section 8.2. Year-End Statements.

 

As soon as available
and in any event within 5 days after the same is filed with the Securities and Exchange Commission (but in no event later than
90 days after the end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries
as at the end of such fiscal year and the related audited consolidated statements of income, shareholders’ equity and cash
flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of
and for the previous fiscal year, all of which shall be (a) certified by the chief financial officer or chief accounting officer
of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial
position of the Borrower and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied
by the report thereon of Deloitte or any other independent certified public accountants of recognized national standing reasonably
acceptable to the Administrative Agent (it being acknowledged that any of Ernst & Young LLP, PricewaterhouseCoopers and KPMG
shall be acceptable to the Administrative Agent), whose report shall not be subject to (i) any “going concern”
or like qualification or exception or (ii) any qualification or exception as to the scope of such audit. Together with such
financial statements, the Borrower shall deliver a report, certified by the chief financial officer or chief accounting officer
of Borrower, in form and detail reasonably satisfactory to the Administrative Agent, setting forth the Net Operating Income for
each Property for such fiscal year.

 

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Section 8.3. Compliance Certificate.

 

At the time the financial
statements are furnished pursuant to the immediately preceding Sections 8.1. and 8.2.,
and within 5 Business Days of the Administrative Agent’s request with respect to any other fiscal period,  (i)
a certificate substantially in the form of Exhibit H (a “Compliance Certificate”) executed on behalf of
the Borrower by the chief financial officer or chief accounting officer of the Borrower (a) setting forth in reasonable detail
as of the end of such quarterly accounting period or fiscal year, as the case may be, the calculations required to establish whether
the Borrower was in compliance with the covenants contained in Section 9.1. (including,
for the avoidance of doubt, Section 9.1(f) for financial covenant compliance during the Amendment Period or for which the Amendment
Period Termination Date is the applicable determination date); and (b) stating that, to the best of his or
her knowledge, information and belief after due inquiry, no Default or Event of Default exists, or, if such is not the case, specifying
such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such
event, condition or failure. The Borrower shall also deliver ,
(ii) if, at such time, the Initial Mortgage Collateral Requirement has not yet been satisfied, a certificate (an “Unencumbered
Asset Certificate”) executed by the chief financial officer of the Borrower that: (ia)
sets forth a list of all  assets that meet the requirements of the definition
of “Unencumbered Assets ”; and (iib)
certifies that all Unencumbered Assets so listed fully qualify as such under the applicable criteria for inclusion as an Unencumbered
Assets. Asset, and (iii)
a report in form and substance satisfactory to the Administrative Agent setting forth a list of the Collateral Properties and detailing
all financial information maintained on the Collateral Properties, including, without limitation, trailing twelve (12) month Net
Operating Income, GAAP undepreciated cost basis, property Net Operating Income projections, As-Is Appraised Values (to the extent
available), operating statements, aggregate capital investments and maintenance capital expenditures for each Collateral Property
made during such quarterly accounting period or fiscal year, as the case may be, and sales reports (including occupancy costs,
to the extent available).

 

Section 8.4. Other Information.

 

(a)       Promptly
upon receipt thereof, copies of all material reports, if any, submitted to the Borrower or its Board of Trustees by its independent
public accountants, and in any event, all management reports;

 

(b)       Within
five (5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless
requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K,
10-Q and 8-K (or their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file
with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange;

 

(c)       Promptly
upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements
so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other
Loan Party;

 

(d)       If
any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected
to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Borrower setting
forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required
or proposes to take;

 

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(e)       To
the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or
investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any
arbitrator against or in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or
any of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect;

 

(f)       A
copy of any amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar
organizational documents of the Borrower or any other Loan Party promptly upon the Administrative Agent’s request;

 

(g)       Prompt
notice of any change in the senior management of the Borrower, any other Loan Party or any other Subsidiary, and any change in
the business, assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or any other
Subsidiary which has had, or could reasonably be expected to have, a Material Adverse Effect;

 

(h)       Prompt
notice of the occurrence of any of the following promptly upon a Responsible Officer obtaining knowledge thereof: (i) Default or
Event of Default or ,
(ii ) “Default” or “Event of Default”
under and as defined in the Existing Credit Agreement, or
(iii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute
a default or event of default by the Borrower, any Subsidiary or any other Loan Party under any Material Contract to which any
such Person is a party or by which any such Person or any of its respective properties may be bound;

 

(i)        Prompt
notice of any order, judgment or decree in excess of $10,000,000 having been entered against any Loan Party or any other Subsidiary
or any of their respective properties or assets;

 

(j)        Prompt
notice if the Borrower, any Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging
a violation of any Applicable Law or any inquiry which, in either case, could reasonably be expected to have a Material Adverse
Effect;

 

(k)       [Intentionally
Omitted];

 

(l)        Promptly
upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with respect
to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent;

 

(m)      Promptly,
upon the Borrower becoming aware of any change in the Borrower’s Credit Rating, a certificate stating that the Borrower’s
Credit Rating has changed and the new Credit Rating that is in effect;

 

(n)       Promptly,
upon each request, information identifying the Borrower as a Lender may request in order to comply with applicable “know
your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act;

 

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(o)       Promptly,
and in any event within 3 Business Days after the Borrower obtains knowledge thereof, written notice of the occurrence of any
of the following: (i) the Borrower, any other Loan Party or any other
Subsidiary shall receive notice that any violation of or noncompliance with any Environmental Law has or may have been
committed or is threatened; (ii) the Borrower, any other Loan Party or any
other Subsidiary shall receive notice that any administrative or judicial complaint, order or petition has been filed or
other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of
or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or
threatened release of Hazardous Materials; (iii) the Borrower, any other Loan
Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such
Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or
threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Borrower, any other Loan
Party or any other Subsidiary shall receive notice of any other fact, circumstance or condition that could reasonably be
expected to form the basis of an environmental claim, in each caseof
the cases described in the preceding clauses (i) through (iv), with respect to the Collateral Properties, in any material
respect, and with respect to the Properties that are not Collateral Properties, where the matters covered by such
notice(s) under the
preceding clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect;

 

(p)       [Intentionally
Omitted] Promptly, and in any event within three (3)
Business Days after the Borrower obtains knowledge thereof, any Collateral Property failing to comply with the requirements for
being an Eligible Property; and

 

(q)       From
time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or further
information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business
prospects of the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any Lender may reasonably
request.

 

Section 8.5. Electronic Delivery of Certain
Information.

 

(a)       Documents
required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including
a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the
Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender pursuant
to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not
want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or
particular notices or communications. Documents or notices delivered electronically (other than by e-mail) shall be deemed to
have been delivered (A) with respect to deliveries made pursuant to Sections 8.1., 8.2., 8.4.(b) and 8.4.(c) by proper filing
with the Securities and Exchange Commission and available on www.sec.gov, on the date of filing thereof and (B) with respect
to all other electronic deliveries (other than deliveries made by e-mail), twenty-four (24) hours after the date and time on
which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website
and the Administrative Agent or the Borrower notifies each Lender of said posting and the Borrower notifies Administrative
Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time to time by the
Administrative Agent and provides a link thereto provided (x) if such notice or other communication is not sent or posted
during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 
10:00 a.m. Eastern time on the next business day for the recipient and (y) if the deemed time of delivery occurs on a
day that is not a business day for the recipient, the deemed time of delivery shall be 10:00 a.m. Eastern time on the next
business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any
documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Lender. The Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be
solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

 

(b)       Documents
required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the
Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.

 

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Section 8.6. Public/Private Information.

 

The Borrower shall
cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by
or on behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf
of the Borrower to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this
Article and the Borrower shall designate Information Materials (a) that are either available to the public or not material with
respect to the Borrower and its Subsidiaries or any of their respective securities for purposes of United States federal and state
securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”.

 

Section 8.7. USA Patriot Act Notice;
Compliance.

 

The Patriot Act and
federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information
that identifies individuals or business entities which open an “account” with such financial institution. Consequently,
a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall
cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address,
tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal
law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction
or asset account, a credit account, a loan or other extension of credit, and/or other financial services product.

 

ARTICLE
IX. Negative Covenants

 

For so long as this
Agreement is in effect, the Borrower shall comply with the following covenants:

 

Section 9.1. Financial Covenants.

 

(a)       Leverage
Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter
ending after the Amendment Period, the Borrower shall not permit the ratio of (x) Total Indebtedness to (y) Total Asset Value
to exceed 0.60 to 1.00 at any time; provided, however,
that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Borrower shall be deemed to be
in compliance with this subsection (a)(i) so long as (A) the Borrower completed a Material Acquisition during the fiscal
quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such ratio first exceeded 0.60 to 1.00, (B)
such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the
fiscal quarter in which such Material Acquisition was completed, (C) the Borrower has not maintained compliance with this
subsection (a)(i) in reliance on this proviso more than two times during the term of this Agreement and (D) such ratio is not
greater than 0.65 to 1.00 at any time, and (ii) for the fiscal quarter ending June 30, 2020 and any subsequent fiscal quarter
ending during the Amendment Period (including, for the avoidance of doubt,
financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the
Borrower shall  The
Borrower shall not permit the ratio of (x) Total Indebtedness to (y) Total Asset Value to exceed 0.70 to 1.00 at
any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then the
Borrower shall be deemed to be in compliance with this subsection (a)(ii) so
long as (A) the Borrower has not previously maintained compliance with this subsection (a)(ii)
in reliance on this proviso two times during the Amendment Period and (B)
such ratio is not greater than 0.75 to 1.00 at any time.

 

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(b)       Minimum
Fixed Charge Coverage Ratio. The Borrower shall not permit the ratio of (i) Adjusted EBITDA for the applicable test period
most recently ending to (ii) Fixed Charges for such period, to be less than (x) for the fiscal
quarter ending June 30, 2020 and any subsequent fiscal quarter during the Amendment Period (including, for the avoidance of doubt,
financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), 1.25
to 1.00 at any time or (y) for any other fiscal quarter, 1.50 to 1.00 at any time.

 

(c)       Secured
Indebtedness. The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii)
Total Asset Value to be greater than 0.40 to 1.00 at any time.

 

(d)       Unencumbered
Leverage Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter ending after
the Amendment Period, the Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its Subsidiaries
to (y) Unencumbered Asset Value, to be greater than 0.60 to 1.00 at any time; provided,
however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65
to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (d)(i) so long as (A) the Borrower completed
a Material Acquisition during the fiscal quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such
ratio first exceeded 0.60 to 1.00, (B) such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal
quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (C) the Borrower has not maintained
compliance with this subsection (d)(i) in reliance on this proviso more than two times during the term of this Agreement and (D)
such ratio is not greater than 0.65 to 1.00 at any time, and (ii) for the fiscal quarter ending June 30, 2020 and any subsequent
fiscal quarter ending during the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which
the Amendment Period Termination Date is the applicable determination date), the Borrower shall not permit the ratio of (x) Unsecured
Indebtedness of the Borrower and its Subsidiaries to (y) Unencumbered Asset Value, to be greater than 0.70 to 1.00 at any time;
provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then the Borrower shall
be deemed to be in compliance with this subsection (d)(ii) so long as (A) the Borrower has not previously maintained compliance
with this subsection (d)(ii) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not greater
than 0.75 to 1.00 at any time. 

(d)       [Intentionally
Omitted.]

 

(e)       Unencumbered
Interest Coverage Ratio. The Borrower shall not permit the ratio of (i) Unencumbered NOI to (ii) Unsecured
Debt Service for the Borrower’s fiscal quarter most recently ending, to be less than (x) for the fiscal quarter ending June
30, 2020 and any subsequent fiscal quarter ending during the Amendment Period (including, for the avoidance of doubt, financial
covenant compliance for which the Amendment Period Termination Date is the applicable determination date), 1.50 to 1.00 at any
time; provided, however, that if such ratio is less than 1.50 to 1.00 but is not less than 1.35 to 1.00, then the Borrower shall
be deemed to be in compliance with this subsection (e)(x) so long as (A) the Borrower has not previously maintained compliance
with this subsection (e)(x) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not less than
1.35 to 1.00 at any time, or (y) for any other fiscal quarter, 1.75 to 1.00 at any time. 

 (e)       [Intentionally
Omitted.]

 

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(f)        Minimum
Liquidity. Notwithstanding anything to the contrary contained herein or in any other Loan Document,  the
Borrower shall at all times during the Amendment Period, the Borrower shall maintain
Liquidity of not less than $200,000,000.

 

(g)       [Intentionally
Omitted.]

(h)       [Intentionally
Omitted.] 

(ig)    Dividends
and Other Restricted Payments. Subject to the following sentence, if an Event of Default exists, the Borrower shall not,
and shall not permit any of its Subsidiaries to, declare or make any Restricted Payments except that the Borrower may declare
and make cash distributions to its shareholders in an aggregate amount not to exceed the minimum amount necessary for the
Borrower to remain in compliance with Section 7.11. and to avoid the imposition of income or excise taxes imposed under
Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue Code, and Subsidiaries may pay Restricted Payments to the
Borrower or any other Subsidiary. If an Event of Default specified in Section 10.1.(a), Section 10.1.(e) or Section 10.1.(f)
shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated
pursuant to Section 10.2.(a), the Borrower shall not, and shall not permit any Subsidiary to, make any Restricted Payments to
any Person except that Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary and, in the case of
SNH Innovation LLC or any other non-Wholly Owned Subsidiary, to each other owner of Equity Interests of SNH Innovation LLC or
such other non-Wholly Owned Subsidiary pro rata based on the relative ownership interests  or
as otherwise required by the terms of the organizational documents of SNH Innovation LLC or such other non-Wholly Owned
Subsidiary.

 

(h)       Total
Unencumbered Assets. The Borrower shall at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate
outstanding principal amount of the Unsecured Debt of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP.

 

 (i)        Minimum
Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall
not permit the Net Collateral Property Availability to be less than $600,000,000 at any time.

 

 During
the Amendment Period (including, for the avoidance of doubt,
financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower
shall deliver to the Administrative Agent duly completed
Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of
the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth
in Sections 9.1(f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections 9.1(a) through (c) (compliance with which
shall not be required during the Amendment Period), and (iii) the other matters contained in the Compliance Certificate. Immediately
following the Amendment Period Termination Date, all financial covenants set forth in Section 9.1(a) through (i) shall be in full
force and effect and the Borrower shall be required to be in compliance therewith. For the avoidance of doubt and without limiting
the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited
to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the
financial covenants set forth in Section 9.1. 

 

Commencing with the
fiscal quarter ended June 30, 2020 and for each fiscal quarter thereafter, the applicable testing period for the covenants set
forth in Sections 9.1(a) through (ec)
(including the related defined terms) shall be based upon the fiscal quarter of the Borrower most recently ending and the three
immediately preceding fiscal quarters; provided, however, that immediately following the Amendment Period Termination
Date, the applicable testing period for the covenants set forth in Sections 9.1(a) through (ec)
(including the related defined terms) shall be modified as follows: (i) for the first fiscal quarter ending after the Amendment
Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending
after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal
quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the
Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter
ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently
ending and the three immediately preceding fiscal quarters. Notwithstanding the foregoing, the
applicable testing period for determining compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y),
(f) and (i) for the purposes of determining whether the conditions to the occurrence of the Amendment Period Early Termination
Date have been met shall be the three consecutive fiscal months of the Borrower immediately preceding the Amendment Period Early
Termination Date, annualized.

 

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Section 9.2. Negative Pledge.

 

(a)       The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to,  (i)
create, assume, incur, permit or suffer to exist any Lien on any Collateral Property or any direct or indirect ownership interest
of the Borrower in any Person owning any Collateral Property, now owned or hereafter acquired, except for Permitted Liens described
in clauses (c), (g), (i) and (j) of the definition of that term, (ii) create, assume, incur, permit or suffer to exist any Lien
on other Collateral, or any direct or indirect ownership interest of the Borrower in any Person owning any other Collateral, except
for Permitted Liens described in clauses (c), (g), (i) and (j) of the definition of that term, or (iii) create, assume,
or incur any Lien (other than Permitted Liens) upon any of its  other
properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation,
assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including
without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.

 

(b)       The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to,
enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) an agreement (x)
evidencing Indebtedness which (A) the Borrower, such Loan Party or such Subsidiary may create, incur, assume, or permit or suffer
to exist without violation of this Agreement and (B) is secured by a Lien permitted to exist under the Loan Documents, and (y)
which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was
entered into; (ii) the organizational documents or other agreements binding on any Subsidiary that is not a Wholly Owned Subsidiary
(but only to the extent such Negative Pledge covers any Equity Interest in such Subsidiary or the property or assets of such Subsidiary);
(iii) an agreement relating to the sale of a Subsidiary or assets pending such sale, provided that in any such case the Negative
Pledge applies only to the Subsidiary or the assets that are the subject of such sale or (iv) a Negative Pledge contained in any
agreement that evidences unsecured Indebtedness which contains restrictions on encumbering assets that are substantially similar
to those restrictions contained in the Loan Documents.;
provided that, notwithstanding the foregoing, the Borrower shall not, and shall not permit any other Loan Party or any
other Subsidiary to, permit any Collateral Property or any direct or indirect ownership interest of the Borrower in any Person
owning any Collateral Property to be subject to a Negative Pledge.

 

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Section 9.3. Restrictions on Intercompany
Transfers.

 

The Borrower
shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to, create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the
ability of any Subsidiary (other than an Excluded Subsidiary) to: (a) pay dividends or make any other distribution on any of
such Subsidiary’s capital stock or other equity interests owned by the Borrower or any Subsidiary; (b) pay any
Indebtedness owed to the Borrower or any Subsidiary; (c) make loans or advances to the Borrower or any Subsidiary; or (d)
transfer any of its property or assets to the Borrower or any Subsidiary; other than (i) with respect to clauses (a) through
(d) those encumbrances or restrictions contained in (A) any Loan Document, (B) any other agreement evidencing Unsecured
Indebtedness that the Borrower, any other Loan Party any other Subsidiary may create, incur, assume or permit or suffer to
exist under this Agreement and containing encumbrances and restrictions imposed in connection with such Unsecured
Indebtedness that are either substantially similar to, or less restrictive than, the encumbrances and restrictions set forth
in Section 9.1.(ig)
and Section 9.4. of this Agreement and Section 13 of the Guaranty and (C) the organizational
documents or other agreements binding on or applicable to any Subsidiary that is not a Wholly Owned Subsidiary (but only to
the extent such encumbrance or restriction covers any Equity Interest in such Subsidiary or the property or assets of such
Subsidiary), and (ii) with respect to clause (d), (A) customary provisions restricting assignment of any agreement entered
into by the Borrower, any other Loan Party or any Subsidiary in the ordinary course of business or (B) transfer restrictions
in any agreement relating to the sale of a Subsidiary or assets pending such sale or relating to Indebtedness secured by a
Lien on assets that the Borrower or a Subsidiary may create, incur, assume or permit or suffer to exist under Section
9.2.(a); provided that in the case of this clause (B), the restrictions apply only to the Subsidiary or the assets that are
the subject of such sale or Lien, as the case may be. Notwithstanding anything to the contrary in the foregoing, the
restrictions in this Section shall not apply to any provision of any Guaranty entered into by the Borrower, any other Loan
Party or any other Subsidiary relating to the Indebtedness of any Subsidiary permitted to be incurred hereunder, which
provision subordinates any rights of Borrower, other Loan Party or any other Subsidiary to payment from such Subsidiary to
the payment in full of such Indebtedness.

 

Section 9.4. Merger, Consolidation, Sales
of Assets and Other Arrangements.

 

The Borrower shall
not, and shall not permit any other Loan Party or any other Subsidiary to, (i) enter into any transaction of merger or consolidation;
(ii) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease,
transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or
assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired;
provided, however, that:

 

(a)       any
of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any Subsidiary or
any other Loan Party (other than the Borrower or
any Loan Party that
directly or indirectly owns a Collateral Property; provided, however, that the Borrower or any Loan Party that directly or indirectly
owns a Collateral Property may take such actions with respect to (A) any Subsidiary that is not a Pledgor, a Pledged Subsidiary
(as defined in the Pledge Agreement) nor otherwise a direct or indirect owner of any Collateral Property or (B) any Property that
is not a Collateral Property),
including, for the avoidance of doubt, the sale, transfer or other disposition of the capital stock of or other Equity Interests
in any Subsidiary of the Borrower, so long as immediately prior to the taking of such action, and immediately thereafter and after
giving effect thereto, no Default or Event of Default is or would be in existence;

 

(b)       the
Borrower, its Subsidiaries and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as
the case may be), in the ordinary course of their business;

 

(c)       a
Person (other
than any Loan Party that owns a Collateral Property) may merge with and into the Borrower so long as (i) the
Borrower is the survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after
giving effect thereto, no Default or Event of Default is or would be in existence; and (iii) the Borrower shall have
given the Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of such merger (except
that such prior notice shall not be required in the case of the merger of a Subsidiary with and into the Borrower); and

 

(d)       the
Borrower and each Subsidiary may sell, transfer or dispose of assets among themselves  (other
than (i) Pledged Interests and (ii) Collateral Properties other than pursuant to a Qualified Collateral Property Sale in accordance
with Section 7.15).

 

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Section 9.5. Plans.

 

The Borrower shall
not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be
deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated
thereunder. The Borrower shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause
or permit to occur, any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect.

 

Section 9.6. Fiscal Year.

 

The Borrower shall
not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement
Date.

 

Section 9.7. Modifications of Organizational
Documents, Business Management Agreement and Property Management Agreement and Other Material Contracts.

 

(a)       The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise
modify its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership
agreement or other applicable organizational document if such amendment, supplement, restatement or other modification (ai)
could reasonably be expected to be adverse to the interest of the Lenders in any material respect or,
(bii)
could reasonably be expected to have a Material Adverse Effect ,
or (iii) could reasonably be expected to adversely affect the validity, perfection or priority of the Administrative Agent’s
security interest in the Collateral.

 

(b)       The
Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter into any amendment or modification to any
Material Contract which could reasonably be expected to have a Material Adverse Effect.

 

Section 9.8. Transactions with Affiliates.

 

The Borrower shall
not permit to exist or enter into, and shall not permit any other Loan Party or any other Subsidiary to permit to exist or enter
into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any
Affiliate, except (a) as set forth on Schedule 6.1.(s), (b) transactions among the Borrower
and any Wholly Owned Subsidiary or among Wholly Owned Subsidiaries or (c) transactions in the ordinary course of and pursuant
to the reasonable requirements of the business of the Borrower, such other Loan Party or such other Subsidiary and upon fair and
reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would be obtained
in a comparable arm’s length transaction with a Person that is not an Affiliate.

 

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Section 9.9. Environmental Matters.

 

The Borrower shall
not, and shall not permit any other Loan Party, any other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture,
handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties
 or any Collateral Property in violation of any Environmental
Law or in a manner that could lead to any environmental claim or pose a risk to human health, safety or the environment, in each
case, that could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation
or liability whatsoever on the Administrative Agent or any Lender.

 

Section 9.10. Derivatives Contracts.

 

The Borrower shall
not, and shall not permit any other Loan Party or any other Subsidiary to enter into or become obligated in respect of, Derivatives
Contracts, other than Derivatives Contracts entered into by the Borrower, any such Loan Party or any such Subsidiary in the ordinary
course of business and which are intended to establish a hedge in respect of liabilities, commitments or assets held or reasonably
anticipated by the Borrower, such other Loan Party or such other Subsidiary.

 

Section 9.11. Use of Proceeds.

 

(a)       No
part of the proceeds of any of the Loans shall be used for purchasing or carrying margin stock (within the meaning of Regulation
T, U or X of the Board of Governors of the Federal Reserve System) or for any purpose which violates the provisions of Regulation
T, U or X of the Board of Governors of the Federal Reserve System. If requested by the Administrative Agent or any Lender (through
the Administrative Agent), the Borrower shall promptly furnish to the Administrative Agent and each requesting Lender a statement
in conformity with the requirements of Form G-3 or Form U-1, as applicable, under Regulation U of the Board of Governors of the
Federal Reserve System.

 

(b)       The
Borrower shall not use, and shall ensure that its Subsidiaries and Unconsolidated Affiliates and its or their respective directors,
officers, employees and agents shall not use, the proceeds of any Loans, directly or indirectly, (i) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation
of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result
in the violation of any Sanctions applicable to any party hereto.

 

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Section 9.12. Amendment Period.

 

Notwithstanding anything
to the contrary contained herein, at all times during the Amendment Period  and
continuing thereafter until the Post-Amendment Period Compliance Date, the Borrower shall not, and shall not permit
any other Loan Party or any other Subsidiary or Unconsolidated Affiliate to do
any of the following without the prior written consent of the Requisite Lenders:

 

(a)       incur
any additional unsecured Indebtedness (including,
without limitation, any additional Loans pursuant to Section 2.15), other than (i) borrowings of Revolving Loans under
and as defined inin
accordance with the terms of the Existing Credit Agreement, (ii) pursuant to aone
or more Stimulus TransactionTransactions,
(iii) any other incurrenceissuance by
the Borrower or any Subsidiary or Unconsolidated Affiliate of secured orof unsecured Indebtedness,
in each casenotes
pursuant to a Qualified Notes Issuance, provided that (A) any such Indebtedness
has an initial term of at least three (3) years,
(B) no scheduled principal repayments or other mandatory prepayments in
respect of such Indebtedness are required to be paid, nor will be paid, by
the Borrower within the first three (3) years following the date of
incurrence thereof (other than, in the case of Nonrecourse Indebtedness, principal repayments scheduled over a period of
fifteen (15) years or more), (C) the proceeds thereof are applied in accordance with Section 2.7(bd)(iiii)(B) of
the Existing Credit Agreement as in effect on the First Amendment Effective Date, and (DB)
no Default or Event of Default has occurred and is continuing or would result therefrom, (E)
if any such Indebtedness is secured by a mortgage, deed of trust, deed to
secure debt or other similar instrument or agreement creating a Lien on Property, such
Indebtedness shall be Nonrecourse Indebtedness, and (F) if any issuance of notes by the Borrower in reliance on this clause
(iii) is secured by a pledge of the Borrower’s equity interests in one or more Subsidiaries of the Borrower, within 15
days of the date of issuance of such pledge, the Borrower shall deliver to the Administrative Agent a pledge agreement in
form and substance satisfactory to the Administrative Agent granting as security for the
Obligations an equal and ratable Lien in favor of the Administrative Agent, for the benefit
of the Lenders, on all such equity interests pledged in connection with such issuance of
notes, together with all other schedules, supplements, instruments, certificates, intercreditor agreements, filings, opinions
or information in connection therewith as required by any such pledge agreement or as reasonably requested by the
Administrative Agent, and (iv) subject to Section 7.13, the Guarantee by any Subsidiary of the Borrower of any issuance of
notes by the Borrower pursuant to the foregoing clause (iii). and
(iv) any other incurrence by the Borrower or any Subsidiary of unsecured Indebtedness, provided that (A) the proceeds thereof
are applied in accordance with Section 2.7(d)(i)(B), (B) no Default or Event of Default has occurred and is continuing or
would result therefrom, and (C) unless the Borrower is not in compliance with the Amendment Period Incurrence Conditions, at
the time of incurrence or as a result of the application of subclause (A) of this clause (iv), no Loans or Revolving Loans
remain outstanding, and all Pari Passu Obligations have been repaid in full (or with respect to any issued but undrawn amount
of an outstanding Letter of Credit, the amount thereof has been paid to the Revolving Administrative Agent for deposit into
the Letter of Credit Collateral Account (as defined in the Existing Credit Agreement) in accordance with the terms of the
Existing Credit Agreement);

 

(b)       acquire
any real property or make any other Investments of any kind (other than cash, Cash Equivalents
and similar investments), other than: (i) renovations, repositionings or
improvements to orand
capital expenditures in respect of any Property, (ii) leasing and tenant improvement
costs to be paid by the Borrower or its Subsidiaries (or its Ownership Share thereof to be paid by Unconsolidated Affiliates),
(iii) maintenance capital expenditures and repairs to be paid by Borrower or its Subsidiaries (or its Ownership Share thereof to
be paid by Unconsolidated Affiliates), and (ivcollectively,
in an aggregate amount not to exceed $250,000,000 in any calendar year, (ii) if Five Star conducts an equity offering,
the acquisition by the Borrower of such minimum number of additional shares of Five Star as would permit the Borrower to retain
pro rata ownership of 3433.9%
of Five Star , and (iii) acquisitions of any properties in the proximity
of, and accretive to, existing real property assets of the Borrower and its Subsidiaries in an aggregate amount not to exceed $50,000,000
in any calendar year (the foregoing clauses (i) through (iviii),
collectively, the “Permitted Capital Expenditures”);

 

(c)       make
any Restricted Payments, provided that (i) the Borrower may declare and make cash distributions to its shareholders in an aggregate
amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.11. and to avoid
the imposition of income or excise taxes imposed under Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue Code,
(ii) the Borrower shall be permitted to make Restricted Payments of not more than $0.01 per share in cash to the holders of its
capital stock following the end of each fiscal quarter of Borrower, and (iii) any Subsidiary or
Unconsolidated Affiliate may make Restricted Payments to the Borrower or any Subsidiary of the Borrower (and, in
the case of any Subsidiary that is not a Wholly Owned Subsidiary, to each other owner of equity interests in such Subsidiary pro
rata based on such owner’s Ownership Share  or as otherwise required
by the terms of the organizational documents of such Subsidiary) (the foregoing clauses (i) through (iii), collectively,
the “Permitted Restricted Payments”); and

 

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(d)       take
any action, or refrain from taking any action, that would be prohibited during a Default or Event of Default, including, without
limitation, mergers, liquidations, liens, encumbrances, releases, and certain transfers in each case which would otherwise be permitted
hereunder, other than (i) the borrowing of Indebtedness otherwise permitted under Section 9.12(a), (ii) requesting a Conversion
or Continuation of LIBOR Loans in accordance with Sections 2.8 and 2.9, as applicable, (iii) dispositions of property or other
Investments, in each case, pursuant to an arm’s-length third party transactions in the ordinary course of business,  and
(iv) Permitted Capital Expenditures, (v) Permitted Restricted Payments, and (vi) the granting
of any Liens on assets to the extent securing any Indebtedness permitted under Section 9.12(a).;
and

 

 (e)      use
the proceeds of any Loans or other Credit Event to directly or indirectly repay any Indebtedness other than (i) first, the repayment
or optional redemption of the 6.75% Senior Notes, to the full extent thereof, and (ii) second, the repayment of the Loans and any
other Obligations.

 

ARTICLE
X. Default

 

Section 10.1. Events of Default.

 

Each of the following
shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be
effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:

 

(a)       Default
in Payment. The Borrower (i) shall fail to pay when due under this Agreement or any other Loan Document (whether upon
demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or (ii) shall fail to pay when
due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement, any other
Loan Document or the Fee Letter or any other Loan Party shall fail to pay when due any payment Obligation owing by such other Loan
Party under any Loan Document to which it is a party, and, in the case of a failure described in this clause (ii), such failure
shall continue for a period of 5 Business Days.

 

(b)       Default
in Performance.

 

(i)       Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed
and contained in Section  2.7(d), 7.14, 7.15 or 8.4.(h)
or Article IX.; or

 

(ii)       Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other
Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only,
such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of
the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received
written notice of such failure from the Administrative Agent.

 

(c)       Misrepresentations.
Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or
under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by,
or at the direction of, any Loan Party to the Administrative Agent or any Lender, shall at any time prove to have been incorrect
or misleading, in light of the circumstances in which made or deemed made, in any material respect when furnished or made or deemed
made.

 

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(d)       Indebtedness
Cross-Default.

 

(i)       The
Borrower, any other Loan Party or any other Subsidiary shall fail to pay when due and payable (after giving effect to any applicable
grace or cure period) the principal of, or interest on, any Indebtedness (other than the Loans) having an aggregate outstanding
principal amount (or, in the case of any Derivatives Contract, having a Derivatives Termination Value) of, in each case individually
or in the aggregate with all other Indebtedness as to which such a failure exists, of an aggregate outstanding principal amount
greater than or equal to (A) $25,000,000 in the case of Indebtedness that is not Nonrecourse Indebtedness or (B) $75,000,000
in the case of Indebtedness that is Nonrecourse Indebtedness (“Material Indebtedness”); or

 

(ii)       (x) The
maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract
or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material
Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof; or

 

(iii)     Any
other event shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise,
would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders
or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to
be prepaid or repurchased prior to its stated maturity; or

 

(iv)     An
Event of Default under and as defined in the Existing Credit Agreement or Other Existing Term Loan Agreement shall occur.

 

(e)       Voluntary
Bankruptcy Proceeding. The Borrower, any other Loan Party or any other Subsidiary (other than (x) an Excluded Subsidiary all
Indebtedness of which is Nonrecourse Indebtedness, (y) a Guarantor  (other
than any Guarantor that directly or indirectly owns a Collateral Property) that, together with all other Guarantors
then subject to a bankruptcy proceeding or other proceeding or condition described in this subsection or the immediately following
subsection, does not account for more than $25,000,000 of Total Asset Value, or (z) a Subsidiary (other than  (1)
any Subsidiary that directly or indirectly owns a Collateral Property and (2) an Excluded Subsidiary all the Indebtedness
of which is Nonrecourse Indebtedness) that, together with all other Subsidiaries then subject to a bankruptcy proceeding or other
proceeding or condition described in this subsection or the immediately following subsection, does not account for more than $50,000,000
of Total Asset Value) shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as
now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to,
or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy
laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply
for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a
receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit
in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors;
(vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership
action for the purpose of effecting any of the foregoing.

 

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(f)       Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any
other Subsidiary (other than (x) an Excluded Subsidiary all Indebtedness of which is Nonrecourse Indebtedness, (y) a
Guarantor (other
than any Guarantor that directly or indirectly owns a Collateral Property) that, together with all other
Guarantors then subject to a bankruptcy proceeding or other proceeding or condition described in this subsection or the
immediately preceding subsection, does not account for more than $25,000,000 of Total Asset Value, or (z) a Subsidiary (other
than (1)
any Subsidiary that directly or indirectly owns a Collateral Property and (2) an Excluded Subsidiary all the
Indebtedness of which is Nonrecourse Indebtedness) that, together with all other Subsidiaries then subject to a bankruptcy
proceeding or other proceeding or condition described in this subsection or the immediately preceding subsection, does not
account for more than $50,000,000 of Total Asset Value) in any court of competent jurisdiction seeking: (i) relief under
the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of
debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or
any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such
case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting
the remedy or other relief requested in such case or proceeding against the Borrower, such Subsidiary or such other Loan
Party(including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws)
shall be entered.

 

(g)       Revocation
of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document or the Fee Letter
to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental
Authority the validity or enforceability of any Loan Document or the Fee Letter or any Loan Document or the Fee Letter shall cease
to be in full force and effect (except as a result of the express terms thereof).

 

(h)       Judgment.
A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower,
any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue
for a period of 30 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either
(A) the amount of such judgment or order (x) for which insurance has not been acknowledged in writing by the applicable insurance
carrier (or the amount as to which the insurer has denied liability) or (y) is not otherwise subject to indemnification or reimbursement
on reasonable terms and conditions by Persons reasonably likely to honor such indemnification or reimbursement obligations, exceeds,
individually or together with all other such judgments or orders entered against (1) the Borrower or ,
any Guarantor $ , or
any Subsidiary that directly or indirectly owns a Collateral Property, $25,000,000, or (2) any other Subsidiaries, $50,000,000,
or (B) in the case of an injunction or other non-monetary relief, such injunction or judgment or order could reasonably be
expected to have a Material Adverse Effect.

 

(i)       Attachment.
A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan
Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes,
(1) for the Borrower or ,
any Guarantor , or any Subsidiary that directly or indirectly owns a
Collateral Property, $25,000,000, or (2) for any other Subsidiaries, $50,000,000, and such warrant, writ, execution
or process shall not be paid, discharged, vacated, stayed or bonded for a period of 30 days; provided, however, that if a bond
has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such
bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent pursuant
to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives
or subordinates any Lien it may have on the assets of the Borrower or any Subsidiary.

 

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(j)       ERISA.

 

(i)       Any
ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA
Group aggregating in excess of $10,000,000; or

 

(ii)       The
 “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more
than $10,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715.

 

(k)       Loan
Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents.

 

(l)       Change
of Control.

 

(i)        any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities
that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly
or indirectly, of more than 25% of the total voting power of the then outstanding voting stock of the Borrower; or

 

(ii)      during
any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month
period constituted the Board of Trustees of the Borrower (together with any new trustees whose election by such Board or whose
nomination for election by the shareholders of the Borrower was approved by a vote of a majority of the trustees then still in
office who were either trustees at the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Trustees of the Borrower then in office; or

 

(iii)     RMR
shall cease for any reason to act as the sole business manager and property manager for the Borrower.

 

 (m)      Security
Documents. Any provision of any Security Document, at any time after the execution and delivery of such Security Document and for
any reason other than as expressly permitted hereunder or under such Security Document, shall for any reason cease to be valid
and binding on or enforceable against any Loan Party or any Lien created under any Security Document ceases to be a valid and perfected
first priority Lien in any of the Collateral purported to be covered thereby.

 

Section 10.2. Remedies Upon Event of
Default.

 

Upon the occurrence
of an Event of Default the following provisions shall apply:

 

(a)       Acceleration;
Termination of Facilities.

 

(i)       Automatic.
Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f),
(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other
Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement,
the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand,
protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan
Parties.

 

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(ii)       Optional.
If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall declare
(A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other
Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement,
the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and
payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on
behalf of itself and the other Loan Parties.

 

(b)       Loan
Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall,
exercise any and all of its rights under any and all of the other Loan Documents.

 

(c)       Applicable
Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise
all other rights and remedies it may have under any Applicable Law.

 

(d)       Appointment
of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment
of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without
regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession
of all or any portion of the  Collateral, the property and/or
the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver.

 

(e)       Specified
Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each Specified
Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent
of or other action by the Administrative Agent or the Lenders, and without limitation of other remedies available to such Specified
Derivatives Provider under contract or Applicable Law, in each case, in accordance with the terms of the applicable Specified Derivatives
Contract, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under
any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof,
(b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms
thereof, and to set off amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account
balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document,
including any “Posted Collateral” (as defined in any credit support annex included in any such Derivatives Support
Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against the Borrower,
any other Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant
to any Specified Derivatives Contract.

 

Section 10.3. [Intentionally Omitted].

 

Section 10.4. Marshaling; Payments Set
Aside.

 

None of the
Administrative Agent, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in
favor of any Loan Party or any other party or against or in payment of any or all of the Obligations or the Specified
Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent, any
Lender or any Specified Derivatives Provider, or the Administrative Agent, any Lender or any Specified Derivatives Provider
enforce their security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such
enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common
law or equitable cause, then to the extent of such recovery, the Obligations or Specified Derivatives Obligations, or part
thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in
full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

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Section 10.5. Allocation of Proceeds.

 

IfSubject
in all respects to the provisions of the Intercreditor Agreement, if an Event of Default exists, all payments received
by  (x) the Administrative Agent (or any Lender as a result
of its exercise of remedies pursuant to Section 12.3.) under any of the Loan Documents,  (y)
the Revolving Administrative Agent (or any Revolving Lender as a result of its exercise of remedies pursuant to Section 12.4.
of the Existing Credit Agreement) under any of the Revolving Loan Documents, or (z) the Collateral Agent, in each case,
in respect of any principal of or interest on theany
Pari Passu Obligations, any Pari Passu Guaranteed Obligations or any other amounts payable by the Borrower  or
any other Loan Party hereunder or thereunder, shall beunder
any other Loan Document or Revolving Loan Document, shall be remitted to the Administrative Agent, the Revolving Administrative
Agent, and the Collateral Agent (each as applicable based on which party is entitled to such amounts in accordance with this Section
10.5) and applied in the following order and priority:  (provided,
however, that neither the Administrative Agent nor any Lender shall have any obligation or responsibility hereunder in connection
with the application of any amounts received by the Revolving Administrative Agent or any Revolving Lender pursuant to Section
10.5 of the Existing Credit Agreement or by the Collateral Agent):

 

(a)       to
payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees,
payable to the Administrative Agent in its capacity
as such;

 (a)        (i)
amounts due to the Administrative Agent, the Revolving Administrative Agent, the Collateral Agent, the Issuing Banks (as defined
in the Existing Credit Agreement), the Lenders and the Revolving Lenders in respect of expenses due under Section 12.2 hereof or
of the Existing Credit Agreement, or the Intercreditor Agreement, as applicable, until paid in full, and then (ii) Fees (as defined
hereunder and under the Existing Credit Agreement) and other amounts due to the Administrative Agent, the Revolving Administrative
Agent, the Collateral Agent, the Lenders and the Revolving Lenders pursuant to Sections 11.6. and 12.9. hereof or Sections
11.6. and 12.10. of the Existing Credit Agreement, as applicable, in each case under the foregoing clauses (i) and (ii), in proportion
to the respective amounts described in clause (i) or (ii), as applicable, payable to them;

 

(b)       to
payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lendersamounts
due to the Collateral Agent, the Administrative Agent, the Revolving Administrative Agent, the Lenders and the Revolving Lenders
in respect of Protective Advances in proportion to the respective amounts described in this clause (b) payable to them;

 

(c)       to
payment of that portion of the Obligations constituting accrued and unpaid payments
of interest on the Swingline
Loans, ratably among the  Swingline Lenders  (as
defined in the Existing Credit Agreement) in proportion to the respective amounts described in this clause (c) payable
to them;

 

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 (d)       payments
of interest on all other Loans, Revolving Loans and Reimbursement Obligations (as defined in the Existing Credit Agreement) to
be applied for the ratable benefit of (i) in the case of payments in respect of Revolving Loans and Reimbursement Obligations,
the Revolving Lenders and the Issuing Banks (as defined in the Existing Credit Agreement) and (ii) in the case of payments in respect
of Loans, the Lenders, in each case under the foregoing clauses (i) and (ii), in proportion to the respective amounts described
in this clause (d) payable to them; 

 

(de) to
payment of that portion of the Obligations constituting unpaidpayments
of principal of theSwingline Loans,
ratably among the Swingline Lenders (as
defined in the Existing Credit Agreement) in proportion to the respective amounts described in this clause (de)
payable to them; and

 

(e)       the
balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by
Applicable Law. 

 (f)        payments
of principal of all other Loans, Revolving Loans, Reimbursement Obligations (as defined in the Existing Credit Agreement) and other
Letter of Credit Liabilities, to be applied for the ratable benefit of (i) in the case of payments in respect of Revolving Loans,
Reimbursement Obligations, and other Letter of Credit Liabilities, the Revolving Lenders and the Issuing Banks (as defined in the
Existing Credit Agreement), in such order and priority as the Revolving Lenders and the Issuing Banks may determine in their sole
discretion, and (ii) in the case of payments in respect of Loans, the Lenders, in such order and priority as the Lenders may determine
in their sole discretion, in each case under the foregoing clauses (i) and (ii), in proportion to the respective amounts described
in this clause (f) payable to them; provided, however, that to the extent that any amounts available for distribution
pursuant to this subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts
shall be paid to the Revolving Administrative Agent for deposit into the Letter of Credit Collateral Account (as defined in the
Existing Credit Agreement) in accordance with the terms of the Existing Credit Agreement;

 

 (g)       payments
of all other Pari Passu Obligations and other amounts due under any of the Loan Documents or Revolving Loan Documents, to be applied
for the ratable benefit of (i) in the case of payments of Obligations or any other amount due under any of the Loan Documents,
the Lenders, and (ii) in the case of payments of “Obligations” or any other amount due under any of the Revolving Loan
Documents, the Revolving Lenders and the Issuing Banks (as defined in the Existing Credit Agreement), in each case under the foregoing
clauses (i) and (ii), in proportion to the respective amounts described in this clause (g) payable to them; and

 

 (h)       any
amount remaining after application as provided above and after all Pari Passu Obligations and other amounts due under any of the
Loan Documents or Revolving Loan Documents have been paid in full, shall be paid to the Borrower or whomever else may be legally
entitled thereto. 

 

Section 10.6. [Intentionally Omitted].

 

Section 10.7. Performance by Administrative
Agent.

 

If the Borrower
or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on
behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In such
event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the
Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon
at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the
Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any
obligation of the Borrower under this Agreement or any other Loan Document.

 

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Section 10.8. Rights Cumulative.

 

(a)       The
rights and remedies of the Administrative Agent, the Lenders and the Specified Derivatives Providers under this Agreement, each
of the other Loan Documents, the Fee Letter and Specified Derivatives Contracts shall be cumulative and not exclusive of any rights
or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative
Agent, the Lenders and the Specified Derivatives Providers may be selective and no failure or delay by the Administrative Agent,
any of the Lenders or any of the Specified Derivatives Providers in exercising any right shall operate as a waiver of it, nor shall
any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power
or right.

 

(b)       Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder
and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent
in accordance with Article X. for the benefit of all the Lenders; provided that the
foregoing shall not prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure
to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) any Lender
from exercising setoff rights in accordance with Section 12.3. (subject to the terms of SectionSections 3.3.
 and 11.13. and the Intercreditor Agreement), or (iii) any
Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative
to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to Article X. and (y) in addition to the matters
set forth in clauses (ii) and (iii) of the preceding proviso and subject to Section 3.3.,
any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by
the Requisite Lenders.

 

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ARTICLE
XI. The Administrative Agent

 

Section 11.1. Appointment and Authorization.

 

Each Lender
hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically
delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the
Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the
exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to
deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or
obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the
terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents
with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is
intended to create or reflect only an administrative relationship between independent contracting parties. The Administrative
Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the
financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to
Article VIII. that the Borrower is not otherwise required to deliver directly to the
Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate,
an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the
Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document
not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other
Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement
or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take
any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other
provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the
Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent
shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to
this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may
exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event
of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no
Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent
acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions
of the Requisite Lenders, or where applicable, all the Lenders.

 

Section 11.2. Administrative Agent as
Lender.

 

The Lender acting as
Administrative Agent shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender
and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated, include such Lender in each case in its individual capacity. The Lender acting as
Administrative Agent and its Affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend
money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with
the Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without any duty to account
therefor to the other Lenders. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from
the Borrower for services in connection with this Agreement or otherwise without having to account for the same to the other Lenders.
The Lenders acknowledge that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding the
Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality
obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such
information to them.

 

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Section 11.3. Approvals of Lenders.

 

All
communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or
disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a
description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall
advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe
the matter or issue to be resolved, and (c) shall include, if reasonably requested by such Lender and to the extent not
previously provided to such Lender, written materials provided to the Administrative Agent by the Borrower in respect of the
matter or issue to be resolved. Unless a Lender shall give written notice to the Administrative Agent that it specifically
objects to the requested determination, consent, approval or disapproval within fifteen (15) Business Days (or such
lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such
communication, such Lender shall be deemed to have conclusively provided such requested determination, consent, approval or
disapproval; provided, however, that this sentence shall not apply to amendments, waivers or consents that require the
written consent of each Lender directly and adversely affected thereby pursuant to Section 12.6.(b).

 

Section 11.4. Notice of Events of Default.

 

The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative
Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such
Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender
which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to
the Administrative Agent such a “notice of default”; provided, a Lender’s failure to provide such a “notice
of default” to the Administrative Agent shall not result in any liability of such Lender to any other party under any of
the Loan Documents. Further, if the Administrative Agent receives such a “notice of default,” the Administrative Agent
shall give prompt notice thereof to the Lenders.

 

Section 11.5. Administrative Agent’s
Reliance.

 

Notwithstanding
any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its Related
Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan
Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set
forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without
limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own counsel
or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty
or representation to any Lender or any other Person, or shall be responsible to any Lender or any other Person for any
statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in
connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the
satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other
Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to
any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or
any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the
perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders and the Specified
Derivatives Providers in any such collateral; (d) shall have any liability in respect of any recitals, statements,
certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument,
agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect
of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper
party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents,
employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact
as determined by a court of competent jurisdiction in a final non-appealable judgment.

 

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Section 11.6. Indemnification of Administrative
Agent  and Collateral Agent.

 

 (a)       Each
Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation
of the Borrower to do so) pro rata in accordance with such Lender’s respective Credit Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever
which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative
Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or
thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable
Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent
resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction
in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of
the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or
willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse
the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do
so) promptly upon demand for its Credit Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative
Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement
(whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities
of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan
Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent
and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental
Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative
Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt
of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally
determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements
in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents
and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following
payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative
Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

 

(b)        Each
Lender agrees to indemnify the Collateral Agent (to the extent not reimbursed by the Borrower and without limiting the
obligation of the Borrower to do so) in accordance with its Pro Rata Share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature
whatsoever which may at any time be imposed on, incurred by, or asserted against the Collateral Agent (in its capacity as
Collateral Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction
contemplated hereby or thereby or any action taken or omitted by the Collateral Agent under the Loan Documents (collectively,
 “Collateral Agent Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any
portion of such Collateral Agent Indemnifiable Amounts to the extent resulting from the Collateral Agent’s gross
negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment;
provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders
and/or Revolving Lenders, if expressly required hereunder or under the Existing Credit Agreement) shall be deemed to
constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the
foregoing, each Lender agrees to reimburse the Collateral Agent (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share of any out-of-pocket
expenses (including the reasonable fees and expenses of the counsel to the Collateral Agent) incurred by the Collateral Agent
in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations,
legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the
Loan Documents, any suit or action brought by the Collateral Agent to enforce the terms of the Loan Documents and/or collect
any Pari Passu Guaranteed Obligations, any “lender liability” suit or claim brought against the Collateral Agent,
the Lenders and/or the Revolving Lenders, and any claim or suit brought against the Collateral Agent, the Lenders and/or the
Revolving Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be
advanced by the Lenders on the request of the Collateral Agent notwithstanding any claim or assertion that the Collateral
Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Collateral Agent that the Collateral
Agent will reimburse the Lenders and Revolving Lenders if it is actually and finally determined by a court of competent
jurisdiction that the Collateral Agent is not so entitled to indemnification. The agreements in this Section 11.6(b) shall
survive the payment of the Pari Passu Obligations and all other amounts payable hereunder or under the other Loan Documents
and the termination of this Agreement. If the Borrower shall reimburse the Collateral Agent for any Collateral Agent
Indemnifiable Amount following payment by any Lender or Revolving Lender to the Collateral Agent in respect of such
Collateral Agent Indemnifiable Amount pursuant to this Section 11.6(b), the Collateral Agent shall share such reimbursement
on a ratable basis with each Lender or Revolving Lender making any such payment.

 

    -98- 

     

    

 

Section 11.7. Lender Credit Decision,
Etc.

 

Each of the
Lenders expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related Parties has made any
representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken, including any
review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to
constitute any such representation or warranty by the Administrative Agent to any Lender. Each of the Lenders acknowledges
that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions
contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the
Administrative Agent, or any of their respective Related Parties, and based on the financial statements of the Borrower, the
other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence
of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of
the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other
documents and information as it has deemed appropriate. Each of the Lenders also acknowledges that it will, independently and
without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their
respective Related Parties, and based on such review, advice, documents and information as it shall deem appropriate at the
time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent
shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of
the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or
make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and
other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this
Agreement or any of the other Loan Documents or furnished to the Administrative Agent for distribution to the Lenders, the
Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other
Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related
Parties. Each of the Lenders acknowledges that the Administrative Agent’s legal counsel in connection with the
transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as
counsel to any Lender.

 

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Section 11.8. Successor Administrative
Agent.

 

The Administrative
Agent may (a) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the
Lenders and the Borrower or (b) be removed as Administrative Agent by all of the Lenders (excluding the Lender then acting
as Administrative Agent) and the Borrower upon 30 days’ prior written notice if the Administrative Agent is found by a court
of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course
of performing its duties hereunder. Upon any such resignation or removal, the Requisite Lenders shall have the right to appoint
a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s
approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed
to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent
shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within
30 days after the current Administrative Agent’s giving of notice of resignation or giving of notice of removal of the Administrative
Agent, then the current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall
be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment, then such resignation or removal
shall nonetheless become effective in accordance with such notice and (1) the Administrative Agent shall be discharged from
its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made to each Lender directly, until such time as
a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such Lenders
so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection
of the Administrative Agent as if each such Lender were itself the Administrative Agent. Upon the acceptance of any appointment
as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative
Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation
hereunder as Administrative Agent, the provisions of this Article XI. shall continue to inure
to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents.

 

    -100- 

     

    

 

Notwithstanding anything contained herein
to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by
giving the Borrower and each Lender prior written notice.

 

Section 11.9. Titled Agents.

 

Each of the Lead Arrangers,
the Syndication Agent and the Documentation Agent (each a “Titled Agent”) in each such respective capacity,
assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any
of the Loans, nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific
and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Borrower or
any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those
of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled.

 

Section
11.10. Collateral Matters; Protective Advances.

 

 (a)        Each
of the Lenders hereby authorizes the Administrative Agent and the Collateral Agent, without the necessity of any notice to or further
consent from any Lender, from time to time prior to an Event of Default, to take (or, in the case of the Administrative Agent,
to direct the Collateral Agent to take) any action with respect to any Collateral or any Loan Document which may be necessary to
perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents. 

 

 (b)        The
Lenders hereby authorize the Administrative Agent and the Collateral Agent, in each case at its option and in its discretion, to
release (or, in the case of the Administrative Agent, to direct the Collateral Agent to release) any Lien granted to or held by
the Collateral Agent upon any Collateral (i) upon termination of the Revolving Commitments and indefeasible payment and satisfaction
in full of all of the Pari Passu Guaranteed Obligations, (ii) as expressly permitted by, but only in accordance with, the terms
of the applicable Loan Documents, and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater
number of Lenders and/or Revolving Lenders as this Agreement or any other Loan Document may expressly provide). Upon request by
the Administrative Agent or the Collateral Agent at any time, the Lenders will confirm in writing the Administrative Agent’s
and the Collateral Agent’s authority to release (or, in the case of the Administrative Agent, to direct the Collateral Agent
to release) particular types or items of Collateral pursuant to this Section. 

 

(c)        Upon
any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at least
five (5) Business Days’ prior written request by the Borrower, the Administrative Agent and the Collateral Agent shall
(and each is hereby irrevocably authorized by the Lenders to) execute, and cause the execution of, such documents as may be
necessary to evidence the release of the Liens granted to the Collateral Agent pursuant to the Loan Documents upon the
Collateral that was sold or transferred; provided, however, that (i) neither the Administrative Agent nor the Collateral
Agent shall be required to execute (or cause the execution of) any such document on terms which, in the Administrative
Agent’s or the Collateral Agent’s opinion, would expose the Administrative Agent or the Collateral Agent to
liability or create any obligation or entail any consequence other than the release of such Liens without recourse or
warranty and (ii) such release shall not in any manner discharge, affect or impair the Pari Passu Guaranteed Obligations or
any Liens upon (or obligations of the Borrower or any
other Loan Party in respect of) all interests retained
by the Borrower or any other Loan Party, including, without limitation, the proceeds of such sale or transfer, all of which
shall continue to constitute part of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure
with respect to any of the Collateral, the Administrative Agent and the Collateral Agent shall be authorized to
deduct all of the expenses reasonably incurred by the Administrative Agent and the Collateral Agent from the proceeds of any
such sale, transfer or foreclosure.

 

    -101- 

     

    

 

 (d)        Neither
the Collateral Agent nor the Administrative Agent shall have any obligation whatsoever to any Lender or to any other Person to
assure that the Collateral exists or is owned by the Borrower, any other Loan Party or any other Subsidiary or is cared for, protected
or insured or that the Liens granted to the Collateral Agent pursuant to any Loan Document have been properly or sufficiently or
lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising
at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or
available to the Collateral Agent or the Administrative Agent in this Section or in any of the Loan Documents, it being understood
and agreed that in respect of the Collateral, or any act, omission or event related thereto, each of the Collateral Agent and the
Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, and that neither the Collateral Agent
nor the Administrative Agent shall have any duty or liability whatsoever to the Lenders, except to the extent determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted from its gross negligence or willful misconduct.

 

 (e)        The
Collateral Agent may make (and the Administrative Agent may direct the Collateral Agent to make), and shall be reimbursed by the
Lenders (in accordance with their Pro Rata Shares) to the extent not reimbursed by the Borrower for, Protective Advances during
any one (1) calendar year with respect to each Pledged Interest or Collateral Property up to the sum of (i) amounts expended to
pay taxes, assessments and governmental charges or levies imposed upon such Collateral; (ii) amounts expended to pay insurance
premiums for policies of insurance related to such Collateral; and (iii) $5,000,000. Protective Advances in excess of said sum
during any calendar year for any Pledged Interest or Collateral Property shall require the consent of the Requisite Lenders. The
Borrower agrees to pay on demand all Protective Advances.

 

 (f)        By
their acceptance of the benefits of the Security Documents, each Lender that is at any time itself a Specified Derivatives Provider,
or having an Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate, in its
capacity as a Specified Derivatives Provider, acknowledges that obligations arising under any Specified Derivatives Contract are
not secured by the Collateral. 

 

 (g)        Each
Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any other Loan
Party under the Loan Documents with respect to exercising claims against or rights in the Collateral without the written consent
of the Requisite Lenders. For purposes of this Section, the term “Lender” includes any Person that is or at any time
has been a Lender and the terms and conditions of this provision shall be binding upon such Person at all times and expressly survive
any assignment of the Loans of such Person in whole or in part.

 

 (h)        Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.10 shall be
subject in all respects to the provisions of the Intercreditor Agreement. 

 

Section
11.11. Post-Foreclosure Plans.

 

(a)        If
all or any portion of the Collateral is acquired by the Collateral Agent as a result of a foreclosure or the acceptance of an
assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Pari Passu Guaranteed
Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Collateral Agent or a
nominee or Subsidiary of the Collateral Agent, as “Collateral Agent”, for the ratable benefit of the holders of
Pari Passu Guaranteed Obligations. The Collateral Agent shall prepare a recommended course of action for such
Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders.
In accordance with the approved Post-Foreclosure Plan, the Collateral Agent shall manage, operate, repair, administer,
complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating
thereto, including agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral
and paying the expenses of such Collateral. Actions taken by the Collateral Agent with respect to the Collateral, which are
not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the
written consent of the Requisite Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time
to time, each Lender will contribute its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by
the Collateral Agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation,
management, maintenance, leasing and sale of such Collateral. In addition, the Collateral Agent shall render or cause to be
rendered to each Lender, on a monthly basis, an income and expense statement for such Collateral, and each Lender shall
promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and operating
reserves as the Collateral Agent shall deem reasonably necessary pursuant to and in accordance with the approved
Post-Foreclosure Plan. To the extent there is net operating income from such Collateral, the Collateral Agent shall, in
accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lenders. All such
distributions shall be made to the Lenders in accordance with their respective Pro Rata Shares. The Lenders acknowledge and
agree that if title to any Collateral is obtained by the Collateral Agent or its nominee, such Collateral will not be held as
a permanent investment but will, consistent with and subject to the requirements of Section 11.10 and this Section 11.11, be
liquidated and the proceeds of such liquidation will be distributed in accordance with Section 10.5 as soon as practicable.
The Collateral Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the
Requisite Lenders reasonably shall determine to be most advantageous to the holders of Pari Passu Guaranteed Obligations. Any
purchase money Mortgage taken in connection with the disposition of such Collateral in accordance with the immediately
preceding sentence shall name the Collateral Agent, as collateral agent for the holders of Pari Passu Guaranteed Obligations,
as the beneficiary or mortgagee. In such case, the Collateral Agent and the holders of Pari Passu Guaranteed Obligations
shall enter into an agreement with respect to such purchase money Mortgage defining the rights of the holders of Pari Passu
Guaranteed Obligations in the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects
similar to this Article XI insofar as the same is appropriate or applicable.

 

    -102- 

     

    

 

 (b)        Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, the provisions of this Section 11.11 shall be
subject in all respects to the provisions of the Intercreditor Agreement.

 

Section
11.12. Flood Laws

 

Wells
Fargo has adopted internal policies and procedures that address requirements placed on federally regulated lenders under the National
Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). Wells Fargo, as Administrative
Agent, will post on the applicable electronic platform (or otherwise distribute to each Lender in the syndicate) documents that
it receives in connection with the Flood Laws. However, Wells Fargo reminds each Lender and Participant that, pursuant to the Flood
Laws, each federally regulated Lender (whether acting as a Lender or Participant) is responsible for assuring its own compliance
with the flood insurance requirements.

 

Section
11.13. No Set Off.

 

Each
Lender hereby acknowledges that the exercise by any Lender of any offset, set-off, banker’s lien or similar rights
against any deposit account or other property or asset of any Loan Party, whether or not located in California,
could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts in
respect of the Pari Passu Guaranteed Obligations. Therefore, each Lender agrees not to charge or offset any amount owed to it
by any Loan Party against any of the accounts, property or assets of any Loan Party or any of its affiliates held by such
Lender without the prior written approval of the Administrative Agent and the Requisite Lenders.

 

    -103- 

     

    

 

ARTICLE
XII. Miscellaneous

 

Section 12.1. Notices.

 

Unless otherwise provided
herein (including without limitation as provided in Section 8.5.), communications provided
for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows:

 

If to the Borrower:

 

Diversified Healthcare Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458-1634

Attention: Chief Financial Officer

Telecopy Number: (617) 219-8349

Telephone Number: (617) 796-8350

 

If to the Administrative
Agent:

 

Wells Fargo Bank, National Association

10 South Wacker Drive, 32nd Floor

Chicago, IL 60606

Attn: Douglas Frazer

Telecopier: (704)-410-0329

Telephone: (704) 715-5747

 

and

 

Wells Fargo Bank, National Association

550 South Tryon Street

Charlotte, North Carolina 28202

Attn:  Kristen Ray

Telecopier:         
704-410-0329

Telephone:         
704-410-1772

 

If to the Administrative
Agent under Article II.:

 

Wells Fargo Bank, National Association

Minneapolis Loan Center

600 South 4th Street,
9th Floor

Minneapolis, Minnesota 55415

Attn: Anthony Gangelhoff

Telecopier: (877) 410-5023

Telephone: (612) 316-0109

 

    -104- 

     

    

 

If to any other Lender:

 

To such Lender’s address
or telecopy number as set forth in the applicable Administrative Questionnaire

 

or, as to each party at such other address
as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided,
a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such
notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of
three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the
Borrower or the Administrative Agent and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if
hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with Section 8.5.
to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt
of any communication as of the result of any change of address of which the sending party was not notified or as the result of
a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence,
all notices or communications to the Administrative Agent or any Lender under Article II.
shall be effective only when actually received. None of the Administrative Agent or any Lender shall incur any liability to any
Loan Party (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred
to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given
by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to
get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.

 

Section 12.2. Expenses.

 

The Borrower
agrees (a) to pay or reimburse the Administrative Agent and
the Collateral Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or
modification to, any of the Loan Documents (including due diligence expense and reasonable travel expenses related to
closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and
disbursements of counsel to the Administrative Agent and the
Collateral Agent and all costs and expenses of the Administrative Agent and
the Collateral Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission
systems in connection with the Loan Documents and
in connection with the review of Properties for inclusion as Collateral Properties and the other activities of the
Administrative Agent and the Collateral Agent under Section 7.15 and the fees and disbursements of counsel to the
Administrative Agent and the Collateral Agent (including, without limitation, local counsel to the Administrative Agent and
the Collateral Agent in each applicable jurisdiction) relating to all such activities (it being understood and agreed that,
to the extent any of such services or activities are provided internally by the Administrative Agent or the Collateral Agent,
the Borrower shall reimburse the Administrative Agent and the Collateral Agent, as applicable, for such costs and expenses at
market rates), (b) to pay or reimburse the Administrative Agent ,
the Collateral Agent and the Lenders for all their reasonable costs and expenses incurred in connection with the
enforcement or preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and
disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in
indemnification or otherwise payable by the Lenders to the Administrative Agent and
the Collateral Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the
Administrative Agent ,
the Collateral Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with
respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if
any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan
Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of,
any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the
fees and disbursements of counsel to the Administrative Agent ,
the Collateral Agent and any Lender incurred in connection with the representation of the Administrative Agent,
the Collateral Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding
of the type described in Sections 10.1.(e) or 10.1.(f), including, without limitation (i) any motion for relief
from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to
the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of
reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any
other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding
or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid
by it pursuant to this Section, the Administrative Agent ,
the Collateral Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be
deemed to be Obligations owing hereunder.

 

    -105- 

     

    

 

Section 12.3. Setoff.

 

Subject to SectionSections
3.3. and  11.13. and the provisions of the Intercreditor Agreement, and
in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower
hereby authorizes the Administrative Agent, each Lender, each Affiliate of the Administrative Agent or any Lender, and each Participant,
at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any other Person, any such
notice being hereby expressly waived, but in the case of a Lender, an Affiliate of a Lender, or a Participant, subject to receipt
of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to
apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit,
whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender, any
Affiliate of the Administrative Agent or such Lender, or such Participant, to or for the credit or the account of the Borrower
against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations
have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2.,
and although such Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary in this Section, if any
Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 3.9.
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent and the Lenders and (y) such Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such
right of setoff.

 

Section 12.4. Litigation; Jurisdiction;
Other Matters; Waivers.

 

(a)       EACH
PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT ,
THE COLLATERAL AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND
WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
LENDERS, THE ADMINISTRATIVE AGENT ,
THE COLLATERAL AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF
ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF
THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE
WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT ,
THE COLLATERAL AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

 

    -106- 

     

    

 

(b)       THE
BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE  AGENT,
THE COLLATERAL AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT
FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT THE ADMINISTRATIVE AGENT , THE COLLATERAL AGENT OR ANY
LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER
OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT
IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT
BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT ,
THE COLLATERAL AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE
AGENT , THE COLLATERAL AGENT OR ANY LENDER OF ANY JUDGMENT
OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 

(c)       THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN
DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT.

 

Section 12.5. Successors and Assigns.

 

(a)       Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan
Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without
the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of
its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the
immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the
immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of the immediately following subsection (f) (and, subject to the last sentence of the immediately following
subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following
subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)       Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of the Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(i)       Minimum
Amounts.

 

(A)       in
the case of an assignment of the entire remaining amount of an assigning Lender’s Loans at the time owing to it, or in the
case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)       in
any case not described in the immediately preceding subsection (A), the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no
Default or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or
delayed); provided, however, that if, after giving effect to such assignment, the amount of the outstanding principal balance of
the Loans of such assigning Lender would be less than $5,000,000, then such assigning Lender shall assign the entire amount of
its Loans at the time owing to it.

 

(ii)       Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan assigned.

 

(iii)       Required
Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b)
and, in addition:

 

(A)       the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or
Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and

 

(B)       the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of a Loan if such assignment is to a Person that is not already a Lender with a Loan, an Affiliate of
such a Lender or an Approved Fund with respect to such a Lender.

 

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(iv)       Assignment
and Assumption; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may,
in its sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the
transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to
the assignee and such transferor Lender, as appropriate.

 

(v)       No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B).

 

(vi)       No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

(vii)       Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to such
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable amount of
the Loan previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative
Agent and each Lender hereunder (and interest accrued thereon). Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

Subject to acceptance and recording
thereof by the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering
all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto) but shall continue to be entitled to the benefits of Sections 3.10., 4.1., 4.4., 12.2.
and 12.9. and the other provisions of this Agreement and the other Loan Documents as
provided in Section 12.10. with respect to facts and circumstances occurring prior to
the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with the immediately following subsection (d).

 

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(c)       Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal
Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and principal amounts (and stated rates) of the Loans owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)       Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, any other Lender or the Administrative Agent,
sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries or a Defaulting Lender) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and
the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver of any provision of any Loan Document
that (w)  reduces the principal of any such Lender’s Loan in which such Participant has a participation,
(x) extends the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender,
(y) reduces the rate at which interest is payable thereon or (z) releases any Guarantor from its Obligations under
the Guaranty except as contemplated by Section 7.13.(b), in each case, as applicable to
that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that
each Participant shall be entitled to the benefits of Sections 3.10., 4.1., 4.4.
(subject to the requirements and limitations therein, including the requirements under Section 3.10.(f)
(it being understood that the documentation required under Section 3.10.(f) shall be
delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Section 4.6. as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to
receive any greater payment under Sections 4.1. or 3.10.,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent
such entitlement to receive a greater payment results from a Regulatory Change that occurs after the Participant acquired the
applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 4.6. with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.3. as
though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal
amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans 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 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.

 

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(e)       Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

(f)       No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will
not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of,
or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America
or of any other jurisdiction.

 

(g)       USA
Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and anti-money
laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender that is organized under the
laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and
such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification
information as shall be necessary for the Administrative Agent to comply with federal law.

 

Section 12.6. Amendments and Waivers.

 

(a)       Generally.
Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or
any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document
may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms
of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be
waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written
consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case
of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto.

 

(b)       Consent
of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall:

 

(i)       reinstate
the commitment of a Lender (excluding any commitment under Section 2.15.) or subject such Lender
to any additional obligations without the written consent of such Lender;

 

(ii)       reduce
the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal
amount of, any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided,
however, only the written consent of the Requisite Lenders shall be required for the waiver of interest payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of
 “Post-Default Rate”;

 

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(iii)       reduce
the amount of any Fees payable to a Lender without the written consent of such Lender;

 

(iv)       modify
the definition of “Termination Date”, or otherwise postpone any date fixed for, or forgive, any payment of principal
of, or interest on, any Loans or for the payment of any other Obligations owing to the Lenders, in each case, without the written
consent of each Lender;

 

(v)       modify
the definition of “Credit Percentage” or amend or otherwise modify the provisions of Section 3.2.
without the written consent of each Lender;

 

(vi)       amend
this Section or amend any of the other definitions of the terms used in this Agreement or the other Loan Documents insofar as such
definitions affect the substance of this Section without the written consent of each Lender;

 

(vii)       modify
the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders
required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent
of each Lender;

 

(viii)       release
any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.13.(b)
without the written consent of each Lender;

 

(ix)       waive
a Default or Event of Default under Section 10.1.(a) without the written consent of each
Lender; or

 

(x)       amend,
or waive the Borrower’s compliance with, Section 2.14. without the written consent
of each Lender.

 

(c)       Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the
Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties
of the Administrative Agent under this Agreement or any of the other Loan Documents. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and
any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the commitment or
Loans of a Defaulting Lender may not be increased, reinstated or extended without the written consent of such Defaulting
Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its
terms affects any Defaulting Lender more adversely than other affected Lenders shall require the written consent of such
Defaulting Lender. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent
thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose
set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in
exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring
hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms
of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person
subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other
Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in
similar or other circumstances.

 

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(d)       Technical
Amendments. Notwithstanding anything to the contrary in this Section 12.6., if the Administrative
Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or
an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall be permitted to amend such
provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely
affect the interests of the Lenders. Any such amendment shall become effective without any further action or consent of any of
other party to this Agreement and the Administrative Agent will provide a copy of such amendment to the Lenders.

 

Section 12.7. Nonliability of Administrative
Agent and Lenders.

 

The relationship between
the Borrower, on the one hand, and the Lenders and the Administrative Agent  and
the Collateral Agent, on the other hand, shall be solely that of borrower and lender. None of the Administrative Agent ,
the Collateral Agent or any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this
Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be
deemed to create any fiduciary duty owing by the Administrative Agent ,
the Collateral Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the
Administrative Agent , the Collateral Agent or any Lender
undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations.

 

Section 12.8. Confidentiality.

 

Except as
otherwise provided by Applicable Law, the Administrative Agent and each Lender shall maintain the confidentiality of all
Information (as defined below) in accordance with its customary procedure for handling confidential information of this
nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its
Affiliates and to its and its Affiliates’ respective Related Parties (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Loan
or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any
swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested by any
Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or
as otherwise required by Applicable Law; (d) to the Administrative Agent’s or such Lender’s independent
auditors and other professional advisors (provided they shall be notified of the confidential nature of the information);
(e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or
any action or proceeding relating to any Loan Document (or any such Specified Derivatives Contract) or the enforcement of
rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than as a
result of a breach of this Section actually known by the Administrative Agent or such Lender to be a breach of this Section
or (ii) becomes available to the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or any
Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the
extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar
authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or
purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and
other information customarily found in such publications; (i) to any other party hereto; (j) on a confidential basis to
the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect
to the Loan Documents; (k) for purposes of establishing a “due diligence” defense; and (l) with the consent of
the Borrower. Notwithstanding the foregoing, the Administrative Agent and each Lender may disclose any such confidential
information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any
regulatory examination of the Administrative Agent or such Lender or in accordance with the regulatory compliance policy of
the Administrative Agent or such Lender. As used in this Section, the term “Information” means all information
received from the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of
their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate,
provided that, in the case of any such information received from the Borrower, any other Loan Party, any other Subsidiary or
any Affiliate after the date hereof, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information. None of the Administrative Agent, the
Lenders or any of their respective Related Parties shall be liable to the Borrower or any other Loan Party for any damages
arising from the use by others of Information or other materials obtained by electronic transmission, except to the extent
resulting from the gross negligence or willful misconduct of such Person, as determined by a court of competent jurisdiction
in a final, non-appealable judgment.

 

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Section 12.9. Indemnification.

 

(a)       The
Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Collateral
Agent, the Lead Arrangers, the Lenders, all of the Affiliates of each of the Administrative Agent ,
the Collateral Agent, any of the Lead Arrangers or any of the Lenders, and their respective Related Parties (each
referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the
 “Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses
of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and
disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice
rendered in connection therewith, but excluding Indemnified Costs indemnification in respect of which is specifically covered
by Section 3.10. or 4.1. or expressly excluded from
the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any
suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing
referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to:
(i) this Agreement or any other Loan Document or the transactions contemplated thereby or
the Collateral; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower
of the proceeds of the Loans; (iv) the Administrative Agent’s or any Lender’s entering into this Agreement;
(v) the fact that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in
favor of the Borrower; (vi) the fact that the Administrative Agent and the Lenders are creditors of the Borrower and
have or are alleged to have information regarding the financial condition, strategic plans or business operations of the
Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent and the Lenders are material creditors of
the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the
Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent ,
the Collateral Agent, the Lead Arrangers or the Lenders may have under this Agreement or the other Loan Documents;
provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of
such Indemnified Party in connection with matters described in this clause (viii) to the extent arising from the gross
negligence or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final,
non-appealable judgment; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including
counsel fees and disbursements) incurred in connection with defense thereof by, the Administrative Agent ,
the Collateral Agent, any Lead Arranger or any Lender as a result of conduct of the Borrower, any other Loan Party
or any other Subsidiary that violates a sanction administered or enforced by the OFAC; or (x) any violation or
non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but
not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or
(B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced
by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or
its respective properties) (or the Administrative Agent and/or the Collateral
Agent and/or the Lead Arrangers and/or the Lenders as successors to the Borrower) to be in compliance with such
Environmental Laws.

 

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(b)       The
Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related
to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification
shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance
with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things,
apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower
or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively
on behalf of the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority.

 

(c)       This
indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against
the Borrower and/or any Subsidiary.

 

(d)       All
out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced
by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified
Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified
Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified
Party is not so entitled to indemnification hereunder.

 

(e)       An
Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed
by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such
Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold
harmless each such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified
Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the
Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect
to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior
written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an
Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where
(x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation
of a violation of law by such Indemnified Party.

 

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(f)       If
and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable
Law.

 

(g)       The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and
the payment in full in cash of the  Pari Passu Obligations,
and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan
Document to which it is a party.

 

References in this Section to “Lender”
or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives
Providers.

 

Section 12.10. Termination; Survival.

 

This Agreement shall
terminate at such time as all Obligations (other than obligations which survive as provided in the following sentence) have been
paid and satisfied in full. The indemnities to which the Administrative Agent ,
the Collateral Agent and the Lenders are entitled under the provisions of Sections 3.10.,
4.1., 4.4., 11.6., 12.2.
and 12.9. and any other provision of this Agreement and the other Loan Documents, and the provisions
of Sections 12.4. and 12.12., shall continue in full force
and effect and shall protect the Administrative Agent , the Collateral
Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against
events arising after such termination as well as before and (ii)  in
the case of the Administrative Agent and any Lender, at all times after any such party ceases to be a party to
this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this
Agreement.

 

Section 12.11. Severability of Provisions.

 

If any provision of
this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable,
that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining
provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan
Documents.

 

Section 12.12. GOVERNING LAW.

 

THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE
FULLY PERFORMED, IN SUCH STATE.

 

Section 12.13. Counterparts.

 

To facilitate execution,
this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient
or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar
electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons
required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall
not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto.

 

    -116- 

     

    

 

Section 12.14. Obligations with Respect
to Loan Parties.

 

The obligations of
the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute
and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties.

 

Section 12.15. Independence of Covenants.

 

All covenants hereunder
shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such
covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant
shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

Section 12.16. Limitation of Liability.

 

None of the Administrative
 Agent, the Collateral Agent, any Lender or any of their respective
Related Parties shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of
them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection
with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the
transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees
not to sue the Administrative Agent,  the Collateral Agent,
any Lender or any of their respective Related Parties for punitive damages in respect of any claim in connection with, arising
out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated
by this Agreement or financed hereby.

 

Section 12.17. Entire Agreement.

 

This Agreement, the
Notes, the  Intercreditor
Agreement, the other Loan Documents and the Fee Letter embody the final, entire agreement among the parties hereto
and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating
to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent
oral agreements or discussions of the parties hereto. To the extent any term of this Agreement is inconsistent with a term of
any other Loan Document to which the parties of this Agreement are party, the term of this Agreement shall control to the extent
of such inconsistency;
provided, however, that in the case of any inconsistency between any term of the Intercreditor Agreement, on the one hand, and
any term of this Agreement or any other Loan Document, on the other hand, the term of the Intercreditor Agreement shall control
to the extent of such inconsistency. There are no oral agreements among the parties hereto.

 

Section 12.18. Construction.

 

The Administrative
Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has
been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement
and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Borrower and each Lender.

 

    -117- 

     

    

 

Section 12.19. Headings.

 

The paragraph and section
headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.

 

Section 12.20. LIABILITY OF TRUSTEES,
ETC.

 

THE PARTIES HERETO
ACKNOWLEDGE AND AGREE AS FOLLOWS:

 

THE AMENDED AND RESTATED
DECLARATION OF TRUST ESTABLISHING THE BORROWER, DATED SEPTEMBER 20, 1999, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO
(THE “DECLARATION”), IS DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES
THAT THE NAME “SENIOR HOUSING PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY AS TRUSTEES,
BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE BORROWER SHALL BE HELD
TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE BORROWER. ALL PERSONS DEALING WITH
THE BORROWER, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE BORROWER FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.
THE PROVISIONS OF THIS SECTION SHALL NOT LIMIT ANY OBLIGATIONS OF ANY LOAN PARTY OTHER THAN THE BORROWER.

 

Section 12.21. Acknowledgement and Consent
to Bail-In of Affected Financial Institutions.

 

Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable
Resolution Authority.

 

    -118- 

     

    

 

Section 12.22. Effect on Existing Term
Loan Agreement.

 

(a)       Existing
Term Loan Agreement. Upon satisfaction of the conditions precedent set forth in Article V., this Agreement shall exclusively
control and govern the mutual rights and obligations of the parties hereto with respect to the Existing Term Loan Agreement, and
the Existing Term Loan Agreement shall be superseded by this Agreement in all respects, in each case, on a prospective basis only.

 

(b)       NO
NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF, AND THE OBLIGATIONS
OWING UNDER AND IN CONNECTION WITH, THE EXISTING TERM LOAN AGREEMENT PURSUANT TO THE TERMS AND PROVISIONS OF THIS AGREEMENT. THE
PARTIES DO NOT INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE
EXISTING TERM LOAN AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING TERM LOAN AGREEMENT).

 

Section 12.23. Acknowledgement Regarding
Any Supported QFCs.

 

(a)       To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Derivatives Contracts or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States):

 

(b)       In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.

 

    -119- 

     

    

 

(c)       As
used in this Section 12.23, the following terms have the following meanings:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Covered Entity”
means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

Section
12.24. Stamp, Intangible and Recording Taxes.

 

The
Borrower will pay or cause to be paid any and all stamp, excise, intangible, registration, recordation and similar taxes, fees
or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting
from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable
in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other
Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes or any of the other
Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents.

 

Section
12.25. Intercreditor Agreement.

 

REFERENCE
IS MADE TO THE INTERCREDITOR AGREEMENT. EACH LENDER HEREUNDER AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS
CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE AGENT TO ENTER INTO
THE INTERCREDITOR AGREEMENT ON BEHALF OF SUCH LENDER OR ISSUING BANK. THE PROVISIONS OF THIS SECTION 12.25 ARE NOT INTENDED
TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT. REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT
ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF
THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS
AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE
INTERCREDITOR AGREEMENT. In the case of any conflict or inconsistency between the
Intercreditor Agreement and any Loan Document, the terms of the Intercreditor Agreement shall govern and
control.

 

[Signatures on Following Pages]

 

    -120- 

     

    

 

SCHEDULE I

 

Loans

 

	
        Lender

         
	Loan Amount
	Wells Fargo Bank, National Association	$80,000,000
	PNC Bank, National Association	$55,000,000
	Mizuho Bank (USA)	$25,000,000
	Taiwan Cooperative Bank, Seattle Branch	$15,000,000
	U.S. Bank National Association	$10,000,000
	First Commercial Bank, Ltd. New York Branch	$10,000,000
	Citibank, N.A.First Horizon Bank	$5,000,000
	Royal Bank of Canada	$5,000,000
	First Tennessee Bank, National Association	$5,000,000
	TOTAL	$200,000,000

 

    

     

    

 

ANNEX
I

COLLATERAL PROPERTY DILIGENCE

 

 1.        An
executive summary of the Property including the following information relating to such Property: (a) a description of such
Property, and (b) the current projected capital plans and, if applicable, current renovation plans for such Property;

 

 2.        An
operating statement for such Property audited or certified by a representative of the Borrower as being true and correct in all
material respects and prepared in accordance with GAAP for the previous three (3) fiscal years; provided that, with respect to
any period during which such Property was owned by a Subsidiary of the Borrower for less than three (3) years, such information
shall only be required to be delivered to the extent reasonably available to the Borrower and such certification may be based upon
the best of the Borrower’s knowledge; provided, further, that if such Property has been operating for less than three (3)
years, the Borrower shall provide such projections and other information concerning the anticipated operation of such Property
as the Administrative Agent may reasonably request;

 

 3.        All
Security Documents for such Property;

 

 4.        Copies
of all documents of record reflected in Schedule A and Schedule B of the commitment or preliminary report for the applicable
Title Policy and a copy of the most recent real estate tax bill and notice of assessment;

 

 5.        A
Title Policy for such Property insuring the Lien of the applicable Security Instrument;

 

 6.        An
opinion of counsel in the jurisdiction in which such Property is located;

 

 7.        A
survey of such Property certified by a surveyor licensed in the applicable jurisdiction to have been prepared in accordance with
the then effective Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys;

 

 8.        Receipt
of a completed standard flood hazard determination for such Property and if such Property is located in a FEMA-designated special
flood hazard area, evidence of the Borrower’s receipt of required notices and adequate flood insurance;

 

 9.        An
Appraisal of such Property addressed to the Collateral Agent or on which the Collateral Agent and the Lenders are expressly permitted
to rely pursuant to a reliance letter addressed to the Collateral Agent and the Lenders;

 

 10.        A
 “Phase I” environmental assessment of such Property, which report (a) has been prepared by an environmental engineering
firm acceptable to the Administrative Agent and (b) complies with the requirements contained in the Administrative Agent’s
guidelines adopted from time to time by the Administrative Agent to be used in its lending practice generally and any other environmental
assessments or other reports relating to such Property, including, without limitation, any “Phase II” environmental
assessment prepared or recommended by such environmental engineering firm to be prepared for such Property;

 

 11.        A
property condition report for such Property prepared by a firm or firms acceptable to the Administrative Agent;

 

    

     

    

 

 12.        To
the extent requested by the Administrative Agent in its reasonable discretion, seismic reports and such other reports as are usual
and customary for secured real estate loans or similar properties in the jurisdiction in which the Property is located, in each
case, commissioned by the Collateral Agent in the name of the Collateral Agent, its successors and assigns;

 

 13.        If
available, final certificates of occupancy and any other Governmental Approvals relating to such Property;

 

 14.        A
property zoning report indicating that such Property complies with applicable zoning and land use laws;

 

 15.        Copies
of (a) all Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of such Property,
if any, (b) all Leases with respect to such Property as requested by the Administrative Agent, and (c) any other franchises,
leases or material operating agreements with respect to such Property;

 

 16.        UCC,
tax, judgment, litigation, bankruptcy and lien search reports with respect to such Property and the Guarantor owning such Property
in all necessary or appropriate jurisdictions indicating that there are no Liens of record on such Property other than Permitted
Liens described in clauses (c), (g), (i) and (j) of the definition of that term;

 

 17.        Copies
of any applicable ground leases and estoppels from ground lessors for such Property as requested by Administrative Agent;

 

 18.        Inspection
of such Property by the Administrative Agent and any Lender and their respective engineers and consultants as the Administrative
Agent or any such Lender may require;

 

 19.        Execution
and delivery of any state specific documents or waivers required and/or customary in connection with the execution of any Security
Instrument, including, but not limited to, anti-coercion statements, disclosure of confession of judgments, tax affidavits, recording
tax orders or other similar documents;

 

 20.        Copies
of all policies of insurance required by Section 7.5. including, without limitation, such evidence of flood insurance coverage
(including contents coverage, as applicable) as the Administrative Agent shall require; 

 

 21.        Evidence
satisfactory to the Administrative Agent that the Borrower has taken all actions required under the Flood Laws and/or requested
by the Administrative Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to such Collateral
Property; and

 

 22.        Such
other documents, instruments, comfort letters, estoppels, subordination, nondisturbance and attornment agreements, consents, and
other agreements and information reasonably deemed necessary by the Administrative Agent (including any supplements to the Schedules
hereto with respect to such Property reasonably acceptable to the Administrative Agent). 

 

     

     

    

 

EXHIBIT B

 

Form of Intercreditor Agreement

 

[To be attached]

 

     

     

    

  

EXECUTION VERSION

 

COLLATERAL AGENCY AND INTERCREDITOR
AGREEMENT

dated as of January 29, 2021

among

DIVERSIFIED HEALTHCARE TRUST,

THE OTHER GRANTORS FROM TIME TO TIME PARTY HERETO,

EACH CREDIT AGREEMENT REPRESENTATIVE

from time to time a party hereto,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Collateral Agent

 

 

 

     

     

    

 

Table of Contents

 

 

	 	Page
	 	 
	SECTION 1. Definitions; Principles of Construction	2
	1.1   	Defined Terms	2
	1.2   	Rules of Interpretation	6
	SECTION 2. The Liens	7
	2.1   	Collateral Shared Equally and Ratably	7
	2.2   	No New Liens	7
	SECTION 3. Obligations and Powers of Collateral Agent	8
	3.1   	Transfer of the Collateral Agent; Restatement of Appointment	8
	3.2   	Undertaking of the Collateral Agent	8
	3.3   	Release or Subordination of Liens	9
	3.4   	Enforcement of Liens	10
	3.5   	Application of Proceeds	11
	3.6   	Powers of the Collateral Agent.	13
	3.7   	Documents and Communications	13
	3.8   	For Sole and Exclusive Benefit of Holders of Pari Passu Guaranteed Obligations	13
	SECTION 4. Obligations Enforceable by the Borrower and the Other Grantors	14
	4.1   	Release of Liens on Collateral	14
	4.2   	Agreements of the Collateral Agent and Credit Agreement Representatives	14
	SECTION 5. Collateral Matters	15
	5.1   	Collateral Matters; Protective Advances	15
	5.2   	Post-Foreclosure Plans	16
	SECTION 6. Immunities of the Collateral Agent	17
	6.1   	No Implied Duty	17
	6.2   	Appointment of Agents and Advisors	17
	6.3   	Other Agreements	17
	6.4   	Solicitation of Instructions	17
	6.5   	Limitation of Liability	18
	6.6   	Documents in Satisfactory Form	18
	6.7   	Entitled to Rely	18
	6.8   	Triggering Event	18
	6.9   	Actions by Collateral Agent	18
	6.10   	Security or Indemnity in favor of the Collateral Agent	18
	6.11   	Rights of the Collateral Agent	19
	6.12   	Limitations on Duty of Collateral Agent in Respect of Collateral	19
	6.13   	Assumption of Rights, Not Assumption of Duties	20

 

    -i-

     

    

 

 

	 6.14   	No Liability for Clean Up of Hazardous Materials	20
	SECTION 7. Resignation of the Collateral Agent	20
	7.1   	Resignation of Collateral Agent	20
	7.2   	Appointment of Successor Collateral Agent	20
	7.3   	Succession	21
	7.4   	Merger, Conversion or Consolidation of Collateral Agent	21
	SECTION 8. Miscellaneous Provisions	21
	8.1   	Amendment	21
	8.2   	Voting	23
	8.3   	Certain Bankruptcy Provisions.	23
	8.4   	Successors and Assigns	24
	8.5   	Delay and Waiver	24
	8.6   	Notices	24
	8.7   	Termination of Certain Term Loan Rights.	26
	8.8   	Entire Agreement	26
	8.9   	Payment of Expenses and Taxes; Indemnification	26
	8.10   	No Set Off	28
	8.11   	Severability	28
	8.12   	Headings	28
	8.13   	Obligations Secured	28
	8.14   	Governing Law	29
	8.15   	Litigation; Jurisdiction; Other Matters; Waivers	29
	8.16   	Counterparts	30
	8.17   	Effectiveness	30
	8.18   	Additional Grantors	30
	8.19   	Continuing Nature of this Agreement	30
	8.20   	Insolvency	31
	8.21   	Rights and Immunities of Credit Agreement Representatives	31
	8.22   	U.S.A. Patriot Act	31
	8.23   	Legend.	31
	8.24   	Force Majeure	31
	8.25   	Benefit of the Holders.	31
	8.26   	Reliance by the Grantors	32

 

EXHIBIT

 

Exhibit A -- Form of Joinder

 

    -ii-

     

    

 

This COLLATERAL AGENCY
AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of January 29, 2021, is by and among DIVERSIFIED
HEALTHCARE TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”),
the other Grantors from time to time party hereto, each Credit Agreement Representative (as defined below) party hereto, and WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as collateral agent to the extent and in the manner provided
herein (in such capacity and together with its successors in such capacity, the “Collateral Agent”).

 

RECITALS

 

WHEREAS, the Borrower
has entered into the (i) Amended and Restated Credit Agreement, dated as of August 1, 2017 (as amended by the First Amendment to
Amended and Restated Credit Agreement, dated as of June 30, 2020, and by the Second Amendment to Amended and Restated Credit Agreement,
dated as of the date hereof (the “Second Amendment to Revolving Credit Agreement”), and as further amended,
restated, supplemented or otherwise modified from time to time in compliance with this Agreement, the “Revolving Credit
Agreement”), by and among the Borrower, the lenders from time to time party thereto (collectively, the “Revolving
Lenders”), and Wells Fargo, as administrative agent thereunder (in such capacity and together with its successors and
assigns in such capacity, the “Revolving Administrative Agent”), and (ii) Amended and Restated Term Loan Agreement,
dated as of August 1, 2017 (as amended by the First Amendment to Amended and Restated Term Loan Agreement, dated as of June 30,
2020, and by the Second Amendment to Amended and Restated Term Loan Agreement, dated as of the date hereof (the “Second
Amendment to Term Loan Agreement”, and together with the Second Amendment to Revolving Credit Agreement, each a “Second
Amendment” and, collectively, the “Second Amendments”), and as further amended, restated, supplemented
or otherwise modified from time to time in compliance with this Agreement, the “Term Loan Agreement”, and together
with the Revolving Credit Agreement, each a “Credit Agreement” and, collectively, the “Credit Agreements”),
by and among the Borrower, the lenders from time to time party thereto (collectively, the “Term Lenders”), and
Wells Fargo, as administrative agent thereunder (in such capacity and together with its successors and assigns in such capacity,
the “Term Loan Administrative Agent”);

 

WHEREAS, in order to
provide collateral for the Pari Passu Guaranteed Obligations (as hereinafter defined), the Borrower and/or certain Subsidiaries
thereof, as applicable, will enter into (i) a Pledge Agreement, among the Grantors named therein and Wells Fargo as Collateral
Agent thereunder (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”),
(ii) mortgages, deeds of trust, deeds to secure debt, or equivalent instruments executed by a Subsidiary of the Borrower in favor
of the Collateral Agent for the benefit of the Secured Parties (each such instrument, as amended, restated, supplemented or otherwise
modified from time to time, a “Security Instrument”), and (iii) each other Credit Agreement Security Document
(as hereinafter defined), to permit the Secured Parties (as hereinafter defined) to share Equally and Ratably in the Collateral
(as hereinafter defined);

 

WHEREAS, the Collateral
Agent has agreed to act on behalf of all Secured Parties with respect to the Collateral and is entering into this Agreement to,
among other things, define the rights, duties, authority and responsibilities of the Collateral Agent and the relationship among
the Secured Parties regarding their interests in the Collateral.

 

NOW THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties
to this Agreement hereby agree as follows:

 

    	 	 	 

     

    

 

SECTION 1.

 

Definitions; Principles of Construction

 

1.1              
Defined Terms. Capitalized terms used but not defined in this Agreement will have the meanings assigned to them
in the Revolving Credit Agreement or the Term Loan Agreement, as applicable. The following terms will have the following meanings:

 

“Act of Specified
Lenders” means, as to any matter, a direction in writing delivered to the Collateral Agent by or with the written consent
of the holders of Pari Passu Guaranteed Obligations representing the Specified Lenders. For purposes of this definition, votes
will be determined in accordance with the provisions of Section 8.2.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition,
the terms “controlling,” “controlled by” and “under common control with” shall
have correlative meanings.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Bankruptcy
Case” has the meaning assigned to such term in Section 8.3(b).

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended.

 

“Bankruptcy
Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.

 

“Borrower”
has the meaning set forth in the preamble.

 

“Business Day”
means any day (other than a Saturday, Sunday or legal holiday) on which banks in New York, New York, are open for the conduct of
their commercial banking business.

 

“Capitalized
Lease Obligations” means obligations under a lease (to pay rent or other amounts under any lease or other arrangement
conveying the right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount
of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance
sheet of the applicable Person prepared in accordance with GAAP as of the applicable date.

 

“Collateral”
means any real or personal property directly or indirectly securing any of the Pari Passu Guaranteed Obligations or any other obligation
of a Person under or in respect of any Credit Agreement Document and includes, without limitation, all Pledged Interests (as defined
in the Pledge Agreement), all “Property,” “Improvements,” and “Collateral” (or other similar
term) under and as defined in each Security Instrument, all “Management Agreements” (or other similar term) as defined
in any Property Management Contract Assignment (as defined in each Credit Agreement), and all other property subject to a Lien
created by a Credit Agreement Security Document (other than cash collateral in support of Letters of Credit as defined and issued
under the Revolving Credit Agreement).

 

“Collateral
Agent” has the meaning set forth in the preamble.

 

    -2-

     

    

 

“Common Collateral”
means all Collateral in which Liens have been granted to secure all of the Pari Passu Guaranteed Obligations.

 

“Credit Agreements”
or “Credit Agreement” has the meaning set forth in the Recitals to this Agreement.

 

“Credit Agreement
Documents” means, collectively, each Credit Agreement, each other “Loan Document” as defined in each Credit
Agreement, any Credit Agreement Security Document, and each of the other agreements, documents and instruments providing for or
evidencing any Pari Passu Obligations, and any other document or instrument executed or delivered at any time in connection with
any Pari Passu Obligations, including this Agreement and any joinders hereto, in each case as each may be amended, restated, supplemented,
or modified, from time to time in accordance with the terms hereof.

 

“Credit Agreement
Representative” means (i) in the case of the Revolving Credit Agreement, the Revolving Administrative Agent, or (ii)
in the case of the Term Loan Agreement, the Term Loan Administrative Agent.

 

“Credit Agreement
Security Documents” means this Agreement, the Pledge Agreement, each Security Instrument, and all other security agreements,
pledge agreements, collateral assignments, Property Management Contract Assignments (as defined in each Credit Agreement), mortgages,
collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered
by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Agent,
for the benefit of any Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part,
from time to time, in accordance with its terms and Section 8.1.

 

“Directing Credit
Agreement Representative” means, any Credit Agreement Representative; provided, that the “Directing Credit Agreement
Representative” may, but shall not be required to, await direction by an Act of Specified Lenders and will act, or decline
to act, as directed by an Act of Specified Lenders, in respect of any act that requires the direction of the “Directing Credit
Agreement Representative.”

 

“Discharge of
Credit Agreement Obligations” means the occurrence of all of the following:

 

(1)       payment
in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or
Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness
outstanding under the Credit Agreement Documents and constituting Pari Passu Guaranteed Obligations;

 

(2)       payment
in full in cash of all other Pari Passu Guaranteed Obligations that are due and payable or otherwise accrued and owing at or prior
to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment,
whether oral or written, has been made at such time);

 

(3)       termination
or expiration of all commitments, if any, to extend credit that would constitute Pari Passu Guaranteed Obligations; and

 

(4)       termination
or cash collateralization (in an amount and manner reasonably satisfactory to the Collateral Agent of the aggregate un-drawn
face amount) of all Letters of Credit as defined and issued under the Revolving Credit Agreement and constituting Pari Passu
Guaranteed Obligations.

 

    -3-

     

    

 

“Equally and
Ratably” means, in reference to sharing of Liens granted for the benefit of the Secured Parties or proceeds thereof as
between holders of Pari Passu Guaranteed Obligations, that such Liens or proceeds will be allocated and distributed to the applicable
Credit Agreement Representative for each outstanding Series of Credit Agreement Debt for the account of the holders of such Series
of Credit Agreement Debt ratably in proportion to the Pari Passu Guaranteed Obligations under each outstanding Series of Credit
Agreement Debt (in accordance with Section 3.5(b)) when the allocation or distribution is made (it being expressly understood and
agreed that, for purposes of determining “equally and ratably,” there shall be no double counting of the face amount
of any Letter of Credit or any Reimbursement Obligation (each as defined in the Revolving Credit Agreement) arising from a drawing
thereunder, on the one hand, and any Revolving Loans or commitments to fund Revolving Loans to acquire a participating interest
in any Letter of Credit or Reimbursement Obligation thereunder, on the other hand).

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting
Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession in the United States of America, which are applicable to the circumstances as of the date of determination.

 

“Grantors”
means the Borrower and each of the Guarantors or other Subsidiaries that have executed and delivered, or may from time to time
hereafter execute and deliver, a Credit Agreement Security Document as a “grantor” or “pledgor” (or the
equivalent thereof).

 

“Guarantors”
means “Guarantors” as defined in each Credit Agreement.

 

“Impairment”
has the meaning set forth in Section 3.5(e).

 

“Indebtedness”
shall mean the “Obligations” as defined in each Credit Agreement.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1)       any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to the Borrower or any Guarantor;

 

(2)       any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to the Borrower or any Guarantor or with respect to a material portion of their
respective assets;

 

(3)       any
liquidation, dissolution, reorganization or winding up of the Borrower or any Guarantor whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy; or

 

(4)       any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Borrower or any Guarantor.

 

“Intervening
Creditor” has the meaning set forth in Section 3.5(e).

 

    -4-

     

    

 

“Joinder”
means an agreement substantially in the form of Exhibit A.

 

“Lenders”
means, collectively, the Revolving Lenders and the Term Lenders.

 

“Lien”
means, as applied to the property of any Person: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of
trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease
Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect
of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under
which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to
the payment of indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors
of such Person; (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary
filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not
constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as
in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not
prohibited by the Credit Agreement Documents in a transaction not otherwise constituting or giving rise to a Lien; and (d) any
agreement by such Person to grant, give or otherwise convey any of the foregoing.

 

“Officer’s
Certificate” means a certificate of a Responsible Officer of the Borrower.

 

“Pari Passu
Guaranteed Obligations” means all “Guaranteed Obligations” as defined in the Revolving Credit Agreement and
all “Guaranteed Obligations” as defined in the Term Loan Agreement.

 

“Pari Passu Obligations”
means all “Obligations” as defined in the Revolving Credit Agreement and all “Obligations” as defined in
the Term Loan Agreement.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Pledge Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Responsible
Officer” has the meaning set forth in each Credit Agreement as of the date hereof.

 

“Revolving Administrative
Agent” has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Credit
Agreement” has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Lenders”
has the meaning set forth in the Recitals to this Agreement.

 

“Revolving Loans”
has the meaning given to the defined term “Loans” in the Revolving Credit Agreement.

 

“Secured
Debt Default” means, with respect to any Series of Credit Agreement Debt, any event or condition which, under the
terms of any Credit Agreement Document, causes, or permits holders of Pari Passu Guaranteed Obligations outstanding
thereunder to cause, the Pari Passu Guaranteed Obligations outstanding thereunder to become immediately (after giving effect
to the requisite notices and expiration of all applicable grace periods) due and payable. For the avoidance of doubt, an
 “Event of Default” (or any other defined term having a similar purpose) (as defined in any Credit Agreement)
shall, in each case, constitute a Secured Debt Default with respect to the Series of Credit Agreement Debt evidenced by each
other Credit Agreement.

 

    -5-

     

    

 

“Secured Debt
Termination Date” means the date on which the Discharge of Credit Agreement Obligations occurs.

 

“Secured Parties”
means, collectively, each holder of Pari Passu Guaranteed Obligations and each Credit Agreement Representative.

 

“Security Instrument”
has the meaning set forth in the Recitals to this Agreement.

 

“Series of Credit
Agreement Debt” means, severally, (i) Indebtedness under the Revolving Credit Agreement, and (ii) Indebtedness under
the Term Loan Agreement. For the avoidance of doubt, in no circumstance shall Specified Derivatives Obligations (as defined in
each Credit Agreement) constitute a separate and distinct Series of Credit Agreement Debt.

 

“Specified Lenders”
means, at any time, collectively, “Requisite Lenders” as defined in the Revolving Credit Agreement and “Requisite
Lenders” as defined in the Term Loan Agreement. For purposes of this definition, votes will be determined in accordance with
the provisions of Section 8.2.

 

“Term Lenders”
has the meaning set forth in the Recitals to this Agreement.

 

“Term Loan Administrative
Agent” has the meaning set forth in the Recitals to this Agreement.

 

“Term Loan Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Term Loans”
has the meaning given to the defined term “Loans” in the Term Loan Agreement

 

“Triggering
Event” means a Secured Debt Default under any then effective Credit Agreement Document.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

 

“Wells Fargo”
has the meaning set forth in the preamble.

 

1.2              
Rules of Interpretation.

 

(a)               
All terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein have the meanings
assigned to them in Article 9 of the UCC.

 

(b)               
Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement
or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time,
in each case, in accordance with the terms of this Agreement.

 

    -6-

     

    

 

(c)                The
use in this Agreement or any of the other Credit Agreement Security Documents of the word “include” or
 “including,” when following any general statement, term or matter, will not be construed to limit such statement,
term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of
similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall within
the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have
the same meaning and effect as the word “shall.”

 

(d)               
References to “Sections,” “clauses,” “recitals” and the “preamble” will
be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References
to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to “Exhibits”
and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided.

 

(e)               
This Agreement and the other Credit Agreement Security Documents will be construed without regard to the identity of the
party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges
and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either
to this Agreement or the other Credit Agreement Security Documents.

 

SECTION 2.

The Liens

 

2.1              
Collateral Shared Equally and Ratably. The parties to this Agreement agree that except as expressly set forth
in Section 3.5, the payment and satisfaction of all of the Pari Passu Guaranteed Obligations will be secured Equally and
Ratably by the Liens established in favor of the Collateral Agent for the benefit of the Secured Parties.

 

2.2              
No New Liens.

 

(a)               
So long as the Discharge of Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Borrower or any other Grantor, the parties hereto agree that the Borrower shall
not, and shall not permit any other Grantor to grant or permit any additional Liens on any asset or property (other than cash collateral
in support of Letters of Credit as defined and issued under the Revolving Credit Agreement) to secure any Pari Passu Guaranteed
Obligations unless it has granted or concurrently grants an equal and ratable Lien on such asset or property to secure all Pari
Passu Guaranteed Obligations.

 

(b)               
If, notwithstanding the provisions of Section 2.2(a) above, any Secured Party acquires any Liens over any asset or
property of the Borrower or any other Grantor that is not part of the Common Collateral (other than cash collateral in support
of Letters of Credit as defined and issued under the Revolving Credit Agreement), such Secured Party will forthwith deliver and
assign such Liens to the Collateral Agent, or be deemed to hold such Liens, for the account of all of the Secured Parties (Equally
and Ratably) and in any event, proceeds of such Collateral shall be applied in accordance with Section 3.5(a) or (b),
as applicable.

 

    -7-

     

    

 

SECTION 3.

 

Obligations and Powers of Collateral
Agent

 

3.1              
Transfer of the Collateral Agent; Restatement of Appointment. Each holder of Pari Passu Guaranteed Obligations,
acting through its Credit Agreement Representative, hereby irrevocably appoints Wells Fargo to serve as Collateral Agent hereunder
and under the Credit Agreement Security Documents on the terms and conditions set forth herein and the other Credit Agreement Security
Documents and authorizes said Collateral Agent to take such action and exercise such powers under this Agreement and/or any Credit
Agreement Security Document that are specifically delegated to the Collateral Agent by the terms hereof or thereof and the Collateral
Agent hereby accepts such appointment.

 

3.2              
Undertaking of the Collateral Agent.

 

(a)               
Subject to, and in accordance with, this Agreement and the other Credit Agreement Security Documents, the Collateral Agent
will, for the benefit solely and exclusively of the present and future Secured Parties, subject to the terms hereof (including
clause (c) of this Section 3.2 and Section  3.4):

 

(1)               
 accept, enter into, hold, maintain, administer and enforce all Credit Agreement Security Documents, including all Collateral
subject thereto, and all Liens created thereunder, perform its obligations under the Credit Agreement Security Documents and protect,
exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection
with the Credit Agreement Security Documents;

 

(2)               
take all lawful and commercially reasonable actions permitted under the Credit Agreement Security Documents, at the written
direction of the Directing Credit Agreement Representative, to protect or preserve its interest in the Collateral subject thereto
and such interests, rights, powers and remedies;

 

(3)               
deliver and receive notices pursuant to the Credit Agreement Security Documents;

 

(4)               
at the direction of an Act of Specified Lenders, sell, assign, collect, assemble, foreclose on, institute legal proceedings
with respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed
beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Credit Agreement Security Documents
and its other interests, rights, powers and remedies;

 

(5)               
remit as provided in Section 3.5 all cash proceeds received by the Collateral Agent from the collection, foreclosure
or enforcement of its interest in the Collateral under the Credit Agreement Security Documents or any of its other interests, rights,
powers or remedies;

 

(6)               
execute and deliver amendments to the Credit Agreement Security Documents as from time to time directed by the Directing
Credit Agreement Representative pursuant to Section 8.1;

 

(7)               
at the direction of each Credit Agreement Representative, approve or consent to any amendments, adjustments or other modifications
to the Approved Budget (as defined in the Credit Agreements); and

 

    -8-

     

    

 

(8)               
 at the direction of the Directing Credit Agreement Representative, release any Lien granted to it by any Credit Agreement
Security Document upon any Collateral if and as required by Section 4.1.

 

(b)               
Each party to this Agreement acknowledges and consents to the undertaking of the Collateral Agent set forth in Section
3.2(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Agent.

 

(c)               
Notwithstanding anything to the contrary contained in this Agreement, the Collateral Agent will not commence any exercise
of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions
as necessary to prove, protect or preserve the Liens securing the Pari Passu Guaranteed Obligations) unless (i) the exercise of
such remedy or action shall then be permitted under the underlying Credit Agreement Security Document and (ii) it shall have been
directed by written notice of an Act of Specified Lenders and then only in accordance with the provisions of this Agreement and
the other Credit Agreement Security Documents.

 

If the Collateral Agent
shall not have received appropriate written instruction within ten (10) Business Days of a request therefor from such holders (or
such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall
be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Secured Parties
under the Credit Agreement Security Documents and the Collateral Agent will have no liability to any Person for such action or
inaction. Notwithstanding the foregoing, each holder of Pari Passu Guaranteed Obligations, acting through its Credit Agreement
Representative, hereby irrevocably appoints and authorizes the Collateral Agent to take such action as contractual representative
on such holder’s behalf and to exercise such powers under this Agreement and the other Credit Agreement Documents as are
specifically delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Nothing herein shall be construed to deem the Collateral Agent a trustee or fiduciary for any Secured Party or to impose
on the Collateral Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of
the foregoing, the use of the terms “Agent”, “Collateral Agent”, “agent” and similar terms
in the Credit Agreement Documents with reference to the Collateral Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable law. Instead, use of such terms is merely a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
As to any matters not expressly provided for by the Credit Agreement Documents (including, without limitation, enforcement or collection
of any of the Pari Passu Guaranteed Obligations), the Collateral Agent shall not be required to exercise any discretion or take
any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the instructions of the Specified Lenders (or all of the Secured Parties if explicitly required under any other provision
of this Agreement), and such instructions shall be binding upon all Secured Parties; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Collateral Agent shall not be required to take any action which exposes the Collateral
Agent to personal liability or which is contrary to this Agreement or any other Credit Agreement Document or applicable law.

 

3.3              
Release or Subordination of Liens. The Collateral Agent will not release or subordinate any Lien of the Collateral
Agent pursuant to the Credit Agreement Security Documents or consent to the release or subordination of any Lien of the Collateral
Agent pursuant to the Credit Agreement Security Documents, or permit any Lien of the Collateral Agent pursuant to the Credit Agreement
Security Documents to secure any obligation other than the Pari Passu Guaranteed Obligations (as they exist as of the date hereof
and expressly excluding any refinancing thereof, any increase of the Commitments (as defined in the Revolving Credit Agreement)
and any increase of the outstanding principal amount of the Term Loans), except:

 

    -9-

     

    

 

(a)(a)as
directed by a written consent of all Lenders accompanied by an Officer’s Certificate to the effect that the release or subordination
was permitted by each applicable Credit Agreement Document;

 

(b)(b)as
required by Section 4.1;

 

(c)(c)as
ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; or

 

(d)(d)in
connection with any foreclosure or exercise of rights and remedies pursuant to Section 3.4.

 

3.4              
Enforcement of Liens. If the Collateral Agent at any time receives written notice from the Directing Credit Agreement
Representative that any Triggering Event has occurred entitling the Collateral Agent to foreclose upon, collect or otherwise enforce
its Liens on the Collateral under any Credit Agreement Security Document, the Collateral Agent will promptly deliver written notice
thereof to each Credit Agreement Representative. Thereafter, the Collateral Agent may await written direction by an Act of Specified
Lenders and will act, or decline to act, as directed by an Act of Specified Lenders, in the exercise and enforcement of the Collateral
Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Credit Agreement Security Documents
or applicable law and, following the initiation of such exercise of remedies, the Collateral Agent will act, or decline to act,
with respect to the manner of such exercise of remedies as directed in writing by an Act of Specified Lenders. Subsequent to the
Collateral Agent delivering written notice to each Credit Agreement Representative that any Triggering Event has occurred entitling
the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens on the Collateral, then, unless it has been directed
in writing to the contrary by an Act of Specified Lenders, the Collateral Agent in any event may at the written direction of the
Directing Credit Agreement Representative (but will not be obligated to) take all lawful and commercially reasonable actions permitted
under the Credit Agreement Security Documents to protect or preserve its interest in the Collateral subject thereto and the interests,
rights, powers and remedies granted or available to it under, pursuant to or in connection with the Credit Agreement Security Documents.
Notwithstanding anything to the contrary contained in this Agreement and without limiting the rights of the Specified Lenders to
act as provided above, at any time while a payment default has occurred and is continuing with respect to any Series of Credit
Agreement Debt following the final maturity thereof or the acceleration by the holders of such Series of Credit Agreement Debt
of the maturity of all then outstanding Pari Passu Guaranteed Obligations in respect thereof, and in either case after the passage
of a period of 180 days (the “Non-controlling Credit Agreement Secured Parties’ Standstill Period”) from
the date of delivery of a notice of same in writing (and requesting that enforcement action be taken with respect to the Common
Collateral) to the Collateral Agent and each other Credit Agreement Representative and so long as the respective payment default
shall not have been cured or waived (or the respective acceleration rescinded), the Requisite Lenders (as defined in the applicable
Credit Agreement) in respect of such Series of Credit Agreement Debt may exercise their rights and remedies in respect of Common
Collateral under the respective Credit Agreement Security Documents; provided further, however, that, notwithstanding
the foregoing, in no event shall any holder of such Series of Credit Agreement Debt exercise or continue to exercise (or be permitted
to direct the Collateral Agent to exercise or continue to exercise) any such rights or remedies if, notwithstanding the expiration
of the Non-controlling Credit Agreement Secured Parties’ Standstill Period, (i) the Collateral Agent, at the direction of
the Directing Credit Agreement Representative (whether or not directed by an Act of the Specified Lenders) or the Specified Lenders,
shall have commenced and be diligently pursuing the exercise of rights and remedies with respect to any of the Common Collateral
(prompt notice of such exercise to be given to the Credit Agreement Representative of the holders of the relevant Series of Credit
Agreement Debt) or (ii) an Insolvency or Liquidation Proceeding in respect of the respective Grantor shall have been commenced
and be continuing.

 

    -10-

     

    

 

3.5              
 Application of Proceeds.

 

(a)               
So long as no Secured Debt Default exists, the Collateral Agent will make available to the applicable Credit Agreement Representative
the proceeds of all Net Cash Proceeds (as defined in each Credit Agreement) delivered to the Collateral Agent in accordance with
Section 2.7(b)(v)(B) of the Revolving Credit Agreement and Section 2.7(d)(iii) of the Term Loan Agreement.

 

(b)               
If a Secured Debt Default exists, the Collateral Agent will apply the proceeds of any collection, sale, foreclosure or other
realization upon all Collateral in the following order and priority (provided, however, that (i) any amounts due to any Lender
or the Issuing Bank (as defined in the Revolving Credit Agreement) shall be made available to the applicable Credit Agreement Representative
and (ii) the Collateral Agent shall have no obligation or responsibility hereunder in connection with the application of any amounts
received by any Credit Agreement Representative or any other Secured Party):

 

(1)               
(i) amounts due to the Revolving Administrative Agent, the Term Loan Administrative Agent, the Collateral Agent, the Issuing
Banks (as defined in the Revolving Credit Agreement), the Revolving Lenders and the Term Lenders in respect of expenses due under
Section 12.2 of each Credit Agreement or under this Agreement, as applicable, until paid in full, and then (ii) Fees (as defined
in each Credit Agreement) and other amounts due to the Revolving Administrative Agent, the Term Loan Administrative Agent, the
Collateral Agent, the Revolving Lenders and the Term Lenders pursuant to Sections 11.6. and 12.10. of the Revolving Credit
Agreement or Sections 11.6. and 12.9. of the Term Loan Agreement, as applicable, in each case under the foregoing clauses (i) and
(ii), in proportion to the respective amounts described in clause (i) or (ii), as applicable, payable to them;

 

(2)               
amounts due to the Collateral Agent, the Revolving Administrative Agent, the Term Loan Administrative Agent, the Revolving
Lenders and the Term Lenders in respect of Protective Advances (as defined in the Revolving Credit Agreement) in proportion to
the respective amounts described in this clause (2) payable to them;

 

(3)               
payments of interest on Swingline Loans (as defined in the Revolving Credit Agreement), ratably among the Swingline Lenders
(as defined in the Revolving Credit Agreement) in proportion to the respective amounts described in this clause (3) payable to
them;

 

(4)               
payments of interest on all other Revolving Loans, Term Loans, and Reimbursement Obligations (as defined in the Revolving
Credit Agreement) to be applied for the ratable benefit of (i) in the case of payments in respect of Loans and Reimbursement Obligations,
the Revolving Lenders and the Issuing Banks (as defined in the Revolving Credit Agreement) and (ii) in the case of payments in
respect of Term Loans, the Term Lenders, in each case under the foregoing clauses (i) and (ii), in proportion to the respective
amounts described in this clause (4) payable to them;

 

(5)               
payments of principal of Swingline Loans (as defined in the Revolving Credit Agreement), ratably among the Swingline Lenders
(as defined in the Revolving Credit Agreement) in proportion to the respective amounts described in this clause (5) payable to
them;

 

    -11-

     

    

 

(6)                payments
of principal of all other Loans, Term Loans, Reimbursement Obligations (as defined in the Revolving Credit Agreement) and
other Letter of Credit Liabilities (as defined in the Revolving Credit Agreement), to be applied for the ratable benefit of
(i) in the case of payments in respect of Loans, Reimbursement Obligations, and other Letter of Credit Liabilities, the
Revolving Lenders and the Issuing Banks (as defined in the Revolving Credit Agreement), in such order and priority as the
Revolving Lenders and the Issuing Banks may determine in their sole discretion, and (ii) in the case of payments in respect
of Term Loans, the Term Lenders, in such order and priority as the Term Lenders may determine in their sole discretion, in
each case under the foregoing clauses (i) and (ii), in proportion to the respective amounts described in this clause (6)
payable to them; provided, however, that to the extent that any amounts available for distribution pursuant to this
subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit (as defined in the Revolving
Credit Agreement), such amounts shall be paid to the Revolving Administrative Agent for deposit into the Letter of Credit
Collateral Account (as defined in the Revolving Credit Agreement);

 

(7)               
payments of all other Pari Passu Obligations and other amounts due under any of the Credit Agreement Documents, to be applied
for the ratable benefit of (i) in the case of payments of “Obligations” or any other amount due under the Revolving
Credit Agreement, the Revolving Lenders and the Issuing Banks (as defined in the Revolving Credit Agreement), and (ii) in the case
of payments of “Obligations” or any other amount due under the Term Loan Agreement, the Term Lenders, in each case
under the foregoing clauses (i) and (ii), in proportion to the respective amounts described in this clause (7) payable to them;
and

 

(8)               
any amount remaining after application as provided above and after the Discharge of Credit Agreement Obligations shall have
occurred shall be paid to the Borrower or whomever else may be legally entitled thereto, or as a court of competent jurisdiction
may direct in a final, non-appealable judgment.

 

For purposes of this
Section 3.5(b), “proceeds” of Collateral shall mean any and all cash, securities and other property or assets
of any kind realized from collection, foreclosure or enforcement of the Collateral Agent’s Liens upon the Collateral (including
distributions of Collateral in satisfaction of any Pari Passu Guaranteed Obligations).

 

(c)               
This Section 3.5 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present
and future holder of Pari Passu Obligations, each Credit Agreement Representative and the Collateral Agent. Nothing in this Section
3.5 is intended to negate or supersede any right of any Grantor to receive and apply any Net Cash Proceeds or other proceeds
of Collateral as otherwise expressly permitted under any other Credit Agreement Document.

 

(d)               
In connection with the application of proceeds pursuant to this Section 3.5, except as otherwise directed by an Act
of Specified Lenders, the Collateral Agent may sell any non-cash proceeds for cash prior to the application of the proceeds thereof.

 

(e)                Notwithstanding Sections
3.5(a) and (b) above, (x) in the event of any determination by a court of competent jurisdiction that the Pari
Passu Obligations of any Series of Credit Agreement Debt are unenforceable under applicable law or are subordinated to any
other obligation, (with respect to any Series of Credit Agreement Debt, an “Impairment” of such Pari Passu
Obligations), the results of such Impairment shall be borne solely by the holders of such Series of Credit Agreement Debt
affected by such Impairment, and the rights of the holders of such Series of Credit Agreement Debt (including, without
limitation, the right to receive distributions in respect of such Pari Passu Obligations) set forth in this Section 3
shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of such
Series of Credit Agreement Debt subject to such Impairment, and (y) with respect to any Collateral for which a third party
(other than a holder of Pari Passu Guaranteed Obligations or Affiliates thereof) has a lien or security interest that is
junior in priority to the security interest of the holder of any Series of Credit Agreement Debt but senior (as determined by
appropriate legal proceedings in the case of any dispute) to the security interest of the holder of any other Series of
Credit Agreement Debt (such third party, an “Intervening Creditor”), the value of any Collateral or
proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or
proceeds to be distributed in respect of the Series of Credit Agreement Debt with respect to which such Intervening Creditor
has a lien or security interest that is senior in priority. Prior to, in connection with, and as a condition to any
modification of a holder’s rights as a result of an Impairment or with any allocation of Collateral to an Intervening
Creditor, the Collateral Agent shall be entitled to request, receive and rely upon, and shall be protected in relying upon,
an Act of Specified Lenders providing specific instructions, satisfactory in level of detail to the Collateral Agent, with
regard to such modification or allocation.

 

    -12-

     

    

 

(f)                
For the avoidance of doubt, each Secured Party agrees that it will not (and hereby waives any right to) claim or support
any other Person in a claiming, or take any action which may bring about the Impairment of any Pari Passu Obligations or the rights
of an Intervening Creditor, or any other claim or action which may otherwise impair the rights of any Secured Party pursuant to
this Agreement.

 

(g)               
If any Credit Agreement Representative or any other Secured Party collects or receives any proceeds of such foreclosure,
collection, sale or other enforcement that should have been applied to the payment of the Pari Passu Obligations in accordance
with Section 3.5(b) above, whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise,
but such proceeds were not so applied, such Credit Agreement Representative or such other Secured Party, as the case may be, will
forthwith deliver the same to the Collateral Agent, for the account of the Secured Parties, to be applied in accordance with Section 3.5(b)
above, as applicable. Until so delivered, such proceeds will be held by that Credit Agreement Representative or such Secured Party,
as the case may be, for the benefit of all Secured Parties.

 

(h)               
It is acknowledged and agreed that the Pari Passu Obligations of any Series of Credit Agreement Debt may, subject to the
terms of the applicable Credit Agreement and the other provisions of this Agreement, be extended, supplemented, or otherwise amended
or modified from time to time (but not increased or refinanced), all without affecting the priorities set forth in Section 3.5(a)
or (b) above or the other provisions of this Agreement defining the relative rights of the Secured Parties of any Series
of Credit Agreement Debt.

 

3.6              
Powers of the Collateral Agent.

 

(a)               
The Collateral Agent is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect,
exercise and enforce its interest, rights, powers and remedies under the Credit Agreement Security Documents and applicable law
and in equity and to act as set forth in this Article 3 or as requested in any lawful directions given to it from time to
time in respect of any matter by an Act of Specified Lenders.

 

(b)               
No Credit Agreement Representative or holder of Pari Passu Guaranteed Obligations will have any liability whatsoever for
any act or omission of the Collateral Agent.

 

3.7              
Documents and Communications. The Collateral Agent will permit each Credit Agreement Representative and each
holder of Pari Passu Guaranteed Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and
expense of the party requesting such copies, any and all Credit Agreement Security Documents and other documents, notices, certificates,
instructions or communications received by the Collateral Agent in its capacity as such.

 

3.8               For
Sole and Exclusive Benefit of Holders of Pari Passu Guaranteed Obligations. The Collateral Agent will accept, hold,
administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests,
rights, powers and remedies at any time granted to or enforceable by the Collateral Agent and all other property constituting
Collateral solely and exclusively for the benefit of the present and future holders of Pari Passu Guaranteed Obligations, and
will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively
pursuant to the provisions of Section 3.5.

 

    -13-

     

    

 

SECTION 4.

Obligations Enforceable by the Borrower and the Other Grantors

 

4.1              
Release of Liens on Collateral. The Collateral Agent shall release its Liens upon the Collateral upon the occurrence
of any of the following:

 

(a)               
in whole, upon the Secured Debt Termination Date; and

 

(b)               
upon the written request of the Borrower and the applicable Grantor to the Collateral Agent, as to any Collateral to the
extent that such release is permitted by the terms of all of the Credit Agreement Documents which then remain in effect, including,
without limitation any such release permitted by Section 7.14(c) or 7.15(b) of each Credit Agreement; provided, that (i) the Borrower
has delivered an Officer’s Certificate to the Collateral Agent certifying that any such release is permitted by all of the
Credit Agreement Documents which then remain in effect, and (ii) if requested by the Collateral Agent of any Credit Agreement Representative,
such Credit Agreement Representative has delivered a certificate to the Collateral Agent certifying that any such release is permitted
by all of the applicable Credit Agreement Documents for which such Credit Agreement Representative acts; provided, however, that
the failure or delay of such Credit Agreement Representative to provide such certificate shall not prohibit the Collateral Agent
from releasing such Liens.

 

Notwithstanding the foregoing,
at any time that any Grantor desires that the Collateral Agent take any action to acknowledge or give effect to any release of
Collateral pursuant to the foregoing provisions of this Section 4.1, the Borrower and the respective Grantor shall deliver
to the Collateral Agent a certificate signed by a Responsible Officer of the Borrower and such Grantor stating that the release
of the respective Collateral is permitted pursuant to Section 4.1(a) or (b) , as the case may be. In determining
whether any release of Collateral is permitted, the Collateral Agent shall be entitled to conclusively rely on any officer’s
certificate furnished to it pursuant to the immediately preceding sentence. All actions taken pursuant to this Section 4.1
shall be at the sole cost and expense of the Borrower and the respective Grantor.

 

4.2              
Agreements of the Collateral Agent and Credit Agreement Representatives.

 

(a)               
In connection with any release of the Collateral Agent’s Lien on the Collateral pursuant to Section 4.1, the
Collateral Agent shall (subject to compliance with any deliverable requirements under Section 4.1) execute and deliver to
any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such release,
and to deliver to such Grantor any portion of such Collateral so released that is in the Collateral Agent’s possession, as
applicable. Any execution and delivery of documents pursuant to this Section 4.2 shall be without recourse to or warranty
by the Collateral Agent.

 

(b)               
If requested by the Collateral Agent of any Credit Agreement Representative, such Credit Agreement Representative shall
certify to the Collateral Agent the holders of the applicable Series of Credit Agreement Debt consenting to any matter hereunder
requiring the consent of the Specified Lenders or all Lenders, the then Commitments or outstanding principal amounts held by such
consenting Lenders, as applicable, and the then aggregate amount of all Commitments or outstanding principal of the applicable
Series of Credit Agreement Debt.

 

    -14-

     

    

 

SECTION 5.

 

Collateral Matters

 

5.1              
Collateral Matters; Protective Advances.

 

(a)               
Each of the Secured Parties hereby authorizes the Collateral Agent, without the necessity of any notice to or further consent
from any Secured Party, from time to time prior to a Secured Debt Default, to take any action with respect to any Collateral or
any Credit Agreement Document which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant
to any of the Credit Agreement Security Documents.

 

(b)               
The Secured Parties hereby authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted
to or held by the Collateral Agent upon any Collateral (i) upon termination and indefeasible payment and satisfaction in full of
all of the Pari Passu Guaranteed Obligations, (ii) as expressly permitted by, but only in accordance with, the terms of the applicable
Credit Agreement Documents, and (iii) if approved, authorized or ratified in writing by the Specified Lenders (or such greater
number of Lenders as this Agreement or any other Credit Agreement Document may expressly provide). Upon request by the Collateral
Agent at any time, the Secured Parties will confirm in writing the Collateral Agent’s authority to release particular types
or items of Collateral pursuant to this Section.

 

(c)               
Upon any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement and the applicable
Credit Agreement Documents, and upon at least five (5) Business Days’ prior written request by the Borrower, the Collateral
Agent shall (and is hereby irrevocably authorized by the Secured Parties to) execute, and cause the execution of, such documents
as may be necessary to evidence the release of the Liens granted to the Collateral Agent pursuant to the Credit Agreement Documents
upon the Collateral that was sold or transferred; provided, however, that (i) the Collateral Agent shall not be required
to execute any such document on terms which, in the Collateral Agent’s opinion, would expose the Collateral Agent to liability
or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such
release shall not in any manner discharge, affect or impair the Pari Passu Guaranteed Obligations or any Liens upon (or obligations
of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, including,
without limitation, the proceeds of such sale or transfer, all of which shall continue to constitute part of the Collateral. In
the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, the Collateral Agent
shall be authorized to deduct all of the expenses reasonably incurred by the Collateral Agent from the proceeds of any such sale,
transfer or foreclosure.

 

(d)               
The Collateral Agent shall not have any obligation whatsoever to any Secured Party or to any other Person to assure that
the Collateral exists or is owned by the Borrower, any other Grantor or any other Subsidiary or is cared for, protected or insured
or that the Liens granted to the Collateral Agent pursuant to any Credit Agreement Security Document have been properly or sufficiently
or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue
exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers
granted or available to the Collateral Agent in this Section or in any of the Credit Agreement Documents, it being understood and
agreed that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent may act in any manner
it may deem appropriate, in its sole discretion, and that the Collateral Agent shall have no duty or liability whatsoever to the
Secured Parties, except to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from its gross negligence or willful misconduct.

 

    -15-

     

    

 

(e)               
 The Collateral Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata Shares (as defined
in the applicable Credit Agreement)) to the extent not reimbursed by the Borrower for, Protective Advances (as defined in each
Credit Agreement) during any one (1) calendar year with respect to each Pledged Interest (as defined in the Pledge Agreement) or
Collateral Property (as defined in each Credit Agreement) up to the sum of (i) amounts expended to pay taxes, assessments and governmental
charges or levies imposed upon such Collateral; (ii) amounts expended to pay insurance premiums for policies of insurance related
to such Collateral; and (iii) $5,000,000. Protective Advances in excess of said sum during any calendar year for any Pledged Interest
or Collateral Property shall require the consent of the Specified Lenders. The Borrower agrees that all Protective Advances shall
be Pari Passu Obligations. Each Grantor agrees that all Protective Advances shall be Pari Passu Guaranteed Obligations guaranteed
by each Guaranty and secured by the Credit Agreement Security Documents. The Borrower agrees to pay on demand all Protective Advances.

 

(f)                
By their acceptance of the benefits of the Credit Agreement Security Documents, each Secured Party that is at any time itself
a Specified Derivatives Provider (as defined in each Credit Agreement), or having an Affiliate that is a Specified Derivatives
Provider, hereby, for itself, and on behalf of any such Affiliate, in its capacity as a Specified Derivatives Provider, acknowledges
that obligations arising under any Specified Derivatives Contract are not secured by the Collateral.

 

(g)               
Each Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any
other Loan Party under the Credit Agreement Documents with respect to exercising claims against or rights in the Collateral without
the written consent of the Specified Lenders. For purposes of this Section, the term “Lender” includes any Person that
is or at any time has been a Lender and the terms and conditions of this provision shall be binding upon such Person at all times
and expressly survive any assignment of the Pari Passu Obligations of such Person in whole or in part.

 

5.2               Post-Foreclosure
Plans. If all or any portion of the Collateral is acquired by the Collateral Agent as a result of a foreclosure or the
acceptance of an assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Pari Passu
Guaranteed Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Collateral
Agent or a nominee or Subsidiary of the Collateral Agent, as “Collateral Agent”, for the ratable benefit of the
holders of Pari Passu Guaranteed Obligations. The Collateral Agent shall prepare a recommended course of action for such
Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Specified Lenders.
In accordance with the approved Post-Foreclosure Plan, the Collateral Agent shall manage, operate, repair, administer,
complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating
thereto, including agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral
and paying the expenses of such Collateral. Actions taken by the Collateral Agent with respect to the Collateral, which are
not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the
written consent of the Specified Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time
to time, each Lender will contribute its share (based on its Pro Rata Share (as defined in the applicable Credit Agreement))
of all reasonable costs and expenses incurred by the Collateral Agent pursuant to the approved Post-Foreclosure Plan in
connection with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, the
Collateral Agent shall render or cause to be rendered to each Lender, on a monthly basis, an income and expense statement for
such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and
such other expenses and operating reserves as the Collateral Agent shall deem reasonably necessary pursuant to and in
accordance with the approved Post-Foreclosure Plan. To the extent there is net operating income from such Collateral, the
Collateral Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of
distributions to the Lenders. All such distributions shall be made to the Lenders in accordance with their respective Pro
Rata Shares. The Secured Parties acknowledge and agree that if title to any Collateral is obtained by the Collateral Agent or
its nominee, such Collateral will not be held as a permanent investment but will, consistent with and subject to the
requirements of Section 5.1 and this Section 5.2, be liquidated and the proceeds of such liquidation will be
distributed in accordance with Section 3.5(b) as soon as practicable. The Collateral Agent shall undertake to sell
such Collateral, at such price and upon such terms and conditions as the Specified Lenders reasonably shall determine to be
most advantageous to the holders of Pari Passu Guaranteed Obligations. Any purchase money Mortgage taken in connection with
the disposition of such Collateral in accordance with the immediately preceding sentence shall name the Collateral Agent, as
collateral agent for the holders of Pari Passu Guaranteed Obligations, as the beneficiary or mortgagee. In such case, the
Collateral Agent and the holders of Pari Passu Guaranteed Obligations shall enter into an agreement with respect to such
purchase money Mortgage defining the rights of the holders of Pari Passu Guaranteed Obligations in the same Pro Rata Shares
as provided hereunder, which agreement shall be in all material respects similar to this Article 5 insofar as the same
is appropriate or applicable.

 

    -16-

     

    

 

SECTION 6.

Immunities of the Collateral Agent

 

6.1              
No Implied Duty. The Collateral Agent will not have any fiduciary duties nor will it have duties, responsibilities
or obligations other than those expressly assumed by it in this Agreement and the other Credit Agreement Security Documents. The
Collateral Agent will not be required to take or omit to take any action that is contrary to applicable law or any provision of
this Agreement or the other Credit Agreement Security Documents.

 

6.2              
Appointment of Agents and Advisors. The Collateral Agent may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors,
and to the extent reasonable, at the expense of the Borrower, selected by in its sole discretion and the Collateral Agent will
not be responsible for any misconduct or negligence on the part of any of them, except resulting from the gross negligence or willful
misconduct of the Collateral Agent as determined by a court of competent jurisdiction in a final nonappealable judgement.

 

6.3              
Other Agreements. The Collateral Agent shall accept and be bound by the Credit Agreement Security Documents,
in each case, reasonably satisfactory to the Collateral Agent and, as directed by an Act of Specified Lenders or the Directing
Credit Agreement Representative, the Collateral Agent shall execute additional Credit Agreement Security Documents delivered to
it after the date of this Agreement; provided, however, that such additional Credit Agreement Security Documents
do not adversely affect the rights, privileges, benefits and immunities of the Collateral Agent. The Collateral Agent will not
otherwise be bound by, or be held obligated by, the provisions of any credit agreement (including the Credit Agreements), hedge
agreement or other agreement governing Pari Passu Obligations (other than this Agreement and the other Credit Agreement Security
Documents to which it is a party).

 

6.4              
Solicitation of Instructions.

 

(a)               
The Collateral Agent may at any time (in its sole judgment) solicit written confirmatory instructions, in the form of a
direction by the Credit Agreement Representatives or an Act of Specified Lenders, an Officer’s Certificate, an opinion of
legal counsel to the Collateral Agent or an order of a court of competent jurisdiction, as to any action that it may be requested
or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other
Credit Agreement Security Documents, and the Collateral Agent may await receipt of the respective confirmatory instructions before
taking the respective such action.

 

    -17-

     

    

 

(b)               
 No written direction given to the Collateral Agent by the Credit Agreement Representatives or an Act of Specified Lenders
that in the sole judgment of the Collateral Agent imposes, purports to impose or might reasonably be expected to impose upon the
Collateral Agent any obligation or liability not set forth in or arising under this Agreement and the other Credit Agreement Security
Documents will be binding upon the Collateral Agent unless the Collateral Agent elects, at its sole option, to accept such direction.

 

6.5              
Limitation of Liability. The Collateral Agent will not be responsible or liable for any action taken or omitted
to be taken by it hereunder or under any other Credit Agreement Security Document, except for its own gross negligence, or willful
misconduct, in each case as determined by a final, non-appealable order by a court of competent jurisdiction.

 

6.6              
Documents in Satisfactory Form. The Collateral Agent will be entitled to require that all agreements, certificates,
opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement,
be delivered to it in a form and with substantive provisions reasonably satisfactory to it.

 

6.7              
Entitled to Rely. The Collateral Agent may seek and conclusively rely upon, and shall be fully protected in relying
upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other
experts selected by it and upon any certification, instruction, notice or other writing delivered to it by the Borrower or any
other Grantor in compliance with the provisions of this Agreement or delivered to it by any Credit Agreement Representative as
to the holders of Pari Passu Guaranteed Obligations for whom it acts, without being required to determine the authenticity thereof
or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Agent may act in
reliance upon any instrument comporting with the provisions of this Agreement or any signature reasonably believed by it to be
genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document
in connection with the provisions hereof or the other Credit Agreement Security Documents has been duly authorized to do so. To
the extent an Officer’s Certificate or opinion of legal counsel is required or permitted under this Agreement to be delivered
to the Collateral Agent in respect of any matter, the Collateral Agent may rely conclusively on such Officer’s Certificate
or opinion of legal counsel as to such matter and such Officer’s Certificate or opinion of legal counsel shall be full warranty
and protection to the Collateral Agent for any action taken, suffered or omitted by it under the provisions of this Agreement and
the other Credit Agreement Security Documents.

 

6.8              
Triggering Event. The Collateral Agent will not be required to inquire as to the occurrence or absence of any
Triggering Event and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Triggering
Event unless and until it is directed by an Act of Specified Lenders.

 

6.9              
Actions by Collateral Agent. As to any matter not expressly provided for by this Agreement or the other Credit
Agreement Security Documents, the Collateral Agent will act or refrain from acting as directed by an Act of Specified Lenders and
will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding
on the holders of Pari Passu Guaranteed Obligations.

 

6.10          
Security or Indemnity in favor of the Collateral Agent. The Collateral Agent will not be required to advance
or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or
rights hereunder unless it has been provided with security or indemnity reasonably satisfactory to it against any and all cost,
liability or expense which may be incurred by it by reason of taking or continuing to take such action.

 

    -18-

     

    

 

 

 

 

 

6.11       
Rights of the Collateral Agent. In the event of any conflict between any terms and provisions set forth in this
Agreement and those set forth in any other Credit Agreement Security Document, the terms and provisions of this Agreement shall
supersede and control the terms and provisions of such other Credit Agreement Security Document. In the event there is any bona
fide, good faith disagreement between the other parties to this Agreement or any of the other Credit Agreement Security Documents
resulting in adverse claims being made in connection with Collateral held by the Collateral Agent and the terms of this Agreement
or any of the other Credit Agreement Security Documents do not unambiguously mandate the action the Collateral Agent is to take
or not to take in connection therewith under the circumstances then existing, or the Collateral Agent is in doubt as to what action
it is required to take or not to take hereunder or under the other Credit Agreement Security Documents, it will be entitled to
refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by a request signed
jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction.

 

6.12       
Limitations on Duty of Collateral Agent in Respect of Collateral.

 

(a)         
The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral
in its possession, under Section 9-207 of the NY UCC or otherwise, shall be to deal with it in the same manner as the Collateral
Agent deals with similar property for its own account. The Collateral Agent shall be deemed to have exercised reasonable care in
the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to
that which the Collateral Agent accords its own property. Neither the Collateral Agent, any other Secured Party nor any of their
respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral
or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of
any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Collateral Agent and the other Secured Parties hereunder are solely to protect the Collateral Agent’s and
the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any other
Secured Party to exercise any such powers. The Collateral Agent and the other Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they (except to the extent expressly provided
in this Agreement or any other Credit Agreement Security Document to the contrary) nor any of their officers, directors, employees
or agents shall be responsible to any Grantor for any act or failure to act hereunder. The Collateral Agent will not be responsible
for filing any financing or continuation statement or recording of any document or instrument in any public office at any time
or times or otherwise perfecting or maintain the perfection of any Lien on the Collateral and such responsibility and obligation
shall belong to the Borrower.

 

(b)         
Except as provided in Section 6.12(a), the Collateral Agent will not be responsible for the existence, genuineness
or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral,
whether impaired by operation of law or by reason of any action or omission to act on its part hereunder on the part of the Collateral
Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of
the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens
upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Agent hereby disclaims any representation
or warranty to the present and future holders of the Pari Passu Guaranteed Obligations concerning the perfection of the Liens granted
hereunder or in the value of any of the Collateral. The Collateral Agent will not be responsible for determining whether any given
Pari Passu Guaranteed Obligations are in fact secured pursuant to the various Credit Agreement Security Documents, it being understood
that each Secured Party shall be responsible for ascertaining whether its obligations are in fact secured pursuant to the Credit
Agreement Security Documents.

 

    -19-

     

    

 

6.13       
Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein:

 

(a)          
each of the parties thereto will remain liable under each of the Credit Agreement Security Documents (other than this Agreement)
to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this
Agreement had not been executed;

 

(b)          
the exercise by the Collateral Agent of any of its rights, remedies or powers hereunder will not release such parties from
any of their respective duties or obligations under the other Credit Agreement Security Documents; and

 

(c)          
the Collateral Agent will not be obligated to perform any of the obligations or duties of any of the parties thereunder
other than those of the Collateral Agent.

 

6.14       
No Liability for Clean Up of Hazardous Materials. In the event that the Collateral Agent is required to acquire
title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary
or trust obligation for the benefit of another, which in the Collateral Agent’s sole discretion may cause the Collateral
Agent to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Agent
to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral
Agent reserves the right, instead of taking such action, either to resign as Collateral Agent or to arrange for the transfer of
the title or control of the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person for any
environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation
by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any
kind of discharge or release or threatened discharge or release of any hazardous materials into the environment.

 

SECTION 7.

 

Resignation
of the Collateral Agent

 

7.1        
Resignation of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section
7.2 and the acceptance of such appointment by the successor Collateral Agent, the Collateral Agent may resign at any time by
giving not less than 15 days’ notice of resignation to each Credit Agreement Representative and the Borrower.

 

7.2         
Appointment of Successor Collateral Agent. Upon any such resignation, a successor Collateral Agent may be appointed
by an Act of Specified Lenders, with the consent of the Borrower unless a Secured Debt Default has occurred and is continuing.
If no successor Collateral Agent has been so appointed and accepted such appointment within 15 days after the predecessor Collateral
Agent gave notice of resignation, the retiring Collateral Agent may (at the expense of the Borrower), at its option, appoint a
successor Collateral Agent, with the consent of the Borrower unless a Secured Debt Default has occurred and is continuing, or petition
a court of competent jurisdiction for appointment of any such successor Collateral Agent, which must be a commercial banking institution
or trust company or a branch or agency of the foregoing:

 

(a)          
authorized to exercise corporate agency powers;

 

(b)          
having a combined capital and surplus of at least $100,000,000; and

 

(c)          
maintaining an office or branch in the United States (or any State thereof).

 

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The Collateral Agent
will fulfill its obligations hereunder until the earlier of (i) the date on which a successor Collateral Agent meeting the
requirements of this Section 7.2 has accepted its appointment as Collateral Agent and the provisions of Section 7.3
have been satisfied or (ii) the date on which the Collateral Agent (or any of its Affiliates) no longer serves as a Credit
Agreement Representative; provided that in case of clause (ii) above, the Credit Agreement Representative representing the largest
Series of Credit Agreement Debt, shall fulfill the duties and obligations of the “Collateral Agent” under the Credit
Agreement Security Documents until a Successor Collateral Agent is appointed pursuant to the terms hereof and such Credit Agreement
Representative shall be entitled to the benefit of all expense reimbursement, indemnity and exculpatory provisions in the Credit
Agreement Security Documents afforded to the Collateral Agent in performing such duties obligations.

 

7.3         
Succession. When the Person so appointed as successor Collateral Agent accepts such appointment:

 

(a)          
such Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral
Agent, and the predecessor Collateral Agent will be irrevocably discharged from its duties and obligations hereunder; and

 

(b)          
the predecessor Collateral Agent will (at the expense of the Borrower) transfer all Liens and collateral security and other
property constituting Collateral within its possession or control to the possession or control of the successor Collateral Agent
and will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor Collateral
Agent to transfer to the successor Collateral Agent all Liens, interests, rights, powers and remedies of the predecessor Collateral
Agent in respect of the Credit Agreement Security Documents or the Collateral.

 

Thereafter the predecessor
Collateral Agent will remain entitled to enforce the immunities granted to it in Article 6 and the provisions of Section
8.9. After any Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section shall continue
to inure to its benefits as to any actions taken or omitted to be taken by it while it was Collateral Agent under the Credit Agreement
Documents. Notwithstanding anything contained herein to the contrary, the Collateral Agent may assign its rights and duties under
this Agreement or any Credit Agreement Security Document to any of its Affiliates by giving the Borrower and each Credit Agreement
Representative prior written notice.

 

7.4         
Merger, Conversion or Consolidation of Collateral Agent. Any Person into which the Collateral Agent may be merged
or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which
the Collateral Agent shall be a party, or any Person succeeding to the business of the Collateral Agent shall be the successor
of the Collateral Agent pursuant to Section 7.3, provided that without the execution or filing of any paper with
any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment
is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility
requirements specified in clauses (1) through (3) of Section 7.2.

 

SECTION 8.

 

Miscellaneous
Provisions

 

8.1         
Amendment.

 

(a)          
No amendment or supplement to the provisions of any Credit Agreement Security Document will be effective without the approval
of the Collateral Agent acting as directed by an Act of Specified Lenders, except that:

 

(1)         
 any amendment or supplement that has the effect solely of adding or maintaining Collateral, securing additional Pari Passu
Guaranteed Obligations to be secured by the Collateral in accordance herewith, including in connection with preserving, perfecting
or establishing the Liens thereon or the rights of the Collateral Agent therein will become effective when executed and delivered
by the Borrower or any other applicable Grantor party thereto and the Collateral Agent;

 

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(2)          
no amendment or supplement that reduces, impairs or adversely affects the right of any holder of Pari Passu Guaranteed Obligations:

 

(A)             
to vote its Pari Passu Guaranteed Obligations as to any matter described as subject to an Act of Specified Lenders or a
vote of the Specified Lenders (or amends the provisions of this clause (2) or the definition of “Act of Specified Lenders”),

 

(B)             
to share in the order of application described in Section 3.5 in the proceeds of enforcement of or realization on
any Collateral, or

 

(C)             
to require that Liens securing Pari Passu Guaranteed Obligations of such holder be released only as set forth in the provisions
described in Section 4.1;

 

will become effective without
the consent of the requisite percentage or number of holders of each Series of Credit Agreement Debt so affected under the applicable
Credit Agreement Documents;

 

(3)          
no amendment or supplement that imposes any obligation upon the Collateral Agent or any Credit Agreement Representative
or adversely affects the rights of the Collateral Agent or any Credit Agreement Representative, respectively, in its capacity as
such will become effective without the consent of the Collateral Agent or such Credit Agreement Representative, respectively; and

 

(4)         
prior to executing any amendment or supplement pursuant to this Section 8.1, the Collateral Agent shall receive an
Officer’s Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant
contained in any of the Credit Agreement Documents to the effect that the execution of such documents is authorized or permitted
hereunder.

 

(b)          
Notwithstanding Section 8.1(a) but subject to Sections 8.1(a)(2) and 8.1(a)(3), any Credit Agreement
Security Document that secures Pari Passu Guaranteed Obligations may be amended or supplemented with the approval of the Collateral
Agent acting as directed in writing by the Specified Lenders or the Credit Agreement Representatives, as applicable.

 

(c)          
The Collateral Agent will deliver a copy of each amendment or supplement to the Credit Agreement Security Documents to each
Credit Agreement Representative upon request.

 

(d)         
Notwithstanding Section 8.1(a) and (b), (i) the addition of a party hereto as a Grantor pursuant to Section
8.24 shall not require further approval under Section 8.1(a), and (ii) the written consent of the Borrower and each
Grantor shall be required for any amendment or modification of this Agreement that directly affects the rights, duties or obligations
of the Borrower or such Grantor, including, without limitation any amendment or modification to any of Sections 3.3, 4.1,
4.2, 7, 8.9, and 8.17 and this Section 8.1(d).

 

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(e)          No
amendment, modification or waiver with respect to (i) the provisions of Section 2.7(b)(ii), 2.7(b)(iv), or 2.7(b)(v)(B) of
the Revolving Credit Agreement, Section 2.7(d)(iii) of the Term Loan Agreement, Section 7.13, 7.14, 7.15, 9.1(i), 9.12, 10.5,
11.10, 11.11 or 11.13 of any Credit Agreement, or Section 3 of any Second Amendment, or, in each case, any constituent
defined term used therein to the extent it would modify any such provision, (ii) the definition of “Collateral
Property”, “Pro Rata Percentage” or “Requisite Lenders” set forth in any Credit Agreement, or
(iii) any modification of Section 9.1 of any Credit Agreement that makes such provisions materially more restrictive, in any
case, will be effective without the approval of the Collateral Agent acting as directed by an Act of Specified Lenders and a
corresponding amendment, modification or waiver of such provisions of the other Credit Agreement or Second Amendment, as
applicable.

 

(f)          
Without the consent of the Specified Lenders, no Credit Agreement Document may be amended, restated, waived, supplemented
or otherwise modified in accordance with their terms, to the extent that such amendment, restatement, supplement or modification
affects the Lien priorities provided for herein or contravenes any provision (or the intent thereof) of this Agreement.

 

8.2         
Voting.

 

(a)          
In connection with any matter under this Agreement requiring a vote of holders of Pari Passu Guaranteed Obligations, each
Series of Credit Agreement Debt will cast its votes in accordance with the Credit Agreement Documents governing such Series of
Credit Agreement Debt. Following and in accordance with the outcome of the applicable vote under its Credit Agreement Documents,
the Credit Agreement Representative of each Series of Credit Agreement Debt will cast all of its votes as a block in respect of
any vote under this Agreement. In making all determinations of votes hereunder, the Collateral Agent shall be entitled to conclusively
rely upon the votes, and relative outstanding amounts, as determined and reported to it by the various Credit Agreement Representatives,
and shall have no duty to independently ascertain such votes or amounts.

 

8.3         
Certain Bankruptcy Provisions. (a) This Agreement shall continue
in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any other Federal, state
or foreign bankruptcy, insolvency, receivership or similar law by or against the Borrower or any of its Subsidiaries.

 

(b)           If
the Borrower or any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code
(including, for the avoidance of doubt, a Bankruptcy Case filed by any Subsidiary of a Grantor that is a Pledged Subsidiary
(as defined in the Pledge Agreement) that is not itself a Grantor) and Borrower and/or any Subsidiary thereof shall, as
debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more
lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under
Section 363 of the Bankruptcy Code, each Credit Agreement Representative, on behalf of itself and the holders of the Series
of Credit Agreement Debt for which it is the Credit Agreement Representative (other than the Specified Lenders or any Credit
Agreement Representative of the Specified Lenders) agrees not to object to any such financing or to the Liens on the
Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral, unless the
Specified Lenders or any Credit Agreement Representative of the Specified Lenders, shall then oppose or object to such DIP
Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are
senior to the Liens on any Collateral for the benefit of the Specified Lenders or any Credit Agreement Representative of the
Specified Lenders, each Credit Agreement Representative, on behalf of itself and the holders of the Series of Credit
Agreement Debt for which it is the Credit Agreement Representative (other than the Specified Lenders or any Credit Agreement
Representative of the Specified Lenders) will subordinate its Liens with respect to such Collateral on the same terms as the
Liens of the Specified Lenders or any Credit Agreement Representative of the Specified Lenders (other than any Liens of
holders of any Series of Credit Agreement Debt (or Credit Agreement Representative thereof)) are subordinated thereto, and
(ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Common Collateral granted to
secure the Pari Passu Guaranteed Obligations of the Specified Lenders, each Credit Agreement Representative, on behalf of
itself and the holders of the Series of Credit Agreement Debt for which it is the Credit Agreement Representative (other than
the Specified Lenders or any Credit Agreement Representative of the Specified Lenders) will confirm the priorities with
respect to such Common Collateral as set forth herein), in each case so long as (A) the holders of each Series of Credit
Agreement Debt retain the benefit of their Liens on all such Common Collateral pledged to the DIP Lenders, including proceeds
thereof arising after the commencement of such proceeding, with the same priority vis-à-vis as all the other holders
of any Series of Credit Agreement Debt (other than any Liens of holders of any Series of Credit Agreement Debt (or Credit
Agreement Representative thereof) constituting DIP Financing Liens)) as existed prior to the commencement of the Bankruptcy
Case, (B) ) the holders of each Series of Credit Agreement Debt are granted Liens on any additional collateral pledged to any
other holder of a Series of Credit Agreement Debt as adequate protection or otherwise in connection with such DIP Financing
or use of cash collateral, with the same priority vis- à -vis the other holders of each Series of Credit Agreement
Debt as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of
the Pari Passu Guaranteed Obligations, such amount is applied pursuant to Section 3.5(a) of this Agreement, and (D) if
any holder of Pari Passu Guaranteed Obligations is granted adequate protection, including in the form of periodic payments,
in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied
pursuant to Section 3.5(a) of this Agreement; provided that, any holder of a Series of Credit Agreement
Debt that is receiving adequate protection shall not object to any other holder of a Series of Credit Agreement Debt
receiving adequate protection comparable to any adequate protection granted to such holder of a Series of Credit Agreement
Debt in connection with a DIP Financing or use of cash collateral.

 

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8.4         
Successors and Assigns.

 

(a)          
Except as provided in Section 6.2, and subject to Section 7.2, the Collateral Agent may not, in its capacity
as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such
duties or rights will be null and void. All obligations of the Collateral Agent hereunder will inure to the sole and exclusive
benefit of, and be enforceable by, each Credit Agreement Representative and each present and future holder of Pari Passu Guaranteed
Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective
successors and assigns.

 

(b)         
Neither the Borrower nor any other Grantor may assign its rights or obligations hereunder or under any other Credit Agreement
Security Document other than in accordance with the terms hereof and thereof. All obligations of the Borrower and the other Grantors
hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Agent, each Credit Agreement Representative
and each present and future holder of Pari Passu Guaranteed Obligations, each of whom will be entitled to enforce this Agreement
as a third-party beneficiary hereof, and all of their respective successors and assigns.

 

8.5         
Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay
in exercising, any right, power or remedy arising under this Agreement or any of the other Credit Agreement Security Documents
will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power
or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies
herein are cumulative and are not exclusive of any remedies provided by law.

 

    -24-

     

    

 

8.6         
Notices. Any communications, including notices and instructions, between the parties hereto or notices provided
herein to be given may be given to the following addresses:

 

 

	If to the Collateral Agent:	
        Wells Fargo Bank, National Association

        550 South
        Tryon Street

        Charlotte,
        North Carolina 28202

        Attention: 
        Kristen Ray

        Facsimile:
        (704) 410-0329

        Telephone: (704) 410-1772

         

	With a Copy to:	
        Wells Fargo
        Bank, National Association

        10 South Wacker Drive, 32nd Floor

        Chicago, IL 60606

        Attention:
        Douglas Frazer

        Facsimile: (704) 410-0329

        Telephone: (704) 715-5747

         

	If to the Borrower or any other Grantor:	
        Diversified Healthcare Trust

        Two Newton Place

        255 Washington Street, Suite 300

        Newton, Massachusetts 02458-1634

        Attention: Chief Financial Officer

        Facsimile: (617) 219-8349

        Telephone: (617) 796-8350

 

and if to any other Credit Agreement Representative,
to such address or facsimile number as set forth on its signature page hereto or as to each party at such other address as shall
be designated by such party in a written notice to the other parties delivered in compliance with this Section. All such
notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of
three (3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of
the Borrower or the Collateral Agent, and Secured Parties at the addresses specified; (ii) if faxed, when transmitted; or
(iii) if hand delivered or sent by overnight courier, when delivered; provided, however, that, in the case of
the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change
of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt
of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Collateral Agent
shall be effective only when actually received. The Collateral Agent shall not incur any liability to the Secured Parties for acting
upon any telephonic notice referred to in this Agreement which the Collateral Agent believes in good faith to have been given by
a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to receive
a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.

 

All notices and communications
will be transmitted by email or mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Pari Passu Guaranteed
Obligations, its address shown on the register kept pursuant to the applicable Credit Agreement Documents or as otherwise set forth
in the applicable Credit Agreement Documents. Failure to mail a notice or communication to a holder of Pari Passu Guaranteed Obligations
or any defect in it will not affect its sufficiency with respect to other holders of Pari Passu Guaranteed Obligations.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

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8.7         
Termination of Certain Term Loan Rights. Automatically upon the repayment in full of the outstanding principal
amount of Term Loans and the discharge all other outstanding “Obligations” under and as defined in the Term Loan Agreement,
(i) the Term Loan Administrative Agent and the Term Lenders shall have no further rights against, or obligations or liabilities
to, any other party hereto, in each case, except for rights, obligations or liabilities which are expressly stated herein to survive
the termination of this Agreement or apply upon discharge and payment in full of the “Obligations” under and as defined
in the Term Loan Agreement, and (ii) any action or approval under this Agreement or any of the Credit Agreement Security Documents
may be taken without the need for any consent, approval, act or direction by the Term Loan Lenders or Term Loan Administrative
Agent.

 

8.8         
Entire Agreement. This Agreement together with the Credit Agreement Security Documents states the complete agreement
of the parties relating to the undertakings of the Collateral Agent set forth herein and supersedes all oral negotiations and prior
writings in respect of such undertakings.

 

8.9         
Payment of Expenses and Taxes; Indemnification.

 

(a)           The
Grantors agree (i) to pay or reimburse the Collateral Agent for all its reasonable costs and expenses incurred in connection
with the preparation, negotiation and execution of, and any amendment, supplement or modification to, this Agreement and the
other Credit Agreement Documents and/or Credit Agreement Security Documents and any other documents prepared in connection
herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including
the reasonable fees, expenses and disbursements of legal counsel to the Collateral Agent, and all costs and expenses of the
Collateral Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in
connection with this Agreement, the Credit Agreement Documents and/or any Credit Agreement Security Documents, the
preservation of the Liens or any rights of the Collateral Agent, and the review of Properties for inclusion as Collateral
Properties and the other activities of the Collateral Agent under Section 7.15 of each Credit Agreement and the reasonable
fees and disbursements of counsel to the Collateral Agent (including, without limitation, local counsel to the Collateral
Agent in each applicable jurisdiction) relating to all such activities (it being understood and agreed that, to the extent
any of such services or activities are provided internally by the Collateral Agent, the Borrower shall reimburse the
Collateral Agent for such costs and expenses at market rates) (ii) to pay or reimburse the Collateral Agent and the other
Secured Parties for all their reasonable costs and expenses incurred in connection with the enforcement or preservation of
any rights under this Agreement, the other Credit Agreement Security Documents and any such other documents, including the
reasonable fees, expenses and disbursements of their respective counsel (including the allocated fees and expenses of
in-house counsel) and any payments in indemnification (but solely to the extent otherwise indemnifiable pursuant to the
Credit Agreement Documents or otherwise payable by the Secured Parties to the Collateral Agent pursuant to the Credit
Agreement Documents), (iii) to pay, and indemnify and hold harmless the Collateral Agent and the Secured Parties from, any
and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay
in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in
connection with the execution and delivery of any of the Credit Agreement Documents, or consummation of any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Agreement and any other Credit Agreement
Document, and (iv) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and
disbursements of counsel to the Collateral Agent and any Secured Party incurred in connection with the representation of the
Collateral Agent, or such Secured Party in any matter relating to or arising out of any bankruptcy or other proceeding of the
type described in Section 10.1.(e) or 10.1.(f) of each Credit Agreement, including, without limitation, (A) any motion for
relief from any stay or similar order, (B) the negotiation, preparation, execution and delivery of any document relating to
the Pari Passu Obligations and (C) the negotiation and preparation of any debtor in possession financing or any plan of
reorganization of the Borrower or any other Grantor, whether proposed by the Borrower, such Grantor, the Secured Parties or
any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such
proceeding or the confirmation or conclusion of any such proceeding.

 

    -26-

     

    

 

(b)          
The Grantors agree to indemnify, defend and hold harmless the Collateral Agent, its Affiliates, and the other Secured Parties
and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified
Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses,
costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without
limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation,
investigation, claim or proceeding or any advice rendered in connection therewith) incurred by an Indemnified Party in connection
with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree
or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related
directly or indirectly to: (i) this Agreement or any other Credit Agreement Document or the transactions contemplated thereby or
the Collateral; (ii) the execution, delivery, enforcement, performance and administration of this Agreement, the other Credit Agreement
Security Documents and any such other document; (iii) the fact that the Collateral Agent and the Secured Parties are creditors
of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations
of the Borrower and the Subsidiaries; (iv) the fact that the Collateral Agent and the Secured Parties are material creditors of
the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries
or their financial condition; (v) the exercise of any right or remedy the Collateral Agent or the Secured Parties may have under
this Agreement, any Credit Agreement Document or any Credit Agreement Security Document; provided, however, that the Grantors shall
not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters
described in this clause (v) to the extent arising from the gross negligence or willful misconduct of such Indemnified Party, as
determined by a court of competent jurisdiction in a final, non-appealable judgment; (vi) any civil penalty or fine assessed by
the OFAC against, and all costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof
by, the Collateral Agent or any Secured Party as a result of conduct of the Borrower, any other Grantor or any other Subsidiary
that violates a sanction administered or enforced by the OFAC; or (vii) any violation or non-compliance by the Borrower or any
Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced
by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental
Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action
to cause the Borrower or its Subsidiaries (or its respective properties) (or the Collateral Agent and/or the Secured Parties as
successors to the Borrower) to be in compliance with such Environmental Laws.

 

(c)           The
agreements in this Section 8.9 shall survive (x) repayment of the Pari Passu Obligations and all other amounts payable
hereunder and under the other Credit Agreement Documents, (y) the resignation of the Collateral Agent, and (z) any
termination of this Agreement and the other Credit Agreement Documents and/or Credit Agreement Security Documents and are in
addition to (but without duplication of recovery under), and not in substitution of, any of the other obligations set forth
in this Agreement, any Credit Agreement Security Document or any other Credit Agreement Document to which it is a party. The
agreements in this Section 8.9 shall apply to all Indemnity Proceedings arising out of, or related to, the
foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this
indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This
indemnification shall, among other things, apply to any such proceeding commenced by other creditors of the Borrower or any
Affiliate (as defined in the Credit Agreements), any shareholder of the Borrower or any Affiliate (as defined in the Credit
Agreements) (whether such shareholder(s) are prosecuting such proceeding in the Borrower’s individual capacity or
derivatively on behalf of the Borrower), any account debtor of the Borrower or any Affiliate (as defined in the Credit
Agreements) or by any Governmental Authority. This indemnification shall apply to any Indemnity Proceeding arising during the
pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. All out of pocket fees and
expenses of, and all amounts paid to third persons by, an Indemnified Party shall be advanced by the Borrower at the request
of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled
to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will
reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified
Party is not so entitled to indemnification hereunder. An Indemnified Party may conduct its own investigation and defense of,
and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above,
all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal
counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or
in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified
Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the
Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial
wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity
Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written
consent of the Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an
Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower
where (x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an
allegation of a violation of law by such Indemnified Party. If and to the extent that the obligations of the Borrower
hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and
satisfaction of such obligations which is permissible under applicable law.

 

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8.10      
No Set Off. Each Secured Party acknowledges that the exercise by any Secured Party of any offset, set-off, banker’s
lien or similar rights against any deposit account or other property or asset of any Grantor, whether or not located in California,
could result under certain laws in significant impairment of the ability of all Secured Parties to recover any further amounts
in respect of the Pari Passu Guaranteed Obligations. Therefore, each Secured Party agrees not to charge or offset any amount owed
to it by any Grantor against any of the accounts, property or assets of any Grantor or any of its affiliates held by such Secured
Party without the prior written approval of each Credit Agreement Representative and the Specified Lenders.

 

8.11      
Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any
jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions,
and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby.

 

8.12      
Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered
a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof.

 

8.13       Obligations
Secured. All obligations of the Grantors (other than the Borrower) set forth in or arising under this Agreement will be
Pari Passu Guaranteed Obligations and are secured by all Liens granted by each such Grantor in the Credit Agreement Security
Documents to which such Grantor is a party. All obligations of the Borrower set forth in or arising under this Agreement will
be Pari Passu Obligations and are secured by all Liens granted by the Borrower in the Credit Agreement Security Documents to
which the Borrower is a party. Notwithstanding anything to the contrary herein, the Pari Passu Obligations of the Borrower
and the Pari Passu Guaranteed Obligations of any Guarantor that is not a direct owner of a Collateral Property, in each such
case, under the Credit Agreement Documents shall not be directly secured by any real property interest whatsoever.

 

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8.14      
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

8.15       
Litigation; Jurisdiction; Other Matters; Waivers.

 

(i)            EACH PARTY HERETO
ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, ANY GRANTOR, THE COLLATERAL AGENT, OR ANY OF THE SECURED
PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY,
TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE SECURED PARTIES, EACH GRANTOR, THE COLLATERAL AGENT, AND THE BORROWER HEREBY
WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION
MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY CREDIT AGREEMENT SECURITY DOCUMENT, OR ANY CREDIT
AGREEMENT DOCUMENT OR IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN CREATED HEREUNDER OR THEREUNDER OR BY REASON OF ANY OTHER SUIT,
CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, ANY GRANTOR, THE COLLATERAL AGENT, OR ANY OF THE SECURED PARTIES
OF ANY KIND OR NATURE ARISING OUT OF THIS AGREEMENT, ANY CREDIT AGREEMENT SECURITY DOCUMENT, OR ANY CREDIT AGREEMENT DOCUMENT OR
IN CONNECTION WITH ANY COLLATERAL OR ANY LIEN CREATED HEREUNDER OR THEREUNDER.

 

(ii)           EACH
OF THE BORROWER, GRANTORS, COLLATERAL AGENT, AND EACH SECURED PARTY HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE
SOUTHERN DISTRICT OF NEW YORK OR, AT THE OPTION OF THE COLLATERAL AGENT, ANY STATE COURT LOCATED IN NEW YORK, NEW YORK SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, GRANTORS, THE
COLLATERAL AGENT, OR ANY OF THE SECURED PARTIES, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, ANY CREDIT AGREEMENT
SECURITY DOCUMENT OR ANY CREDIT AGREEMENT DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR ANY COLLATERAL. THE
BORROWER, EACH GRANTOR, AND EACH OF THE SECURED PARTIES EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY
ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH OF THE BORROWER AND THE GRANTORS HEREBY WAIVES PERSONAL SERVICE OF THE
SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR
OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO IT AT ITS ADDRESS FOR NOTICES PROVIDED FOR
HEREIN. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO
PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF
ANY ACTION BY THE COLLATERAL AGENT OR ANY SECURED PARTY OR THE ENFORCEMENT BY THE COLLATERAL AGENT OR ANY SECURED PARTY OF
ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 

THE PROVISIONS OF THIS SECTION
HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF LEGAL COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF,
AND SHALL SURVIVE THE PAYMENT OF ALL PARI PASSU OBLIGATIONS AND THE TERMINATION OF THIS AGREEMENT.

 

    -29-

     

    

 

8.16       
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original
and all of which when taken together shall constitute one agreement. The words “execute,” “execution,”
 “signed,” “signature,” and words of like import in or related to the execution of this Agreement by the
Collateral Agent, any Credit Agreement Representative or any other Secured Party (collectively, the “Collateral Parties”)
shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Collateral Agent, or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature of such Collateral Party or the use of a paper-based recordkeeping
system with respect to such Collateral Party, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything
contained herein to the contrary, the Collateral Agent is under no obligation to agree to accept electronic signatures from any
Collateral Party in any form or in any format unless expressly agreed to by the Collateral Agent pursuant to procedures approved
by it. Each of the undersigned hereby (i) agrees that, for all purposes, electronic images of this Agreement (including with respect
to any of the Collateral Parties’ signature pages thereto) shall have the same legal effect, validity, admissibility into
evidence and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity, admissibility
into evidence or enforceability of this Agreement based solely on the lack of paper original copies hereof, including with respect
to any of the Collateral Parties’ signatures hereto.

 

8.17       
Effectiveness. This Agreement will become effective in respect of any Person upon the execution of a counterpart
hereof or a Joinder hereto by such Person.

 

8.18       
Additional Grantors. The Borrower will cause each Person that becomes a Grantor or is required by any Credit
Agreement Document to become a party to this Agreement to become a party to this Agreement (including, for the avoidance of doubt,
each Pledgor and each other Loan Party who pledges any Collateral to secure all or a portion of the Pari Passu Guaranteed Obligations),
for all purposes of this Agreement, by causing such Person to execute and deliver to the parties hereto a Joinder and any other
documentation reasonably required by the Collateral Agent, whereupon such Person will be bound by the terms hereof to the same
extent as if it had executed and delivered this Agreement as of the date hereof. The Borrower shall promptly provide each Credit
Agreement Representative with a copy of each Joinder executed and delivered pursuant to this Section 8.18.

 

8.19      
Continuing Nature of this Agreement. This Agreement will be reinstated if at any time any payment or distribution
in respect of any of the Pari Passu Guaranteed Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation
Proceeding or otherwise by any holder of Pari Passu Guaranteed Obligations (whether by demand, settlement, litigation or otherwise).

 

    -30-

     

    

 

8.20        Insolvency. This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation
Proceeding by or against any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement
of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case,
as provided in this Agreement.

 

8.21       
Rights and Immunities of Credit Agreement Representatives. Each Credit Agreement Representative shall have all
of the rights, protections, immunities and indemnities set forth in the Credit Agreement Documents and other agreements governing
the applicable Pari Passu Obligations with respect to which such Person will act as representative, in each case as if specifically
set forth herein. In no event will any Credit Agreement Representative be liable for any act or omission on the part of the Grantors
or the Collateral Agent hereunder.

 

8.22       
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the Patriot Act, the
Collateral Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Collateral Agent. The parties to this Agreement agree that they will provide the Collateral Agent
with such information as it may request in order for the Collateral Agent to satisfy the requirements of the Patriot Act.

 

8.23       
Legend. Each Credit Agreement Representative hereby covenants to include the following legend in each material
Credit Agreement Document governing such Credit Agreement Representative’s Pari Passu Guaranteed Obligations:

 

“NOTWITHSTANDING
ANYTHING HEREIN TO THE CONTRARY, THE LIENS AND SECURITY INTERESTS GRANTED TO THE COLLATERAL AGENT IN ANY COLLATERAL SECURING THE
Pari Passu Guaranteed Obligations AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE
COLLATERAL AGENT WITH RESPECT TO ANY COLLATERAL HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE
EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT
SHALL GOVERN AND CONTROL.”

 

8.24      
Force Majeure. In no event shall the Collateral Agent be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including,
without limitation, strikes, work stoppages, accidents, acts of war or terrorism, pandemics, civil or military disturbances, nuclear
or natural catastrophes.

 

8.25       
Benefit of the Holders. The provisions of this Agreement are and are intended solely for the purpose of defining
the relative rights of the holders of Pari Passu Guaranteed Obligations in relation to one another. None of the Borrower or any
other Grantors or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this
Agreement (provided that nothing in this Agreement is intended to or will amend, waive or otherwise modify the provisions
of any other Credit Agreement Document).  Nothing in this Agreement is intended to or shall impair the obligations of the
Borrower or any Grantor, which are absolute and unconditional, to pay the Pari Passu Obligations as and when the same shall become
due and payable in accordance with their terms.  For the avoidance of doubt, nothing contained in this Agreement shall be
construed to constitute a waiver or an amendment of any covenant of the Borrower or any Subsidiary thereof contained in any Credit
Agreement, which restricts the incurrence of any Indebtedness or the grant of any Lien.

 

8.26      
Reliance by the Grantors. The Grantors may conclusively rely on, and shall be fully protected in relying on,
any action, notice, consent or other communication by the Collateral Agent as having been duly authorized by the Secured Parties,
and no Grantor shall have any obligation to inquire as to the authorization or validity thereof. No Grantor shall have any obligation
to see to or inquire as to, or any liability for, the compliance by the Collateral Agent with the terms of this Agreement or the
other Credit Agreement Security Documents, including the application by the Collateral Agent of any Net Cash Proceeds or other
proceeds of the Collateral received by it.

 

[remainder of page intentionally left blank]

 

    -31-

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered by their respective officers or representatives as of the day and year
first above written.

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION,
	 	as
    Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS
    FARGO BANK, NATION ASSOCIATION,
	 	as
    Credit Agreement Representative under the Revolving Credit Agreement
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS
    FARGO BANK, NATION ASSOCIATION,
	 	as
    Credit Agreement Representative under the Term Loan Agreement
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Collateral Agency and Intercreditor Agreement

 

     

     

    

 

	 	BORROWER:
	 	 
	 	DIVERSIFIED
    HEALTHCARE TRUST
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	OTHER
    GRANTORS:
	 	 
	 	SNH
    GP Valencia LLC
	 	 
	 	By:	 
	 	Name:
    Richard W. Siedel, Jr.
	 	Title:
    Chief Financial Officer and Treasurer
	 	 
	 	SNH
    MezzCo San Antonio LLC
	 	 
	 	By:	 
	 	Name:
    Richard W. Siedel, Jr.
	 	Title:
    Chief Financial Officer and Treasurer
	 	 
	 	SNH
    Medical Office Properties Trust
	 	 
	 	By:	                
	 	Name:
    Richard W. Siedel, Jr.
	 	Title:
    Chief Financial Officer and Treasurer

 

Collateral Agency and Intercreditor Agreement

 

     

     

    

 

EXHIBIT A

to Collateral Agency and Intercreditor Agreement

 

[FORM OF]

JOINDER

 

The undersigned, ________________,
a _______________ (the “New Grantor”) hereby agrees to become party as a Grantor under the Collateral Agency
and Intercreditor Agreement, dated as of January 29, 2021, among DIVERSIFIED HEALTHCARE TRUST, a real estate investment trust formed
under the laws of the State of Maryland (the “Borrower”), the other Grantors from time to time party hereto,
each Credit Agreement Representative party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Collateral Agent”)
(as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Intercreditor
Agreement”) for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor
Agreement as fully as if such New Grantor had executed and delivered the Intercreditor Agreement as a Grantor thereunder as of
the date thereof. The Intercreditor Agreement is hereby incorporated herein by reference. Capitalized terms used herein but not
otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement.

 

The New Grantor
hereby agrees to all the terms and provisions of the Intercreditor Agreement applicable to it as a Grantor thereunder. The New
Grantor represents and warrants to the Collateral Agent and the Secured Parties that this Joinder has been duly authorized, executed
and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,
except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained
herein or in the Intercreditor Agreement and as may be limited by equitable principles generally.

 

THIS JOINDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

All communications
and notices hereunder shall be in writing and given as provided in Section 8.6 of the Intercreditor Agreement. All communications
and notices hereunder to the New Credit Agreement Representative shall be given to it at its address set forth below its signature
hereto.

 

The Borrower agrees
to reimburse the Collateral Agent for its reasonable expenses in connection with this Joinder, including the reasonable fees, other
charges and disbursements of counsel, in each case, as required by the Intercreditor Agreement or the applicable Credit Agreement
Security Documents.

 

The provisions of Article
8 of the Intercreditor Agreement will apply with like effect to this Joinder. Except
as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and effect. 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Joinder to be executed by their respective officers or representatives as of _________, 20__.

 

	 	[______________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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