Document:

EXECUTION COPY

 

AMENDMENT NO. 5

 

AMENDMENT NO. 5 dated as of June 6, 2005 to the Credit Agreement referred to below, between MDC Partners Inc., a Canadian corporation (“MDC Partners”), Maxxcom Inc., an Ontario corporation (“Maxxcom Canada”), Maxxcom Inc., a Delaware corporation (“Maxxcom U.S.” and together with MDC Partners and Maxxcom Canada, the “Borrowers”), each of the Lenders identified under the caption “LENDERS” on the signature pages hereto and JPMorgan Chase Bank, N.A., as U.S. administrative agent for the Lenders (in such capacity, the “U.S. Administrative Agent”).

 

The Borrowers, the Lenders party thereto (individually, a “Lender” and, collectively, the “Lenders”), the U.S. Administrative Agent, JPMCB, as Collateral Agent (in such capacity, the “Collateral Agent”), and JPMCB, Toronto Branch, as Canadian Administrative Agent (in such capacity, the “Canadian Administrative Agent” and together with the U.S. Administrative Agent, the “Administrative Agents”) are parties to a Credit Agreement dated as of September 22, 2004 (as amended, the “Credit Agreement”).  The Borrowers and the Required Lenders wish to amend the
Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:

 

Section 1.  Definitions.  Capitalized terms used in this Amendment No. 5 and not otherwise defined are used herein as defined in the Credit Agreement (as amended hereby).

 

Section 2.  Amendments.  Effective as provided in Section 5 hereof, the Credit Agreement shall be amended as follows:

 

2.01.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.

 

2.02.  Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definitions (to the extent not already included in said Section 1.01) in the appropriate alphabetical locations and by amending the following definitions (to the extent already included in said Section 1.01) to read in their entirety as follows:

 

“Net Available Proceeds” means, in the case of any Equity Issuance or the issuance of the 8% Convertible Subordinated Debt, the aggregate amount of all cash received by the Borrowers and their Subsidiaries in respect of such Equity Issuance or Debt, net of reasonable expenses and customary fees and commissions incurred by the Borrowers and their Subsidiaries in connection therewith.

 

“8% Convertible Subordinated Debt” means the 8% Convertible Subordinated Debentures due 2010 of MDC Partners, which shall be issued pursuant to an indenture between MDC Partners, as issuer, and the trustee named therein (which indenture shall contain terms and conditions substantially consistent with the form of trust indenture (reflecting in all material respects such changes to the subordination provisions thereof as shall have been requested in writing by the U.S. Administrative Agent or its counsel to MDC Partners and its Canadian counsel on June 6, 2005) and the term sheet dated May 26, 2005 previously furnished to the Lenders (except for (i) in the case of the subordination provisions, any change thereto which is not adverse to the interests of the Lenders unless otherwise agreed by the U.S. Administrative 

 

 

 

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Agent and (ii) in the case of any other provisions, any change thereto that does not materially and adversely affect the Agents or the Lenders)).

 

“Total Debt Ratio” means, at any date, the ratio of (a) Total Debt (other than the 8% Convertible Subordinated Debt) on such date to (b) EBITDA for the Test Period ending on or most recently ended prior to such date.

 

2.03             Section 2.07(a) of the Credit Agreement is hereby amended by (a) inserting, immediately after the date “December 30, 2005” in the first line of paragraph (i) thereof, the words “and/or upon the issuance of the 8% Convertible Subordinated Debt” and (b) inserting, immediately after the words “any Equity Issuance” in the second line of paragraph (ii) thereof, the words “and/or upon the issuance of the 8% Convertible Subordinated Debt”.

 

2.04             Article V of the Credit Agreement is hereby amended by inserting a new Section 5.24 at the end thereof to read as follows:

 

“SECTION 5.24.  Subordinated Debt.  All obligations of MDC Partners in respect of this Agreement and the other Loan Documents to which it is a party shall constitute “Senior Indebtedness” within the meaning of the indenture governing the 8% Convertible Subordinated Debt.”

 

2.05             Section 7.05 of the Credit Agreement is hereby amended by (a) replacing the period at the end of clause (k) thereof with a semi-colon, (b) relettering clause (l) thereof as clause “(m)” and (c) inserting, immediately after such clause (k), a new clause (l) to read as follows:

 

“(l) the 8% Convertible Subordinated Debt in an aggregate original principal amount not exceeding Cdn $50,000,000 ̧ provided that (i) such Debt shall not be secured or guaranteed and (ii) at the time of (or promptly following) the issuance thereof, the trustee under the indenture governing the 8% Convertible Subordinated Debt shall have provided to the U.S. Administrative Agent a written confirmation pursuant to such indenture of the subordination in right of payment of the 8% Convertible Subordinated Debt to the obligations of MDC Partners under this Agreement and the other Loan Documents to which it is a party in form and substance reasonably satisfactory to the U.S. Administrative Agent; and”.

 

2.06             Section 7.09 of the Credit Agreement is hereby amended by (a) inserting, immediately after the words “any subordinated Debt” in the sixth line thereof, the following words: “(including, without limitation, the 8% Convertible Subordinated Debt)” and (b) inserting a new sentence at the end thereof to read as follows:

 

“Without the prior written consent of the Required Lenders, MDC Partners will not, and will not permit any other Restricted Party to, consent to any modification, supplement or waiver of any of the provisions of any agreement or instrument evidencing or providing for any subordinated Debt (including, without limitation, the indenture in respect of the 8% Convertible Subordinated Debt), unless such modification, supplement or waiver (other than in respect of the subordination provisions thereof) does not materially and adversely affect the Agents or the Lenders.”

 

2.07             Effective upon the issuance of the 8% Convertible Subordinated Debt, Section 8.03 of the Credit Agreement is hereby amended in its entirety to read as follows:

 

 

 

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“8.03  Fixed Charges Ratio.  MDC Partners will not permit the Fixed Charges Ratio as of the last day of any Test Period ending on or, as applicable, after the dates set forth below to be less than the ratio set forth opposite such Test Period:

 

	
            Test Period Ending
 	
            Fixed Charges Ratio
 
	
            December 31, 2004
 	
            0.40 to 1.00
 
	
            March 31, 2005
 	
            0.00 to 1.00
 
	
            June 30, 2005
 	
            0.70 to 1.00
 
	
            September 30, 2005
 	
            1.00 to 1.00
 
	
            December 31, 2005 and thereafter
 	
            1.25 to 1.00”
 

 

Section 3.  Representations and Warranties.  Each Borrower represents and warrants (as to itself and each of its Subsidiaries) to the Agents and  Lenders that (a) the representations and warranties set forth in Article V of the Credit Agreement, as amended hereby, and in each of the other Loan Documents are complete and correct on the date hereof as if made on and as of such date and as if each reference in said Article V to “this Agreement” included reference to this Amendment No. 5 and (b) no Default shall have occurred and be continuing.

 

Section 4.  Confirmation of Security Documents.  Each of the Borrowers hereby confirms and ratifies all of its obligations under the Loan Documents to which it is a party, including its obligations as a guarantor under Article III of the Credit Agreement as amended hereby.  By its execution on the respective signature lines provided below, each of the Guarantors hereby confirms and ratifies all of its obligations and the Liens granted by it under the Security Documents to which it is a party, represents and warrants that the representations and warranties set forth in such Security Documents are complete and correct on the date hereof as if made on and as of such date and confirms that all references in such Security Documents to the “Credit Agreement” (or words of similar import) refer to the Credit Agreement as amended hereby
without impairing any such obligations or Liens in any respect.

 

Section 5.  Conditions Precedent to Effectiveness.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof (except as otherwise provided with respect to the amendment set forth in Section 2.07 hereof), upon receipt by the U.S. Administrative Agent of one or more counterparts of this Amendment No. 5 executed by the Obligors and the Required Lenders.

 

Section 6.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment No. 5 may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Amendment No. 5 by signing any such counterpart.  This Amendment No. 5 shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5 to be duly executed and delivered as of the day and year first above written.

 

MDC PARTNERS INC.

 

By:________________________________

  Name:

  Title:  Authorized Signatory

 

By:________________________________

  Name:

 Title: Authorized Signatory

 

MAXXCOM INC., an Ontario corporation

 

By:________________________________

  Name:

 Title: Authorized Signatory

 

By:________________________________

 Name:

 Title: Authorized Signatory

 

 

MAXXCOM INC., a Delaware corporation

 

By:________________________________

 Name:

 Title: Authorized Signatory

 

By:________________________________

 Name:

 Title: Authorized Signatory

 

 

5

 

 

Agreed as set forth in Section 4 above:

 

GUARANTORS

	
            Signed sealed and delivered by the attorney of Placard Pty Ltd ACN 074 646 343 under power of attorney and who has received no notice of the revocation of the power, in the presence of:
 	
             
 
	
            . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
 Signature of witness
 	
            . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
 Signature of attorney
 
	
            Name of witness: Ray Forzley
 	
            Name of attorney: Walter Campbell
 

 

 

 

6

 

 

1208075 ONTARIO LIMITED

1220777 ONTARIO LIMITED

1385544 ONTARIO LIMITED

2026646 ONTARIO LIMITED

656712 ONTARIO LIMITED 

AMBROSE CARR LINTON CARROLL INC.

ASHTON POTTER CANADA INC.

ASHTON-POTTER CANADA LTD.

BRUCE MAU DESIGN INC.

BRUCE MAU HOLDINGS LTD.

CAMPBELL + PARTNERS COMMUNICATIONS LTD.

COMPUTER COMPOSITION OF CANADA INC.

HENDERSON BAS

MAXXCOM (NOVA SCOTIA) CORP.

MAXXCOM INTERACTIVE INC.

METACA CORPORATION

STUDIOTYPE INC.

TREE CITY INC.

 

 

	
            By: ________________________________
 
	
             
	
            Name: 
 	
             

			

Title:  Authorized Signatory

 

	
            By: ________________________________
 
	
             
	
            Name: 
 	
             

			

Title: Authorized Signatory

 

 

 

7

 

 

ACCENT ACQUISITION CO.

ACCENT INTERNATIONAL, INC.

ACCENT MARKETING SERVICES, L.L.C.

ASHTON-POTTER (USA) LTD.

BRATSKEIR & COMPANY, INC.

CHINNICI DIRECT, INC.

CMS U.S. HOLDCO, INC.

COLLE & MCVOY, INC.

CPB ACQUISITION INC.

CRISPIN PORTER & BOGUSKY LLC

DOTGLU LLC

FLETCHER MARTIN LLC

FMA ACQUISITION CO.

HELLO ACQUISITION INC.

KBP HOLDINGS LLC

KIRSHENBAUM BOND & PARTNERS LLC

KIRSHENBAUM BOND & PARTNERS WEST LLC

LAFAYETTE PRODUCTIONS LLC

MACKENZIE MARKETING, INC.

MARGEOTES/FERTITTA + PARTNERS LLC

MAXXCOM (USA) FINANCE COMPANY

MAXXCOM (USA) HOLDINGS INC.

MDC USA HOLDINGS INC.

MDC/KBP ACQUISITION INC.

MF+P ACQUISITION CO.

MONO ADVERTISING, LLC

PRO-IMAGE CORPORATION

SABLE ADVERTISING SYSTEMS, INC.

SMI ACQUISITION CO.

SOURCE MARKETING LLC

TARGETCOM LLC

VITROROBERTSON LLC

ZG ACQUISITION INC.

ZYMAN GROUP, LLC

 

 

	
            By: ________________________________
 
	
             
	
            Name: 
 	
             

			

Title:  Authorized Signatory

 

	
            By: ________________________________
 
	
             
	
            Name: 
 	
             

			

Title:  Authorized Signatory

 

 

 

8

 

 

LENDERS

 

JPMORGAN CHASE BANK, N.A.

 

By:________________________________

  Name:

  Title:

 

JPMORGAN CHASE BANK, N.A., TORONTO 

BRANCH

 

By:________________________________

 Name:

 Title:

 

 

 

9

 

 

 

BANK OF MONTREAL (CHICAGO BRANCH)

 

By:________________________________

 Name:

 Title:

 

BANK OF MONTREAL

 

By:________________________________

 Name:

 Title:

 

10

 

 

 

THE BANK OF NOVA SCOTIA, by its Atlanta Agency

 

By:________________________________

 Name:

 Title:

 

THE BANK OF NOVA SCOTIA

 

By:________________________________

 Name:

 Title:

 

By:________________________________

 Name:

 Title:

 

11

 

 

 

TORONTO DOMINION (TEXAS) INC.

 

By:________________________________

 Name:

 Title:

 

THE TORONTO-DOMINION BANK

 

By:________________________________

 Name:

 Title:

 

12

 

 

 

CIBC INC.

 

By:________________________________

 Name:

 Title:

CANADIAN IMPERIAL BANK OF COMMERCE

 

By:________________________________

 Name:

 Title:

 

By:________________________________

 Name:

 Title:Exhibit 10.1

PROMISSORY NOTE

	
            $43,500,000
 	
            June 3, 2005
 

Boston, Massachusetts

FOR VALUE RECEIVED, FIVE STAR QUALITY CARE, INC., a Maryland corporation (“Maker”), by this promissory note (this “Note”), hereby unconditionally promises to pay to SENIOR HOUSING PROPERTIES TRUST, a Maryland real estate investment trust (“Lender”), or order, on June 30, 2007 (the “Maturity Date”), unless sooner paid or payable as herein provided, the principal sum of FORTY-THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($43,500,000, the “Maximum Principal Amount”), or so much thereof as shall be advanced and remain unpaid hereunder, and to pay interest on the principal sum remaining
unpaid hereunder from time to time from the date hereof until the principal shall have been paid in full.

1.  Advances.  Lender agrees to make advances to Maker, from time to time, in amounts up to the Maximum Principal Amount.  To receive advances, Maker shall give written notice to Lender of the amount, the transfer date (not to be sooner than two (2) business days after the date of the notice), and the wiring instructions for each such advance (each an “Advance” and collectively the “Advances”).  Each Advance and all payments made on account of principal thereof, shall be recorded and endorsed on the grid attached to this Note and marked Exhibit A;
provided that the failure of Lender to make any such recordation or endorsement shall not affect the obligations of Maker under this
Note.  Any prepayment or repayment of any Advance shall reduce the Maximum Principal Amount under this Note and such amount shall not be readvanced.  Notwithstanding the foregoing, Lender shall have no obligation to make any Advances after the occurrence of any Event of Default or after the Maturity Date.

2.  Base Interest; Terms of Payment.

(a)  The unpaid principal amount of each Advance hereof shall bear interest (“Base Interest”) from the date of such Advance until repaid at the Base Interest Rate (this and other capitalized terms used and not otherwise defined herein having the meanings ascribed to such terms in Section 11).  All such interest shall be calculated on the basis of a 360-day year consisting of twelve (12) equal 30-day months, with partial months calculated on the basis of the actual number of days elapsed.

(b)  Base Interest shall be due and payable monthly in arrears the first day of each month, on the date of any prepayment or repayment of Advances, whether pursuant to Section 5, upon acceleration or otherwise and on the Maturity Date.

3.  Late Fee.  If any payment required to be made to Lender hereunder shall not be paid within ten (10) days after the date the same becomes due, Maker shall, at the election of Lender, pay to Lender, in addition to all other amounts payable hereunder and not as a penalty but as the agreed cost to Lender resulting from such delay, a “late fee” equal to five percent (5%) of such overdue amount.

4.  Default Rate.  From and after the occurrence and during the continuance of an Event of Default, all amounts due and unpaid hereunder shall, to the extent permitted by law, bear interest until paid, at the Default Rate; such interest shall be calculated on the basis of a 360-day year consisting of twelve (12) equal 30-day months, with partial months calculated on the basis of the actual number of days elapsed.

 

 

 

 

 

5.  Prepayment.  Advances may be prepaid from time to time in whole or part without premium or penalty.

6.  Imposts.  Maker shall pay principal, interest and other amounts under, and in accordance with the terms of, this Note, free and clear of, and without deduction for, any and all present and future taxes, levies, imposts, deductions, charges, withholdings, and all liabilities with respect thereto, excluding income and franchise taxes payable by Lender to the United States of America or any political subdivision thereof.  In addition, Maker shall pay any federal, state or local taxes on the acquisition of this Note by Lender and any stamp or other taxes levied by any jurisdiction on the execution, delivery, registration, performance and enforcement of this Note.

7.  Place and Manner of Payment.  All payments of principal, interest and other amounts payable on or in respect of this Note or the indebtedness evidenced hereby shall be made to such account of Lender within the continental United States of America as Lender shall from time to time designate in writing not less than one (1) business day in advance, in lawful money of the United States of America, in immediately available Federal funds.

8.  Collection of Costs.  Should the indebtedness evidenced by this Note or any part thereof be collected by action at law, or in bankruptcy, receivership or other court proceedings, or should this Note be placed in the hands of attorneys for collection after default, Maker agrees to pay, upon demand by Lender, in addition to principal and interest and other sums, if any, due and payable hereon, court costs and reasonable attorneys’ fees and other reasonable collection charges, unless prohibited by law.

9.  Related Documents.  This Note has been issued pursuant to, and is subject to the terms of, a Loan Agreement dated as of the date hereof between Maker, Lender, Five Star Quality Care-GHV, LLC (“FVE/GHV”) and Five Star Quality Care-MVSP, LLC (“FVE/MVSP” and together with FVE/GHV, collectively, the Guarantors) (as the same may be amended from time to time, the “Loan Agreement”).  This Note is also secured by and the Lender is entitled to the benefits of a security interest to be granted by the Guarantors, each of which is a wholly-owned subsidiary of Maker, pursuant to the Loan Agreement as well as a Guaranty Agreement dated as of the date
hereof (as the same may hereafter be amended from time to time, the “Guaranty”) and certain Mortgages, dated as of the date hereof (as the same may hereafter be amended from time to time, the “Mortgages”), executed by the Guarantors pursuant to the Loan Agreement.

10.  Events of Default.  If any of the following events (each, an “Event of Default”) shall have occurred:

(a)  Maker fails to pay any principal of or interest on this Note when and as the same shall become due and payable, whether at the Maturity Date, upon prepayment pursuant to Section 4, by acceleration or otherwise; or 

	
            (b)  Any “Event of Default” under the Loan Agreement.
 

then the entire unpaid principal of this Note, together with interest and other amounts, if any, due hereon, may, at Lender’s option, become immediately due and payable (if not previously due and payable), without presentation, protest or notice of any kind.

11.  Waiver by Maker.  To the fullest extent permitted by applicable law, Maker hereby absolutely and irrevocably waives presentment, demand, notice, protest, and all other demands, notices and suretyship defenses generally, in connection with the delivery, acceptance, performance, default or enforcement of or under this Note.

 

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12.  Definitions.  For all purposes of this Note, except as otherwise expressly provided or unless the context otherwise requires, (a) the terms defined in this Section shall have the meanings assigned to them in this Section and include the plural as well as the singular, (b) all references in this Note to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of this Note, and (c) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Note as a whole and not to any particular Section or other subdivision.

(a)  “Base Interest Rate” shall mean nine percent (9%) per annum.

(b)  “Default Rate” shall mean the lesser of eighteen percent (18%) per annum and the maximum rate permitted under applicable law.

(c)  “Event of Default” shall have the meaning given such term in Section 10 of this Note.

(d)  “Maturity Date” shall have the meaning given such term in the first paragraph of this Note.

13.  Rights of Lender.  The rights and remedies of Lender shall be cumulative and concurrent, and may be pursued singly, successively, or together in any order against Maker, all at the sole discretion of Lender.  None of the provisions hereof, and none of the rights or remedies of Lender hereunder on account of any past or future defaults, shall be deemed to have been waived by Lender’s acceptance of any past due amount or by any indulgence granted by Lender.

14.  Notices.  All notices and other communications which by any provision of this Note are required or permitted to be given shall be given in writing and shall be sent by express mail, postage prepaid, by recognized courier service or personally delivered to the receiving party.  All such notices and communications shall be mailed, sent or delivered as follows:

(a)  If to Borrower:

 

Five Star Quality Care, Inc.

400 Centre Street

Newton, MA  02458

Attn: Bruce J. Mackey, Jr.

(b)  If to Lender:

Senior Housing Properties Trust

400 Centre Street

Newton, MA  02458

Attn: John R. Hoadley

or to such other person(s) or address(es) as the party to receive any such communication or notice may have designated by written notice to the other party.

15.  Relationship.  Notwithstanding any provision of this Note regarding the determination and payment of amounts due and payable hereunder, it is expressly understood and agreed by Maker and Lender that the relationship between Maker on the one hand and Lender on the other hand shall be solely that of debtor to creditor and not that of joint venturers, partners, tenants in common or joint tenants.

16.  Limitation on Interest.  All agreements between Maker and Lender contained herein are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration 

 

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of maturity of this Note, or otherwise, shall the amount paid or agreed to be paid to Lender for the use, forbearance or detention of the principal of this Note exceed the maximum permissible under applicable law, the benefit of which may be asserted by Maker as a defense, and if, from any circumstance whatsoever, fulfillment of any provision of this Note, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law, or if from any circumstances Lender should ever receive as interest under this Note, such an excessive amount, then, ipso facto, the amount which would be excessive interest shall be first prorated, spread and allocated, to the fullest extent permitted by law, to such period and principal as will cause such amount to conform to and comply with
applicable law, and the balance, if any, shall be applied to the reduction of the principal of this Note and not to the payment of interest.  This provision shall control every other provision of this Note and all other agreements and instruments between Maker and Lender relative hereto.

17.  Lender.  As used herein, the term “Lender” shall mean, in addition to the initial payee hereof, each person from time to time who is an endorsee of this Note or the bearer, if this Note is at the time payable to bearer.

18.  Governing Law.  Except as to matters regarding the internal affairs of Lender and issues of or limitations on any personal liability of the shareholders and trustees of Lender for obligations of Lender, as to which the laws of the State of Maryland shall govern, this Note shall be interpreted, construed, applied and enforced in accordance with the laws of The Commonwealth of Massachusetts applicable to contracts between residents of Massachusetts which are to be performed entirely within Massachusetts, regardless of (a) where this Note is executed or delivered; or (b) where any payment or other performance required by this Note is made or required to be made; or (c) where any breach of any provision of this Note occurs, or any cause of action otherwise accrues; or (d) where any action or other proceeding is instituted or pending; or
(e) the nationality, citizenship, domicile, principal place of business, or jurisdiction of organization or domestication of any party; or (f) whether the laws of the forum jurisdiction otherwise would apply the laws of a jurisdiction other than The Commonwealth of Massachusetts; or (g) any combination of the foregoing.

To the maximum extent permitted by applicable law, any action to enforce, arising out of, or relating in any way to the provisions of this Note may be brought and prosecuted in such court or courts located in The Commonwealth of Massachusetts as is provided by law; and the parties consent to the jurisdiction of said court or courts located in The Commonwealth of Massachusetts and to service of process by registered mail, return receipt requested, or by any other manner provided by law.

19.  NON-LIABILITY OF TRUSTEES.  THE DECLARATION OF TRUST ESTABLISHING SENIOR HOUSING PROPERTIES TRUST, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE “DECLARATION”), IS DULY FILED WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE 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 LENDER SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, LENDER.  ALL PERSONS DEALING WITH LENDER, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF LENDER FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

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WITNESS the execution hereof under seal as of the date above first written.

FIVE STAR QUALITY CARE, INC.

 

	
            By:  /s/ Bruce J. Mackey Jr.
 

Bruce J. Mackey Jr.

Treasurer and Chief Financial Officer

 

 

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Exhibit A

ADVANCES AND PAYMENTS OF PRINCIPAL

 

[The following exhibit has been omitted and will be supplementally

furnished to the Securities and Exchange Commission upon request.]

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