Document:

Exhibit 10.1

 

January 21, 2015

 

Wells Fargo Bank, National
 Association, as Administrative Agent

550 South Tryon Street, 6th Floor

Charlotte, North Carolina  28202

Attention: D. Bryan Gregory

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement dated as of January 9, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Select Income REIT (the “Borrower”), the financial institutions party thereto as “Lenders”, Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and the other parties thereto.  Capitalized terms used herein but not otherwise defined herein have the respective meanings given them in the Credit Agreement.

 

Pursuant to Section 12.6 of the Credit Agreement, the Borrower requests that the Requisite Lenders agree as follows:

 

(a)           Notwithstanding the definition of Total Asset Value set forth in the Credit Agreement, for purposes of determining Total Asset Value at any time, (i) the Borrower may, in addition to the Properties currently referred to in clause (b) of such definition, 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 clause (c) of such definition, 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 fiscal quarter most recently ended; and

 

(b)           Notwithstanding the definition of Unencumbered Asset Value set forth in the Credit Agreement, for purposes of determining Unencumbered Asset Value at any time, the Borrower may, in addition to the Unencumbered Net Operating Income currently referred to in clause (a)(i) of such definition, include the Unencumbered Net Operating Income of any Unencumbered Asset acquired during the period following the end of the fiscal quarter most recently ended through such time of determination on a pro forma basis reasonably acceptable to the Administrative Agent.

 

Each Lender consenting to the terms of this letter agreement should evidence its agreement to the terms of this letter agreement by executing a copy of this letter agreement in the space provided below and delivering a copy of such executed letter agreement to the Administrative Agent.  This letter agreement shall become effective on and as of the date on which the Administrative Agent shall have received counterparts of this letter agreement duly executed by the Borrower and the Requisite Lenders.

 

 

This letter agreement may be executed in counterparts and shall be governed by, and construed in accordance with, the laws of the State of New York.

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SELECT INCOME REIT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John C. Popeo
    
	
 
    	
 
    	
 
    	
Name:  John C. Popeo
    
	
 
    	
 
    	
 
    	
Title:    Treasurer
    
	
 
    	
 
    	
 
    
	
[Acknowledgment on   Following Page]
    
	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Wells   Fargo Bank, N.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   D. Bryan Gregory
    	
 
    	
 
    
	
 
    	
Name:  D. Bryan Gregory
    	
 
    	
 
    
	
 
    	
Title:   Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Bank   of America, N.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Cheryl Sneor
    	
 
    	
 
    
	
 
    	
Name:  Cheryl Sneor
    	
 
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Citibank,   N.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Michael Chlopak
    	
 
    	
 
    
	
 
    	
Name:  Michael Chlopak
    	
 
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Royal   Bank of Canada
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Dan LePage
    	
 
    	
 
    
	
 
    	
Name:  Dan LePage
    	
 
    	
 
    
	
 
    	
Title:   Authorized Signatory
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Mizuho   Bank, Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Noel Purcell
    	
 
    	
 
    
	
 
    	
Name:  Noel Purcell
    	
 
    	
 
    
	
 
    	
Title:   Authorized Signatory
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Compass   Bank
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Keely W. McGee
    	
 
    	
 
    
	
 
    	
Name:  Keely W. McGee
    	
 
    	
 
    
	
 
    	
Title:   Senior Vice President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Morgan   Stanley Bank, N.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Nick Zangari
    	
 
    	
 
    
	
 
    	
Name:  Nick Zangari
    	
 
    	
 
    
	
 
    	
Title:   Authorized Signatory
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
UBS   AG, Stamford Branch
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Darlene Arias
    	
 
    	
 
    
	
 
    	
Name:  Darlene Arias
    	
 
    	
 
    
	
 
    	
Title:   Director
    	
 
    	
 
    
	
 
    	
           Banking Products Services, US
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Craig Pearson
    	
 
    	
 
    
	
 
    	
Name:  Craig Pearson
    	
 
    	
 
    
	
 
    	
Title:   Associate Director
    	
 
    	
 
    
	
 
    	
           Banking Products Services, US
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Regions   Bank
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Michael R. Mellott
    	
 
    	
 
    
	
 
    	
Name:  Michael R. Mellott
    	
 
    	
 
    
	
 
    	
Title:   Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Fifth   Third Bank, an Ohio Banking Corporation
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Casey Gehrig
    	
 
    	
 
    
	
 
    	
Name:  Casey Gehrig
    	
 
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature page to Letter   Agreement]
    

 

 

	
Acknowledged   and agreed as of the date first written above:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
First   Tennessee Bank N.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Jean M. Brennan
    	
 
    	
 
    
	
 
    	
Name:  Jean M. Brennan
    	
 
    	
 
    
	
 
    	
Title:   Senior Vice President
    	
 
    	
 
    

 

[Signature page to Letter Agreement]AMENDMENT

AMENDMENT

THIS AMENDMENT (this “Amendment”) is made and entered into as of the 22nd day of January, 2015 (the “Effective Date”) by and between 820 SMALL STREET, LLC, a Delaware limited liability company (“Seller”), IHS ACQUISITION NO. 133, INC., a Delaware corporation (“Existing Operator”), and GLOBAL HEALTHCARE REIT, INC., a Utah corporation (“Purchaser”).

RECITALS

Purchaser and Seller are parties to that certain Purchase and Sale Agreement dated as of December 16, 2014 (the “Purchase Agreement”); and

Purchaser and Seller desire to amend the Purchase Agreement on the terms hereinafter set forth.

In consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration paid by Purchaser to Seller, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:

1.

Capitalized Terms.  Capitalized but undefined terms used in this Amendment shall have the meanings set forth in the Purchase Agreement.

2.

Closing Date.   Section 1.1 of the Purchase Agreement is hereby amended to change the definition of the term Closing Date from “January 31, 2015” to “February 27, 2015”. 

3.

Ratification.  Except to the extent amended hereby, Purchaser and Seller ratify and confirm that all other terms and conditions of the Purchase Agreement remain in full force and effect.

4.

Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall be taken to be one and the same Amendment, for the same effect as if all parties hereto had signed the same signature page, and a facsimile copy of an executed counterpart shall constitute the same as delivery of the original of such executed counterpart.  Any signature page of this Amendment (whether original or facsimile) may be detached from any counterpart of this Amendment (whether original or facsimile) without impairing the legal effect of any signatures thereof and may be attached to another counterpart of this Amendment (whether original or facsimile) identical in form hereto but having attached to it one or more additional signature pages (whether original or facsimile).

[Signatures on next page]

HNZW/Amendment to Purchase and Sale Agreement _ Grand Prairie.DOC (Grand Prairie)/4232-13

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed as of the day and year first above written.

SELLER:

820 SMALL STREET, LLC,

a Delaware limited liability company

By:

__/s/ Brian Reynolds 

Name:

Brian Reynolds

Title:

Manager 

EXISTING OPERATOR:

IHS ACQUISITION NO. 133, INC.,

a Delaware corporation

By:

__/s/ Brian Reynolds 

Name:

Brian Reynolds

Title:

Secretary 

PURCHASER:

GLOBAL HEALTHCARE REIT, INC.,

a Utah corporation

By: 

__/s/ Christopher F. Brogdon 

Name:

Christopher F. Brogdon

Title: 

President

        

HNZW/Amendment to Purchase and Sale Agreement _ Grand Prairie.DOC (Grand Prairie)/4232-13

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