Document:

Exhibit 10.1 Credit Agrmt_140626

CREDIT AGREEMENT 
 
DATED AS OF JUNE 26, 2014 
 
 
BETWEEN
 

THE NEW HOME COMPANY INC.,
a Delaware corporation
U.S. BANK NATIONAL ASSOCIATION 
D/B/A HOUSING CAPITAL COMPANY,
a national banking association,
as Administrative Agent, lead arranger and book manager, 

 
U.S. BANK NATIONAL ASSOCIATION 
D/B/A HOUSING CAPITAL COMPANY,
a national banking association,  
as a Lender, LC Issuer and Swing Line Lender, 

AND
 
 
The other Lenders from
Time to Time Parties Hereto
 
 
 
 
 

	
			
	 
	 
	 

	 
	 
	 

	
			
	Table of Contents

	 
	 
	Page

	ARTICLE I
	DEFINITIONS
	1

	 
	 
	 

	ARTICLE II
	THE CREDITS
	27

	Section 2.1
	Commitment
	27

	Section 2.2
	Determination of Dollar Amounts; Required Payments; Termination
	27

	Section 2.3
	Ratable Loans; Types of Advances
	28

	Section 2.4
	Swing Line Loans
	28

	Section 2.5
	Commitment Fee
	30

	Section 2.6
	Minimum Amount of Each Advance
	30

	Section 2.7
	Reductions in Aggregate Commitment; Optional Principal Payments
	30

	Section 2.8
	Method of Selecting Types and Interest Periods for New Revolving Advances
	31

	Section 2.9
	Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods
	31

	Section 2.10
	Interest Rates
	32

	Section 2.11
	Rates Applicable After Event of Default
	32

	Section 2.12
	Method of Payment
	32

	Section 2.13
	Noteless Agreement; Evidence of Indebtedness
	33

	Section 2.14
	Telephonic Notices
	34

	Section 2.15
	Interest Payment Dates; Interest and Fee Basis
	34

	Section 2.16
	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	34

	Section 2.17
	Lending Installations
	34

	Section 2.18
	Non-Receipt of Funds by the Administrative Agent
	35

	Section 2.19
	Facility LCs
	35

	Section 2.20
	Replacement of Lender
	40

	Section 2.21
	Limitation of Interest
	41

	Section 2.22
	Defaulting Lenders
	42

	Section 2.23
	Returned Payments
	46

	Section 2.24
	Extension of Facility Termination Date
	46

	 
	 
	 

	ARTICLE III
	YIELD PROTECTION; TAXES
	47

	Section 3.1
	Yield Protection
	47

	Section 3.2
	Changes in Capital Adequacy Regulations
	48

	Section 3.3
	Availability of Types of Advances; Adequacy of Interest Rate
	48

	Section 3.4
	Funding Indemnification
	48

	Section 3.5
	Taxes
	49

	Section 3.6
	Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity
	53

	
			
	 
	i
	 

	 
	 
	 

	
			
	Section 3.7
	Cutoff
	53

	 
	 
	 

	ARTICLE IV
	CONDITIONS PRECEDENT
	53

	Section 4.1
	Initial Credit Extension
	53

	Section 4.2
	Each Credit Extension
	55

	 
	 
	 

	ARTICLE V
	REPRESENTATIONS AND WARRANTIES
	55

	Section 5.1
	Existence and Standing
	56

	Section 5.2
	Authorization and Validity
	56

	Section 5.3
	No Conflict; Government Consent
	56

	Section 5.4
	Financial Statements
	57

	Section 5.5
	Material Adverse Change
	57

	Section 5.6
	Taxes
	57

	Section 5.7
	Litigation and Contingent Obligations
	57

	Section 5.8
	Subsidiaries
	57

	Section 5.9
	ERISA
	57

	Section 5.10
	Accuracy of Information
	58

	Section 5.11
	Regulation U
	58

	Section 5.12
	Material Agreements
	58

	Section 5.13
	Compliance With Laws
	58

	Section 5.14
	Ownership of Properties
	58

	Section 5.15
	Plan Assets; Prohibited Transactions
	59

	Section 5.16
	Environmental Matters
	59

	Section 5.17
	Investment Company Act
	59

	Section 5.18
	Insurance
	59

	Section 5.19
	Intentionally Omitted
	59

	Section 5.20
	Solvency
	59

	Section 5.21
	No Default
	60

	 
	 
	 

	ARTICLE VI
	COVENANTS
	60

	Section 6.1
	Financial Reporting
	60

	Section 6.2
	Use of Proceeds
	61

	Section 6.3
	Notice of Material Events
	62

	Section 6.4
	Conduct of Business
	62

	Section 6.5
	Taxes
	62

	Section 6.6
	Insurance
	63

	Section 6.7
	Compliance with Laws and Material Contractual Obligations
	63

	Section 6.8
	Maintenance of Properties
	63

	Section 6.9
	Books and Records; Inspection
	63

	Section 6.10
	Payment of Obligations
	63

	
			
	 
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	Section 6.11
	Restrictions on Other Indebtedness
	63

	Section 6.12
	Merger
	64

	Section 6.13
	Sale of Assets
	65

	Section 6.14
	Investments and Acquisitions
	66

	Section 6.15
	Liens
	67

	Section 6.16
	Affiliates
	69

	Section 6.17
	Modification of Certain Indebtedness
	69

	Section 6.18
	Restricted Payment; Repurchase of Stock
	69

	Section 6.19
	Financial Covenants and Tests
	69

	Section 6.20
	Guaranty
	70

	Section 6.21
	Negative Pledge
	71

	Section 6.22
	Operating Accounts
	71

	 
	 
	 

	ARTICLE VII
	DEFAULTS
	71

	Section 7.1
	Events of Default
	71

	Section 7.2
	No Defaults
	73

	 
	 
	 

	ARTICLE VIII
	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	74

	Section 8.1
	Acceleration; Remedies
	74

	Section 8.2
	Application of Funds
	75

	Section 8.3
	Amendments
	76

	Section 8.4
	Preservation of Rights
	76

	 
	 
	 

	ARTICLE IX
	GENERAL PROVISIONS
	77

	Section 9.1
	Survival of Representations
	77

	Section 9.2
	Governmental Regulation
	77

	Section 9.3
	Headings
	77

	Section 9.4
	Entire Agreement
	77

	Section 9.5
	Several Obligations; Benefits of this Agreement
	77

	Section 9.6
	Expenses; Indemnification
	77

	Section 9.7
	Numbers of Documents
	79

	Section 9.8
	Accounting
	79

	Section 9.9
	Severability of Provisions
	79

	Section 9.10
	Nonliability of Lenders
	79

	Section 9.11
	Confidentiality
	79

	Section 9.12
	Nonreliance
	80

	Section 9.13
	Disclosure
	80

	Section 9.14
	USA PATRIOT ACT NOTIFICATION
	80

	 
	 
	 

	ARTICLE X
	THE ADMINISTRATIVE AGENT
	80

	
			
	 
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	Section 10.1
	Appointment; Nature of Relationship
	80

	Section 10.2
	Powers
	81

	Section 10.3
	General Immunity
	81

	Section 10.4
	No Responsibility for Loans, Recitals, etc
	81

	Section 10.5
	Action on Instructions of Lenders
	81

	Section 10.6
	Employment of Agents and Counsel
	82

	Section 10.7
	Reliance on Documents; Counsel
	82

	Section 10.8
	Administrative Agent’s Reimbursement and Indemnification
	82

	Section 10.9
	Notice of Event of Default
	83

	Section 10.10
	Rights as a Lender
	83

	Section 10.11
	Lender Credit Decision, Legal Representation
	83

	Section 10.12
	Successor Administrative Agent
	84

	Section 10.13
	Administrative Agent and Arranger Fees
	84

	Section 10.14
	Delegation to Affiliates
	85

	Section 10.15
	Arranger and Book Runner
	85

	Section 10.16
	No Advisory or Fiduciary Responsibility
	85

	 
	 
	 

	ARTICLE XI
	RATABLE PAYMENTS
	86

	Section 11.1
	Ratable Payments
	86

	 
	 
	 

	ARTICLE XII
	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	86

	Section 12.1
	Successors and Assigns
	86

	Section 12.2
	Participations
	87

	Section 12.3
	Assignments
	88

	 
	 
	 

	ARTICLE XIII
	NOTICES
	90

	Section 13.1
	Notices; Effectiveness; Electronic Communication
	90

	 
	 
	 

	ARTICLE XIV
	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION
	92

	Section 14.1
	Counterparts; Effectiveness
	92

	Section 14.2
	Electronic Execution of Assignments
	92

	 
	 
	 

	ARTICLE XV
	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	92

	Section 15.1
	CHOICE OF LAW
	92

	Section 15.2
	CONSENT TO JURISDICTION
	92

	Section 15.3
	WAIVER OF JURY TRIAL
	93

	
			
	 
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CREDIT AGREEMENT
This Credit Agreement (the “Agreement”), dated as of June 26, 2014, is among The New Home Company Inc., a Delaware corporation, the Lenders and U.S. Bank National Association d/b/a Housing Capital Company, a national banking association, as LC Issuer, Swing Line Lender and Administrative Agent.  The parties hereto agree as follows:
ARTICLE I 
DEFINITIONS

As used in this Agreement:
“Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Guarantors (i) acquires any going business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company.
“Act” is defined in Section 9.14.
“Adjusted Leverage Ratio” means, as of any date of determination, the ratio (expressed as a percentage) of (i) (A) Consolidated Indebtedness outstanding on such date, plus (B) to the extent not otherwise consolidated into the Consolidated Indebtedness of the Borrower, the Joint Venture Debt outstanding on such date, to (ii) (A) Consolidated Tangible Net Worth of the Borrower as of such date, plus (B) to the extent not otherwise consolidated into the Consolidated Tangible Net Worth of the Borrower, the Consolidated Tangible Net Worth of each Joint Venture as of such date.
“Adjusted Leverage Test” is defined in Section 6.19(c).
“Administrative Agent” means U.S. Bank in its capacity as contractual representative of the Lenders pursuant to ARTICLE X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to ARTICLE X.
“Advance” means a borrowing hereunder, (i) made by some or all of the Lenders on the same Borrowing Date, or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurocurrency Loans, for the same Interest Period.  The term “Advance” shall include Swing Line Loans unless otherwise expressly provided.
“Affected Lender” is defined in Section 2.20.

	
			
	 
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“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person, including, without limitation, such Person’s Subsidiaries.
“Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as increased or reduced from time to time pursuant to the terms hereof.  As of the date of this Agreement, the Aggregate Commitment is One Hundred Twenty-Five Million Dollars ($125,000,000.00).
“Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders.
“Agreement” means this Credit Agreement, as it may be amended or modified and in effect from time to time.
“Agreement Accounting Principles” is defined in Section 9.8.
“Applicable Fee Rate” means, at any time, the percentage rate per annum at which Commitment Fees are accruing on the Available Aggregate Commitment at such time as set forth in the Pricing Schedule.
“Applicable Margin” means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.  
“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 an entity that administers or manages a Lender.
“Arranger” means U.S. Bank, in its capacity as Lead Arranger and Book Runner.
“Article” means an article of this Agreement unless another document is specifically referenced.
“Authorized Officer” means any of the Chief Executive Officer, Chief Financial Officer, Senior Vice President of Finance, Corporate Controller of the Borrower, and such other officers of the Borrower as the Borrower may designate from time to time in writing, in each case, acting singly.
“Available Aggregate Commitment” means, at any time, the Aggregate Commitment then in effect minus the Aggregate Outstanding Credit Exposure at such time.
“Base Rate” means, for any day, a rate of interest per annum equal to the Eurocurrency Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) for Dollars, provided that, for the avoidance of doubt, the Eurocurrency Rate for any day shall be based on the rate reported by the applicable financial information service at approximately 11:00 a.m. London time on such day.  Notwithstanding the immediately preceding sentence, if on any date for determining the one-month LIBOR rate, Administrative Agent shall determine (which determination shall be conclusive in the absence of manifest error) that (a) because 

	
			
	 
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of circumstances affecting the Money Markets, adequate and fair means do not exist for ascertaining the one-month LIBOR rate, or (b) it is unlawful for any Lender to maintain any advance of the Loans at a rate based on the one-month LIBOR rate, Administrative Agent shall promptly give to Borrower and each Lender telephonic notice (confirmed as soon as practicable in writing) of the nature and effect of such circumstances and/or illegality.  After receipt of such notice and during the existence of such circumstances and/or illegality, the interest rate applicable to the outstanding principal balance shall be determined based upon an alternate index selected by Administrative Agent, in its sole discretion, reasonably comparable to that of one-month LIBOR, intended to generate a return substantially the same as that generated by the one-month LIBOR rate, and all references in the Loan Documents to the Base Rate shall be deemed to be references to such alternate index while such rate is in effect.  Administrative Agent’s internal records of applicable interest rates shall be determinative in the absence of manifest error.  Each change in the Base Rate shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Base Rate. 
“Base Rate Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the Base Rate.
“Base Rate Loan” means a Loan which, except as otherwise provided in Section 2.11, bears interest at the Base Rate.
“Book Value” means, with respect to any Property at anytime, the book value of such Property as determined in accordance with GAAP at such time.
“Borrower” means The New Home Company Inc., a Delaware corporation, and its successors and assigns.
“Borrowing Base” means, with respect to an Inventory Valuation Date for which it is to be determined, an amount equal to the sum (without duplication) of the following assets of the Borrower and each Guarantor (but only to the extent that such assets are Qualified Real Property Inventory, and are not subject to any Liens other than Permitted Liens):
		
	(i)
	one hundred percent (100%) of Unrestricted Cash in excess of the Minimum Liquidity Amount;

		
	(ii)
	the Book Value of Presold Units, multiplied by ninety percent (90%); plus

		
	(iii)
	the Book Value of Model Units, multiplied by eighty percent (80%); plus

		
	(iv)
	the Book Value of Speculative Units (other than such Speculative Units, if any, as are excluded from the Borrowing Base pursuant to the provisions of Section 6.19(f), multiplied by eighty percent (80%); plus

		
	(v)
	the Book Value of Finished Lots, multiplied by sixty-five percent (65%); plus

	
			
	 
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	(vi)
	the Book Value of Land Under Development, multiplied by sixty-five percent (65%); plus

		
	(vii)
	the Book Value of Entitled Land, multiplied by fifty percent (50%);

provided, however:
(a)    from and after March 31, 2015, the Borrowing Base shall not include any amounts under clauses (v), (vi) and (vii) to the extent the aggregate of such amounts exceed 50% of the Borrowing Base.
(b)    from and after March 31, 2015, the amount included in the Borrowing Base under clause (vii) shall not exceed 25% of the aggregate amount included in the Borrowing Base under clauses (v), (vi) and (vii).
(b)    the advance rate for Spec Units (other than Model Units) shall decrease to 25% for any Housing Unit that has been a Spec Unit for more than 360 days; and
(c)    the advance rate for Model Units shall decrease to 0% for any Housing Unit that has been a Model Unit for more than 180 days following the sale of the last production Housing Unit in the applicable project relating to such Model Unit.
“Borrowing Base Certificate” means a certificate executed by an Authorized Officer, substantially in the form of the pro forma certificate attached hereto as Exhibit H (with such modifications to such form as may be reasonably requested by the Administrative Agent or the Required Lenders from time to time), setting forth the Borrowing Base and the component calculations in respect of the foregoing.
“Borrowing Base Debt” at any date, without duplication (a) all indebtedness for borrowed money of the Loan Parties and their respective Subsidiaries determined on a consolidated basis (including, without limitation, all Loans); plus (b) all indebtedness for borrowed money with recourse to any limited or general partnership in which any Loan Party or any of their respective Subsidiaries is a general partner; plus (c) the sum of (i) all reimbursement obligations with respect to drawn Financial Letters of Credit and drawn Performance Letters of Credit (excluding any portion of the actual or potential obligations that are secured by cash collateral) and (ii) the maximum amount available to be drawn under all undrawn Financial Letters of Credit, in each case issued for the account of, or guaranteed by, any Loan Party or any of their respective Subsidiaries (excluding any portion of the actual or potential obligations that are secured by cash collateral); plus (d) the aggregate outstanding principal balance of indebtedness for borrowed money of third parties covered by repayment guarantees of any Loan Party or any of their respective Subsidiaries (excluding, however, any repayment guarantees of Secured Project Debt); plus (e) all Obligations (including all Rate Management Obligations to the extent due and owing) of any Loan Party and any of their respective Subsidiaries; and plus (f) Contingent Obligations that are due and payable at the time of determination; provided, however, “Borrowing Base Debt” excludes (i) Indebtedness of any Non-Guarantor Subsidiary, (ii) Indebtedness of the Borrower to a Guarantor, a Guarantor to the Borrower, 

	
			
	 
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or a Guarantor to another Guarantor, and (iii) Secured Project Debt permitted pursuant to Section 6.11(k).
“Borrowing Date” means a date on which an Advance is made or a Facility LC is issued hereunder.
“Borrowing Notice” is defined in Section 2.8.
“Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurocurrency Advances, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York and London, England for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and dealings in Dollars are carried on in the London interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.
“Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of any Person, including any preferred stock, but excluding any debt securities convertible into such equity.
“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.
“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.
“Cash Collateralize” means to deposit in the Facility LC Collateral Account or to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the applicable LC Issuers or Lenders, as collateral for LC Obligations or obligations of Lenders to fund participations in respect of LC Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable LC Issuers 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 applicable LC Issuers.  “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 Investments that would be set forth in a consolidated balance sheet of Borrower in conformity with Agreement Accounting Principles under the heading “cash and cash equivalents.”
“Change in Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934) of 50% or more of the outstanding shares of voting stock of the Borrower on a fully diluted basis; or (ii) within any twelve-

	
			
	 
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month period, occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (x) nominated by the board of directors of the Borrower nor (y) appointed by directors so nominated.
“Change in Law” is defined in Section 3.1.
“Class,” when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans comprising such Advance, are Revolving Loans or Swing Line Loans.
“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.
“Collateral Shortfall Amount” is defined in Section 8.1.
“Commitment” means, for each Lender, the obligation of such Lender to make Loans to, and participate in Facility LCs issued upon the application of and Swing Line Loans made to, the Borrower, in an amount not exceeding the amount set forth in Schedule 1, as it may be modified (i) pursuant to Section 2.7, (ii) as a result of any assignment that has become effective pursuant to Section 12.3(c) or (iii) otherwise from time to time pursuant to the terms hereof.
“Commitment Fee” is defined in Section 2.5.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute.
“Computation Date” is defined in Section 2.2.
“Consolidated EBITDA” means, for any period, without duplication, the following, all as determined on a consolidated basis for the Borrower in conformity with Agreement Accounting Principles,
		
	(i)
	Consolidated Net Income, plus

		
	(i)
	to the extent deducted from revenues in determining the Consolidated Net Income of the Borrower, (a) Consolidated Interest Expense, (b) expenses for income taxes paid or accrued, (c) depreciation expense, (d) amortization expense, (e) other non-cash charges and expenses, and (e) any losses arising outside of the ordinary course of business, less

		
	(ii)
	to the extent added to revenues in determining the Consolidated Net Income of the Borrower, any gains arising outside of the ordinary course of business.

“Consolidated Indebtedness” means, at any date, the sum of (i) all Borrowing Base Debt, plus (ii) all Secured Project Debt, plus (iii) the amount of all liabilities (without duplication of any liabilities included in Borrowing Base Debt or Secured Project Debt) reflected on the most recently delivered consolidated balance sheet of the Borrower prepared in conformity with Agreement Accounting Principles, but excluding all liabilities (other than indebtedness for financing insurance 

	
			
	 
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premiums) from such balance sheet consisting of the amounts listed under the line items for “Accounts Payable,” “Accrued Liabilities,” and “Other” (provided, however that the exclusion for “Other” amounts shall not exceed $5,000,000).
“Consolidated Interest Expense” means, for any period and without duplication, the aggregate amount of interest expense, capitalized interest and interest included as a component of cost of sales for such period, determined on a consolidated basis for the Borrower in accordance with Agreement Accounting Principles.
“Consolidated Interest Incurred” means, for any period and without duplication and determined in each case in accordance with Agreement Accounting Principles on a consolidated basis, the aggregate amount of interest incurred, whether such interest was expensed or capitalized, paid, accrued or scheduled to be paid or accrued during such period, by the Borrower, including, without limitation, imputed interest included on Capitalized Lease Obligations, all commissions, discounts and other fees and charges owed with respect to Letters of Credit and bankers’ acceptance financing, the net costs associated with Rate Management Transactions, amortization of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization of discount or premiums, if any, and all other noncash interest expense, other than interest and other charges amortized to cost of sales.  Consolidated Interest Incurred includes, with respect to the Borrower and Guarantors, without duplication, all interest attributable to discontinued operations for such period and all interest actually paid by the Borrower or any Guarantor under any Contingent Obligation during such period.
“Consolidated Net Income” means, for any period, the net income of the Borrower on a consolidated basis for such period, determined in conformity with Agreement Accounting Principles.
“Consolidated Tangible Net Worth” means, at any date, the stockholders’ equity of the Borrower (or other Person to the extent the context so requires) determined on a consolidated basis in conformity with Agreement Accounting Principles less (a) its consolidated intangible assets determined in accordance with Agreement Accounting Principles, and (b) loans and advances to directors, officers and employees of the Borrower (excluding (i) loans for purposes of exercising options to purchase capital stock in the Borrower to the extent not otherwise netted out in the determination of stockholders’ equity, (ii) any arms-length mortgage loans made by any Subsidiary in the ordinary course of such Subsidiary’s business, and (iii) any advances made to employees in the ordinary course of business for travel and other items, not to exceed $500,000 in the aggregate).
“Consolidated Tangible Net Worth Test” is defined in Section 6.19(a).
“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the 

	
			
	 
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obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.
“Conversion/Continuation Notice” is defined in Section 2.9.
“Credit Extension” means the making of an Advance or the issuance of a Facility LC hereunder.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.
“Declining Lender” is defined in Section 2.24.
“Declining Lender’s Termination Date” is defined in Section 2.24.
“Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.
“Defaulting Lender” means, subject to Section 2.22(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days after 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 waived, or (ii) pay to the Administrative Agent, the LC Issuers, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility LCs or Swing Line Loans) within two (2) Business Days after the date when due, (b) has notified the Borrower, the Administrative Agent, the LC Issuers or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), 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, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets (other than an Undisclosed Administration), including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; 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 

	
			
	 
	8
	 

	 
	 
	 

direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) upon delivery of written notice of such determination to the Borrower, the LC Issuers, the Swing Line Lender and each Lender.
“Dollar” and “$” means the lawful currency of the United States of America.
“Dollar Amount” means, on any date of determination, with respect to any amount in Dollars, such amount.
“Effective Date” means the date on which the conditions specified in Section 4.1 are satisfied.
“Eligible Assignee” means (i) a Lender (ii) an Approved Fund; (iii) a commercial bank organized under the laws of the United States, or any state thereof, and having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed by the regulatory authority applicable to such bank in its jurisdiction of organization; (iv) a commercial bank organized under the laws of any other country that is a member of the OECD or a political subdivision of any such country, and having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed by the regulatory authority applicable to such bank in its jurisdiction of organization, so long as such bank is acting through a branch or agency located in the country in which it is organized or another country that is described in this clause (iv); or (v) the central bank of any country that is a member of the OECD; provided, however, that neither the Borrower nor an Affiliate of the Borrower shall qualify as an Eligible Assignee.
“Entitled Land” means parcels of land owned by the Borrower or any Guarantor which are zoned for the construction of single-family dwellings, whether detached or attached (excluding mobile homes); provided, however, that the term “Entitled Land” shall not include Land Under Development, Finished Lots or any real property upon which the construction of Housing Units has commenced (as described in the definition of “Housing Unit”).
“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) personal injury or property damage relating to the release or discharge of Hazardous Materials, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.

	
			
	 
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“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of withdrawal liability under Section 4201 of ERISA or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“Eurocurrency Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurocurrency Rate.
“Eurocurrency Base Rate” means, with respect to a Eurocurrency Advance for the relevant Interest Period, the applicable interest settlement rate for deposits in Dollar LIBOR appearing on the applicable Reuters Screen LIBOR01 (or on any successor or substitute page on such screen) as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if the applicable Reuters Screen LIBOR01 for Dollar LIBOR (or any successor or substitute page) is not available to the Administrative Agent for any reason, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollar LIBOR as reported by any other generally recognized financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate is available to the Administrative Agent, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which the Administrative Agent or one of its Affiliate banks offers to place deposits in Dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of 

	
			
	 
	10
	 

	 
	 
	 

such Interest Period, in the approximate amount of the Administrative Agent’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period.
“Eurocurrency Loan” means a Loan which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurocurrency Rate.
“Eurocurrency Rate” means, with respect to a Eurocurrency Advance for the relevant Interest Period, the sum of (i) the quotient of (a) the Eurocurrency Base Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus (ii) the Applicable Margin.
“Event of Default” is defined in ARTICLE VII.
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest becomes illegal.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Lender or applicable Lending Installation, the LC Issuers, and the Administrative Agent (each a “Recipient”) or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on its overall net income, 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 Non-U.S. Lender, any withholding tax that is imposed on amounts payable to such Non-U.S. Lender pursuant to the laws in effect at the time such Non-U.S. Lender becomes a party to this Agreement or designates a new Lending Installation, except in each case to the extent that, pursuant to Section 3.5(a), 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 Installation, or is attributable to the Non-U.S. Lender’s failure to comply with Section 3.5(f), (c) Taxes attributable to such Recipient’s failure to comply with Section 3.5(f) and (d)  any U.S. federal withholding taxes imposed by FATCA.
“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced.
“Extension Date” is defined in Section 2.24.

	
			
	 
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“Extension Request” is defined in Section 2.24.
“Facility LC” means any Letter of Credit issued by an LC Issuer in accordance with Section 2.19.
“Facility LC Application” is defined in Section 2.19(c).
“Facility LC Collateral Account” is defined in Section 2.19(k).
“Facility LC Sublimit” means Ten Million and No/100 Dollars ($10,000,000.00).
“Facility Termination Date” means June 26, 2017, as the same may be extended as provided in Section 2.24, or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof.
“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, 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 at approximately 11:00 a.m. (Pacific time) on such day on such transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion.
“Fee Letter” is defined in Section 10.13.
“Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics or (ii) any Rate Management Transaction.
“Financial Letter of Credit” means a Letter of Credit that is not a Performance Letter of Credit.
“Finished Lots” means parcels of land owned by the Borrower or any Guarantor which are duly recorded and platted for the construction of single-family dwelling units, whether detached or attached (but excluding mobile homes) and zoned for such use, with respect to which all requisite governmental consents and approvals required for a building permit to be issued have been, or could be (with no further material actions, other than the payment of fees) obtained; provided, however, that the term “Finished Lots” shall not include any real property upon which the construction of a Housing Unit has commenced (as described in the definition of “Housing Unit”).
“Fitch” means Fitch, Inc.

	
			
	 
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“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to an LC Issuer, such Defaulting Lender’s ratable share of the LC Obligations with respect to Facility LCs issued by such LC Issuer other than LC Obligations 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 Swing Line Lender, such Defaulting Lender’s ratable share of outstanding Swing Line Loans made by the Swing Line Lender other than Swing Line 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.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4, subject at all times to Section 9.8.
“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing).
“Guarantor” means the Subsidiaries listed on Schedule 3 hereto, and each Subsidiary that becomes a party to the Guaranty after the date hereof pursuant to the terms of Section 6.20(a), and their respective successors and assigns (excluding any Guarantor released from the Guaranty in accordance with the terms of this Agreement).
“Guaranty” means that certain Guaranty dated as of the date hereof executed by each of the Guarantors in the form attached hereto as Exhibit E, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time pursuant to the terms hereof and thereof.
“Hazardous Material” means any explosive or radioactive substances or wastes,  any hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and any other substances or wastes of any nature regulated pursuant to any Environmental Law.
“Highest Lawful Rate” means, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law, stated as a rate per annum.

	
			
	 
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“Homebuilding Subsidiary” means any wholly-owned Subsidiary that is engaged in the homebuilding business.
“Housing Unit” means a single-family dwelling (where construction has commenced), whether detached or attached (including condominiums but excluding mobile homes), including the parcel of land on which such dwelling is located, that is or will be available for sale by the Borrower or a Guarantor.  The construction of a Housing Unit shall be deemed to have commenced upon commencement of the trenching for the foundation of the Housing Unit.  Each “Housing Unit” is either a Presold Unit, a Spec Unit or a Model Unit.
“Housing Unit Closing” means a closing of the sale of a Housing Unit by the Borrower or a Guarantor to a bona fide purchaser for value.
“Indebtedness” means, with respect to a Person, at the time of computation thereof, of a Person means, without duplication, such Person's
		
	(1)
	obligations for borrowed money,

		
	(1)
	obligations representing the deferred purchase price of Property or services (other than (A) trade accounts payable and accrued expenses arising or occurring in the ordinary course of such Person's business, and (B) obligations evidenced by the Permitted Liens described in clause (vi) of the definition of Permitted Liens, and (C) any earn-out, profit participation or other contingent purchase price obligation until such obligation appears or should appear in the liabilities section of the balance sheet of such Person and is not paid within 30 days of such date),

		
	(1)
	obligations, whether or not assumed, secured by Liens on, or payable out of the proceeds or production from, Property now or hereafter owned or acquired by such Person (other than the obligations evidenced by the Permitted Liens described in clause (vi) of the definition of Permitted Liens),

		
	(1)
	obligations which are evidenced by notes, bonds, debentures, or other similar instruments,

		
	(1)
	Capitalized Lease Obligations,

		
	(1)
	Net Mark-to-Market Exposure under Rate Management Transactions,

		
	(1)
	Contingent Obligations, including all liabilities and obligations of others of the kind described in clauses (i) through (vi) and (viii) that such Person has guaranteed, or that are secured by Liens on Property now or hereafter owned or acquired by such Person (other than the obligations evidenced by the Permitted Liens described in clause (vi) of the definition of Permitted Liens) or that are otherwise the legal liability of such Person, and

		
	(1)
	reimbursement obligations for which such Person is obligated with respect to a Letter of Credit (which shall be included in the face amount of such Letter of Credit, whether 

	
			
	 
	14
	 

	 
	 
	 

or not such reimbursement obligations are due and payable), provided, however, that any Performance Letter of Credit shall not be included in Indebtedness unless and until such Letter of Credit is drawn upon and such draw is not reimbursed within 10 Business Days following such draw.
		
	(1)
	all funded debt with recourse to any limited or general partnership in which any Loan Party or any of their respective Subsidiaries is a general partner.

Indebtedness includes, without limitation, in the case of the Borrower, the Obligations (subject to clause (viii) above).
“Indemnified Taxes” means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document, other than Excluded Taxes and Other Taxes.
“Interest Coverage Ratio” means, as of the last day of any fiscal quarter, (a) Consolidated EBIDTA for the period of four consecutive fiscal quarters ending on such date to (b) Consolidated Interest Incurred for the period of four consecutive fiscal quarters ending on such date.
“Interest Coverage Test” is defined in Section 6.19(e).
“Interest Differential” is defined in Section 3.4.
“Interest Period” means, with respect to a Eurocurrency Advance, a period of one (1), two (2) or three (3) months commencing on a Business Day selected by the Borrower pursuant to this Agreement.  Such Interest Period shall end on the day which corresponds numerically to such date one (1), two (2) or three (3) months thereafter, provided, however, that if there is no such numerically corresponding day in such next, second or third succeeding month, such Interest Period shall end on the last Business Day of such next, second or third succeeding month.  If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.
“Inventory Valuation Date” means the last day of the most recent calendar month with respect to which the Borrower is requested to have delivered a Borrowing Base Certificate pursuant to Section 6.1(d) hereof.
“Investment” of a Person means (a) any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of capital by such Person; (b) stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities (including warrants or options to purchase securities) owned by such Person; (c) any deposit accounts and certificate of deposit owned by such Person; and (d) structured notes, derivative financial instruments and other similar instruments or contracts owned by such Person.

	
			
	 
	15
	 

	 
	 
	 

“Joint Venture” means a joint venture (whether in the form of a corporation, a partnership, limited liability company or otherwise) (a) to which the Borrower or any other Loan Party is or becomes a party (other than tenancies in common), and (b) whether or not Borrower is required to consolidate the joint venture in its financial statements in accordance with the Agreement Accounting Principles.  For the purposes of this definition, the Borrower’s or other Loan Party’s investment in a joint venture shall be deemed to include any Capital Stock of the joint venture owned by the Borrower or such Loan Party, any loans or advances to the Borrower or such Loan Party from the joint venture, any contractual commitment, arrangement or other agreement by the Borrower or such Loan Party to provide funds or credit to the joint venture.
“Joint Venture Debt” at any date, without duplication, the aggregate amount of (a) all indebtedness for borrowed money of each Joint Venture and their respective Subsidiaries determined on a consolidated basis; plus (b) all indebtedness for borrowed money with recourse to any limited or general partnership in which any Joint Venture or any of their respective Subsidiaries is a general partner; plus (c) the sum of (i) all reimbursement obligations with respect to drawn letters of credit (whether financial or performance, but excluding any portion of the actual or potential obligations that are secured by cash collateral) and (ii) the maximum amount available to be drawn under all undrawn letters of credit (whether financial or performance), in each case issued for the account of, or guaranteed by, any Joint Venture or any of their respective Subsidiaries (excluding any portion of the actual or potential obligations that are secured by cash collateral); plus (d) all repayment guarantees of any Joint Venture or any of their respective Subsidiaries of indebtedness for borrowed money of third parties; plus (e) all obligations to the extent due and owing by any Joint Venture and any of their respective Subsidiaries under any Rate Management Transactions; plus (f) Contingent Obligations that are due and payable at the time of determination; plus (g) the amount of all liabilities (without duplication of any liabilities included in clauses (a) through (f) above) reflected on the most recent consolidated balance sheet of each such Joint Venture prepared in conformity with Agreement Accounting Principles, but excluding all liabilities (other than indebtedness for financing insurance premiums) from such balance sheet consisting of the amounts listed under the line items for “Accounts Payable,” and “Accrued Liabilities.”
“La Fayette Project” means that certain multi-family project located at Subdivision Map 9193 “The Woodbury,” Lafayette, California.
“Land Under Development” means parcels of land owned by the Borrower or any Guarantor which are zoned for the construction of single-family dwelling units, whether attached or detached (excluding mobile homes) and upon which the construction of site improvements has commenced and is proceeding; provided, however, that the term “Land Under Development” shall not include (i) Finished Lots, (ii) Entitled Land, (iii) any real property upon which the construction of a Housing Unit has commenced, or (iv) vacant land held by the Borrower or any Guarantor for future development or sale and designated as inactive land in the footnotes to the Borrower’s or such Guarantor’s financial statements.
“LC Fee” is defined in Section 2.19(d).

	
			
	 
	16
	 

	 
	 
	 

“LC Issuer” means each Lender that agrees, at the Borrower’s request, to issue Facility LCs hereunder (or any subsidiary or affiliate of such Lender designated by such Lender), each in its capacity as issuer of Facility LCs hereunder.
“LC Issuer’s LC Limit” means, with respect to a Lender, the amount with respect to such Lender set forth in Schedule 4 hereto or such higher or lower amount as shall be agreed by such Lender and the Borrower (but not to exceed, in the aggregate as to all LC Issuers, $10,000,000).  In the case of any Person that becomes a Lender after the date hereof, such Lender’s LC Issuer’s LC Limit shall be an amount equal to 8% of its Commitment unless such Lender and the Borrower shall otherwise agree and so notify the Administrative Agent. A Lender or the Borrower shall promptly notify the Administrative Agent of any change in such Lender’s LC Issuer’s LC Limit.
“LC Obligations” means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations.
“LC Payment Date” is defined in Section 2.19(e).
“Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and assigns.  Unless otherwise specified, the term “Lenders” includes U.S. Bank in its capacity as Swing Line Lender.
“Lending Installation” means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the signature pages hereof (in the case of the Administrative Agent) or on its Administrative Questionnaire (in the case of a Lender) or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.17.
“Letter of Credit” of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable.
“Leverage Ratio” means, as of any date of calculation, the ratio (expressed as a percentage) of (i) (A) Consolidated Indebtedness outstanding on such date less (B) Unrestricted Cash in excess of $5,000,000 on such date to (ii) (A) the sum of Consolidated Indebtedness on such date plus (B) Consolidated Tangible Net Worth on such date less (C) Unrestricted Cash in excess of $5,000,000 on such date.
“Leverage Test” is defined in Section 6.19(b).
“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).
“Loan” means a Revolving Loan or a Swing Line Loan.

	
			
	 
	17
	 

	 
	 
	 

“Loan Documents” means this Agreement, the Facility LC Applications, the Guaranty, any Note or Notes executed by the Borrower in connection with this Agreement and payable to a Lender, now or in the future, the Reference Agreement and any other instruments, documents and agreements executed by the Borrower or the Guarantors for the benefit of the Administrative Agent or any Lender in connection with this Agreement.
“Loan Party” or “Loan Parties” means, individually or collectively, the Borrower and the Guarantors.
“Mariners Island Project” means that certain multi-family project located in San Mateo, California, bearing APN #035-503-390.
“Marketable Securities” means Investments that would be set forth in a consolidated balance sheet of Borrower (in a manner consistent with the financial statements referenced in Section 5.4) under the heading “marketable securities.”
“Material Adverse Effect” means a material adverse effect, based on commercially reasonable standards, on (i) the business, Property, financial condition, or results of operations of the Borrower and Guarantors, taken as a whole, (ii) the ability of the Borrower and the Guarantors, taken as a whole, to perform their obligations under the Loan Documents, or (iii) the validity or enforceability under applicable law of any of the Loan Documents or the rights or remedies of Administrative Agent, Lenders or any LC Issuer thereunder (except that, as to clause (iii), a Material Adverse Effect may not result solely from the acts or omissions of the Administrative Agent or any Lender).  Items disclosed by the Borrower in its form 10-Q and form 10-K or any other filings with the Securities and Exchange Commission shall not be deemed to have a Material Adverse Effect solely because of such disclosure, and the existence and content of such disclosure shall not be prima facie evidence of a Material Adverse Effect.
“Material Indebtedness” means Indebtedness of the Borrower or any Guarantor in an outstanding principal amount of $1,000,000 or more in the aggregate (or the equivalent thereof in any currency other than Dollars).
“Material Indebtedness Agreement” means any agreement under which any Material Indebtedness was created or is governed or which provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder).
“Material Portion” has the meaning set forth in Section 6.13(c).
“Minimum Collateral Amount” means, with respect to a Defaulting Lender, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 105% of the Fronting Exposure of each LC Issuer with respect to such Defaulting Lender for all Facility LCs issued and outstanding at such time and (ii) otherwise, such lesser amount determined by the Administrative Agent and the applicable LC Issuer in their sole discretion.
“Minimum Liquidity Amount” has the meaning set forth in Section 6.19(c).

	
			
	 
	18
	 

	 
	 
	 

“Model Unit” means a Housing Unit constructed initially for inspection by prospective purchasers that is not intended to be sold until all or substantially all other Housing Units in the applicable subdivision are sold.
“Modify” and “Modification” are defined in Section 2.19(a).
“Money Markets” refers to one or more wholesale funding markets available to Administrative Agent and Lenders, including negotiable certificates of deposit, commercial paper, Eurocurrency deposits, bank notes, federal funds and others.
“Monthly Payment Date” means the first (1st) day of each month, provided, that if such day is not a Business Day, the Monthly Payment Date shall be the immediately succeeding Business Day.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which the Borrower or any ERISA Affiliate is a party to which more than one employer is obligated to make contributions.
“Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions.  “Unrealized losses” means the fair market value of the cost to such Person of replacing such Rate Management Transaction as of the date of determination (assuming the Rate Management Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated as of that date).
“Net Worth” means, at any date as to each Home Building Subsidiary, the sum of (A) all stockholders’ equity of such Home Building Subsidiary, less (B) all loans or advances made by such Home Building Subsidiary to the Borrower or any Guarantor and outstanding at such date, all as determined on a consolidated basis in conformity with Agreement Accounting Principles.
“Non-Cash Collateralized Letters of Credit” is defined in Section 2.19(l).
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Non-Guarantor Subsidiary” means each Subsidiary of the Borrower that is not a Guarantor.
“Non-U.S. Lender” means a Lender that is not a United States person as defined in Section 7701(a)(30) of the Code.
“Note” is defined in Section 2.13(d).

	
			
	 
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“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Obligations, all Rate Management Obligations provided to the Borrower or any Guarantor by the Administrative Agent or any other Lender or any Affiliate of any of the foregoing, all accrued and unpaid fees, and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Administrative Agent, any LC Issuer or any indemnified party arising under the Loan Documents; provided, that obligations in respect of Rate Management Obligations shall only constitute “Obligations” if owed to the Administrative Agent or if the Administrative Agent shall have received notice from the relevant Lender not later than sixty (60) days after such Rate Management Obligations have been provided; provided, further, that “Obligations” shall exclude all Excluded Swap Obligations.
“Operating Lease” of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.
“Operating Lease Obligations” means, as at any date of determination, the amount obtained by aggregating the present values, determined in the case of each particular Operating Lease by applying a discount rate (which discount rate shall equal the discount rate which would be applied under Agreement Accounting Principles if such Operating Lease were a Capitalized Lease) from the date on which each fixed lease payment is due under such Operating Lease to such date of determination, of all fixed lease payments due under all Operating Leases of the Borrower and its Subsidiaries.
“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, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance or enforcement of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.
“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (i) the aggregate principal Dollar Amount of its Revolving Loans outstanding at such time, plus (ii) an amount equal to its Pro Rata Share of the aggregate principal amount of Swing Line Loans outstanding at such time, plus (iii) an amount equal to its Pro Rata Share of the LC Obligations at such time.
“Participants” is defined in Section 12.2(a).
“Participant Register” is defined in Section 12.2(c).
“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

	
			
	 
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“Performance Letter of Credit” means any Letter of Credit issued:  (a) on behalf of a Person in favor of a Governmental Authority, including, without limitation, any utility, water, or sewer authority, or other similar entity, for the purpose of assuring such Governmental Authority that such Person or other Loan Party will properly and timely complete work it has agreed to perform for the benefit of such Governmental Authority; (b) in lieu of cash deposits to obtain a license, in place of a utility deposit, or for land option contracts; or (c) in lieu of other contract performance, to secure performance warranties payable upon breach, and to secure the performance of labor and materials, including, without limitation, construction, bid, and performance bonds.
“Permitted Acquisition” means any Acquisition of or Investment in a business or entity (including Investments in Joint Ventures) made by the Borrower or any of its Subsidiaries, provided that, (a) as of the date of the consummation of such Acquisition or Investment, no Event of Default shall have occurred and be continuing or would result from such Acquisition or Investment, and the representation and warranty contained in Section 5.11 shall be true both before and after giving effect to such Acquisition or Investment, (b) the business to be invested in or acquired in such Investment or Acquisition is in a Related Business or, if not in a Related Business, such transaction is in compliance with the provisions of Section 6.14(v), (c) as of the date of the consummation of such Acquisition or Investment, all material approvals required in connection therewith shall have been obtained, (d) as of the date of the consummation of such Acquisition or Investment, the Borrower and each Guarantor is in compliance with the terms, covenants and conditions of this Agreement (including without limitation the provisions of Section 6.14(v)), and (e) the Borrower shall have furnished to the Administrative Agent a certificate, signed by an Authorized Officer demonstrating in reasonable detail, as of the last day of the quarter most recently ended prior to the date of such Acquisition or Investment, pro forma compliance with the Consolidated Tangible Net Worth Test, the Leverage Test and the Adjusted Leverage Test, in each case calculated as if such Acquisition or Investment, including the consideration therefor, had been consummated on such day.
“Permitted Liens” means, as to the Borrower or any Guarantor, any of the following:
		
	(i)
	Liens for taxes, assessments or governmental charges or levies on the Borrower’s or such Guarantor’s Property if the same (A) shall not at the time be delinquent or thereafter can be paid without penalty, or (B) are not being foreclosed (or any such proceedings have been stayed), are being contested in good faith and by appropriate proceedings, the encumbered Property is not (in Administrative Agent’s reasonable determination) in danger of being lost or forfeited by reason thereof, and for which adequate reserves shall have been established on the Borrower’s or such Guarantor’s books in accordance with Agreement Accounting Principles.

		
	(ii)
	Liens imposed by law, such as carriers’, warehousemen’s, mechanics’ and materialmen’s Liens and other similar Liens arising in the ordinary course of business with respect to amounts that either (A) are not yet delinquent, or (B) are delinquent but are not being foreclosed (or any such proceedings have been stayed), are being contested in a timely manner in good faith by appropriate proceedings and the Encumbered Property is not, in Administrative Agent’s reasonable determination, 

	
			
	 
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in danger of being lost or forfeited by reason thereof, and for which adequate reserves shall have been established on the Borrower’s or Guarantor’s books in accordance with Agreement Accounting Principles.
		
	(iii)
	Utility easements, rights of way, zoning restrictions, covenants, reservations, and such other burdens, encumbrances or charges against real property, or other minor irregularities of title, as are of a nature generally existing with respect to properties of a similar character and which do not in any material way interfere with the use or value thereof or the sale thereof in the ordinary course of business of the Borrower or such Guarantor.

		
	(iv)
	Easements, dedications, assessment district or similar Liens in connection with municipal financing and other similar encumbrances or charges, in each case reasonably necessary or appropriate for the development of real property of the Borrower or such Guarantor, and which are granted in the ordinary course of the business of the Borrower or such Guarantor, and which in the aggregate do not materially burden or impair the fair market value, sale or use of such real property (or the project to which it is related) for the purposes for which it is or may reasonably be expected to be held.

		
	(v)
	Any option or right of first refusal to purchase real property granted to the master developer or the seller of real property that arises as a result of the non-use or non-development of such real property by the Borrower or such Guarantor.

		
	(vi)
	Any agreement or contract to participate in the income or revenue or to pay lot premiums, in each case derived from the sale of Housing Units and granted in the ordinary course of business to the seller of the real property upon which the Housing Unit is constructed.

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.
“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any ERISA Affiliate may have any liability.
“Presold Unit” means a Housing Unit owned by the Borrower or any Guarantor that is subject to a bona fide written agreement between the Borrower or such Guarantor and a third Person purchaser for sale in the ordinary course of the Borrower’s or such Guarantor’s business of such Housing Unit and the related lot, accompanied by a cash earnest money deposit or down payment in an amount that is customary, and subject only to ordinary and customary contingencies to the purchaser’s obligation to buy the Housing Unit and related lot.
“Pricing Schedule” means the Schedule attached hereto identified as such.

	
			
	 
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“Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by the Administrative Agent or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes.
“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.
“Pro Rata Share” means, with respect to a Lender, a portion equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment, provided, however, if all of the Commitments are terminated pursuant to the terms of this Agreement, then “Pro Rata Share” means the percentage obtained by dividing (a) such Lender’s Outstanding Credit Exposure at such time by (b) the Aggregate Outstanding Credit Exposure at such time; and provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment (except that no Lender is required to fund or participate in Revolving Loans, Swing Line Loans or Facility LCs to the extent that, after giving effect thereto, the aggregate amount of its outstanding Revolving Loans and funded or unfunded participations in Swing Line Loans and Facility LCs would exceed the amount of its Commitment (determined as though no Defaulting Lender existed)).
“Purchasers” is defined in Section 12.3(a).
“Qualified Bank” means (a) any Lender or any Affiliate of a Lender, or (b) a bank that has, or is a wholly-owned subsidiary of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB+ from S&P or Baa1 from Moody’s and (ii) if its unsecured short-term debt is rated, an unsecured short-term debt rating of A2 from S&P or P2 from Moody’s.  For the avoidance of doubt, neither the Borrower nor an Affiliate of the Borrower shall qualify as a Qualified Bank.
“Qualified Real Property Inventory” means, as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens), and which (i) is not subject to any pending condemnation proceeding, (ii) is not subject to or impaired by any environmental contamination or problem, soils problem or other problem or issue that would materially impair the value thereof or make it unsuitable for a residential project, and (iii) is in compliance in all material respects with all Environmental Laws.
“Quarterly Payment Date” means the first (1st) day of each calendar quarter, provided, that if such day is not a Business Day, the Quarterly Payment Date shall be the immediately succeeding Business Day.
“Quotation Date” means, in relation to any Interest Period for which an interest rate is to be determined, two (2) Business Days before the first day of that period.
“Rate Management Obligations” means any and all obligations of the Borrower or any Guarantor, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and 

	
			
	 
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substitutions therefor), under (i) any and all Rate Management Transactions, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions.
“Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered into by the Borrower or any Guarantor (or other Person as the context may require) which is a rate swap, 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, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures.
“Rating Agencies” means Fitch, Moody’s and S&P.
“Real Property Inventory” means, as of any date, land that is owned by any Loan Party, which land is being developed or held for future development or sale of residential housing projects, together with the right, title and interest of the Loan Party in and to the streets, the land lying in the bed of any streets, roads or avenues, open or proposed, in or of, the air space and development rights pertaining thereto and the right to use such air space and development rights, all rights of way, privileges, liberties, tenements, hereditaments and appurtenances belonging in or in any way appertaining thereto, all fixtures, all easements now or hereafter benefiting such land and all royalties and rights appertaining to the use and enjoyment of such land necessary for the residential development of such land, together with all of the buildings and other improvements now or hereafter erected on such land, and any fixtures appurtenant thereto and all related personal property.
“Receivables” means the net proceeds payable to, but not yet received by, the Borrower or any Guarantor following a Housing Unit Closing.
“Reference Agreement” means the California Judicial Reference Agreement dated as of the date hereof executed by the Borrower, the Guarantors, the Administrative Agent and Lenders, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time pursuant to the terms hereof and thereof.
“Register” is defined in Section 12.3(d).
“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.
“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

	
			
	 
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“Reimbursement Obligations” means, at any time, the aggregate of all obligations of the Borrower then outstanding under Section 2.19 to reimburse the LC Issuers for amounts paid by the LC Issuers in respect of any one or more drawings under Facility LCs.
“Related Business” means any of the following lines of business or business activity of the type conducted by the Borrower and its Subsidiaries on the date hereof: (i) the home building business, (ii) the residential mortgage loan business, (iii) the real estate development business, (iv) the insurance business, (v) the title insurance agency and settlement business, and (vi) the insurance agency business.
“Replacement Lender” is defined in Section 2.20.
“Reports” is defined in Section 9.6(a).
“Required Lenders” means Lenders in the aggregate having greater than 66 2/3% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding greater than 66 2/3% of the Aggregate Outstanding Credit Exposure.  The Commitments and Outstanding Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.
“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any equity interest in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such equity interests in the Borrower or any Subsidiary thereof or any option, warrant or other right to acquire any such equity interest in the Borrower or any Subsidiary thereof.
“Revolving Loan” means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1 (or any conversion or continuation thereof).
“Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each case, any amendments to such regulations.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced.
“Section” means a numbered section of this Agreement, unless another document is specifically referenced.

	
			
	 
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“Secured Project Debt” means Indebtedness for borrowed money of Borrower or any Subsidiary of Borrower secured by any Property of the Borrower or any other Loan Parties.
“Senior Officer” means each of the Authorized Officers and the General Counsel of Borrower.
“Significant Homebuilding Subsidiary” means any Homebuilding Subsidiary that has a Net Worth equal to or exceeding $1,000,000.
“Spec Unit” means any Housing Unit owned by the Borrower or any Guarantor that is not a Presold Unit or a Model Unit.
“Spec Unit Inventory Test” is defined in Section 6.19(f).
“Stated Rate” is defined in Section 2.21.
“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.  Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower.
“Substantial Portion” means, with respect to the Property of the Borrower and the Guarantors, Property which represents more than 10% of the consolidated assets of the Borrower taken as a whole as would be shown in the consolidated financial statements of the Borrower as at the beginning of the fiscal quarter in which such determination is made.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
“Swing Line Borrowing Notice” is defined in Section 2.4(b).
“Swing Line Lender” means U.S. Bank or such other Lender which may succeed to its rights and obligations as Swing Line Lender pursuant to the terms of this Agreement.
“Swing Line Loan” means a Loan made available to the Borrower by the Swing Line Lender pursuant to Section 2.4.
“Swing Line Sublimit” means the maximum principal amount of Swing Line Loans the Swing Line Lender may have outstanding to the Borrower at any one time, which, as of the date of this Agreement, is $5,000,000.00.
“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings, and any and all liabilities with respect to the foregoing, 

	
			
	 
	26
	 

	 
	 
	 

including interest, additions to tax and penalties applicable thereto, imposed by any Governmental Authority.
“Transferee” is defined in Section 12.3(e).
“Type” means, with respect to any Advance, its nature as a Base Rate Advance or a Eurocurrency Advance and with respect to any Loan, its nature as a Base Rate Loan or a Eurocurrency Loan.
“Undisclosed Administration” means in relation to a Lender the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed.
“Unrestricted Cash” means cash, Cash Equivalents and Marketable Securities of the Borrower and the Guarantors that are free and clear of all Liens (other than Liens in favor of Administrative Agent and Lenders securing the Obligations) and not subject to any restrictions (other than with respect to costs of liquidating certain Cash Equivalents prior to maturity).
“U.S. Bank” means U.S. Bank National Association d/b/a Housing Capital Company, a national banking association, in its individual capacity, and its successors.
“Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary of which 100% of the beneficial ownership interests shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization of which 100% of the beneficial ownership interests shall at the time be so owned or controlled.
The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).  Advances also may be classified and referred to by Class (e.g., a “Revolving Advance”) or by Type (e.g., a “Eurocurrency Advance”) or by Class and Type (e.g., a “Eurocurrency Revolving Advance”).
ARTICLE II     
 
THE CREDITS
Section 2.1    Commitment.  From and including the date of this Agreement and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving Loans to the Borrower in Dollars and participate in Facility LCs issued upon the request of the Borrower, provided that after giving effect to the making of each such Loan and the issuance of each such Facility LC, (i) the Dollar Amount of such Lender’s 

	
			
	 
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Outstanding Credit Exposure shall not exceed its Commitment, and (ii) the aggregate amount of all Borrowing Base Debt shall not exceed the Borrowing Base determined as of the most recent Inventory Valuation Date.  Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow the Revolving Loans at any time prior to the Facility Termination Date.  Commitments shall terminate on the Facility Termination Date.  Each LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.19.
Section 2.2    Determination of Dollar Amounts; Required Payments; Termination.  The Administrative Agent will determine the Dollar Amount of:  (a)  each Advance as of the date three (3) Business Days prior to the Borrowing Date or, if applicable, date of conversion/continuation of such Advance, and (b) all outstanding Advances on and as of the last Business Day of each quarter and on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.  Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a) and (b) is herein described as a “Computation Date” with respect to each Advance for which a Dollar Amount is determined on or as of such day.  If at any time either (i) the Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment or (ii) the aggregate amount of all Borrowing Base Debt exceeds the Borrowing Base determined as of the most recent Inventory Valuation Date, then the Borrower shall within three (3) Business Days after notice from the Administrative Agent make a payment on the Loans or Cash Collateralize LC Obligations in an account with the Administrative Agent pursuant to Section 2.19(k) sufficient to eliminate such excess.  The Aggregate Outstanding Credit Exposure (other than LC Obligations that are Cash Collateralized in accordance with this Agreement) and all other unpaid Obligations under this Agreement and the other Loan Documents shall be paid in full by the Borrower on the Facility Termination Date.
Section 2.3    Ratable Loans; Types of Advances.  Each Advance hereunder (other than any Swing Line Loan) shall consist of Revolving Loans made from the several Lenders ratably according to their Pro Rata Shares.  The Revolving Advances may be Base Rate Advances or Eurocurrency Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.8 and Section 2.9, or Swing Line Loans selected by the Borrower in accordance with Section 2.4.
Section 2.4    Swing Line Loans.
(a)    Amount of Swing Line Loans.  Upon the satisfaction of the conditions precedent set forth in Section 4.2 and, if such Swing Line Loan is to be made on the date of the initial Advance hereunder, the satisfaction of the conditions precedent set forth in Section 4.1 as well, from and including the date of this Agreement and prior to the Facility Termination Date, the Swing Line Lender may, in its discretion, on the terms and conditions set forth in this Agreement, make Swing Line Loans in Dollars to the Borrower from time to time in an aggregate principal amount not to exceed the Swing Line Sublimit, provided that (i) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate Commitment and (ii) the aggregate amount of all Borrowing Base Debt outstanding at any time and from time to time shall not exceed the Borrowing Base determined as of the most recent Inventory Valuation Date.  Subject to the terms of this 

	
			
	 
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Agreement, the Borrower may borrow, repay and reborrow Swing Line Loans at any time prior to the Facility Termination Date.
(b)    Borrowing Notice.  In order to borrow a Swing Line Loan, the Borrower shall deliver to the Administrative Agent and the Swing Line Lender irrevocable notice (a “Swing Line Borrowing Notice”) not later than 11 a.m. (Pacific time) on the Borrowing Date of each Swing Line Loan, specifying (i) the applicable Borrowing Date (which date shall be a Business Day), and (ii) the aggregate amount of the requested Swing Line Loan which shall be an amount not less than $1,000,000.
(c)    Making of Swing Line Loans; Participations.  Not later than 12:00 noon (Pacific time) on the applicable Borrowing Date, the Swing Line Lender shall make available the Swing Line Loan, in funds immediately available, to the Administrative Agent at its address specified pursuant to ARTICLE XIII.  The Administrative Agent will promptly make the funds so received from the Swing Line Lender available to the Borrower on the Borrowing Date at the Administrative Agent’s aforesaid address.  Each time that a Swing Line Loan is made by the Swing Line Lender pursuant to this Section 2.4(c), the Swing Line Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Swing Line Lender, a participation in such Swing Line Loan in proportion to its Pro Rata Share.
(d)    Repayment of Swing Line Loans.  Each Swing Line Loan shall be paid in full by the Borrower on the earliest of (i) the date selected by the Swing Line Lender, (ii) the fifteenth (15th) day of the calendar month in which such Swing Line Loan is made, (iii) the twenty-fifth (25th) day of the calendar month in which such Swing Line Loan is made, or (iv) the date on which the next Advance is made.  In addition, the Swing Line Lender may at any time in its sole discretion with respect to any outstanding Swing Line Loan, require each Lender to fund the participation acquired by such Lender pursuant to Section 2.4(c) or require each Lender (including the Swing Line Lender) to make a Revolving Loan in the amount of such Lender’s Pro Rata Share of such Swing Line Loan (including, without limitation, any interest accrued and unpaid thereon), for the purpose of repaying such Swing Line Loan.  Not later than 10:00 a.m. (Pacific time) on the date of any notice received pursuant to this Section 2.4(d), each Lender shall make available its required Revolving Loan, in funds immediately available to the Administrative Agent at its address specified pursuant to ARTICLE XIII.  Revolving Loans made pursuant to this Section 2.4(d) shall initially be Base Rate Loans and thereafter may be continued as Base Rate Loans or converted into Eurocurrency Loans in the manner provided in Section 2.9 and subject to the other conditions and limitations set forth in this ARTICLE II.  Unless a Lender shall have notified the Swing Line Lender, prior to the Swing Line Lender’s making any Swing Line Loan, that any applicable condition precedent set forth in Section 4.1 or Section 4.2 had not then been satisfied, such Lender’s obligation to make Revolving Loans pursuant to this Section 2.4(d) to repay Swing Line Loans or to fund the participation acquired pursuant to Section 2.4(c) shall be unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including, without limitation, (a) any set-off, counterclaim, 

	
			
	 
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recoupment, defense or other right which such Lender may have against the Borrower, the Administrative Agent, the Swing Line Lender or any other Person, (b) the occurrence or continuance of a Default or Event of Default, (c) any adverse change in the condition (financial or otherwise) of the Borrower, or (d) any other circumstances, happening or event whatsoever.  In the event that any Lender fails to make payment to the Administrative Agent of any amount due under this Section 2.4(d), interest shall accrue thereon at the Federal Funds Effective Rate for each day during the period commencing on the date of demand and ending on the date such amount is received and the Administrative Agent shall be entitled to receive, retain and apply against such obligation the principal and interest otherwise payable to such Lender hereunder until the Administrative Agent receives such payment from such Lender or such obligation is otherwise fully satisfied.  To the extent not otherwise paid when due as specified herein, on the Facility Termination Date the Borrower shall repay in full the outstanding principal balance of the Swing Line Loans.
Section 2.5    Commitment Fee.  The Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Pro Rata Share a Commitment Fee (the “Commitment Fee”) at a per annum rate equal to the Applicable Fee Rate on the average daily Available Aggregate Commitment from the date hereof to and including the Facility Termination Date, payable in arrears on each Quarterly Payment Date hereafter and on the Facility Termination Date.  Swing Line Loans shall count as usage of the Aggregate Commitment for the purpose of calculating the Commitment Fee due hereunder.  Notwithstanding the foregoing, no Commitment Fee shall be payable as to those periods when the Available Aggregate Commitment is less than 25% of the total Aggregate Commitment; and the Applicable Fee Rate specified in Levels I, II and III of the Pricing Schedule shall be reduced by five basis points (0.05%) during the first twelve months following the date of this Agreement.
Section 2.6    Minimum Amount of Each Advance.  Each Eurocurrency Advance shall be in the minimum amount of $1,000,000 and incremental amounts in integral multiples of $100,000, and each Base Rate Advance (other than an Advance to repay Swing Line Loans) shall be in the minimum amount of $500,000 and incremental amounts in integral multiples of $50,000, provided, however, that any Base Rate Advance may be in the amount of the Available Aggregate Commitment or, if less, the maximum amount permitted to be advanced under clause (ii) of Section 2.1.
Section 2.7    Reductions in Aggregate Commitment; Optional Principal Payments.  The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in integral multiples of $5,000,000 (but not less than $25,000,000), upon at least five (5) Business Days’ prior written notice to the Administrative Agent by 10:00 a.m. (Pacific time), which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure.  All accrued Commitment Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.  The Borrower may from time to time pay, without penalty or premium, all outstanding Base Rate Advances (other than Swing Line Loans), or, in a minimum aggregate amount of $500,000 and incremental amounts in integral multiples of $50,000 (or the aggregate amount of the outstanding Revolving Loans at such time), any portion of the aggregate outstanding Base Rate Advances (other than Swing Line Loans) upon 

	
			
	 
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same day notice by 10:00 a.m. (Pacific time) to the Administrative Agent.  The Borrower may at any time pay, without penalty or premium, all outstanding Swing Line Loans, or any portion of the outstanding Swing Line Loans, with notice to the Administrative Agent and the Swing Line Lender by 10:00 a.m. (Pacific time) on the date of repayment.  The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding Eurocurrency Advances, or, in a minimum aggregate amount of $1,000,000 and incremental amounts in integral multiples of $100,000 (or the aggregate amount of the outstanding Revolving Loans at such time), any portion of the aggregate outstanding Eurocurrency Advances upon at least two (2) Business Days’ prior written notice to the Administrative Agent by 10:00 a.m. (Pacific time).
Section 2.8    Method of Selecting Types and Interest Periods for New Revolving Advances.  The Borrower shall select the Type of Advance and, in the case of each Eurocurrency Advance, the Interest Period applicable thereto from time to time.  The Borrower shall give the Administrative Agent irrevocable notice in the form of Exhibit D (a “Borrowing Notice”) executed by an Authorized Officer not later than 10:00 a.m. (Pacific time) on the Borrowing Date of each Base Rate Advance (other than a Swing Line Loan), two (2) Business Days before the Borrowing Date for each Eurocurrency Advance in Dollars, specifying:
(i)    the Borrowing Date, which shall be a Business Day, of such Advance,
(ii)    the aggregate amount of such Advance,
(iii)    the Type of Advance selected,  and
(iv)    in the case of each Eurocurrency Advance, the Interest Period applicable thereto.
Not later than 10:00 a.m. (Pacific time) on each Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available to the Administrative Agent at its address specified pursuant to ARTICLE XIII.  The Administrative Agent will make the funds so received from the Lenders available to the Borrower at the Administrative Agent’s aforesaid address.
Section 2.9    Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods.  Base Rate Advances (other than Swing Line Loans) shall continue as Base Rate Advances unless and until such Base Rate Advances are converted into Eurocurrency Advances pursuant to this Section 2.9 or are repaid in accordance with Section 2.7.  Each Eurocurrency Advance shall continue as a Eurocurrency Advance until the end of the then applicable Interest Period therefor, at which time such Eurocurrency Advance shall be automatically converted into a Base Rate Advance unless (x) such Eurocurrency Advance is or was repaid in accordance with Section 2.7 or (y) the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurocurrency Advance continue as a Eurocurrency Advance for the same or another Interest Period.  Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part of a Base Rate Advance (other than a Swing Line Loan) into a Eurocurrency Advance.  The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation 

	
			
	 
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Notice”) of each conversion of a Base Rate Advance into a Eurocurrency Advance, conversion of a Eurocurrency Advance to a Base Rate Advance, or continuation of a Eurocurrency Advance not later than 10:00 a.m. (Pacific time) at least two (2) Business Days prior to the date of the requested conversion or continuation, specifying:
(i)    the requested date, which shall be a Business Day, of such conversion or continuation,
(ii)    the Type of the Advance which is to be converted or continued, and
(iii)    the amount of such Advance which is to be converted into or continued as a Eurocurrency Advance and the duration of the Interest Period applicable thereto.
After giving effect to all Advances, all conversions of Advances from one Type to another and all continuations of Advances of the same Type, there shall be no more than five (5) Interest Periods in effect hereunder.
Section 2.10    Interest Rates.  Each Base Rate Advance (other than a Swing Line Loan) shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurocurrency Advance into a Base Rate Advance pursuant to Section 2.9, to but excluding the date it becomes due or is converted into a Eurocurrency Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Base Rate for such day.  Each Swing Line Loan shall bear interest on the outstanding principal amount thereof, for each day from and including the day such Swing Line Loan is made to but excluding the date it is paid, at a rate per annum equal to the Base Rate for such day.  Changes in the rate of interest on that portion of any Advance maintained as a Base Rate Advance will take effect simultaneously with each change in the Base Rate.  Each Eurocurrency Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative Agent as applicable to such Eurocurrency Advance based upon the Borrower’s selections under Sections 2.8 and 2.9 and the Pricing Schedule.  No Interest Period may end after the Facility Termination Date.
Section 2.11    Rates Applicable After Event of Default.  Notwithstanding anything to the contrary contained in Sections 2.8, 2.9 or 2.10, during the continuance of a Default or Event of Default the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurocurrency Advance.  During the continuance of an Event of Default the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 5.00% per annum, and (ii) each Base Rate Advance shall bear interest at a rate 

	
			
	 
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per annum equal to the Base Rate in effect from time to time plus 5.00% per annum, provided that, during the continuance of an Event of Default under Section 7.1(f) or Section 7.1(g), the interest rates set forth in clauses (i) and (ii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.  After an Event of Default has been waived (in the sole discretion of Administrative Agent and Required Lenders, the interest rate applicable to advances shall revert to the rates applicable prior to the occurrence of an Event of Default.
Section 2.12    Method of Payment.  Each Advance shall be repaid and each payment of interest thereon shall be paid in the currency in which such Advance was made.  All payments of the Obligations under this Agreement and the other Loan Documents shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to ARTICLE XIII, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 10:00 a.m. (Pacific time) on the date when due and shall (except (i) with respect to repayments of Swing Line Loans, (ii) in the case of Reimbursement Obligations for which the LC Issuers have not been fully indemnified by the Lenders, or (iii) as otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the Lenders.  Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender.  The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with U.S. Bank National Association for each payment of principal, interest, Reimbursement Obligations and fees as it becomes due hereunder.  Each reference to the Administrative Agent in this Section 2.12 shall also be deemed to refer, and shall apply equally, to the LC Issuers, in the case of payments required to be made by the Borrower to the LC Issuers pursuant to Section 2.19(f).
Section 2.13    Noteless Agreement; Evidence of Indebtedness.
(a)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(b)    The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder and Type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, (iii) the original stated amount of each Facility LC and the amount of LC Obligations outstanding at any time, and (iv) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof.
(c)    The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent 

	
			
	 
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or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms.
(d)    Any Lender (including the Swing Line Lender) may request that its Loans be evidenced by a promissory note substantially in the form of Exhibit F (with appropriate changes for notes evidencing Swing Line Loans) (each a “Note”).  In such event, the Borrower shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender in a form supplied by the Administrative Agent.  Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (prior to any assignment pursuant to Section 12.3) be represented by one or more Notes payable to the order of the payee named therein, except to the extent that any such Lender subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in clauses (b) (i) and (ii) above.
Section 2.14    Telephonic Notices.  The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Person or Persons the Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically.  The Borrower agrees to deliver promptly to the Administrative Agent a written confirmation (which may include e-mail) of each telephonic notice authenticated by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error.  The parties agree to prepare appropriate documentation to correct any such error within ten (10) days after discovery by any party to this Agreement.
Section 2.15    Interest Payment Dates; Interest and Fee Basis.  Interest accrued on each Base Rate Advance and each Swing Line Loan shall be payable on each Monthly Payment Date, commencing with the first such Monthly Payment Date to occur after the date hereof and at maturity.  Interest accrued on each Eurocurrency Advance shall be payable on the last day of its applicable Interest Period, on any date on which the Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and at maturity.  Interest accrued on each Eurocurrency Advance having an Interest Period longer than three (3) months, if any, shall also be payable on the last day of each three-month interval during such Interest Period.  Interest accrued pursuant to Section 2.11 shall be payable on demand.  Interest on all Advances and fees shall be calculated for actual days elapsed on the basis of a 360-day year.  Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to 10:00 a.m. (Pacific time) at the place of payment.  If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day.
Section 2.16    Notification of Advances, Interest Rates, Prepayments and Commitment Reductions.  Promptly after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Commitment reduction notice, Borrowing Notice, Swing Line Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder.  Promptly 

	
			
	 
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after notice from an LC Issuer, the Administrative Agent will notify each Lender of the contents of each request for issuance of a Facility LC hereunder.  The Administrative Agent will notify each Lender of the interest rate applicable to each Eurocurrency Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Base Rate.
Section 2.17    Lending Installations.  Each Lender may book its Advances and its participation in any LC Obligations and each LC Issuer may book the Facility LCs at any Lending Installation selected by such Lender or such LC Issuer, as the case may be, and may change its Lending Installation from time to time.  All terms of this Agreement shall apply to any such Lending Installation and the Loans, Facility LCs, participations in LC Obligations and any Notes issued hereunder shall be deemed held by each Lender or each LC Issuer, as the case may be, for the benefit of any such Lending Installation.  Each Lender and each LC Issuer may, by written notice to the Administrative Agent and the Borrower in accordance with ARTICLE XIII, designate replacement or additional Lending Installations through which Loans will be made by it or Facility LCs will be issued by it and for whose account Loan payments or payments with respect to Facility LCs are to be made.
Section 2.18    Non-Receipt of Funds by the Administrative Agent.  Unless the Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made.  The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption.  If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (y) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (z) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.
Section 2.19    Facility LCs.
(a)    Issuance.  Each LC Issuer hereby agrees, within the limits of its LC Issuer’s LC Limit and on the terms and conditions set forth in this Agreement, to issue standby Letters of Credit denominated in Dollars (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time from and including the date of this Agreement and prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate maximum amount then available for drawing under Facility LCs issued by such LC Issuer shall not exceed its LC Issuer’s LC Limit, (ii) the aggregate Dollar Amount of the outstanding LC 

	
			
	 
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Obligations shall not exceed the Facility LC Sublimit, (iii) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment and (iv) the aggregate amount of all Borrowing Base Debt shall not exceed the Borrowing Base determined as of the most recent Inventory Valuation Date.  No Facility LC shall have an expiry date later than the fifth Business Day prior to the Facility Termination Date; provided, however, that the expiry date of a Facility LC may be up to one (1) year later than the fifth Business Day prior to the Facility Termination Date if the Borrower has Cash Collateralized such Facility LC in accordance with Section 2.19(l).
(b)    Participations.  Upon the issuance or Modification by an LC Issuer of a Facility LC in accordance with this Section 2.19, such LC Issuer shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from such LC Issuer, a participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share.
(c)    Notice.  Subject to Section 2.19(a), the Borrower shall give the Administrative Agent notice prior to 10:00 a.m. (Pacific time) at least five (5) Business Days prior to the proposed date of issuance or Modification of each Facility LC, specifying the applicable LC Issuer, the beneficiary, the proposed date of issuance (or Modification) and the expiry date of such Facility LC, and describing the proposed terms of such Facility LC and the nature of the transactions proposed to be supported thereby.  Upon receipt of such notice, the Administrative Agent shall promptly notify the applicable LC Issuer and each Lender of the contents thereof and of the amount of such Lender’s participation in such proposed Facility LC.  The issuance or Modification by an LC Issuer of any Facility LC shall, in addition to the conditions precedent set forth in Article IV, be subject to the conditions precedent that such Facility LC shall be satisfactory to such LC Issuer and that the Borrower shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Facility LC as such LC Issuer shall have reasonably requested (each, a “Facility LC Application”).  No LC Issuer shall have any independent duty to ascertain whether the conditions set forth in ARTICLE IV have been satisfied; provided, however, that no LC Issuer shall issue a Facility LC if, on or before the proposed date of issuance, such LC Issuer shall have received notice from the Administrative Agent or the Required Lenders that any such condition has not been satisfied or waived.  In the event of any conflict between the terms of this Agreement and the terms of any Facility LC Application, the terms of this Agreement shall control.
(d)    LC Fees.  The Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, with respect to each Facility LC, a letter of credit fee at a per annum rate equal to two percent (2.0%) of the face amount of such Facility LC for the period from the date of issuance to the scheduled expiration date of such Facility LC, such fee to be payable upon the issuance of the applicable Facility LC (the “LC Fee”).  The Borrower shall also pay to each LC Issuer for its own account, on demand, all amendment, drawing and other fees regularly charged by such LC 

	
			
	 
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Issuer to its letter of credit customers and all out-of-pocket expenses incurred by such LC Issuer in connection with the issuance, Modification, administration or payment of any Facility LC.
(e)    Administration; Reimbursement by Lenders.  Upon receipt from the beneficiary of any Facility LC of any demand for payment under such Facility LC, the applicable LC Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify the Borrower and each other Lender as to the amount to be paid by such LC Issuer as a result of such demand and the proposed payment date (the “LC Payment Date”).  The responsibility of each LC Issuer to the Borrower and each Lender shall be only to determine that the documents (including each demand for payment) delivered under each Facility LC in connection with such presentment shall be in conformity in all material respects with such Facility LC.  Each LC Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it does with respect to letters of credit in which no participations are granted, it being understood that in the absence of any gross negligence or willful misconduct by such LC Issuer, each Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Event of Default or any condition precedent whatsoever, to reimburse such LC Issuer on demand for (i) such Lender’s Pro Rata Share of the amount of each payment made by such LC Issuer under each Facility LC to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.19(f) below and there are not funds available in the Facility LC Collateral Account to cover the same, plus (ii) interest on the foregoing amount to be reimbursed by such Lender, for each day from the date of such LC Issuer’s demand for such reimbursement (or, if such demand is made after 9:00 a.m. (Pacific time) on such date, from the next succeeding Business Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of interest per annum equal to the Federal Funds Effective Rate for the first three (3) days and, thereafter, at a rate of interest equal to the rate applicable to Base Rate Advances.
(f)    Reimbursement by the Borrower.  The Borrower shall be irrevocably and unconditionally obligated to reimburse each LC Issuer on or before the applicable LC Payment Date for any amounts to be paid by such LC Issuer upon any drawing under any Facility LC, without presentment, demand, protest or other formalities of any kind; provided that neither the Borrower nor any Lender shall hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by the Borrower or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of such LC Issuer in determining whether a request presented under any Facility LC issued by it complied with the terms of such Facility LC or (ii) such LC Issuer’s failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC.  All such amounts paid by an LC Issuer and remaining unpaid by the Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (x) the rate applicable to Base Rate Advances for such day if such day falls on or before the applicable LC Payment Date and (y) the sum of 2.00% per annum plus the rate applicable to Base Rate Advances for such day if such day falls after such LC Payment Date.  Each LC Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from the Borrower for application in payment, 

	
			
	 
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in whole or in part, of the Reimbursement Obligation in respect of any Facility LC issued by such LC Issuer, but only to the extent such Lender has made payment to such LC Issuer in respect of such Facility LC pursuant to Section 2.19(e).  Subject to the terms and conditions of this Agreement (including without limitation the submission of a Borrowing Notice in compliance with Section 2.8 and the satisfaction of the applicable conditions precedent set forth in Article IV), the Borrower may request an Advance hereunder for the purpose of satisfying any Reimbursement Obligation.
(g)    Obligations Absolute.  The Borrower’s obligations under this Section 2.19 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against any LC Issuer, any Lender or any beneficiary of a Facility LC.  The Borrower further agrees with the LC Issuers and the Lenders that the LC Issuers and the Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligation in respect of any Facility LC shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower, any of its Affiliates, the beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims or defenses whatsoever of the Borrower or of any of its Affiliates against the beneficiary of any Facility LC or any such transferee.  The LC Issuers shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Facility LC.  The Borrower agrees that any action taken or omitted by any LC Issuer or any Lender under or in connection with each Facility LC and the related drafts and documents, if done without gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put any LC Issuer or any Lender under any liability to the Borrower.  Nothing in this Section 2.19(g) is intended to limit the right of the Borrower to make a claim against an LC Issuer for damages as contemplated by the proviso to the first sentence of Section 2.19(f).
(h)    Actions of LC Issuers.  Each LC Issuer shall be entitled to rely, and shall be fully protected in relying, upon any Facility LC, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, facsimile, telex, teletype or electronic mail message, statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by such LC Issuer.  Each LC Issuer shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Section 2.19, each LC Issuer shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto 

	
			
	 
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shall be binding upon the Lenders and any future holders of a participation in any Facility LC.
(i)    Indemnification.  The Borrower hereby agrees to indemnify and hold harmless each Lender, each LC Issuer and the Administrative Agent, and their respective directors, officers, agents and employees from and against any and all claims and damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) which such Lender, such LC Issuer or the Administrative Agent may incur (or which may be claimed against such Lender, such LC Issuer or the Administrative Agent by any Person whatsoever) by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any Facility LC or any actual or proposed use of any Facility LC, including, without limitation, any claims, damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) which such LC Issuer may incur (i) by reason of or in connection with the failure of any other Lender to fulfill or comply with its obligations to such LC Issuer hereunder (but nothing herein contained shall affect any rights the Borrower may have against any Defaulting Lender) or (ii) by reason of or on account of such LC Issuer issuing any Facility LC which specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which Facility LC does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to such LC Issuer, evidencing the appointment of such successor Beneficiary; provided that the Borrower shall not be required to indemnify any Lender, any LC Issuer or the Administrative Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of an LC Issuer in determining whether a request presented under any Facility LC complied with the terms of such Facility LC or (y) an LC Issuer’s failure to pay under any Facility LC after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. Nothing in this Section 2.19(i) is intended to limit the obligations of the Borrower under any other provision of this Agreement.
(j)    Lenders’ Indemnification.  Each Lender shall, ratably in accordance with its Pro Rata Share, indemnify each LC Issuer, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct or such LC Issuer’s failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC) that such indemnitees may suffer or incur in connection with this Section 2.19 or any action taken or omitted by such indemnitees hereunder.
(k)    Facility LC Collateral Account.  The Borrower agrees that it will, upon the request of the Administrative Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to any LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Administrative Agent (the “Facility LC Collateral 

	
			
	 
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Account”), in the name of the Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in Section 8.1.  The Borrower hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuers, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations.  The Administrative Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of U.S. Bank National Association having a maturity not exceeding thirty (30) days.  Nothing in this Section 2.19(k) shall either (i) obligate Borrower to deposit any funds in the Facility LC Collateral Account, (ii) obligate the Administrative Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or (iii) limit the right of the Administrative Agent to release any funds held in the Facility LC Collateral Account, in each case other than as required by Section 2.2, Section 2.19(l), Section 2.22 or Section 8.1.
(l)    Cash Collateralization. If the expiration date of any Facility LC is (i) later than the Facility Termination Date, (ii) in the case of a Facility LC issued by a Defaulting Lender, which Defaulting Lender is replaced pursuant to Section 2.20 or (iii) in the case of a Facility LC otherwise issued by an Affected Lender that is replaced pursuant to Section 2.20, later than the date of such replacement, the Borrower shall (y) in the case of clause (i) above, either, (A) Cash Collateralize such Facility LC not less than thirty (30) days prior to the Facility Termination Date or (B) if acceptable to the applicable LC Issuer in its sole discretion, provide collateral or other alternatives acceptable to such LC Issuer in its sole discretion (in the case of clause (B), “Non-Cash Collateralized Letters of Credit”) (provided that the obligations of the Lenders to make payments to the Administrative Agent for the account of an LC Issuer under Section 2.19(e) in respect of Non-Cash Collateralized Letters of Credit and the obligation of the Borrower to pay the LC Fees and other fees required under Section 2.19(d) hereof in respect of Non-Cash Collateralized Letters of Credit shall in each case terminate on the Facility Termination Date and the Non-Cash Collateralized Letters of Credit shall cease to be Facility LCs hereunder) or (z) in the case of clause (ii) or (iii) above, Cash Collateralize such Facility LC no later than the date of replacement of a Defaulting Lender or Affected Lender pursuant to Section 2.20.  In addition, the Borrower shall Cash Collateralize Facility LCs when required by and in accordance with Section 2.2, Section 2.22 and Section 8.1.
(m)    Rights as a Lender.  In its capacity as a Lender, each LC Issuer shall have the same rights and obligations as any other Lender.
(n)    Letters of Credit Must Relate to Borrower’s Home Building Business.  Notwithstanding anything contained in this Agreement which may be construed to the contrary, each LC Issuer shall be obligated only to issue letters of credit in connection with Borrower’s home building business; and in no even shall any of the LC Issuers (or any other Lender hereunder) have any obligation to issue trade letters of credit or other letters of credit that are not related to the Borrower’s home building business.

	
			
	 
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Section 2.20    Replacement of Lender.  If (a) the Borrower is required pursuant to Sections 3.1, 3.2 or 3.5 to make any additional payment to any Lender or (b) if any Lender’s obligation to make or continue, or to convert Base Rate Advances into Eurocurrency Advances shall be suspended pursuant to Section 3.3 or (c) if any Lender defaults in its obligation to make a Loan, reimburse the LC Issuers pursuant to Section 2.19(e) or the Swing Line Lender pursuant to Section 2.4(d) or (d) if any Lender declines to approve an amendment or waiver that is approved by the Required Lenders or (e) if any Lender otherwise becomes a Defaulting Lender (any Lender so affected, an “Affected Lender”), the Borrower may elect, if the circumstances resulting in such Lender being an Affected Lender continue, to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Event of Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the Administrative Agent and the Swing Line Lender and which is either a Qualified Bank or reasonably satisfactory to each LC Issuer (a “Replacement Lender”) shall agree, as of such date, to purchase for cash at par the Advances and other Obligations due to the Affected Lender under this Agreement and the other Loan Documents pursuant to an assignment substantially in the form of Exhibit C and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments; and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Affected Lender under Sections 3.1, 3.2, 3.4 and 3.5, and (B) an amount, if any, equal to the payment which would have been due to such Lender under Section 3.4 on the day of such replacement had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender.
Section 2.21    Limitation of Interest.  The Borrower, the Administrative Agent and the Lenders intend to strictly comply with all applicable laws, including applicable usury laws.  Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls.  As used in this Section 2.21, the term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement.  In no event shall the Borrower or any other Person be obligated to pay, or any Lender have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum amount of nonusurious interest permitted under the applicable laws (if any) of the United States or of the State of California, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate.  On each day, if any, that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate 

	
			
	 
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for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence.  Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate.  The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made.  None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate.  If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been paid to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of the Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor.
Section 2.22    Defaulting Lenders.
(a)    Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)    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 Required Lenders.
(ii)    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 VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.1 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 LC Issuer and Swing Line Lender hereunder; third, to Cash Collateralize each LC Issuer’s Fronting Exposure with respect to such Defaulting 

	
			
	 
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Lender in accordance with Section 2.22(d); 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 (including the Facility LC Collateral 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 each LC Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Facility LCs issued under this Agreement, in accordance with Section 2.22(d); sixth, to the payment of any amounts owing to the Lenders, the LC Issuers or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any LC Issuer or Swing Line 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; eighth, if so determined by the Administrative Agent, distributed to the Lenders other than the Defaulting Lender until the ratio of the Outstanding Credit Exposures of such Lenders to the Aggregate Outstanding Exposure of all Lenders equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans or participations in Facility LCs or Swing Line Loans; and ninth, 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 Facility LC issuances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Facility LCs were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Credit Extensions of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Credit Extensions of such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.22(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.22(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.  If there is more than one LC Issuer, amounts in respect of the Fronting Exposure of each LC Issuer under this Section 2.22(a)(ii) shall be determined on a pro rata basis based on the respective Fronting Exposures of each such LC Issuer.
(iii)    Certain Fees.

	
			
	 
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(A)    No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
(B)    Each Defaulting Lender shall be entitled to receive LC Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its ratable share of the stated amount of Facility LCs for which it has provided Cash Collateral pursuant to Section 2.22(d).
(C)    With respect to any Commitment Fee or LC Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LC Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each LC Issuer and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such LC Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
(iv)    Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in LC Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (y) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (z) such reallocation does not cause the aggregate Outstanding Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(v)    Cash Collateral; Repayment of Swing Line Loans.  If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (y) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (z) second, Cash Collateralize each LC Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.22(d).

	
			
	 
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(b)    Defaulting Lender Cure.  If the Borrower, the Administrative Agent, the Swing Line Lender and the LC Issuers 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 Facility LCs and Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
(c)    New Swing Line Loans/Facility LCs.  So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Facility LC unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
(d)    Cash Collateral.  At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or any LC Issuer (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize such LC Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
(i)    Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant(s) to the Administrative Agent, for the benefit of the LC Issuers, and agree(s) to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of LC Obligations, to be applied pursuant to clause (ii) below.  If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the LC Issuers as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, 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).

	
			
	 
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(ii)    Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.22 in respect of Facility LCs shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Obligations (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.
(iii)    Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce an LC Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.22(d) following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the applicable LC Issuers that there exists excess Cash Collateral; provided that, subject to this Section 2.22 the Person providing Cash Collateral and the applicable LC Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations.
(e)    Borrower’s Rights.  Without limitation of the foregoing, Borrower shall have such rights and remedies against a Defaulting Lender as are available at law or in equity.
Section 2.23    Returned Payments.  If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.23 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.23 shall survive the termination of this Agreement.
Section 2.24    Extension of Facility Termination Date.  The Borrower may request, but not more than once after the Effective Date, an extension of the Facility Termination Date by submitting a request for an extension to the Administrative Agent (an “Extension Request”); provided, however, that such Extension Request shall be delivered to the Administrative Agent not more than 180 days, nor less than 120 days, prior to the then current Facility Termination Date.  The Extension Request must specify the new Facility Termination Date requested by the Borrower with respect thereto (“Extension Date”), which shall be not more than one (1) year after the then current Facility Termination Date.  The Extension Request shall be accompanied by a certificate, signed by an Authorized Officer, stating that on the date of the Extension Request, no Default or Event of Default has occurred and is continuing, no Material Adverse Effect has occurred with respect to any Loan Party, and that all of the representations and warranties in ARTICLE V are true and correct in all material respects (except  (i) to the extent any such representation or warranty is stated to relate 

	
			
	 
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solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects).  On the original Facility Termination Date, the Borrower shall deliver a certificate, signed by an Authorized Officer,  stating that on such date, no Default or Event of Default has occurred and is continuing, no Material Adverse Effect has occurred with respect to any Loan Party, and that all of the representations and warranties in ARTICLE V are true and correct in all material respects (except  (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects).  Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request (which approval may be given or withheld by each Lender in its sole discretion).  Each Lender may, at its election, approve or deny an extension of the Facility Termination Date (it being understood that no Lender shall be under any obligation to approve an extension of the Facility Termination Date).  Each Lender approving an Extension Request shall deliver its written approval no later than seventy-five (75) days following such Extension Request.  If written approval of the Required Lenders is not received by the Administrative Agent within such 75-day period, the Extension Request shall be denied.  If such written approval of the Required Lenders is received by the Administrative Agent within such 75-day period, the Facility Termination Date shall be extended to the Extension Date specified in the Extension Request but only with respect to the Commitments of the Lenders that have given such written approval.  Except to the extent that a Lender that did not give its written approval to such Extension Request (“Declining Lender”) is replaced prior to its Declining Lender’s Termination Date as provided in Section 2.20, then (a) the Aggregate Commitment shall be decreased by the Commitment of each such Declining Lender, which Declining Lender’s Commitment shall terminate on (and the Aggregate Commitment shall decrease effective as of) the Facility Termination Date, as determined prior to such Extension Request (the “Declining Lender’s Termination Date”) and (b) the Loans and all interest, fees and other amounts owed to such Declining Lender shall be paid in full on each such Declining Lender’s Termination Date.
ARTICLE III     
 
YIELD PROTECTION; TAXES
Section 3.1    Yield Protection.  If, after the date of this Agreement, there occurs any adoption of or change in any law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any Governmental or quasi-Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, in each case of clauses (x) and (y), regardless of the date enacted 

	
			
	 
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(subject to Section 3.7 below), adopted, issued, promulgated or implemented, or compliance by any Lender or applicable Lending Installation or any LC Issuer with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency (any of the foregoing, a “Change in Law”) which:
(a)    subjects any Lender or any applicable Lending Installation, any LC Issuer, or the Administrative Agent to any Taxes (other than with respect to Indemnified Taxes, Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or
(b)    imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or LC Issuer (other than reserves and assessments taken into account in determining the interest rate applicable to Eurocurrency Advances), or
(c)    imposes any other condition (other than Taxes) the result of which is to increase the cost to any Lender or any applicable Lending Installation or LC Issuer of making, funding or maintaining its Eurocurrency Loans, or of issuing or participating in Facility LCs, or reduces any amount receivable by any Lender or any applicable Lending Installation or LC Issuer in connection with its Eurocurrency Loans, Facility LCs or participations therein, or requires any Lender or any applicable Lending Installation or LC Issuer to make any payment calculated by reference to the amount of Eurocurrency Loans, Facility LCs or participations therein held or interest or LC Fees received by it, by an amount deemed material by such Lender or LC Issuer, as the case may be,
and the result of any of the foregoing is to increase the cost to such Person of making or maintaining its Loans or Commitment or of issuing or participating in Facility LCs or to reduce the amount received by such Person in connection with such Loans or Commitment, Facility LCs or participations therein, then, within fifteen (15) days after demand by such Person, the Borrower shall pay such Person, as the case may be, such additional amount or amounts as will compensate such Person for such increased cost or reduction in amount received.
Section 3.2    Changes in Capital Adequacy Regulations.  If a Lender or LC Issuer determines that the amount of capital or liquidity required or expected to be maintained by such Lender or LC Issuer, any Lending Installation of such Lender or LC Issuer, or any corporation or holding company controlling such Lender or LC Issuer is increased as a result of (i) a Change in Law or (ii) any change after the date of this Agreement in the Risk-Based Capital Guidelines, then, within fifteen (15) days after demand by such Lender or LC Issuer, the Borrower shall pay such Lender or the LC Issuer the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital or liquidity which such Lender or LC Issuer determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans and issue or participate in Facility LCs, as the case may be, hereunder (after taking into account such Lender’s or LC Issuer’s policies as to capital adequacy or liquidity), in each case that is attributable to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable.

	
			
	 
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Section 3.3    Availability of Types of Advances; Adequacy of Interest Rate.  If the Administrative Agent or the Required Lenders determine that deposits of a type and maturity appropriate to match fund Eurocurrency Advances are not available to such Lenders in the relevant market or the Administrative Agent, in consultation with the Lenders, determines that the interest rate applicable to Eurocurrency Advances is not ascertainable or does not adequately and fairly reflect the cost of making or maintaining Eurocurrency Advances, then the Administrative Agent shall suspend the availability of Eurocurrency Advances and require any affected Eurocurrency Advances to be repaid or converted to Base Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4.
Section 3.4    Funding Indemnification.  If (a) any payment of a Eurocurrency Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, (b) a Eurocurrency Advance is not made on the date specified by the Borrower for any reason other than default by the Lenders, (c) a Eurocurrency Loan is converted other than on the last day of the Interest Period applicable thereto, (d) the Borrower fails to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto, or (e) any Eurocurrency Loan is assigned other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.20, the Borrower will indemnify each Lender for such Lender’s costs, expenses and Interest Differential (as determined by such Lender) incurred as a result of such prepayment.  The term “Interest Differential” shall mean that sum equal to the greater of zero or the financial loss incurred by the Lender resulting from prepayment, calculated as the difference between the amount of interest such Lender would have earned (from the investments in money markets as of the Borrowing Date of such Advance) had prepayment not occurred and the interest such Lender will actually earn (from like investments in money markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment.  Because of the short-term nature of this facility, the Borrower agrees that Interest Differential shall not be discounted to its present value.
Section 3.5    Taxes.
(a)    Any and all payments by or on account of any obligation of any 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 requires the deduction or withholding of any Tax from any such payment, then the applicable Loan Party 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 or Other Tax, then the sum payable by the 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 3.5) the applicable Lender, LC Issuer or the Administrative Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made.

	
			
	 
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(b)    The 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)    The Loan Parties shall indemnify each Lender, LC Issuer or the Administrative Agent, within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.5) payable or paid by such Lender, LC Issuer or the Administrative Agent or required to be withheld or deducted from a payment to such Lender, LC Issuer or the Administrative Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or LC Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or LC Issuer, shall be conclusive absent manifest error.
(d)    Each Lender shall severally indemnify the Administrative Agent, within fifteen (15) days after demand therefor, for (i) any Indemnified Taxes and Other Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c) 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 paragraph (d).
(e)    As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 3.5, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(f)    Any 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 

	
			
	 
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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 Section 3.5(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the 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.
(i)    Without limiting the generality of the foregoing,
(A)    any Lender that is a United States Person for U.S. federal income Tax purposes 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), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax;
(B)    any Non-U.S. 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 Non-U.S. 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:
(1)    in the case of a Non-U.S. 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, executed originals of IRS Form W-8BEN 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 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;
(2)    executed originals of IRS Form W-8ECI;
(3)    in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Non-U.S. Lender is not 

	
			
	 
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a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed originals of IRS Form W-8BEN; or
(4)    to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable.
(C)    any Non-U.S. 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 Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals 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 Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(ii)    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.

	
			
	 
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(g)    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 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), 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 paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h)    Each party’s obligations under this Section 3.5 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.
(i)    For purposes of Section 3.5(d) and (f), the term “Lender” includes the LC Issuer.
Section 3.6    Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity.  To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurocurrency Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurocurrency Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender.  Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5.  Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error.  Determination of amounts payable under such Sections in connection with a Eurocurrency Loan shall be calculated as though each Lender funded its Eurocurrency Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurocurrency Rate applicable to such Loan, whether in fact that is the case or not.  Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be due within ten (10) days after receipt by the Borrower of such written statement.  The obligations of the Borrower under Sections 3.1, 3.2, 3.4, 3.5 and 3.7 shall survive payment of the Obligations and termination of this Agreement.

	
			
	 
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Section 3.7    Cutoff.  Failure or delay on the part of the Administrative Agent or any Lender, Lending Installation, or LC Issuer to demand compensation pursuant to Section 3.1 or 3.2 shall not constitute a waiver of such Person’s right to demand such compensation; provided that Borrower shall not be required to compensate any such Person for any increased costs or reductions incurred more than 360 days prior to the date that such Person notifies Borrower of the event giving rise to such increased costs or reductions and of such Person’s intention to claim compensation therefor; provided further that, if the event giving rise to such increased costs or reductions is retroactive, then the 360-day period referred to above shall be extended to include the period of retroactive effect thereof.
ARTICLE IV     
 
CONDITIONS PRECEDENT
Section 4.1    Initial Credit Extension.  The Lenders shall not be required to make the initial Credit Extension hereunder unless each of the following conditions is satisfied:
(a)    The Administrative Agent shall have received executed counterparts of each of this Agreement and the Guaranty.
(b)    The Administrative Agent shall have received a certificate, signed by the chief financial officer of the Borrower, stating that on the date of the initial Credit Extension (1) no Default or Event of Default has occurred and is continuing and (2) the representations and warranties contained in ARTICLE V are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) as of such date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) on and as of such earlier date.
(c)    The Administrative Agent shall have received a written opinion of the Borrower’s counsel addressed to the Lenders, in a form approved by Administrative Agent.
(d)    The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.13 payable to the order of each such requesting Lender.
(e)    The Administrative Agent shall have received such documents and certificates relating to the organization, existence and good standing of the Borrower and each initial Guarantor, the authorization of the transactions contemplated hereby and any other legal matters relating to the Borrower and such Guarantors, the Loan Documents or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit I.

	
			
	 
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(f)    If the initial Credit Extension will include the issuance of a Facility LC, the applicable LC Issuer shall have received a properly completed Facility LC Application.
(g)    The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
(h)    There shall not have occurred a material adverse change (x) in the business, Property, liabilities (actual and contingent), operations or financial condition, or results of operations of the Borrower and the Guarantors taken as a whole, since December 31, 2013 or (y) in the facts and information regarding such entities as represented by such entities to date.
(i)    The Administrative Agent shall have received evidence of all governmental, equity holder and third party consents and approvals (if any) necessary in connection with the contemplated financing and all applicable waiting periods shall have expired without any action being taken by any authority that would be reasonably likely to restrain, prevent or impose any material adverse conditions on the Borrower and the Guarantors, taken as a whole, and no law or regulation shall be applicable which in the reasonable judgment of the Administrative Agent could have such effect.
(j)    No action, suit, investigation or proceeding is pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator or Governmental Authority that would reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions.
(k)    The Administrative Agent shall have received:  (i) pro forma financial statements giving effect to the initial Credit Extensions contemplated hereby, which demonstrate, in the Administrative Agent’s reasonable judgment, together with all other information then available to the Administrative Agent, that the Borrower can repay its debts and satisfy its other obligations as and when they become due, and can comply with the financial covenants and tests set forth in Section 6.19, (ii) such information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such pro forma financial statements, (iii) unaudited consolidated financial statements of the Borrower for the fiscal quarter ended March 31, 2014, and (iv) audited consolidated financial statements of the Borrower for the fiscal year ended 2013.
Section 4.2    Each Credit Extension.  The Lenders shall not (except as otherwise set forth in Section 2.4(d) with respect to Revolving Loans for the purpose of repaying Swing Line Loans) be required to make any Credit Extension unless on the applicable Borrowing Date:
(e)    There exists no Default or Event of Default, nor would a Default or Event of Default result from such Credit Extension.

	
			
	 
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(f)    The representations and warranties contained in ARTICLE V are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) as of such Borrowing Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) on and as of such earlier date.
(g)    Following the making of the requested Credit Extension, the aggregate amount of all Borrowing Base Debt would not exceed the Borrowing Base (determined as of the most recent Inventory Valuation Date).
Each Borrowing Notice or Swing Line Borrowing Notice, as the case may be, or request for issuance of a Facility LC with respect to each such Credit Extension shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 4.2(a), (b) and (c) have been satisfied.
ARTICLE V     
 
REPRESENTATIONS AND WARRANTIES
The Borrower represents and warrants to the Lenders that:
Section 5.1    Existence and Standing.  Each of the Borrower and Guarantors is a corporation or (in the case of Guarantors only) partnership or limited liability company duly and properly incorporated, organized or formed, as the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation, organization or formation, as applicable, and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted (except to the extent that a failure to maintain such existence, good standing or authority would not reasonably be expected to have and does not have a Material Adverse Effect).
Section 5.2    Authorization and Validity.  The Borrower has the corporate power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder.  The execution and delivery by the Borrower of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan Documents to which the Borrower is a party constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general principles of equity.  Each Guarantor has the corporate, limited liability company or limited partnership (as applicable) power and authority to execute and deliver the Guaranty delivered by it and to perform its obligations thereunder.  The execution and delivery by each Guarantor of such Guaranty and the performance of its obligations thereunder have been duly authorized, and each Guaranty constitutes the legal, valid and binding obligations of such Guarantor enforceable against 

	
			
	 
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such Guarantor in accordance with its terms, subject to bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general principles of equity.
Section 5.3    No Conflict; Government Consent.  Neither the execution and delivery by the Borrower or any Guarantor of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate in any material respect (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or any Guarantor or (ii) the Borrower’s or any Guarantor’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (iii) the provisions of any indenture, instrument or agreement to which the Borrower or any Guarantor is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrower or any Guarantor pursuant to the terms of any such indenture, instrument or agreement.  No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower or any Guarantor, is required to be obtained by the Borrower or any Guarantor in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Borrower or any Guarantor of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents.
Section 5.4    Financial Statements.  The December 31, 2013 audited consolidated financial statements of the Borrower, and their unaudited financial statements dated as of March 31, 2014, heretofore delivered to the Lenders were prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present, in all material respects, the consolidated financial condition and operations of the Borrower at such date and the consolidated results of their operations for the period then ended, subject to (in the case of such unaudited financial statements) final audit adjustments.
Section 5.5    Material Adverse Change.  Since the date of the most recent audited financial statements of the Borrower delivered to the Administrative Agent, there has been no change in the business, Property, financial condition or results of operations of the Borrower and the Guarantors which could reasonably be expected to have a Material Adverse Effect.
Section 5.6    Taxes.  The Borrower and Guarantors have filed all United States federal and state income Tax returns and all other material Tax returns which are required to be filed by them and have paid all United States federal and state income Taxes and all other material Taxes due from the Borrower and Guarantors pursuant to such returns or pursuant to any assessment received by the Borrower or any Guarantor, except such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided.  No Tax Liens have been filed and no claims are being asserted with respect to any such Taxes that have had or would reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Borrower and the Guarantors in respect of any Taxes or other governmental charges are adequate.

	
			
	 
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Section 5.7    Litigation and Contingent Obligations.  There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any Senior Officer, threatened against or affecting the Borrower or any Guarantor which would reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions.  Other than any liability incident to such litigation, arbitration or proceedings which would not reasonably be expected to have a Material Adverse Effect, the Borrower has no material Contingent Obligations not provided for or disclosed in the financial statements referred to in Section 5.4.
Section 5.8    Subsidiaries.  Schedule 5.8 contains an accurate list of all Subsidiaries of the Borrower as of the date of this Agreement, setting forth their respective jurisdictions of organization and the percentage of their respective capital stock or other ownership interests owned by the Borrower or other Subsidiaries.  All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and validly issued and are fully paid and non-assessable.  All of the Significant Homebuilding Subsidiaries are Guarantors (or in the process of becoming Guarantors in accordance with the requirements of Section 6.20(a)).
Section 5.9    ERISA.  With respect to each Plan, the Borrower and all ERISA Affiliates have paid all required minimum contributions and installments on or before the due dates provided under Section 430(j) of the Code and could not reasonably be subject to a lien under Section 430(k) of the Code or Title IV of ERISA.  Neither the Borrower nor any ERISA Affiliate has filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.
Section 5.10    Accuracy of Information.  None of the written information, exhibits or reports furnished by the Borrower or any of its Guarantors (taken as a whole) to the Administrative Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents (taken as a whole) contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements (taken as a whole) contained therein not misleading at the time the statements are furnished or dated (after giving effect to all modifications and supplements to such written information, exhibits or reports, in each case, furnished after the date on which such written information or such written data was originally delivered); it being understood that for purposes of this Section 5.10, such written information and written data shall not include projections, pro forma financial information, financial estimates, forecasts, forward-looking information or information of a general economic or general industry nature.
Section 5.11    Regulation U.  Neither Borrower nor any Guarantor 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.
Section 5.12    Material Agreements.  Neither the Borrower nor any Guarantor is a party to any agreement or instrument or subject to any charter or other corporate limited liability company 

	
			
	 
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or partnership restriction which would reasonably be expected to have a Material Adverse Effect.  Neither the Borrower nor any Guarantor is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any agreement to which it is a party or (ii) any agreement or instrument evidencing or governing Indebtedness, which default would reasonably be expected to have a Material Adverse Effect.
Section 5.13    Compliance With Laws.  The Borrower and the Guarantors are in compliance with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property, the violation of which would reasonably be expected to have a Material Adverse Effect.
Section 5.14    Ownership of Properties.  On the date of this Agreement, the Borrower and the Guarantors will have good title, free of all Liens other than those permitted by Section 6.15, to all of the Property and assets reflected in the Borrower’s most recent consolidated financial statements provided to the Administrative Agent as owned by the Borrower and its Subsidiaries (except to the extent that (i) they may have been disposed of in a manner permitted by Section 6.13(a) or (ii) the failure to have such title has not had and would not reasonably be expected to have a Material Adverse Effect).
Section 5.15    Plan Assets; Prohibited Transactions.  The Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.
Section 5.16    Environmental Matters.  In the ordinary course of its business, the officers of the Borrower consider the effect of Environmental Laws on the business of the Borrower and its Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities accruing to the Borrower due to Environmental Laws.  On the basis of this consideration, the Borrower has concluded its Property and operations and those of its Subsidiaries are in material compliance with applicable Environmental Laws and that none of the Borrower or any of its Subsidiaries is subject to any liability under Environmental Laws that individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.  Neither the Borrower nor any Subsidiary has received any notice to the effect that its Property and/or operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any Hazardous Material, which non-compliance or remedial action would reasonably be expected to have a Material Adverse Effect.
Section 5.17    Investment Company Act.  Neither the Borrower nor any Guarantor is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

	
			
	 
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Section 5.18    Insurance.  The Borrower maintains, and has caused each Guarantor to maintain, with financially sound and reputable insurance companies insurance on all their Property, liability insurance and environmental insurance in such amounts, subject to such deductibles and self-insurance retentions and covering such Properties and risks as is consistent with sound business practice.
Section 5.19    Intentionally Omitted.
Section 5.20    Solvency.
(a)    Immediately after the consummation of the transactions to occur on the Effective Date and immediately following the making of each Credit Extension, if any, made on the Effective Date and after giving effect to the application of the proceeds of such Credit Extensions, (i) the fair value of the assets of the Borrower on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Borrower on a consolidated basis; (ii) the present fair value of the Property of the Borrower on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become due and matured; (iii) the Borrower on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become due and matured; and (iv) the Borrower on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the Effective Date.
(b)    The Borrower does not intend to, or to permit any Guarantors to, and does not believe that it or any Guarantors will, incur debts beyond its or any such Guarantor’s ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Guarantor and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Guarantor.
Section 5.21    No Default.  No Default or Event of Default has occurred and is continuing.
ARTICLE VI     
 
COVENANTS
During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing:
Section 6.1    Financial Reporting.  The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with GAAP, and furnish to the Administrative Agent (for prompt delivery by the Administrative Agent to each Lender):

	
			
	 
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(a)    Within 120 days after the close of each of its fiscal years, an unqualified (except for qualifications (i) relating to changes in accounting principles or practices reflecting changes in GAAP or (ii) reasonably approved by the Administrative Agent) audit report, with no going concern modifier, certified by one of the “Big Four” accounting firms or other nationally recognized independent certified public accountants reasonably acceptable to the Administrative Agent, prepared in accordance with GAAP on a consolidated basis for itself and its Subsidiaries, including balance sheets as of the end of such period, related profit and loss and stockholders’ equity statement, and a statement of cash flows and income from operations, accompanied by any management letter prepared by said accountants.
(b)    Within 60 days after the close of the first three (3) quarterly periods of each of its fiscal years, for itself and its Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and consolidated profit and loss and stockholders’ equity statements and a statement of cash flows and income from operations for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer or other Authorized Officer.
(c)    Together with the financial statements required under Sections 6.1(a) and (b), a compliance certificate in substantially the form of Exhibit B signed by its chief financial officer or other Authorized Officer showing the calculations necessary to determine compliance with this Agreement (including Sections 6.19(a) through (e)) and stating that no Default or Event of Default exists, or if any Default or Event of Default exists, stating the nature and status thereof.
(d)    Within sixty (60) days after the end of each fiscal year, Borrower’s current plan and forecast, including Borrower’s projected balance sheet, profit and loss and stockholders’ equity statement, and a statement of cash flows and income from operations for the current fiscal year.
(e)    By the fifteenth (15th) day of each calendar month, a sales and inventory report for the immediately preceding calendar month.
(f)    By the twentieth (20th) day of each calendar month, a Borrowing Base Certificate of an Authorized Officer of the Borrower, with respect to the Inventory Valuation Date occurring on the last day of the immediately preceding calendar month.
(g)    Promptly upon the furnishing thereof to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished.
(h)    Promptly upon the filing thereof, copies of all registration statements (except Form S-8) and annual, quarterly, or other periodic reports, with the exception of exhibits (unless otherwise requested by the Administrative Agent), which the Borrower or any of its Subsidiaries files with the U.S. Securities and Exchange Commission.

	
			
	 
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(i)    Such other information (including, without limitation, additional financial information, non-financial information and environmental reports) as the Administrative Agent may from time to time reasonably request.
Any financial statement required to be furnished pursuant to Section 6.1(a) or Section 6.1(b) or any document required to be delivered pursuant to Section 6.1(g) or Section 6.1(h) shall be deemed to have been furnished on the date on which the Lenders receive notice that the Borrower has filed such financial statement with the U.S. Securities and Exchange Commission and is available on the EDGAR website on the Internet at www.sec.gov or any successor government website that is freely and readily available to the Administrative Agent and the Lenders without charge; provided that the Borrower shall give notice of any such filing to the Administrative Agent (who shall then give notice of any such filing to the Lenders).  Notwithstanding the foregoing, the Borrower shall deliver paper or electronic copies of any such financial statement to the Administrative Agent if the Administrative Agent requests the Borrower to furnish such paper or electronic copies until written notice to cease delivering such paper or electronic copies is given by the Administrative Agent.  If any information which is required to be furnished to the Lenders under this Section 6.1 is required by law or regulation to be filed by the Borrower with a government body on an earlier date, then the information required hereunder shall be furnished to the Lenders at such earlier date.
Section 6.2    Use of Proceeds.  The Borrower will, and will cause each Subsidiary to, use the proceeds of the Credit Extensions for general corporate purposes.  The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation U).
Section 6.3    Notice of Material Events.  The Borrower will, and will cause each Guarantor to, give notice in writing to the Administrative Agent (for prompt delivery by Administrative Agent to each Lender), promptly and in any event within ten (10) days after a Senior Officer of the Borrower obtains knowledge thereof, of the occurrence of any of the following:
(a)    any Default or Event of Default;
(b)    the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority (including pursuant to any applicable Environmental Laws) against or affecting the Borrower or any Guarantor that, if adversely determined, would reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions;
(c)    with respect to a Plan, (i) any failure to pay all required minimum contributions and installments on or before the due dates provided under Section 430(j) of the Code or (ii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard;
(d)    the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect; and

	
			
	 
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(e)    any other development, financial or otherwise, which would reasonably be expected to have a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of an officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
Section 6.4    Conduct of Business.  Except as otherwise permitted under this Agreement, the Borrower will, and will cause each Guarantor to, carry on and conduct business in the same general manner and in substantially the same fields of enterprise as presently conducted and to do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation, limited liability company or limited partnership (as applicable) in their respective jurisdictions of incorporation or formation and maintain all requisite authority to conduct business in each jurisdiction in which business is conducted, except where the failure to maintain such authority would not reasonably be expected to have a Material Adverse Effect; provided, however, that nothing contained herein shall prohibit the dissolution of any Guarantor as long as the Borrower or another Guarantor succeeds to the assets, liabilities and business of the dissolved Guarantor.  Without limitation of the foregoing, the Borrower shall at all times engage principally in the Related Businesses.
Section 6.5    Taxes.  The Borrower will, and will cause each Guarantor to, timely file complete and correct United States federal and applicable foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those which are being contested in good faith by appropriate proceedings, with respect to which adequate reserves have been set aside in accordance with GAAP, or which would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 6.6    Insurance.  The Borrower will, and will cause each Guarantor to, maintain with financially sound and reputable insurance companies insurance on all their Property in such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to Administrative Agent upon request full information as to the insurance carried.
Section 6.7    Compliance with Laws and Material Contractual Obligations.  The Borrower will, and will cause each Guarantor to, (i) comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws and (ii) perform its obligations under material agreements to which it is a party, except where the failure to perform such obligations would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 6.8    Maintenance of Properties.  The Borrower and each Guarantor will do all things necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition, except to the extent that the failure to do so would not reasonably be expected to have and does not have a Material Adverse Effect.

	
			
	 
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Section 6.9    Books and Records; Inspection.  The Borrower will, and will cause each of the Guarantors to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.  The Borrower will, and will cause each Guarantor to, permit the Administrative Agent, by it or its representatives and agents to inspect any of the Property, books and financial records of the Borrower and each Guarantor, to examine and make copies of the books of accounts and other financial records of the Borrower and each Guarantor, and to discuss the affairs, finances and accounts of the Borrower and each Guarantor with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent may designate.  At any time that a Default exists, such inspections and examinations shall be at Borrower’s expense.
Section 6.10    Payment of Obligations.  The Borrower will, and will cause each Guarantor to, pay its obligations, including Tax liabilities, that, if not paid, would reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (b) the Borrower or such Guarantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP.
Section 6.11    Restrictions on Other Indebtedness.  No Loan Party shall create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness other than:
(a)    The Loans and the Reimbursement Obligations;
(b)    Those repayment guarantees existing as of the date hereof and described in Schedule 6.11;
(c)    Indebtedness arising under Rate Management Transactions;
(d)    Capitalized Lease Obligations incurred in the ordinary course of business;
(e)    Current liabilities of such Persons incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services;
(f)    Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 6.10;
(g)    Indebtedness in respect of judgments or awards only to the extent, for the period and in an amount not resulting in an Event of Default;
(h)    Endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business;

	
			
	 
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(i)    Indebtedness incurred in the ordinary course of business with respect to completion guaranties and environmental indemnities;
(j)    Indebtedness arising under Permitted Liens;
(k)    Secured Project Debt in an aggregate amount not to exceed Fifty-Five Million Dollars ($55,000,000.00); and
(l)    Contingent Obligations arising from or relating to the development of residential Projects in an aggregate amount not to exceed Three Million Dollars ($3,000,000).
The Indebtedness described under (k) existing on the date hereof is described in Schedule 6.11.
Section 6.12    Merger.  Neither the Borrower nor any Guarantor will merge or consolidate with or into any other Person, unless:
(i)    (A) any Guarantor is merging with any other Guarantor; (B) any Guarantor is merging with the Borrower, and the Borrower is the continuing corporation; (C) any Guarantor is merging with a Person that is not a Subsidiary of the Borrower and (1) if the Guarantor is not the continuing corporation, such transaction is in compliance with the provisions of Section 6.13(b) or (2) if the Guarantor is the continuing corporation, such transaction is a Permitted Acquisition or otherwise permitted under Section 6.14; or (D) a Non-Guarantor Subsidiary is merging with the Borrower or any Guarantor, and the Borrower or a Guarantor, as applicable, is the continuing corporation; and
(ii)    no Event of Default shall exist or shall occur after giving effect to such transaction; and
(iii)    after giving effect to such transaction, the Borrower shall be in compliance with the Consolidated Tangible Net Worth Test and the Leverage Test; and
(iv)    the transaction is not otherwise prohibited under this Agreement.
Section 6.13    Sale of Assets.
(a)    Neither the Borrower nor any Guarantor will lease, sell or otherwise dispose of its Property, in a single transaction or a series of transactions, to any other Person (other than the Borrower or another Guarantor) except for (i) sales or leases in the ordinary course of business, (ii) leases, sales or other dispositions of its Property that, together with all other Property of the Borrower and Guarantors previously leased, sold or disposed of (other than in the ordinary course of business) as permitted by this Section during the fiscal quarter in which any such lease, sale or other disposition occurs, do not constitute a Material Portion of the Property of the Borrower and Guarantors (taken as a whole), (iii) transfers of assets by a Guarantor to another Guarantor (including any Subsidiary that becomes a Guarantor 

	
			
	 
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by executing and delivering a Guaranty to Administrative Agent at the time at which such assets are transferred to such Subsidiary) and (iv) dispositions of Investments in Joint Ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in the organizational documents governing such Joint Venture and similar binding agreements.
(b)    The Borrower shall not sell or transfer or cause to be sold or transferred (other than to the Borrower or another Guarantor), in a single transaction or a series of transactions (i) all or substantially all of the assets of any Guarantor or (ii) such securities or other ownership interests in a Guarantor as would result in such Guarantor ceasing to be a Subsidiary of the Borrower (whether by merger, consolidation, sale, assignment or otherwise) unless (A) any such transaction is (and, if it were the sale of all of the assets of such Guarantor, such transaction would be) in compliance with the provisions of Section 6.13(a) and (B) following such transaction and the release of such Guarantor provided for below, the Borrower would be in compliance with its obligations under this Agreement.  Upon not less than thirty (30) days’ prior written request from the Borrower, accompanied by a certificate of the Borrower certifying as to the foregoing, Administrative Agent shall deliver, at the time of the consummation of such transaction, a release of such Guarantor from its obligations under the Guaranty, and such entity shall cease to be a Guarantor hereunder.
(c)    For purposes of this Section 6.13, “Material Portion” means, with respect to the Property of the Borrower and Guarantors (taken as a whole), Property which represents more than 10% of the book value of all assets of the Borrower and Guarantors (taken as a whole).  If a Material Portion of the Property of the Borrower and Guarantors (taken as a whole) is leased, sold or disposed of in violation of this Section 6.13, the Borrower shall pay to Administrative Agent for the benefit of Lenders at the time of such lease, sale or disposal, all amounts owed by the Borrower pursuant to Section 2.2, taking into account the effect of such lease, sale or disposal.
Section 6.14    Investments and Acquisitions.  Neither the Borrower nor any Guarantor will make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except:
(i)    Investments in Cash Equivalents and/or Marketable Securities.
(ii)    Loans or advances made to officers, directors or employees of the Borrower or any Guarantor or any Subsidiary not to exceed $500,000 in the aggregate outstanding at any one time.
(iii)    Investments in contract rights granted by, entitlements granted by, interests in securities issued by, or tangible assets of, political subdivisions or enterprises thereof related to the home building or real estate operations of the 

	
			
	 
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Borrower or any Guarantor or any Subsidiary, including without limitation Investments in special districts.
(iv)    Investments in existing Subsidiaries (subject, in the case of Non-Guarantor Subsidiaries, to the provisions of Section 6.14(v)) and other Investments in existence on the date hereof.
(v)    Investments in (A) Non-Guarantor Subsidiaries or (B) other Persons whose primary business is not a Related Business, in an amount (in the aggregate for both clause (A) and clause (B)) outstanding at any one time not to exceed 10% of Consolidated Tangible Net Worth, provided that retained earnings of such Non-Guarantor Subsidiaries and Persons described in clause (B) shall not be deemed part of such Investment.
(vi)    Permitted Acquisitions.
(vii)    The creation of new Subsidiaries engaged primarily in a Related Business (or the purpose of which is principally to preserve the use of a name in which such business is conducted), subject to the limitations contained in Section 6.14(v).
(viii)    Pledges or deposits in cash by the Borrower or a Guarantor to support surety bonds, performance bonds or guarantees of completion in the ordinary course of business.
(ix)    Loans representing intercompany Indebtedness between the Borrower, any Guarantor and/or any Subsidiary, subject to the limitations contained in Section 6.14(v).
(x)    Investments pursuant to the Borrower’s or a Guarantor’s employment compensation plans or agreements.
(xi)    Payments on account of the purchase, redemption or other acquisition or retirement for value, or any payment in respect of any amendment (in anticipation of or in connection with any such retirement, acquisition or defeasance) in whole or in part, of any shares of capital stock or other securities of the Borrower, but only to the extent the same is permitted under the Indenture.
(xii)    Investments, in addition to those enumerated above in this Section 6.14, in an aggregate amount outstanding at any time not to exceed Five Million Dollars ($5,000,000).
Section 6.15    Liens.  Neither the Borrower nor any Guarantor will create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any Guarantor, except:
(i)    Permitted Liens.

	
			
	 
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(ii)    Liens for taxes, assessments or governmental charges or levies which solely encumber property abandoned or in the process of being abandoned and with respect to which there is no recourse to the Borrower or any Guarantor or any Subsidiary.
(iii)    Judgments and similar Liens arising in connection with court proceedings; provided the execution or enforcement thereof is stayed and the claim is being contested in good faith, with adequate reserves therefor being maintained by the Borrower or such Guarantor in accordance with GAAP.
(iv)    Liens securing Indebtedness of the Borrower or any Guarantor permitted under Section 6.11(k).
(v)    Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation.
(vi)    Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, progress payments, government contracts, utility services and other obligations of like nature in each case incurred in the ordinary course of business.
(vii)    Leases or subleases granted to others not materially interfering with the ordinary course of business of the Borrower or any Guarantor.
(viii)    Any interest in or title of a lessor to property subject to any Capitalized Lease Obligations.
(ix)    Any option, contract or other agreement to sell or purchase an asset or participate in the income or revenue derived therefrom.
(x)    Any legal right of, or right granted in good faith to, a lender or lenders to which the Borrower or a Guarantor may be indebted to offset against, or appropriate and apply to the payment of, such Indebtedness any and all balances, credits, deposits, accounts, or monies of the Borrower or a Guarantor with or held by such lender or lenders.
(xi)    Any pledge or deposit of cash or property by the Borrower or any Guarantor in conjunction with obtaining surety and performance bonds and Letters of Credit required to engage in constructing on-site and off-site improvements or as otherwise required by political subdivisions or other governmental authorities in the ordinary course of business.
(xii)    Liens incurred in the ordinary course of business as security for the Borrower’s or any Guarantor’s obligations with respect to indemnification in favor of title insurance providers.

	
			
	 
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(xiii)    Letters of Credit, bonds or other assets pledged to secure insurance in the ordinary course of business.
(xiv)    Liens on assets securing warehouse lines of credit and repurchase agreements and other credit facilities to finance the operations of the Borrower’s mortgage lending Subsidiaries, insurance subsidiaries and/or financial asset management Subsidiaries and Liens related to issuances of CMOs and mortgage-related securities, so long as such assets are owned by such mortgage lending Subsidiaries and financial asset Subsidiaries.
(xv)    Liens on real property that (A) is not related to Housing Units and does not constitute Land Under Development, Finished Lots or Entitled Land, and (B) is owned by the Borrower or a Guarantor, which Liens secure Indebtedness of the Borrower or such Guarantor, provided (x) each such Lien attaches only to such real property and (y) the obligation secured by such Lien is limited to such Indebtedness.
(xvi)    In the case of any non-wholly owned Subsidiary, any put and call arrangements or restrictions on disposition related to the Capital Stock set forth in the applicable organizational documents or any related joint venture or similar agreement.
(xvii)    (A) Pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation and (B) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiaries.
(xviii)    Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Subsidiary; provided that (A) such Acquisition is a Permitted Acquisition, and (B) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof).
(xix)    Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto.
Section 6.16    Affiliates.  Neither the Borrower nor any Guarantor will enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate (other than a Subsidiary) except (i) in the ordinary course of business and pursuant to the reasonable requirements of the Borrower’s or such Guarantor’s business and upon fair and reasonable terms no less favorable to the Borrower or such Guarantor than the Borrower or such Guarantor would obtain in a comparable arms-length transaction, (ii) Investments permitted under Section 6.14, (iii) pursuant to employment compensation plans and 

	
			
	 
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agreements, (iv) with officers, directors and employees of the Borrower or any Subsidiary so long as the same are duly authorized pursuant to the articles of incorporation or bylaws (or procedures conducted in accordance therewith) of such Guarantor or the Borrower, (v) transactions between or among the Borrower or any Subsidiary or any entity that becomes a Subsidiary as a result of such transaction, (vi) the issuance or transfer of equity interests of the Borrower to any Affiliate of the Borrower or any former, current or future officer, director, manager, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower or any of its Subsidiaries to the extent such issuance or transfer does not result in an Event of Default pursuant to Section 7.1(k) at the time of such issuance or transfer; (vii) Restricted Payments or other actions permitted pursuant to Section 6.18, and (viii) sales or other transfers of real property to a Loan Party from an Affiliate at or below the fair market value of such real property.
Section 6.17    Intentionally Omitted.
Section 6.18    Restricted Payment; Repurchase of Stock.  The Borrower will not, directly or indirectly, declare, make or pay, or incur any liability to make or pay, or cause or permit to be declared, made or paid, any Restricted Payment, or purchase, or incur any obligation to purchase, any capital stock of the Borrower if, prior to or after giving effect to the declaration and payment of any Restricted Payment or purchase of such stock, there shall exist any Event of Default under this Agreement or any violation of the Consolidated Tangible Net Worth Test, the Leverage Test or the Adjusted Leverage Test.
Section 6.19    Financial Covenants and Tests.
(c)    Consolidated Tangible Net Worth Test.  The Borrower will not at any time permit Consolidated Tangible Net Worth to be less than (i) $106,812,785.00 plus (ii) 50% of the cumulative Consolidated Net Income for each fiscal quarter commencing after March 31, 2014 (excluding any quarter in which there is a loss but applying Consolidated Net Income thereafter first to such loss before determining 50% of such amount for purposes of this calculation) plus (iii) 50% of the aggregate proceeds received by the Borrower (net of reasonable fees and expenses) in connection with any offering of stock or equity in each fiscal quarter after March 31, 2014 (the “Consolidated Tangible Net Worth Test”).
(d)    Leverage Test.  Borrower shall not at any time permit the Leverage Ratio to exceed seventy-five percent (75%) (the “Leverage Test”).
(e)    Adjusted Leverage Test.  Borrower shall not at any time permit the Adjusted Leverage Ratio to exceed one hundred twenty-five percent (125%) (the “Adjusted Leverage Test”).
(f)    Minimum Liquidity Amount.  Borrower shall not at any time permit Borrower’s Unrestricted Cash to be less than Five Million Dollars ($5,000,000.00) (the “Minimum Liquidity Amount”).

	
			
	 
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(g)    Interest Coverage Test.  Borrower shall not at any time permit the Interest Coverage Ratio to be less than 1.50 to 1.0 (the “Interest Coverage Test”).
(h)    Spec Unit Inventory Test.  From and after January 1, 2015, the Borrower shall not at any time permit the aggregate number of Spec Units owned by the Borrower or any Guarantor to exceed the greater of (i) 50% of the number of Housing Unit Closings during the preceding twelve (12) months or (ii) 100% of the number of Housing Unit Closings during the preceding six (6) months (the “Spec Unit Inventory Test”); provided, however, that the La Fayette Project and the Mariners Island Project shall be excluded from the Spec Unit Inventory Test through December 31, 2015.  A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units.
Section 6.20    Guaranty.
(a)    Guaranty by Significant Homebuilding Subsidiaries.  As promptly as possible but in any event within thirty (30) days (or such later date as may be agreed by the Administrative Agent in its sole discretion) after a Significant Homebuilding Subsidiary is organized or acquired, or any Person becomes a Significant Homebuilding Subsidiary pursuant to the definition thereof, the Borrower shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail describing the material assets of such Significant Homebuilding Subsidiary and shall cause each such Subsidiary to deliver to the Administrative Agent a joinder to the Guaranty in the form contemplated thereby) pursuant to which such Significant Homebuilding Subsidiary agrees to be bound by the terms and provisions thereof, each such Guaranty joinder to be accompanied by an updated Schedule 5.8 hereto designating such Significant Homebuilding Subsidiary as such, appropriate corporate or limited liability company resolutions, other corporate or limited liability company documentation and legal opinions, in each case in form and substance reasonably satisfactory to the Administrative Agent and its counsel, and such other documentation as the Administrative Agent may reasonably request.
(b)    Release of Guarantor.  The Administrative Agent is authorized to and shall release and discharge from the Guaranty any Guarantor requested in writing by the Borrower, provided that:
(iv)    no Default or Event of Default exists or would result from release of such Guarantor;
(v)    the Guarantor being released has a Net Worth of less than $1,000,000; and
(vi)    no Property owned by such Guarantor remains in, or is counted in the calculation of, the Borrowing Base;

	
			
	 
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provided further that, in each such case, the Borrower has delivered to the Administrative Agent a certificate of an Authorized Officer and an opinion of counsel, each stating that all conditions precedent provided for in this Section have been complied with and that such release is authorized and permitted under the Agreement.
Section 6.21    Negative Pledge.  Neither the Borrower nor any Guarantor will directly or indirectly enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xx) may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements.
Section 6.22    Operating Accounts.  Borrower shall at all times maintain a major depository relationship with U.S. Bank National Association, a national banking association.
ARTICLE VII     
 
DEFAULTS
Section 7.1    Events of Default.  The occurrence of any one or more of the following events shall constitute an Event of Default (each, an “Event of Default”):
(j)    Any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Guarantors to the Lenders or the Administrative Agent under or in connection with this Agreement, any Credit Extension, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date made or confirmed and, with respect to any matter which is reasonably capable of being cured, Borrower or such Guarantor, as applicable, shall have failed to cure the occurrence causing the representation or warranty to be materially false within thirty (30) days after notice thereof by Administrative Agent to Borrower.
(k)    Nonpayment of (i) principal of any Loan when due, or (ii) any Reimbursement Obligation, interest upon any Loan, any Commitment Fee or LC Fee within five (5) days of written notice (which may include the invoice therefor) from Administrative Agent or the applicable LC Issuer or Lender, or (iii) any other obligation under any of the Loan Documents within five (5) days after written notice (which may include the invoice therefor) from Administrative Agent that the same is due.
(l)    The breach of any of the covenants set forth in Section 6.19 (other than as provided in Section 6.19(f)).
(m)    The breach by the Borrower (other than a breach which constitutes an Event of Default under another Section of this ARTICLE VII) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after the earlier of (i) any 

	
			
	 
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Senior Officer becoming aware of any such breach and (ii) the Administrative Agent notifying the Borrower of any such breach.
(n)    Failure of the Borrower or any Guarantor to pay when due any payment of principal or interest or any other material amount in respect of any Material Indebtedness within fifteen (15) days (or such greater applicable grace period as is provided in the applicable Material Indebtedness Agreement) of the date when due; or the default by the Borrower or any Guarantor in the performance (beyond the greater of thirty (30) days or the applicable grace period with respect thereto, if any, provided in such Material Indebtedness) of any material term, provision or condition contained in any Material Indebtedness Agreement if the effect of which default is to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause ten percent (10%) or more of such Material Indebtedness to become due prior to its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date; or ten percent (10%) or more of the Material Indebtedness of the Borrower or any Guarantor shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any Guarantor shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.
(o)    The Borrower or any Guarantor shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate, limited liability company or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.1(f) or (vi) fail to contest in good faith any appointment or proceeding described in Section 7.1(g).
(p)    Without the application, approval or consent of the Borrower or any Guarantor, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any Guarantor or any Substantial Portion of their Property, or a proceeding described in Section 7.1(f)(iv) shall be instituted against the Borrower or any Guarantor and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of sixty (60) consecutive days.
(q)    Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of the Borrower and the Guarantors which, when taken together with all other Property of the Borrower and the Guarantors so condemned, seized, appropriated, or taken custody or 

	
			
	 
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control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion.
(r)    The Borrower or any Guarantor shall fail within thirty (30) days to pay, obtain a stay with respect to, or otherwise discharge one or more (i) judgments or orders for the payment of money in excess of $500,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Guarantor to enforce any such judgment.
(s)    (i) With respect to a Plan, the Borrower or an ERISA Affiliate is subject to a lien in excess of $100,000 pursuant to Section 430(k) of the Code or Section 302(c) of ERISA or Title IV of ERISA, or (ii) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect.
(t)    Any Change in Control shall occur.
(u)    The occurrence of any “default,” as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided.
(v)    Any Loan Document shall fail to remain in full force or effect or any action shall be taken by any Guarantor to discontinue or to assert the invalidity or unenforceability of any Guaranty, or any Guarantor shall deny that it has any further liability under any Guaranty to which it is a party, or shall give notice to such effect.
Section 7.2    No Defaults.  The breach of the Spec Unit Inventory Test shall specifically not be an Event of Default or a Default under this Agreement (except that the same shall result in the exclusion of certain assets from the Borrowing Base to the extent provided for in Section 6.19(f)).
ARTICLE VIII     
 
ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
Section 8.1    Acceleration; Remedies.  If any Event of Default described in Section 7.1(f) or Section 7.1(g) occurs with respect to the Borrower, the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuers to issue Facility LCs shall automatically terminate and the Obligations under this Agreement and the other Loan Documents shall immediately become due and payable without any election or action on the part of the Administrative Agent, any LC Issuer or any Lender and the Borrower will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay to the Administrative Agent an amount 

	
			
	 
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in immediately available funds, which funds shall be held in the Facility LC Collateral Account, equal to the difference of (y) the amount of LC Obligations at such time, less (z) the amount on deposit in the Facility LC Collateral Account at such time which is free and clear of all rights and claims of third parties and has not been applied against the Obligations under this Agreement and the other Loan Documents (such difference, the “Collateral Shortfall Amount”).  If any other Event of Default occurs, the Administrative Agent may, and at the request of the Required Lenders shall, (a) terminate or suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuers to issue Facility LCs, or declare the Obligations under this Agreement and the other Loan Documents to be due and payable, or both, whereupon the Obligations under this Agreement and the other Loan Documents shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives, and (b) upon notice to the Borrower and in addition to the continuing right to demand payment of all amounts payable under this Agreement, make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account.
(f)    If at any time while any Event of Default is continuing, the Administrative Agent determines that the Collateral Shortfall Amount at such time is greater than zero, the Administrative Agent may make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account.
(g)    The Administrative Agent may at any time or from time to time after funds are deposited in the Facility LC Collateral Account, apply such funds to the payment of the Obligations under this Agreement and the other Loan Documents and any other amounts as shall from time to time have become due and payable by the Borrower to the Lenders or the LC Issuers under the Loan Documents, as provided in Section 8.2.
(h)    At any time while any Event of Default is continuing, neither the Borrower nor any Person claiming on behalf of or through the Borrower shall have any right to withdraw any of the funds held in the Facility LC Collateral Account.  After all of the Obligations under this Agreement and the other Loan Documents have been indefeasibly paid in full and the Aggregate Commitment has been terminated, any funds remaining in the Facility LC Collateral Account shall be returned by the Administrative Agent to the Borrower or paid to whomever may be legally entitled thereto at such time.
(i)    If, within thirty (30) days after acceleration of the maturity of the Obligations under this Agreement and the other Loan Documents or termination of the obligations of the Lenders to make Loans and the obligation and power of the LC Issuers to issue Facility LCs hereunder as a result of any Event of Default (other than any Event of Default as described in Section 7.1(f) or Section 7.1(g) with respect to the Borrower) and before any judgment or decree for the payment of the Obligations due under this Agreement and the other Loan Documents shall have been obtained or entered, the Required Lenders (in their 

	
			
	 
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sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.
(j)    Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise all rights and remedies under the Loan Documents and enforce all other rights and remedies under applicable law.
Section 8.2    Application of Funds.  After the exercise of remedies provided for in Section 8.1 (or after the Obligations under this Agreement and the other Loan Documents have automatically become immediately due and payable as set forth in the first sentence of Section 8.1(a)), any amounts received by the Administrative Agent on account of the Obligations shall be applied by the Administrative Agent in the following order:
(b)    First, to payment of fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under ARTICLE III) payable to the Administrative Agent in its capacity as such;
(c)    Second, to payment of fees, indemnities and other amounts (other than principal, interest, LC Fees and Commitment Fees) payable to the Lenders and the LC Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the LC Issuers as required by Section 9.6 and amounts payable under ARTICLE III);
(d)    Third, to payment of accrued and unpaid LC Fees, Commitment Fees and interest on the Loans and Reimbursement Obligations, ratably among the Lenders and the LC Issuers in proportion to the respective amounts described in this Section 8.2(c) payable to them;
(e)    Fourth, to payment of all Obligations ratably among the Lenders;
(f)    Fifth, to the Administrative Agent for deposit to the Facility LC Collateral Account in an amount equal to the Collateral Shortfall Amount (as defined in Section 8.1(a)), if any; and
(g)    Last, the balance, if any, to the Borrower or as otherwise required by law.
Section 8.3    Amendments.  Subject to the provisions of this Section 8.3, the Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to this Agreement or the Guaranty or changing in any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving any Default or Event of Default hereunder; provided, however, that no such supplemental agreement shall:
(b)    without the consent of each Lender directly affected thereby, extend the final maturity of any Loan, or extend the expiry date of any Facility LC to a date after the Facility Termination Date or postpone any regularly scheduled payment of principal of any Loan or 

	
			
	 
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forgive all or any portion of the principal amount thereof or any Reimbursement Obligation related thereto, or reduce the rate or extend the time of payment of interest or fees thereon or Reimbursement Obligations related thereto or increase the amount of the Commitment of such Lender hereunder.
(c)    without the consent of all of the Lenders, reduce the percentage specified in the definition of Required Lenders.
(d)    without the consent of all of the Lenders, amend this Section 8.3.
(e)    without the consent of all of the Lenders, release all or substantially all of the Guarantors of the Obligations (except as provided in Section 6.20(b)).
No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent, and no amendment of any provision relating to the LC Issuers shall be effective without the written consent of the LC Issuers.  No amendment to any provision of this Agreement relating to the Swing Line Lender or any Swing Line Loans shall be effective without the written consent of the Swing Line Lender.  The Administrative Agent may waive payment of the fee required under Section 12.3(c) without obtaining the consent of any other party to this Agreement.  Notwithstanding anything to the contrary herein, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency of a technical or immaterial nature, as determined in good faith by the Administrative Agent.
Section 8.4    Preservation of Rights.  No delay or omission of the Lenders, the LC Issuers or the Administrative Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of an Event of Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence.  Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.3, and then only to the extent in such writing specifically set forth.  All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the LC Issuers and the Lenders until the Obligations have been paid in full.
ARTICLE IX     
 
GENERAL PROVISIONS
Section 9.1    Survival of Representations.  All representations and warranties of the Borrower contained in this Agreement shall survive the making of the Credit Extensions herein contemplated.

	
			
	 
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Section 9.2    Governmental Regulation.  Anything contained in this Agreement to the contrary notwithstanding, neither any LC Issuer nor any Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.
Section 9.3    Headings.  Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents.
Section 9.4    Entire Agreement.  The Loan Documents embody the entire agreement and understanding among the Borrower, the Administrative Agent, any LC Issuer and the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent, the LC Issuer and the Lenders relating to the subject matter thereof other than those contained in the Fee Letters which shall survive and remain in full force and effect during the term of this Agreement.
Section 9.5    Several Obligations; Benefits of this Agreement.  The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such).  The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement.
Section 9.6    Expenses; Indemnification.
(e)    The Borrower shall reimburse the Administrative Agent for all reasonable and documented out-of-pocket expenses paid or incurred by the Administrative Agent, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses, cusip costs and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent and/or the allocated costs of in-house counsel incurred from time to time, in connection with the due diligence, preparation, administration, negotiation, execution, delivery, syndication, distribution (including, without limitation, via DebtX and any other internet service selected by the Administrative Agent), review, amendment, modification, and administration of the Loan Documents.  The Borrower also agrees to reimburse the Administrative Agent, the LC Issuers and the Lenders for any costs, internal charges and out-of-pocket expenses, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent, the LC Issuers and the Lenders and/or the allocated costs of in-house counsel incurred from time to time, paid or incurred by the Administrative Agent, any LC Issuer or any Lender in connection with the collection and enforcement of the Loan Documents.  Expenses being reimbursed by the Borrower under 

	
			
	 
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this Section include, without limitation, costs and expenses incurred in connection with the Reports described in the following sentence.  The Borrower acknowledges that from time to time Administrative Agent may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”) pertaining to the Borrower’s assets for internal use by Administrative Agent from information furnished to it by or on behalf of the Borrower, after Administrative Agent has exercised its rights of inspection pursuant to this Agreement.
(f)    The Borrower hereby further agrees to indemnify and hold harmless the Administrative Agent, the Arranger, each LC Issuer, each Swing Line Lender, each Lender, their respective affiliates, and each of their directors, officers and employees, agents and advisors (each an “Indemnitee”) against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements and settlement costs (including, without limitation, all expenses of litigation or preparation therefor) whether or not the Administrative Agent, the Arranger, any LC Issuer, any Swing Line Lender, any Lender or any affiliate is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby, any actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by the Borrower or any of its Subsidiaries, any environmental liability related in any way to the Borrower or any of its Subsidiaries, or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder, provided that such indemnity shall not, as to any Indemnitee, apply to losses, claims, damages, liabilities or related expenses to the extent such losses, claims, damages, liabilities or related expenses (i) that result from the willful misconduct, bad faith or gross negligence of such Indemnitee or any of its controlled affiliates or controlling persons or any of the officers, directors, employees, partners, successors, agents, advisors or representatives of any of the foregoing (in each case, (A) as determined by a court of competent jurisdiction in a final and non-appealable judgment and (B) with respect to any controlled affiliate, partner, agent, advisor or representative, only if such person acted pursuant to the expressed direction of such Indemnitee), or (ii) have arisen out of any dispute that does not involve an act or omission of any Borrower or Guarantor and that is brought by an Indemnitee against another Indemnitee (excluding any such claims against the relevant Indemnitee in its capacity or in fulfilling its role as Administrative Agent, bookrunner or lead arranger, as applicable, or any similar role relating to the Loans).  The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.
Section 9.7    Numbers of Documents.  All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders.
Section 9.8    Accounting.  Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in 

	
			
	 
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accordance with GAAP applied on a basis consistent with the consolidated audited financial statements of Borrower (“Agreement Accounting Principles”).
Section 9.9    Severability of Provisions.  Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.
Section 9.10    Nonliability of Lenders.  The relationship between the Borrower on the one hand and the Lenders, the LC Issuer and the Administrative Agent on the other hand shall be solely that of the borrower and lender.  Neither the Administrative Agent, the Arranger, any LC Issuer nor any Lender shall have any fiduciary responsibilities to the Borrower.  Neither the Administrative Agent, the Arranger, any LC Issuer nor 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.  The Borrower agrees that neither the Administrative Agent, the Arranger, any LC Issuer nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought.  Neither the Administrative Agent, the Arranger, any LC Issuer nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby.  It is agreed that the Arranger shall, in its capacity as such, have no duties or responsibilities under the Agreement or any other Loan Document.  Each Lender acknowledges that it has not relied and will not rely on the Arranger in deciding to enter into the Agreement or any other Loan Document or in taking or not taking any action.
Section 9.11    Confidentiality.  The Administrative Agent and each Lender agrees to hold any confidential information which it may receive from the Borrower in connection with this Agreement in confidence, except for disclosure (i) to its Affiliates and to the Administrative Agent and any other Lender and their respective Affiliates (it being understood that the Persons to whom disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential (“Confidentiality Direction”)), (ii) to legal counsel, accountants, and other professional advisors to the Administrative Agent or such Lender, who will receive the Confidentiality Direction, (iii) as provided in Section 12.3(e), (iv) to regulatory officials, (v) to any Person as requested pursuant to or as required by law, regulation, or legal process, (vi) to any Person in connection with any legal proceeding to which it is a party, (vii) to its direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, who will receive the Confidentiality Direction, (viii) to Rating Agencies if requested or required by such Rating Agencies in connection with a rating relating to the Advances hereunder (it being understood that, prior to any such disclosure, such 

	
			
	 
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Rating Agency shall undertake to preserve the confidentiality of the information), (ix) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, to the extent reasonably necessary, and (x) to the extent such information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, any LC Issuer, the Swing Line Lender or any other Lender on a non-confidential basis from a source other than the Borrower.  Without limiting Section 9.4, the Borrower agrees that the terms of this Section 9.11 shall set forth the entire agreement between the Borrower and the Administrative Agent and each Lender with respect to any confidential information previously or hereafter received by the Administrative Agent or such Lender in connection with this Agreement, and this Section 9.11 shall supersede any and all prior confidentiality agreements entered into by the Administrative Agent or any Lender with respect to such confidential information.
Section 9.12    Nonreliance.  Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U) for the repayment of the Credit Extensions provided for herein.
Section 9.13    Disclosure.  The Borrower and each Lender hereby acknowledge and agree that U.S. Bank and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates.
Section 9.14    USA PATRIOT ACT NOTIFICATION.  The following notification is provided to the Borrower pursuant to Section 326 of the USA PATRIOT Act of 2001, 31 U.S.C. Section 5318:
Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower and each other Loan Party that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Act.
ARTICLE X     
 
THE ADMINISTRATIVE AGENT
Section 10.1    Appointment; Nature of Relationship.  U.S. Bank National Association d/b/a Housing Capital Company is hereby appointed by each of the Lenders as its contractual representative (herein referred to as the “Administrative Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.  The Administrative Agent agrees to act as such contractual representative upon the express conditions contained in this ARTICLE X.  Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Administrative Agent is merely acting as the 

	
			
	 
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contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents.  In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders and (ii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents.  Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.
Section 10.2    Powers.  The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.  The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent.
Section 10.3    General Immunity.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.
Section 10.4    No Responsibility for Loans, Recitals, etc.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in ARTICLE IV, except receipt of items required to be delivered solely to the Administrative Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of the Borrower or any guarantor of any of the Obligations or of any of the Borrower’s or any such guarantor’s respective Subsidiaries.
Section 10.5    Action on Instructions of Lenders.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.  The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders.  The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its 

	
			
	 
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satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.
Section 10.6    Employment of Agents and Counsel.  The Administrative Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care.  The Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Administrative Agent and the Lenders and all matters pertaining to the Administrative Agent’s duties hereunder and under any other Loan Document.
Section 10.7    Reliance on Documents; Counsel.  The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent.  For purposes of determining compliance with the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the applicable date specifying its objection thereto.
Section 10.8    Administrative Agent’s Reimbursement and Indemnification.  The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion to their respective Pro Rata Shares (disregarding, for the avoidance of doubt, the exclusion of Defaulting Lenders therein) (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent and (ii) any indemnification required pursuant to Section 3.5(d) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance 

	
			
	 
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with the provisions thereof.  The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement.
Section 10.9    Notice of Event of Default.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Event of Default and stating that such notice is a “notice of default”.  In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders; provided that, except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.
Section 10.10    Rights as a Lender.  In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity.  The Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person.
Section 10.11    Lender Credit Decision, Legal Representation.
(o)    Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. Except for any notice, report, document or other information expressly required to be furnished to the Lenders by the Administrative Agent or Arranger hereunder, neither the Administrative Agent nor the Arranger shall have any duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or business of the Borrower or any of its Affiliates that may come into the possession of the Administrative Agent or Arranger (whether or not in their respective capacity as Administrative Agent or Arranger) or any of their Affiliates.
(p)    Each Lender further acknowledges that it has had the opportunity to be represented by legal counsel in connection with its execution of this Agreement and the 

	
			
	 
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other Loan Documents, that it has made its own evaluation of all applicable laws and regulations relating to the transactions contemplated hereby, and that the counsel to the Administrative Agent represents only the Administrative Agent and not the Lenders in connection with this Agreement and the transactions contemplated hereby.
Section 10.12    Successor Administrative Agent.  The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, thirty (30) days after the retiring Administrative Agent gives notice of its intention to resign.  Upon any such resignation, the Required Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent.  If no successor Administrative Agent shall have been so appointed by the Required Lenders within fifteen (15) days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent.  Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder.  If the Administrative Agent has resigned and no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders.  No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment.  Any such successor Administrative Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000.  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 resigning Administrative Agent.  Upon the effectiveness of the resignation of the Administrative Agent, the resigning Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents.  After the effectiveness of the resignation of an Administrative Agent, the provisions of this ARTICLE X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents.  In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent.
Section 10.13    Administrative Agent and Arranger Fees.  The Borrower agrees to pay to U.S. Bank the fees agreed to by U.S. Bank and the Borrower, pursuant to that certain letter agreement of even date herewith between U.S. Bank and the Borrower (the “Fee Letter”).  Lenders and Borrower understand and agree that, except only as may otherwise be set forth in a separate side letter between U.S. Bank and any other Lender (if at all), U.S. Bank shall have no obligation to share any such fees paid to U.S. Bank pursuant to the Fee Letter with any of the other Lenders.

	
			
	 
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Section 10.14    Delegation to Affiliates.  The Borrower and the Lenders agree that the Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates.  Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under ARTICLES IX and X.
Section 10.15    Arranger and Book Runner.  None of the Lenders identified in this Agreement as an “Arranger” or “Book Runner” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such, provided, however, that nothing in this Section 10.15 shall affect the rights, powers, obligations, liabilities, responsibilities or duties of the Administrative Agent in such capacity under this Agreement and the other Loan Documents.  Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.  Each Lender hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Administrative Agent in Section 10.11.
Section 10.16    No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
ARTICLE XI     
 
RATABLE PAYMENTS
Section 11.1    Ratable Payments.  If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit 

	
			
	 
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Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure.  If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral or other protection ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding Credit Exposure.  In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.
ARTICLE XII     
 
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
Section 12.1    Successors and Assigns.  The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Lenders and their respective successors and assigns permitted hereby, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents without the prior written consent of each Lender, (ii) any assignment by any Lender must be made in compliance with Section 12.3, and (iii) any transfer by participation must be made in compliance with Section 12.2.  Any attempted assignment or transfer by any party not made in compliance with this Section 12.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with the terms of this Agreement.  The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and this Section 12.1 does not prohibit assignments by any Lender creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender which is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3.  The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person.  Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.  Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan.
Section 12.2    Participations.
(a)    Permitted Participants; Effect.  Any Lender may at any time sell to one or more entities (“Participants”) participating interests in any Outstanding Credit Exposure owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents.  In the event of any such sale 

	
			
	 
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by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.
(b)    Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents provided that each such Lender may agree in its participation agreement with its Participant that such Lender will not vote to approve any amendment, modification or waiver with respect to any Outstanding Credit Exposure or Commitment in which such Participant has an interest which would require consent of all of the Lenders pursuant to the terms of Section 8.3 or of any other Loan Document.
(c)    Benefit of Certain Provisions.  The Borrower further agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5, 9.6 and 9.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.3, provided that (i) a Participant shall not be entitled to receive any greater payment under Section 3.1 or 3.2 than the Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Borrower, (ii) each Participant shall be subject to the provisions of Section 3.7 and (iii) a Participant shall not be entitled to receive any greater payment under Section 3.5 than the Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account (A) except to the extent such entitlement to receive a greater payment results from a change in treaty, law or regulation (or any change in the interpretation or administration thereof by any Governmental Authority) that occurs after the Participant acquired the applicable participation and (B), in the case of any Participant that would be a Non-U.S. Lender if it were a Lender, such Participant agrees to comply with the provisions of Section 3.5 to the same extent as if it were a Lender (it being understood that the documentation required under Section 3.5(f) shall be delivered to the participating Lender).  Each Lender that sells a participation shall, acting solely for this purpose as an 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 any Outstanding Credit Exposure, any Note, any Commitment or any 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 Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such Outstanding Credit Exposure, any Note, any Commitment or any other obligations 

	
			
	 
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under the Loan Documents 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.
Section 12.3    Assignments.
(g)    Permitted Assignments.  Any Lender may, upon the prior approval of Administrative Agent, LC Issuer and Swing Line Lender, assign to any affiliate of such Lender all or a portion of its respective Commitment, in such a manner as to create privity of contract between such affiliate and the Borrower and to make such affiliate a Lender for all purposes hereunder.  Any Lender may, upon the prior approval of Administrative Agent, LC Issuer and Swing Line Lender, assign to any entity which meets the following conditions (“Assignee Lender”) all or a portion of its respective Commitment, in such a manner as to create privity of contract between such person and the Borrower and to make such person a Lender for all purposes hereunder:
(i)    The minimum portion of the total commitment which the assigning Lender may assign to an Assignee Lender shall be Five Million Dollars ($5,000,000.00).
(ii)    Without limiting the power of consent in subsection (iv) below, an Assignee Lender (or its direct or indirect parent) shall be either (A) a commercial lender organized under the laws of the United States, or any state thereof, and having total assets in excess of Two Billion Dollars ($2,000,000,000) or (B) a commercial bank organized under the laws of any other country which has total assets in excess of Ten Billion Dollars ($10,000,000,000) or (C) any other financial institution which has total assets in excess of Ten Billion Dollars ($10,000,000,000).
(iii)    The senior unsecured debt of an Assignee Lender (or its direct or indirect parent) shall have a rating of Baa-2 or higher from Moody’s Investors Service, Inc. or a comparable rating agency.
(iv)    Such assignment shall have been approved by Administrative Agent, LC Issuer and Swing Line Lender, which approvals shall not be unreasonably withheld.
(v)    The Assignee Lender shall have paid to the Administrative Agent an administrative fee of $3,500.00 to process the admission of such Assignee Lender.
(vi)    The Assignee Lender shall not be Borrower or any of Borrower’s Affiliates.

	
			
	 
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(vii)    Borrower’s consent shall have been obtained; provided, however, that, during the existence of any Event of Default, Borrower's consent shall not be required in connection with any sale, transfer, assignment or syndication of any portion of the Loan or any Lender's interest therein.
(h)    Assignment and Assumption.  The Borrower and Administrative Agent may continue to deal solely and directly with the assigning Lender in connection with the interest so assigned to an Assignee Lender (or to an affiliate of such Lender) until such time as (i) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee Lender (or such affiliate) shall have been given to the Borrower and Administrative Agent by the assigning Lender and the Assignee Lender (or such affiliate); (ii) the assigning Lender and the Assignee Lender (or such affiliate) shall have delivered to the Borrower and Administrative Agent an Assignment and Assumption.  Upon request, Borrower will execute and deliver to Administrative Agent an appropriate replacement promissory note or replacement promissory notes in favor of each assignee (and assignor, if such assignor is retaining a portion of its Commitment and advances) reflecting such assignee’s (and assignor’s) portion of the Commitment.  Upon execution and delivery of such replacement promissory note(s) the original promissory note or notes evidencing all or a portion of the Commitment being assigned shall be canceled and returned to Borrower.
(i)    Notice by Administrative Agent.  Promptly following receipt by Administrative Agent of an executed Assignment and Assumption, Administrative Agent shall give notice to the Borrower and to the Lenders of: (i) the effectiveness of the assignment by the assigning Lender to the Assignee Lender (or the affiliate of the Lender); and (ii) the revised Pro Rata Shares and maximum amounts of the Commitment in effect as a result of such assignment.
(j)    Adjustment of Shares.  Immediately upon delivery of the Assignment and Assumption to Administrative Agent, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee Lender (or affiliate of the Lender) and the resulting adjustment of the Pro Rata Shares and maximum amounts of the Lenders’ Commitment arising therefrom.  The portion of the Commitment assigned to each Assignee Lender (or such affiliate) shall reduce the Commitment of the assigning Lender by a like amount.
(k)    Rights of Assignee.  From and after the date upon which Administrative Agent notifies the assigning Lender that it has received an executed Assignment and Assumption:  (1) the Assignee Lender (or the Lender’s affiliate) thereunder shall be a party to this Agreement and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Assumption, shall have the rights and obligations of a Lender under this Agreement; and (2) the assigning Lender shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment and Assumption, relinquish its rights and be released from its obligations under this Agreement.

	
			
	 
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(l)    Assignee’s Agreements.  By executing and delivering an Assignment and Assumption, the Assignee Lender (or the Lender’s affiliate) thereunder confirms and agrees as follows:  (1) other than as provided in such Assignment and Assumption, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, the Note or any other instrument or document furnished pursuant to the Loan; (2) the assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any other parties or the performance or observance by the Borrower of any of its obligations under the Note and this Agreement; (3) the Assignee Lender (or such affiliate) has received a copy of this Agreement, together with such other documents and information as the Assignee Lender (or such affiliate) has deemed appropriate to make its own credit analysis and decision to enter into the Assignment and Assumption; (4) the Assignee Lender (or such affiliate) will, independently and without reliance upon Administrative Agent, continue to make its own credit decisions in taking or not taking action under this Agreement; (5) the Assignee Lender (or such affiliate) hereby appoints and authorizes Administrative Agent to take such action as administrative agent on its behalf and to exercise such powers under the Loan Documents and this Agreement as are delegated to Administrative Agent thereunder and hereunder, together with such powers as are reasonably incidental thereto; and (6) the Assignee Lender (or such affiliate) agrees that it will perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender and confirms the representations and warranties of the assigning Lender under this Agreement.  Any assignment in violation of this Section 12.3 shall be deemed to be a participation under Section 12.2 of this Agreement.
ARTICLE XIII     
 
NOTICES
Section 13.1    Notices; Effectiveness; Electronic Communication.
(d)    Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:
(i)    if to the Borrower, to it at The New Home Company Inc., 85 Enterprise, Suite 450, Aliso Viejo, CA 92656, Attention: Wayne Stelmar, Chief Financial Officer, Facsimile:  (949) 382-7801;
(ii)    if to the Administrative Agent, to it at U.S. Bank National Association d/b/a Housing Capital Company, 3200 Bristol Street, Suite 800, Costa Mesa, CA 92626, Attention:  Loan Administration, Facsimile:  (714) 438-4435;

	
			
	 
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(iii)    if to a Lender or LC Issuer, to it at its address (or facsimile number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(e)    Electronic Communications.  Notices and other communications to the Lenders and the LC Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent,  provided that the foregoing shall not apply to notices to any Lender or LC Issuer pursuant to Article II if such Lender or LC Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to particular notices or communications.
Unless the recipient otherwise prescribes pursuant to the preceding paragraph, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
(f)    Change of Address, Etc.  Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto given in the manner set forth in this Section 13.1.
ARTICLE XIV     
 
COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION
Section 14.1    Counterparts; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Except as provided in ARTICLE IV, this Agreement shall become effective when it shall have been executed 

	
			
	 
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by the Administrative Agent, and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.
Section 14.2    Electronic Execution of Assignments.  The words “execution,” “signed,” “signature,” and words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act.
ARTICLE XV     
 
CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
Section 15.1    CHOICE OF LAW.  THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF CALIFORNIA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
Section 15.2    CONSENT TO JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN ORANGE COUNTY, CALIFORNIA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN ORANGE COUNTY, CALIFORNIA.
Section 15.3    WAIVER OF JURY TRIAL.  TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER, THE ADMINISTRATIVE 

	
			
	 
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AGENT, EACH LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

[Signature Pages Follow]

	
			
	 
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IN WITNESS WHEREOF, the Borrower, the Lenders, the LC Issuer and the Administrative Agent have executed this Agreement as of the date first above written.
	
			
	 
	The New Home Company Inc., a Delaware corporation

	 
	 
	 

	 
	By:
	/s/ Wayne Stelmar

	 
	Name:
	Wayne Stelmar

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	By:
	/s/ Mark Kawanami

	 
	Name:
	Mark Kawanami

	 
	Title:
	Senior Vice President

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	U.S. BANK NATIONAL ASSOCIATION, D/B/A HOUSING CAPITAL COMPANY as a Lender, a Swing Line Lender, an LC Issuer and Administrative Agent

	 
	 
	 

	 
	By:
	/s/ Karen Goodbody

	 
	Name:
	Karen Goodbody

	 
	Title:
	Vice PresidentExhibit 10.1

  

 

 Published CUSIP Number: 68209GAH3

 

CREDIT AGREEMENT

 

Dated as of June 27, 2014

 

among

 

OMEGA HEALTHCARE INVESTORS, INC.,

as Borrower

 

CERTAIN SUBSIDIARIES OF THE BORROWER

 

REFERRED TO HEREIN AS GUARANTORS,

 

THE LENDERS PARTY HERETO,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender and L/C
Issuer,

 

and

 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK,

 

and

 

J.P.MORGAN CHASE BANK, N.A.,

 

and

 

CITIZENS BANK, NATIONAL ASSOCIATION,

 

as Co-Syndication Agents,

 

and

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Joint Lead Arranger and Sole Book Runner

 

and

 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK,

 

and

 

J.P. MORGAN SECURITIES LLC,

 

and

 

CITIZENS BANK, NATIONAL ASSOCIATION,

 

as Joint Lead Arrangers

  

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01	Defined Terms	1
	1.02	Interpretive Provisions	35
	1.03	Accounting Terms	36
	1.04	Rounding	36
	1.05	References to Agreements and Laws	36
	1.06	Times of Day; Rates	36
	1.07	Letter of Credit Amounts	37
	 	 	 
	Article II COMMITMENTS AND EXTENSION OF CREDITS	37
	 	 	 
	2.01	Commitments	37
	2.02	Borrowings, Conversions and Continuations	41
	2.03	Additional Provisions with respect to Letters of Credit	42
	2.04	Additional Provisions with respect to Swing Line Loans	49
	2.05	Repayment of Loans	52
	2.06	Prepayments	52
	2.07	Termination or Reduction of Commitments	53
	2.08	Interest	54
	2.09	Fees	54
	2.10	Computation of Interest and Fees	56
	2.11	Payments Generally	56
	2.12	Sharing of Payments	58
	2.13	Evidence of Debt	59
	2.14	Cash Collateral	60
	2.15	Defaulting Lenders	61
	2.16	Extension of Revolving Loan Maturity Date	64
	 	 	 
	Article III TAXES, YIELD PROTECTION AND ILLEGALITY	64
	 	 	 
	3.01	Taxes	64
	3.02	Illegality	66
	3.03	Inability to Determine Rates	67
	3.04	Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Loans	67
	3.05	Funding Losses	68
	3.06	Matters Applicable to all Requests for Compensation	68
	3.07	Survival	69
	 		 
	Article IV CONDITIONS PRECEDENT TO EXTENSION OF CREDITS	69
	 	 	 
	4.01	Conditions to Initial Extensions of Credit	69
	4.02	Conditions to Extensions of Credit	72
	 	 	 
	Article V REPRESENTATIONS AND WARRANTIES	72
	 	 	 
	5.01	Financial Statements; No Material Adverse Effect	72

 

    	i

    	 

    

 

	5.02	Corporate Existence and Power	73
	5.03	Corporate and Governmental Authorization; No Contravention	73
	5.04	Binding Effect	74
	5.05	Litigation	74
	5.06	Compliance with ERISA	74
	5.07	Environmental Matters	75
	5.08	Margin Regulations; Investment Company Act	76
	5.09	Compliance with Laws	76
	5.10	Ownership of Property; Liens	76
	5.11	Corporate Structure; Capital Stock, Etc.	76
	5.12	Labor Matters	77
	5.13	No Default	77
	5.14	Solvency	77
	5.15	Taxes	77
	5.16	REIT Status	77
	5.17	Insurance	77
	5.18	Intellectual Property; Licenses, Etc.	78
	5.19	Disclosure	78
	5.20	Anti-Terrorism Laws	78
	 	 	 
	Article VI AFFIRMATIVE COVENANTS	79
	 	 	 
	6.01	Financial Statements	79
	6.02	Certificates; Other Information	80
	6.03	Preservation of Existence and Franchises	82
	6.04	Books and Records	82
	6.05	Compliance with Law	82
	6.06	Payment of Taxes and Other Indebtedness	83
	6.07	Insurance	83
	6.08	Maintenance of Property	83
	6.09	Performance of Obligations	83
	6.10	Visits and Inspections	83
	6.11	Use of Proceeds/Purpose of Loans and Letters of Credit	84
	6.12	Financial Covenants	84
	6.13	Environmental Matters; Preparation of Environmental Reports	85
	6.14	REIT Status	85
	6.15	Additional Guarantors; Withdrawal or Addition of Unencumbered Properties; Release of Guarantors	85
	6.16	Anti-Terrorism Laws	87
	6.17	Compliance With Material Contracts	87
	6.18	Designation as Senior Debt	87
	 	 	 
	Article VII NEGATIVE COVENANTS	87
	 	 	 
	7.01	Liens	88
	7.02	Indebtedness	89
	7.03	Investments	90
	7.04	Fundamental Changes	91
	7.05	Dispositions	91

 

    	ii

    	 

    

 

	7.06	Change in Nature of Business	92
	7.07	Transactions with Affiliates and Insiders	92
	7.08	Organization Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity	92
	7.09	Negative Pledges	92
	7.10	Use of Proceeds	93
	7.11	Prepayments of Indebtedness	93
	7.12	Stock Repurchases	93
	7.13	Sanctions	93
	 	 	 
	Article VIII EVENTS OF DEFAULT AND REMEDIES	93
	 	 	 
	8.01	Events of Default	93
	8.02	Remedies Upon Event of Default	96
	8.03	Application of Funds	97
	 	 	 
	Article IX ADMINISTRATIVE AGENT	98
	 	 	 
	9.01	Appointment and Authorization of Administrative Agent	98
	9.02	Delegation of Duties	98
	9.03	Liability of Administrative Agent	99
	9.04	Reliance by Administrative Agent	99
	9.05	Notice of Default	100
	9.06	Credit Decision; Disclosure of Confidential Information by Administrative Agent	100
	9.07	Indemnification of Administrative Agent	100
	9.08	Administrative Agent in its Individual Capacity	101
	9.09	Successor Administrative Agent	101
	9.10	Administrative Agent May File Proofs of Claim	102
	9.11	Guaranty Matters	103
	9.12	Other Agents; Arrangers and Managers	103
	 	 	 
	Article X MISCELLANEOUS	103
	 	 	 
	10.01	Amendments, Etc.	103
	10.02	Notices and Other Communications; Facsimile Copies	105
	10.03	No Waiver; Cumulative Remedies	107
	10.04	Attorney Costs, Expenses and Taxes	108
	10.05	Indemnification	108
	10.06	Payments Set Aside	109
	10.07	Successors and Assigns	110
	10.08	Confidentiality	113
	10.09	Set-off	114
	10.10	Interest Rate Limitation	115
	10.11	Counterparts	115
	10.12	Integration	115
	10.13	Survival of Representations and Warranties	116
	10.14	Severability	116
	10.15	Tax Forms	116
	10.16	Replacement of Lenders	118

 

    	iii

    	 

    

 

	10.17	No Advisory or Fiduciary Responsibility	118
	10.18	Source of Funds	119
	10.19	GOVERNING LAW	120
	10.20	WAIVER OF RIGHT TO TRIAL BY JURY	120
	10.21	No Conflict	121
	10.22	USA Patriot Act Notice	121
	10.23	Electronic Execution of Assignments and Certain Other Documents	121
	10.24	Entire Agreement	121
	 	 	 
	Article XI GUARANTY	122
	 	 	 
	11.01	The Guaranty	122
	11.02	Obligations Unconditional	122
	11.03	Reinstatement	123
	11.04	Certain Waivers	124
	11.05	Rights of Contribution	124
	11.06	Guaranty of Payment; Continuing Guaranty	125
	11.07	Keepwell	125

 

    	iv

    	 

    

 

SCHEDULES

 

	2.01	Lenders and Commitments
	5.11	Corporate Structure; Capital Stock
	5.20	Consolidated Parties
	7.01	Liens
	7.02	Indebtedness
	7.03	Investments
	7.09	Negative Pledges
	10.02	Notice Addresses

 

EXHIBITS

 

	A	Form of Loan Notice
	B	Form of Revolving Note
	C	Form of Term Note
	D	Form of Compliance Certificate
	E	Form of Assignment and Assumption
	F	Form of Subsidiary Guarantor Joinder Agreement
	G	Form of Lender Joinder Agreement

 

    	v

    	 

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT (as
amended, modified, restated or supplemented from time to time, this “Credit Agreement” or this “Agreement”)
is entered into as of June 27, 2014 by and among OMEGA HEALTHCARE INVESTORS, INC., a Maryland corporation (the “Borrower”)
certain subsidiaries of the Borrower identified herein, as Guarantors, the Lenders (as defined herein), and BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer (each, as defined herein).

 

WHEREAS, the Borrower
has requested that the Revolving Lenders hereunder provide a four-year revolving credit facility in an amount of $1,000,000,000
(the “Revolving Credit Facility”) and the Term Loan Lenders hereunder provide a term loan facility in the amount
of $200,000,000 (the “Term Loan Facility” and together with the Revolving Credit Facility, the “Credit
Facilities”), which Credit Facilities may be increased to an aggregate amount of $1,750,000,000;

 

WHEREAS, to provide
assurance for the repayment of the Loans hereunder and the other Obligations of the Credit Parties, the Borrower will, among other
things, provide or cause to be provided to the Administrative Agent, for the benefit of the holders of the Obligations so guaranteed,
a guaranty of the Obligations by each of the Guarantors pursuant to Article XI hereof;

 

WHEREAS, subject to
the terms and conditions set forth herein, the Administrative Agent is willing to act as administrative agent for the Lenders,
the L/C Issuer is willing to issue Letters of Credit as provided herein, the Swing Line Lender is willing to make Swing Line Loans
as provided herein, and each of the Revolving Lenders is willing to make Revolving Loans and to participate in Letters of Credit
as provided herein in an aggregate amount at any one time outstanding not in excess of such Revolving Lender’s Revolving
Commitment hereunder and each of the Term Loan Lenders is willing to make Term Loans as provided herein in an aggregate amount
at any one time outstanding not in excess of such Term Loan Lender’s Term Loan Commitment hereunder.

 

NOW, THEREFORE, in consideration
of these premises and the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto covenant and agree as follows:

 

Article
I

DEFINITIONS
AND ACCOUNTING TERMS

 

1.01      Defined
Terms.

 

As used in this Credit Agreement,
the following terms have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms
of the terms defined):

 

“Acquisition”
with respect to any Person, means the purchase or acquisition by such Person of any Capital Stock in or any asset of another Person,
whether or not involving a merger or consolidation with such other Person.

 

    	 

    	 

    

  

“Acquisition Leverage
Ratio Notice” means a written notice from the Borrower to the Administrative Agent (a) delivered not later than twenty
(20) days following the last day of the initial fiscal quarter in which the Borrower seeks to invoke an adjustment to the Consolidated
Leverage Ratio and/or the Consolidated Unencumbered Leverage Ratio and (b) which describes the Significant Acquisition which formed
the basis for such request (including without limitation, a pro forma calculation of the Consolidated Leverage Ratio and/or the
Consolidated Unencumbered Leverage Ratio, as applicable, immediately prior to and after giving effect to such Significant Acquisition)
and otherwise in form and substance reasonably satisfactory to the Administrative Agent.

 

“Adjusted Consolidated
Funded Debt” means, as of any date of determination, the sum of (a) all Consolidated Funded Debt plus (b) the
Consolidated Parties’ pro rata share of Funded Debt attributable to interest in Unconsolidated Affiliates.

 

“Administrative Agent”
means Bank of America in its capacity as administrative agent for the Lenders under any of the Credit Documents, or any successor
administrative agent.

 

“Administrative Agent’s
Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02,
or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

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

 

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

 

“Agent-Related Persons”
means the Administrative Agent, together with its Affiliates (including, in the case of Bank of America in its capacity as the
Administrative Agent, the Arranger), and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.

 

“Aggregate Revolving
Commitments” means the Revolving Commitments of all the Revolving Lenders.

 

“Aggregate Revolving
Committed Amount” has the meaning provided in Section 2.01(a), as increased from time to time pursuant to
Section 2.01(e).

 

“Agreement”
has the meaning provided in the introductory paragraph hereof.

 

“Applicable Maturity
Date” means (a) with respect to the Revolving Loans, the Swing Line Loans and Letters of Credit, the Revolving Loan Maturity
Date and (b) with respect to the Term Loan, the Term Loan Maturity Date.

  

“Applicable Percentage”
means with respect to any Lender at any time, (a) with respect to such Lender’s Revolving Commitment at any time, the percentage
(carried out to the ninth decimal place) of the Aggregate Revolving Commitments represented by such Lender’s

  

    	2

    	 

    

 

Revolving Commitment
at such time, subject to adjustment as provided in Section 2.15; provided that if the commitment of each Lender to make
Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section
8.02 or if the Aggregate Revolving Commitments have expired, then the Applicable Percentage of each Lender shall be determined
based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments, (b) with
respect to such Lender’s portion of any outstanding Term Loan at any time, the percentage (carried out to the ninth decimal
place) of the outstanding principal amount of such Term Loan held by such Lender at such time subject to adjustment as provided
in Section 2.15 and (c) with respect to such Lender’s Term Loan Commitment at any time, the percentage (carried out
to the ninth decimal place) of the aggregate Term Loan Commitments of all Lenders represented by such Lender’s Term Loan
Commitment at such time, subject to adjustment as provided in Section 2.15. The initial Applicable Percentage of each Lender
is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto or in any documentation executed by such Lender pursuant to Section 2.01(e), as applicable.

 

“Applicable Rate”
means, for any applicable period, the appropriate applicable percentage corresponding to the following percentages per annum, based
upon the Debt Ratings at each Pricing Level as set forth below:

 

	Applicable Rate
	 	 	 	 	Revolving Loans	 	 	Term Loan	 	 	 	 	 	 	 
	Pricing	 	 	 	Eurodollar	 	 	Base Rate	 	 	Eurodollar	 	 	Base Rate	 	 	Letter of	 	 	Facility	 
	Level	 	Debt Rating	 	Loans	 	 	Loans	 	 	Loans	 	 	Loans	 	 	Credit Fee	 	 	Fee	 
	1	 	> A-/A3	 	 	0.925	%	 	 	0.00	%	 	 	1.00	%	 	 	0.00	%	 	 	0.925	%	 	 	0.125	%
	2	 	BBB+/Baa1	 	 	1.00	%	 	 	0.00	%	 	 	1.10	%	 	 	0.10	%	 	 	1.00	%	 	 	0.15	%
	3	 	BBB/Baa2	 	 	1.10	%	 	 	0.10	%	 	 	1.25	%	 	 	0.25	%	 	 	1.10	%	 	 	0.20	%
	4	 	BBB-/Baa3	 	 	1.30	%	 	 	0.30	%	 	 	1.50	%	 	 	0.50	%	 	 	1.30	%	 	 	0.25	%
	5	 	<BBB-/Baa3	 	 	1.70	%	 	 	0.70	%	 	 	1.95	%	 	 	0.95	%	 	 	1.70	%	 	 	0.30	%

 

Each change in the Applicable Rate resulting from
a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade, during the period commencing on the
date of delivery by the Borrower to the Administrative Agent of notice thereof and ending on the day immediately preceding the
effective date of the next such change and, in the case of a downgrade, during the period commencing on the date of the public
announcement thereof and ending on the day immediately preceding the effective date of the next such change. If at any time the
Borrower has only two (2) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between such Debt Ratings
is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum
that would be applicable if the higher of the Debt Ratings were used; and (B) if the difference between such Debt Ratings is two
ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P), the Applicable Rate shall be the rate per annum that would
be applicable if the median of the applicable Debt Ratings were used. If at any time the Borrower has three (3) Debt Ratings, and
such Debt Ratings are split, then: (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category
(e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable
if the highest of the Debt Ratings were used; and (B) if the difference between such Debt Ratings is two ratings categories (e.g.
Baa1 by Moody’s and

 

    	3

    	 

    

 

BBB- by S&P or Fitch) or more, the Applicable
Rate shall be the rate per annum that would be applicable if the average of the two (2) highest Debt Ratings were used; provided,
that if such average is not a recognized rating category, then the Applicable Rate shall be the rate per annum that would be applicable
if the second highest Debt Rating of the three were used.

 

“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
an entity that administers or manages a Lender.

 

“Arranger”
means, collectively, (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as joint lead arranger and sole
book runner, (ii) Credit Agricole Corporate and Investment Bank, in its capacity as joint lead arranger, (iii) J.P. Morgan Securities
LLC, in its capacity as joint lead arranger and (iv) Citizens Bank, National Association, in its capacity as joint lead arranger.

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment
advisor.

 

“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 10.07(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E
or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative
Agent and, if such assignment and assumption requires its consent, the Borrower.

 

“Attorney Costs”
means and includes all reasonable and documented fees, expenses and disbursements of any law firm or other external counsel and,
without duplication, the allocated reasonable and documented cost of internal legal services and all expenses and disbursements
of internal counsel.

 

“Attributable Principal
Amount” means (a) in the case of capital leases, the amount of capital lease obligations determined in accordance with
GAAP, (b) in the case of Synthetic Leases, an amount determined by capitalization of the remaining lease payments thereunder as
if it were a capital lease determined in accordance with GAAP, (c) in the case of Securitization Transactions, the outstanding
principal amount of such financing, after taking into account reserve amounts and making appropriate adjustments, determined by
the Administrative Agent in its reasonable judgment and (d) in the case of Sale and Leaseback Transactions, the present value (discounted
in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments
during the term of such lease.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries for the fiscal
year ended December 31, 2013, and the related consolidated statements of earnings, shareholders’ equity and cash flows
for such fiscal year of the Borrower and its Consolidated Subsidiaries, including the notes thereto; provided, that the
Administrative Agent hereby agrees that the Form 10-K of the Borrower delivered to it by the Borrower and containing information
for the fiscal year ended December 31, 2013 shall

 

    	4

    	 

    

 

constitute all information required
to be delivered as part of the “Audited Financial Statements” for purposes of this Agreement.

 

“Bank of America”
means Bank of America, N.A., together with its successors.

 

“Bankruptcy Code”
means Title 11 of the United States Code, as the same may be amended from time to time.

 

“Bankruptcy Event”
means, with respect to any Person, the occurrence of any of the following: (a) the entry of a decree or order for relief by a court
or governmental agency in an involuntary case under any applicable Debtor Relief Law or any other bankruptcy, insolvency or other
similar law now or hereafter in effect, or the appointment by a court or governmental agency of a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its Property or the ordering
of the winding up or liquidation of its affairs by a court or governmental agency and such decree, order or appointment is not
vacated or discharged within ninety (90) days of its filing; or (b) the commencement against such Person of an involuntary case
under any applicable Debtor Relief Law or any other bankruptcy, insolvency or other similar law now or hereafter in effect, or
of any case, proceeding or other action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of such Person or for any substantial part of its Property or for the winding up or liquidation of its affairs,
and such involuntary case or other case, proceeding or other action shall remain undismissed for a period of ninety (90) consecutive
days, or the repossession or seizure by a creditor of such Person of a substantial part of its Property; or (c) such Person shall
commence a voluntary case under any applicable Debtor Relief Law or any other bankruptcy, insolvency or other similar law now or
hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the
appointment of or the taking possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee, sequestrator
(or similar official) of such Person or for any substantial part of its Property or make any general assignment for the benefit
of creditors; or (d) the filing of a petition by such Person seeking to take advantage of any Debtor Relief Law or any other
applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment
of debts, or (e) such Person shall fail to contest in a timely and appropriate manner (and if not dismissed within ninety (90)
days) or shall consent to any petition filed against it in an involuntary case under such bankruptcy laws or other applicable Law
or consent to any proceeding or action relating to any bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment
of debts with respect to its assets or existence, or (f) such Person shall admit in writing, or such Person’s financial statements
shall reflect, an inability to pay its debts generally as they become due.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate
of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (c) the one-month Eurodollar Rate plus one percent (1.00%). The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change
in the prime rate

 

    	5

    	 

    

 

announced by Bank of America
shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate.

 

“Borrower”
has the meaning given to such term in the introductory paragraph hereof.

 

“Borrower Materials”
has the meaning provided in Section 6.02.

 

“Borrowing”
means (a) a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Loans, having the same Interest
Period, or (b) a borrowing of Swing Line Loans, as appropriate.

 

“Braswell Indebtedness”
means that certain Indebtedness of Regency Health Services, Inc. owing to C. Allen Braswell, Braswell Management,
Inc., Dorothy Norton and Cecil Mays pursuant to that certain Promissory Note Secured by Deeds of Trust in the
original principal amount of $4,114,035 (of which no more than $2,961,607 is outstanding as of the Closing Date).

 

“Businesses”
has the meaning provided in Section 5.07(a).

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or
are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar
Loan, means any such day that is also a London Banking Day.

 

“Capital Lease”
means a lease that would be capitalized on a balance sheet of the lessee prepared in accordance with GAAP.

 

“Capital Stock”
means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership,
partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests and (e)
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Capitalization Rate”
means 10.0% for all government reimbursed assets (i.e. skilled nursing facilities, hospitals, etc.) and 7.50% for all non-government
reimbursed assets (i.e. assisted living facilities, independent living facilities, medical office buildings, etc.).

 

“Cash Collateral”
means cash or deposit account balances pursuant to documentation in form and substance reasonably satisfactory to the Administrative
Agent and the L/C Issuer pledged and deposited with or delivered to the Administrative Agent, for the benefit of the L/C Issuer
and the Revolving Lenders, as collateral for the L/C Obligations. “Cash Collateralization” and “Cash
Collateralize” have meanings correlative thereto.

 

“Cash Equivalents”
means (a) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof
(provided that the full faith and

 

    	6

    	 

    

 

credit of the United States is
pledged in support thereof) having maturities of not more than twelve months from the date of acquisition, (b) time deposits and
certificates of deposit of (i) any Lender, (ii) any domestic commercial bank of recognized standing having capital and surplus
in excess of $500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-1 or the equivalent
thereof or from Moody’s is at least P-1 or the equivalent thereof (each an “Approved Bank”), in each case
with maturities of not more than two hundred seventy (270) days from the date of acquisition, (c) commercial paper and variable
or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed
by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better
by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements entered into by any Person
with a bank or trust company (including any of the Lenders) or recognized securities dealer having capital and surplus in excess
of $500,000,000 for direct obligations issued by or fully guaranteed by the United States in which such Person shall have a perfected
first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of
at least 100% of the amount of the repurchase obligations and (e) Investments (classified in accordance with GAAP as current assets)
in money market investment programs registered under the Investment Company Act of 1940, as amended, that are administered by reputable
financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments of the character
described in the foregoing subclauses hereof.

 

“Change in Law”
means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x)
the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.

 

“Change of Control”
means the occurrence of any of the following events: (a) any Person or two or more Persons acting in concert shall have acquired
beneficial ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, or shall have entered into a
contract or arrangement that, upon consummation, will result in its or their acquisition of or control over, voting stock of the
Borrower (or other securities convertible into such voting stock) representing thirty-five percent (35%) or more of the combined
voting power of all voting stock of the Borrower, (b) during any period of up to twenty-four (24) consecutive months, commencing
after the Closing Date, individuals who at the beginning of such twenty-four (24) month period were directors of the Borrower (together
with any new director whose election by the Borrower’s Board of Directors or whose nomination for election by the Borrower’s
shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors 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 directors of the

 

    	7

    	 

    

 

Borrower then in office. As used
herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3 of the SEC under the Securities Exchange
Act of 1934, or (c) the occurrence of a “Change of Control” or any equivalent term or concept under any of the
Senior Note Indentures.

 

“Closing Date”
means the date hereof.

 

“Commitment”
means (a) with respect to each Lender, (i) the Revolving Commitment of such Lender, (ii) the Term Loan Commitment of such Lender,
(b) with respect to the L/C Issuer, the L/C Commitment and (c) with respect to the Swing Line Lender, the Swing Line Commitment.

 

“Commitment Increase
Amendment” has the meaning set forth in Section 2.01(f).

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § et seq.).

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit D.

 

“Confidential Information”
has the meaning provided in Section 10.08.

 

“Consolidated Adjusted
EBITDA” means, for any period, for the Consolidated Parties on a consolidated basis, the sum of (a) Consolidated EBITDA
as of such date plus (b) an amount based on the Special Charges Adjustment (without duplication to the extent included in
the determination of Consolidated Interest Expense and added back to net income in the calculation of Consolidated EBITDA).

 

“Consolidated EBITDA”
means, for any period, for the Consolidated Parties on a consolidated basis, the sum of (a) net income of the Consolidated Parties,
in each case, excluding any non-recurring or extraordinary gains and losses, plus (b) an amount which, in the determination
of net income for such period pursuant to clause (a) above, has been deducted for or in connection with (i) Consolidated Interest
Expense (plus, amortization of deferred financing costs, to the extent included in the determination of Consolidated Interest Expense
per GAAP), (ii) income taxes, and (iii) depreciation and amortization plus (c) to the extent decreasing net income of the
Consolidated Parties for such period, all expenses directly attributable to FIN 46 consolidation requirements, minus (d)
to the extent increasing net income of the Consolidated Parties for such period, all revenue directly attributable to FIN 46 consolidation
requirements, plus (e) to the extent decreasing net income of the Consolidated Parties for such period, all expenses directly
related to owned and operated assets, minus (f) to the extent increasing net income of the Consolidated Parties for such
period, all revenues directly related to owned and operated assets, all determined in accordance with GAAP.

 

“Consolidated Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Adjusted EBITDA to (b) Consolidated
Fixed Charges for the most recently completed four (4) fiscal quarters.

 

“Consolidated Fixed
Charges” means, for any period, for the Consolidated Parties on a consolidated basis, the sum of (a) Consolidated Interest
Expense (excluding, for purposes hereof and without duplication, Special Charges to the extent included in the calculation of

 

    	8

    	 

    

 

Consolidated Interest Expense)
for such period, plus (b) current scheduled principal payments of Consolidated Funded Debt for such period (including, for
purposes hereof, current scheduled reductions in commitments, but excluding any payment of principal under the Credit Documents
and any “balloon” payment or final payment at maturity that is significantly larger than the scheduled payments that
preceded it) for a period beginning the day after the date of determination and lasting for the same length of time as the applicable
period referenced at the beginning of this definition, plus (c) dividends and distributions on preferred stock, if any,
for such period, in each case, as determined in accordance with GAAP.

 

“Consolidated Funded
Debt” means, as of any date of determination, the sum of (a) all Funded Debt of the Consolidated Parties determined on
a consolidated basis minus (b) to the extent included in the calculation of Funded Debt of the Consolidated Parties, the
aggregate amount of Funded Debt directly attributable to FIN 46 consolidation requirements, all determined in accordance with GAAP.

 

“Consolidated Interest
Expense” means, for any period, for the Consolidated Parties on a consolidated basis, all interest expense and letter
of credit fee expense, as determined in accordance with GAAP during such period; provided, that interest expenses shall,
in any event, (a) include the interest component under Capital Leases and the implied interest component under Securitization Transactions
and (b) exclude the amortization of any deferred financing fees.

 

“Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a) Adjusted Consolidated Funded Debt to (b)
Consolidated Total Asset Value for the most recently completed fiscal quarter.

 

“Consolidated Parties”
means the Borrower and its Consolidated Subsidiaries, as determined in accordance with GAAP.

 

“Consolidated Secured
Funded Debt” means the aggregate principal amount of Funded Debt of the Borrower or any of its Subsidiaries, on a consolidated
basis, that is secured by a Lien, and shall include (without duplication), the ownership share of such secured Funded Debt of the
Borrower’s or its Subsidiaries’ Unconsolidated Affiliates.

 

“Consolidated Secured
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Secured Funded Debt to (b)
Consolidated Total Asset Value for the most recently completed fiscal quarter.

 

“Consolidated Subsidiary”
means at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the Borrower in its
consolidated financial statements if such statements were prepared as of such date.

 

“Consolidated Tangible
Net Worth” means, for the Consolidated Parties as of any date of determination, (a) stockholders’ equity on a consolidated
basis determined in accordance with GAAP, but with no upward adjustments due to any revaluation of assets, less (b) all Intangible
Assets, plus (c) all accumulated depreciation, all determined in accordance with GAAP; provided, that the Consolidated Parties
will be permitted to exclude (i.e. add back to stockholder’s equity) up to $35,000,000 in potential future impairment charges
incurred during

 

    	9

    	 

    

 

the term of this Credit Agreement
(such exclusions to be clearly reflected, however, in the calculations of Consolidated Tangible Net Worth delivered to the Administrative
Agent by the Borrower from time to time pursuant to the terms of this Credit Agreement).

 

“Consolidated Total
Asset Value” means the sum of all the following of the Consolidated Parties, without duplication: (a) the quotient
of (1) Net Revenue from all Real Property Assets for the fiscal quarter most recently ended (for Real Property Assets owned for
the prior four (4) fiscal quarters), minus the Net Revenue attributable to each Real Property Asset sold or otherwise disposed
of during such most recently ended quarter, minus the Net Revenue from all Real Property Assets acquired during the prior
four (4) fiscal quarter period, multiplied by four, divided by (2) the Capitalization Rate, plus (b) the acquisition
cost of each Real Property Asset acquired during the prior four (4) fiscal quarter period, plus (c) the GAAP book value
of the Borrower’s Investments permitted by Section 7.03, plus (d) cash and cash equivalents, plus (e)
the Consolidated Parties’ pro rata share of the foregoing items and components attributable to interest in Unconsolidated
Affiliates.

 

“Consolidated Unsecured
Debt Yield” means, as of any date of determination, the ratio of (a) Unencumbered Net Revenue plus interest income
from unencumbered Qualified Mortgage Loans (provided, however, the aggregate amount of Qualified Mortgage Loans attributable
to second mortgages or second deeds of trust shall not exceed $150,000,000), as of the end of the most recently completed fiscal
quarter multiplied by four (4) to (b) the Consolidated Unsecured Funded Debt for the most recently completed fiscal
quarter.

 

“Consolidated Unsecured
Funded Debt” mean the aggregate principal amount of Funded Debt of the Borrower or any of its Subsidiaries, on a consolidated
basis, that is not Consolidated Secured Funded Debt.

 

“Consolidated Unsecured
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Unencumbered Net Revenue for the most
recently completed fiscal quarter to (b) the Consolidated Unsecured Interest Expense for the most recently completed fiscal
quarter.

 

“Consolidated Unsecured
Interest Expense” means, for any period, for the Consolidated Parties on a consolidated basis, all interest expense and
letter of credit fee expense, as determined in accordance with GAAP during such period, attributable to Borrower and its Subsidiaries’
aggregate Consolidated Unsecured Funded Debt; provided, that interest expenses shall, in any event, (a) include the interest
component under Capital Leases and the implied interest component under Securitization Transactions and (b) exclude the amortization
of any deferred financing fees.

 

“Consolidated Unsecured
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Unsecured Funded Debt to (b)
Unencumbered Asset Value for the most recently completed fiscal quarter.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

    	10

    	 

    

 

“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. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled
by another Person if such other Person possesses, directly or indirectly, power to vote twenty-five percent (25%) or more of the
securities having ordinary voting power for the election of directors, managing general partners or the equivalent.

 

“Credit Agreement”
has the meaning given to such term in the introductory paragraph hereof.

 

“Credit Documents”
means this Credit Agreement, the Notes, the Engagement Letter, each Issuer Document, the Subsidiary Guarantor Joinder Agreements,
the Compliance Certificates and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section
2.14.

 

“Credit Party”
means, as of any date, the Borrower or any Guarantor which is a party to the Credit Agreement as of such date; and “Credit
Parties” means a collective reference to each of them.

 

“Daily Floating Eurodollar
Rate Loan” means a Loan that bears interest at a rate based on the Daily Floating Eurodollar Rate.

 

“Daily Floating Eurodollar
Rate” means, for each day, a fluctuating rate of interest equal to Eurodollar Rate applicable on such day for an Interest
Period of one month beginning two (2) Business Days thereafter. The Daily Floating Eurodollar Rate shall be determined and
adjusted on each Business Day and shall remain in effect until the next Business Day. If the Daily Floating Eurodollar Rate is
not available at such time for any reason, or if the Administrative Agent determines that no adequate basis exists for determining
the Daily Floating Eurodollar Rate, or that the Daily Floating Eurodollar Rate will not adequately and fairly reflect the cost
to Swing Line Lender of funding the Swing Line Loan, or that any applicable Law or regulation or compliance therewith by Swing
Line Lender prohibits or restricts or makes impossible the charging of interest based on the Daily Floating Eurodollar Rate, then
“Daily Floating Eurodollar Rate” shall be an interest rate equal to the Base Rate then in effect.

 

“Debt Rating”
means, as of any date of determination, the rating as determined by S&P, Moody’s and/or Fitch for the Borrower’s
non-credit-enhanced, senior unsecured long-term debt.

 

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

 

“Default”
means any event, act or condition that, with notice, the passage of time, or both, would constitute an Event of Default.

 

    	11

    	 

    

 

“Default Rate”
means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c)
two percent (2%) per annum; provided, however, that with respect to a Eurodollar Loan, the Default Rate shall be
an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus two percent
(2%) per annum, in each case to the fullest extent permitted by applicable Law.

 

“Defaulting Lender”
means, subject to Section 2.15(b), any Lender that, as reasonably determined by the Administrative Agent, (a) has failed
to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters
of Credit or Swing Line Loans, within three Business Days of the date required to be funded by it hereunder, unless, in the case
of any Loan, such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s reasonable 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, (b) has notified the Borrower
or the Administrative Agent in writing that it does not intend to comply with its funding obligations or has made a public statement
to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit
(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 reasonable determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three Business Days after request by the Administrative Agent, to confirm in a manner satisfactory to the
Administrative Agent that it will comply with its funding obligations (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 a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or
indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided, that a Lender shall
not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct
or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs
of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the
date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the
Administrative Agent to the Borrower, the L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

    	12

    	 

    

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith.

 

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

 

“Eligible Assignee”
means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person)
approved by (i) the Administrative Agent (such approval not to be unreasonably withheld or delayed), and (ii) unless an Event of
Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided,
that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s
Affiliates or Subsidiaries.

 

“Eligible Ground Lease”
means, at any time, a ground lease (a) under which the Borrower or a Subsidiary of the Borrower is the lessee or holds equivalent
rights and is the fee owner of the improvements located thereon, (b) that has a remaining term of not less than thirty (30)
years; provided, however, with respect to that certain ground lease covering properties located at 200 Alabama Avenue,
Muscle Shoals, Alabama, 500 John Aldridge Drive, Tuscumbia, Alabama and 813 Keeler Lane, Tuscumbia, Alabama, such remaining term
may be less than thirty (30) years provided that the Borrower or such Subsidiary of the Borrower at all times possesses a valid
and enforceable irrevocable option to purchase the fee interest in such properties with no conditions or contingencies other than
the payment of a sum of less than $1,000.00, (c) under which any required rental payment, principal or interest payment or
other payment due under such lease from the Borrower or from such Subsidiary of the Borrower to the ground lessor is not more than
sixty (60) days past due and any required rental payment, principal or interest payment or other payment due to such Borrower
or Subsidiary of the Borrower under any sublease of the applicable real property lessor is not more than sixty (60) days past
due, (d) where no party to such lease is subject to a then-continuing Bankruptcy Event, (e) such ground lease (or a related
document executed by the applicable ground lessor) contains customary provisions protective of any lender to the lessee and (f)
where the Borrower’s or such Subsidiary of the Borrower’s interest in the underlying Real Property Asset or the lease
is not subject to (i) any Lien other than Permitted Liens and other encumbrances acceptable to the Administrative Agent and the
Required Lenders, in their discretion, or (ii) any Negative Pledge.

 

“Engagement Letter”
means the letter agreement dated as of April 28, 2014 among the Borrower, the Arranger and the Administrative Agent, as amended
and modified.

 

“Environmental Laws”
means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection
of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes,
air emissions and discharges to waste or public systems.

 

“Equity Transaction”
means, with respect to any member of the Consolidated Parties, any issuance or sale of shares of its Capital Stock, other than
an issuance (a) to a Consolidated Party,

 

    	13

    	 

    

 

(b) in connection with a conversion
of debt securities to equity, (c) in connection with the exercise by a present or former employee, officer or director under a
stock incentive plan, stock option plan or other equity-based compensation plan or arrangement, or (d) in connection with any acquisition
permitted hereunder.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b)
or (c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating
to Section 412 of the Internal Revenue Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension
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) a complete
or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan
is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer
Plan; (e) an event or condition that could reasonably be expected to constitute grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) 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 the Borrower or any ERISA Affiliate.

 

“Eurodollar Loan”
means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

 

“Eurodollar Rate”
means

 

(a)        For
any Interest Period with respect to a Eurodollar Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate, which rate is approved by the Administrative Agent, as published by Bloomberg (or such other
commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in
such case, the “LIBOR Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period;

 

(b)        For
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at approximately
11:00 a.m., London time, determined two (2) Business Days prior to such date for Dollar deposits with a term of one month commencing
that day;

 

provided, that to the extent a comparable
or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner
consistent with

 

    	14

    	 

    

 

market practice; and, provided, further,
that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall
be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

“Event of Default”
has the meaning provided in Section 8.01.

 

“Excluded Swap Obligation”
means, with respect to any Guarantor, any Obligation under any Swap Contract if, and to the extent that, all or a portion of the
Guaranty of such Guarantor of, or the grant under a Credit Document by such Guarantor of a security interest to secure, such Obligation
(or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation
thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act (determined after giving effect to Section 11.07 and any and all guarantees of such Guarantor’s
Obligations under any Swap Contract by other Credit Parties) at the time the Guaranty of such Guarantor, or grant by such Guarantor
of a security interest, becomes effective with respect to such Obligation. If an Obligation under any Swap Contract arises under
a Master Agreement governing more than one Swap Contract, such exclusion shall apply to only the portion of such Obligations that
is attributable to Swap Contracts for which such Guaranty or security interest becomes illegal.

 

“Executive Order”
has the meaning provided in the definition of “Prohibited Person” in this Section 1.01.

 

“Existing Credit Facility”
means that certain Credit Agreement, dated as of December 6, 2012, by and among the Borrower, certain Subsidiaries of the Borrower,
the lenders party thereto and Bank of America, N.A. as administrative agent, as amended, restated or otherwise modified from time
to time prior to the date hereof.

 

“Extension of Credit”
means (a) any Borrowing and (b) any L/C Credit Extension.

 

“Facilities”
has the meaning provided in Section 5.07(a).

 

“Facility Fee”
has the meaning in Section 2.09(b).

 

“Facility Lease”
means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties
as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that
such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with
respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental
payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before
non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and
substance reasonably satisfactory to the Administrative Agent.

 

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

 

    	15

    	 

    

 

“FATCA”
means Section 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), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any applicable
intergovernmental agreements.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day immediately succeeding such day; provided, that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day as so published
on the immediately succeeding Business Day, and (b) if no such rate is so published on such immediately succeeding Business Day,
the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to the next 1/100th of
1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

 

“Fitch”
means Fitch Ratings, a Subsidiary of Fimalac, S.A., and any successor thereto.

 

“Foreign Lender”
has the meaning provided in Section 10.15(a)(i).

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Revolving Commitment
Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b)
with respect to the Swing Line Lender, such Defaulting Lender’s Revolving Commitment Percentage of Swing Line Loans other
than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving
Lenders or Cash Collateralized in accordance with the terms hereof.

 

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

 

“Funded Debt”
means, as to any Person (or consolidated group of Persons) at a particular time, without duplication, all of the following, whether
or not included as indebtedness or liabilities in accordance with GAAP:

 

(a)          all
obligations for borrowed money, whether current or long-term (including the Obligations hereunder), and all obligations evidenced
by bonds, debentures, notes, loan agreements or other similar instruments;

 

(b)          all
purchase money indebtedness (including indebtedness and obligations in respect of conditional sales and title retention arrangements,
except for customary conditional sales and title retention arrangements with suppliers that are entered into in

 

    	16

    	 

    

 

the ordinary course
of business) and all indebtedness and obligations in respect of the deferred purchase price of property or services (other than
trade accounts payable incurred in the ordinary course of business and payable on customary trade terms);

 

(c)          all
direct obligations under letters of credit (including standby and commercial), bankers’ acceptances and similar instruments
(including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance agreements) to the extent
such instruments or agreements support financial, rather than performance, obligations;

 

(d)          the
Attributable Principal Amount of capital leases and Synthetic Leases;

 

(e)          the
Attributable Principal Amount of Securitization Transactions;

 

(f)          all
preferred stock and comparable equity interests providing for mandatory redemption, sinking fund or other like payments;

 

(g)          Support
Obligations in respect of Funded Debt of another Person (other than Persons in such group, if applicable); and

 

(h)          Funded
Debt of any partnership or joint venture or other similar entity in which such Person is a general partner or joint venturer, and,
as such, has personal liability for such obligations, but only to the extent there is recourse to such Person (or, if applicable,
any Person in such consolidated group) for payment thereof.

 

For purposes hereof, the amount
of Funded Debt shall be determined based on the outstanding principal amount in the case of borrowed money indebtedness under clause (a)
and purchase money indebtedness and the deferred purchase obligations under clause (b), based on the maximum amount available
to be drawn in the case of letter of credit obligations and the other obligations under clause (c), and based on the amount
of Funded Debt that is the subject of the Support Obligations in the case of Support Obligations under clause (g). For purposes
of clarification, “Funded Debt” of Person constituting a consolidated group shall not include inter-company indebtedness
of such Persons, general accounts payable of such Persons which arise in the ordinary course of business, accrued expenses of such
Persons incurred in the ordinary course of business or minority interests in joint ventures or limited partnerships (except to
the extent set forth in clause (h) above).

 

“Funds From Operations”
means, with respect to any period, the Borrower’s net income (or loss), plus depreciation and amortization and after adjustments
for unconsolidated partnerships and joint ventures as hereafter provided. Notwithstanding contrary treatment under GAAP, for purposes
hereof, (a) “Funds From Operations” shall include, and be adjusted to take into account, the Borrower’s interests
in unconsolidated partnerships and joint ventures, on the same basis as consolidated partnerships and subsidiaries, as provided
in the “white paper” issued in April 2002 by the National Association of Real Estate Investment Trusts, a copy
of which has been provided to the Administrative Agent and the Lenders and (b) net income (or loss) shall not include gains (or,
if applicable, losses) resulting from or in connection with (i) restructuring of indebtedness, (ii) sales of property, (iii) sales
or redemptions of preferred stock, (iv) revenue or

 

    	17

    	 

    

 

expenses related to owned and
operated assets, (v) revenue or expense related to FIN 46 consolidation requirements or (vi) any other Special Charges.

 

“GAAP” means
generally accepted accounting principles in effect in the United States as set forth in the opinions and pronouncements of the
Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board from time to time applied on a consistent basis, subject to the provisions of Section 1.03.

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, and any agency, authority, instrumentality, regulatory
body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

“Guaranteed Obligations”
has the meaning given to such term in Section 11.01(a).

 

“Guarantors”
means any Subsidiary of the Borrower that guarantees the loans and obligations hereunder pursuant to the Guaranty, in each case
with their successors and permitted assigns.

 

“Guaranty”
means the guaranty of the Obligations by each of the Guarantors pursuant to Article XI hereof.

 

“Hazardous Material”
means any toxic or hazardous substance, including petroleum and its derivatives regulated under the Environmental Laws.

 

“Healthcare Facilities”
means any skilled nursing facilities, mentally retarded and developmentally disabled facilities, rehab hospitals, long term acute
care facilities, intermediate care facilities for the mentally disabled, medical office buildings, domestic assisted living facilities,
independent living facilities or Alzheimer’s care facilities and any ancillary businesses that are incidental to the foregoing.

 

“Incremental Facilities”
has the meaning provided in Section 2.01(e).

 

“Incremental Facility
Commitment” has the meaning provided in Section 2.01(e)(iii).

 

“Incremental Revolving
Increase” has the meaning provided in Section 2.01(e).

 

“Incremental Term
Loan Facility” has the meaning provided in Section 2.01(e).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)          all
Funded Debt;

 

(b)          all
contingent obligations under letters of credit (including standby and commercial), bankers’ acceptances and similar instruments
(including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance agreements)

 

    	18

    	 

    

 

to the extent such
instruments or agreements support financial, rather than performance, obligations;

 

(c)          net
obligations under any Swap Contract;

 

(d)          Support
Obligations in respect of Indebtedness of another Person; and

 

(e)          Indebtedness
of any partnership or joint venture or other similar entity in which such Person is a general partner or joint venturer, and, as
such, has personal liability for such obligations, but only to the extent there is recourse to such Person for payment thereof.

 

For purposes hereof,
the amount of Indebtedness shall be determined based on Swap Termination Value in the case of net obligations under Swap Contracts
under clause (c) and based on the outstanding principal amount of the Indebtedness that is the subject of the Support Obligations
in the case of Support Obligations under clause (d).

 

“Indemnified Liabilities”
has the meaning provided in Section 10.05.

 

“Indemnitees”
has the meaning provided in Section 10.05.

 

“Intangible Assets”
means all assets consisting of goodwill, patents, trade names, trademarks, copyrights, franchises, experimental expense, organization
expense, unamortized debt discount and expense, deferred assets (other than prepaid insurance and prepaid taxes), the excess of
cost of shares acquired over book value of related assets and such other assets as are properly classified as “intangible
assets” in accordance with GAAP.

 

“Interest Payment
Date” means, (a) as to any Base Rate Loan (including Swing Line Loans), the last Business Day of each March, June, September and
December and the Applicable Maturity Date and, in the case of any Swing Line Loan, any other dates reasonably determined by
the Swing Line Lender, and (b) as to any Eurodollar Loan (other than Swing Line Loans), the last Business Day of each Interest
Period for such Loan, the date of repayment of principal of such Loan, and where the applicable Interest Period exceeds three months,
the date every three months after the beginning of such Interest Period. If an Interest Payment Date falls on a date that is not
a Business Day, such Interest Payment Date shall be deemed to be the immediately succeeding Business Day.

 

“Interest Period”
means, as to each Eurodollar Loan, the period commencing on the date such Eurodollar Loan is disbursed or converted to or continued
as a Eurodollar Loan and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Loan Notice;
provided, that:

 

(a)          any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the immediately succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding
Business Day;

 

    	19

    	 

    

 

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

 

(c)          no
Interest Period shall extend beyond the Applicable Maturity Date.

 

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

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Capital Stock of another Person, (b) a loan, advance or capital contribution to, guaranty or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, 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 a business unit. For purposes of covenant compliance, the
amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the
value of such Investment.

 

“Investment Grade
Rating” means a Debt Rating of BBB-/Baa3 (or equivalent) or higher from either Moody’s, S&P or Fitch.

 

“IRS” means
the United States Internal Revenue Service.

 

“ISP” means,
with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument
entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit.

 

“Laws” means,
collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes 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.

 

“L/C Advance”
means, with respect to each Revolving Lender, such Revolving Lender’s funding of its participation in any L/C Borrowing.

 

“L/C Borrowing”
means any extension of credit resulting from a drawing under any Letter of Credit that has not been reimbursed or refinanced as
a Borrowing of Revolving Loans.

 

    	20

    	 

    

 

“L/C Cash Collateralization
Date” means the day that is thirty (30) days prior to the Revolving Loan Maturity Date then in effect.

 

“L/C Commitment”
means, with respect to the L/C Issuer, the commitment of the L/C Issuer to issue and to honor payment obligations under Letters
of Credit, and, with respect to each Revolving Lender, the commitment of such Revolving Lender to purchase participation interests
in L/C Obligations up to such Revolving Lender’s Revolving Commitment Percentage thereof.

 

“L/C Committed Amount”
has the meaning provided in Section 2.01(b).

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase
of the amount thereof.

 

“L/C Issuer”
means Bank of America in its capacity as issuer of Letters of Credit hereunder, in each case together with its successors in such
capacity.

 

“L/C Issuer Fees”
has the meaning given such term in Section 2.09(d)(ii).

 

“L/C Obligations”
means, at any time, the sum of (a) the maximum amount available to be drawn under Letters of Credit then outstanding, assuming
compliance with all requirements for drawings referenced therein, plus (b) the aggregate amount of all Unreimbursed Amounts,
including L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.07. For all purposes of this Agreement, if on any
date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

 

“Lender”
means each of the Persons identified as a “Lender” on the signature pages hereto (and, as appropriate, includes the
L/C Issuer and the Swing Line Lender) and each Person who joins as a Lender pursuant to the terms hereof, together with their respective
successors and assigns.

 

“Lender Joinder Agreement”
means a joinder agreement in the form of Exhibit G, executed and delivered in accordance with the provisions of Section 2.01(e)(vii).

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender set forth in such Lender’s Administrative Questionnaire or
such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

 

“Letter of Credit”
means each standby (non-commercial) letter of credit issued hereunder.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from
time to time in use by the L/C Issuer.

 

    	21

    	 

    

 

“Letter of Credit
Expiration Date” means the day that is five (5) Business Days prior to the Revolving Loan Maturity Date then in
effect (or, if such day is not a Business Day, the immediately preceding Business Day).

 

“Letter of Credit
Fee” has the meaning given such term in Section 2.09(d)(i).

 

“LIBOR”
has the meaning provided in the definition of “Eurodollar Rate” in this Section 1.01.

 

“LIBOR Rate”
has the meaning provided in the definition of “Eurodollar Rate” in this Section 1.01.

 

“Lien” means
any mortgage, deed of trust, deed to secured debt, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic
effect as any of the foregoing).

 

“Loan” means
any Revolving Loan, Term Loan or Swing Line Loan and the Base Rate Loans, Eurodollar Loans and Daily Floating Eurodollar Rate Loans
comprising such Loans.

 

“Loan Notice”
means a notice of (a) a Borrowing of Loans (including Swing Line Loans), (b) a conversion of Loans from one Type to the other,
or (c) a continuation of Eurodollar Loans, which, if in writing, shall be substantially in the form of Exhibit A or
such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“London Banking Day”
means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Master Agreement”
has the meaning provided in the definition of “Swap Contract” in this Section 1.01.

 

“Material Adverse
Effect” means a material adverse effect on (a) the condition (financial or otherwise), operations, business, assets,
liabilities or prospects of the Borrower and its Consolidated Subsidiaries taken as a whole, (b) the ability of the Borrower or
the other Credit Parties, taken as a whole, to perform any material obligation under the Credit Documents, or (c) the rights
and remedies of the Administrative Agent and the Lenders under the Credit Documents.

 

“Material Contract”
means, any agreement the breach, nonperformance or cancellation of which could reasonably be expected to have a Material Adverse
Effect.

 

“Material Group”
has the meaning specified in the definition of “Material Subsidiary.”

 

“Material Subsidiary”
means each Subsidiary or any group of Subsidiaries (a) which, as of the most recent fiscal quarter of the Borrower for which financial
statements have been

 

    	22

    	 

    

 

delivered pursuant to Section
6.01, contributed greater than $10,000,000 of Consolidated EBITDA for the period of four (4) consecutive fiscal quarters then
ended or (b) which contributed greater than $50,000,000 of Consolidated Total Asset Value as of such date. A group of Subsidiaries
(a “Material Group”) each of which is not otherwise a Material Subsidiary (defined in the foregoing sentence)
shall constitute a Material Subsidiary if the group taken as a single entity satisfies the requirements of the foregoing sentence.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage Loan”
means any loan owned or held by any of the Consolidated Parties secured by a mortgage or deed of trust on Real Property Assets.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

“Negative Pledge”
means any agreement (other than this Credit Agreement or any other Credit Document) that in whole or in part prohibits the
creation of any Lien on any assets of a Person; provided, however, that an agreement that establishes a maximum ratio
of unsecured debt to unencumbered assets, or of secured debt to total assets, or that otherwise conditions a Person’s ability
to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber
its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute
a “Negative Pledge” for purposes of this Credit Agreement.

 

“Net Revenue”
shall mean, with respect to any Real Property Asset for the applicable period, the sum of (a) rental payments received in
cash by the applicable Consolidated Party (whether in the nature of base rent, minimum rent, percentage rent, additional rent or
otherwise, but exclusive of security deposits, earnest money deposits, advance rentals, reserves for capital expenditures, charges,
expenses or items required to be paid or reimbursed by the Tenant thereunder and proceeds from a sale or other disposition) pursuant
to the Facility Leases applicable to such Real Property Asset, minus (b) expenses of the applicable Consolidated Party allocated
to such Real Property Asset, minus (c) to the extent increasing Net Revenue of the Consolidated Parties for such period,
all revenue directly attributable to FIN 46 consolidation requirements.

 

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

 

“Notes”
means a collective reference to the Revolving Notes and the Term Notes; and “Note” means any one of them.

 

“Obligations”
means, without duplication, (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Credit Party
arising under any Credit Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any

 

    	23

    	 

    

 

Credit Party or any Affiliate
thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding, (b) all obligations under any Swap Contract of any Credit Party to
which a Lender or any Affiliate of a Lender is a party and (c) all obligations of any Credit Party under any treasury management
agreement between any Credit Party and any Lender or Affiliate of a Lender; provided, however, that the “Obligations:
of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party.

 

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

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate
or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity.

 

“Outstanding Amount”
means (a) with respect to Revolving Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof
after giving effect to any Borrowings and prepayments or repayments of Revolving Loans and Swing Line Loans, as the case may be,
occurring on such date, (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after
giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations
as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any
reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date and (c) with respect
to Term Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any Borrowings and prepayments
or repayments of Term Loans, as the case may be, occurring on such date,

 

“Participant”
has the meaning provided in Section 10.07(d).

 

“Patriot Act”
means the USA Patriot Act, Pub. L. No. 107-56 et seq.

 

“PBGC” means
the Pension Benefit Guaranty Corporation.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which
the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other
plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan
years.

 

“Permitted Liens”
means, at any time, Liens in respect of the Borrower or any of its Subsidiaries permitted to exist at such time pursuant to the
terms of Section 7.01.

 

    	24

    	 

    

 

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

 

“Plan” means
any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower or,
with respect to any such plan that is subject to Section 412 of the Internal Revenue Code or Title IV of ERISA, any ERISA
Affiliate.

 

“Platform”
has the meaning provided in Section 6.02.

 

“Pro Forma Basis”
shall mean, for purposes of determining the calculation of and compliance with the financial covenants set forth in Section
6.12(a), (b), (c), (d), (f) and (g) hereunder, that the subject transaction shall be deemed to have occurred
as of the first day of the period of four (4) consecutive fiscal quarters ending as of the end of the most recent fiscal quarter
for which annual or quarterly financial statements shall have been delivered in accordance with the provisions of this Credit Agreement.
Further, for purposes of making calculations on a “Pro Forma Basis” hereunder, (a) in the case of a Disposition, (i)
income statement items (whether positive or negative) attributable to the property, entities or business units that are the subject
of such Disposition shall be excluded to the extent relating to any period prior to the date of the subject transaction, and (ii)
Indebtedness paid or retired in connection with the subject transaction shall be deemed to have been paid and retired as of the
first day of the applicable period; (b) in the case of an Acquisition, (i) income statement items (whether positive or negative)
attributable to the property, entities or business units that are the subject of such Acquisition shall be included to the extent
relating to any period prior to the date of the subject transaction, and (ii) Indebtedness incurred in connection with the subject
transaction shall be deemed to have been incurred as of the first day of the applicable period (and interest expense shall be imputed
for the applicable period utilizing the actual interest rates thereunder or, if actual rates are not ascertainable, assuming prevailing
interest rates hereunder) and (c) in the case of an Equity Transaction, Indebtedness paid or retired in connection therewith shall
be deemed to have been paid and retired as of the first day of the applicable period.

 

“Prohibited Person”
means any Person (i) listed in the annex to, or who is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism (the “Executive Order”); (ii) that is owned or controlled by,
or acting for or on behalf of, any person or entity that is listed in the annex to, or is otherwise subject to the provisions,
of the Executive Order; (iii) with whom a Person is prohibited from dealing or otherwise engaging in any transaction by any terrorism
or money laundering Law, including the Executive Order; (iv) who commits, threatens or conspires to commit or supports “terrorism”
as defined in the Executive Order; (v) that is named as a “specially designated national and blocked person” on the
most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website or at any
replacement website or other replacement official publication of such list; or who is an Affiliate of a Person listed in clauses
(i) - (v) above.

 

“Property”
means all property owned or leased by a Credit Party or any of its Subsidiaries, both real and personal.

 

    	25

    	 

    

 

“Qualified ECP Guarantor”
means, at any time, each Credit Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible
contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract
participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualified Mortgage
Loan” means any Mortgage Loan that is secured by a first or second mortgage or a first or second deed of trust on Real
Property Assets so long as the mortgagor or grantor with respect to such Mortgage Loan is not delinquent sixty (60) days or more
in interest or principal payments due thereunder.

 

“Qualified REIT Subsidiary”
means the meaning given to such term in the Internal Revenue Code.

 

“Real Property Asset”
means, a parcel of real property, together with all improvements (if any) thereon, owned in fee simple or leased pursuant to an
Eligible Ground Lease by any Person; “Real Property Assets” means a collective reference to each Real Property
Asset.

 

“Register”
has the meaning provided in Section 10.07(c).

 

“Registered Public
Accounting Firm” has the meaning provided in the Securities Laws and shall be independent of the Borrower as prescribed
by the Securities Laws.

 

“Regulation U”
means Regulation U of the FRB, as in effect from time to time.

 

“Regulation X”
means Regulation X of the FRB, as in effect from time to time.

 

“REIT” means
a real estate investment trust as defined in Sections 856-860 of the Internal Revenue Code.

 

“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.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty-day notice period has
been waived.

 

“Request for Extension
of Credit” means (a) with respect to a Borrowing of Loans (including Swing Line Loans) or the conversion or continuation
of Loans, a Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

 

“Required Lenders”
means, as of any date of determination, two or more Lenders (except to the extent only one Lender exists as of such date) having
at least 50% of (a) the sum of the outstanding principal amount of the Term Loans and the aggregate Commitments or (b) if the aggregate
Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Article VIII,
Lenders holding in the aggregate at least 50% of the sum of the outstanding principal amount of the Term Loans and the Revolving
Obligations (including, in each case, the aggregate amount of each Revolving Lender’s risk participation and funded participation
in L/C Obligations and Swing Line Loans); provided, that (i) the unfunded

 

    	26

    	 

    

 

Commitments of any Defaulting
Lender and (ii) the portion of the Revolving Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.

 

“Required Revolving
Lenders” means, as of any date of determination, Revolving Lenders having at least 50% of (a) the Aggregate Revolving
Commitments or (b) if the Revolving Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Article VIII, Revolving Lenders holding in the aggregate at least 50% of the Revolving Obligations (including,
in each case, the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations
and Swing Line Loans); provided, that the unfunded Revolving Commitments of, and the portion of the Revolving Obligations
held or deemed held by, any Defaulting Lender that is a Revolving Lender shall be excluded for purposes of making a determination
of Required Revolving Lenders.

 

“Responsible Officer”
means the chief executive officer, president, chief operating officer and chief financial officer of any Credit Party and solely
for the purposes of notices given pursuant to Article II, any other officer of the applicable Credit Party so designated by any
of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible
Officer of a Credit Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Credit Party.

 

“Revolving Commitment”
means, with respect to each Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans and to share in the
Revolving Obligations hereunder up to such Revolving Lender’s Revolving Commitment Percentage thereof. The aggregate principal
amount of the Revolving Commitments of all of the Revolving Lenders as in effect on the Closing Date is One Billion Dollars ($1,000,000,000).

 

“Revolving Commitment
Percentage” means, at any time for each Revolving Lender, a fraction (expressed as a percentage carried to the ninth
decimal place), the numerator of which is such Revolving Lender’s Revolving Committed Amount and the denominator of which
is the Aggregate Revolving Committed Amount. The initial Revolving Commitment Percentages are set forth on Schedule 2.01.

 

“Revolving Commitment
Period” means the period from and including the Closing Date to the earlier of (a) in the case of Revolving Loans and
Swing Line Loans, the Revolving Loan Maturity Date, and, in the case of the Letters of Credit, the Letter of Credit Expiration
Date, or (b) the date on which the Revolving Commitments shall have been terminated as provided herein.

 

“Revolving Committed
Amount” means, with respect to each Revolving Lender, the amount of such Revolving Lender’s Revolving Commitment.
The initial Revolving Committed Amounts are set forth on Schedule 2.01.

 

    	27

    	 

    

 

“Revolving Lenders”
means a collective reference to the Lenders holding Revolving Loans or Revolving Commitments.

 

“Revolving Loans”
has the meaning provided in Section 2.01.

 

“Revolving Note”
means the promissory notes in the form of Exhibit B, if any, given to each Revolving Lender to evidence the Revolving
Loans and Swing Line Loans of such Revolving Lender, as amended, restated, modified, supplemented, extended, renewed or replaced.

 

“Revolving Obligations”
means the Revolving Loans, the L/C Obligations and the Swing Line Loans.

 

“Revolving Loan Maturity
Date” means the later to occur of (a) June 27, 2018 and (b) if maturity is extended pursuant to Section 2.16,
such extended maturity date as determined pursuant to such section; provided however, that, in each such case, if such date is
not a Business Day, the Maturity Dates shall be the preceding Business Day.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sale and Leaseback
Transaction” means, with respect to the Borrower or any Subsidiary, any arrangement, directly or indirectly, with any
person whereby the Borrower or such Subsidiary shall sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for
substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanction(s)”
means any international economic sanction or trade embargo administered or enforced by OFAC, the United Nations Security Council,
the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“Sanctioned Person”
means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available
at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to
time, (b) (i) an agency of the government of a Designated Jurisdiction, (ii) an organization controlled by a Designated Jurisdiction,
or (iii) a Person resident in a Designated Jurisdiction, to the extent subject to a sanctions program administered by OFAC or (c)
any Person or Persons owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“SEC” means
the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Securities Laws”
means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing
principles, rules, standards

 

    	28

    	 

    

 

and practices promulgated, approved
or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect
on any applicable date hereunder.

 

“Securitization Transaction”
means any financing or factoring or similar transaction (or series of such transactions) entered by any member of the Consolidated
Parties pursuant to which such member of the Consolidated Parties may sell, convey or otherwise transfer, or grant a security interest
in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose
subsidiary or affiliate or any other Person.

 

“Senior Notes”
means collectively, the Senior Notes (2020), the Senior Notes (2022), the Senior Notes (2024A) and the Senior Notes (2024B).

 

“Senior Notes (2020)”
means any one of the 7.5% Senior Notes due 2020 issued by the Borrower in favor of the Senior Noteholders pursuant to the Senior
Note Indenture (2020), as such Senior Notes may be amended, restated, supplemented, replaced or otherwise modified from time to
time.

 

“Senior Notes (2022)”
means any one of the 6.75% Senior Notes due 2022 issued by the Borrower in favor of the Senior Noteholders pursuant to the
Senior Note Indenture (2022), as such Senior Notes may be amended, restated, supplemented, replaced or otherwise modified from
time to time.

 

“Senior Notes (2024A)”
means any one of the 5.875% Senior Notes due 2024 issued by the Borrower in favor of the Senior Noteholders pursuant to
the Senior Note Indenture (2024A), as such Senior Notes may be amended, restated, supplemented, replaced or otherwise modified
from time to time.

 

“Senior Notes (2024B)”
means any one of the 4.950% Senior Notes due 2024 issued by the Borrower in favor of the Senior Noteholders pursuant to
the Senior Note Indenture (2024B), as such Senior Notes may be amended, restated, supplemented, replaced or otherwise modified
from time to time.

 

“Senior Note Indentures”
means collectively, the Senior Note Indenture (2020), the Senior Note Indenture (2022), the Senior Note Indenture (2024A) and the
Senior Note Indenture (2024B).

 

“Senior Note Indenture
(2020)” means the Indenture, dated as of February 9, 2010 by and among the Borrower and the Senior Noteholders, as the
same may be amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“Senior Note Indenture
(2022)” means the Indenture, dated as of October 4, 2010 by and among the Borrower and the Senior Noteholders, as the
same may be amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“Senior Note Indenture
(2024A)” means the Indenture, dated as of March 19, 2012 by and among the Borrower and the Senior Noteholders, as the
same may be amended, restated, supplemented, replaced or otherwise modified from time to time.

 

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“Senior Note Indenture
(2024B)” means the Indenture, dated as of March 11, 2014 by and among the Borrower and the Senior Noteholders, as the
same may be amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“Senior Noteholder”
means any one of the holders from time to time of the Senior Notes.

 

“Significant Acquisition”
means any acquisition or investment (in one or a series of related transactions) with an aggregate consideration in excess of $200,000,000.

 

“Solvent”
means, with respect to any person on a particular date, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present
fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and pay its
debts and other liabilities, contingent obligations and other commitments as they mature, (d) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature, and (e) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction,
for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which such Person is engaged. In computing the amount of contingent liabilities at any time, it is
intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Special Charges”
means, for any period, for the Consolidated Parties on a consolidated basis, all charges, costs or expenses of the Consolidated
Parties related to any of the following:

 

(a)          cash
litigation charges incurred by the Consolidated Parties; provided, that such amount shall not exceed an aggregate amount
of $10,000,000 during the term of this Credit Agreement and any such amounts in excess of $10,000,000 shall not be included in
the determination of the Special Charges Adjustment for any period;

 

(b)          non-cash
charges associated solely with respect to the write-down of the value of accounts due to straight-line rent;

 

(c)          other
than as set forth in clause (b) immediately above, additional non-cash charges associated with the write-down of the value of accounts
and/or notes receivable of the Consolidated Parties; provided, that such amount shall not exceed an aggregate amount of
$35,000,000 during the term of this Credit Agreement and any such amounts in excess of $35,000,000 shall not be included in the
determination of the Special Charges Adjustment for any period;

 

(d)          non-cash
charges related to preferred stock redemptions and non-cash compensation expenses relating to restricted stock awards, stock options
or similar equity based compensation awards;

 

    	30

    	 

    

 

(e)          non-cash
charges incurred by the Consolidated Parties in association with the write-down of the value of any real properties;

 

(f)          to
the extent applicable, the satisfaction of outstanding unamortized loan fees with respect to the Existing Credit Facility;

 

(g)          any
other non-cash charges associated with the sale or settlement by any Consolidated Party of any Swap Contract; and

 

(h)          charges
related to acquisition deal related costs.

 

“Special Charges Adjustment”
means, for any period, the amount which has been deducted for or in connection with any Special Charges (without duplication among
such items or items taken into account for previous period) in the determination of net income for the applicable period for which
a given Consolidated EBITDA calculation has been performed.

 

“Specified Loan Party”
has the meaning provided in Section 11.07.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise provided, “Subsidiary” shall refer to a Subsidiary of the Borrower.

 

“Subsidiary Guarantor”
means each Subsidiary of the Borrower as of the Closing Date other than the Unrestricted Subsidiaries, together with each Subsidiary
of the Borrower subsequently created or acquired which becomes a Subsidiary Guarantor pursuant to Section 6.15(a) hereof.

 

“Subsidiary Guarantor
Joinder Agreement” means a joinder agreement in the form of Exhibit F to be executed by each new Subsidiary
of the Borrower that is required to become a Subsidiary Guarantor in accordance with Section 6.15(a) hereof.

 

“Support Obligations”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of
the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in

 

    	31

    	 

    

 

part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other
obligation is assumed by such Person. The amount of any Support Obligations shall be deemed to be an amount equal to the stated
or determinable amount of the related primary obligation, or portion thereof, in respect of which such Support Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with
any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination values determined in accordance therewith, such termination values, and (b) for any date prior to the date referenced
in clause (a), the amounts determined as the mark-to-market values for such Swap Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include
a Lender or any Affiliate of a Lender).

 

“Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.01(c).

 

“Swing Line Commitment”
means, with respect to the Swing Line Lender, the commitment of the Swing Line Lender to make Swing Line Loans, and with respect
to each Revolving Lender, the commitment of such Revolving Lender to purchase participation interests in Swing Line Loans.

 

“Swing Line Committed
Amount” has the meaning provided in Section 2.01(c).

 

“Swing Line Lender”
means Bank of America in its capacity as such, together with any successor in such capacity.

 

“Swing Line Loans”
has the meaning provided in Section 2.01(c).

 

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“Synthetic Lease”
means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing arrangement
that is considered borrowed money indebtedness for tax purposes but is classified as an operating lease under GAAP.

 

“Tenant”
means any Person who is a lessee with respect to any lease held by a Consolidated Party as lessor or as an assignee of the lessor
thereunder.

 

“Term Loan Commitment”
means, with respect to each Term Loan Lender, the commitment of such Term Loan Lender to make its portion of the Term Loan to the
Borrower pursuant to Section 2.01(d), in the principal amount set forth opposite such Term Loan Lender’s name on Schedule
2.01; provided that, at any time after funding of a Term Loan, the determinations “Required Lender” shall also
be based on the outstanding principal amount of the such Term Loan. The aggregate principal amount of the Term Loan Commitments
of all of the Term Loan Lenders as in effect on the Closing Date is Two-Hundred Million Dollars ($200,000,000).

 

“Term Loan Commitment
Percentage” means, at any time, for each Term Loan Lender, the percentage of the Term Loan (or aggregate Term Loan Commitment,
prior to the termination thereof) held by such Term Loan Lender to the aggregate Term Loan (or Term Loan Commitments) held by all
Term Loan Lenders, as such percentage may be modified in connection with any assignment made in accordance with the provisions
of Section 10.07. The initial Term Loan Commitment Percentages are set forth on Schedule 2.01.

 

“Term Loan Lenders”
means a collective reference to the Lenders holding Term Loans or Term Loan Commitments.

 

“Term Loan”
has the meaning provided in Section 2.01(d).

 

“Term Loan Maturity
Date” means June 27, 2019.

 

“Term Note”
means the promissory note in the form of Exhibit C, if any, given to each Term Loan Lender to evidence the Term Loan of
such Term Loan Lender, as amended, restated, modified, supplemented, extended, renewed or replaced.

 

“Threshold Amount”
means $25,000,000.

 

“Type” means,
with respect to any Revolving Loan or Term Loan, its character as a Base Rate Loan or a Eurodollar Loan.

 

“UCP” means,
with respect to any Letter of Credit, the “Uniform Customs and Practice for Documentary Credits”.

 

“Unconsolidated Affiliates”
means an Affiliate of the Borrower whose financial statements are not required to be consolidated with the financial statements
of the Borrower in accordance with GAAP.

 

“Unencumbered Asset
Value” means the sum of the following, without duplication: (a) the quotient of (1) Unencumbered Net Revenue for
the prior fiscal quarter (for Real Property

 

    	33

    	 

    

 

Assets owned for the prior four
(4) fiscal quarters), minus the Unencumbered Net Revenue attributable to each Unencumbered Property sold or otherwise disposed
of during such most recently ended quarter, minus the Unencumbered Net Revenue from any Unencumbered Property acquired during
the prior four (4) fiscal quarter period, multiplied by four, divided by (2) the Capitalization Rate plus (b) the acquisition
cost of each Unencumbered Property acquired during the prior four (4) fiscal quarter period plus (c) the book value of unencumbered
Qualified Mortgage Loans; provided, that when calculating the Unencumbered Asset Value, (i) the aggregate occupancy of all
Unencumbered Properties contributing to the Unencumbered Asset Value, reported as of the last day of the most recently ended fiscal
quarter period of the Borrower, shall be at least 78% of in-service beds and (ii) the aggregate amount of Qualified Mortgage Loans
attributable to second mortgages or second deeds of trust added pursuant to clause (c) of this definition shall not exceed $250,000,000.

 

“Unencumbered Net
Revenue” means, for any period, Net Revenue from all Unencumbered Properties.

 

“Unencumbered Property”
means, for any Real Property Asset, the following criteria:

 

(a)          to
the best of Borrower’s knowledge, does not have any title, survey, environmental, condemnation or condemnation proceedings,
or other defects that would give rise to a materially adverse effect as to the value, use of or ability to sell or finance such
property;

 

(b)          is
not subject to a Negative Pledge or encumbered by a mortgage, deed of trust, lien, pledge, encumbrance or other security interest,
in each case, to secure Funded Debt, other than the Braswell Indebtedness;

 

(c)          100%
owned in fee simple absolute or with a leasehold interest or similar arrangement providing the right to occupy Real Property Asset
pursuant to an Eligible Ground Lease, in either case, by the Borrower or a direct or indirect Subsidiary of the Borrower;

 

(d)          shall
be located in the United States;

 

(e)          is
occupied or available for occupancy (subject to final tenant improvements);

 

(f)          is
leased to a third party Tenant and operated by a third party operator;

 

(g)          the
Tenant at such facility is not delinquent sixty (60) days or more in rent payments.

 

“Unencumbered Property
Certificate” means a certificate signed by a Responsible Officer of the Borrower in a form to be agreed upon between
the Administrative Agent and the Borrower in their reasonable discretion.

 

“Unfunded Pension
Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over
the current value of that Pension Plan’s assets,

 

    	34

    	 

    

 

determined in accordance with
the assumptions used for funding the Pension Plan pursuant to Section 412 of the Internal Revenue Code for the applicable
plan year.

 

“United States”
or “U.S.” means the United States of America.

 

“Unreimbursed Amount”
has the meaning provided in Section 2.03(c)(i).

 

“Unrestricted Subsidiaries”
means the “Unrestricted Subsidiaries” as such term is defined from time to time in the Senior Note Indentures; provided,
that to the extent the Senior Note Indentures are, for any reason, all terminated, the term “Unrestricted Subsidiaries”
shall, for the remainder of the term of this Agreement, have the meaning assigned to such term in the Senior Note Indentures immediately
prior to the termination thereof.

 

“Wholly Owned”
means, with respect to any direct or indirect Subsidiary of any Person, that 100% of the Capital Stock with ordinary voting power
issued by such Subsidiary (other than directors’ qualifying shares and investments by foreign nationals mandated by applicable
Law) is beneficially owned, directly or indirectly, by such Person.

 

1.02      Interpretive
Provisions.

 

With reference to this Credit
Agreement and each other Credit Document, unless otherwise provided herein or in such other Credit Document:

 

(a)          The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)          (i)          The
words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(ii)         Unless
otherwise provided or required by context, Article, Section, Exhibit and Schedule references are to the Credit Document
in which such reference appears.

 

(iii)        The
term “including” is by way of example and not limitation.

 

(iv)        The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(c)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including.”

 

(d)          Section headings
herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation
of this Credit Agreement or any other Credit Document.

 

    	35

    	 

    

 

1.03      Accounting
Terms.

 

(a)          All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements except as otherwise specifically prescribed herein.

 

(b)          The
Borrower will provide a written summary of material changes in GAAP or in the consistent application thereof with each annual and
quarterly Compliance Certificate delivered in accordance with Section 6.02(a). If at any time any change in GAAP or
in the consistent application thereof would affect the computation of any financial ratio or requirement set forth in any Credit
Document, and either the Borrower or the Required Lenders shall object in writing to determining compliance based on such change,
then such computations shall continue to be made on a basis consistent with the most recent financial statements delivered pursuant
to Section 6.01(a) or (b) as to which no such objection has been made.

 

(c)          Determinations
of the calculation of and compliance with the financial covenants set forth in Section 6.12(d), (f) and (g)
hereunder shall be made on a Pro Forma Basis.

 

1.04      Rounding.

 

Any financial ratios required
to be maintained by the Borrower pursuant to this Credit Agreement shall be calculated by dividing the appropriate component by
the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05      References
to Agreements and Laws.

 

Unless otherwise expressly
provided herein, (a) references to Organization Documents, agreements (including the Credit Documents) and other contractual instruments
shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but
only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any
Credit Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending,
replacing, supplementing or interpreting such Law.

 

1.06      Times
of Day; Rates.

 

Unless otherwise provided,
all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

The Administrative Agent does
not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration,
submission or any

 

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other matter related to the rates
in the definition of “Eurodollar Rate” or with respect to any comparable or successor rate thereto.

 

1.07      Letter
of Credit Amounts.

 

Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect
at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

 

Article
II

COMMITMENTS
AND EXTENSION OF CREDITS

 

2.01      Commitments.

 

Subject to the terms and conditions
set forth herein:

 

(a)          Revolving
Loans. During the Revolving Commitment Period, each Revolving Lender severally agrees to make revolving credit loans (the “Revolving
Loans”) to the Borrower in Dollars on any Business Day; provided, that after giving effect to any such Revolving
Loan, (i) with regard to the Revolving Lenders collectively, the aggregate outstanding principal amount of Revolving Obligations
shall not exceed ONE BILLION DOLLARS ($1,000,000,000), (as increased or decreased from time to time pursuant to this Credit
Agreement, the “Aggregate Revolving Committed Amount”) and (ii) with regard to each Revolving Lender individually,
such Revolving Lender’s Revolving Commitment Percentage of Revolving Obligations shall not exceed its respective Revolving
Committed Amount. Revolving Loans may consist of Base Rate Loans, Eurodollar Loans, or a combination thereof, as provided herein,
and may be repaid and reborrowed in accordance with the provisions hereof.

 

(b)          Letters
of Credit. During the Revolving Commitment Period, (i) the L/C Issuer, in reliance upon the commitments of the Revolving Lenders
set forth herein, agrees (A) to issue Letters of Credit for the account of Borrower on any Business Day, (B) to amend or
extend Letters of Credit previously issued hereunder, and (C) to honor drafts under Letters of Credit; and (ii) the Revolving Lenders
severally agree to purchase from the L/C Issuer a participation interest in the Letters of Credit issued hereunder in an amount
equal to such Revolving Lender’s Revolving Commitment Percentage thereof; provided, that (A) the aggregate principal
amount of L/C Obligations shall not exceed an amount equal to TWENTY-FIVE MILLION DOLLARS ($25,000,000) (as such
amount may be adjusted in accordance with the provisions hereof, the “L/C Committed Amount”), (B) with regard
to the Revolving Lenders collectively, the aggregate principal amount of Revolving Obligations shall not exceed the Aggregate Revolving
Committed Amount and (C) with regard to each Revolving Lender individually, such Revolving Lender’s Revolving Commitment
Percentage of Revolving Obligations shall not exceed

 

    	37

    	 

    

 

its respective Revolving
Committed Amount. Subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be
fully revolving, and accordingly the Borrower may obtain Letters of Credit to replace Letters of Credit that have expired or that
have been drawn upon and reimbursed.

 

(c)          Swing
Line Loans. During the Revolving Commitment Period, the Swing Line Lender may, in its discretion and in reliance upon the agreements
of the other Lenders set forth in this Section 2.01(c) and Section 2.04, make revolving credit loans (the “Swing
Line Loans”) to the Borrower on any Business Day; provided, that (i) the aggregate principal amount of Swing Line
Loans shall not exceed an amount equal to ONE HUNDRED MILLION DOLLARS ($100,000,000) (as such amount may be adjusted
in accordance with the provisions hereof, the “Swing Line Committed Amount”), (ii) with respect to the Revolving
Lenders collectively, the aggregate principal amount of Revolving Obligations shall not exceed the Aggregate Revolving Committed
Amount and (iii) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Swing
Line Loans shall be Daily Floating Eurodollar Rate Loans, and may be repaid and reborrowed in accordance with the provisions hereof.
Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swing Line Lender a participation interest in such Swing Line Loan in an amount equal to the product
of such Revolving Lender’s Revolving Commitment Percentage thereof. No Swing Line Loan shall remain outstanding for longer
than five (5) Business Days. Notwithstanding anything herein to the contrary, the Swing Line Lender shall not be under any
obligation to make any Swing Line Loan if any Revolving Lender is at that time a Defaulting Lender, unless the Swing Line Lender
has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the Swing Line Lender (in its sole discretion)
with the Borrower or such Defaulting Lender to eliminate the Swing Line Lender’s actual or potential Fronting Exposure (after
giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender arising from either the Swing Line Loan
then proposed to be made or all Swing Line Loans as to which the Swing Line Lender has actual or potential Fronting Exposure, as
it may elect in its sole discretion. The Swing Line Lender shall promptly notify the Borrower if it has suspended the availability
of Swing Line Loans.

 

(d)          Term
Loans. Each Term Loan Lender severally agrees to make term loans (each a “Term Loan”) to the Borrower in
Dollars on the Closing Date; provided, that after giving effect to any such Term Loan, (i) with regard to the Term Loan
Lenders collectively, the aggregate outstanding principal amount of Term Loans shall not exceed TWO HUNDRED MILLION DOLLARS
($200,000,000), and (ii) with regard to each Term Loan Lender individually, such Term Loan Lender’s Term Loan Commitment
Percentage of outstanding Term Loans shall not exceed its respective Term Loan Commitment. Term Loans may consist of Base Rate
Loans, Eurodollar Loans, or a combination thereof, as provided herein. Term Loans may be repaid in whole or in part at any time
but amounts repaid on the Term Loan may not be reborrowed.

 

(e)          Increases
of the Aggregate Revolving Commitments; Addition of Incremental Term Loan Facilities. The Borrower shall have the right, upon
at least five

 

    	38

    	 

    

 

(5) Business Days’
prior written notice to the Administrative Agent, to increase the Aggregate Revolving Commitments (each such increase, an “Incremental
Revolving Increase”) or to add one or more tranches of term loans (each an “Incremental Term Loan Facility”;
each Incremental Term Loan Facility and each Incremental Revolving Increase are collectively referred to as “Incremental
Facilities”), provided that

 

(i)      the
aggregate principal amount of all Incremental Facilities shall not exceed $550,000,000;

 

(ii)     no
Default or Event of Default shall exist on the effective date of any Incremental Facility or would exist after giving effect to
any such Incremental Facility;

 

(iii)     no
existing Lender shall be under any obligation to provide any commitment to an Incremental Facility (an “Incremental Facility
Commitment”) and any such decision whether to provide an Incremental Facility Commitment shall be in such Lender’s
sole and absolute discretion;

 

(iv)    each
Incremental Facility Commitment shall be in a minimum principal amount of $5,000,000 and in integral multiples of $1,000,000 in
excess thereof (or such lesser amounts as the Administrative Agent and the Borrower may agree);

 

(v)     each
Person providing an Incremental Facility Commitment shall qualify as an Eligible Assignee;

 

(vi)    the
Borrower shall deliver to the Administrative Agent:

 

(A)         a
certificate of each Credit Party dated as of the date of such increase signed by a Responsible Officer of such Credit Party certifying
and attaching resolutions adopted by the board of directors or equivalent governing body of such Credit Party approving such Incremental
Facility;

 

(B)         a
certificate of the Borrower dated as of the effective date of such Incremental Facility signed by a Responsible Officer of the
Borrower certifying that, before and after giving effect to such Incremental Facility, (I) the representations and warranties of
each Credit Party contained in Article V or any other Credit Document, or which are contained in any document furnished
at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date
of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date, and (II) no Default or Event of Default exists;

 

(C)         any
new or amended and restated Notes (to the extent requested by the Lenders) to reflect such Incremental Facilities;

 

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(D)         opinions
of legal counsel to the Credit Parties, addressed to the Administrative Agent and each Lender (including each Person providing
an Incremental Facility Commitment), dated as of the effective date of such Incremental Facility, in form and substance reasonably
satisfactory to the Administrative Agent; and

 

(E)         all
fees required under any engagement letter due in connection with the syndication of the commitments to fund such Incremental Facility
by the Arranger;

 

(vii)    the
Administrative Agent shall have received documentation from each Person providing an Incremental Facility Commitment evidencing
its Incremental Facility Commitment and its obligations under this Agreement in form and substance reasonably acceptable to the
Administrative Agent, including, without limitation a Lender Joinder Agreement substantially in the form of Exhibit G
attached hereto or other arrangement reasonably acceptable to the Administrative Agent;

 

(viii)   in
the case of any Incremental Revolving Increase with respect to the Aggregate Revolving Commitments, (A) if any Revolving Loans
are outstanding on the date of such increase, (I) each Lender providing such Incremental Revolving Increase shall make Revolving
Loans, the proceeds of which shall be applied by the Administrative Agent to prepay the Revolving Loans of the existing Revolving
Lenders, in an amount necessary such that after giving effect thereto the outstanding Revolving Loans are held ratably among all
the Revolving Lenders and (II) the Borrower shall pay an amount required pursuant to Section 3.05 as a result of any such
prepayment of Revolving Loans of existing Revolving Lenders and (B) such Incremental Revolving Increase shall be on the exact same
terms and pursuant to the exact same documentation applicable to such existing Revolving Loans; and

 

(ix)     in
the case of an Incremental Term Loan Facility and subject to the requirements of clauses (e)(i) through (vii) above, upon notice
to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request an increase
to the Term Loan Commitments, or one or more additional term loan tranches.  At the time of sending such notice, the Borrower
(in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond
(which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders).

 

The Incremental Facility Commitments and
credit extensions thereunder shall constitute Commitments and Obligations under, and shall be entitled to all the benefits afforded
by, this Credit Agreement and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably
from the Guaranty.

 

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(f)          If
any amendment to this Credit Agreement is required to give effect to any addition of Incremental Facilities pursuant to and in
accordance with Section 2.01(e), then such amendment shall be effective if executed by the Credit Parties, each Lender providing
such Incremental Facility Commitment and the Administrative Agent (each such amendment is a “Commitment Increase Amendment”).

 

2.02      Borrowings,
Conversions and Continuations.

 

(a)          Each
Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Loans shall be made upon the
Borrower’s irrevocable notice to the Administrative Agent, which may be given by (i) telephone or (ii) a Loan Notice. Each
such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) with respect to Eurodollar Loans, three (3)
Business Days prior to, or (B) with respect to Base Rate Loans, on the requested date of, the requested date of any Borrowing,
conversion or continuation. Each telephonic notice pursuant to this Section 2.02(a) must be confirmed promptly by delivery
to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower.
Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing, conversion or continuation shall be in a
principal amount of (i) with respect to Eurodollar Loans, $1,000,000 or a whole multiple of $1,000,000 in excess thereof or (ii)
with respect to Base Rate Loans, $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic
or written) shall specify (i) whether the applicable request is with respect to Revolving Loans or Term Loans, (ii) whether such
request is for a Borrowing, conversion, or continuation, (ii) the requested date of such Borrowing, conversion or continuation
(which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans
to be borrowed, converted or continued, and (v) if applicable, the duration of the Interest Period with respect thereto. If the
Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion
or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any automatic conversion to Base
Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar
Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Loans in any Loan Notice, but fails
to specify an Interest Period, the Interest Period will be deemed to be one month.

 

(b)          Following
receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender, as applicable, of the amount of its Revolving
Commitment Percentage or Term Loan Commitment Percentage of the applicable Loans, as the case may be, and if no timely notice of
a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Borrowing, each Lender, as applicable,
shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 2:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable
conditions set forth in Section 4.02 (and, if such Borrowing is the initial Extension of Credit, Section 4.01),
the Administrative Agent shall make all funds so received available to the party referenced in

 

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the applicable Loan
Notice in like funds as received by the Administrative Agent either by (i) crediting the account of the applicable party on
the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance
with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however,
that if, on the date the Loan Notice with respect to such Borrowing is given by the Borrower, there are Swing Line Loans or L/C
Borrowings outstanding, then the proceeds of such Borrowing shall be applied, first, to the payment in full of any such L/C Borrowings,
second, to the payment in full of any such Swing Line Loans, and third, to the party identified in the applicable Loan Notice as
provided above.

 

(c)          Except
as otherwise provided herein, without the consent of the Required Lenders, (i) a Eurodollar Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Loan and (ii) any conversion into, or continuation as, a Eurodollar
Loan may be made only if the conditions to Extension of Credits in Section 4.02 have been satisfied. During the existence
of a Default or Event of Default, (i) no Loan may be requested as, converted to or continued as a Eurodollar Loan and (ii) at the
request of the Required Lenders, any outstanding Eurodollar Loan shall be converted immediately to a Base Rate Loan.

 

(d)          The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar Loans upon determination of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent
shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate
promptly following the public announcement of such change.

 

(e)          After
giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, there shall not be more than ten (10) Interest Periods in effect with respect to Loans.

 

2.03      Additional
Provisions with respect to Letters of Credit.

 

(a)          Obligation
to Issue or Amend.

 

(i)      The
L/C Issuer shall not issue any Letter of Credit if:

 

(A)         the
issuance of such Letter of Credit would violate one or more policies of the L/C Issuer; or

 

(B)         such
Letter of Credit is in an initial amount less than $50,000, is to be denominated in a currency other than Dollars or is not a standby
letter of credit.

 

(ii)     The
L/C Issuer shall be under no obligation to issue any Letter of Credit if:

 

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(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C
Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that
the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense that was not applicable on the Closing Date and that the L/C Issuer in good faith deems material to it;

 

(B)         the
expiry date of such requested Letter of Credit would occur more than twelve (12) months after the date of issuance or last renewal,
unless the Required Revolving Lenders have approved such expiry date;

 

(C)         the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving
Lenders have approved such expiry date;

 

(D)         one
or more applicable conditions contained in Section 4.02 shall not then be satisfied and the L/C Issuer shall have received
written notice thereof from any Revolving Lender or any Credit Party at least one Business Day prior to the requested date of issuance
of such Letter of Credit;

 

(E)         any
Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate
the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to
the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other
L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(F)         the
Revolving Commitments have been terminated pursuant to Article VIII.

 

(iii)     The
L/C Issuer shall be under no obligation to amend any Letter of Credit if:

 

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(A)         the
L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof; or

 

(B)         the
beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

 

(iv)    The
L/C Issuer shall not amend any Letter of Credit if:

 

(A)         one
or more applicable conditions contained in Section 4.02 shall not then be satisfied and the L/C Issuer shall have received
written notice thereof from any Revolving Lender or any Credit Party at least one Business Day prior to the requested date of amendment
of such Letter of Credit; or

 

(B)         the
Revolving Commitments have been terminated pursuant to Article VIII.

 

(b)          Procedures
for Issuance and Amendment.

 

(i)      Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with
a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier,
by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to
the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than
11:00 a.m. at least two (2) Business Days (or such later date and time as the L/C Issuer may agree in a particular instance
in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request
for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory
to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount
thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by
such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in
case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C
Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C)
the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require.

 

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(ii)         Promptly
after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in
writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not,
the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the
Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to
the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the applicable
Person or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual
and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed
to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit
in an amount equal to the product of such Revolving Lender’s Revolving Commitment Percentage of such Letter of Credit.

 

(iii)        Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy
of such Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
any drawing under any Letter of Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later
than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor
Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount
of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify
each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”),
and the amount of such Revolving Lender’s Revolving Commitment Percentage thereof. In such event, the Borrower shall be deemed
to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans,
the amount of the unutilized portion of the Aggregate Revolving Commitments or the conditions set forth in Section 4.02.
Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by
telephone if immediately confirmed in writing; provided, that the lack of such an immediate confirmation shall not affect
the conclusiveness or binding effect of such notice.

 

(ii)         Each
Revolving Lender (including the Revolving Lender acting as L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i)
make funds

 

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available to the Administrative
Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Revolving Commitment
Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative
Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available
shall be deemed to have made a Revolving Loan that is a Base Rate Loan to the Borrower in such amount. The Administrative Agent
shall remit the funds so received to the L/C Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans for any reason, the Borrower
shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In
such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii)
shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving
Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv)        Until
each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s Revolving Commitment
Percentage of such amount shall be solely for the account of the L/C Issuer.

 

(v)         Each
Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right that such Revolving Lender may
have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a
Default or Event of Default, (C) non-compliance with the conditions set forth in Section 4.02, or (D) any other occurrence,
event or condition, whether or not similar to any of the foregoing. No such making of an L/C Advance shall relieve or otherwise
impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any
Letter of Credit, together with interest as provided herein.

 

(vi)        If
any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified
in Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment

 

    	46

    	 

    

 

is immediately available
to the L/C Issuer at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the L/C Issuer
submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi)
shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such Revolving
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent
receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether
directly from a Credit Party or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent),
the Administrative Agent will distribute to such Revolving Lender its Revolving Commitment Percentage thereof (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Revolving Lender’s L/C Advance was outstanding)
in the same funds as those received by the Administrative Agent.

 

(ii)         If
any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account
of the L/C Issuer its Revolving Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect.

 

(e)          Obligations
Absolute.  The obligations of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay
each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Credit Agreement under all circumstances, including the following:

 

(i)          any
lack of validity or enforceability of such Letter of Credit, this Credit Agreement, any other Credit Document or any other agreement
or instrument relating thereto;

 

(ii)         the
existence of any claim, counterclaim, set-off, defense or other right that the Borrower may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
the L/C Issuer or any other Person, whether in connection with this Credit Agreement, the transactions contemplated hereby or by
such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

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(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)        any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law;

 

(v)         any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower;

 

(vi)        waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower or
any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; or

 

(vii)       honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft.

 

The Borrower shall promptly examine a copy of each
Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be conclusively deemed
to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

(f)          Role
of L/C Issuer.  Each Revolving Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the L/C Issuer, any Agent-Related Person nor any of the correspondents,
participants or assignees of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability
of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrower from pursuing such rights and remedies

 

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as it may have against
the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, any Agent-Related Person, nor any of
the respective correspondents, participants or assignees of the L/C Issuer, shall be liable or responsible for any of the matters
described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such
clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable
to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered
by the Borrower which the Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C
Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft
and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation
of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a 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. The
L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank
Financial Telecommunication message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

(g)          [Reserved].

 

(h)          Applicability
of ISP and UCP; Limitation of Liability.  Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter
of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall
not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired
by, any action or inaction of the L/C Issuer required or permitted under any Laws, order or practice that is required or permitted
to be applied to any Letter of Credit or this Agreement, including the law or any order of a jurisdiction where the L/C Issuer
or the beneficiary is located, the practice stated in the ISP or the UCP, as applicable, or in the decisions, opinions, practice
statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade – International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law and Practice, whether or not any Letter
of Credit chooses such law or practice.

 

(i)          Letter
of Credit Fees.  The Borrower shall pay Letter of Credit fees as set forth in Section 2.09.

 

(j)          Conflict
with Letter of Credit Application.  In the event of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control.

 

2.04     Additional
Provisions with respect to Swing Line Loans.

 

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(a)          Borrowing
Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and
the Administrative Agent, which may be given by (i) telephone or (ii) a Loan Notice. Each such notice must be received by the Swing
Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (A) the
amount to be borrowed, which shall be a minimum of $100,000, and (B) the requested borrowing date, which shall be a Business Day.
Each telephonic notice pursuant to this Section 2.04(a) must be confirmed promptly by delivery to the Swing Line Lender and the
Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly
after receipt by the Swing Line Lender of any telephonic Loan Notice, the Swing Line Lender will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has also received such Loan Notice and, if not, the Swing Line
Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender
has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender)
prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (1) directing the Swing Line Lender not to make such Swing
Line Loan as a result of the limitations set forth in this Article II, or (2) that one or more of the applicable conditions
specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender
will, not later than 3:00 p.m. on the borrowing date specified in such Loan Notice, make the amount of its Swing Line Loan
available to the Borrower by crediting the account of the Borrower on the books of the Swing Line Lender in immediately available
funds.

 

(b)          Refinancing.

 

(i)          The
Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Revolving Lender make a Revolving Loan that is a Base
Rate Loan in an amount equal to such Revolving Lender’s Revolving Commitment Percentage of Swing Line Loans then outstanding.
Such request shall be made in writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance
with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal
amount of Base Rate Loans, the unutilized portion of the Revolving Commitments or the conditions set forth in Section 4.02.
The Swing Line Lender shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice
to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Revolving Commitment Percentage of the amount
specified in such Loan Notice available to the Administrative Agent in immediately available funds for the account of the Swing
Line Lender at the Administrative Agent’s Office not later than 2:00 p.m. on the day specified in such Loan Notice,
whereupon, subject to Section 2.04(b)(ii), each Revolving Lender that so makes funds available shall be deemed to have
made a Revolving Loan that is a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so
received to the Swing Line Lender.

 

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(ii)         If
for any reason any Swing Line Loan cannot be refinanced by such a Borrowing of Revolving Loans in accordance with Section 2.04(b)(i),
the request for Revolving Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Lender’s
payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(b)(i) shall be
deemed payment in respect of such participation.

 

(iii)        If
any Revolving Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required
to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(b) by the time specified
in Section 2.04(b)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal Funds
Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Revolving Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)        Each
Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant
to this Section 2.04(b) shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any set-off, counterclaim, recoupment, defense or other right that such Revolving Lender may have against the Swing Line
Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of
Default, (C) non-compliance with the conditions set forth in Section 4.02, or (D) any other occurrence, event
or condition, whether or not similar to any of the foregoing. No such purchase or funding of risk participations shall relieve
or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein.

 

(c)          Repayment
of Participations.

 

(i)          At
any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender
receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender its Revolving
Commitment Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Revolving Lender’s risk participation was funded) in the same funds as those received by the Swing Line
Lender.

 

(ii)         If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the

 

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Swing Line Lender under
any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the Swing
Line Lender in its discretion), each Revolving Lender shall pay to the Swing Line Lender its Revolving Commitment Percentage thereof
on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender.

 

(d)          Interest
for Account of Swing Line Lender.  The Swing Line Lender shall be responsible for invoicing the Borrower (by delivery of an
invoice or other notice to the Borrower) for interest on the Swing Line Loans. Until each Revolving Lender funds its Revolving
Loan or risk participation pursuant to this Section 2.04 to refinance such Revolving Lender’s Revolving Commitment
Percentage of any Swing Line Loan, interest in respect thereof shall be solely for the account of the Swing Line Lender.

 

(e)          Payments
Directly to Swing Line Lender.  The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.

 

2.05     Repayment
of Loans.

 

(a)          Revolving
Loans.  The Borrower shall repay to the Revolving Lenders on the Revolving Loan Maturity Date the aggregate principal amount
of Revolving Loans outstanding on such date.

 

(b)          Swing
Line Loans.  The Borrower shall repay each Swing Line Loan on the earliest to occur of (i) the date five (5) Business Days
after such Loan is made and (ii) the Revolving Loan Maturity Date.

 

(c)          Term
Loans.  The Borrower shall repay to the Term Loan Lenders on the Term Loan Maturity Date the aggregate principal amount of Term
Loans outstanding on such date.

 

2.06     Prepayments.

 

(a)          Voluntary
Prepayments.  The Loans may be repaid in whole or in part without premium or penalty (except, in the case of Loans other than
Base Rate Loans, amounts payable pursuant to Section 3.05); provided, that (i) notice thereof must be in form
acceptable to the Administrative Agent and be received by 11:00 a.m. by the Administrative Agent (A) at least three (3)
Business Days prior to the date of prepayment of Eurodollar Loans, and (B) on the Business Day prior to the date of prepayment
of Base Rate Loans, and (ii) any such prepayment shall be in a minimum principal amount of $1,000,000 and integral multiples of
$1,000,000 in excess thereof, in the case of Eurodollar Loans, and a minimum principal amount of $500,000 and integral multiples
of $100,000 in excess thereof, in the case of Base Rate Loans, or, in each case, the entire principal amount thereof, if less.
Each such notice of voluntary repayment hereunder shall be irrevocable and shall specify the date and amount of prepayment and
the Loans

 

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and Types of Loans
which are to be prepaid. The Administrative Agent will give prompt notice to the applicable Lenders of any prepayment on the Loans
and the Lender’s interest therein. Prepayments of Eurodollar Loans hereunder shall be accompanied by accrued interest thereon
and breakage amounts, if any, under Section 3.05.

 

(b)          Mandatory
Prepayments.  If at any time (A) the Outstanding Amount of Revolving Obligations shall exceed the Aggregate Revolving Committed
Amount, (B) the Outstanding Amount of L/C Obligations shall exceed the L/C Committed Amount, (C) the Outstanding Amount of Swing
Line Loans shall exceed the Swing Line Committed Amount, immediate prepayment will be made on the Revolving Loans, Swing Line Loans
and/or to provide Cash Collateral to the L/C Obligations in an amount equal to such excess; provided, however, that
Cash Collateral will not be provided to the L/C Obligations hereunder until the Revolving Loans and Swing Line Loans have been
paid in full.

 

(c)          Application.  Within each Loan, prepayments will be applied first to Base Rate Loans, then to Eurodollar Loans in direct order of Interest Period
maturities. In addition:

 

(i)          Voluntary
Prepayments.  Voluntary prepayments shall be applied as specified by the Borrower. Voluntary prepayments on the Revolving Obligations
and on the Term Loans will be paid by the Administrative Agent to the Revolving Lenders and the Term Loan Lenders, as the case
may be, ratably in accordance with their respective interests therein.

 

(ii)         Mandatory
Prepayments.  Mandatory prepayments on the Revolving Obligations will be paid by the Administrative Agent to the Revolving Lenders
ratably in accordance with their respective interests therein; provided, that mandatory prepayments in respect of the Revolving
Commitments under subsection (b) above shall be applied to the respective Revolving Obligations as appropriate.

 

2.07     Termination
or Reduction of Commitments.

 

The Revolving Commitments and
the Term Loan Commitments hereunder may be permanently reduced in whole or in part by notice from the Borrower to the Administrative
Agent; provided, that (i) any such notice thereof must be received by 11:00 a.m. at least five (5) Business Days
prior to the date of reduction or termination and any such prepayment shall be in a minimum principal amount of $5,000,000 and
integral multiples of $1,000,000 in excess thereof; and (ii) the Revolving Commitments may not be reduced to an amount less than
the Revolving Obligations then outstanding. The Administrative Agent will give prompt notice to the Lenders, as the case may be,
of any such reduction in Revolving Commitments and/or Term Loan Commitments. Any reduction of the Revolving Commitments and/or
Term Loan Commitments shall be applied to the respective Commitment of each such Lender according to its Revolving Commitment Percentage
and/or Term Loan Commitment Percentage thereof. All commitment or other fees accrued until the effective date of any termination
of the Commitments shall be paid on the effective date of such termination.

 

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2.08     Interest.

 

(a)          Subject
to the provisions of subsection (b) below, (i) each Eurodollar Loan (other than Swing Line Loans) shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest
Period plus the Applicable Rate; (ii) each Loan that is a Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each
Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per
annum equal to the Daily Floating Eurodollar Rate plus the Applicable Rate.

 

(b)          If
any amount payable by the Borrower under any Credit Document is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law. Furthermore, upon the
written request of the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the principal amount
of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including interest on past due interest)
shall be due and payable upon demand.

 

(c)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.09     Fees.

 

(a)          [Reserved.]

 

(b)          Facility
Fee.  From and after the Closing Date, the Borrower agrees to pay to the Administrative Agent for the ratable benefit of the
Revolving Lenders, a facility fee at a per annum rate equal to the Applicable Rate times the actual daily amount of the
Aggregate Revolving Committed Amount (as such amount may be reduced pursuant to Section 2.07 above), regardless of usage,
or, if the Aggregate Revolving Commitments have terminated, on the outstanding amount of all Revolving Loans, Swing Line Loans
and L/C Obligations, (the “Facility Fee” and collectively, for all the Revolving Lenders, the “Facility
Fees”). To the extent applicable, the Facility Fee shall accrue at all times during the Revolving Commitment Period (and
thereafter so long as Revolving Obligations shall remain outstanding), including periods during which the conditions to Extensions
of Credit in Section 4.02 may not be met, and shall be payable quarterly in arrears on the last day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the Revolving Loan
Maturity Date (and, if applicable, thereafter on demand); provided, that,

 

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pursuant to Section
2.15(a)(iii), (i) no Facility Fee shall accrue on the Revolving Commitment of a Defaulting Lender so long as such Revolving
Lender shall be a Defaulting Lender and (ii) any Facility Fee accrued with respect to the Revolving Commitment of a Defaulting
Lender during the period prior to the time such Revolving Lender became a Defaulting Lender and unpaid at such time shall not be
payable by the Borrower so long as such Revolving Lender shall be a Defaulting Lender. The Administrative Agent shall distribute
the Facility Fee to the Revolving Lenders pro rata in accordance with the respective Revolving Commitments of the Revolving Lenders.

 

(c)          Upfront
and Other Fees.  The Borrower agrees to pay to the Administrative Agent for the benefit of the Lenders the upfront and other
fees provided in the Engagement Letter.

 

(d)          Letter
of Credit Fees.

 

(i)          Letter
of Credit Fee.  In consideration of the L/C Commitment hereunder, the Borrower agrees to pay to the Administrative Agent for
the ratable benefit of the Revolving Lenders an annual fee (the “Letter of Credit Fee”) with respect to each
Letter of Credit issued hereunder equal to (A) the Applicable Rate per annum multiplied by (B) the average daily maximum amount
available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letters of Credit)
from the date of issuance to the date of expiration. The Letter of Credit Fee shall be computed on a quarterly basis in arrears
and shall be payable quarterly in arrears on the first Business Day after the end of each March, June, September and December,
commencing on the first such date to occur after the Closing Date, and on the Letter of Credit Expiration Date (and, if applicable,
thereafter on demand); provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting
Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to
the L/C Issuer pursuant to Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other
Revolving Lenders in accordance with the upward adjustments in their respective Revolving Commitment Percentage allocable to such
Letter of Credit pursuant to Section 2.15(a)(iv), with the balance of such fee, if any, payable to the L/C Issuer for its
own account.

 

(ii)         L/C
Issuer Fees.  In addition to the Letter of Credit Fee, the Borrower agrees to pay to the L/C Issuer for its own account without
sharing by the other Revolving Lenders (A) with the issuance of each such Letter of Credit, a fronting fee of one eighth of one
percent (0.125%) per annum on the maximum amount available to be drawn under Letters of Credit issued by it from the date
of issuance to the date of expiration, and (B) upon the issuance, amendment, negotiation, transfer and/or conversion of any
Letters of Credit or any other action or circumstance requiring administrative action on the part of the L/C Issuer with respect
thereto, customary charges of the L/C Issuer with respect thereto (collectively, the “L/C Issuer Fees”).

 

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(e)          Administrative
Agent’s Fees.  The Borrower agrees to pay the Administrative Agent such fees as provided in the Engagement Letter or as
may be otherwise agreed by the Administrative Agent and the Borrower from time to time.

 

(f)          Other
Fees.

 

(i)          The
Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and at the
times specified in the Engagement Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

 

(ii)         The
Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times
so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10     Computation
of Interest and Fees.

 

All computations of interest
for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other
computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid; provided, that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a),
bear interest for one day.

 

2.11     Payments
Generally.

 

(a)          All
payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately
available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to
each Lender its Revolving Commitment Percentage or Term Loan Commitment Percentage (or other applicable share as provided herein)
of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the
Administrative Agent after 2:00 p.m. shall be deemed received on the immediately succeeding Business Day and any applicable
interest or fee shall continue to accrue.

 

(b)          Subject
to the definition of “Interest Period,” if any payment to be made by the Borrower shall come due on a day other than
a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.

 

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(c)          Unless
the Borrower or any Lender has notified the Administrative Agent, prior to the date (or in the case of any Base Rate Loan, prior
to 12:00 (Noon) on the date of such Borrowing) any payment is required to be made by it to the Administrative Agent hereunder,
that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the
Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance
thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in
fact made to the Administrative Agent in immediately available funds, then:

 

(i)          if
the Borrower fails to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of
such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect
of each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such
amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect;
and

 

(ii)         if
any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof
in immediately available funds, together with interest thereon for the period from the date such amount was made available by the
Administrative Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the “Compensation
Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender pays such amount
to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in the applicable Borrowing. If
such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent
may make a demand therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with
interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing.
Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that
the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

A notice of the Administrative Agent to any Lender
or the Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

 

(d)          If
any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the
conditions to the applicable Extension of Credit set forth in Section 4.02 are not satisfied or waived in accordance
with the terms hereof or for any other reason, the Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.

 

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(e)          The
obligations of the Term Loan Lenders hereunder to make Term Loans and of the Revolving Lenders hereunder to make Revolving Loans
and to fund participations in Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to make
any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, nor relieve Borrower from any obligations hereunder to the Lenders which fulfill such obligations
and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

 

(f)          Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute
a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

(g)          If
at any time insufficient funds are received by or are available to the Administrative Agent to pay fully all amounts of principal,
L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward costs and expenses (including
Attorney Costs and amounts payable under Article III) incurred by the Administrative Agent and each Lender, (ii) second, toward
repayment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees then due to such parties, and (iii) third, toward repayment of principal and L/C Borrowings then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

 

2.12     Sharing
of Payments.

 

If any Lender shall obtain
on account of the Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it (excluding any amounts
applied by the Swing Line Lender to outstanding Swing Line Loans and excluding any amounts received by the L/C Issuer and/or Swing
Line Lender to secure the obligations of a Defaulting Lender to fund risk participations hereunder), any payment (whether voluntary,
involuntary, through the exercise of any right of set-off, or otherwise, but excluding any payments made to a Lender in error by
the Administrative Agent (which such payments shall be returned by the Lender to the Administrative Agent immediately upon such
Lender’s obtaining knowledge that such payment was made in error)) in excess of its ratable share (or other share contemplated
hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other
Lenders such participations in the Loans made by them and/or such subparticipations in the participations in L/C Obligations or
Swing Line Loans held by them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment
in respect of such Loans or such participations, as the case may be, pro rata with each of them; provided, however,
that (i) if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances
described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion),
such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid
therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (A) the amount
of such paying

 

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Lender’s required repayment
to (B) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing
Lender in respect of the total amount so recovered, without further interest thereon and (ii) the provisions of this Section shall
not be construed to apply to (A) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express
terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application
of Cash Collateral provided for in Section 2.14, or (C) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or
participant, other than an assignment to any Credit Party or any Subsidiary thereof (as to which the provisions of this Section
shall apply). The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of set-off, but subject to Section 10.09)
with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.
The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations
purchased under this Section and will in each case notify the Lenders following any such purchases or repayments. Each Lender that
purchases a participation pursuant to this Section shall from and after such purchase have the right to give all notices,
requests, demands, directions and other communications under this Credit Agreement with respect to the portion of the Obligations
purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

2.13     Evidence
of Debt.

 

(a)          The
Extension of Credits made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by
the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and
each Lender shall be conclusive absent manifest error of the amount of the Extension of Credits made by the Lenders to the Borrower
and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. The Borrower
shall execute and deliver to the Administrative Agent a Note for each Lender, requesting a Note, which Note shall evidence such
Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon
the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b)          In
addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain
in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in
Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

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2.14     Cash
Collateral.

 

(a)          Certain
Credit Support Events.  Upon the request of the Administrative Agent or the L/C Issuer (i) if the L/C Issuer has honored any
full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of
the L/C Cash Collateralization Date, any L/C Obligation remains outstanding, the Borrower shall be deemed to have requested a Borrowing
of Base Rate Loans in the amount of the then Outstanding Amount of all L/C Obligations (determined as of the date of such L/C Borrowing
or the L/C Cash Collateralization Date, as the case may be) and to the extent of unavailability of Base Rate Loans, the Borrower
shall immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. In the event that the Borrower is deemed
to have requested a Borrowing of Base Rate Loans on the L/C Cash Collateralization Date, the Borrower hereby authorizes the L/C
Issuer and the Administrative Agent to deposit the proceeds of such borrowing directly into a deposit account with the Administrative
Agent in order the Cash Collateralize the L/C Obligations. At any time that there shall exist a Defaulting Lender, immediately
upon the request of the Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver to the Administrative
Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.15(a)(iv)
and any Cash Collateral provided by the Defaulting Lender).

 

(b)          Grant
of Security Interest.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower, and to the extent provided by any Revolving
Lender, such Revolving Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, the L/C Issuer and the Revolving Lenders (including the Swing Line Lender), and agrees to maintain, a first
priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral
pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be
applied pursuant to Section 2.14(c). 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 as herein provided, or that the total amount of such Cash
Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting
Lender 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.

 

(c)          Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.14
or Sections 2.03, 2.04, 2.06, 2.15 or 8.02 in respect of Letters of Credit or Swing Line Loans
shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations
for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

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(d)          Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including
by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee following compliance
with Section 11.07(b))) or (ii) the Administrative Agent’s good faith determination that there exists excess Cash
Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of a Credit Party shall not be
released during the continuance of a Default or Event of Default (and following application as provided in this Section 2.14
may be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C Issuer
or Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations.

 

2.15     Defaulting
Lenders.

 

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

 

(i)          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 definitions of “Required Lenders” and “Required Revolving
Lenders” and Section 10.01.

 

(ii)         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 VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 10.09 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 the L/C Issuer or Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure
with respect to such Defaulting Lender in accordance with Section 2.14; 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 L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement, in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders,
the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent

 

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jurisdiction obtained
by any Lender, the L/C Issuer or the Swing Line 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 L/C Borrowings in respect of which such Defaulting Lender
has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time
when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay
the Loans of, and L/C Obligations 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 Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving
effect to Section 2.15(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees.

 

(A)         Each
Defaulting Lender shall not be entitled to receive fees payable under Section 2.09(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 each such Defaulting Lender).

 

(B)         Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender
only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 2.14.

 

(C)         With
respect to any fee payable under Section 2.09 or any Letter of Credit Fee not required to be paid to any Defaulting Lender
pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any
such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations
or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the
L/C Issuer and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to

 

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the extent allocable
to such L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to
pay the remaining amount of any such fee.

 

(iv)        Reallocation
of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions
set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise
notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions
are satisfied at such time), and (y) such reallocation does not cause the Applicable Percentage of Revolving Obligations of
any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.

 

(v)         Cash
Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (a)(iv) above cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash
Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.14.

 

(b)          Defaulting
Lender Cure.  If the Borrower, the Administrative Agent, the Swing Line Lender and the L/C Issuer 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 Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their
Applicable Percentages (without giving effect to Section 2.15(a)(iv)), whereupon such Lender will cease to be a Defaulting
Lender provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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2.16     Extension
of Revolving Loan Maturity Date.

 

(a)          Requests
for Extension.  The Borrower may, at its option, on a one-time basis, by notice to the Administrative Agent (who shall promptly
notify the Revolving Lenders) not earlier than one hundred twenty (120) days and not later than thirty (30) days prior to the initial
Revolving Loan Maturity Date (the date of such notice, the “Extension Request Date”), elect to extend the Revolving
Loan Maturity Date for an additional year from the Revolving Loan Maturity Date then in effect hereunder.

 

(b)          Conditions
to Effectiveness of Extensions.  Notwithstanding the foregoing, the extension of the Revolving Loan Maturity Date pursuant to
this Section shall not be effective unless:

 

(i)      no
Default or Event of Default exists on the Extension Request Date and the date of such extension;

 

(ii)     the
representations and warranties of the Credit Parties contained in this Credit Agreement and the other Credit Documents are true
and correct in all material respects on and as of the Extension Request Date and the date of such extension, other than those representations
and warranties which specifically refer to an earlier date, in which case they are true and correct in all material respects as
of such earlier date; provided, for purposes of this Section 2.16, the representations and warranties contained in
Subsections (a) and (b) of Section 5.01 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.01;

 

(iii)    the
Administrative Agent shall have received, for the benefit of the Revolving Lenders (to be allocated on a pro rata basis after giving
effect to such extension) from the Borrower an extension fee in aggregate amount equal to 0.15% of the Aggregate Revolving Commitments
on the date of such extension.

 

(c)          Conflicting
Provisions.  This Section shall supersede any provisions in Section 10.01 to the contrary.

 

Article
III

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01     Taxes.

 

(a)          (i)      Any
and all payments by any Credit Party to or for the account of the Administrative Agent or any Lender under any Credit Document
shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of the Administrative
Agent and each Lender, taxes imposed on or measured by its overall net income, and franchise and excise taxes imposed on it (in
lieu of net income taxes), as a result of a present or former connection between the Administrative Agent or such Lender and the
jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing

 

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authority thereof or
therein (other than any such connection arising solely from the Administrative Agent’s or such Lender’s having executed,
delivered or performed its obligations or received a payment under, or enforced, this Credit Agreement or any other Credit Document)
(all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities
being hereinafter referred to as “Taxes”).

 

(ii)     If
any Credit Party or the Administrative Agent shall be required by the Internal Revenue Code to withhold or deduct any taxes, including
both United States Federal backup withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make
such deductions as are determined by the Administrative Agent to be required, (B) the Administrative Agent shall timely pay the
full amount withheld or deducted to the relevant taxation authority in accordance with the Internal Revenue Code, and (C) to the
extent that the withholding or deduction is made on account of Taxes, the sum payable by the applicable Credit Party shall be increased
as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section 3.01) the applicable recipient receives an amount equal to the sum it would have received
had no such withholding or deduction been made.

 

(iii)    If
any Credit Party or the Administrative Agent shall be required by any Laws other than the Internal Revenue Code to deduct any Taxes
from or in respect of any sum payable under any Credit Document to the Administrative Agent or any Lender, (A) the sum payable
by the applicable Credit Party shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), each of the Administrative Agent and such Lender receives an amount
equal to the sum it would have received had no such deductions been made, (B) such Credit Party or the Administrative Agent shall
make such deductions, (C) such Credit Party or the Administrative Agent shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable Laws, and (D) within thirty (30) days after the date of such payment,
such Credit Party shall furnish to the Administrative Agent (which shall forward the same to such Lender) the original or a certified
copy of a receipt evidencing payment thereof.

 

(b)          In
addition, the Borrower agrees to pay any and all present or future stamp, court or documentary taxes or charges or similar levies
which arise from any payment made under any Credit Document or from the execution, delivery, performance, enforcement or registration
of, or otherwise with respect to, any Credit Document (hereinafter referred to as “Other Taxes”). For the avoidance
of doubt, “Other Taxes” shall not include any taxes assessed on the net or gross income of a taxpayer, regardless of
whether such taxes are designated excise or property taxes.

 

(c)          (i)      If
the Borrower shall be required to deduct or pay any Taxes or Other Taxes from or in respect of any sum payable under any Credit
Document to the Administrative Agent or any Lender, the Borrower shall also pay to the Administrative

 

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Agent or to such Lender,
as the case may be, at the time interest is paid, such additional amount that the Administrative Agent or such Lender specifies
is necessary to preserve the after-tax yield (after factoring in all taxes, including taxes imposed on or measured by net income)
that the Administrative Agent or such Lender would have received if such Taxes or Other Taxes had not been imposed.

 

(ii)       Each
Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days after demand
therefore, (x) the Administrative Agent against any Taxes attributable to such Lender (but only to the extent that any Credit Party
has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Credit Parties to
do so) and (y) the Administrative Agent and the Credit Parties, as applicable, against any taxes excluded from the definition of
Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or a Credit Party in connection
with any Credit 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 taxation authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Credit Document against any amount due to the Administrative Agent under this clause (ii).

 

(d)          The
Borrower agrees to indemnify the Administrative Agent and each Lender for (i) the full amount of Taxes and Other Taxes (including
any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) that are paid by the Administrative
Agent and such Lender and that are the responsibility of the Borrower, (ii) amounts payable under Section 3.01(c)
and (iii) any liability (including additions to tax, penalties, interest and expenses) arising therefrom or with respect thereto,
in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. Each of the Credit Parties agree, jointly and severally, to indemnify the Administrative Agent for any amount which
a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) above.
Payment under this subsection (d) shall be made within thirty (30) days after the date the Lender or the Administrative Agent
makes a written demand therefor.

 

3.02     Illegality.

 

If any Lender determines that
any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Eurodollar Loans, or to determine or charge interest rates based upon the Eurodollar Rate,
then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make
or continue Eurodollar Loans or to convert Base Rate Loans to Eurodollar Loans shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable,
convert all Eurodollar Loans

 

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of such Lender to Base Rate Loans,
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Loans
to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans. Upon any such prepayment
or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate
a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of
such Lender, otherwise be materially disadvantageous to such Lender.

 

3.03     Inability
to Determine Rates.

 

If the Required Lenders determine
that for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Loan, or that the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar
Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon
receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar
Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the
amount specified therein.

 

3.04     Increased
Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Loans.

 

(a)          If
any Lender determines that as a result of any Change in Law, or such Lender’s compliance therewith, there shall be any increase
in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Loans or (as the case may be) issuing
or participating in Letters of Credit, or a reduction in the amount received or receivable by such Lender in connection with any
of the foregoing (excluding for purposes of this subsection (a) any such increased costs or reduction in amount resulting
from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in the basis of taxation of
overall net income or overall gross income by the United States or any foreign jurisdiction or any political subdivision of either
thereof under the Laws of which such Lender is organized or has its Lending Office, and (iii) reserve requirements contemplated
by Section 3.04(c)), then from time to time upon demand of such Lender (with a copy of such demand to the Administrative
Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or
reduction.

 

(b)          If
any Lender determines that any Change in Law regarding capital adequacy or liquidity requirements, or compliance by such Lender
(or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation
controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into consideration its policies (and
the policies of such Lender’s holding company) with respect to capital adequacy and such Lender’s desired return on
capital), then from time to time upon demand of such Lender (with a copy of such

 

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demand to the Administrative
Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction.

 

(c)          The
Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or
assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional
interest on the unpaid principal amount of each Eurodollar Loan equal to the actual costs of such reserves allocated to such Loan
by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable
on each date on which interest is payable on such Loan; provided, the Borrower shall have received at least fifteen (15)
days’ prior written notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender
fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable
fifteen (15) days from receipt of such notice.

 

3.05     Funding
Losses.

 

Upon demand of any Lender (with
a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or

 

(c)          any
assignment of a Eurodollar Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrower pursuant to Section 10.16;

 

including any loss of anticipated profits and any
loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable
to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged
by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by
the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Loan
made by it at the Eurodollar Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing
in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Loan
was in fact so funded.

 

3.06     Matters
Applicable to all Requests for Compensation.

 

(a)          A
certificate of the Administrative Agent or any Lender claiming compensation under this Article III and setting forth the additional
amount or amounts to

 

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be paid to it hereunder
shall be conclusive in the absence of manifest error. In determining such amount, the Administrative Agent or such Lender may use
any reasonable averaging and attribution methods.

 

(b)          Upon
any Lender’s making a claim for compensation under Section 3.01 or 3.04, the Borrower may replace such
Lender in accordance with Section 10.16.

 

3.07     Survival.

 

All of the Borrower’s
obligations under this Article III shall survive termination of the Commitments and repayment of all other Obligations hereunder.

 

Article
IV

CONDITIONS
PRECEDENT TO EXTENSION OF CREDITS

 

The obligation of each Lender
to make Extensions of Credit hereunder is subject to satisfaction of the following conditions precedent:

 

4.01     Conditions
to Initial Extensions of Credit.

 

The obligation of the Lenders
to make the initial Extension of Credit hereunder is subject to the satisfaction of such of the following conditions in all material
respects on or prior to the Closing Date as shall not have been expressly waived in writing by the Administrative Agent and Lenders.

 

(a)          Credit
Documents, Organization Documents, Etc.  The Administrative Agent’s receipt of the following, each of which shall be originals
or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Credit Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before
the Closing Date) and each in form and substance satisfactory to the Administrative Agent:

 

(i)      executed
counterparts of this Credit Agreement and the other Credit Documents;

 

(ii)     a
Note executed by the Borrower in favor of each Lender requesting a Note;

 

(iii)    copies
of the Organization Documents of each Credit Party (not included in (iv) below) certified to be true and complete as of a recent
date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable,
and certified by a secretary or assistant secretary of such Credit Party to be true and correct as of the Closing Date;

 

(iv)    with
respect to the Credit Parties that were credit parties or subsidiary guarantors under the Existing Credit Facility, a certificate
by a secretary or assistant secretary of such Credit Parties that the Organization

 

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Documents delivered to
the Administrative Agent in connection with the Existing Credit Facility are still in full force and effect and have not been amended,
restated, replaced or otherwise modified since the closing of the Existing Credit Facility;

 

(v)     such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Credit Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Credit Agreement and the other Credit Documents to which
such Credit Party is a party; and

 

(vi)    such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Credit Party is duly organized
or formed, and is validly existing, in good standing and qualified to engage in business in the jurisdiction of their incorporation
or organization.

 

(b)          Opinions
of Counsel.  The Administrative Agent shall have received, in each case dated as of the Closing Date and in form and substance
reasonably satisfactory to the Administrative Agent a legal opinion of (i) Kaye Scholer LLP, special New York and Delaware counsel
for the Credit Parties and (ii) special local counsel for the Credit Parties for the states of Maryland and Ohio, in each case
addressed to the Administrative Agent, its counsel and the Lenders.

 

(c)          Officer’s
Certificates.  The Administrative Agent shall have received a certificate or certificates executed by a Responsible Officer
of the Borrower as of the Closing Date, in a form satisfactory to the Administrative Agent, stating that (i) each Credit Party
is in compliance with all existing financial obligations (whether pursuant to the terms and conditions of this Credit Agreement
or otherwise), (ii) all governmental, shareholder and third party consents and approvals, if any, with respect to the Credit Documents
and the transactions contemplated thereby have been obtained, (iii) no action, suit, investigation or proceeding is pending or
threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Consolidated Party
or any transaction contemplated by the Credit Documents, if such action, suit, investigation or proceeding could have a Material
Adverse Effect, (iv) immediately prior to and following the transactions contemplated herein, each of the Credit Parties shall
be Solvent, and (v) immediately after the execution of this Credit Agreement and the other Credit Documents, (A) no Default or
Event of Default exists and (B) all representations and warranties contained herein and in the other Credit Documents are true
and correct in all material respects.

 

(d)          Financial
Statements.  Receipt by the Administrative Agent and the Lenders of (i) pro forma projections of financial statements (balance
sheet, income and cash flows) for each of the fiscal years of the Consolidated Parties through December 31, 2018 and (ii) such
other information relating to the Consolidated Parties as the Administrative Agent may reasonably require in connection with the
structuring and syndication of credit facilities of the type described herein.

 

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(e)          Opening
Compliance Certificate.  Receipt by the Administrative Agent of a Compliance Certificate as of the Closing Date signed by a
Responsible Officer of the Borrower and including (i) pro forma calculations for the current fiscal quarter based on the amounts
set forth in the unaudited financial statements for the fiscal quarter ending March 31, 2014 and taking into account any Extension
of Credit made or requested hereunder as of such date and (ii) pro forma calculations of all financial covenants contained herein
for each of the following four (4) fiscal quarters (based on the projections set forth in the materials delivered pursuant
to clause (d) of this Section 4.01).

 

(f)          Unencumbered
Property Certificate.  Receipt by the Administrative Agent of an Unencumbered Property Certificate as of the Closing Date signed
by a Responsible Officer of the Borrower.

 

(g)          Consents/Approvals.  The Credit Parties 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 Credit 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 would 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 Credit Party to fulfill its respective obligations under the Credit Documents to which it is a party.

 

(h)          Material
Adverse Change.  No material adverse change shall have occurred since December 31, 2013 in the condition (financial or
otherwise), business, assets, operations, management or prospects of the Borrower and its Consolidated Subsidiaries, taken as a
whole.

 

(i)          Litigation.  There shall not exist any pending or threatened action, suit, investigation or proceeding against any Credit Party or any of their
Affiliates that could reasonably be expected to have a Material Adverse Effect or could otherwise materially and adversely affect
the transactions set forth herein or contemplated hereby.

 

(j)          Repayment
of Existing Credit Facility.  Receipt by the Administrative Agent of satisfactory evidence that the Existing Credit Facility
has been simultaneously repaid in full and terminated.

 

(k)          Fees
and Expenses.  Payment by the Credit Parties to the Administrative Agent of all fees and expenses relating to the preparation,
execution and delivery of this Credit Agreement and the other Credit Documents which are due and payable on the Closing Date, including,
without limitation, payment to the Administrative Agent of the fees set forth in the Engagement Letter.

 

Without limiting the generality
of the provisions of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has

 

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signed this Agreement shall be
deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to
be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice
from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

4.02     Conditions
to Extensions of Credit.

 

The obligation of any Lender
to make any Extension of Credit hereunder is subject to the satisfaction of such of the following conditions on or prior to the
proposed date of the making of such Extension of Credit:

 

(a)          The
Administrative Agent shall receive the applicable Request for Extension of Credit and the conditions set forth in Section 4.01
for the initial Extension of Credit shall have been met as of the Closing Date;

 

(b)          No
Default shall have occurred and be continuing immediately before the making of such Extension of Credit and no Default shall exist
immediately thereafter;

 

(c)          The
representations and warranties of the Borrower made in or pursuant to the Credit Documents shall be true in all material respects
on and as of the date of such Extension of Credit;

 

(d)          (i)
Immediately following the making of such Extension of Credit the sum of the outstanding principal balance of the Revolving Obligations
shall not exceed the Aggregate Revolving Committed Amount and (ii) with respect to Term Loans, the amount of such requested Extension
of Credit shall not exceed the aggregate available Term Loan Commitments.

 

The making of such Extension of Credit hereunder
shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the facts specified in clauses (b),
(c), and (d) of this Section.

 

Article
V

REPRESENTATIONS
AND WARRANTIES

 

The Credit Parties represent
and warrant, as applicable, to the Administrative Agent and the Lenders that:

 

5.01     Financial
Statements; No Material Adverse Effect.

 

(a)          The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Consolidated Parties as of the
date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities,
direct or contingent, of the Consolidated Parties as of the date thereof, including liabilities for taxes, material commitments
and Indebtedness.

 

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(b)          The
unaudited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries dated March 31, 2014, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of the Consolidated Parties as of the date thereof and their results of
operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.

 

(c)          During
the period from December 31, 2013, to and including the Closing Date, there has been no sale, transfer or other disposition by
any Consolidated Party of any material part of the business or Property of the Consolidated Parties, taken as a whole, and no purchase
or other acquisition by any of them of any business or property (including any Capital Stock of any other Person) material in relation
to the consolidated financial condition of the Consolidated Parties, taken as a whole, in each case, which is not reflected in
the foregoing financial statements or in the notes thereto and has not otherwise been disclosed in writing to the Lenders on or
prior to the Closing Date.

 

(d)          The
financial statements delivered pursuant to Section 6.01(a) and (b) have been prepared in accordance with GAAP
(except as may otherwise be permitted under Section 6.01(a) and (b)) and present fairly (on the basis disclosed
in the footnotes to such financial statements) the consolidated financial condition, results of operations and cash flows of the
Consolidated Parties as of such date and for such periods.

 

(e)          Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect.

 

5.02     Corporate
Existence and Power.

 

Each of the Credit Parties
is a corporation, partnership or limited liability company duly organized or formed, validly existing and in good standing under
the laws of its jurisdiction of incorporation or organization, has all organizational powers and all material governmental licenses,
authorizations, consents and approvals required to carry on its business as now conducted and is duly qualified as a foreign entity
and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of
its business requires such qualification, other than in such jurisdictions where the failure to be so qualified and in good standing
would not, in the aggregate, have a Material Adverse Effect.

 

5.03     Corporate
and Governmental Authorization; No Contravention.

 

The execution, delivery and
performance by each Credit Party of each Credit Document to which such Person is party, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, (i) any Contractual
Obligation to which such Person is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or
any arbitral award to

 

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which such Person or its property
is subject; or (c) violate any Law (including Regulation U or Regulation X issued by the FRB).

 

5.04     Binding
Effect.

 

This Credit Agreement has been,
and each other Credit Document, when delivered hereunder, will have been, duly executed and delivered by each Credit Party that
is a party thereto. This Credit Agreement constitutes, and each other Credit Document when so delivered will constitute, a legal,
valid and binding obligation of such Credit Party, enforceable against each Credit Party that is a party thereto in accordance
with its terms except as enforceability may be limited by applicable Debtor Relief Laws and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

 

5.05     Litigation.

 

There are no actions, suits,
proceedings, claims or disputes pending or, to the knowledge of the Responsible Officers of the Credit Parties, threatened at law,
in equity, in arbitration or before any Governmental Authority, by or against any Credit Party or against any of its properties
or revenues that (a) purport to affect or pertain to this Credit Agreement or any other Credit Document, or any of the transactions
contemplated hereby or (b) either individually or in the aggregate, can reasonably be expected to be determined adversely, and
if so determined to have a Material Adverse Effect.

 

5.06     Compliance
with ERISA.

 

(a)          Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Internal Revenue Code and other Federal
or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable
determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto
and, to the knowledge of the Responsible Officers of the Credit Parties, nothing has occurred which would prevent, or cause the
loss of, such qualification. The Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to
Section 412 of the Internal Revenue Code, and no application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Internal Revenue Code has been made with respect to any Plan.

 

(b)          There
are no pending or, to the knowledge of the Responsible Officers of the Credit Parties, threatened claims (other than routine claims
for benefits), actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be
expected to have a Material Adverse Effect. Neither the Borrower nor any ERISA Affiliate or, to the knowledge of the Responsible
Officers of the Credit Parties, any other Person has engaged in any prohibited transaction or violation of the fiduciary responsibility
rules under ERISA or the Internal Revenue Code with respect to any Plan that has resulted or could reasonably be expected to result
in a Material Adverse Effect.

 

(c)          (i)      No
ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) the
Borrower nor any

 

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ERISA Affiliate has
incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than
premiums due and not delinquent under Section 4007 of ERISA); (iv) the Borrower nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would
result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) the Borrower
nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.

 

5.07     Environmental
Matters.

 

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

 

(a)          To
the knowledge of the Responsible Officers of the Borrower, each of the facilities and real properties owned, leased or operated
by any Credit Party or any Subsidiary (the “Facilities”) and all operations at the Facilities are in compliance
with all applicable Environmental Laws in all material respects and there is no violation, in any material respect, of any Environmental
Law with respect to the Facilities or the businesses operated by any Credit Party or any Subsidiary at such time (the “Businesses”),
and there are no conditions relating to the Facilities or the Businesses that are likely to give rise to liability under any applicable
Environmental Laws.

 

(b)          To
the knowledge of the Responsible Officers of the Borrower, none of the Facilities contains, or has previously contained, any Hazardous
Materials at, on or under the Facilities in amounts or concentrations that constitute or constituted a violation of, or could give
rise to liability under, applicable Environmental Laws.

 

(c)          To
the knowledge of the Responsible Officers of the Borrower, no Credit Party nor any Subsidiary has received any written or verbal
notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or
potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Facilities
or the Businesses, nor does any Responsible Officer of the Borrower have knowledge or reason to believe that any such notice will
be received or is being threatened.

 

(d)          To
the knowledge of the Responsible Officers of the Borrower, Hazardous Materials have not been transported or disposed of from the
Facilities, or generated, treated, stored or disposed of at, on or under any of the Facilities, in each case by or on behalf of
any Credit Party or any Subsidiary in violation of, or in a manner that is likely to give rise to liability under, any applicable
Environmental Law.

 

(e)          To
the knowledge of the Responsible Officers of the Borrower, no judicial proceeding or governmental or administrative action is pending
or threatened, under any Environmental Law to which any Credit Party or any Subsidiary is or will be named as a party, nor are
there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial
requirements

 

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outstanding under any
Environmental Law with respect to any Credit Party, any Subsidiary, the Facilities or the Businesses.

 

(f)          To
the knowledge of the Responsible Officers of the Borrower, there has been no release or threat of release of Hazardous Materials
at or from the Facilities, or arising from or related to the operations (including, without limitation, disposal) of any Credit
Party or any Subsidiary in connection with the Facilities or otherwise in connection with the Businesses, in violation of or in
amounts or in a manner that is likely to give rise to liability under any applicable Environmental Laws.

 

5.08     Margin
Regulations; Investment Company Act.

 

(a)          No
Credit Party is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or
carrying margin stock and no part of the Letters of Credit or proceeds of the Loans will be used, directly or indirectly, for the
purpose of purchasing or carrying any margin stock.

 

(b)          None
of the Credit Parties are (i) required to be registered as an “investment company” under the Investment Company Act
of 1940 or (ii) subject to regulation under any other Law which limits its ability to incur the Obligations.

 

5.09     Compliance
with Laws.

 

Each of the Borrower and each
of its Subsidiaries is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply
therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

5.10     Ownership
of Property; Liens.

 

Each of the Borrower and each
of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all applicable Real
Property Assets, except for Permitted Liens and such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Set forth on the most recently delivered Unencumbered Property Certificate required
pursuant to Section 6.02, is a list of all Unencumbered Properties (Unencumbered Asset Value). The Property of the
Borrower and its Subsidiaries is subject to no Liens, other than Permitted Liens.

 

5.11     Corporate
Structure; Capital Stock, Etc.

 

Set forth on Schedule 5.11
is a complete and accurate list of each Credit Party and each Subsidiary of any Credit Party, together with (a) jurisdiction of
organization, (b) number of shares of each class of Capital Stock outstanding, (c) number and percentage of outstanding shares
of each class owned (directly or indirectly) by any Credit Party or any Subsidiary and

 

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(d) U.S. taxpayer identification
number. Subject to Section 7.03, the Borrower has no equity Investments in any other Person other than those specifically
disclosed on Schedule 5.11, as such schedule may be updated from time to time pursuant to Section 6.02.
The outstanding Capital Stock owned by any Credit Party are validly issued, fully paid and non-assessable and free of any Liens,
warrants, options and rights of others of any kind whatsoever.

 

5.12     Labor
Matters.

 

There are no collective bargaining
agreements or Multiemployer Plans covering the employees of the Borrower as of the Closing Date and the Borrower (a) has not
suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five (5) years or (b) to
the knowledge of the Responsible Officers of the Borrower there has not been any potential or pending strike, walkout or work stoppage.
No unfair labor practice complaint is pending against the Borrower.

 

5.13     No
Default.

 

Neither the Borrower nor any
of its Subsidiaries is in default under or with respect to any Contractual Obligation that could, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.14     Solvency.

 

Immediately before and immediately
after giving effect to this Agreement, (a) the Borrower is Solvent and (b) the other Credit Parties are Solvent on a consolidated
basis.

 

5.15     Taxes.

 

The Borrower and its Subsidiaries
have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state
and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income
or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves have been established in accordance with GAAP. To the knowledge of the Responsible Officers
of the Borrower, there is no proposed tax assessment against any Credit Party that would, if made, have a Material Adverse Effect.

 

5.16     REIT
Status.

 

The Borrower is taxed as a
“real estate investment trust” within the meaning of Section 856(a) of the Internal Revenue Code and each of the
Credit Parties (other than the Borrower) are Qualified REIT Subsidiaries.

 

5.17     Insurance.

 

The Real Property Assets of
the Borrower and its Subsidiaries are insured, to Borrower’s knowledge, with financially sound and reputable insurance companies
not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily

 

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carried by companies engaged
in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

 

5.18     Intellectual
Property; Licenses, Etc.

 

The Borrower and its Subsidiaries
own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises,
licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person, except, in each case, where the failure to do so could not reasonably be
expected to have a Material Adverse Effect. To the knowledge of the Credit Parties, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be employed, by the Borrower or any Subsidiary
infringes upon any rights held by any other Person except where such infringement could not reasonably be expected to have a Material
Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to the knowledge of the Borrower, threatened,
which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

5.19     Disclosure.

 

Each Credit Party has disclosed
to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any
of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. To each Credit Party’s knowledge, no report, financial statement, certificate
or other information furnished (whether in writing or orally) by or on behalf of any Credit Party to the Administrative Agent or
any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Credit Document (in each case, as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, that, with respect to projected financial information, each Credit
Party represents only that, to each Credit Party’s knowledge, such information was prepared in good faith based upon assumptions
believed to be reasonable at the time, with the understanding that certain of such information is prepared or provided by each
Credit Party based upon information and assumptions provided to such Credit Parties by Tenants of such Credit Parties.

 

5.20     Anti-Terrorism
Laws.

 

No Consolidated Party, any
Affiliate thereof, or any of their respective officers, employees, directors or agents is an “enemy” or an “ally
of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50
U.S.C. App. §§ 1 et seq.) (the “Trading with the Enemy Act”), as amended. No Consolidated Party,
any Affiliate thereof, or any of their respective officers, employees, directors or agents is in violation of (a) the Trading
with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States Treasury Department
(31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (c) the Patriot
Act or (d) the Laws of any

 

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applicable jurisdiction related
to bribery or anti-corruption. Set forth on Schedule 5.20 is the exact legal name of each Consolidated Party, the state
of incorporation or organization, the chief executive office, the principal place of business, the jurisdictions in which the Consolidated
Parties are qualified to do business, the federal tax identification number and organization identification number of each of the
Consolidated Parties as of the Closing Date. The Borrower has implemented and maintains in effect policies and procedures designed
to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with anti-corruption
Laws and applicable Sanctions.

 

5.21 OFAC.

 

No Consolidated Party, any
Affiliate thereof, or any of their respective officers, employees, directors or agents (a) is a Sanctioned Person, (b) has any
of its assets in Designated Jurisdictions, or (c) derives any of its operating income from investments in, or transactions with,
Sanctioned Persons or Designated Jurisdictions. No part of the proceeds of any Loans hereunder will be used directly or indirectly
to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Person or a Designated
Jurisdiction or for any payments to any governmental official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended and in effect from time
to time.

 

Article
VI

AFFIRMATIVE
COVENANTS

 

The Borrower hereby covenants
and agrees (on its own behalf and on behalf of the other Credit Parties, as applicable) that until the Obligations, together with
interest, fees and other obligations hereunder, have been paid in full and the Revolving Commitments hereunder shall have terminated:

 

6.01     Financial
Statements.

 

The Borrower shall deliver
to the Administrative Agent (and the Administrative Agent shall disseminate such information pursuant to the terms of Section 6.02
hereof), in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)          as
soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower (or if earlier, the
date that is five (5) days after the reporting date for such information required by the SEC), a consolidated balance sheet of
the Consolidated Parties as at the end of such fiscal year, and the related consolidated statements of earnings, shareholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal
year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of a Registered
Public Accounting Firm of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and applicable Securities Laws and shall not be subject
to any “going concern” or like qualification or

 

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exception or any qualification
or exception as to the scope of such audit; provided, that the Administrative Agent hereby agrees that a Form 10-K of the
Borrower in form similar to that delivered as part of the Audited Financial Statements shall satisfy the requirements of this Section
6.01(a); and

 

(b)          as
soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal quarters of
each fiscal year of the Borrower (or if earlier, the date that is five (5) days after the reporting date for such information required
by the SEC), a consolidated balance sheet of the Consolidated Parties as at the end of such fiscal quarter, and the related consolidated
statements of earnings, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s
fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible
Officer of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash
flows of the Consolidated Parties in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes; provided, that the Administrative Agent hereby agrees that a Form 10-Q of the Borrower in form similar to that
delivered to the SEC shall satisfy the requirements of this Section 6.01(b).

 

6.02     Certificates;
Other Information.

 

The Borrower shall deliver
to the Administrative Agent (and the Administrative Agent shall disseminate such information pursuant to the terms of this Section 6.02),
in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)          concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), (i) a duly completed
Compliance Certificate signed by a Responsible Officer of the Borrower; which shall include, without limitation, calculation of
the financial covenants set forth in Section 6.12 and an update of Schedule 5.11, if applicable and (ii) a duly
completed Unencumbered Property Certificate;

 

(b)          within
thirty (30) days after the end of each fiscal year of the Borrower, beginning with the fiscal year ending December 31, 2014,
an annual operating forecast of the Borrower containing, among other things, pro forma financial statements for the then current
fiscal year and updated versions of the pro forma financial projections delivered in connection with Section 4.01(d)
hereof;

 

(c)          promptly
after any request by the Administrative Agent, copies of any detailed audit reports, management letters or recommendations submitted
to the board of directors by the independent accountants of the Borrower (or the audit committee of the board of directors of the
Borrower) in respect of the Borrower (and, to the extent any such reports, letters or recommendations are prepared separately for
any one or more of the Credit Parties, such Credit Party) by independent accountants in connection with the accounts or books of
the Borrower (or such Credit Party) or any audit of the Borrower (or such Credit Party);

 

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(d)          promptly
after the same are available, (i) copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements
which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of
1934 or to a holder of any Indebtedness owed by the Borrower in its capacity as such holder and not otherwise required to be delivered
to the Administrative Agent pursuant hereto and (ii) upon the request of the Administrative Agent, all reports and written information
to and from the United States Environmental Protection Agency, or any state or local agency responsible for environmental matters,
the United States Occupational Health and Safety Administration, or any state or local agency responsible for health and safety
matters, or any successor agencies or authorities concerning environmental, health or safety matters;

 

(e)          promptly
upon receipt thereof, a copy of any other report or “management letter” submitted by independent accountants to the
Borrower in connection with any annual, interim or special audit of the books of the Borrower;

 

(f)          promptly
upon any Responsible Officer of the Borrower becoming aware thereof, notice of any matter that has resulted or could reasonably
be expected to result in a Material Adverse Effect and (iii) any other Default or Event of Default;

 

(g)          within
ten (10) days upon any Responsible Officer of the Borrower becoming aware thereof, reports detailing income or expenses of any
assets directly owned or operated, or which will be included on the balance sheet for purposes of FIN 46, other than as previously
disclosed in the Borrower’s Form 10-K, 10-Q or any other publicly available information;

 

(h)          promptly,
such additional information regarding the business, financial or corporate affairs of the Credit Parties, or compliance with the
terms of the Credit Documents, as the Administrative Agent or any Lender (through the Administrative Agent) may from time to time
reasonably request; and

 

(i)          promptly
upon any announcement by Moody’s, S&P or Fitch of any change or possible change in a Debt Rating.

 

Documents required to be delivered pursuant to
Section 6.01(a) or (b) or Section 6.02(b), (c), or (d) may be delivered electronically
and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides
a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or
(ii) on which such documents are posted by the Administrative Agent (on the Borrower’s behalf) on IntraLinks/IntraAgency
or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent); provided, that: (A) the Borrower shall deliver paper copies of
such documents to the Administrative Agent or any Lender (through the Administrative Agent) that requests the Borrower to deliver
such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender
(through the Administrative Agent) and (B) the Borrower shall notify (which may be by

 

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facsimile or electronic mail) the Administrative
Agent and each Lender (through the Administrative Agent) of the posting of any such documents (each Lender to which delivery of
such documents shall be made by posting to any such website shall have been given access to such website on or prior to the date
of such posting) and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the Borrower or the other Credit Parties with any such request
for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (x) the Administrative
Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively,
the “Borrower Materials”) by posting the Borrower Materials on SyndTrak or another similar electronic system
(the “Platform”) and (y) certain of the Lenders may be “public-side” Lenders (i.e., Lenders
that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public
Lender”). The Borrower hereby further agrees that (ww) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof (xx) by marking Borrower Materials “PUBLIC,” the Borrower shall
be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as either publicly available
information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities
for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower
Materials constitute Confidential Information, they shall be treated as set forth in Section 10.08); (yy) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public;”
and (zz) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not marked as “Public.”

 

6.03     Preservation
of Existence and Franchises.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, do all things necessary to preserve and keep in full force and effect its legal existence,
rights, franchises and authority. Each Credit Party shall remain qualified and in good standing in each jurisdiction in which the
failure to so qualify and be in good standing could have a Material Adverse Effect.

 

6.04     Books
and Records.

 

Each Credit Party shall, as
shall cause each of its Subsidiaries to, keep complete and accurate books and records of its transactions in accordance with good
accounting practices on the basis of GAAP.

 

6.05     Compliance
with Law.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries, to comply with all Laws, rules, regulations and orders, and all applicable restrictions imposed
by all Governmental

 

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Authorities, applicable to it
and all of its real and personal property, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

 

6.06     Payment
of Taxes and Other Indebtedness.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, pay and discharge (or cause to be paid or discharged) (a) all taxes (including, without
limitation, any corporate or franchise taxes), assessments and governmental charges or levies imposed upon it, or upon its income
or profits, or upon any of its properties, before they shall become delinquent, unless the same are being contested in good faith
by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower
or such Subsidiary, (b) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, might give rise
to a Lien (other than a Permitted Lien) upon any of its properties, and (c) except as prohibited hereunder, all of its other
Indebtedness as it shall become due.

 

6.07     Insurance.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, maintain (or caused to be maintained) with financially sound and reputable insurance companies
not Affiliates of the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily
insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried
under similar circumstances by such other Persons. Each Credit Party shall, and shall cause each of its Subsidiaries to, provide
prompt notice to the Administrative Agent following such Credit Party’s receipt from the relevant insurer of any notice of
termination, lapse or cancellation of such insurance.

 

6.08     Maintenance
of Property.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, maintain, preserve and protect (or caused to be maintained, preserved and protected) all
of its Unencumbered Properties and all other material property and equipment necessary in the operation of its business in good
working order and condition, in each case, in a manner consistent with how such Person maintained its Unencumbered Properties and
other material property on the Closing Date, ordinary wear and tear excepted.

 

6.09     Performance
of Obligations.

 

The Credit Parties will pay
and discharge at or before maturity, or prior to expiration of applicable notice, grace and curative periods, all their respective
material obligations and liabilities, including, without limitation, tax liabilities, except where the same may be contested in
good faith by appropriate proceedings, and will maintain, in accordance with GAAP, appropriate reserves for the accrual of any
of the same.

 

6.10     Visits
and Inspections.

 

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Subject to the rights of Tenants,
each Credit Party shall, and shall cause each of its Subsidiaries to, permit representatives or agents of any Lender or the Administrative
Agent, from time to time, and, if no Event of Default shall have occurred and be continuing, after reasonable prior notice, but
not more than twice annually and only during normal business hours to: (a) visit and inspect any of its Real Property Assets to
the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective
books and records, including but not limited to management letters prepared by independent accountants; and (c) discuss with its
principal officers, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations
and performance. If requested by the Administrative Agent, the Borrower or the Credit Parties, as applicable, shall execute an
authorization letter addressed to its accountants authorizing the Administrative Agent or any Lender to discuss the financial affairs
of the Borrower or any other Credit Party with its accountants.

 

6.11     Use
of Proceeds/Purpose of Loans and Letters of Credit.

 

The Borrower shall use the
proceeds of all Loans and use Letters of Credit only for the purpose of (a) on the Closing Date to refinance existing Indebtedness
of the Credit Parties under the Existing Credit Facility and (b) on and after the Closing Date to finance general corporate working
capital (including asset acquisitions, and acquiring or improving, directly or indirectly, income producing Healthcare Facilities
and Investments incidental or related thereto), capital expenditures or other corporate purposes of the Borrower and the other
Credit Parties (to the extent not inconsistent with the Credit Parties’ covenants and obligations under this Credit Agreement
and the other Credit Documents).

 

6.12     Financial
Covenants.

 

(a)          Consolidated
Leverage Ratio.  The Borrower shall cause the Consolidated Leverage Ratio, as of the end of any fiscal quarter, to be equal
to or less than 60%; provided however, notwithstanding the foregoing, following any Significant Acquisition by the
Borrower or any Subsidiary or Subsidiaries of the Borrower, and following the delivery of an Acquisition Leverage Ratio Notice,
the Borrower shall have the ability to increase the applicable Consolidated Leverage Ratio to be less than or equal to 65% with
respect to the fiscal quarter during which such Significant Acquisition occurs and the next two (2) fiscal quarters thereafter.

 

(b)          Consolidated
Secured Leverage Ratio.  The Borrower shall cause the Consolidated Secured Leverage Ratio, as of the end of any fiscal quarter,
to be equal to or less than 30%.

 

(c)          Consolidated
Unsecured Leverage Ratio.  The Borrower shall cause the Consolidated Unsecured Leverage Ratio, as of the end of any fiscal quarter,
to be equal to or less than 60%; provided however, notwithstanding the foregoing, following any Significant Acquisition
by the Borrower or any Subsidiary or Subsidiaries of the Borrower, and following the delivery of an Acquisition Leverage Ratio
Notice, the Borrower shall have the ability to increase the applicable Consolidated Unsecured

 

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Leverage Ratio to be
less than or equal to 65% with respect to the fiscal quarter during which such Significant Acquisition occurs and the next two
(2) fiscal quarters thereafter.

 

(d)          Consolidated
Fixed Charge Coverage Ratio.  The Borrower shall cause the Consolidated Fixed Charge Coverage Ratio, as of the end of any fiscal
quarter, to be equal to or greater than 1.50 to 1.00.

 

(e)          Consolidated
Tangible Net Worth.  The Borrower shall cause the Consolidated Tangible Net Worth as of the end of any fiscal quarter to be
equal to or greater than the sum of (i) $1,644,768,000 plus (ii) an amount equal to 75% of the net cash proceeds
received by the Consolidated Parties from Equity Transactions subsequent to March 31, 2014.

 

(f)          Consolidated
Unsecured Debt Yield.  The Borrower shall cause the Consolidated Unsecured Debt Yield, as of the end of any fiscal quarter,
to be equal to or greater than 12.0%.

 

(g)          Consolidated
Unsecured Interest Coverage Ratio.  The Borrower shall cause the Consolidated Unsecured Interest Coverage Ratio, as of the end
of any fiscal quarter, to be equal to or greater than 2.00 to 1.00.

 

(h)          Distribution
Limitation.  During the continuance of an Event of Default, the Borrower shall only pay distributions sufficient to maintain
its status as a REIT; provided, that following any Event of Default resulting from nonpayment or bankruptcy, or if the outstanding
Loans have been accelerated then the Borrower shall not make any distributions. Notwithstanding anything to the contrary contained
in this Section 6.12(h), the Borrower may make distributions payable solely in the form of common stock of the Borrower.

 

6.13     Environmental
Matters; Preparation of Environmental Reports.

 

The Borrower will, and will
cause each of its Subsidiaries to, comply in all material respects with all Environmental Laws in respect of its Real Property
Assets.

 

6.14     REIT
Status.

 

The Borrower will, and will
cause each of its Subsidiaries to, operate its business at all times so as to satisfy all requirements necessary to qualify and
maintain the Borrower’s qualification as a real estate investment trust under Sections 856 through 860 of the Internal
Revenue Code. The Borrower will maintain adequate records so as to comply in all material respects with all record-keeping requirements
relating to its qualification as a real estate investment trust as required by the Internal Revenue Code and applicable regulations
of the Department of the Treasury promulgated thereunder and will properly prepare and timely file with the IRS all returns and
reports required thereby.

 

6.15     Additional
Guarantors; Withdrawal or Addition of Unencumbered Properties; Release of Guarantors.

 

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(a)          Upon
the acquisition, incorporation or other creation of any direct or indirect Subsidiary of the Borrower which owns an Unencumbered
Property and/or provides a guaranty of the Senior Notes or other unsecured Funded Debt and to the extent such Subsidiaries have
not been designated as Unrestricted Subsidiaries, the Borrower shall (i) cause such Subsidiary to become a Subsidiary Guarantor
hereunder through the execution and delivery to the Administrative Agent of a Subsidiary Guarantor Joinder Agreement on or before
the deadline for the delivery of the Compliance Certificate required pursuant to Section 6.02(a) following the fiscal
quarter in which the foregoing conditions for becoming a Subsidiary Guarantor are met, and (ii) cause such Subsidiary to deliver
such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without
limitation, certified resolutions and other organizational and authorizing documents of such Subsidiary, favorable opinions of
counsel to such Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of
the documentation referred to above), all in form, content and scope reasonably satisfactory to the Administrative Agent.

 

(b)          The
Borrower may add and withdraw Real Property Assets from the pool of Unencumbered Properties without the consent of the Administrative
Agent; provided, that (i) in the case of addition of a Real Property Asset owned or leased by a Consolidated Party that
is not a Credit Party, the owner of the Real Property Asset shall have complied with the requirements of clause (a)(i) of this
Section 6.15 and (ii) in the case of withdrawal of a Real Property Asset, the Borrower shall have given notice thereof to
the Administrative Agent, together with a written request to release the owner of the subject Real Property Asset from the Guaranty,
where appropriate, in accordance with the provisions hereof. In the case of withdrawal of a subject Property from the pool of Unencumbered
Properties entitling the owner of the subject Real Property Asset to a release from the Guaranty hereunder, the Administrative
Agent shall acknowledge (in writing delivered to the Borrower upon written request of the Borrower) withdrawal of the subject Real
Property Asset and release of Guaranty of the owner in respect thereof (excepting a situation where an Event of Default shall then
exist and be continuing, or where withdrawal of the subject Real Property Asset would cause the pool of Unencumbered Properties
to be insufficient to support the outstanding Obligations, which in either such case, the owner of the subject Real Property Asset
shall not be released from its Guaranty hereunder until such time as the foregoing conditions no longer exist). Notwithstanding
anything to the contrary in this Agreement, if the removal of any Unencumbered Properties would have the effect of curing all existing
Events of Default, Borrower shall be permitted to withdraw such Real Property Assets, and any Event of Default with respect thereto
shall be deemed cured as of the date of such withdrawal.

 

(c)          Notwithstanding
the requirements set forth in clauses (a) or (b) of this Section 6.15, in the event that (i) the Borrower has received
two (2) Investment Grade Ratings and (ii) any Person acting as a Guarantor is no longer obligated to provide a guarantee of any
indebtedness of the Borrower for borrowed money evidenced by bonds, debentures, notes or other similar instruments in an amount
of at least $50,000,000 (excluding the Credit Facilities) or would be automatically released from its guarantee obligations of
any such indebtedness upon its release from the Guaranty, then such

 

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Person shall be automatically
released as a party to the Credit Documents (the “Release”). In such an event, the Borrower will notify the
Administrative Agent that, pursuant to this Section 6.15(c), such Person shall be released and, in accordance with Section
9.11, the Administrative Agent shall (to the extent applicable) deliver to the Credit Parties such documentation as is reasonably
necessary to evidence the Release.

 

Notwithstanding the foregoing,
(A) as set forth in Section 6.18 below, the Obligations shall remain a senior unsecured obligation, pari passu with
all other senior unsecured Funded Debt of the Borrower and (B) to the extent that following any such Release, any Real Property
Asset owned by an otherwise released or to be released Guarantor that is obligated in respect of outstanding recourse debt for
Funded Debt shall not be deemed an Unencumbered Property for purposes of this Agreement.

 

6.16     Anti-Terrorism
Laws.

 

None of the Credit Parties
nor any of their respective Affiliates (i) will conduct any business or will engage in any transaction or dealing with any Prohibited
Person, including making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person,
(ii) will deal in, or will engage in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order; or (iii) will engage in or will conspire to engage in any transaction that evades or avoids, or has the purpose
of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive Order or the Patriot Act. The
Borrower covenants and agrees to execute and/or deliver to Administrative Agent any certification or other evidence requested from
time to time by Administrative Agent in its sole discretion, confirming the Borrower’s compliance with this Section including,
without limitation, any documentation which is necessary for ongoing compliance with any anti-money laundering Laws applicable
to any Lender.

 

6.17     Compliance
With Material Contracts.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, perform and observe all the material terms and provisions of each Material Contract to
be performed or observed by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract
in accordance with its terms, take all such action to such end as may be from time to time reasonably requested by the Administrative
Agent and, upon the reasonable request of the Administrative Agent, make to each other party to each such Material Contract such
demands and requests for information and reports or for action as any Credit Party is entitled to make under such Material Contract.

 

6.18     Designation
as Senior Debt.

 

Each Credit Party shall, and
shall cause each of its Subsidiaries to, ensure that all Obligations are designated as “Senior Indebtedness” and are
at least pari passu with all unsecured debt of such Credit Party and each Subsidiary.

 

Article
VII

NEGATIVE
COVENANTS

 

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The Borrower hereby covenants
and agrees (on its own behalf and on behalf of the other Credit Parties, as applicable) that until the Obligations, together with
interest, fees and other obligations hereunder, have been paid in full and the Revolving Commitments hereunder shall have terminated:

 

7.01     Liens.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, at any time, create, incur, assume or suffer to exist any Lien upon any of its assets or revenues,
whether now owned or hereafter acquired, other than the following:

 

(a)          Liens
pursuant to any Credit Document;

 

(b)          Liens
(other than Liens imposed under ERISA) for taxes, assessments or governmental charges or levies (including pledges or deposits
in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security
legislation) not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(c)          statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or
pursuant to customary reservations or retentions of title arising in the ordinary course of business; provided, that such Liens
secure only amounts not overdue for more than thirty (30) days or are being contested in good faith by appropriate proceedings
for which adequate reserves determined in accordance with GAAP have been established;

 

(d)          deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness not otherwise permitted pursuant to Section 7.02),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business;

 

(e)          zoning
restrictions, easements, rights-of-way, restrictions, restrictive covenants, encroachments, protrusions, sets of facts that an
accurate and up to date survey would show and other similar encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the applicable Person;

 

(f)          Liens
securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event
of Default under Section 8.01(h);

 

(g)          leases
or subleases (and the rights of the tenants thereunder) granted to others not interfering in any material respect with the business
of any Credit Party or any Subsidiary;

 

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(h)          any
interest of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements
in foreign jurisdictions) relating to, leases permitted by this Agreement;

 

(i)          Liens
in existence as of the Closing Date as set forth on Schedule 7.01 and any renewals or extensions thereof; provided,
that the property covered thereby is not materially changes;

 

(j)          Liens
pursuant to the Braswell Indebtedness; and

 

(k)          other
Liens incurred in connection with Consolidated Funded Debt as long as, after giving effect thereto, the Credit Parties are in compliance
with the financial covenants in Section 6.12, on a pro forma basis as if such Lien had been incurred as of the last
day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 6.01 (or
if such Lien exists as of the Closing Date, as of September 30, 2012); provided, that the Credit Parties may not grant a
mortgage, deed of trust, lien, pledge, encumbrance or other security interest, in each case, to secure Funded Debt with respect
to any Unencumbered Property or the Capital Stock in any Subsidiary except in favor of the Lenders.

 

7.02     Indebtedness.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness
under the Credit Documents;

 

(b)          Indebtedness
in connection with intercompany Investments permitted under Section 7.03;

 

(c)          obligations
(contingent or otherwise) existing or arising under any Swap Contract; provided, that (i) such obligations are (or were)
entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities,
commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities
issued by such Person, and not for purposes of speculation or taking a “market view”; and (ii) such Swap Contract does
not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions
to the defaulting party;

 

(d)          without
duplication, Guaranties by a Credit Party or any Subsidiary in respect of any Indebtedness otherwise permitted hereunder;

 

(e)          Indebtedness
set forth in Schedule 7.02 (and renewals, refinancing and extensions thereof); provided, that the amount of
such Indebtedness is not increased at the time of such refinancing, renewal or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by
an amount equal to any existing commitments

 

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utilized thereunder
(for purposes of clarity, it is understood that Funded Debt on Schedule 7.02 is included in calculating the financial
covenants in Section 6.12); and

 

(f)          other
Funded Debt (including any portion of any renewal, financing, or extension of Indebtedness set forth in Schedule 7.02
to the extent such portion does not meet the criteria set for the in the proviso of clause (e) above) as long as, after giving
effect thereto, the Credit Parties are in compliance with the financial covenants in Section 6.12, on a pro forma basis
as if such Indebtedness had been incurred as of the last day of the most recent fiscal quarter for which financial statements have
been delivered pursuant to Section 6.01 (or if such Indebtedness exists as of the Closing Date, as of March 31, 2014).

 

7.03     Investments.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, make any Investments, except:

 

(a)          Investments
held in the form of cash or Cash Equivalents;

 

(b)          Investments
in any Person that is a Credit Party prior to giving effect to such Investment;

 

(c)          Investments
by any Subsidiary that is not a Credit Party in any other Subsidiary that is not a Credit Party;

 

(d)          Investments
consisting of (i) extensions of credit in the nature of the performance of bids, (ii) accounts receivable or notes receivable arising
from the grant of trade contracts and leases (other than credit) in the ordinary course of business, and (iii) Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss;

 

(e)          Guaranties
permitted by Section 7.02;

 

(f)          Investments
existing as of the Closing Date and set forth in Schedule 7.03; and

 

(g)          Investments
in or related to Healthcare Facilities and Investments as described in Section 6.11 (including, without limitation, Investments
of the type set forth in subclauses (i)-(iv) of this clause (g)); provided, however, that after giving effect to
any such Investments, (i) the aggregate amount of Investments consisting of unimproved land holdings shall not, at any time, exceed
5% of Consolidated Total Asset Value, (ii) the aggregate amount of Investments consisting of Mortgage Loans, notes receivables
and mezzanine loans shall not, at any time, exceed 30% of Consolidated Total Asset Value, (iii) the aggregate amount of Investments
consisting of construction in progress shall not, at any time, exceed 15% of Consolidated Total Asset Value and (iv) the aggregate
amount of Investments in Unconsolidated Affiliates shall not, at any time, exceed 20% of Consolidated Total Asset Value; provided,
further, that the aggregate amount of all

 

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Investments made pursuant
to clauses (i), (ii), (iii) and (iv) above shall not, at any time, exceed 35% of Consolidated Total Asset Value.

 

7.04     Fundamental
Changes.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person;
provided, that, notwithstanding the foregoing provisions of this Section 7.04, (a) the Borrower may merge or
consolidate with any of its Subsidiaries provided that the Borrower is the continuing or surviving Person, (b) any Consolidated
Party (including any Unrestricted Subsidiary) may merge or consolidate with any other Consolidated Party; provided, that
if a Credit Party is a party to such transaction, such Credit Party shall be the continuing or surviving Person, (c) any Subsidiary
Guarantor may be merged or consolidated with or into any other Subsidiary Guarantor and (d) any Subsidiary Guarantor that is not
a Credit Party may dissolve, liquidate or wind up its affairs at any time; provided, that such dissolution, liquidation
or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect.

 

7.05     Dispositions.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, make any Disposition or enter into any agreement to make any Disposition,
except:

 

(a)          Dispositions
of obsolete or worn out Property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)          Dispositions
of inventory in the ordinary course of business;

 

(c)          Dispositions
of equipment or Property to the extent that (i) such Property is exchanged for credit against the purchase price of similar replacement
property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement
Property; provided, that if the Property disposed of is an Unencumbered Property it is removed from the calculation of Unencumbered
Asset Value.

 

(d)          Dispositions
of Property by any Subsidiary to a Credit Party or to a Wholly Owned Subsidiary; provided, that if the transferor of such
property is a Credit Party, the transferee thereof must be a Credit Party;

 

(e)          Dispositions
permitted by Section 7.04;

 

(f)          Dispositions
by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.05; provided, that (i) at
the time of such Disposition, no Default or Event of Default exists and is continuing (that would not be cured by such Disposition)
or would result from such Disposition and (ii) after giving effect thereto, the Credit Parties are in compliance with the financial
covenants in Section 6.12, on a pro forma basis as if such Disposition had been incurred as of the last day of the
most recent fiscal quarter for which financial statements have been delivered pursuant to Section 6.01; and

 

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(g)          real
estate leases entered into in the ordinary course of business.

 

Notwithstanding anything above,
any Disposition pursuant to clauses (a) through (f) shall be for fair market value.

 

7.06     Change
in Nature of Business.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto.

 

7.07     Transactions
with Affiliates and Insiders.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, enter into any transaction of any kind with any officer, director
or Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially
as favorable to such Credit Party or Subsidiary as would be obtainable by such Credit Party or Subsidiary at the time in a comparable
arm’s length transaction with a Person other than a director, officer or Affiliate; provided, that the foregoing restriction
shall not apply to transactions between or among the Credit Parties.

 

7.08     Organization
Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly:

 

(a)          Amend,
modify or change its Organization Documents in a manner materially adverse to the Lenders.

 

(b)          Make
any material change in (i) accounting policies or reporting practices, except as required by GAAP, FASB, the SEC or any other
regulatory body, or (ii) its fiscal year.

 

(c)          Without
providing ten (10) days prior written notice to the Administrative Agent, change its name, state of formation or form of organization.

 

7.09     Negative
Pledges.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, enter into, assume or otherwise be bound, by any Negative Pledge other
than (i) any Negative Pledge contained in an agreement entered into in connection with any Indebtedness that is permitted pursuant
to Section 7.02; (ii) any Negative Pledge required by law; (iii) Negative Pledges contained in (x) the agreements set forth
on Schedule 7.09; (y) any agreement relating to the sale of any Subsidiary or any 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 (z)
any agreement in effect at the time any Person becomes a Subsidiary so long as such agreement was not entered into in contemplation
of such Person becoming a Subsidiary and such restriction only applies to such Person and/or its assets, and (iv) customary provisions
in leases, licenses and

 

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other contracts restricting the
assignment thereof, in each case as such agreements, leases or other contracts may be amended from time to time and including any
renewal, extension, refinancing or replacement thereof; provided, that, with respect to any amendment, renewal, extension,
refinancing or replacement of an agreement described in clause (iii), such amendment, renewal, extension, refinancing or replacement
does not contain restrictions of the type prohibited by this Section 7.09 that are, in the aggregate, more onerous in any
material respect on the Borrower or any Subsidiary than the restrictions, in the aggregate, in the original agreement.

 

7.10     Use
of Proceeds.

 

No Credit Party shall, nor
shall they permit any Subsidiary to, directly or indirectly, use the proceeds of any Extension of Credit, whether directly or indirectly,
and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the
FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally
incurred for such purpose.

 

7.11     Prepayments
of Indebtedness.

 

If a Default or Event of Default
exists and is continuing or would be caused thereby, no Credit Party shall, nor shall they permit any Subsidiary to, directly or
indirectly, prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make
any payment in violation of any subordination terms of, any Indebtedness, except the prepayment of Extensions of Credit in accordance
with the terms of this Agreement.

 

7.12     Stock
Repurchases.

 

If a Default or Event of Default
exists and is continuing or would be caused thereby, the Borrower shall not make any payment (whether in cash, securities or other
Property), including any sinking fund or similar deposit, for the purchase, redemption, retirement, defeasance, acquisition, cancellation
or termination of any of its Capital Stock or any option, warrant or other right to acquire any such Capital Stock other than the
repurchase of warrants or stock in an aggregate amount not to exceed $100,000,000 during the term of this Agreement.

 

7.13     Sanctions.

 

Permit any Loan or the proceeds
of any Loan, directly or indirectly, (a) to be lent, contributed or otherwise made available to fund any activity or business in
any Designated Jurisdiction; (b) to fund any activity or business of any Person located, organized or residing in any Designated
Jurisdiction or who is the subject of any Sanctions; or (c) in any other manner that will result in any violation by any Person
(including any Lender, Arranger, Administrative Agent, L/C Issuer or Swing Line Lender) of any Sanctions or anti-corruption Laws.

 

Article
VIII

EVENTS
OF DEFAULT AND REMEDIES

 

8.01     Events
of Default.

 

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The occurrence and continuation
of any of the following shall constitute an Event of Default:

 

(a)          Non-Payment.  Any Credit Party fails to pay when and as required to be paid herein, (i) any amount of principal of any Loan or any L/C Obligation,
(ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation or any Facility Fee, or
(iii) within ten (10) days after the earlier of (A) a Responsible Officer of the Borrower or any Credit Party becoming aware that
the same has become due or (B) written notice from the Administrative Agent to the Borrower, any other fee payable herein or any
other amount payable herein or under any other Credit Document becomes due; or

 

(b)          Specific
Covenants.  Any Credit Party fails to perform or observe any term, covenant or agreement contained in (i) any of Sections
6.01 6.02 or 6.10 within ten (10) days after the same becomes due or required or (ii) any of Sections 6.03,
6.06, 6.11, 6.12, 6.14, 6.15 or 6.18 or Article VII; or

 

(c)          Other
Defaults.  Any Credit Party fails to perform or observe any other covenant or agreement (not specified in subsection (a)
or (b) above) contained in any Credit Document on its part to be performed or observed and such failure continues for thirty (30)
days after the earlier of (i) a Responsible Officer of the Borrower or any Credit Party becoming aware of such Default or (ii)
written notice thereof by the Administrative Agent to the Borrower (or, if such failure cannot be reasonably cured within such
period, sixty (60) days, so long as the applicable Credit Party has diligently commenced such cure and is diligently pursuing completion
thereof); or

 

(d)          Representations
and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any
Credit Party and contained in this Credit Agreement, in any other Credit Document, or in any document delivered in connection herewith
or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e)          Cross-Default.  (i) there occurs any event of default under any of the Senior Note Indentures; (ii) any Credit Party or any Subsidiary (A) fails
to perform or observe (beyond the applicable grace or cure period with respect thereto, if any) any Contractual Obligation if such
failure could reasonably be expected to have a Material Adverse Effect, (B) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise and beyond the applicable grace or cure period with respect thereto,
if any) in respect of any Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) or otherwise fails
to observe or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event occurs, the effect of which event of default is to cause, or to permit
the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving
of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be

 

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made, prior to its
stated maturity, or cash collateral in respect thereof to be demanded, in each case to the extent such Indebtedness or other obligation
is in an amount, individually or in the aggregate, (including undrawn committed or available amounts and including amounts owing
to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount; or (iii) there occurs
under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which such Credit Party or Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B)
any Termination Event (as so defined) under such Swap Contract as to which such Credit Party or Subsidiary is an Affected Party
(as so defined) and, in either event, the Swap Termination Value owed by such Credit Party or Subsidiary as a result thereof is
greater than the Threshold Amount; or

 

(f)           Insolvency
Proceedings, Etc.   Any Credit Party or any Material Subsidiary institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its properties; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed
and the appointment continues undischarged or unstayed for ninety (90) calendar days; or any proceeding under any Debtor Relief
Law relating to such Person or to all or any material part of its property is instituted without the consent of such Person and
continues undismissed or unstayed for ninety (90) calendar days, or an order for relief is entered in any such proceeding; or

 

(g)          Inability
to Pay Debts; Attachment. (i) Any Credit Party or any Material Subsidiary becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
in an amount in excess of the Threshold Amount is issued or levied against all or any material part of the properties of any such
Person and is not released, vacated or fully bonded within sixty (60) days after its issue or levy; or

 

(h)          Judgments.
 There is entered against a Credit Party or any Subsidiary (i) any one or more final judgments or orders for the payment of
money in an amount, individually or in the aggregate, exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments
that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either
case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of ten
(10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in
effect; or

 

(i)           ERISA.  
(i) An ERISA Event occurs with respect to a Plan which has resulted in liability of any Credit Party or any Subsidiary under Title IV
of ERISA to the Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) any Credit Party or any ERISA
Affiliate fails to pay when due, after the expiration of any

 

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applicable grace period,
any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
an aggregate amount in excess of the Threshold Amount; or

 

(j)           Invalidity
of Credit Documents; Guaranty.  (i) Any Credit Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or as a result of satisfaction in full of all the Obligations, ceases to be in full force
and effect; or any Credit Party contests in any manner the validity or enforceability of any Credit Document; or any Credit Party
denies that it has any or further liability or obligation under any Credit Document, or purports to revoke, terminate or rescind
any Credit Document; or (ii) except as the result of or in connection with a dissolution, merger or disposition of a Subsidiary
Guarantor not prohibited by the terms of this Credit Agreement, the Guaranty shall cease to be in full force and effect, or any
Guarantor hereunder shall deny or disaffirm such Guarantor’s obligations under such Guaranty, or any Guarantor shall default
in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the
Guaranty; or

 

(k)          Change
of Control. There occurs any Change of Control.

 

8.02     Remedies
Upon Event of Default.

 

If any Event of Default occurs
and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, upon written
notice to the Borrower in any instance, take any or all of the following actions:

 

(a)          declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Credit Document to be immediately due and payable, without presentment, demand, protest or additional
notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)          require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)          exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Credit Documents or applicable
law;

 

provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United
States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall

 

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automatically become effective, in each case without
further act of the Administrative Agent or any Lender.

 

8.03     Application
of Funds.

 

After the exercise of remedies
in accordance with the provisions of Section 8.02 (or after the Loans have automatically become immediately due and
payable and the L/C Obligations have automatically been required to provide Cash Collateral as set forth in the proviso to Section 8.02),
any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order:

 

First, to payment of
that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including Attorney Costs and amounts
payable under Article III) payable to the Administrative Agent in its capacity as such;

 

Second, to payment of
that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to
the Lenders (including Attorney Costs and amounts payable under Article III), ratably among the Lenders in proportion
to the amounts described in this clause Second payable to them;

 

Third, to payment of
that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings,
ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them;

 

Fourth, to (a) payment
of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, and (b) Cash Collateralize that
portion of the L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among such parties in proportion
to the respective amounts described in this clause Fourth held by them;

 

Fifth, to payment of
that portion of the Obligations constituting obligations under Swap Contracts between any Credit Party and any Lender or Affiliate
of any Lender (including, without limitation, payment of breakage, termination or other amounts owing in respect of any Swap Contract
between any Credit Party and any Lender, or any Affiliate of a Lender, to the extent such Swap Contract is permitted hereunder);
and

 

Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

Subject to Section 2.03(d), amounts
used to provide Cash Collateral for the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be
applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after
all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations,
if any, in the order set forth above.

 

Excluded Swap Obligations with respect to any Guarantor
shall not be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall
be

 

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made with respect to payments from other Credit
Parties to preserve the allocation to Obligations otherwise set forth above in this Section.

 

Article
IX

ADMINISTRATIVE
AGENT

 

9.01     Appointment
and Authorization of Administrative Agent.

 

(a)          Each
Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent to take such action on its behalf under
the provisions of this Credit Agreement and each other Credit Document and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Credit Agreement or any other Credit Document, together with such powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Credit
Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor
shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any other
Credit Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” herein and in the other Credit 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, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

(b)          The
L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith, and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article IX
with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed
to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if
the term “Administrative Agent” as used in this Article IX and in the definition of “Agent-Related
Person” included the L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein
with respect to the L/C Issuer.

 

9.02     Delegation
of Duties.

 

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

 

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shall not be responsible for
the negligence or misconduct of any sub-agents that it selects in the absence of gross negligence or willful misconduct.

 

9.03     Liability
of Administrative Agent.

 

No Agent-Related Person shall
(a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Credit Agreement or any
other Credit Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection
with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital,
statement, representation or warranty made by any Credit Party or any officer thereof, contained herein or in any other Credit
Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative
Agent under or in connection with, this Credit Agreement or any other Credit Document, or the validity, effectiveness, genuineness,
enforceability or sufficiency of this Credit Agreement or any other Credit Document, or for any failure of any Credit Party or
any other party to any Credit Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under
any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Credit Agreement or any other Credit Document, or to inspect the properties, books or records
of any Credit Party or any Affiliate thereof.

 

9.04     Reliance
by Administrative Agent.

 

(a)          The
Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic
mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent
or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Credit Party),
independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified
in failing or refusing to take any action under any Credit Document unless it shall first receive such advice or concurrence of
the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Credit Agreement
or any other Credit Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders
as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall
be binding upon all the Lenders.

 

(b)          For
purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this
Credit Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent
shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

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9.05     Notice
of Default.

 

The Administrative Agent shall
not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults
in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders,
unless the Administrative Agent shall have received written notice from a Lender or the Borrower referring to this Credit Agreement,
describing such Default or Event of Default and stating that such notice is a “notice of default.” The Administrative
Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to
such Default or Event of Default as may be directed by the requisite Lenders in accordance herewith; provided, however,
that unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable or in the best interest of the Lenders.

 

9.06     Credit
Decision; Disclosure of Confidential Information by Administrative Agent.

 

Each Lender acknowledges that
no Agent-Related Person has made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken,
including any consent to and acceptance of any assignment or review of the affairs of any Credit Party or any Affiliate thereof,
shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including
whether Agent-Related Persons have disclosed material information in their possession (in each case, except to the extent the Administrative
Agent has confirmed to any Lender in writing the satisfaction of conditions to funding as of the Closing Date). Each Lender represents
to the Administrative Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Credit Parties and their respective Subsidiaries, and all applicable
bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Credit
Agreement and to extend credit to the Borrower and the other Credit Parties hereunder. Each Lender also represents that it will,
independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit
Agreement and the other Credit Documents, and to make such investigations as it deems necessary to inform itself as to the business,
prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the other Credit Parties.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein,
the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning
the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Credit Parties or
any of their respective Affiliates that may come into the possession of any Agent-Related Person.

 

9.07     Indemnification
of Administrative Agent.

 

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Whether or not the transactions
contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed
by or on behalf of any Credit Party and without limiting the obligation of any Credit Party to do so), pro rata, and hold harmless
each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however,
that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the
extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related
Person’s own gross negligence or willful misconduct; provided, however, that no action taken in accordance
with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of
this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable
share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with
the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Credit Agreement, any other
Credit Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed
for such expenses by or on behalf of the Borrower. The undertaking in this Section shall survive termination of the Commitments,
the payment of all other Obligations and the resignation of the Administrative Agent.

 

9.08     Administrative
Agent in its Individual Capacity.

 

Bank of America and its Affiliates
may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally
engage in any kind of banking, trust, financial advisory, underwriting or other business with each of the Credit Parties and their
respective Affiliates as though Bank of America were not the Administrative Agent or the L/C Issuer hereunder and without notice
to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Bank of America or its Affiliates may
receive information regarding any Credit Party or its Affiliates (including information that may be subject to confidentiality
obligations in favor of such Credit Party or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation
to provide such information to them. With respect to its Loans, Bank of America shall have the same rights and powers under this
Credit Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent or
the L/C Issuer, and the terms “Lender” and “Lenders” include Bank of America
in its individual capacity.

 

9.09     Successor
Administrative Agent.

 

The Administrative Agent may
resign as Administrative Agent upon thirty (30) days’ notice to the Lenders; provided, that any such resignation
by Bank of America shall also constitute its resignation as L/C Issuer and Swing Line Lender. If the Administrative Agent resigns
under this Credit Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative agent for the
Lenders, which successor administrative agent shall be consented to by the Borrower at all times other than during the existence
of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor administrative
agent is appointed prior to the effective date of the resignation of the

 

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Administrative Agent, the Administrative
Agent may appoint, after consulting with the Lenders and the Borrower, a successor administrative agent from among the Lenders.
Upon the acceptance of its appointment as successor administrative agent hereunder, the Person acting as such successor administrative
agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent, L/C Issuer and Swing Line Lender
and the respective terms “Administrative Agent,” “L/C Issuer” and “Swing Line Lender” thereafter
shall mean such successor administrative agent, Letter of Credit issuer and swing line lender, and the retiring Administrative
Agent’s appointment, powers and duties as Administrative Agent shall be terminated and the retiring L/C Issuer’s and
Swing Line Lender’s rights, powers and duties as such shall be terminated, without any other or further act or deed on the
part of such retiring L/C Issuer or Swing Line Lender or any other Lender, other than the obligation of the successor L/C Issuer
to issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or to
make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer
with respect to such Letters of Credit. After any retiring Administrative Agent’s resignation hereunder as Administrative
Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Credit Agreement. If no successor
administrative agent has accepted appointment as Administrative Agent by the date thirty (30) days following a retiring Administrative
Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become
effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor agent as provided for above.

 

9.10     Administrative
Agent May File Proofs of Claim.

 

In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent
shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations (other than obligations under Swap Contracts to which the Administrative Agent is not a party) that are
owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Sections 2.03(i), 2.09 and 10.04) allowed in such judicial proceeding; and

 

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

 

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and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09
and 10.04.

 

Nothing contained herein shall be deemed to authorize
the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote
in respect of the claim of any Lender in any such proceeding.

 

9.11     Guaranty
Matters.

 

The Lenders irrevocably authorize
the Administrative Agent, at its option and in its discretion, to release any Person from its obligations under the Guaranty if
(a) such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder, (b) such Person is no longer required
to be a Guarantor pursuant to Section 6.15(c) or (c) such Person has been designated as an Unrestricted Subsidiary. Upon
the release of any Person pursuant to this Section 9.11, the Administrative Agent shall (to the extent applicable) deliver
to the Credit Parties, upon the Credit Parties’ request and at the Credit Parties’ expense, such documentation as is
reasonably necessary to evidence the release of such Person from its obligations under the Credit Documents.

 

9.12     Other
Agents; Arrangers and Managers.

 

None of the Lenders or other
Persons identified on the facing page or signature pages of this Credit Agreement as a “syndication agent,” “documentation
agent,” “co-agent,” “book manager,” “lead manager,” “arranger,” “lead
arranger” or “co-arranger” shall have any right, power, obligation, liability, responsibility or duty under this
Credit Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing,
none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender.
Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding
to enter into this Credit Agreement or in taking or not taking action hereunder.

 

Article
X

MISCELLANEOUS

 

10.01   Amendments,
Etc.

 

No amendment or waiver of,
or any consent to deviation from, any provision of this Credit Agreement or any other Credit Document shall be effective unless
in writing and signed by the Borrower, the Guarantors (if applicable) and the Required Lenders and acknowledged by the Administrative
Agent, and each such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose
for which it is given; provided, however, that:

 

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(a)          unless
also signed by each Lender directly affected thereby, no such amendment, waiver or consent shall:

 

(i)       extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02), it being
understood that the amendment or waiver of an Event of Default or a mandatory reduction or a mandatory prepayment in Commitments
shall not be considered an increase in Commitments,

 

(ii)      waive
non-payment or postpone any date fixed by this Credit Agreement or any other Credit Document for any payment of principal, interest,
fees or other amounts due to any Lender hereunder or under any other Credit Document,

 

(iii)     reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or any fees or other amounts payable
hereunder or under any other Credit Document; provided, however, that only the consent of the Required Lenders shall
be necessary (A) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest
at the Default Rate or (B) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such
amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder,

 

(iv)     change
any provision of this Credit Agreement regarding pro rata sharing or pro rata funding with respect to (A) the making of advances
(including participations), (B) the manner of application of payments or prepayments of principal, interest, or fees, (C) the manner
of application of reimbursement obligations from drawings under Letters of Credit, or (D) the manner of reduction of commitments
and committed amounts,

 

(v)      change
any provision of this Section 10.01(a), the definition of “Required Lenders”, the definition of “Required
Revolving Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive
or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, or

 

(vi)     release
the Borrower or all or substantially all of the Subsidiary Guarantors from their obligations hereunder (other than as provided
herein or as appropriate in connection with transactions permitted hereunder);

 

(b)          unless
also signed by the L/C Issuer, no such amendment, waiver or consent shall affect the rights or duties of the L/C Issuer under this
Credit Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it;

 

(c)          unless
also signed by the Swing Line Lender, no such amendment, waiver or consent shall affect the rights or duties of the Swing Line
Lender under this Credit Agreement; and

 

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(d)          unless
also signed by the Administrative Agent, no such amendment, waiver or consent shall affect the rights or duties of the Administrative
Agent under this Credit Agreement or any other Credit Document;

 

provided, however, that notwithstanding
anything to the contrary contained herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder, except that, without the prior written consent of such Lender, (A) no Commitment of such Lender may
be increased or extended, (B) the terms and conditions of this proviso may not be amended or otherwise modified and (C) no other
amendment or other modification to this Agreement or any Note that would disproportionately affect a “Defaulting Lender”
may be effective, (ii) each Lender is entitled to vote as such Lender sees fit on any bankruptcy or insolvency reorganization plan
that affects the Loans, (iii) each Lender acknowledged that the provisions of Section 1126(c) of the Bankruptcy Code of the
United States supersedes the unanimous consent provisions set forth herein, (iv) the Required Lenders may consent to allow a Credit
Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and (v) a Commitment Increase Amendment to
give effect to any addition of Incremental Facilities shall be effective if executed by the Credit Parties, each Lender providing
such Incremental Facility Commitment and the Administrative Agent.

 

Notwithstanding any provision herein to the contrary,
this Agreement may be amended with the written consent of the Administrative Agent and the Borrower (i) to add one or more
Incremental Facilities to this Agreement subject to the limitations in Sections 2.01(e) and (f) and to permit the
extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding
to share ratably (or on a basis subordinated to the existing Loans and Commitments hereunder) in the benefits of this Agreement
and the other Credit Documents with the obligations and liabilities from time to time outstanding in respect of the existing Loans
and Commitments hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative
Agent, the Lenders providing such Incremental Facilities to participate in any required vote or action required to be approved
by the Required Lenders or by any other number, percentage or class of Lenders hereunder.

 

10.02   Notices
and Other Communications; Facsimile Copies.

 

(a)          General.
 Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile transmission). All such written notices shall be mailed certified or registered mail, faxed or delivered to the applicable
address, facsimile number or (subject to subsection (c) below) electronic mail address, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)       if
to any Credit Party, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number,
electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

 

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(ii)      if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to any Credit Party, the Administrative Agent, the L/C Issuer and the Swing Line Lender.

 

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

 

(b)          Electronic
Communications.   Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent;
provided, that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative
Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided, that approval of such procedures may be limited to particular
notices or communications.

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials
or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except
to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by
a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

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(d)          Effectiveness
of Facsimile Documents and Signatures.    Credit Documents may be transmitted and/or signed by facsimile. The effectiveness of
any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals
and shall be binding on all Credit Parties, the Administrative Agent and the Lenders. The Administrative Agent may also require
that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that
the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature.

 

(e)          Reliance
by Administrative Agent and Lenders.   The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic notices permitted under Section 2.02(a)) purportedly given by or on behalf of the Borrower even if
(i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and
other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

(f)          Change
of Address, Etc.   Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower,
the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative
Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender.

 

10.03   No
Waiver; Cumulative Remedies.

 

No failure by any Lender or
the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

Notwithstanding anything to
the contrary contained herein or in any other Credit Document, the authority to enforce rights and remedies hereunder and under
the other Credit Documents against the Credit 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 Section 8.02 for the

 

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benefit of all the Lenders; provided,
however, that the foregoing shall not prohibit (a) 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 Credit Documents,
(b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity
as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Credit Documents, (c) any Lender from exercising
setoff rights in accordance with Section 10.09 (subject to the terms of Section 2.12), or (d) 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 Credit
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 Credit Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to
the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and
(d) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent of the Required Lenders,
enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

10.04   Attorney
Costs, Expenses and Taxes.

 

The Credit Parties agree (a)
to pay directly to the provider thereof or to pay or reimburse the Administrative Agent for all reasonable and documented costs
and expenses incurred in connection with the development, preparation, negotiation and execution of this Credit Agreement and the
other Credit Documents, the preservation of any rights or remedies under this Credit Agreement and the other Credit Documents,
and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions
contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby
and thereby, including all Attorney Costs and (b) to pay or reimburse the Administrative Agent and each Lender for all reasonable
costs and expenses incurred following an Event of Default in connection with the enforcement, attempted enforcement, or preservation
of any rights or remedies under this Credit Agreement or the other Credit Documents (including all such costs and expenses incurred
during any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any
proceeding under any Debtor Relief Law), including all Attorney Costs. The foregoing costs and expenses shall include all search,
filing, recording, title insurance and appraisal charges and fees and taxes related thereto, and other reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and the reasonable and documented cost of independent public accountants
and other outside experts retained by the Administrative Agent or any Lender. All amounts due under this Section 10.04
shall be payable within twenty (20) Business Days after written invoice therefor is received by the Borrower. The agreements in
this Section shall survive the termination of the Commitments and repayment of all other Obligations.

 

10.05   Indemnification.

 

The Credit Parties shall indemnify
and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel,
agents, trustees, advisors and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all
liabilities, obligations, losses, damages, penalties, claims, litigation, investigation, proceeding, demands, actions, judgments,
suits, costs, expenses and disbursements (including Attorney

 

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Costs) of any kind or nature
whatsoever (subject to the provisions of Section 3.01 with respect to Taxes and Other Taxes) that may at any time be
imposed on, incurred by or asserted against any such Indemnitee (whether by a Credit Party or any other party) in any way relating
to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Credit
Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the
consummation of the transactions contemplated thereby, or, in the case of the Administrative Agent (and any sub-agent thereof)
and its Related Parties only, the administration of this Agreement and the other Credit Documents, (b) any Commitment, Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), or (c) any actual or threatened claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense
of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party
thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided, that such indemnification
shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims,
litigation, investigation, proceeding, demands, actions, judgments, suits, costs, expenses or disbursements are determined to have
resulted from the gross negligence or willful misconduct of any Indemnitee. No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through SyndTrak or other similar information transmission
systems in connection with this Credit Agreement, and no Indemnitee shall have any liability for any indirect or consequential
damages relating to this Credit Agreement or any other Credit Document or arising out of its activities in connection herewith
or therewith (whether before or after the Closing Date). All amounts that may become due under this Section 10.05 shall
be payable within twenty (20) Business Days after written invoice therefor is received by the Borrower. The agreements in this
Section 10.05 shall survive the resignation of the Administrative Agent, the assignment by any Lender of any of its
interests hereunder, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all the other Obligations.

 

10.06   Payments
Set Aside.

 

To the extent that any payment
by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises
its right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently invalidated, declared
to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount
so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment
is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.

 

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10.07   Successors
and Assigns.

 

(a)          The
provisions of this Credit 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 Credit Party may assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of 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 subsection (b)
of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii)
by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) or (i) of this Section
(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Credit Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement.

 

(b)          Any
Lender may at any time, with notice to the Borrower and, unless (1) an Event of Default has occurred and is continuing at the time
of such assignment or (2) the assignment is to a Lender, an Affiliate of such Lender or an Approved Fund, the consent of the Borrower
(such consent not to be unreasonably withheld or delayed), assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans (including for purposes
of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided,
that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the
Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with
respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject
to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent 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 Event of Default has occurred and is continuing,
the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed) provided, however,
that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single
Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes
of determining whether such minimum amount has been met; (ii) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Credit Agreement with respect to the Loans or the Commitment
assigned, except that this clause (ii) shall not apply to rights in respect of Swing Line Loans; (iii) any assignment
of a Commitment must be approved by the Administrative Agent and, with respect to any assignment of a Revolving Commitment, the
L/C Issuer and the Swing Line Lender (each such consent not to be unreasonably withheld or delayed), unless the Person that is
the proposed assignee is itself a Lender

 

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(whether or not the
proposed assignee would otherwise qualify as an Eligible Assignee); (iv) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500;
provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment and (v) no such assignment shall be made to (A) the Borrower or any of the Borrower’s
Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) a natural person. In connection with any assignment
of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition
to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative
Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by
the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting
Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon)
and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing
Line Loans in accordance with its Revolving 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 subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Credit 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 Credit Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Credit Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective
date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this subsection
shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection (d) of this Section.

 

(c)          The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s
Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the

 

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names and addresses
of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations 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 may 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.
In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation,
of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower at any reasonable time and
from time to time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or other substantive
change to the Credit Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request
and receive from the Administrative Agent a copy of the Register.

 

(d)          Any
Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the L/C Issuer or the Swing
Line Lender, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Credit Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations
in L/C Obligations and/or Swing Line Loans) owing to it); provided, that (i) such Lender’s obligations under this
Credit 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 other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Credit 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
Credit Agreement and to approve any amendment, modification or waiver of any provision of this Credit Agreement; provided,
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification that extends the time for, reduces the amount or alters the application of proceeds with respect to
such obligations and payments required therein that directly affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.09 as though
it were a Lender; provided, such Participant agrees to be subject to Section 2.12 as though it were a Lender.

 

(e)          A
Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with Section 10.15 as though it were a Lender.

 

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(f)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit Agreement (including
under its Note, if any) 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)          Notwithstanding
anything to the contrary contained herein, any Lender that is a Fund may (without notice to or the consent of any of the parties
hereto) create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee
for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided,
that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this Section 10.07,
(i) no such pledge shall release the pledging Lender from any of its obligations under the Credit Documents and (ii) such trustee
shall not be entitled to exercise any of the rights of a Lender under the Credit Documents even though such trustee may have acquired
ownership rights with respect to the pledged interest through foreclosure or otherwise.

 

(h)          Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b)
above, Bank of America may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer
and/or (ii) upon thirty (30) days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation
as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or
Swing Line Lender hereunder (with the consent of the Lender so-appointed); provided, however, that no failure by
the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing Line Lender,
as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights and obligations of the L/C Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Revolving Loans that are Base Rate Loans or
fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing
Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made
by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Revolving
Loans that are Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(b).

 

10.08   Confidentiality.

 

Each of the Administrative
Agent and the Lenders agrees to maintain the confidentiality of Confidential Information, except that Confidential Information
may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Confidential Information and instructed to keep such Confidential Information confidential); (b) to the extent requested
by any regulatory authority or

 

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self regulatory body; (c) to
the extent required by applicable Law or regulations or by any subpoena or similar legal process; (d) to any other party to this
Credit Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this
Credit Agreement or the enforcement of rights hereunder (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Confidential Information and instructed to keep such Confidential Information confidential);
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Credit
Agreement or (ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s
or prospective counterparty’s professional advisor) to any credit derivative transaction relating to obligations of the Credit
Parties; (g) with the consent of the Borrower; (h) to the extent such Confidential Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than the Borrower; (i) to the National Association of Insurance Commissioners or any other similar organization
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Confidential
Information and instructed to keep such Confidential Information confidential); or (j) to any nationally recognized rating agency
that requires access to a Lender’s or an Affiliate’s investment portfolio in connection with ratings issued with respect
to such Lender or Affiliate. In addition, the Administrative Agent and the Lenders may disclose the existence of this Credit Agreement
and information about this Credit Agreement to market data collectors, similar service providers to the lending industry, and service
providers to the Administrative Agent and the Lenders in connection with the administration and management of this Credit Agreement,
the other Credit Documents, the Commitments, and the Extension of Credits. Any Person required to maintain the confidentiality
of Confidential 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 Confidential Information as such Person
would accord to its own confidential information. “Confidential Information” means all information received
from any Credit Party relating to any Credit Party, any of the other Consolidated Parties, or its or their business, other than
any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure
by any Credit Party; provided, that, in the case of information received from a Credit Party after the date hereof, such
information is clearly identified in writing at the time of delivery as confidential.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuer acknowledges that (a) the Confidential Information may include material non-public information
concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including
Federal and state securities Laws.

 

10.09   Set-off.

 

In addition to any rights and
remedies of the Lenders provided by law, upon the occurrence and during the continuance of any Event of Default, each Lender and
each of its Affiliates are authorized at any time and from time to time, without prior notice to the Borrower

 

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or any other Credit Party, any
such notice being waived by the Borrower (on their own behalf and on behalf of each Credit Party) to the fullest extent permitted
by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by,
and other indebtedness at any time owing by, such Lender or Affiliate to or for the credit or the account of the respective Credit
Parties against any and all Obligations owing to such Lender hereunder or under any other Credit Document, now or hereafter existing,
irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Credit Agreement or any
other Credit Document and although such Obligations may be contingent or unmatured or denominated in a currency different from
that of the applicable deposit or indebtedness; provided, that in the event that any Defaulting Lender shall exercise any
such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.15 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) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application; provided, that the failure to give such notice shall not affect the
validity of such setoff and application.

 

10.10   Interest
Rate Limitation.

 

Notwithstanding anything to
the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to
the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

10.11   Counterparts.

 

This Credit Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument.

 

10.12   Integration.

 

This Credit Agreement, together
with the other Credit Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any

 

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conflict between the provisions
of this Credit Agreement and those of any other Credit Document, the provisions of this Credit Agreement shall control; provided,
that the inclusion of specific supplemental rights or remedies in favor of the Administrative Agent or the Lenders in any other
Credit Document shall not be deemed a conflict with this Credit Agreement. Each Credit Document was drafted with the joint participation
of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with
the fair meaning thereof.

 

10.13   Survival
of Representations and Warranties.

 

All representations and warranties
made hereunder and in any other Credit Document or other document delivered pursuant hereto or thereto or in connection herewith
or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will
be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or
any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge
of any Default or Event of Default at the time of any Extension of Credit, and shall continue in full force and effect as long
as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

10.14   Severability.

 

If any provision of this Credit
Agreement or the other Credit Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Credit Agreement and the other Credit Documents shall not be affected or impaired thereby and
(b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

10.15   Tax
Forms.

 

(a)          (i)
Each Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue
Code (a “Foreign Lender”) shall deliver to the Administrative Agent, prior to receipt of any payment subject
to withholding under the Internal Revenue Code (or upon accepting an assignment of an interest herein), two duly signed completed
copies of either IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption
from, or reduction of, withholding tax on all payments to be made to such Foreign Lender by the Borrower pursuant to this Credit
Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the
Borrower pursuant to this Credit Agreement) or such other evidence satisfactory to the Borrower and the Administrative Agent that
such Foreign Lender is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption pursuant to
Section 881(c) of the Internal Revenue Code. Thereafter and from time to time, each such Foreign Lender shall (A) promptly
submit to the Administrative Agent such additional duly

 

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completed and signed
copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing
authorities) as may then be available under then current United States laws and regulations to avoid, or such evidence as is satisfactory
to the Borrower and the Administrative Agent of any available exemption from or reduction of, United States withholding taxes in
respect of all payments to be made to such Foreign Lender by the Borrower pursuant to this Credit Agreement, (B) promptly notify
the Administrative Agent of any change in circumstances that would modify or render invalid any claimed exemption or reduction,
and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may
be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Law that the
Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender.

 

(ii)      Each
Foreign Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid
or payable to such Lender under any of the Credit Documents (for example, in the case of a typical participation by such Lender),
shall deliver to the Administrative Agent on the date when such Foreign Lender ceases to act for its own account with respect to
any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of the Administrative
Agent (in the reasonable exercise of its discretion), (A) two duly signed completed copies of the forms or statements required
to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which
such Lender acts for its own account that is not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS
Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such form, and
any other certificate or statement of exemption required under the Internal Revenue Code, to establish that such Lender is not
acting for its own account with respect to a portion of any such sums payable to such Lender.

 

(iii)     The
Borrower shall not be required to pay any additional amount to any Foreign Lender under Section 3.01 (A) with respect
to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such
Lender transmits with an IRS Form W-8IMY pursuant to this Section 10.15(a) or (B) if such Lender shall have failed
to satisfy the foregoing provisions of this Section 10.15(a); provided, that if such Lender shall have satisfied
the requirement of this Section 10.15(a) on the date such Lender became a Lender or ceased to act for its own account
with respect to any payment under any of the Credit Documents, nothing in this Section 10.15(a) shall relieve the Borrower
of their obligation to pay any amounts pursuant to Section 3.01 in the event that, as a result of any change in any
applicable Law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application
thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing
the fact that such Lender or other Person for the account of

 

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which such Lender receives
any sums payable under any of the Credit Documents is not subject to withholding or is subject to withholding at a reduced rate.

 

(b)          Upon
the request of the Administrative Agent, each Lender that is a “United States person” within the meaning of Section 7701(a)(30)
of the Internal Revenue Code shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If
such Lender fails to deliver such forms, then the Administrative Agent may withhold from any interest payment to such Lender an
amount equivalent to the applicable back-up withholding tax imposed by the Internal Revenue Code, without reduction.

 

(c)          If
a payment made to a Lender under any Credit 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 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 (c), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

10.16   Replacement
of Lenders.

 

To the extent that Section
3.06(b) provides that the Borrower shall have the right to replace a Lender as a party to this Credit Agreement, or if any
Lender is a Defaulting Lender, the Borrower may, upon notice to such Lender and the Administrative Agent, replace such Lender by
causing such Lender to assign its Commitment (with the related assignment fee to be paid by the Borrower) pursuant to Section 10.07(b)
to one or more Eligible Assignees procured by the Borrower; provided, however, that if the Borrower elects to exercise
such right with respect to any Lender pursuant to such Section 3.06(b), they shall be obligated to replace all Lenders
that have made similar requests for compensation pursuant to Section 3.01 or 3.04. The Borrower shall pay in
full all principal, interest, fees and other amounts owing to such Lender through the date of replacement (including any amounts
payable pursuant to Section 3.05). Any Lender being replaced shall execute and deliver an Assignment and Assumption
with respect to such Lender’s Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans.

 

10.17   No
Advisory or Fiduciary Responsibility.

 

In connection with all aspects
of each transaction contemplated hereby, the Borrower acknowledges and agrees, and acknowledges its respective Affiliates’
understanding, that: (a) the credit facility provided for hereunder and any related arranging or other services in connection

 

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therewith (including in connection
with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction
between the Borrower and its respective Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders,
on the other hand, and each Credit Party is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other
modification hereof or thereof); (b) in connection with the process leading to such transaction, the Administrative Agent and the
Arranger each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower
or any of its respective Affiliates, stockholders, creditors or employees or any other Person; (c) neither the Administrative Agent
nor the Arranger has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect
to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver
or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or the Arranger
has advised or is currently advising the Borrower or any of its respective Affiliates on other matters) and neither the Administrative
Agent nor the Arranger has any obligation to the Borrower or any of its respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; (d) the Administrative
Agent and the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower and its respective Affiliates, and neither the Administrative Agent nor the Arranger has any
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) the Administrative
Agent and the Arranger have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any
of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document)
and each Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.
Each Credit Party hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative
Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty.

 

10.18   Source
of Funds.

 

Each of the Lenders hereby
represents and warrants to the Borrower that at least one of the following statements is an accurate representation as to the source
of funds to be used by such Lender in connection with the financing hereunder:

 

(a)          no
part of such funds constitutes assets allocated to any separate account maintained by such Lender in which any employee benefit
plan (or its related trust) has any interest;

 

(b)          to
the extent that any part of such funds constitutes assets allocated to any separate account maintained by such Lender, such Lender
has disclosed to the Borrower the name of each employee benefit plan whose assets in such account exceed ten percent (10%) of the
total assets of such account as of the date of such purchase (and, for purposes of this subsection (b), all employee benefit
plans maintained by the same employer or employee organization are deemed to be a single plan);

 

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(c)          to
the extent that any part of such funds constitutes assets of an insurance company’s general account, such insurance company
has complied with all of the requirements of the regulations issued under Section 401(c)(1)(A) of ERISA; or

 

(d)          such
funds constitute assets of one or more specific benefit plans that such Lender has identified in writing to the Borrower.

 

As used in this Section, the terms “employee
benefit plan” and “separate account” shall have the respective meanings provided in Section 3 of ERISA.

 

10.19   GOVERNING
LAW.

 

(a)          THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, the LAW OF THE
STATE OF NEW YORK applicable to agreements made and to be performed entirely within such
State, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES; PROVIDED, THAT THE ADMINISTRATIVE Agent
AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

(b)          ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY
OF THIS AGREEMENT, THE BORROWER, THE CREDIT PARTIES, THE ADMINISTRATIVE Agent AND
EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER,
THE CREDIT PARTIES, THE ADMINISTRATIVE Agent AND EACH LENDER IRREVOCABLY WAIVES
ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT
MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY CREDIT DOCUMENT OR
OTHER DOCUMENT RELATED THERETO. THE BORROWER, THE CREDIT PARTIES, THE ADMINISTRATIVE Agent
AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED
BY THE LAW OF SUCH STATE.

 

10.20   WAIVER
OF RIGHT TO TRIAL BY JURY.

 

EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY CREDIT DOCUMENT
OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY
CREDIT DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED
IN CONTRACT OR TORT OR

 

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OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

10.21   No
Conflict.

 

To the extent there is any
conflict or inconsistency between the provisions hereof and the provisions of any other Credit Document, this Credit Agreement
shall control.

 

10.22   USA
Patriot Act Notice.

 

Each Lender and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrower (and to the extent applicable, the other Credit Parties), which
information includes the name and address of the Borrower (and to the extent applicable, the other Credit Parties) and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower (and to the extent applicable,
the other Credit Parties) in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent
or any Lender, provide all documentation and other information that the Administrative Agent or such Lender reasonably requests
in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules
and regulations, including the Act.

 

10.23   Electronic
Execution of Assignments and Certain Other Documents.

 

The words “execute,”
“execution,” “signed,” “signature” and words of like import in or related to any document to
be signed in connection with this Agreement and the transaction contemplated hereby (including without limitation Assignment and
Assumptions, amendments or other modifications, Loan Notices, waivers and consents) shall be deemed to include electronic signatures
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided
that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligations to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it.

 

10.24   Entire
Agreement.

 

This Credit Agreement and the
other Credit Documents represent the final agreement AMONG the parties and may not be contradicted by evidence of prior, contemporaneous,
or

 

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subsequent oral agreements of
the parties. There are no unwritten oral agreements AMONG the parties.

 

Article
XI

GUARANTY

 

11.01   The
Guaranty.

 

(a)          Each
of the Guarantors, unless released pursuant to Section 6.15(c) and Section 9.11, hereby jointly and severally guarantees to the
Administrative Agent and each of the holders of the Obligations, as hereinafter provided, as primary obligor and not as surety,
the prompt payment of the Obligations (the “Guaranteed Obligations”) in full when due (whether at stated maturity,
as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) strictly in accordance with the
terms thereof. The Guarantors hereby further agree that if any of the Guaranteed Obligations are not paid in full when due (whether
at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise), the Guarantors
will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension
of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at
extended maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) in accordance
with the terms of such extension or renewal.

 

(b)          Notwithstanding
any provision to the contrary contained herein, in any of the other Credit Documents or Swap Contracts, if any Guarantor is deemed
to have been rendered insolvent as a result of its guarantee obligations under this Section 11.01 and not to have received
reasonable equivalent value in exchange therefor, then, in such an event, the liability of such Guarantor under this Section
11.01 shall be limited to the maximum amount of the Obligations of the Borrower that such Guarantor may guaranty without rendering
the obligations of such Guarantor under this Section 11.01 void or voidable under any fraudulent conveyance or fraudulent
transfer law.

 

11.02   Obligations
Unconditional.

 

The obligations of the Guarantors
under Section 11.01 are joint and several, absolute and unconditional, irrespective of the value, genuineness, validity,
regularity or enforceability of any of the Credit Documents, other documents relating to the Obligations, or Swap Contracts, or
any other agreement or instrument referred to therein, or any substitution, compromise, release, impairment or exchange of any
other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable Laws,
irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of
a surety or guarantor, it being the intent of this Section 11.02 that the obligations of the Guarantors hereunder shall
be absolute and unconditional under any and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of
subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for amounts paid under this Article XI
until such time as the Obligations have been irrevocably paid in full and the Commitments relating thereto have expired or been
terminated. Without limiting the generality

 

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of the foregoing, it is agreed
that, to the fullest extent permitted by applicable Laws, the occurrence of any one or more of the following shall not alter or
impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described above:

 

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

 

(b)          any
of the acts mentioned in any of the provisions of any of the Credit Documents, other documents relating to the Guaranteed Obligations,
or any Swap Contract between any Credit Party and any Lender, or any Affiliate of a Lender or any other agreement or instrument
referred to in the Credit Documents, other documents relating to the Guaranteed Obligations, or such Swap Contracts shall be done
or omitted;

 

(c)          the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or
amended in any respect, or any right under any of the Credit Documents, other documents relating to the Guaranteed Obligations,
or any Swap Contract between any Credit party and any Lender, or any Affiliate of a Lender, or any other agreement or instrument
referred to in the Credit Documents, other documents relating to the Guaranteed Obligations, or any Swap Contract shall be waived
or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released, impaired or exchanged in
whole or in part or otherwise dealt with;

 

(d)          any
Lien granted to, or in favor of, the Administrative Agent or any of the holders of the Guaranteed Obligations as security for any
of the Guaranteed Obligations shall fail to attach or be perfected; or

 

(e)          any
of the Guaranteed Obligations shall be determined to be void or voidable (including for the benefit of any creditor of any Guarantor)
or shall be subordinated to the claims of any Person (including any creditor of any Guarantor).

 

With respect to its obligations
hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest notice of acceptance of the
guaranty given hereby and of extensions of credit that may constitute Guaranteed Obligations, notices of amendments, waivers and
supplements to the Credit Documents and other documents relating to the Guaranteed Obligations, or the compromise, release or exchange
of collateral or security, and all notices whatsoever, and any requirement that the Administrative Agent or any holder of the Guaranteed
Obligations exhaust any right, power or remedy or proceed against any Person under any of the Credit Documents or any other documents
relating to the Guaranteed Obligations or any other agreement or instrument referred to therein, or against any other Person under
any other guarantee of, or security for, any of the Obligations.

 

11.03   Reinstatement.

 

Neither the Guarantors’
obligations hereunder nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner
whatsoever by an impairment, modification, change, release or limitation of the liability of the Borrower, by reason

 

    	123

    	 

    

 

of the Borrower’s bankruptcy
or insolvency or by reason of the invalidity or unenforceability of all or any portion of the Guaranteed Obligations. The obligations
of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of any Person in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by
any holder of any of the Obligations, whether as a result of any proceedings pursuant to any Debtor Relief Law or otherwise, and
each Guarantor agrees that it will indemnify the Administrative Agent and each holder of Guaranteed Obligations on demand for all
reasonable costs and expenses (including all reasonable fees, expenses and disbursements of any law firm or other counsel) incurred
by the Administrative Agent or such holder of Guaranteed Obligations in connection with such rescission or restoration, including
any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent
transfer or similar payment under any Debtor Relief Law; provided, that such indemnification shall not be available to the
extent that such costs and expenses are determined to have resulted from the gross negligence or willful misconduct of the Administrative
Agent or such holder of the Guaranteed Obligations.

 

11.04   Certain
Waivers.

 

Each Guarantor acknowledges
and agrees that (a) the guaranty given hereby may be enforced without the necessity of resorting to or otherwise exhausting
remedies in respect of any other security or collateral interests, and without the necessity at any time of having to take recourse
against the Borrower hereunder or against any collateral securing the Guaranteed Obligations or otherwise, (b) it will not
assert any right to require the action first be taken against the Borrower or any other Person (including any other Guarantor)
or pursuit of any other remedy or enforcement any other right and (c) nothing contained herein shall prevent or limit action
being taken against the Borrower hereunder, under the other Credit Documents or the other documents and agreements relating to
the Guaranteed Obligations or from foreclosing on any security or collateral interests relating hereto or thereto, or from exercising
any other rights or remedies available in respect thereof, if neither the Borrower nor the Guarantors shall timely perform their
obligations, and the exercise of any such rights and completion of any such foreclosure proceedings shall not constitute a discharge
of the Guarantors’ obligations hereunder unless as a result thereof, the Guaranteed Obligations shall have been paid in full
and the Commitments relating thereto shall have expired or been terminated, it being the purpose and intent that the Guarantors’
obligations hereunder be absolute, irrevocable, independent and unconditional under all circumstances.

 

11.05   Rights
of Contribution.

 

The Guarantors hereby agree
as among themselves that, in connection with payments made hereunder, each Guarantor shall have a right of contribution from each
other Guarantor in accordance with applicable Laws. Such contribution rights shall be subordinate and subject in right of payment
to the Guaranteed Obligations until such time as the Guaranteed Obligations have been paid in full and the Commitments relating
thereto shall have expired or been terminated, and none of the Guarantors shall exercise any such contribution rights until the
Guaranteed Obligations have been paid in full and the Commitments relating thereto shall have expired or been terminated.

 

    	124

    	 

    

 

11.06   Guaranty
of Payment; Continuing Guaranty.

 

The guarantee in this Article XI
is a guaranty of payment and not of collection, and is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever
arising until such time as the Guaranteed Obligations have been paid in full and the Commitments relating thereto shall have expired
or been terminated.

 

11.07   Keepwell.

 

Each Credit Party that is a
Qualified ECP Guarantor at the time the Guaranty in this Article XI by any Credit Party that is not then an “eligible contract
participant” under the Commodity Exchange Act (a “Specified Loan Party”) or, if applicable, at the time
the grant of a security interest under the Credit Documents by any such Specified Loan Party, in either case, becomes effective
with respect to any obligation under any Swap Contract, hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each Specified Loan Party with respect to such Obligation as may be needed
by such Specified Loan Party from time to time to honor all of its obligations under the Credit Documents in respect of such Obligation
on (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified
ECP Guarantor’s obligations and undertakings under this Article XI voidable under applicable Debtor Relief Laws, and not
for any greater amount). The obligations and undertakings of each applicable Credit Party under this Section shall remain in full
force and effect until the Obligations have been indefeasibly paid and performed in full. Each Credit Party intends this Section
to constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit
of each Credit Party that would otherwise not constitute an Eligible Contract Participant for any Swap Obligation for all purposes
of the Commodity Exchange Act.

 

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SIGNATURE PAGES AND SCHEDULES AND EXHIBITS TO
FOLLOW]

 

    	125

    	 

    

 

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

 

	BORROWER:	OMEGA HEALTHCARE INVESTORS, INC.

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	GUARANTORS:	 	OHI ASSET (la), LLC

 

	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	By:	Omega TRS I, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	OHI ASSET, LLC
	 	OHI ASSET (ID), LLC
	 	OHI ASSET (CA), LLC
	 	DELTA INVESTORS I, LLC
	 	DELTA INVESTORS II, LLC
	 	OHI Asset (CO), LLC
	 	COLONIAL GARDENS, LLC
	 	WILCARE, LLC
	 	nrs ventures, l.l.c.
	 	ohi asset (ct) lender, llc
	 	ohi asset (Fl), llc
	 	ohi asset (il), llc
	 	ohi asset (mo), llc
	 	ohi asset (oh), llc
	 	ohi asset (oh) lender, llc
	 	ohi asset (pa), llc
	 	ohi asset ii (ca), llc
	 	ohi asset ii (fl), llc
	 	ohi asset cse-e, llc
	 	ohi asset cse-u, llc
	 	OHI ASSET CSb LLC
	 	OHI ASSET (MI), LLC
	 	OHI ASSET (FL) LENDER, LLC
	 	OHI ASSET HUD WO, LLC
	 	OHI ASSET (MD), LLC
	 	OHI ASSET (TX), LLC
	 	OHI ASSET (IN) WABASH, LLC
	 	OHI ASSET (IN) WESTFIELD, LLC
	 	OHI ASSET (IN) GREENSBURG, LLC
	 	OHI ASSET (IN) INDIANAPOLIS, LLC
	 	OHI ASSET HUD SF, LLC
	 	OHI ASSET (IN) AMERICAN VILLAGE, LLC
	 	OHI ASSET (IN) ANDERSON, LLC
	 	OHI ASSET (IN) BEECH GROVE, LLC
	 	OHI ASSET (IN) CLARKSVILLE, LLC
	 	OHI ASSET (IN) EAGLE VALLEY, LLC
	 	OHI ASSET (IN) ELKHART, LLC
	 	OHI ASSET (IN) FOREST CREEK, LLC
	 	OHI ASSET (IN) FORT WAYNE, LLC
	 	OHI ASSET (IN) FRANKLIN, LLC
	 	OHI ASSET (IN) KOKOMO, LLC
	 	OHI ASSET (IN) LAFAYETTE, LLC
	 	OHI ASSET (IN) MONTICELLO, LLC
	 	OHI ASSET (IN) NOBLESVILLE, LLC
	 	OHI ASSET (IN) ROSEWALK, LLC
	 	OHI ASSET (IN) SPRING MILL, LLC

 

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	 	OHI ASSET (IN) TERRE HAUTE, LLC
	 	OHI ASSET (IN) ZIONSVILLE, LLC
	 	OHI Asset HUD CFG, LLC
	 	OHI ASSET HUD SF CA, LLC
	 	OHI ASSET (TX) HONDO, LLC 
	 	OHI ASSET (MI) HEATHER HILLS, LLC
	 	OHI ASSET (IN) CROWN POINT, LLC
	 	OHI ASSET (IN) MADISON, LLC
	 	OHI ASSET (AR) ASH FLAT, LLC
	 	OHI ASSET (AR) CAMDEN, LLC
	 	OHI ASSET (AR) CONWAY, LLC
	 	OHI ASSET (AR) DES ARC, LLC
	 	OHI ASSET (AR) HOT SPRINGS, LLC
	 	OHI ASSET (AR) MALVERN, LLC
	 	OHI ASSET (AR) MENA, LLC
	 	OHI ASSET (AR) POCAHONTAS, LLC
	 	OHI ASSET (AR) SHERIDAN, LLC
	 	OHI ASSET (AR) WALNUT RIDGE, LLC
	 	OHI ASSET RO, LLC
	 	OHI ASSET (FL) LAKE PLACID, LLC
	 	OHI ASSET HUD DELTA, LLC
	 	OHI ASSET (IN) CLINTON, LLC
	 	OHI ASSET (IN) JASPER, LLC
	 	OHI ASSET (IN) SALEM, LLC
	 	OHI ASSET (IN) SEYMOUR, LLC
	 	OHI ASSET (WV) DANVILLE, LLC
	 	OHI ASSET (WV) IVYDALE, LLC
	 	OHI MEZZ LENDER, LLC

 

	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of each such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	3806 CLAYTON ROAD, LLC
	 	245 EAST WILSHIRE AVENUE, LLC
	 	13922 CERISE AVENUE, LLC
	 	637 EAST ROMIE LANE, LLC
	 	523 HAYES LANE, LLC

 

	 	By:	OHI Asset HUD SF CA, LLC,
	 	 	the Sole Member of each such company

 

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	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	ENCANTO SENIOR CARE, LLC
	 	OHI ASSET (AZ) AUSTIN HOUSE, LLC

 

	 	By:	OHI Asset HUD SF, LLC,
	 	 	its Sole Member

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CFG 2115 WOODSTOCK PLACE, LLC
	 	1200 ELY STREET HOLDINGS CO. LLC
	 	42235 COUNTY ROAD HOLDINGS CO. LLC
	 	2425 TELLER AVENUE, LLC
	 	48 HIGH POINT ROAD, LLC

 

	 	By:	OHI Asset HUD CFG, LLC,
	 	 	the Sole Member of each of the companies
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	Texas Lessor - Stonegate, LP

 

	 	By:	Texas Lessor – Stonegate GP, Inc.,
	 	 	Its General Partner

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE DENVER ILIFF LLC
	 	CSE FAIRHAVEN LLC
	 	CSE MARIANNA HOLDINGS LLC
	 	CSE TEXARKANA LLC
	 	CSE WEST POINT LLC
	 	CSE WHITEHOUSE LLC
	 	CARNEGIE GARDENS LLC
	 	FLORIDA REAL ESTATE COMPANY, LLC
	 	GREENBOUGH, LLC
	 	LAD I REAL ESTATE COMPANY, LLC
	 	PANAMA CITY NURSING CENTER LLC
	 	SKYLER MAITLAND LLC
	 	SUWANEE, LLC

 

	 	By:	OHI Asset CSE-U, LLC,
	 	 	the Sole Member of each of the companies
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE BLOUNTVILLE LLC
	 	CSE BOLIVAR LLC
	 	CSE CAMDEN LLC
	 	CSE HUNTINGDON LLC
	 	CSE JEFFERSON CITY LLC
	 	CSE MEMPHIS LLC
	 	CSE RIPLEY LLC

 

	 	By:	OHI Tennessee, Inc.,
	 	 	the Sole Member of each of the companies

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE CORPUS NORTH LLC
	 	CSE JACINTO CITY LLC
	 	CSE KERRVILLE LLC
	 	CSE RIPON LLC
	 	CSE SPRING BRANCH LLC
	 	CSE THE VILLAGE LLC
	 	CSE WILLIAMSPORT LLC
	 	DESERT LANE LLC
	 	NORTH LAS VEGAS LLC

 

	 	By:	OHI Asset CSE-E, LLC,
	 	 	the Sole Member of each of the companies
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	PAVILLION NORTH, LLP

 

	 	By:	Pavillion Nursing Center North, Inc.,
	 	 	its General Partner

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	OHI ASSET (PA) TRUST
	 	OHI ASSET II (PA) TRUST
	 	OHI ASSET III (PA) TRUST
	 	OHI ASSET IV (PA) SILVER LAKE TRUST

 

	 	By:	OHI Asset (PA), LLC,
	 	 	the Sole Trustee of each of the Trusts
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE CASABLANCA HOLDINGS LLC

 

	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE CASABLANCA HOLDINGS II LLC

 

	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE ALBANY LLC
	 	CSE AMARILLO LLC
	 	CSE AUGUSTA LLC
	 	CSE BEDFORD LLC
	 	CSE CAMBRIDGE REALTY LLC
	 	CSE CANTON LLC
	 	CSE CEDAR RAPIDS LLC
	 	CSE CHELMSFORD LLC
	 	CSE CHESTERTON LLC
	 	CSE CLAREMONT LLC
	 	CSE DENVER LLC
	 	CSE DOUGLAS LLC
	 	CSE ELKTON REALTY LLC
	 	CSE FORT WAYNE LLC
	 	CSE FRANKSTON LLC
	 	CSE GEORGETOWN LLC
	 	CSE GREEN BAY LLC
	 	CSE HILLIARD LLC
	 	CSE HUNTSVILLE LLC
	 	CSE INDIANAPOLIS – CONTINENTAL LLC
	 	CSE INDIANAPOLIS – GREENBRIAR LLC
	 	CSE JEFFERSONVILLE – HILLCREST CENTER LLC
	 	CSE JEFFERSONVILLE – JENNINGS HOUSE LLC
	 	CSE KINGSPORT LLC
	 	CSE LAKE CITY LLC
	 	CSE LAKE WORTH LLC
	 	CSE LAKEWOOD LLC
	 	CSE LAS VEGAS LLC
	 	CSE LAWRENCEBURG LLC
	 	CSE LEXINGTON PARK REALTY LLC
	 	CSE LIGONIER LLC
	 	CSE LIVE OAK LLC
	 	CSE LOWELL LLC
	 	CSE MOBILE LLC
	 	CSE MOORE LLC
	 	CSE NORTH CAROLINA HOLDINGS I LLC
	 	CSE NORTH CAROLINA HOLDINGS II LLC
	 	CSE OMRO LLC
	 	CSE ORANGE PARK LLC
	 	CSE ORLANDO – PINAR TERRACE MANOR LLC
	 	CSE ORLANDO – TERRA VISTA REHAB LLC
	 	CSE PIGGOTT LLC
	 	CSE PILOT POINT LLC
	 	CSE PONCA CITY LLC
	 	CSE PORT ST. LUCIE LLC
	 	CSE RICHMOND LLC
	 	CSE SAFFORD LLC
	 	CSE SALINA LLC
	 	CSE SEMINOLE LLC
	 	CSE SHAWNEE LLC
	 	CSE STILLWATER LLC
	 	CSE TAYLORSVILLE LLC

 

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	 	CSE TEXAS CITY LLC
	 	CSE UPLAND LLC
	 	CSE WINTER HAVEN LLC
	 	CSE YORKTOWN LLC

 

	 	By:	CSE Casablanca Holdings II LLC,
	 	 	the Sole Member of each of the companies
	 	 	 
	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE LEXINGTON PARK LLC

 

	 	By:	CSE Lexington Park Realty LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings II LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE CAMBRIDGE LLC

 

	 	By:	CSE Cambridge Realty LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings II LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE ELKTON LLC

 

	 	By:	CSE Elkton Realty LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings II LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE ARDEN L.P.
	 	CSE KING L.P.
	 	CSE KNIGHTDALE L.P.
	 	CSE LENOIR L.P.
	 	CSE WALNUT COVE L.P.
	 	CSE WOODFIN L.P.

 

	 	By:	CSE North Carolina Holdings I LLC,
	 	 	the General Partner of each limited partnership
	 	 	 
	 	By:	CSE Casablanca Holdings II LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	CSE Casablanca Holdings LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	OHI Asset CSB LLC,
	 	 	the Sole Member of such company
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE PENNSYLVANIA HOLDINGS

 

	 	By:	OHI Asset (PA), LLC,
	 	 	the Managing Trustee of the Trust

 

	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	By:	OHI Asset CSE-E, LLC,
	 	 	the Sole Beneficial Owner of the Trust
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	CSE CENTENNIAL VILLAGE

 

	 	By:	OHI Asset (PA), LLC,
	 	 	the Managing Trustee of the Trust
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	By:	CSE Pennsylvania Holdings,
	 	 	the Sole Beneficial Owner of the Trust

 

	 	By:	    OHI Asset (PA), LLC,
	 	 	the Managing Trustee of such trust
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	By:	    OHI Asset CSE-E, LLC,
	 	 	the Sole Beneficial Owner of such trust
	 	 	 
	 	By:	Omega Healthcare Investors, Inc.,
	 	 	a Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	OHIMA, INC.
	 	CANTON HEALTH CARE LAND, INC.
	 	DIXON HEALTH CARE CENTER, INC.
	 	HUTTON I LAND, INC.
	 	HUTTON II LAND, INC.
	 	HUTTON III LAND, INC.
	 	LEATHERMAN PARTNERSHIP 89-1, INC.
	 	LEATHERMAN PARTNERSHIP 89-2, INC.
	 	LEATHERMAN 90-1, INC.
	 	MERIDIAN ARMS LAND, INC.
	 	ORANGE VILLAGE CARE CENTER, INC.
	 	ST. MARY’S PROPERTIES, INC.
	 	ARIZONA LESSOR – INFINIA, INC.
	 	BAYSIDE STREET II, INC.
	 	COLORADO LESSOR – CONIFER, INC.
	 	FLORIDA LESSOR – MEADOWVIEW, INC.
	 	GEORGIA LESSOR – BONTERRA/PARKVIEW, INC.
	 	INDIANA LESSOR – WELLINGTON MANOR, INC.
	 	OHI (CONNECTICUT), INC.
	 	OHI (ILLINOIS), INC.
	 	OHI (INDIANA), INC.
	 	OHI (IOWA), INC.
	 	PAVILLION NORTH PARTNERS, INC.
	 	PAVILLION NURSING CENTER NORTH, INC.
	 	STERLING ACQUISITION CORP.
	 	THE SUBURBAN PAVILION, INC.
	 	TEXAS LESSOR – STONEGATE, LIMITED, INC.
	 	TEXAS LESSOR – STONEGATE GP, INC.
	 	WASHINGTON LESSOR – SILVERDALE, INC.
	 	OMEGA TRS I, INC.
	 	BAYSIDE COLORADO HEALTHCARE ASSOCIATES, INC.
	 	BAYSIDE STREET, INC.
	 	DIXIE WHITE HOUSE NURSING HOME, INC.
	 	OCEAN SPRINGS NURSING HOME, INC.
	 	OHI TENNESSEE, INC.
	 	PENSACOLA REAL ESTATE HOLDINGS I, INC.
	 	PENSACOLA REAL ESTATE HOLDINGS II, INC.
	 	PENSACOLA REAL ESTATE HOLDINGS III, INC.
	 	PENSACOLA REAL ESTATE HOLDINGS IV, INC.
	 	PENSACOLA REAL ESTATE HOLDINGS V, INC.

 

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	 	SKYLER BOYINGTON, INC.
	 	SKYLER FLORIDA, INC.
	 	SKYLER PENSACOLA, INC.

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

	 	CSE PINE VIEW LLC

 

	 	By:	OHI Asset HUD Delta, LLC,
	 	 	the Sole Member of such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	 	OHI ASSET (GA) MOULTRIE, LLC
	 	OHI ASSET (GA) SNELLVILLE, LLC
	 	OHI ASSET (ID) HOLLY, LLC
	 	OHI ASSET (ID) MIDLAND, LLC
	 	OHI ASSET (IN) CONNERSVILLE, LLC
	 	OHI ASSET (MS) BYHALIA, LLC
	 	OHI ASSET (MS) CLEVELAND, LLC
	 	OHI ASSET (MS) CLINTON, LLC
	 	OHI ASSET (MS) COLUMBIA, LLC
	 	OHI ASSET (MS) CORINTH, LLC
	 	OHI ASSET (MS) GREENWOOD, LLC
	 	OHI ASSET (MS) GRENADA, LLC
	 	OHI ASSET (MS) HOLLY SPRINGS, LLC
	 	OHI ASSET (MS) INDIANOLA, LLC
	 	OHI ASSET (MS) NATCHEZ, LLC
	 	OHI ASSET (MS) PICAYUNE, LLC
	 	OHI ASSET (MS) VICKSBURG, LLC
	 	OHI ASSET (MS) YAZOO CITY, LLC
	 	OHI ASSET (NC) WADESBORO, LLC
	 	OHI ASSET (OR) PORTLAND, LLC
	 	OHI ASSET (SC) AIKEN, LLC
	 	OHI ASSET (SC) ANDERSON, LLC
	 	OHI ASSET (SC) EASLEY ANNE, LLC
	 	OHI ASSET (SC) EASLEY CRESTVIEW, LLC
	 	OHI ASSET (SC) EDGEFIELD, LLC
	 	OHI ASSET (SC) GREENVILLE GRIFFITH, LLC
	 	OHI ASSET (SC) GREENVILLE LAURENS, LLC
	 	OHI ASSET (SC) GREENVILLE NORTH, LLC
	 	OHI ASSET (SC) GREER, LLC
	 	OHI ASSET (SC) MARIETTA, LLC
	 	OHI ASSET (SC) MCCORMICK, LLC
	 	OHI ASSET (SC) PICKENS EAST CEDAR, LLC
	 	OHI ASSET (SC) PICKENS ROSEMOND, LLC
	 	OHI ASSET (SC) PIEDMONT, LLC
	 	OHI ASSET (SC) SIMPSONVILLE SE MAIN, LLC
	 	OHI ASSET (SC) SIMPSONVILLE WEST BROAD, LLC
	 	OHI ASSET (SC) SIMPSONVILLE WEST CURTIS, LLC
	 	OHI ASSET (TN) BARTLETT, LLC
	 	OHI ASSET (TN) COLLIERVILLE, LLC
	 	OHI ASSET (TN) MEMPHIS, LLC
	 	OHI ASSET (TX) ANDERSON, LLC
	 	OHI ASSET (TX) BRYAN, LLC
	 	OHI ASSET (TX) BURLESON, LLC
	 	OHI ASSET (TX) COLLEGE STATION, LLC
	 	OHI ASSET (TX) COMFORT, LLC
	 	OHI ASSET (TX) DIBOLL, LLC

 

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	 	OHI ASSET (TX) GRANBURY, LLC
	 	OHI ASSET (TX) ITALY, LLC
	 	OHI ASSET (TX) WINNSBORO, LLC
	 	OHI ASSET (UT) OGDEN, LLC
	 	OHI ASSET (UT) PROVO, LLC
	 	OHI ASSET (UT) ROY, LLC
	 	OHI ASSET (VA) CHARLOTTESVILLE, LLC
	 	OHI ASSET (VA) FARMVILLE, LLC
	 	OHI ASSET (VA) HILLSVILLE, LLC
	 	OHI ASSET (VA) ROCKY MOUNT, LLC
	 	OHI ASSET (WA) BATTLE GROUND, LLC
	 	OHI ASSET RO PMM SERVICES, LLC
	 	OHI ASSET (GA) MACON, LLC
	 	OHI ASSET (SC) GREENVILLE, LLC
	 	OHI ASSET (SC) ORANGEBURG, LLC

 

	 	By:	OHI Asset RO, LLC,
	 	 	the Sole Member of each such company

 

	 	By: /s/ Daniel J. Booth
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

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	ADMINISTRATIVE AGENT:	bank of america, n.a.,
		as Administrative Agent
	 	 	 
	 	By: /s/ Brian Walsh
	 	Name: 	Brian Walsh
	 	Title:	Vice President

 

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	LENDERS:	bank of america, n.a., as L/C Issuer, Swing Line Lender and as a Lender
	 	 	 
	 	By: /s/ Brian Walsh
	 	Name: 	Brian Walsh
	 	Title:	Vice President

 

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	LENDERS:	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
		as
a Lender

	 	 	 
	 	By: /s/ Thomas Randolph
	 	Name: 	Thomas Randolph
	 	Title:	Managing Director
	 	 	 
	 	By: /s/ Amy Trapp
	 	Name:	Amy Trapp
	 	Title:	Managing Director

 

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	LENDERS:	JPMORGAN CHASE BANK, N.A.,
		as a Lender
	 	 	 
	 	By: /s/ Brendan Poe
	 	Name: 	Brendan Poe
	 	Title:	Executive Director

 

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	LENDERS:	CITIZENS bank, National association.,
	 	as a Lender
	 	 	 
	 	By: /s/ Samuel A. Bluso
	 	Name: 	Samuel A. Bluso
	 	Title:	Senior Vice President

 

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	LENDERS:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
		as a Lender
	 	 	 
	 	By: /s/ Scott O’Connell
	 	Name:	Scott O’Connell
	 	Title:	Director

 

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	LENDERS:	CAPITAL ONE, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 
	 	By: /s/ Scott Rossbach
	 	Name: 	Scott Rossbach
	 	Title:	Authorized Signatory

 

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	LENDERS:	MORGAN STANLEY BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By: /s/ Sherrese Clarke
	 	Name: 	Sherrese Clarke
	 	Title:	Authorized Signatory

 

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	LENDERS:	ROYAL BANK OF CANADA,
		as a Lender
	 	 	 
	 	By: /s/ Brian Gross
	 	Name: 	Brian Gross
	 	Title:	Authorized Signatory

 

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	LENDERS:	SUNTRUST BANK,
	 	as a Lender
	 	 	 
	 	By: /s/ Joshua Turner
	 	Name: 	Joshua Turner
	 	Title:	Vice President

 

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	LENDERS:	BRANCH BANKING AND TRUST COMPANY,
	 	as a Lender
	 	 	 
	 	By: /s/ Glenn A. Page
	 	Name: 	Glenn A. Page
	 	Title:	Senior Vice President

 

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	LENDERS:	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 	 
	 	By: /s/ Hideo Notsu
	 	Name: 	Hideo Notsu
	 	Title:	Executive Director

 

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	LENDERS:	STIFEL BANK & TRUST,
	 	as a Lender
	 	 	 
	 	By: /s/ Mark J. Ross
	 	Name: 	Mark J. Ross
	 	Title:	Senior Vice President

 

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	LENDERS:	SYNOVUS BANK,
	 	as a Lender
	 	 	 
	 	By: /s/ David W. Bowman
	 	Name: 	David W. Bowman
	 	Title:	Senior Vice President

 

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	LENDERS:	BANK OF TAIWAN, A REPUBLIC OF CHINA BANK ACTING THROUGH ITS LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Jane Chang
	 	Name: 	Jane Chang
	 	Title:	VP & General Manager

 

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	LENDERS:	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. NEW YORK BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Angela Chen
	 	Name: 	Angela Chen
	 	Title:	VP & DGM

 

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	LENDERS:	LAND BANK OF TAIWAN, LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Ching Rong Leu
	 	Name: 	Ching Rong Leu
	 	Title:	General Manager

 

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	LENDERS:	TAIWAN BUSINESS BANK, CO., LTD. A Republic of china bank acting through its LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Sandy Chen
	 	Name: 	Sandy Chen
	 	Title:	General Manager

 

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	LENDERS:	TAIWAN COOPERATIVE BANK, LTD.,
	 	SEATTLE BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Ming-Chih Chen
	 	Name: 	Ming-Chih Chen
	 	Title:	VP & General Manager

 

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	LENDERS:	FIRST COMMERCIAL BANK, LTD., A REPUBLIC OF CHINA BANK ACTING THROUGH ITS LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Ching Fang Liao
	 	Name: 	Ching Fang Liao
	 	Title:	SAVP & Deputy General Manager

 

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	LENDERS:	E. SUN COMMERCIAL BANK, LIMITED, LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Homer Hou
	 	Name: 	Homer Hou
	 	Title:	VP & Credit Manager

 

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	LENDERS:	HUA NAN COMMERCIAL BANK LTD.,
	 	LOS ANGELES BRANCH,
	 	as a Lender
	 	 	 
	 	By: /s/ Howard Hung
	 	Name: 	Howard Hung
	 	Title:	Assistant G. Manager

 

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Schedule 2.01

 

LENDERS AND
COMMITMENTS

 

	
         

         

         

        Lender
	Revolving

Commitment	
         

        Revolving

        Commitment

        Percentage
	
         

         

        Term Loan

        Commitment
	
         

        Term Loan

        Commitment

        Percentage

	 	 	 	 	 
	Bank of America, N.A.	$99,583,333.33	9.958333333%	$19,916,666.67	9.958333333%
	Crédit Agricole Corporate and Investment Bank	$99,583,333.33	9.958333333%	$19,916,666.67	9.958333333%
	JPMorgan Chase Bank, N.A.	$99,583,333.33	9.958333333%	$19,916,666.67	9.958333333%
	Citizens Bank, National Association	$99,583,333.33	9.958333333%	$19,916,666.67	9.958333333%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	$78,333,333.33	7.833333333%	$15,666,666.67	7.833333333%
	Capital One, National Association	$78,333,333.33	7.833333333%	$15,666,666.67	7.833333333%
	Morgan Stanley Bank, N.A.	$78,333,333.33	7.833333333%	$15,666,666.67	7.833333333%
	Royal Bank of Canada	$78,333,333.33	7.833333333%	$15,666,666.67	7.833333333%
	SunTrust Bank	$78,333,333.33	7.833333333%	$15,666,666.67	7.833333333%
	Branch Banking and Trust Company	$41,666,666.67	4.166666667%	$8,333,333.33	4.166666667%
	Sumitomo Mitsui Banking Corporation	$41,666,666.67	4.166666667%	$8,333,333.33	4.166666667%
	Stifel Bank & Trust	$20,833,333.33	2.083333333%	$4,166,666.67	2.083333333%
	Synovus Bank	$20,833,333.33	2.083333333%	$4,166,666.67	2.083333333%
	Bank of Taiwan, a Republic of China Bank acting through its Los Angeles Branch	$16,666,666.67	1.666666667%	$3,333,333.33	1.666666667%
	Mega International Commercial Bank Co., Ltd., New York Branch	$15,000,000.00	1.500000000%	$3,000,000.00	1.500000000%
	Land Bank of Taiwan, Los Angeles Branch	$12,500,000.01	1.250000000%	$2,499,999.99	1.250000000%
	Taiwan Business Bank, Los Angeles Branch	$12,500,000.01	1.250000000%	$2,499,999.99	1.250000000%
	Taiwan Cooperative Bank, Ltd., Seattle Branch	$12,500,000.01	1.250000000%	$2,499,999.99	1.250000000%
	First Commercial Bank, Ltd., a Republic of China Bank acting through its Los Angeles Branch	$8,333,333.33	0.833333333%	$1,666,666.67	0.833333333%
	E. Sun Commercial Bank, Limited, Los Angeles Branch	$4,166,666.67	0.416666667%	$833,333.33	0.416666667%
	Hua Nan Commercial Bank Ltd., Los Angeles Branch	$3,333,333.33	0.333333333%	$666,666.67	0.333333333%
	Total:	$1,000,000,000.00	100.000000000%	$200,000,000.00	100.000000000%

  

    	 

    	 

    

 

Schedule 5.11

 

CORPORATE STRUCTURE; CAPITAL STOCK

 

ORGANIZATIONAL
CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES

AS OF JUNE 17, 2014

 

I = Incorporated; Q = Qualified;
(##) = Cross-

reference with Alphabetical List in Doc. #6061737

 

Business Address for all Subsidiaries:

200 International Circle, Suite
3500

Hunt Valley, Maryland 21030-1394

  

 

		1.	Omega Healthcare Investors, Inc. (“OHI”) holds a 100% beneficial interest in Bayside Street II, Inc. through non-voting
preferred stock ownership (228 shares).

			H. F. Family Limited Partnership (Fred J. Fechheimer) holds 100% of the voting common stock(12 shares). Bayside II has made
a QRS election.

		2.	OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries.

 

ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES AS OF JUNE 17, 2014 Omega Healthcare Investors, Inc. 2 38 - 3041398 I: MD Q: AL, AR, CO, FL, ID, IN, KY, LA, MA, MI,  MO, NC, OH, PA, RI, TN, TX, WA  Bayside Street II, Inc. 1 38 - 3519969 I: DE (#9) Bayside Street, Inc. 38 - 3160026 I: MD (#10) Bayside Colorado Healthcare Associates, Inc. 38 - 3517837 I: CO (#6) OHI (Iowa), Inc. 38 - 3377918 I: IA Q: MD (#81) OHIMA, Inc. 06 - 1552118 I: MA (#116) OHI (Indiana),  Inc. 38 - 3568359 I: IN Q: OH (#80) Sterling  Acquisition Corp. 38 - 3207992 I: KY; Q: AL, AR,  FL, OH, TN, TX,  WV (#136) NRS Ventures,  L.L.C. 38 - 4236118 I: DE Q:  AL, FL, GA,  KY, TN (#75) OHI  (Connecticut),  Inc. 06 - 1552120 I: CT Q: NH, VT, WV  (#77) OHI (Illinois), Inc. 37 - 1332375 I: IL Q: IN (#79) Delta Investors  II, LLC 54 - 2112456 I: MD Q: CA, NC, OH,  WA, WV (#44) Delta  Investors I, LLC 54 - 2112455 I: MD Q: CA, ID, MA,  OH, WV (#43) 100% 1.  Omega Healthcare Investors, Inc. (“OHI”) holds a 100% beneficial interest in Bayside Street II, Inc. through non - voting pref erred stock ownership (228 shares). H. F. Family Limited Partnership (Fred J. Fechheimer) holds 100% of the voting common stock(12 shares).  Bayside II has ma de a QRS election. 2.  OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries. 100% Page 1 of 5  ( #858203) 100% 100% Colorado Lessor  - Conifer, Inc.  32 - 0008069 I: MD; Q: CO  (#16) Indiana Lessor  - Wellington  Manor, Inc.  32 - 0008064 I: MD; Q: IN  (#61) Texas Lessor  - Stonegate  Limited, Inc. 32 - 0008072 I: MD (#140) Texas Lessor  - Stonegate GP,  Inc. 32 - 0008071 I: MD; Q: TX  (#139) Texas Lessor  – Stonegate, LP  32 - 0008073 I: MD; Q: TX  (#141) 99.99%  (LP) .01%  (GP) Arizona Lessor  - Infinia, Inc. 32 - 0008074 I: MD; Q: AZ (#1) Georgia Lessor  – Bonterrra/ Parkview, Inc. 16 - 1650494 I: MD; Q: GA  (#52) OHI Asset (OH), LLC 04 - 3759938 I: DE; PA Q: OH (#96) 100% Washington Lessor  – Silverdale, Inc. 56 - 2386887 I: MD; Q: WA  (#144) Florida Lessor  – Meadowview,  Inc.  56 - 2398721 I: MD Q: FL (#50) I = Incorporated; Q = Qualified; (##) = Cross - reference with Alphabetical List  in Doc. #6061737 Business Address for all Subsidiaries:                                                                       200 International Circle, Suite 3500                                                               Hunt Valley, Maryland  21030 - 1394 OHI Asset (OH)  Lender, LLC 51 - 0529744 I: DE (#94) Dixon Health Care  Center, Inc. 34 - 1509772 I: OH (#46) Hutton II Land, Inc. 20 - 1914470 I: OH (#58) Leatherman  Partnership 89 - 2,  Inc. 34 - 1656491 I: OH (#67) Leatherman  Partnership 89 - 1,  Inc. 34 - 1656489 I: OH (#66) Leatherman 90 - 1,  Inc. 20 - 1914625 I: OH (#65) St. Mary’s  Properties, Inc. 20 - 1914905 I: OH (#135) Orange Village Care  Center, Inc. 34 - 1321728 I: OH (#119) Meridian Arms  Land, Inc. 20 - 1914864 I: OH (#73) Canton Health Care  Land, Inc. 20 - 1914579 I:  OH (#11) Hutton I Land, Inc. 20 - 1914403 I: OH (#57) Hutton III Land, Inc. 20 - 1914529 I: OH (#59) Colonial Gardens, LLC 26 - 0110549 I: OH (#15) Wilcare, LLC 26 - 0110550 I: OH (#147) OHI Asset (PA), LLC 90 - 0137715 I: DE;  Q: OH, PA, WV  (#98) OHI Asset II (PA) Trust 84 - 6390330 I:  MD Q:PA (#109) Pavillion North Partners,  Inc. 20 - 2597892 I: PA (#123) Pavillion Nursing Center  North, Inc. 25 - 1222652 I:PA (#125) The Suburban  Pavilion, Inc. 34 - 1035431 I:OH (#143) Pavillion North, LLP 75 - 3202956 I:PA (#124) 40% (General  Partner) 60% (Limited Partner) OHI Asset III (PA) Trust 84 - 6390331 I:  MD Q: OH, PA (#110) 100% OHI Asset (CT) Lender,  LLC 75 - 3205111 I:  DE Q:  NH, RI, MA (#86) OHI Asset (IL), LLC 14 - 1951802  I:  DE Q: IL (#89) OHI Asset (CO), LLC 84 - 1706510 I:  DE Q:  CO, ID (#84) OHI Asset (TX), LLC 04 - 3759927 I: DE Q: TX (#100) OHI Asset II (CA), LLC 20 - 1000879 I: DE Q: CA (#107) OHI Asset (PA) Trust 54 - 6643405 I: MD Q: OH, PA, WV (#97) OHI Asset  II  (FL), LLC 27 - 1813906 I: DE; Q: FL  (#108) 100% Omega TRS I, Inc. 38 - 3587540 I: MD; Q: LA, TX (#118) OHI Asset (LA), LLC 04 - 3759935 I: DE Q: LA, TX (#91) 100% 99% 1% OHI Asset (MD), LLC 45 - 2611748 I:DE (#260) OHI Asset, LLC 32 - 0079270 I: DE Q: AL, NC, TN, WA (#112) OHI Asset (CA), LLC 04 - 3759925 I: DE Q: CA (#83) OHI Asset (FL), LLC 13 - 4225158 I: DE Q: FL, NM (#87) OHI Asset (ID), LLC 04 - 3759931 I: DE Q: ID (#88) OHI Asset (MO), LLC 04 - 3759939 I: DE Q: MO (#93) 100% 100%

   

    	Page 1 of 5 

(#858203)

    	 

    

 

ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS,
INC. and SUBSIDIARIES

(Continued)

 

 

		2.	OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries.

 

ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES  (Continued)  Omega Healthcare Investors, Inc. 2 38 - 3041398 I: MD Q: AL, AR, CO, FL, ID, IN, KY, LA, MA, MI,  MO, NC, OH, PA, RI, TN, TX, WA  OHI Asset CSE - U, LLC 27 - 1675768 I:  DE  (#103) Carnegie Gardens LLC 20 - 2442381 I:  DE;  Q:  FL (#12) 100% Page 2 of 5 (#858203) CSE Denver Iliff LLC 20 - 8037772 I: DE; Q: CO (#25) CSE Fairhaven LLC 20 - 8281491 I: DE; Q: MA (#26) CSE Marianna Holdings LLC 20 - 1411422 I: DE; Q: FL (#31) CSE Texarkana LLC 20 - 5862880 I: DE; Q: TX (#37) CSE West Point LLC 20 - 5887119 I: DE; Q: MS (#39) CSE Whitehouse LLC 20 - 8294979 I: DE; Q: OH (#40) Greenbough, LLC 27 - 0258266 I: DE; Q: MS (#53) Panama City Nursing Center  LLC 20 - 2568041 I: DE; Q: FL (#121) Skyler Maitland LLC 20 - 3888672 I: DE; Q: FL (#133) Suwanee, LLC 20 - 5223977 I: DE; Q: FL (#138) Florida Real Estate Company,  LLC 20 - 1458431 I: FL (#51) LAD I Real Estate Company,  LLC 20 - 1454154 I: DE; Q: FL (#63) OHI Asset CSE - E, LLC 27 - 1675861 I:  DE (#102) CSE Corpus North LLC 20 - 5186415 I: DE; Q: TX (#23) CSE Jacinto City LLC 20 - 5186519 I: DE; Q: TX (#28) CSE Kerrville LLC 20 - 8684872 I: DE; Q: TX (#30) CSE Ripon LLC 26 - 0480886 I: DE; Q: WI (#35) CSE Spring Branch LLC 20 - 5186484 I: DE; Q: TX (#36) CSE The Village LLC 20 - 5186550 I: DE; Q: TX (#38) CSE Williamsport LLC 26 - 0480953 I: DE; Q: IN (#41) Desert Lane LLC 20 - 3098022 I: DE; Q: NV (#45) North Las Vegas LLC 20 - 3098036 I: DE; Q: NV (#74) CSE Pennsylvania Holdings 20 - 6974946 I: DE (#33) 2.   OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries. OHI Asset IV (PA) Silver Lake  Trust 80 - 6146794 I: MD; Q: PA (#111) CSE Centennial Village 20 - 6974959 I: DE; Q: PA (#22) OHI Asset CSB LLC 27 - 2820083 I: DE (#148) CSE Casablanca Holdings LLC 20 - 8724466 I: DE (#157) CSE Casablanca Holdings II LLC 26 - 0595183 I: DE (#158) CSE Albany LLC 20 - 5885886 I:  DE Q: KY (#149) CSE Amarillo LLC 20 - 5862752 I:  DE Q: TX (#150) 100% CSE Augusta LLC 20 - 5885921 I:  DE Q: KY (#152) CSE Canton LLC 20 - 5887312 I:  DE Q: OH (#156) CSE Cedar Rapids LLC 20 - 5884941 I:  DE Q: IA (#159) CSE Chelmsford  LLC 20 - 5920451 I:  DE Q: MA (#160) CSE Chesterton  LLC 20 - 5885195 I:  DE Q: IN (#161) CSE Claremont LLC 20 - 5883891 I:  DE Q: CA (#162) CSE Denver LLC 20 - 5884311 I:  DE Q: CO (#163) CSE Douglas LLC 20 - 5883761 I:  DE Q: AZ (#164) 100% CSE Bedford LLC 20 - 5886082 I:  DE Q: KY (#153) 100% 100% 100% 100% 100% 100% 100% CSE North Carolina  Holdings I LLC 20 - 5888397 I:  DE (#195) CSE North Carolina  Holdings II LLC 20 - 5888430 I:  DE (#196) 1% (GP) 99% (LP) CSE Arden L.P. 20 - 5888680 I:  DE Q: NC (#151) CSE King L.P. 20 - 5888725 I:  DE Q: NC (#178) CSE Knightdale L.P. 20 - 5888653 I:  DE Q: NC (#180) CSE Lenoir L.P. 20 - 5888528 I:  DE Q: NC (#186) CSE Walnut Cove  L.P. 20 - 5888502 I:  DE Q: NC (#214) CSE Woodfin L.P. 20 - 5888619 I:  DE Q: NC (#216) CSE Fort Wayne  LLC 20 - 5885125 I:  DE Q: IN (#168) CSE Frankston LLC 20 - 5862947 I:  DE Q: TX (#169) CSE Georgetown  LLC 20 - 5886126 I:  DE Q: KY (#170) CSE Green Bay  LLC 20 - 5888029 I:  DE Q: WI (#171) CSE Hilliard LLC 20 - 5887347 I:  DE Q: OH (#172) CSE Huntsville LLC 20 - 5887764 I:  DE Q: TN (#173) CSE Indianapolis - Continental LLC 20 - 5885046 I:  DE Q: IN (#174) CSE Indianapolis - Greenbriar LLC 20 - 5885096 I:  DE Q: IN (#175) CSE Jeffersonville - Hillcrest Center LLC 20 - 5885261 I:  DE Q: IN (#176) CSE Jeffersonville - Jennings House  LLC 20 - 5885346 I:  DE Q: IN (#177) CSE Mobile LLC 20 - 5883572 I:  DE Q: AL (#193) CSE Kingsport LLC 20 - 5887736 I:  DE Q: TN (#179) CSE Lake City LLC 20 - 5863259 I:  DE Q: FL (#181) CSE Lake Worth  LLC 20 - 5863173 I:  DE Q: FL (#182) CSE Lakewood LLC 20 - 5884352 I:  DE Q: CO (#183) CSE Las Vegas LLC 20 - 5887216 I:  DE Q: NM (#184) CSE Lawrenceburg  LLC 20 - 5887802 I:  DE Q: TN (#185) CSE Ligonier LLC 20 - 5885484 I:  DE Q: IN (#189) CSE Live Oak LLC 20 - 5863086 I:  DE Q: FL (#190) CSE Lowell LLC 20 - 5885381 I:  DE Q: IN (#192) CSE Moore LLC 20 - 5887574 I:  DE Q: OK (#194) CSE Lexington Park  LLC 20 - 5886951 I:  DE Q: MD (#187) CSE Omro LLC 20 - 5887998 I:  DE Q: WI (#197) CSE Orange Park LLC 20 - 5863371 I:  DE Q: FL (#198) CSE Orlando - Pinar  Terrace Manor LLC 20 - 5863043 I:  DE Q: FL (#199) CSE Orlando - Terra  Vista Rehab LLC 20 - 5863223 I:  DE Q: FL (#200) CSE Piggott LLC 20 - 5883659 I:  DE Q: AR (#201) CSE Pilot Point LLC 20 - 5862827 I:  DE Q: TX (#202) CSE Ponca City  LLC 20 - 5887495 I:  DE Q: OK (#203) CSE Port St. Lucie  LLC 20 - 5863294 I:  DE Q: FL (#204) CSE Richmond LLC 20 - 5885427 I:  DE Q: IN (#205) CSE Safford LLC 20 - 5883807 I:  DE Q: AZ (#206) CSE Salina LLC 20 - 5885669 I:  DE Q: KS (#207) CSE Seminole LLC 20 - 5887615 I:  DE Q: OK (#208) CSE Shawnee LLC 20 - 5887524 I:  DE Q: OK (#209) CSE Stillwater LLC 20 - 5887548 I:  DE Q: OK (#210) CSE Taylorsville  LLC 20 - 5886196 I:  DE Q: KY (#211) CSE Texas City LLC 20 - 5862791 I:  DE  Q: TX (#212) CSE Upland LLC 20 - 5891148 I:  DE  Q: IN (#213) CSE Winter Haven  LLC 20 - 5863327 I:  DE Q: FL (#215) CSE Yorktown LLC 20 - 5885163 I:  DE Q: IN (#217) CSE Cambridge  Realty LLC 20 - 5959318 I:  DE Q: MD (#155) CSE Elkton Realty  LLC 20 - 5959253 I:  DE Q: MD (#167) CSE Lexington Park  Realty LLC 20 - 5959280 I:  DE Q: MD (#188) CSE Cambridge  LLC 20 - 5886976 I:  DE Q: MD (#154) CSE Elkton LLC 20 - 5887006 I:  DE Q: MD (#166) 100% 100% 100% OHI Tennessee, Inc. 38 - 3509157 I:  MD;  Q:  TN (#115) 100% 100% CSE Memphis LLC 20 - 8295130 I: DE; Q: TN (#32) CSE Ripley LLC 20 - 8295238 I: DE; Q: TN (#34) CSE Blountville LLC 20 - 8295288 I:  DE;  Q:  TN (#19) CSE Bolivar LLC 20 - 8295024 I: DE;  Q: TN (#20) CSE Huntingdon LLC 20 - 8295191 I: DE; Q: TN (#27) CSE Jefferson City LLC 20 - 8295101 I: DE; Q: TN (#29) 100% CSE Camden LLC 20 - 8295066 I: DE; Q:TN (#21) 100%

 

    	Page 2 of 5 

(#858203)

    	 

    

 

ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS,
INC. and SUBSIDIARIES

(Continued)

  

 

		2.	OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries.

 

 ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES  (Continued)  Omega Healthcare Investors, Inc. 2 38 - 3041398 I: MD Q: AL, AR, CO, FL, ID, IN, KY, LA, MA, MI,  MO, NC, OH, PA, RI, TN, TX, WA  OHI Asset HUD H - F, LLC 27 - 1894893 I: DE (#106) CHR Bartow LLC 26 - 3708257 I:  DE; Q: FL (#218) 100% Page 3 of 5 (#858203) CHR Boca Raton LLC 26 - 3709390 I:  DE; Q:  FL (#219) CHR Bradenton LLC 26 - 3710605 I:  DE; Q:  FL (#220) CHR Cape Coral LLC 26 - 3710052 I:  DE; Q:  FL (#221) CHR Clearwater Highland LLC 26 - 3709760 I:  DE; Q:  FL (#222) CHR Clearwater LLC 26 - 3708420 I:  DE; Q:  FL (#223) CHR Deland East LLC 26 - 3709095 I:  DE; Q:  FL (#224) CHR Deland West LLC 26 - 3709165 I:  DE; Q:  FL (#225) CHR Fort Myers LLC 26 - 3710399 I:  DE; Q:  FL (#226) CHR Fort Walton Beach LLC 26 - 3708663 I:  DE; Q:  FL (#227) CHR Gulfport LLC 26 - 3710452 I:  DE; Q:  FL (#228) CHR Hudson LLC 26 - 3709991 I:  DE; Q:  FL (#229) CHR Lake Wales LLC 26 - 3708893 I:  DE; Q:  FL (#230) CHR Lakeland LLC 26 - 3708735 I:  DE; Q: FL (#231) CHR Panama City LLC 26 - 3708524 I:  DE; Q:  FL (#232) CHR Pompano Beach Broward LLC 26 - 3710220  I:  DE; Q:  FL (#233) CHR Pompano Beach LLC 26 - 3709856  I:  DE; Q:  FL (#234) CHR Sanford LLC 26 - 3709701  I:  DE; Q:  FL (#235) CHR Sarasota LLC 26 - 3710347  I:  DE; Q:  FL (#236) CHR Spring Hill LLC 26 - 3709633  I:  DE; Q:  FL (#237) CHR St. Pete Abbey LLC 26 - 3709327  I:  DE; Q:  FL (#238) 2.   OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries. CHR St. Pete Bay LLC 26 - 3709236  I:  DE; Q:  FL (#239) 100% CHR St Pete Egret LLC 26 - 3708588 I:  DE; Q: FL (#240) CHR Tampa Carrollwood LLC 26 - 3709502 I:  DE; Q:  FL (#241) CHR Tampa LLC 26 - 3710161 I:  DE; Q:  FL (#242) CHR Tarpon Springs LLC 26 - 3708823 I:  DE; Q:  FL (#243) CHR Titusville LLC 26 - 3709919 I:  DE; Q:  FL (#244) CHR West Palm Beach LLC 26 - 3710287 I:  DE; Q:  FL (#245) 100% Pensacola Real Estate Holdings I, Inc. 59 - 3667935 I:  FL (#249) Pensacola Real Estate Holdings II, Inc. 59 - 3667937 I: FL  (#250) Pensacola Real Estate Holdings III, Inc. 59 - 3667939 I: FL (#251) Pensacola Real Estate Holdings IV, Inc. 59 - 3667940 I: FL (#252) Pensacola Real Estate Holdings V, Inc. 59 - 3667941 I: FL (#253) Skyler Boyington, Inc. 42 - 1572543 I:  MS (#254) OHI Asset HUD Delta, LLC 27 - 1895030 I: DE  (#105) CSE Pine View LLC 20 - 5398686 I:  DE; Q: MS (#246) Dixie White House Nursing Home, Inc. 59 - 3738671 I:  MS  (#247) Ocean Springs Nursing Home, Inc. 58 - 2635823 I:  MS (#248) Skyler Florida, Inc. 64 - 0821299 I:  MS; Q:  FL (#255) Skyler Pensacola, Inc. 59 - 3561064 I:  FL (#256) 100% 100% 100% OHI Asset (MI),  LLC 27 - 3378345 I: DE  (#257) OHI Asset (FL) Lender,  LLC 27 - 4450390 I: DE  (#258) OHI Asset HUD WO, LLC 45 - 2379675 I: DE (#259) PV Realty – Clinton, LLC  26 - 4389743 I: MD  (#262)  PV Realty – Kensington, LLC  26 - 4389837 I: MD  (#263)  PV Realty – Willow Tree, LLC  27 - 0328038 I: MD; Q: WV (#264) OHI Asset HUD CFG, LLC 45 - 3662151 I: DE (#261) 2701 Twin Rivers Drive, LLC 61 - 1573466 I: AR (#266) 228 Pointer Trail West, LLC 61 - 1573453 I: AR (#267) 3600 Richards Road, LLC 61 - 1573467 I: AR (#268)  1101 Waterwell Road, LLC 61 - 1573458 I: AR (#269) 1040 Wedding Ford Road, LLC 61 - 1573457 I: AR (#270) 1194 North Chester Street, LLC 61 - 1573460 I: AR (#271)  1149 & 1151 West New Hope Road, LLC 61 - 1573459 I: AR (#272) 1401 Park Avenue, LLC 61 - 1573464 I:  AR (#273) 115 Orendorff Avenue, LLC 61 - 1573450 I:  AR (#274) 202 Tims Avenue, LLC 61 - 1573452 I:  AR (#275) 900 Magnolia Road SW, LLC 61 - 1573456 I: AR (#276) 700 Mark Drive, LLC 61 - 1573454 I: AR (#277) 1200 Ely Street Holdings Co. LLC 26 - 3524594 I: MI (#278) 2425 Teller Avenue, LLC 20 - 5672217 I: CO (#279) CFG 2115 Woodstock Place, LLC 26 - 1123970 I: DE; Q: WI (#280)  42235 County Road Holdings Co. LLC 83 - 0500167 I:  MI (#281)  48 High Point Road, LLC 27 - 2498824 I:  MD; Q: FL (#282)  PV Realty – Holly Hill, LLC  74 - 3244463 I: MD (#265) 100% 100% 100% SLC Property Investors, LLC 32 - 0265175 I: DE (#283) 100% OHI Asset (MI) Heather Hills, LLC 46 - 1515395 I: DE; Q: MI (#317)  OHI Asset (IN) Wabash, LLC 38 - 3879151 I: DE  (#285)  OHI Asset (IN) Westfield, LLC 32 - 0381277 I: DE  (#286)  OHI Asset (IN) Greensburg, LLC 38 - 3879137 I: DE  (#287)  OHI Asset (IN) Indianapolis, LLC 36 - 4736441 I: DE  (#288)  100% 100%

 

    	Page 3 of 5 

(#858203)

    	 

    

 

ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS,
INC. and SUBSIDIARIES

(Continued)

 

 

		2.	OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries.

 

OHI Asset (IN) Elkhart, LLC 46 - 1035197 I: DE; Q: IN (#298)  OHI Asset (IN) Clarksville, LLC 46 - 1011127 I: DE; Q: IN (#299)  OHI Asset (IN) Noblesville, LLC 46 - 1103366 I: DE; Q: IN (#300)  OHI Asset (IN) Rosewalk, LLC 46 - 1116285 I: DE; Q: IN (#301)  OHI Asset (IN) Lafayette, LLC 46 - 1085161 I: DE; Q: IN (#302)  OHI Asset (IN) Spring Mill, LLC 46 - 1120573 I: DE; Q: IN (#303)  OHI Asset (IN) Terre Haute, LLC 46 - 1140102 I: DE; Q: IN (#304)  OHI Asset (IN) Zionsville, LLC 46 - 1152307 I: DE; Q: IN (#305)  OHI Asset HUD SF CA, LLC 46 - 1251365 I:  DE (#306) OHI Asset (TX) Hondo, LLC 46 - 1346058 I:  DE; Q: TX (#307) OHI Asset (IN) American Village, LLC 46 - 0985915 I: DE; Q: IN (#289)  OHI Asset (IN) Beech Grove, LLC 46 - 1000956 I: DE; Q: IN (#290)  OHI Asset (IN) Eagle Valley, LLC 46 - 1021612 I: DE; Q: IN (291)  OHI Asset (IN) Anderson, LLC 46 - 0989235 I: DE; Q: IN (#292) OHI Asset (IN) Forest Creek, LLC 46 - 1040435 I: DE; Q: IN (#293)  OHI Asset (IN) Franklin, LLC 46 - 1062818 I: DE; Q: IN (#294)  OHI Asset (IN) Fort Wayne, LLC 46 - 1050897 I: DE; Q: IN (#295)  OHI Asset (IN) Monticello, LLC 46 - 1090601 I: DE; Q: IN (#296)  OHI Asset (IN) Kokomo, LLC 46 - 1071289 I: DE; Q: IN (#297)  ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES  (Continued)  Omega Healthcare Investors, Inc. 2 38 - 3041398 I: MD Q: AL, AR, CO, FL, ID, IN, KY, LA, MA, MI, MO, NC, OH, PA,  RI, TN, TX, WA  2.   OHI owns 100% of stock or other equity interest of all lower tier Subsidiaries. Page 4 of 5 (#858203)  OHI Asset HUD SF, LLC 80 - 0830116 I: DE; Q: AZ  (#284)  100% 100% Encanto Senior Care, LLC 20 - 1669755 I: AZ (#308)  G&L Gardens, LLC 95 - 4639695 I: AZ (#309)  Palm Valley Senior Care, LLC 75 - 3153681 I: AZ (#310)  Ridgecrest Senior Care, LLC 20 - 1998988 I: AZ (#311) 3806 Clayton Road, LLC 90 - 0266403 I: CA (#312)  245 East Wilshire Avenue, LLC  90 - 0266386 I: CA (#13)  13922 Cerise Avenue, LLC 71 - 0976970 I: CA (#314)  637 East Romie Lane, LLC 90 - 0266404 I: CA (#315)  523 Hayes Lane, LLC 45 - 1777721 I: CA (#316)  OHI Asset (IN) Madison, LLC #46 - 1745924 I:  DE; Q: IN (#318) OHI Asset (IN) Crown Point, LLC #46 - 1738072 I:  DE; Q: IN  (#319) 100% 1628 B Street, LLC 30 - 0482286 I: CA (#320) 2400 Parkside Drive, LLC 30 - 0482288 I: CA (#321) 3232 Artesia Real Estate, LLC 65 - 1232714 I: CA (#322) 11900 East Artesia Boulevard, LLC 90 - 0266391 I: CA (#323) Golden Hill Real Estate Company,  LLC 71 - 0976967 I: CA (#324) OHI Mezz Lender, LLC #46 - 3201249 I:  DE (#325) OHI Asset (AR) Sheridan, LLC #46 - 3739623 I: DE; Q: AR (#334) OHI Asset (AR) Camden, LLC #46 - 3672608 I:  DE; Q: AR (#327) OHI Asset (AR) Conway, LLC #61 - 1721332 I: DE; Q: AR (#328) OHI Asset (AR) Des Arc, LLC #46 - 3691025 I: DE; Q: AR (#329) OHI Asset (AR) Hot Springs, LLC #80 - 0951655 I: DE; Q: AR (#330) OHI Asset (AR) Mena, LLC #38 - 3915930 I: DE; Q: AR (#331) OHI Asset (AR) Malvern, LLC #46 - 3719491 I: DE; Q: AR (#332) OHI Asset (AR) Pocahontas, LLC #46 - 3728913 I: DE; Q: AR (#333) OHI Asset (AR) Ash Flat, LLC #46 - 3670959 I:  DE; Q: AR (#326) OHI Asset (AR) Walnut Ridge, LLC #46 - 3751920 I: DE; Q: AR (#335) OHI Asset (FL) Lake Placid, LLC #46 - 3827043 I:  DE; Q: FL (#337) 100 % OHI Asset (IN) Clinton, LLC #46 - 4095764  I: DE; Q: IN (#338) OHI Asset (IN) Jasper, LLC #46 - 4100999  I: DE; Q: IN (#339) OHI Asset (IN) Salem, LLC #46 - 4111473 I: DE; Q: IN (#340) OHI Asset (IN) Seymour, LLC #46 - 4133715 I: DE; Q: IN (#341) OHI Asset (AZ) Austin House, LLC #46 - 4385050 I: DE (#400) 100% OHI Asset (WV) Danville, LLC #47 - 1084194 I: DE (#404) OHI Asset (WV) Ivydale, LLC #47 - 1112048 I: DE (#405)

 

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ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS,
INC. and SUBSIDIARIES

(Continued)

 

  

 OHI Asset (UT) Roy, LLC 46 - 4931511 I: DE Q: UT (#393) OHI Asset (TX) Comfort, LLC 46 - 4815908 I: DE Q: TX (#386) OHI Asset (SC) Marietta, LLC 46 - 4569172 I: DE Q: SC (#371) ORGANIZATIONAL CHART OF OMEGA HEALTHCARE INVESTORS, INC. and SUBSIDIARIES  (Continued)  Omega Healthcare Investors, Inc. 2 38 - 3041398 I: MD Q: AL, AR, CO, FL, ID, IN, KY, LA, MA, MI, MO, NC, OH, PA, RI, TN, TX, WA  Page 5 of 5 (#858203)  OHI Asset RO, LLC #90 - 1018980 I: DE; Q: AR (#336) OHI Asset (MS) Natchez, LLC 46 - 4384987 I: DE Q: MS (#356) OHI Asset (NC) Wadesboro, LLC 35 - 2492230 I: DE Q: NC (#360) OHI Asset (SC) Edgefield, LLC 46 - 4494366 I: DE Q: SC (#366) OHI Asset (SC) Greenville  Laurens, LLC 46 - 4524387 I: DE Q: SC (#368) OHI Asset (MS) Picayune, LLC 90 - 1036523 I: DE Q: MS (#357) OHI Asset (MS) Vicksburg, LLC 90 - 1036559 I: DE Q: MS (#358) OHI Asset (MS) Yazoo City, LLC 38 - 3921461 I: DE Q: MS (#359) OHI Asset (OR) Portland, LLC 30 - 0805633 I: DE Q: OR (#361) OHI Asset (SC) Aiken, LLC 46 - 4426281 I: DE Q: SC (#362) OHI Asset (SC) Anderson, LLC 46 - 4455254 I: DE Q: SC (#363) OHI Asset (SC) Easley Anne, LLC 46 - 4475177 I: DE Q: SC (#364) OHI Asset (SC) Easley Crestview,  LLC 46 - 4489507 I: DE Q: SC (#365) OHI Asset (SC) Greenville Griffith,  LLC 46 - 4510885 I: DE Q: SC (#367) OHI Asset (SC) Greenville North,  LLC 46 - 4538349 I: DE Q: SC (#369) OHI Asset (SC) Greer, LLC 46 - 4551649 I: DE Q: SC (#370) OHI Asset (SC) Piedmont, LLC 46 - 4640288# I: DE Q: SC (#375) OHI Asset (TN) Memphis, LLC 46 - 4750926 I: DE Q: TN (#381) OHI Asset (TX) Bryan, LLC 46 - 4781488 I: DE Q: TX (#383) OHI Asset (SC) McCormick, LLC 46 - 4597938 I: DE Q: SC (#372) OHI Asset (SC) Pickens East  Cedar, LLC 46 - 4613823 I: DE Q: SC (#373) OHI Asset (SC) Pickens  Rosemond, LLC 46 - 4629569 I: DE Q: SC (#374) OHI Asset (SC) Simpsonville SE  Main, LLC 46 - 4682098 I: DE Q: SC (#376) OHI Asset (SC) Simpsonville West  Broad, LLC 46 - 4695995 I: DE Q: SC (#377) OHI Asset (SC) Simpsonville West  Curtis, LLC 46 - 4712666 I: DE Q: SC (#378) OHI Asset (TN) Bartlett, LLC 46 - 4727889 I: DE Q: TN (#379) OHI Asset (TN) Collierville, LLC 46 - 4738239 DE Q: TN (#380) OHI Asset (TX) Anderson, LLC 46 - 4764905 I: DE Q: TX (#382) OHI Asset (TX) Burleson, LLC 46 - 4795498 I: DE Q: TX (#384) OHI Asset (TX) College Station,  LLC 46 - 4805289 I: DE Q: TX (#385) OHI Asset (ID) Midland, LLC 46 - 4279515 I: DE Q: ID (#345) OHI Asset (MS) Corinth, LLC 46 - 4351222 I: DE Q: (MS) #351) OHI Asset (MS) Grenada, LLC 46 - 4376223 I: DE Q: MS (#353) OHI Asset (GA) Moultrie, LLC 46 - 4254981 I: DE Q: GA (#342) OHI Asset (GA) Snellville, LLC 46 - 4259685 I: DE Q: GA (#343) OHI Asset (ID) Holly, LLC 46 - 4268973 I: DE Q: ID (#344) OHI Asset (IN) Connersville, LLC 46 - 4289202 I: DE Q: IN (#346) OHI Asset (MS) Byhalia, LLC 46 - 4298734 I: DE Q: MS (#347) OHI Asset (MS) Cleveland, LLC 36 - 4774986 I: DE Q: MS (#348) OHI Asset (MS) Clinton, LLC 80 - 0965657 I: DE Q: MS (#349) OHI Asset (MS) Columbia, LLC 46 - 4340609 I: DE Q: MS (#350) OHI Asset (MS) Greenwood, LLC 46 - 4361245 I: DE Q: MS (#352) OHI Asset (MS) Holly Springs, LLC 38 - 3921178 I: DE Q: MS (#354) OHI Asset (MS) Indianola, LLC 90 - 1036275 I: DE Q: MS (#355) OHI Asset (TX) Winnsboro, LLC 46 - 4881288 I: DE Q: TX (#390) OHI Asset (TX) Diboll, LLC 46 - 4843528 I: DE Q: TX (#387) OHI Asset (TX) Granbury, LLC 46 - 4852513 I: DE Q: TX (#388) OHI Asset (TX) Italy, LLC 46 - 4873054 I: DE Q: TX (#389) OHI Asset (UT) Ogden, LLC 46 - 4903181 I: DE Q: UT (#391) OHI Asset (UT) Provo, LLC 46 - 4915063 I: DE Q: UT (#392) OHI Asset (VA) Rocky Mount, LLC 46 - 5002710 I: DE Q: VA (#397) OHI Asset (VA) Charlottesville,  LLC 46 - 4945417 I: DE Q: VA (#394) OHI Asset (VA) Farmville, LLC 46 - 4955482 I: DE Q: VA (#395) OHI Asset (VA) Hillsville, LLC 46 - 4987367 I: DE Q: VA (#396) OHI Asset (WA) Battle Ground,  LLC 46 - 5006928 I: DE Q: WA (#398) OHI Asset RO PMM Services, LLC 46 - 4309941 I: DE (#399) 100% 100% 100% 100% 100% 100% OHI Asset (GA) Macon, LLC 47 - 1027224 I: DE (#401) OHI Asset (SC) Greenville, LLC 47 - 1053139 I: DE (#402) OHI Asset (SC) Orangeburg, LLC 47 - 1034331 I: DE (#403)

 

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Schedule 5.20

 

CONSOLIDATED PARTIES

 

Omega Healthcare Investors, Inc.

Subsidiary List

As of June 17, 2014 

 

	noteS:  	(1)  this chart is cross-referenced with the organizational chart, doc. #858203.
	 	(2)  thIS chart is sorted in alphabetical order and assigned the chart reference nO. listed in column 6).
	 	(3)  Unless otherwise noted in Column 7, Comment(s), the subsidIary is a guarantor subsidiary.

 

	 	
         

         

        Subsidiary Name
	
         

         

        FEIN
	
         

        Home

        State
	Foreign

Qualifi-

cation(s)	
         

        Chart

        Ref. #
	
         

         

        Comment(s)

	1.	1040 Wedding Ford Road, LLC	61-1573457	Arkansas	—	270	Non-Guarantor Subsidiary
	2.	1101 Waterwell Road, LLC	61-1573458	Arkansas	—	269	Non-Guarantor Subsidiary
	3.	1149 & 1151 West New Hope Road, LLC	61-1573459	Arkansas	—	272	Non-Guarantor Subsidiary
	4.	115 Orendorff Avenue, LLC	61-1573450	Arkansas	—	274	Non-Guarantor Subsidiary
	5.	11900 East Artesia Boulevard, LLC	90-0266391	California	—	323	Non-Guarantor Subsidiary
	6.	1194 North Chester Street, LLC 	61-1573460	Arkansas	—	271	Non-Guarantor Subsidiary
	7.	1200 Ely Street Holdings Co. LLC	26-3524594	Michigan	—	278	 
	8.	13922 Cerise Avenue, LLC	71-0976970	California	—	314	 
	9.	1401 Park Avenue, LLC	61-1573464	Arkansas	—	273	Non-Guarantor Subsidiary
	10.	1628 B Street, LLC	30-0482286	California	—	320	Non-Guarantor Subsidiary
	11.	202 Tims Avenue, LLC 	61-1573452	Arkansas	—	275	Non-Guarantor Subsidiary
	12.	228 Pointer Trail West, LLC	61-1573453	Arkansas	—	267	Non-Guarantor Subsidiary
	13.	2400 Parkside Drive, LLC	30-0482288	California	—	321	Non-Guarantor Subsidiary
	14.	2425 Teller Avenue, LLC	20-5672217	Colorado	—	279	 
	15.	245 East Wilshire Avenue, LLC 	90-0266386	California	—	313	 
	16.	2701 Twin Rivers Drive, LLC	61-1573466	Arkansas	—	266	Non-Guarantor Subsidiary
	17.	3232 Artesia Real Estate, LLC	65-1232714	California	—	322	Non-Guarantor Subsidiary
	18.	3600 Richards Road, LLC	61-1573467	Arkansas	—	268	Non-Guarantor Subsidiary
	19.	3806 Clayton Road, LLC	90-0266403	California	—	312	 
	20.	42235 County Road Holdings Co. LLC	83-0500167	Michigan	—	281	 
	21.	48 High Point Road, LLC	27-2498824	Maryland	Florida	282	 
	22.	523 Hayes Lane, LLC	45-1777721	California	—	316	 
	23.	637 East Romie Lane, LLC	90-0266404	California	—	315	 

 

    	 

    	 

    

 

	 	
         

         

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	24.	700 Mark Drive, LLC	61-1573454	Arkansas	—	277	Non-Guarantor Subsidiary
	25.	900 Magnolia Road SW, LLC	61-1573456	Arkansas	—	276	Non-Guarantor Subsidiary
	26.	Arizona Lessor - Infinia, Inc.	32-0008074	Maryland	AZ	1	 
	27.	Bayside Colorado Healthcare Associates, Inc.	38-3517837	Colorado	—	6	 
	28.	Bayside Street II, Inc.	38-3519969	Delaware	—	9	 
	29.	Bayside Street, Inc.	38-3160026	Maryland	—	10	 
	30.	Canton Health Care Land, Inc. 	20-1914579	Ohio	—	11	 
	31.	Carnegie Gardens LLC	20-2442381	Delaware	FL	12	 
	32.	CFG 2115 Woodstock Place LLC	26-1123970	Delaware	WI	280	 
	33.	CHR Bartow LLC	26-3708257	Delaware	FL	218	Non-Guarantor Subsidiary
	34.	CHR Boca Raton LLC	26-3709390	Delaware	FL	219	Non-Guarantor Subsidiary
	35.	CHR Bradenton LLC	26-3710605	Delaware	FL	220	Non-Guarantor Subsidiary
	36.	CHR Cape Coral LLC	26-3710052	Delaware	FL	221	Non-Guarantor Subsidiary
	37.	CHR Clearwater Highland LLC	26-3709760	Delaware	FL	222	Non-Guarantor Subsidiary
	38.	CHR Clearwater LLC	26-3708420	Delaware	FL	223	Non-Guarantor Subsidiary
	39.	CHR Deland East LLC	26-3709095	Delaware	FL	224	Non-Guarantor Subsidiary
	40.	CHR Deland West LLC	26-3709165	Delaware	FL	225	Non-Guarantor Subsidiary
	41.	CHR Fort Myers LLC	26-3710399	Delaware	FL	226	Non-Guarantor Subsidiary
	42.	CHR Fort Walton Beach LLC	26-3708663	Delaware	FL	227	Non-Guarantor Subsidiary
	43.	CHR Gulfport LLC	26-3710452	Delaware	FL	228	Non-Guarantor Subsidiary
	44.	CHR Hudson LLC	26-3709991	Delaware	FL	229	Non-Guarantor Subsidiary
	45.	CHR Lake Wales LLC	26-3708893	Delaware	FL	230	Non-Guarantor Subsidiary
	46.	CHR Lakeland LLC	26-3708735	Delaware	FL	231	Non-Guarantor Subsidiary
	47.	CHR Panama City LLC	26-3708524	Delaware	FL	232	Non-Guarantor Subsidiary
	48.	CHR Pompano Beach Broward LLC	26-3710220	Delaware	FL	233	Non-Guarantor Subsidiary
	49.	CHR Pompano Beach LLC	26-3709856	Delaware	FL	234	Non-Guarantor Subsidiary
	50.	CHR Sanford LLC	26-3709701	Delaware	FL	235	Non-Guarantor Subsidiary
	51.	CHR Sarasota LLC	26-3710347	Delaware	FL	236	Non-Guarantor Subsidiary
	52.	CHR Spring Hill LLC	26-3709633	Delaware	FL	237	Non-Guarantor Subsidiary
	53.	CHR St. Pete Abbey LLC	26-3709327	Delaware	FL	238	Non-Guarantor Subsidiary
	54.	CHR St. Pete Bay LLC	26-3709236	Delaware	FL	239	Non-Guarantor Subsidiary

 

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	55.	CHR St. Pete Egret LLC	26-3708588	Delaware	FL	240	Non-Guarantor Subsidiary
	56.	CHR Tampa Carrollwood LLC	26-3709502	Delaware	FL	241	Non-Guarantor Subsidiary
	57.	CHR Tampa LLC	26-3710161	Delaware	FL	242	Non-Guarantor Subsidiary
	58.	CHR Tarpon Springs LLC	26-3708823	Delaware	FL	243	Non-Guarantor Subsidiary
	59.	CHR Titusville LLC	26-3709919	Delaware	FL	244	Non-Guarantor Subsidiary
	60.	CHR West Palm Beach LLC	26-3710287	Delaware	FL	245	Non-Guarantor Subsidiary
	61.	Colonial Gardens, LLC 	26-0110549	Ohio	—	15	 
	62.	Colorado Lessor - Conifer, Inc.	32-0008069	Maryland	CO	16	 
	63.	CSE Albany LLC	20-5885886	Delaware	KY	149	 
	64.	CSE Amarillo LLC	20-5862752	Delaware	TX	150	 
	65.	CSE Arden L.P.	20-5888680	Delaware	NC	151	 
	66.	CSE Augusta LLC	20-5885921	Delaware	KY	152	 
	67.	CSE Bedford LLC	20-5886082	Delaware	KY	153	 
	68.	CSE Blountville LLC	20-8295288	Delaware	TN	19	 
	69.	CSE Bolivar LLC	20-8295024	Delaware	TN	20	 
	70.	CSE Cambridge LLC	20-5886976	Delaware	MD	154	 
	71.	CSE Cambridge Realty LLC	20-5959318	Delaware	MD	155	 
	72.	CSE Camden LLC	20-8295066	Delaware	TN	21	 
	73.	CSE Canton LLC	20-5887312	Delaware	OH	156	 
	74.	CSE Casablanca Holdings II LLC	26-0595183	Delaware	—	158	 
	75.	CSE Casablanca Holdings LLC	20-8724466	Delaware	—	157	 
	76.	CSE Cedar Rapids LLC	20-5884941	Delaware	IA	159	 
	77.	CSE Centennial Village	20-6974959	Delaware	PA	22	 
	78.	CSE Chelmsford LLC	20-5920451	Delaware	MA	160	 
	79.	CSE Chesterton LLC	20-5885195	Delaware	IN	161	 
	80.	CSE Claremont LLC	20-5883891	Delaware	CA	162	CA
    d/b/a: CapitalSource Claremont LLC
	81.	CSE Corpus North LLC	20-5186415	Delaware	TX	23	 
	82.	CSE Denver Iliff LLC	20-8037772	Delaware	CO	25	 
	83.	CSE Denver LLC	20-5884311	Delaware	CO	163	 
	84.	CSE Douglas LLC	20-5883761	Delaware	AZ	164	 

 

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	85.	CSE Elkton LLC	20-5887006	Delaware	MD	166	 
	86.	CSE Elkton Realty LLC	20-5959253	Delaware	MD	167	 
	87.	CSE Fairhaven LLC	20-8281491	Delaware	MA	26	 
	88.	CSE Fort Wayne LLC	20-5885125	Delaware	IN	168	 
	89.	CSE Frankston LLC	20-5862947	Delaware	TX	169	 
	90.	CSE Georgetown LLC	20-5886126	Delaware	KY	170	 
	91.	CSE Green Bay LLC	20-5888029	Delaware	WI	171	 
	92.	CSE Hilliard LLC	20-5887347	Delaware	OH	172	 
	93.	CSE Huntingdon LLC	20-8295191	Delaware	TN	27	 
	94.	CSE Huntsville LLC	20-5887764	Delaware	TN	173	 
	95.	CSE Indianapolis-Continental LLC	20-5885046	Delaware	IN	174	 
	96.	CSE Indianapolis-Greenbriar LLC	20-5885096	Delaware	IN	175	 
	97.	CSE Jacinto City LLC	20-5186519	Delaware	TX	28	 
	98.	CSE Jefferson City LLC	20-8295101	Delaware	TN	29	 
	99.	CSE Jeffersonville-Hillcrest Center LLC	20-5885261	Delaware	IN	176	 
	100.	CSE Jeffersonville-Jennings House LLC	20-5885346	Delaware	IN	177	 
	101.	CSE Kerrville LLC	20-8684872	Delaware	TX	30	 
	102.	CSE King L.P.	20-5888725	Delaware	NC	178	 
	103.	CSE Kingsport LLC	20-5887736	Delaware	TN	179	 
	104.	CSE Knightdale L.P.	20-5888653	Delaware	NC	180	 
	105.	CSE Lake City LLC	20-5863259	Delaware	FL	181	 
	106.	CSE Lake Worth LLC	20-5863173	Delaware	FL	182	 
	107.	CSE Lakewood LLC	20-5884352	Delaware	CO	183	 
	108.	CSE Las Vegas LLC	20-5887216	Delaware	NM	184	 
	109.	CSE Lawrenceburg LLC	20-5887802	Delaware	TN	185	 
	110.	CSE Lenoir L.P.	20-5888528	Delaware	NC	186	 
	111.	CSE Lexington Park LLC	20-5886951	Delaware	MD	187	 
	112.	CSE Lexington Park Realty LLC	20-5959280	Delaware	MD	188	 
	113.	CSE Ligonier LLC	20-5885484	Delaware	IN	189	 
	114.	CSE Live Oak LLC	20-5863086	Delaware	FL	190	 
	115.	CSE Lowell LLC	20-5885381	Delaware	IN	192	 

 

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	116.	CSE Marianna Holdings LLC	20-1411422	Delaware	FL	31	 
	117.	CSE Memphis LLC	20-8295130 	Delaware	TN	32	 
	118.	CSE Mobile LLC	20-5883572	Delaware	AL	193	 
	119.	CSE Moore LLC	20-5887574	Delaware	OK	194	 
	120.	CSE North Carolina Holdings I LLC	20-5888397	Delaware	—	195	 
	121.	CSE North Carolina Holdings II LLC	20-5888430	Delaware	—	196	 
	122.	CSE Omro LLC	20-5887998	Delaware	WI	197	 
	123.	CSE Orange Park LLC	20-5863371	Delaware	FL	198	 
	124.	CSE Orlando-Pinar Terrace Manor LLC	20-5863043	Delaware	FL	199	 
	125.	CSE Orlando-Terra Vista Rehab LLC	20-5863223	Delaware	FL	200	 
	126.	CSE Pennsylvania Holdings	20-6974946	Delaware	—	33	 
	127.	CSE Piggott LLC	20-5883659	Delaware	AR	201	 
	128.	CSE Pilot Point LLC	20-5862827	Delaware	TX	202	 
	129.	CSE Pine View LLC	20-5398686	Delaware	MS	246	 
	130.	CSE Ponca City LLC	20-5887495	Delaware	OK	203	 
	131.	CSE Port St. Lucie LLC	20-5863294	Delaware	FL	204	 
	132.	CSE Richmond LLC	20-5885427	Delaware	IN	205	 
	133.	CSE Ripley LLC	20-8295238	Delaware	TN	34	 
	134.	CSE Ripon LLC	26-0480886	Delaware	WI	35	 
	135.	CSE Safford LLC	20-5883807	Delaware	AZ	206	 
	136.	CSE Salina LLC	20-5885669	Delaware	KS	207	 
	137.	CSE Seminole LLC	20-5887615	Delaware	OK	208	 
	138.	CSE Shawnee LLC	20-5887524	Delaware	OK	209	 
	139.	CSE Spring Branch LLC	20-5186484	Delaware	TX	36	 
	140.	CSE Stillwater LLC	20-5887548	Delaware	OK	210	 
	141.	CSE Taylorsville LLC	20-5886196	Delaware	KY	211	 
	142.	CSE Texarkana LLC	20-5862880	Delaware	TX	37	 
	143.	CSE Texas City LLC	20-5862791	Delaware	TX	212	 
	144.	CSE The Village LLC	20-5186550	Delaware	TX	38	 
	145.	CSE Upland LLC	20-5891148	Delaware	IN	213	 
	146.	CSE Walnut Cove L.P.	20-5888502	Delaware	NC	214	 

 

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	147.	CSE West Point LLC	20-5887119	Delaware	MS	39	 
	148.	CSE Whitehouse LLC	20-8294979	Delaware	OH	40	 
	149.	CSE Williamsport LLC	26-0480953	Delaware	IN	41	 
	150.	CSE Winter Haven LLC	20-5863327	Delaware	FL	215	 
	151.	CSE Woodfin L.P.	20-5888619	Delaware	NC	216	 
	152.	CSE Yorktown LLC	20-5885163	Delaware	IN	217	 
	153.	Delta Investors I, LLC	54-2112455	Maryland	CA, ID, MA, OH, WV	43	 
	154.	Delta Investors II, LLC	54-2112456	Maryland	CA, NC, OH, WA, WV	44	 
	155.	Desert Lane LLC	20-3098022	Delaware	NV	45	 
	156.	Dixie White House Nursing Home, Inc.	59-3738671	Mississippi	—	247	 
	157.	Dixon Health Care Center, Inc. 	34-1509772	Ohio	—	46	 
	158.	Encanto Senior Care, LLC	20-1669755	Arizona	 	308	 
	159.	Florida Lessor – Meadowview, Inc.	56-2398721	Maryland	FL	50	 
	160.	Florida Real Estate Company, LLC	20-1458431	Florida	—	51	 
	161.	G&L Gardens, LLC	95-4639695	Arizona	 	309	Non-Guarantor Subsidiary
	162.	Georgia Lessor - Bonterra/Parkview, Inc.	16-1650494	Maryland	GA	52	 
	163.	Golden Hill Real Estate Company, LLC	71-0976967	California	—	324	Non-Guarantor Subsidiary
	164.	Greenbough, LLC	27-0258266	Delaware	MS	53	 
	165.	Hutton I Land, Inc. 	20-1914403	Ohio	—	57	 
	166.	Hutton II Land, Inc. 	20-1914470	Ohio	—	58	 
	167.	Hutton III Land, Inc. 	20-1914529	Ohio	—	59	 
	168.	Indiana Lessor – Wellington Manor, Inc.	32-0008064	Maryland	IN	61	 
	169.	LAD I Real Estate Company, LLC	20-1454154	Delaware	FL	63	 
	170.	Leatherman 90-1, Inc. 	20-1914625	Ohio	—	65	 
	171.	Leatherman Partnership 89-1, Inc. 	34-1656489	Ohio	—	66	 
	172.	Leatherman Partnership 89-2, Inc. 	34-1656491	Ohio	—	67	 
	173.	Meridian Arms Land, Inc. 	20-1914864	Ohio	—	73	 
	174.	North Las Vegas LLC	20-3098036	Delaware	NV	74	NV d/b/a:  CSE North Las Vegas LLC

 

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	175.	NRS Ventures, L.L.C.	38-4236118	Delaware	AL, FL, GA, KY, TN	75	 
	176.	Ocean Springs Nursing Home, Inc.	58-2635823	Mississippi	—	248	 
	177.	OHI (Connecticut), Inc. 	06-1552120 	Connecticut	NH, VT, WV	77	 
	178.	OHI (Illinois), Inc. 	37-1332375	Illinois	IN	79	 
	179.	OHI (Indiana), Inc. 	38-3568359	Indiana	OH	80	 
	180.	OHI (Iowa), Inc. 	38-3377918	Iowa	MD	81	 
	181.	OHI Asset (AR) Ash Flat, LLC	46-3670959	Delaware	AR	326	 
	182.	OHI Asset (AR) Camden, LLC	46-3672608	Delaware	AR	327	 
	183.	OHI Asset (AR) Conway, LLC	61-1721332	Delaware	AR	328	 
	184.	OHI Asset (AR) Des Arc, LLC	46-3691025	Delaware	AR	329	 
	185.	OHI Asset (AR) Hot Springs, LLC	80-0951655	Delaware	AR	330	 
	186.	OHI Asset (AR) Malvern, LLC	46-3719491	Delaware	AR	332	 
	187.	OHI Asset (AR) Mena, LLC	38-3915930	Delaware	AR	331	 
	188.	OHI Asset (AR) Pocahontas, LLC	46-3728913	Delaware	AR	333	 
	189.	OHI Asset (AR) Sheridan, LLC	46-3739623	Delaware	AR	334	 
	190.	OHI Asset (AR) Walnut Ridge, LLC	46-3751920	Delaware	AR	335	 
	191.	OHI Asset (AZ) Austin House, LLC	46-4385050	Delaware	—	400	 
	192.	OHI Asset (CA), LLC	04-3759925	Delaware	CA	83	 
	193.	OHI Asset (CO), LLC	84-1706510	Delaware	CO, ID	84	 
	194.	OHI Asset (CT) Lender, LLC	75-3205111	Delaware	NH, RI, MA	86	 
	195.	OHI Asset (FL) Lake Placid, LLC	46-3827043	Delaware	FL	337	 
	196.	OHI Asset (FL) Lender, LLC	27-4450390	Delaware	—	258	 
	197.	OHI Asset (FL), LLC	13-4225158	Delaware	FL, NM	87	 
	198.	OHI Asset (GA) Macon, LLC	47-1027224	Delaware	—	401	 
	199.	OHI Asset (GA) Moultrie, LLC	46-4254981	Delaware	GA	342	 
	200.	OHI Asset (GA) Snellville, LLC	46-4259685	Delaware	GA	343	 
	201.	OHI Asset (ID) Holly, LLC	46-4268973	Delaware	ID	344	 
	202.	OHI Asset (ID) Midland, LLC	46-4279515	Delaware	ID	345	 
	203.	OHI Asset (ID), LLC	04-3759931	Delaware	ID	88	 
	204.	OHI Asset (IL), LLC	14-1951802	Delaware	IL	89	 

 

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	205.	OHI Asset (IN) American Village, LLC	46-0985915	Delaware	IN	289	 
	206.	OHI Asset (IN) Anderson, LLC	46-0989235	Delaware	IN	292	 
	207.	OHI Asset (IN) Beech Grove, LLC	46-1000956	Delaware	IN	290	 
	208.	OHI Asset (IN) Clarksville, LLC	46-1011127	Delaware	IN	299	 
	209.	OHI Asset (IN) Clinton, LLC	46-4095764	Delaware	IN	338	 
	210.	OHI Asset (IN) Connersville, LLC	46-4289202	Delaware	IN	346	 
	211.	OHI Asset (IN) Crown Point, LLC	46-1738072	Delaware	IN	319	 
	212.	OHI Asset (IN) Eagle Valley, LLC	46-1021612	Delaware	IN	291	 
	213.	OHI Asset (IN) Elkhart, LLC	46-1035197	Delaware	IN	298	 
	214.	OHI Asset (IN) Forest Creek, LLC	46-1040435	Delaware	IN	293	 
	215.	OHI Asset (IN) Fort Wayne, LLC	46-1050897	Delaware	IN	295	 
	216.	OHI Asset (IN) Franklin, LLC	46-1062818	Delaware	IN	294	 
	217.	OHI Asset (IN) Greensburg, LLC	38-3879137	Delaware	—	287	 
	218.	OHI Asset (IN) Indianapolis, LLC	36-4736441	Delaware	—	288	 
	219.	OHI Asset (IN) Jasper, LLC	46-4100999	Delaware	IN	339	 
	220.	OHI Asset (IN) Kokomo, LLC	46-1071289	Delaware	IN	297	 
	221.	OHI Asset (IN) Lafayette, LLC	46-1085161	Delaware	IN	302	 
	222.	OHI Asset (IN) Madison, LLC	46-1745924	Delaware	IN	318	 
	223.	OHI Asset (IN) Monticello, LLC	46-1090601	Delaware	IN	296	 
	224.	OHI Asset (IN) Noblesville, LLC	46-1103366	Delaware	IN	300	 
	225.	OHI Asset (IN) Rosewalk, LLC	46-1116285	Delaware	IN	301	 
	226.	OHI Asset (IN) Salem, LLC	46-4111473	Delaware	IN	340	 
	227.	OHI Asset (IN) Seymour, LLC	46-4133715	Delaware	IN	341	 
	228.	OHI Asset (IN) Spring Mill, LLC	46-1120573	Delaware	IN	303	 
	229.	OHI Asset (IN) Terre Haute, LLC	46-1140102	Delaware	IN	304	 
	230.	OHI Asset (IN) Wabash, LLC	38-3879151	Delaware	—	285	 
	231.	OHI Asset (IN) Westfield, LLC	32-0381277	Delaware	—	286	 
	232.	OHI Asset (IN) Zionsville, LLC	46-1152307	Delaware	IN	305	 
	233.	OHI Asset (LA), LLC	04-3759935	Delaware	LA, TX	91	 
	234.	OHI Asset (MD), LLC	45-2611748	Delaware	—	260	 
	235.	OHI Asset (MI) Heather Hills, LLC	46-1515395	Delaware	MI	317	 

 

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	236.	OHI Asset (MI), LLC	27-3378345	Delaware	—	257	 
	237.	OHI Asset (MO), LLC	04-3759939	Delaware	MO	93	 
	238.	OHI Asset (MS) Byhalia, LLC	46-4298734	Delaware	MS	347	 
	239.	OHI Asset (MS) Cleveland, LLC	36-4774986	Delaware	MS	348	 
	240.	OHI Asset (MS) Clinton, LLC	80-0965657	Delaware	MS	349	 
	241.	OHI Asset (MS) Columbia, LLC	46-4340609	Delaware	MS	350	 
	242.	OHI Asset (MS) Corinth, LLC	46-4351222	Delaware	MS	351	 
	243.	OHI Asset (MS) Greenwood, LLC	46-4361245	Delaware	MS	352	 
	244.	OHI Asset (MS) Grenada, LLC	46-4376223	Delaware	MS	353	 
	245.	OHI Asset (MS) Holly Springs, LLC	38-3921178	Delaware	MS	354	 
	246.	OHI Asset (MS) Indianola, LLC	90-1036275	Delaware	MS	355	 
	247.	OHI Asset (MS) Natchez, LLC	46-4384987	Delaware	MS	356	 
	248.	OHI Asset (MS) Picayune, LLC	90-1036523	Delaware	MS	357	 
	249.	OHI Asset (MS) Vicksburg, LLC	90-1036559	Delaware	MS	358	 
	250.	OHI Asset (MS) Yazoo City, LLC	38-3921461	Delaware	MS	359	 
	251.	OHI Asset (NC) Wadesboro, LLC	35-2492230	Delaware	NC	360	 
	252.	OHI Asset (OH) Lender, LLC	51-0529744	Delaware	—	94	 
	253.	OHI Asset (OH), LLC	04-3759938	Delaware	OH, PA	96	 
	254.	OHI Asset (OR) Portland, LLC	30-0805633	Delaware	OR	361	 
	255.	OHI Asset (PA) Trust	54-6643405	Maryland	OH, PA, WV	97	 
	256.	OHI Asset (PA), LLC	90-0137715	Delaware	OH, PA, WV	98	 
	257.	OHI Asset (SC) Aiken, LLC	46-4426281	Delaware	SC	362	 
	258.	OHI Asset (SC) Anderson, LLC	46-4455254	Delaware	SC	363	 
	259.	OHI Asset (SC) Easley Anne, LLC	46-4475177	Delaware	SC	364	 
	260.	OHI Asset (SC) Easley Crestview, LLC	46-4489507	Delaware	SC	365	 
	261.	OHI Asset (SC) Edgefield, LLC	46-4494366	Delaware	SC	366	 
	262.	OHI Asset (SC) Greenville Griffith, LLC	46-4510885	Delaware	SC	367	 
	263.	OHI Asset (SC) Greenville Laurens, LLC	46-4524387	Delaware	SC	368	 
	264.	OHI Asset (SC) Greenville North, LLC	46-4538349	Delaware	SC	369	 
	265.	OHI Asset (SC) Greenville, LLC	47-1053139	Delaware	—	402	 
	266.	OHI Asset (SC) Greer, LLC	46-4551649	Delaware	SC	370	 

 

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	267.	OHI Asset (SC) Marietta, LLC	46-4569172	Delaware	SC	371	 
	268.	OHI Asset (SC) McCormick, LLC	46-4597938	Delaware	SC	372	 
	269.	OHI Asset (SC) Orangeburg, LLC	47-1034331	Delaware	—	403	 
	270.	OHI Asset (SC) Pickens East Cedar, LLC	46-4613823	Delaware	SC	373	 
	271.	OHI Asset (SC) Pickens Rosemond, LLC	46-4629569	Delaware	SC	374	 
	272.	OHI Asset (SC) Piedmont, LLC	46-4640288	Delaware	SC	375	 
	273.	OHI Asset (SC) Simpsonville SE Main, LLC	46-4682098	Delaware	SC	376	 
	274.	OHI Asset (SC) Simpsonville West Broad, LLC	46-4695995	Delaware	SC	377	 
	275.	OHI Asset (SC) Simpsonville West Curtis, LLC	46-4712666	Delaware	SC	378	 
	276.	OHI Asset (TN) Bartlett, LLC	46-4727889	Delaware	TN	379	 
	277.	OHI Asset (TN) Collierville, LLC	46-4738239	Delaware	TN	380	 
	278.	OHI Asset (TN) Memphis, LLC	46-4750926	Delaware	TN	381	 
	279.	OHI Asset (TX) Anderson, LLC	46-4764905	Delaware	TX	382	 
	280.	OHI Asset (TX) Bryan, LLC	46-4781488	Delaware	TX	383	 
	281.	OHI Asset (TX) Burleson, LLC	46-4795498	Delaware	TX	384	 
	282.	OHI Asset (TX) College Station, LLC	46-4805289	Delaware	TX	385	 
	283.	OHI Asset (TX) Comfort, LLC	46-4815908	Delaware	TX	386	 
	284.	OHI Asset (TX) Diboll, LLC	46-4843528	Delaware	TX	387	 
	285.	OHI Asset (TX) Granbury, LLC	46-4852513	Delaware	TX	388	 
	286.	OHI Asset (TX) Hondo, LLC	46-1346058	Delaware	TX	307	 
	287.	OHI Asset (TX) Italy, LLC	46-4873054	Delaware	TX	389	 
	288.	OHI Asset (TX) Winnsboro, LLC	46-4881288	Delaware	TX	390	 
	289.	OHI Asset (TX), LLC	04-3759927	Delaware	TX	100	Survivor of merger with OHI Asset II (TX).
	290.	OHI Asset (UT) Ogden, LLC	46-4903181	Delaware	UT	391	 
	291.	OHI Asset (UT) Provo, LLC	46-4915063	Delaware	UT	392	 
	292.	OHI Asset (UT) Roy, LLC	46-4931511	Delaware	UT	393	 
	293.	OHI Asset (VA) Charlottesville, LLC	46-4945417	Delaware	VA	394	 
	294.	OHI Asset (VA) Farmville, LLC	46-4955482	Delaware	VA	395	 
	295.	OHI Asset (VA) Hillsville, LLC	46-4987367	Delaware	VA	396	 
	296.	OHI Asset (VA) Rocky Mount, LLC	46-5002710	Delaware	VA	397	 

 

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	297.	OHI Asset (WA) Battle Ground, LLC	46-5006928	Delaware	WA	398	 
	298.	OHI Asset (WV) Danville, LLC	47-1084194	Delaware	—	404	 
	299.	OHI Asset (WV) Ivydale, LLC	47-1112048	Delaware	—	405	 
	300.	OHI Asset CSB LLC	27-2820083	Delaware	—	148	 
	301.	OHI Asset CSE – E, LLC	27-1675861	Delaware	—	102	 
	302.	OHI Asset CSE – U, LLC	27-1675768	Delaware	—	103	 
	303.	OHI Asset HUD CFG, LLC	45-3662151	Delaware	—	261	 
	304.	OHI Asset HUD Delta, LLC	27-1895030	Delaware	—	105	 
	305.	OHI Asset HUD H-F, LLC	27-1894893	Delaware	—	106	Non-Guarantor Subsidiary
	306.	OHI Asset HUD SF CA, LLC	46-1251365	Delaware	—	306	 
	307.	OHI Asset HUD SF, LLC	80-0830116	Delaware	AZ	284	 
	308.	OHI Asset HUD WO, LLC	45-2379675	Delaware	—	259	 
	309.	OHI Asset II (CA), LLC	20-1000879	Delaware	CA	107	 
	310.	OHI Asset II (FL), LLC	27-1813906	Delaware	FL	108	 
	311.	OHI Asset II (PA) Trust	84-6390330	Maryland	PA	109	 
	312.	OHI Asset III (PA) Trust	84-6390331	Maryland	OH, PA	110	Survivor of 2/2/07 merger with OHI Asset II (OH), LLC.
	313.	OHI Asset IV (PA) Silver Lake Trust	80-6146794	Maryland	PA	111	Survivor of 12/29/09 merger with Silver Lake Real Estate, LLC.
	314.	OHI Asset RO PMM Services, LLC	46-4309941	Delaware	—	399	 
	315.	OHI Asset RO, LLC	90-1018980	Delaware	—	336	 
	316.	OHI Asset, LLC	32-0079270	Delaware	AL, NC, TN, WA	112	 
	317.	OHI Mezz Lender, LLC	46-3201249	Delaware	—	325	 
	318.	OHI Tennessee, Inc.	38-3509157	Maryland	TN	115	(f/k/a OHI of Kentucky, Inc.  Name change filed 03/22/10).
	319.	OHIMA, Inc. 	06-1552118	Massachusetts	—	116	 
	320.	Omega TRS I, Inc.	38-3587540	Maryland	LA, TX	118	 
	321.	Orange Village Care Center, Inc.	34-1321728	Ohio	—	119	 

 

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	322.	Palm Valley Senior Care, LLC	75-3153681	Arizona	 	310	Non-Guarantor Subsidiary
	323.	Panama City Nursing Center LLC	20-2568041	Delaware	FL	121	 
	324.	Pavillion North Partners, Inc. 	20-2597892	Pennsylvania	—	123	 
	325.	Pavillion North, LLP	75-3202956	Pennsylvania	—	124	 
	326.	Pavillion Nursing Center North, Inc. 	25-1222652	Pennsylvania	—	125	 
	327.	Pensacola Real Estate Holdings I, Inc.	59-3667935	Florida	—	249	 
	328.	Pensacola Real Estate Holdings II, Inc.	59-3667937	Florida	—	250	 
	329.	Pensacola Real Estate Holdings III, Inc.	59-3667939	Florida	—	251	 
	330.	Pensacola Real Estate Holdings IV, Inc.	59-3667940	Florida	—	252	 
	331.	Pensacola Real Estate Holdings V, Inc.	59-3667941	Florida	—	253	 
	332.	PV Realty-Clinton, LLC	26-4389743	Maryland	—	262	Non-Guarantor Subsidiary
	333.	PV Realty-Holly Hill, LLC	74-3244463	Maryland	—	265	Non-Guarantor Subsidiary
	334.	PV Realty-Kensington, LLC	26-4389837	Maryland	—	263	Non-Guarantor Subsidiary
	335.	PV Realty-Willow Tree, LLC	27-0328038	Maryland	WV	264	Non-Guarantor Subsidiary
	336.	Ridgecrest Senior Care, LLC	20-1998988	Arizona	 	311	Non-Guarantor Subsidiary
	337.	Skyler Boyington, Inc.	42-1572543	Mississippi	—	254	 
	338.	Skyler Florida, Inc.	64-0821299	Mississippi	FL	255	Florida d/b/a: Rosewood Manor of Pensacola, Inc.
	339.	Skyler Maitland LLC	20-3888672	Delaware	FL	133	 
	340.	Skyler Pensacola, Inc.	59-3561064	Florida	—	256	 
	341.	SLC Property Investors, LLC	32-0265175	Delaware	—	283	Non-Guarantor Subsidiary
	342.	St. Mary’s Properties, Inc.	20-1914905	Ohio	—	135	 
	343.	Sterling Acquisition Corp.	38-3207992	Kentucky	AL, AR, FL, OH, TN, TX, WV	136	 
	344.	Suwanee, LLC	20-5223977	Delaware	FL	138	 
	345.	Texas Lessor – Stonegate GP, Inc.	32-0008071	Maryland	TX	139	 
	346.	Texas Lessor – Stonegate, Limited, Inc.	32-0008072	Maryland	—	140	 
	347.	Texas Lessor – Stonegate, LP	32-0008073	Maryland	TX	141	 
	348.	The Suburban Pavilion, Inc. 	34-1035431	Ohio	—	143	 
	349.	Washington Lessor – Silverdale, Inc.	56-2386887	Maryland	WA	144	 

 

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	350.	Wilcare, LLC	26-0110550	Ohio	—	147	 

 

*     *     *

 

    	13

    	 

    

  

Schedule 7.01

 

LIENS

  

Braswell Indebtedness

 

    	 

    	 

    

 

Schedule 7.02

 

INDEBTEDNESS

 

	UNSECURED INDEBTEDNESS	 	 	 	 
	Description	Current Obligor	Maturity Date	Interest 

Rate	
        Current Balance

        @ 03/31/2014

	 	 	 	 	 
	7 1/2% Senior Notes due 2020	Omega Healthcare Investors, Inc.	2/15/2020	7.500%	200,000,000
	 	 	 	 	 
	6 3/4% Senior Notes due 2022	Omega Healthcare Investors, Inc.	10/15/2022	6.750%	575,000,000
	 	 	 	 	 
	5 7/8% Senior Notes due 2024	Omega Healthcare Investors, Inc.	3/15/2024	5.875%	400,000,000
	 	 	 	 	 
	4.95% Senior Notes due 2024	Omega Healthcare Investors, Inc.	4/1/2024	4.950%	400,000,000
	 	 	 	 	 
	9% Delta Subordinated Promissory Note due 2021	OHI Asset HUD Delta, LLC	12/21/2021	9.00%	4,000,000
	 	 	 	 	 
	9% Delta Subordinated Promissory Note due 2021	OHI Asset HUD Delta, LLC	12/21/2021	9.00%	4,000,000
	 	 	 	 	 
	9% Delta Subordinated Promissory Note due 2021	OHI Asset HUD Delta, LLC	12/21/2021	9.00%	4,000,000
	 	 	 	 	 
	9% Delta Subordinated Promissory Note due 2021	OHI Asset HUD Delta, LLC	12/21/2021	9.00%	4,000,000
	 	 	 	 	 
	9% Delta Subordinated Promissory Note due 2021	OHI Asset HUD Delta, LLC	12/21/2021	9.00%	4,000,000
	 	 	 	 	 
	SECURED INDEBTEDNESS	 	 	 	 
	Description	Current Obligor	Maturity Date	Interest 

Rate	
        Current Balance

        @ 03/31/2014

	 	 	 	 	 
	Airamid - Hearthstone Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	CHR Bartow LLC (The Bartow Convalescent Center)	1/1/2045	4.85%	4,692,617
	Department of Housing and Urban Development Note	CHR St. Pete Egret LLC (Egret Cove Center)	1/1/2040	4.85%	3,265,451
	Department of Housing and Urban Development Note	CHR Fort Walton Beach LLC (Emerald Coast)	1/1/2040	4.85%	4,846,783
	Department of Housing and Urban Development Note	CHR Lakeland LLC (Lakeland Hills Center)	1/1/2045	4.85%	7,450,133
	Department of Housing and Urban Development Note	CHR Tarpon Springs LLC (Tarpon Bayou Center)	1/1/2040	4.85%	3,739,851
	Department of Housing and Urban Development Note	CHR Lake Wales LLC (The Groves Center)	1/1/2045	4.85%	7,941,971
	Department of Housing and Urban Development Additional Mortgage	CHR Gulfport LLC (Boca Ciega)	Provide Additional Collateral support via a boot collateral mortgage to secure the property specific Hearthstone property HUD loans listed above
	Department of Housing and Urban Development Additional Mortgage	CHR Deland East LLC (University East)
	Department of Housing and Urban Development Additional Mortgage	CHR Deland West LLC (University West)
	Department of Housing and Urban Development Additional Mortgage	CHR Clearwater LLC (Clearwater)
	Department of Housing and Urban Development Additional Mortgage	CHR Panama City LLC (Bay Center)
	 	 	 	 	 
	Airamid - FILTC Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	CHR Boca Raton LLC (Boca Raton Rehabilitation Center)	1/1/2040	4.85%	5,012,823
	Department of Housing and Urban Development Note	CHR Bradenton LLC (Casa Mora Rehab & Extended Care)	1/1/2040	4.85%	7,424,355
	Department of Housing and Urban Development Note	CHR Cape Coral LLC (Rehabilitation and Health Center of Cape Coral)	1/1/2045	4.85%	9,989,952
	Department of Housing and Urban Development Note	CHR Fort Myers LLC (Colonial Oaks Rehab Center aka Winkler Court)	1/1/2045	4.85%	7,284,892
	Department of Housing and Urban Development Note	CHR Pompano Beach Broward LLC (North Broward Rehab & Nursing Center)	1/1/2045	4.85%	7,869,405
	Department of Housing and Urban Development Note	CHR Pompano Beach LLC (Pompano Rehab/Nursing Center)	1/1/2040	4.85%	5,107,703
	Department of Housing and Urban Development Note	CHR Sanford LLC (Healthcare and Rehabilitation Center of Sanford)	1/1/2040	4.85%	6,056,502
	Department of Housing and Urban Development Note	CHR Spring Hill LLC (Evergreen Woods Health & Rehabilitation)	1/1/2045	4.85%	11,400,962
	Department of Housing and Urban Development Note	CHR St. Pete Bay LLC (Bay Pointe Nursing Pavilion)	1/1/2045	4.85%	5,524,425

 

    	 

    	 

    

 

	SECURED INDEBTEDNESS	 	 	 	 
	Description	Current Obligor	Maturity Date	Interest 

Rate	
        Current Balance

        @ 03/31/2014

	 	 	 	 	 
	Airamid - FILTC Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	CHR Tampa Carrollwood LLC (Carrollwood Care Center)	1/1/2045	4.85%	8,659,571
	Department of Housing and Urban Development Note	CHR Tampa LLC (Rehabilitation and Healthcare Center of Tampa)	1/1/2045	4.85%	11,184,212
	Department of Housing and Urban Development Note	CHR Titusville LLC (Titusville Rehabilitation and Nursing Center)	1/1/2040	4.85%	4,696,557
	Department of Housing and Urban Development Additional Mortgage	CHR West Palm Beach LLC (Palm Beaches)	Provide Additional Collateral Support via a boot collateral mortgage to secure the property specific FILTC property HUD loans listed above.
	Department of Housing and Urban Development Additional Mortgage	CHR Sarasota LLC (Waldamere)
	Department of Housing and Urban Development Additional Mortgage	CHR Hudson LLC (Windsor Woods)
	Department of Housing and Urban Development Additional Mortgage	CHR St. Pete Abbey LLC (The Abbey)
	Department of Housing and Urban Development Additional Mortgage	CHR Clearwater Highland LLC (Highland Pines)
	Department of Housing and Urban Development Additional Mortgage	CHR Clearwater Highland LLC (Highland Terrace)
	 	 	 	 	 
	CFG - Arkansas Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	700 Mark Drive, LLC (Southern Heritage)	7/1/2044	3.20%	2,329,500
	Department of Housing and Urban Development Note	1194 North Chester Street, LLC (The Woods at Monticello)	7/1/2044	3.00%	5,249,896
	Department of Housing and Urban Development Note	1149 & 1151 West New Hope Road, LLC (New Hope)	7/1/2044	3.00%	4,403,475
	Department of Housing and Urban Development Note	228 Pointer Trail West, LLC (Pointer Trail)	7/1/2044	3.09%	5,208,474
	Department of Housing and Urban Development Note	900 Magnolia Road SW, LLC (Pine Hills)	7/1/2044	3.20%	1,931,718
	Department of Housing and Urban Development Note	1101 Waterwell Road, LLC (Pinewood)	7/1/2044	3.20%	4,816,718
	Department of Housing and Urban Development Note	115 Orendorff Avenue, LLC (Apple Ridge)	7/1/2044	3.20%	4,585,104
	Department of Housing and Urban Development Note	1040 Wedding Ford Road, LLC (Seven Springs)	7/1/2044	3.00%	2,829,262
	Department of Housing and Urban Development Note	202 Tims Avenue, LLC (Bristol Pointe)	7/1/2044	3.00%	9,198,489
	Department of Housing and Urban Development Note	1401 Park Avenue, LLC (Canyon Springs)	7/1/2044	3.00%	6,005,479
	Department of Housing and Urban Development Note	3600 Richards Road, LLC (Premier)	7/1/2044	3.00%	6,571,430
	Department of Housing and Urban Development Note	2701 Twin Rivers Drive, LLC (Courtyard Gardens)	7/1/2044	3.09%	5,171,342
	 	 	 	 	 
	White Oak	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	PV Realty-Clinton, LLC (Clinton)	4/1/2036	4.90%	17,618,469
	Department of Housing and Urban Development Note	PV Realty-Kensington, LLC (Kensington)	3/1/2036	4.95%	7,301,646
	Department of Housing and Urban Development Note	PV Realty-Willow Tree, LLC (Willow Tree)	9/1/2040	4.58%	3,435,312
	 	 	 	 	 
	S&F-Arizona Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	G&L Gardens, L.L.C.	2/1/2040	4.75%	5,666,509
	 	 	 	 	 
	Department of Housing and Urban Development Note	Palm Valley Senior Care, LLC	2/1/2045	4.57%	14,746,014
	 	 	 	 	 
	Department of Housing and Urban Development Note	Ridgecrest Senior Care, LLC	11/1/2044	5.07%	6,616,991
	 	 	 	 	 
	S&F-California Properties	 	 	 	 
	 	 	 	 	 
	Department of Housing and Urban Development Note	3232 Artesia Real Estate, LLC	3/1/2041	4.35%	8,778,434
	 	 	 	 	 
	Department of Housing and Urban Development Note	Golden Hill Real Estate Company, LLC	3/1/2038	6.81%	5,752,946
	 	 	 	 	 
	Department of Housing and Urban Development Note	11900 East Artesia Boulevard, LLC	7/1/2039	5.95%	14,866,745
	 	 	 	 	 
	Department of Housing and Urban Development Note	2400 Parkside Drive, LLC	3/1/2041	6.75%	10,848,210
	 	 	 	 	 
	Department of Housing and Urban Development Note	1628 B Street, LLC	4/1/2031	6.45%	3,106,541

 

    	 

    	 

    

 

Schedule 7.03

 

INVESTMENTS

  

On October 20, 2006, Advocat Inc. (“Advocat”) issued to Omega
Healthcare Investors, Inc. (“Omega”) 5,000 shares of Series C Preferred Stock with a stated value, as of the issued
date, of approximately $4.9 million and carries an annual dividend rate of 7% of its stated value. The Series C Preferred Stock
pays quarterly cash dividends. The Series C Preferred Stock is not convertible, but is redeemable at its stated value at Omega’s
option after September 30, 2010, and is redeemable at its stated value at Advocat’s option after September 30, 2007, subject
to certain limitations.

 

    	 

    	 

    

 

Schedule 7.09

 

NEGATIVE PLEDGES

 

None

 

    	 

    	 

    

 

Schedule 10.02

 

NOTICE ADDRESSES

 

Credit Parties:

 

Omega Healthcare Investors, Inc.

200 International Circle, Suite 3500

Hunt Valley, Maryland 21030

	Attention:	Daniel J. Booth
	Telephone:	(410) 427-1724
	Facsimile:	(410) 427-8824
	Website:	www.omegahealthcare.com

 

with a copy to:

 

Kaye Scholer LLP

425 Park Avenue

New York, New York 10022

	Attention:	John R. Fallon, Jr., Esq.
	Telephone:	(212) 836-8702
	Facsimile:	(212) 836-6802

 

Administrative Agent:

 

For payments and Requests for Credit Extensions:

 

Bank of America NA

101 North Tryon Street

Mail Code: NC1-001-05-46

Charlotte, NC 28255-0001

Attention: Valerie V Gravesandy

Phone: 980-387-2469

Fax: 704-409-0169

Email: valerie.v.gravesandy@baml.com

	ABA #:	026009593
	Account No.:	1366212250600
	Reference:	Omega Healthcare Investors, Inc.

 

For all other Notices:

 

Bank of America, N.A.

Global Corporate Debt Products

100 N. Tryon Street

Mail Code: NC1-007-17-11

Charlotte, North Carolina 28255

	Attention:	Yinghua Zhang
	Telephone:	(980) 387-5915
	Facsimile:	(312) 453-2722

Electronic Mail: yinghua.zhang@baml.com

 

    	 

    	 

    

 

with a copy to:

 

Bank of America, N.A.

Agency Management

555 California Street

Mail Code: CA5-705-04-09

San Francisco, California 94104

	Attention:	Angela Lau
	Telephone:	(415) 436-4000
	Facsimile:	(415) 503-5008

Electronic Mail:angela.lau@baml.com

 

Lenders:

 

Contact information on file with the Administrative Agent.

 

    	 

    	 

    

 

Exhibit A

 

FORM OF LOAN NOTICE

 

Date: __________, 20__

 

To:Bank of America, N.A., as Administrative Agent

 

		Re:	Credit Agreement (as amended, modified, supplemented and extended from time to time, the “Credit
Agreement”), dated as of June 27, 2014, by and among Omega Healthcare Investors, Inc., a Maryland corporation (the “Borrower”),
the Guarantors (as defined therein), the Lenders identified therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used but not otherwise defined herein have the meanings provided in the Credit Agreement.

 

Ladies and Gentlemen:

 

The undersigned hereby requests (select one):

 

	A Borrowing	A continuation	A conversion

 

of [Revolving Loans][Term Loans]:

 

1.         On: _______________, 20__ (which is a Business Day).

 

		2.	In the amount of: ___________________.

 

3.        Comprised of: ________________ (Type of Loan).

 

4.        For Eurodollar Loans: with an Interest Period of ______________ months.

 

With respect to any Borrowing or any conversion or
continuation requested herein, the Borrower hereby represents and warrants that (i) in the case of a Borrowing of Revolving Loans,
such request complies with the requirements of Section 2.01(a) of the Credit Agreement, (ii) in the case of a Borrowing
of Term Loans, such request complies with the requirements of Section 2.01(d) of the Credit Agreement and (iii) in the case
of a Borrowing or any conversion or continuation, each of the conditions set forth in Section 2.02 of the Credit Agreement
have been satisfied on and as of the date of such Borrowing or such conversion or continuation.

 

	 	OMEGA HEALTHCARE INVESTORS, INC., 
	 	a Maryland corporation 
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

Exhibit B

 

FORM OF REVOLVING NOTE

 

_____________, 20__

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”),
hereby promises to pay to [INSERT LENDER] or its registered assigns (the “Lender”), in accordance with
the terms and conditions of the Credit Agreement (as hereinafter defined), the principal amount of each Revolving Loan from time
to time made by the Lender to the Borrower under that certain Credit Agreement (as amended, modified, supplemented and extended
from time to time, the “Credit Agreement”), dated as of June 27, 2014, by and among the Borrower, the Guarantors,
the Lenders identified therein and Bank of America, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined
herein have the meanings provided in the Credit Agreement.

 

The Borrower promises to pay interest on the unpaid
principal amount of each Revolving Loan from the date of such Revolving Loan until such principal amount is paid in full, at such
interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s
Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from
the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set
forth in the Credit Agreement.

 

This Note is one of the Notes referred to in the Credit
Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts
then remaining unpaid on this Note, upon written notice to the Borrower, may be declared to be, immediately due and payable all
as provided in the Credit Agreement. Revolving Loans made by the Lender may be evidenced by one or more loan accounts or records
maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon
the date, amount and maturity of its Revolving Loans and payments with respect thereto.

 

Except as otherwise provided for in the Credit Agreement,
the Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
demand, dishonor and nonpayment of this Note.

 

    	 

    	 

    

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	 
	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

 

    	 

    	 

    

 

Exhibit C

 

FORM OF TERM NOTE

 

_____________, 20__

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”),
hereby promises to pay to [INSERT LENDER] or its registered assigns (the “Lender”), in accordance with
the terms and conditions of the Credit Agreement (as hereinafter defined), the principal amount of each Term Loan from time to
time made by the Lender to the Borrower under that certain Credit Agreement (as amended, modified, supplemented and extended from
time to time, the “Credit Agreement”), dated as of June 27, 2014, by and among the Borrower, the Guarantors,
the Lenders identified therein and Bank of America, N.A., as Administrative Agent. Capitalized terms used but not otherwise defined
herein have the meanings provided in the Credit Agreement.

 

The Borrower promises to pay interest on the unpaid
principal amount of each Term Loan from the date of such Term Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative
Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any
amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date
thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the
Credit Agreement.

 

This Note is one of the Notes referred to in the Credit
Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts
then remaining unpaid on this Note, upon written notice to the Borrower, may be declared to be, immediately due and payable all
as provided in the Credit Agreement. Term Loans made by the Lender may be evidenced by one or more loan accounts or records maintained
by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date,
amount and maturity of its Term Loans and payments with respect thereto.

 

Except as otherwise provided for in the Credit Agreement,
the Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
demand, dishonor and nonpayment of this Note.

 

    	 

    	 

    

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	 

	 	Name: 	Daniel J. Booth
	 	Title:	Chief Operating Officer

  

    	 

    	 

    

 

Exhibit D

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: __________, 20__ 

 

To:      Bank of America, N.A., as Administrative Agent

 

		Re:	Credit Agreement (as amended, modified, supplemented and extended from time to time, the “Credit
Agreement”), dated as of June 27, 2014, by and among Omega Healthcare Investors, Inc., a Maryland corporation (the “Borrower”),
the Guarantors, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent. Capitalized terms used but
not otherwise defined herein have the meanings provided in the Credit Agreement.

 

Ladies and Gentlemen:

 

The undersigned Responsible Officer of the Borrower
hereby certifies as of the date hereof that [he/she] is the _______________ of the Borrower, and that, in [his/her] capacity as
such, [he/she] is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the
Borrower, and that:

 

[Use following paragraph 1 for fiscal year-end financial statements:]

 

[1.       Attached hereto as Schedule 1 is the
Form 10-K of the Borrower as required by Section 6.01(a) of the Credit Agreement for the fiscal year of the Borrower ended
as of the above date.]

 

[Use following paragraph 1 for fiscal quarter-end financial statements:]

 

[1.       Attached hereto as Schedule 1 is the
Form 10-Q of the Borrower, as required by Section 6.01(b) of the Credit Agreement for the fiscal quarter of the Borrower
ended as of the above date. Such financial statements fairly present the financial condition, results of operations and cash flows
of the Consolidated Parties in accordance with GAAP as at such date and for such period, subject only to normal year-end audit
adjustments and the absence of footnotes.]

 

2.        The undersigned has reviewed and is familiar
with the terms of the Credit Agreement and has made, or has caused to be made, a review of the transactions and condition (financial
or otherwise) of the Borrower during the accounting period covered by the attached financial statements.

 

3.        A review of the activities of each member of
the Credit Parties during such fiscal period has been made under the supervision of the undersigned with a view to determining
whether during such fiscal period the Credit Parties have performed and observed in all material respects all their respective
Obligations under the Credit Documents, and

 

[select one:]

 

[to the best knowledge of the undersigned Responsible
Officer during such fiscal period, each of the Credit Parties has performed and observed in all material respects each covenant
and condition of the Credit Documents applicable to it.]

 

[or:]

 

    	 

    	 

    

 

[the following covenants or conditions of the Credit
Documents have not been performed or observed in all material respects and the following is a list of any Default and its nature
and status:]

 

4.        The representations and warranties of the Credit
Parties contained in the Credit Agreement, any other Credit Document or any other certificate or document furnished at any time
under or in connection with the Credit Documents, are true and correct in all material respects on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
as of such earlier date.

 

5.        The financial covenant analyses and information
set forth on Schedule 2 hereto are true and accurate in all material respects on and as of the date of this Compliance Certificate.

 

IN WITNESS WHEREOF, the undersigned has executed this
Compliance Certificate as of __________, 20__.

 

	 	OMEGA HEALTHCARE INVESTORS, INC., 
	 	a Maryland corporation 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

Exhibit E

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each]1
Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”).
[It is understood and agreed that the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.]3
Capitalized terms used but not defined herein shall have the meanings given to them
in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein
in full.

 

For an agreed consideration, [the][each] Assignor hereby
irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases
and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions
and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the
respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other documents or instruments delivered pursuant thereto in the amount[s] and equal to the
percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified
below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facilities) and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor
(in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether
known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related
to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any]
Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned
Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

	 	1.	Assignor[s]:	 	 
	 	 	 	[Assignor [is][is not] a Defaulting Lender.]
	 	 	 	 
	 	2.	Assignee[s]:	 	 
	 	 	 	[for each Assignee, indicate
    [Affiliate][Approved Fund] of [identify Lender]]

 

 

1
For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single
Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

2
For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single
Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.

3
Include bracketed language if there are either multiple Assignors or multiple Assignees.

 

    	 

    	 

    

 

	 	3.	Borrower:	Omega Healthcare Investors, Inc., a Maryland corporation (the “Borrower”)
	 	 	 	 
	 	4.	Administrative Agent:	Bank of America, N.A., as the Administrative Agent under the Credit Agreement
	 	 	 	 
	 	5.	Credit Agreement:	The Credit Agreement dated as of June 27, 2014, by and among the Borrower, the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender
	 	 	 	 
	 	6.	Assigned Interest[s]:	 

 

	
         

         

        Assignor[s]4
	
         

         

        Assignee[s]5
	
         

         

        Facility

        Assigned6
	
        Aggregate

        Amount of

        Commitment/Loans

        for all Lenders7
	
        Amount of

        Commitment/ Loans

        Assigned
	
        Percentage

        Assigned of

        Commitment/

        Loans8
	
         

         

        CUSIP

        Number

	 	 	 	 	 	 	 
	 	 	____________	$________________	$_________	____________%	 
	 	 	____________	$________________	$_________	____________%	 
	 	 	____________	$________________	$_________	____________%	 

 

	 	[7.	Trade Date:	__________________]9

 

8.          Effective Date: __________________, 20__ [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]  

 

4
List each Assignor, as appropriate.

5
List each Assignee and, if available, its market entity identifier, as appropriate.

6
Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned
under this Assignment (e.g. “Revolving Commitment”, “Term Loan Commitment”, etc.).

7
Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into
account any payments or prepayments made between the Trade Date and the Effective Date.

8
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

9
To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as
of the Trade Date.

    	 

    	 

    

 

The terms set forth in this Assignment and Assumption
are hereby agreed to:

 

	ASSIGNOR[S]:10	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	ASSIGNEE[S]:11	[NAME OF ASSIGNEE]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

10
Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable).

11
Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

    	 

    	 

    

 

	[Consented to and]12  Accepted:	 
	 	 
	BANK OF AMERICA, N.A., as Administrative Agent	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	[Consented to:]13	 
	 	 
	OMEGA HEALTHCARE INVESTORS, INC.	 
	a Maryland corporation	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	[Consented to:]14	 
	 	 
	BANK OF AMERICA, N.A., as L/C Issuer 	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	[Consented to:]15	 
	 	 
	BANK OF AMERICA, N.A., as Swing Line Lender 	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

 

12
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

13
To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required
by the terms of the Credit Agreement.

14
To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required
by the terms of the Credit Agreement.

15
To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required
by the terms of the Credit Agreement.

    	 

    	 

    

 

Annex 1 to Assignment and Assumption

 

STANDARD TERMS AND CONDITIONS

 

1.    Representations and Warranties.

 

1.1.  Assignor. [The][Each]
Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii)
[the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document
or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Credit Document.

 

1.2.  Assignee. [The][Each]
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.07(b)(iii) and (v) of the
Credit Agreement (subject to such consents, if any, as may be required under Section 10.07(b)(iii) of the Credit Agreement),
(iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and,
to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated
with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such
type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies
of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or
any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed
and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative
Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by
it as a Lender.

 

2.    Payments. From and
after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but
excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.
Notwithstanding the foregoing, the Administrative Agent shall make all payments of

 

    	 

    	 

    

 

interest, fees or other amounts paid or payable in
kind from and after the Effective Date to [the][the relevant] Assignee.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York, without regard to conflict of laws principles. 

 

    	 

    	 

    

 

Exhibit
F

 

FORM OF GUARANTY JOINDER AGREEMENT

 

THIS GUARANTY JOINDER AGREEMENT
(this “Agreement”), dated as of _____________, 20__, is by and between [INSERT NEW GUARANTOR], a [INSERT
TYPE OF ORGANIZATION] (the “Subsidiary”), and BANK OF AMERICA, N. A., in its capacity as Administrative
Agent under that certain Credit Agreement (as it may be amended, modified, restated or supplemented from time to time, the “Credit
Agreement”), dated as of June 27, 2014, by and among Omega Healthcare Investors, Inc. (the “Borrower”),
the Guarantors party thereto, the Lenders and Bank of America, N. A., as Administrative Agent. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The Credit Parties are required
under the provisions of Section 6.15 of the Credit Agreement to cause the Subsidiary to become a “Guarantor”.

 

Accordingly, the Subsidiary hereby
agrees as follows with the Administrative Agent, for the benefit of the Lenders:

 

1.        The Subsidiary hereby acknowledges, agrees
and confirms that, by its execution of this Agreement, the Subsidiary will be deemed to be a party to the Guaranty and a “Guarantor”
for all purposes of the Guaranty, and shall have all of the obligations of a Guarantor thereunder as if it had executed the Guaranty.
The Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions applicable
to the Guarantor contained in the Guaranty. Without limiting the generality of the foregoing terms of this paragraph 1, the Subsidiary
hereby (i) jointly and severally together with the other Guarantors, guarantees to each Lender and the Administrative Agent, the
prompt payment and performance of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration
or otherwise) strictly in accordance with the terms thereof.

 

2.        The address of the Subsidiary for purposes
of all notices and other communications is described on Schedule 10.02 of the Credit Agreement.

 

3.        The Subsidiary hereby waives acceptance
by the Administrative Agent and the Lenders of the guaranty by the Subsidiary upon the execution of this Agreement by the Subsidiary.

 

4.        This Agreement may be executed in one
or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one contract.

 

5.        This Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of New York, without regard to conflict of laws principles.

 

IN WITNESS WHEREOF, the Subsidiary
has caused this Guaranty Joinder Agreement to be duly executed by its authorized officer, and the Administrative Agent, for the
benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

	 	[INSERT NEW GUARANTOR]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 

    	 

    

 

	 	Acknowledged and accepted:	 
	 	 	 
	 	BANK OF AMERICA, N.A., 	 
	 	as Administrative Agent	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

    	 

    	 

    

 

Exhibit G

 

FORM OF LENDER JOINDER AGREEMENT

 

THIS LENDER JOINDER AGREEMENT (this
“Agreement”) dated as of __________, 20__ to the Credit Agreement referenced below is by and among [INSERT
NEW LENDER] (the “New Lender”), Omega Healthcare Investors, Inc., a Maryland corporation (the “Borrower”)
and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
All of the defined terms of the Credit Agreement are incorporated herein by reference.

 

W I T N E S S E T H

 

WHEREAS, pursuant to that Credit
Agreement dated as of June 27, 2014 (as amended and modified from time to time, the “Credit Agreement”), by
and among the Borrower, the Guarantors, the Lenders and the Administrative Agent, the Lenders have agreed to provide the Borrower
with a revolving credit facility;

 

WHEREAS, pursuant to Section
2.01(e) of the Credit Agreement, the Borrower has requested that the New Lender provide an Incremental Facility Commitment
in connection with an [Incremental Revolving Increase][Incremental Term Loan Facility] under the Credit Agreement; and

 

WHEREAS, the New Lender has agreed
to provide the [additional Revolving Commitment][additional Term Loan Commitment] on the terms and conditions set forth
herein and to become a “Lender” under the Credit Agreement in connection therewith;

 

NOW, THEREFORE, IN CONSIDERATION
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.        The New Lender hereby agrees
to provide [Revolving Commitments][Term Loan Commitments] to the Borrower in the amounts set forth on Schedule 2.01
to the Credit Agreement as attached hereto. The [Revolving Commitment Percentage][Term Loan Commitment Percentage] of the
New Lender shall be as set forth on Schedule 2.01.

 

[2.       The
New Lender shall be deemed to have purchased without recourse a risk participation from the L/C Issuer in all Letters of Credit
issued or existing under the Credit Agreement (including Existing Letters of Credit) and the obligations arising thereunder in
an amount equal to its pro rata share of the obligations under such Letters of Credit (based on the Revolving Commitment Percentages
of the Lenders as set forth on Schedule 2.01 as attached hereto), and shall absolutely, unconditionally and irrevocably
assume, as primary obligor and not as surety, and be obligated to pay to the L/C Issuer therefor and discharge when due, its pro
rata share of the obligations arising under such Letter of Credit.]16

 

3.        The New Lender (a) represents
and warrants that it is a commercial lender, other financial institution or other “accredited” investor (as defined
in SEC Regulation D) that makes or acquires loans in the ordinary course of business and that it will make or acquire Loans for
its own account in the ordinary course of business, (b) confirms that it has received a copy of the Credit Agreement, together
with copies of the financial statements referred to in Section 6.01 thereof and such

 

 

16
NOTE: This paragraph to be included only in connection with an Incremental Revolving Increase.

 

    	 

    	 

    

 

other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Agreement; (c) agrees that it will, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (d) appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit
Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably
incidental thereto; and (e) agrees that, as of the date hereof, the New Lender shall (i) be a party to the Credit Agreement and
the other Credit Documents, (ii) be a “Lender” for all purposes of the Credit Agreement and the other Credit Documents,
(iii) perform all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a “Lender”
under the Credit Agreement and (iv) shall have the rights and obligations of a Lender under the Credit Agreement and the other
Credit Documents.

 

4.        The Borrower and each of
the Guarantors agree that, as of the date hereof, the New Lender shall (i) be a party to the Credit Agreement and the other Credit
Documents, (ii) be a “Lender” for all purposes of the Credit Agreement and the other Credit Documents, and (iii) have
the rights and obligations of a Lender under the Credit Agreement and the other Credit Documents.

 

5.        The address of the New Lender
for purposes of all notices and other communications is __________________, __________________________, Attention of ______________
(Facsimile No. _______________).

 

6.        This Agreement may be executed
in any number of counterparts and by the various parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one contract. Delivery of an executed counterpart
of this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement.

 

7.        This Agreement shall be governed
by and construed and interpreted in accordance with the laws of the State of New York, without regard to conflict of laws principles.

  

    	 

    	 

    

 

IN WITNESS WHEREOF, each of the parties hereto has caused
this Lender Joinder Agreement to be executed by a duly authorized officer as of the date first above written.

 

	NEW LENDER:	[INSERT NEW LENDER], 	 
	 	as New Lender	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	BORROWER:	Omega Healthcare Investors, Inc. 
	 	 	 	 
	 	By:	 	 

	 	Name: 	Daniel J. Booth	 
	 	Title:	Chief Operating Officer	 

 

	Accepted and Agreed:	 
	 	 
	BANK OF AMERICA, N.A.,	 
	as Administrative Agent 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:

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