Document:

a51078919ex4_2.htm

Exhibit 4.2

 

Executive Version

 

THE SECURITY REPRESENTED BY THIS INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  ACCORDINGLY, THIS SECURITY MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THE TRANSFER OF THIS SECURITY IS ALSO SUBJECT TO THE CONDITIONS SPECIFIED IN THE CONVERTIBLE NOTE AGREEMENT, DATED AS OF APRIL 14, 2015, AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN SEQUANS COMMUNICATIONS S.A. (THE “COMPANY”) AND THE PURCHASER PARTY THERETO.  THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITY UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER.  UPON WRITTEN REQUEST, A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE.

 

SEQUANS COMMUNICATIONS S.A.

 

CONVERTIBLE PROMISSORY NOTE

 

	April 14, 2015	$12,000,000.00

 

SEQUANS COMMUNICATIONS S.A., a société anonyme incorporated in the French Republic (the “Company”), hereby promises to pay to the order of Nokomis Capital Master Fund, LP, a Cayman Islands exempted limited partnership (the “Purchaser”), the principal amount of Twelve Million and 00/100 Dollars ($12,000,000.00) plus the portion of the Accreted Principal Amount (as defined below) in excess thereof.  This Note is being issued pursuant to a Convertible Note Agreement, dated as of April 14, 2015 (the “Purchase Agreement”), between the Company and Purchaser.  The Purchase Agreement contains terms governing the rights of the holder of this Note, and all provisions of the Purchase Agreement are hereby incorporated herein in full by reference.  Unless otherwise indicated herein, capitalized terms used in this Note have the same meanings set forth in the Purchase Agreement.

 

ARTICLE I

DEFINED TERMS

 

The terms defined in this Article I (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Note shall have the respective meanings specified in this Article I. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Note as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article I include the plural as well as the singular.

 

  

  

  

 

“Accreted Principal Amount” shall have the meaning specified in Article II.  For the avoidance of doubt, “Accreted Principal Amount” shall include any accrued and unpaid interest at the time of any determination of such “Accreted Principal Amount.”

 

“ADSs” shall have the meaning specified in Section 3.2.

 

“Closing Sale Price” shall have the meaning specified in Section 5.1(e).

 

“Company” shall have the meaning specified in the preamble.

 

“Conversion Date” shall have the meaning specified in Section 5.1(b).

 

“Conversion Rate” shall have the meaning specified in Section 5.2.

 

“Deposit Agreement” shall have the meaning specified in Section 5.1(d)(iiii).

 

“Depositary” shall have the meaning specified in Section 5.1(d)(ii).

 

“Distributed Assets” shall have the meaning specified in Section 5.4(d).

 

“Event of Default” shall have the meaning specified in Section 4.1.

 

“Excluded Issuance” shall have the meaning specified in Section 5.3(c).

 

“Expiration Date” shall have the meaning specified in Section 5.4(f).

 

“Expiration Time” shall have the meaning specified in Section 5.4(f).

 

“Interest Payment Date” shall have the meaning specified in Article II.

 

“Issuable Maximum” shall have the meaning specified in Section 5.1(c).

 

“Ordinary Shares” shall have the meaning specified in Section 3.2.

 

“Organic Change” shall have the meaning specified in Section 5.5.

 

“Other Conversion Rate” shall have the meaning specified in Section 5.3(a).

 

“PIK Amount” shall have the meaning specified in Article II.

 

“Purchase Agreement” shall have the meaning specified in the preamble.

 

“Purchaser” shall have the meaning specified in the preamble.

 

“Securities Act” shall have the meaning specified in the legend above.

 

“Spin-Off” shall have the meaning specified in Section 5.4(d).

 

“Spin-Off Valuation Period” shall have the meaning specified in Section 5.4(d).

 

  

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“Trigger Event” shall have the meaning specified in Section 5.4(d).

 

“Underlying Shares” shall have the meaning specified in Section 5.1(d)(i).

 

ARTICLE II

PAYMENT OF INTEREST

 

Interest shall accrue on the Accreted Principal Amount (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) at an annual rate equal to 7.0% per annum or (if less) at the highest rate then permitted under applicable law, which shall be payable by adding such interest to the Accreted Principal Amount on each Interest Payment Date (as defined below), and on the final maturity hereof (the “PIK Amount”).  At any time, the outstanding principal amount of this Note, including all PIK Amounts added thereto through such time, is referred to in this Note as the “Accreted Principal Amount.”  The Company shall pay to the holder of this Note all accrued interest (including interest on the Accreted Principal Amount) on each anniversary date of this Note (each, an “Interest Payment Date”), including the final maturity date of this Note.  Interest shall accrue on any principal payment due under this Note (including as to accrued interest added to the principal) until such time as payment therefor is actually delivered to the holder of this Note.

 

ARTICLE III

PAYMENT OF PRINCIPAL ON NOTE

 

Section 3.1 Scheduled Payment.  Unless converted as set forth below, the Accreted Principal Amount (including any accrued and unpaid interest) of this Note shall be due and payable on April 14, 2018.

 

Section 3.2 Conversion.  Notwithstanding any provision contained in this Article III, the holder of this Note may convert, indirectly through the procedure set forth in Section 5.1(d), all or any portion of the Accreted Principal Amount (including any accrued and unpaid interest) of this Note into the Company’s American Depositary Shares (“ADSs”), each representing one ordinary share of the Company, nominal value €0.02 per share (“Ordinary Shares”), in accordance with Article V, until such time as such Accreted Principal Amount (including any accrued and unpaid interest) has been paid.  For the avoidance of doubt, any reference in this Note to the conversion of the Note into ADSs shall mean the issuance of ADSs following conversion of the Note in accordance with the procedure set forth in Section 5.1(d).

 

ARTICLE IV

EVENTS OF DEFAULT; REMEDIES ON DEFAULT

 

Section 4.1 Event of Default.  An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a) the Company defaults in the payment of principal or interest on the Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise and such failure to pay is not cured within three (3) business days after the occurrence thereof; or

 

  

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(b) the Company defaults in the performance of, or compliance with, any material term contained in the Purchase Agreement or the Note and the default is not remedied within thirty (30) days after the Company receives written notice of the default from the holder of the Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 4.1(b)); or

 

(c) the Company (i) is generally not paying, or admits in writing its inability to pay its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property or (v) is adjudicated as insolvent or to be liquidated;

 

(d) any representation, warranty or certification made herein or pursuant to the Purchase Agreement by the Company was not true or correct in any material respect as of the time made;

 

(e) the Company, any subsidiary of the Company or any of their respective affiliates fails to pay principal when due (whether at stated maturity or otherwise), or an uncured default exists that results in the acceleration of maturity, of any indebtedness for borrowed money of the Company, any subsidiary of the Company or any of their respective affiliates in an aggregate amount in excess of $10,000,000 (or its foreign currency equivalent), unless such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within any applicable cure period set forth in the relevant agreement or instrument;

 

(f) one or more final non-appealable judgments for the payment of money in any aggregate amount in excess of $10,000,000 shall be rendered against the Company, any subsidiary of the Company or any of their respective affiliates and the same shall remain undischarged for a period of sixty (60) days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Company, any subsidiary of the Company or any of their respective affiliates to enforce any such judgment; or

 

(g) a court or governmental authority of competent jurisdiction enters an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, or any such petition shall be filed against the Company and such petition shall not be dismissed within sixty (60) days.

 

Section 4.2 Acceleration.

 

(a) If an Event of Default with respect to the Company described in subsection (c) of Section 4.1 has occurred, the Note shall automatically become immediately due and payable.

 

  

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(b) If any other Event of Default has occurred and is continuing, the holder of the Note may at any time at his, her or its option, by notice to the Company, declare the Note to be immediately due and payable.

 

(c) Upon the Note becoming due and payable under this Section 4.2, whether automatically or by declaration, the Note will forthwith mature and the entire unpaid Accreted Principal Amount (including any accrued and unpaid interest) shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.

 

Section 4.3 Other Remedies.  If any Event of Default has occurred and is continuing, and irrespective of whether the Note has become or has been declared immediately due and payable under Section 4.2, the holder of the Note may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 

Section 4.4 No Waivers or Election of Remedies; Expenses.  No course of dealing and no delay on the part of the holder of the Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  The Company shall pay the Accreted Principal Amount (including any accrued and unpaid interest) of the Note without any deduction for any setoff or counterclaim.  No right, power or remedy conferred by the Purchase Agreement or by the Note upon the holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  The Company will pay to the holder of the Note on demand such further amount as shall be sufficient to cover all reasonable costs and expenses of such holder incurred in any enforcement or collection under this Article IV, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

Section 4.5 Waiver of Demand.  The Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the holder hereof may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Company hereunder.

 

ARTICLE V

CONVERSION

 

Section 5.1 Conversion Procedure.

 

(a) At any time prior to the payment of this Note in full, the holder of this Note may convert all or any portion of the outstanding Accreted Principal Amount (including any accrued and unpaid interest) of this Note into a number of ADSs (excluding any fractional ADS) equal to the product obtained by dividing (i) the portion of the Accreted Principal Amount designated by such holder to be converted, by (ii) the Conversion Rate then in effect.

 

  

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(b) Except as otherwise expressly provided herein, each conversion of this Note shall be deemed to have been effected as of the close of business on the date on which this Note has been surrendered for conversion at the principal office of the Company (the “Conversion Date”).  At such time as such conversion has been effected, the rights of the holder of this Note as such holder to the extent of the conversion shall cease, and the Person or Persons in whose name or names the ADSs are to be issued upon such conversion shall be deemed to have become the holder or holders of record of the ADSs represented thereby.

 

(c) Notwithstanding anything herein to the contrary, including any adjustments to the Conversion Rate pursuant to Sections 5.3, 5.4 or 5.5, the Company may not issue, upon conversion of this Note, a number of ADSs that would exceed 15,000,000 (subject to adjustment as provided in Section 5.4 below) Ordinary Shares and ADSs as of the date of issuance of such ADSs (such number of shares, the “Issuable Maximum”).  If, pursuant to any adjustment to the Conversion Rate contemplated in this Article V, the conversion of the Note would result in the issuance of ADSs that would exceed the Issuable Maximum, then the Conversion Rate shall be further adjusted such that that maximum number of ADSs issuable upon conversion of the Note shall not exceed the Issuable Maximum.

 

(d) As soon as possible after a conversion has been effected (but in any event within five (5) business days in the case of clause (i) below), the holder of this Note shall subscribe for the number of Ordinary Shares issuable upon conversion (in whole or in part) of this Note, and the Company shall do the following:

 

(i) register the issuance to the converting holder of the number of Ordinary Shares issuable upon conversion (in whole or in part) of this Note (the “Underlying Shares”) in the Company’s share transfer registry;

 

(ii) issue the Underlying Shares and deposit such Underlying Shares with The Bank of New York Mellon, as depositary (the “Depositary”), in the name and on behalf of the holder of the Note;

 

(iii) cause the Depositary to issue and deliver to the converting holder certificates or a book-entry transfer for the number of ADSs to which Purchaser shall be entitled against deposit of the Underlying Shares, pursuant to the Deposit Agreement dated as of April 14, 2011 (the “Deposit Agreement”) among the Company, the Depositary and the owners and holders from time to time of the ADSs issued thereunder; and

 

(iv) deliver to the converting holder a new Note representing any portion of the Accreted Principal Amount (including any accrued and unpaid interest) that was represented by the Note surrendered to the Company in connection with such conversion, but which was not converted or which could not be converted because it would have required the issuance of a fractional Ordinary Share.

 

The converting holder shall cooperate with the Company and the Depositary to facilitate the process outlined above, including through the execution of a subscription form for the Ordinary Shares satisfactory to the converting holder and the execution of a power of attorney authorizing the Company to deliver the Underlying Shares to the Depositary on such holder’s behalf.

 

  

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(e) If a fractional ADS would, except for the provisions hereof, be deliverable upon conversion of this Note, the Company, in lieu of delivering such fractional share, shall in the event the conversion is being consummated in connection with repayment in full of the Note, pay in cash an amount equal to the market price of such fractional share based on the closing price of the ADSs on the New York Stock Exchange (the “Closing Sale Price”) on the Conversion Date.

 

(f) The issuance of the Underlying Shares and ADSs upon conversion of this Note shall be made without charge to the holder hereof for any issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of Underlying Shares and ADSs, unless the tax is due because the holder requests such Underlying Shares and ADSs to be issued in a name other than the holder’s name, in which case the holder shall pay the tax.  Upon conversion of this Note, the Company shall take all such actions as are necessary in order to ensure that the Ordinary Shares and ADSs issuable with respect to such conversion shall be validly issued, fully paid and nonassessable.

 

(g) The Company shall not close its books against the transfer of Ordinary Shares or ADSs issued or issuable upon conversion of this Note in any manner which interferes with the timely conversion of this Note.

 

(h) The conversion of this Note shall be subject to the Beneficial Ownership Limitations set forth in Section 5.2 of the Purchase Agreement, which are incorporated herein by reference.

 

Section 5.2 Conversion Rate.  The initial Conversion Rate shall be 540.5405 Ordinary Shares (subject to adjustment as provided in this Article V, the “Conversion Rate”) per US$1,000 Accreted Principal Amount (including any accrued and unpaid interest) of the Note.  To address dilution of the conversion rights granted under the Notes, the Conversion Rate shall be subject to adjustment from time to time pursuant to Sections 5.3, 5.4 and 5.5.

 

Section 5.3 Adjustment of Conversion Rate upon Issuance of Ordinary Shares or ADSs.

 

(a) If at any time during the twelve months following the date hereof, the Company issues any Ordinary Shares, ADSs, preferred equity securities or any securities convertible into, or exchangeable for Ordinary Shares or a preferred equity security, other than an Excluded Issuance, at an effective rate per US$1,000 invested (the “Other Conversion Rate”) greater than the effective Conversion Rate, the Conversion Rate applicable to the portion of the Note not yet converted shall automatically be adjusted so that the Conversion Rate shall not, in any event, be less than, after giving effect to all other adjustments contained herein, the Other Conversion Rate.  The Company agrees to execute and deliver to Purchaser such supplemental documentation giving effect to this Section 5.3(a) as Purchaser may reasonably request.

 

(b) Notwithstanding the foregoing, if at any time during the twelve months following the date hereof, the Company issues any Ordinary Shares, ADSs, preferred equity securities or any securities convertible into, or exchangeable for Ordinary Shares or a preferred equity security, other than an Excluded Issuance, then, if the Other Conversion Rate is more than 42.8572% above the effective Conversion Rate, the Conversion Rate applicable to the portion of the Note not yet converted shall automatically be adjusted so that the Conversion Rate shall not, in any event, be less than, after giving effect to all other adjustments contained herein, 142.8572% of the Other Conversion Rate.

 

  

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(c) An “Excluded Issuance” shall mean (i) securities issued pursuant to stock splits, stock dividends or similar transactions; (ii) ADSs or Ordinary Shares (or options or warrants therefor) issued or issuable to employees, consultants, officers, directors of the Company or other persons performing services for the Company pursuant to stock option plans, restricted stock plans, option issuance agreements, warrant issuance agreements or other agreements approved by the Board of Directors; (iii) securities issued or issuable to an entity as a component of any bona fide business relationship with such entity primarily for the purpose of (A) joint venture, technology licensing or development activities, (B) distribution, supply or manufacture of the Company’s products or services or (C) any other arrangements involving corporate partners, directly or via their controlled investment funds, that are primarily for purposes other than raising capital, the terms of which business relationship with such entity are approved by the Board of Directors; (iv) ADSs or Ordinary Shares issued upon conversion of the Note; (v) securities issued or issuable in any other transaction for which exemption from these price-based antidilution provisions is approved before or after issuance of the securities by Purchaser and (vi) collectively, any other issuances of Ordinary Shares, ADSs, preferred equity securities or any securities convertible into, or exchangeable for Ordinary Shares, ADSs or a preferred equity security between the date hereof and the maturity date of this Note in an amount not to exceed 500,000 ADSs or Ordinary Shares (on an as-converted or exchanged basis) in the aggregate.

 

Section 5.4 Other Adjustments to Conversion Rate.  If the number of Ordinary Shares represented by each ADS is changed, after the date of this Note, for any reason other than one or more of the events described in this Section 5.4, the Company shall make an appropriate adjustment to the Conversion Rate such that the number of Ordinary Shares represented by the ADSs upon which conversion of the Notes is based remains the same.  In addition, the Conversion Rate shall be adjusted from time to time by the Company as follows:

 

(a) In case the Company shall, at any time or from time to time while any of the Notes are outstanding, pay a dividend in Ordinary Shares (directly or in the form of ADSs) or make a distribution in Ordinary Shares to all or substantially all holders of Ordinary Shares (other than a dividend or distribution in connection with a transaction to which Section 5.5 applies), then the Conversion Rate shall be adjusted based on the following formula:

 

	
CR1 = CR0  ×

	
OS1

	  
	
OS0

	  

 

where

 

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such dividend or distribution;

	 	 	 
	
CR1

	
=

	
the Conversion Rate in effect on the ex-dividend date for such dividend or distribution;

 

  

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OS0

	
=

	
the number of Ordinary Shares outstanding at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such dividend or distribution; and

	 	 	 
	
OS1

	
=

	
the number of Ordinary Shares that would be outstanding immediately after, and solely as a result of, such dividend or distribution.

 

Any adjustment made pursuant to this Section 5.4(a) shall become effective immediately prior to 9:00 a.m., New York City time, on the ex-dividend date for such dividend or distribution. If any dividend or distribution that is the subject of this Section 5.4(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors publicly announces its decision not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. For purposes of this Section 5.4(a), the number of Ordinary Shares outstanding at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such dividend or distribution shall not include Ordinary Shares held in treasury, if any. The Company will not pay any dividend or make any distribution on Ordinary Shares held in treasury, if any.

 

(b) In case outstanding Ordinary Shares (directly or in the form of ADSs) shall be subdivided or split into a greater number of Ordinary Shares or combined or reverse split into a smaller number of Ordinary Shares (in each case, other than in connection with a transaction to which Section 5.5 applies), the Conversion Rate shall be adjusted based on the following formula:

 

	
CR1 = CR0  ×

	
OS1

	  
	
OS0

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the effective date of such subdivision or combination;

	 	 	 
	
CR1

	
=

	
the Conversion Rate in effect on the effective date of such subdivision or  combination;

	 	 	 
	
OS0

	
=

	
the number of Ordinary Shares outstanding at 5:00 p.m., New York City time, on the trading day immediately preceding the effective date of such subdivision or combination; and

	 	 	 
	
OS1

	
=

	
the number of Ordinary Shares that would be outstanding immediately after, and solely as a result of, such subdivision or combination.

 

Any adjustment made pursuant to this Section 5.4(b) shall become effective immediately prior to 9:00 a.m., New York City time, on the effective date of such subdivision or combination.

 

  

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(c) In case the Company shall issue rights (other than rights issued pursuant to a shareholders’ rights plan or a dividend or distribution on Ordinary Shares in Ordinary Shares as set forth in (a) above) or warrants to all or substantially all holders of its Ordinary Shares (whether direct or in the form of ADSs), other than an issuance in connection with a transaction to which Section 5.5 applies, entitling them to purchase, for a period expiring within 45 calendar days of the date of issuance, Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share less than the average of the Closing Sale Prices of the ADSs divided by the number of Ordinary Shares then represented by each ADS during the 10 consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for the distribution, the Conversion Rate shall be adjusted based on the following formula:

 

	
CR1 = CR0  ×

	
OS0+X

	  
	
OS0+Y

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such issuance;

	  	  	  
	
CR1

	
=

	
the Conversion Rate in effect on the ex-dividend date for such issuance;

	  	  	  
	
OS0

	
=

	
the number of Ordinary Shares outstanding at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such issuance;

	  	  	  
	
X

	
=

	
the total number of Ordinary Shares issuable (directly or in the form of ADSs) pursuant to such rights or warrants; and

	  	  	  
	
Y

	
=

	
the number of Ordinary Shares equal to the quotient of (x) aggregate price payable to exercise such rights or warrants, divided by (y) the average of the Closing Sale Prices of the ADSs during the 10 consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for such issuance.

 

Any adjustment made pursuant to this Section 5.4(c) shall become effective immediately prior to 9:00 a.m., New York City time, on the ex-dividend date for such issuance. If any rights or warrants described in this Section 5.4(c) are not so issued, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors publicly announces its decision not to issue such rights or warrants, to the Conversion Rate that would then be in effect if such issuance had not been declared. To the extent that such rights or warrants are not exercised prior to their expiration or Ordinary Shares are otherwise not delivered pursuant to such rights or warrants upon the exercise of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of Ordinary Shares actually delivered. In determining the aggregate price payable to exercise such rights and warrants, there shall be taken into account any consideration received by the Company for such rights or warrants and the value of such consideration (if other than cash, to be determined in good faith by the Board of Directors). For purposes of this Section 5.4(c), the number of Ordinary Shares outstanding at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such issuance shall not include Ordinary Shares held in treasury, if any. The Company will not issue any such rights or warrants in respect of Ordinary Shares held in treasury, if any.

 

  

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(d) In case the Company shall, by dividend or otherwise, distribute to all or substantially all holders of its outstanding Ordinary Shares (whether direct or in the form of ADSs) of any class of capital stock of the Company or evidences of its indebtedness or assets (including securities, but excluding (i) any dividends or distributions referred to in Section 5.4(a), (ii) any rights or warrants referred to in Section 5.4(c), (iii) any dividends or distributions referred to in Section 5.4(e), (iv) any dividends or distributions in connection with a transaction to which Section 5.5 applies, or (v) any Spin-Offs to which the provisions set forth below in this Section 5.4(d) applies) (any of the foregoing hereinafter in this Section 5.4(d) called the “Distributed Assets”), then, in each such case, the Conversion Rate shall be adjusted based on the following formula:

 

	
CR1 = CR0 ×

	

SP0

	  
	
SP0 – FMV

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such distribution;

	  	  	  
	
CR1

	
=

	
the Conversion Rate in effect on the ex-dividend date for such distribution;

	  	  	  
	
SP0

	
=

	
the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the 10 consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for such distribution; and

	  	  	  
	
FMV

	
=

	
the fair market value on the ex-dividend date for such distribution of the Distributed Assets so distributed applicable to one Ordinary Share, as determined in good faith by the Company’s board of directors.

 

 

In the event where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) or shares of capital stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company (a “Spin-Off”) that are, or when issued, will be, traded or listed on the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select Market or any other U.S. national securities exchange or market, then the Conversion Rate shall instead be adjusted based on the following formula:

	
CR1 = CR0 ×

	

FMV0 + MP0

	  
	
MP0

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such distribution;

	  	  	  
	
CR1

	
=

	
the Conversion Rate in effect on the ex-dividend date for such distribution;

 

  

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FMV0

	
=

	
the average of the Closing Sale Prices of the Distributed Assets applicable to one Ordinary Share during the ten consecutive trading day period commencing on and including the effective date of the Spin-Off (the “Spin-Off Valuation Period”); and

	  	  	  
	
MP0

	
=

	
the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the Spin-Off Valuation Period.

 

Any adjustment made pursuant to this Section 5.4(d) shall become effective immediately prior to 9:00 a.m., New York City time, on the ex-dividend date for such distribution. If any dividend or distribution of the type described in this Section 5.4(d) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors publicly announces its decision not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 

Rights or warrants distributed by the Company to all holders of Ordinary Shares (whether direct or in the form of ADSs) entitling the holders thereof to subscribe for or purchase shares of the Company’s capital stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such Ordinary Shares; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares, shall be deemed not to have been distributed for purposes of this Section 5.4 (and no adjustment to the Conversion Rate under this Section 5.4 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 5.4(d). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this Note, are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and record date with respect to new rights or warrants with such rights. In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 5.4 was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Ordinary Shares with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Ordinary Shares as of the date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued.

 

  

12

  

 

No adjustment of the Conversion Rate shall be made pursuant to this Section 5.4(d) in respect of rights or warrants distributed or deemed distributed on any Trigger Event to the extent that such rights or warrants are actually distributed to Purchaser upon conversion by Purchaser of this Note.

(e) In case the Company shall pay a dividend or otherwise distribute to all or substantially all holders of its Ordinary Shares (direct or in the form of ADSs) a dividend or other distribution of exclusively cash excluding (x) any dividend or distribution in connection with the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary and (y) any dividend or distribution in connection with a transaction to which Section 5.5 applies, then the Conversion Rate shall be adjusted based on the following formula:

 

	
CR1 = CR0 ×

	

SP0

	  
	
SP0 – DIV

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the trading day immediately preceding the ex-dividend date for such dividend or distribution;

	  	  	  
	
CR1

	
=

	
the Conversion Rate in effect on the ex-dividend date for such dividend or distribution;

	  	  	  
	
SP0

	
=

	
the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the 10 consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for such distribution; and

	  	  	  
	
DIV

	
=

	
the amount in cash per Ordinary Share the Company distributes to holders of its Ordinary Shares.

 

 

Any adjustment made pursuant to this Section 5.4(e) shall become effective immediately prior to 9:00 a.m., New York City time, on the ex-dividend date for such dividend or distribution. If any dividend or distribution of the type described in this Section 5.4(e) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors publicly announces its decision not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 

(f) In case of purchases of the Ordinary Shares (directly or in the form of ADSs) pursuant to a tender offer or exchange offer made by the Company or any Subsidiary of the Company for all or any portion of the Ordinary Shares (directly or indirectly in the form of ADSs), to the extent that the fair market value, as determined in good faith by the Company’s Board of Directors, of cash and any other consideration included in the payment per Ordinary Share (or equivalent payment per Ordinary Share represented by the ADSs) exceeds the Closing Sale Price of the ADSs divided by the number of ADSs then represented by each ADS on the trading day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender offer or exchange offer (as it may be amended) (the “Expiration Date”), the Conversion Rate shall be adjusted based on the following formula:

 

  

13

  

 

	
CR1 = CR0 ×

	

FMV + (SP1 x OS1)

	  
	
SP1 x OS0

	  

 

where

	
CR0

	
=

	
the Conversion Rate in effect at 5:00 p.m., New York City time, on the Expiration Date;

	  	  	  
	
CR1

	
=

	
the Conversion Rate in effect immediately after 5:00 p.m., New York City time, on the Expiration Date;

	  	  	  
	
FMV

	
=

	
the fair market value, on the Expiration Date, of the aggregate value of all cash and any other consideration paid or payable for Ordinary Shares (directly or indirectly in the form of ADSs) validly tendered or exchanged and not withdrawn as of the Expiration Date, as determined in good faith by the Company’s board of directors;

	  	  	  
	
OS1

	
=

	
the number of Ordinary Shares outstanding immediately after the last time tenders or exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”), after giving effect to the purchase of all Ordinary Shares or ADSs, as the case may be, accepted for purchase or exchange in such tender or exchange offer;

	  	  	  
	
OS0

	
=

	
the number of Ordinary Shares outstanding immediately before the Expiration Time; and

	  	  	  
	
SP1

	
=

	
the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the ten consecutive trading day period commencing on the Trading Day immediately after the Expiration Date.

 

 

Any adjustment made pursuant to this Section 5.4(f) shall become effective immediately prior to 9:00 a.m., New York City time, on the trading day immediately following the Expiration Date. If the Company, or one of its Subsidiaries, is obligated to purchase Ordinary Shares (directly or indirectly in the form of ADSs) pursuant to any such tender or exchange offer, but the Company or such Subsidiary is permanently prevented by applicable law from effecting all such purchases or all such purchases are rescinded, the Conversion Rate shall be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made. Except as set forth in the preceding sentence, if the application of this Section 5.4(f) to any tender offer or exchange offer would result in a decrease in the Conversion Rate, no adjustment shall be made for such tender offer or exchange offer under this Section 5.4(f).

(g) In cases where:

 

(i) the fair market value, as determined in good faith by the Company’s Board of Directors, of Distributed Assets and cash, including with respect to a Spin-Off, as to which Sections 5.4(d) and 5.4(e) apply, applicable to one Ordinary Share, distributed to holders of the Ordinary Shares (whether direct or in the form of ADSs) equals or exceeds the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the ten consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for such distribution, or

 

  

14

  

 

(ii) the average of the Closing Sale Prices of the ADSs multiplied by the number of Ordinary Shares then represented by each ADS during the ten consecutive trading day period ending on the trading day immediately preceding the ex-dividend date for such distribution exceeds the fair market value, as determined in good faith by the Company’s Board of Directors, of such Distributed Assets or cash so distributed by less than $1.00, rather than being entitled to an adjustment in the Conversion Rate, Purchaser will be entitled to receive upon conversion, in addition to the ADS, the kind and amount of assets, debt securities or rights, warrants or options comprising the distribution, if any, that Purchaser would have received if Purchaser had converted this Note immediately prior to the record date for determining the shareholders entitled to receive the distribution.

 

(h) In addition to those adjustments required by clauses (a)-(g) of this Section 5.4, and to the extent permitted by applicable law and subject to the applicable rules of The New York Stock Exchange and any other securities exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least twenty (20) Business Days if the Board of Directors determines that such increase would be in the Company’s best interest, and the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of the Ordinary Shares or the ADSs or rights to purchase Ordinary Shares or ADSs in connection with a dividend or distribution of Ordinary Shares or ADSs (or rights to acquire Ordinary Shares or ADSs) or similar event.

 

(i) All calculations under this Article V shall be made in good faith by the Company in accordance with this Article V, and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of an Ordinary Share, as the case may be. No adjustment need be made for rights to purchase Ordinary Shares (directly or indirectly in the form of ADSs) pursuant to a Company plan for reinvestment of dividends or for any issuance of Ordinary Shares (directly or indirectly in the form of ADSs) or convertible or exchangeable securities or, except as provided in this Section 5.4, rights to purchase Ordinary Shares (directly or indirectly in the form of ADSs) or convertible or exchangeable securities.  The Company shall certify to the Purchaser that all calculations are made in compliance with this Article V, and shall show the Purchaser in detail the facts upon which such calculations and adjustments were made.

 

(j) For purposes of this Section 5.4, the number of Ordinary Shares at any time outstanding shall not include Ordinary Shares held in the treasury of the Company but shall include Ordinary Shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares. The Company will not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company.

 

(k) Notwithstanding any of the foregoing clauses in this Section 5.4, the applicable Conversion Rate will not be adjusted pursuant to this Section 5.4 if the Purchaser participates in the transaction that would otherwise give rise to adjustment pursuant to this Section 5.4 on an as-converted basis.

 

  

15

  

 

Section 5.5 Reorganization, Reclassification, Consolidation, Merger or Sale.  Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which in each case is effected in such a manner that holders of Ordinary Shares (whether direct or in the form of ADSs) are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Ordinary Shares is referred to herein as an “Organic Change.”  In the event of an Organic Change prior to repayment in full of the Note, Purchaser shall elect, at its option, either (i) to require the Company to repurchase for cash all, but not less than all, of the Note at a price equal to the Accreted Principal Amount (including any accrued and unpaid interest) or (ii) to convert all, but not less than all, of the Note, in each case effective immediately prior to such Organic Change.

 

Section 5.6 Notices.

 

(a) Immediately upon any adjustment of the Conversion Rate, the Company shall send written notice thereof to the holder of this Note, setting forth in reasonable detail and certifying the calculation of such adjustment.

 

(b) The Company shall send written notice to the holder of this Note at least twenty (20) days prior to the date on which the Company closes its books or takes a record (i) with respect to any dividend or distribution upon Ordinary Shares (directly or in the form of ADSs), any subdivision, stock split, reverse stock split or combination, or any tender offer or exchange offer, (ii) with respect to any pro rata subscription offer to holders of Ordinary Shares (whether direct or in the form of ADSs) or (iii) for determining rights to vote with respect to any Organic Change, dissolution or liquidation.

 

(c) The Company shall also give at least twenty (20) days prior written notice to the holder of this Note of the date on which any Organic Change, dissolution or liquidation shall take place.

 

ARTICLE VI

NEGATIVE PLEDGE

 

For so long as the Note is outstanding, the Company will not grant a consensual security interest or pledge its personal property assets to another third-party lender in connection with debt for borrowed money (other than purchase money security interests or capital leases incurred in the ordinary course of business and up to $10 million of secured indebtedness owed to Natixis under the factoring agreement between the Company and Natixis) without the consent of Purchaser (such consent not to be unreasonably withheld, conditioned or delayed, in particular in the case of a security interest or pledge granted or made to a strategic corporate partner or joint venture partner as a component of a financing transaction or other business relationship with a strategic corporate partner or joint venture partner (whether directly or involving an investment fund controlled by the relevant strategic corporate partner or joint venture partner)).

 

ARTICLE VII

AMENDMENT AND WAIVER

 

The provisions of the Note may only be amended with the holder’s consent.

 

  

16

  

 

ARTICLE VIII

CANCELLATION

 

After the entire Accreted Principal Amount (including any accrued and unpaid interest) at any time owed on this Note has been paid in full or this Note has been converted in full to ADSs or other property, this Note shall be surrendered to the Company for cancellation and shall not be reissued.

 

ARTICLE IX

PAYMENTS

 

This Note is payable without relief from valuation or appraisement laws.  All payments to be made to the holder of the Note shall be made in the lawful money of the United States of America in immediately available funds; provided, that the Company shall not have the right to pre-pay outstanding principal of the Note without the consent of the holder.

 

ARTICLE X

PLACE OF PAYMENT

 

Payments of principal and interest shall be delivered to Purchaser at the following address:  Nokomis Capital Master Fund, LP, 2305 Cedar Springs Road, Suite 420, Dallas, TX 75201, or to such other address or to the attention of such other person as specified by prior written notice to the Company.

 

ARTICLE XI

GOVERNING LAW

 

(a) THIS NOTE AND ALL ISSUES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE FRENCH REPUBLIC (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW).

 

(b) The parties agree that the competent courts within the jurisdiction of the Paris Court of Appeal (Cour d’Appel de Paris) shall have exclusive jurisdiction (and are deemed to be a convenient forum for each party) as to resolution of any dispute.

 

  

17

  

 

IN WITNESS WHEREOF, the Company has executed and delivered this Note on April 14, 2015.

 

	 	SEQUANS COMMUNICATIONS S.A.	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Georges Karam	 
	 	Name:	Georges Karam	 
	 	Title:	Chairman & CEO	 

 

 

 

[ Signature page to Note]Exhibit 4.2B

 

THIRD SUPPLEMENTAL INDENTURE

(Senior Notes due 2025)

 

THIS THIRD SUPPLEMENTAL
INDENTURE (this “Third Supplemental Indenture”) is dated effective as of March 2, 2015, among OMEGA HEALTHCARE
INVESTORS, INC., a Maryland corporation (the “Issuer”), each of the SUBSIDIARY GUARANTORS listed on Schedule
I hereto (collectively, the “Subsidiary Guarantors”), each of the companies listed on Schedule II hereto (collectively,
the “New Subsidiaries”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing
under the laws of the United States of America, as trustee (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS,
the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of September
11, 2014 (as supplemented by that First Supplemental Indenture, dated as of November 25, 2014 and that Second Supplemental Indenture,
dated as of January 23, 2015, the “Indenture”), providing for the issuance of the Issuer’s 4.50% Senior Notes
due 2025 (the “Notes”);

 

WHEREAS,
Section 9.01 of the Indenture authorizes the Issuer, the Subsidiary Guarantors and the Trustee, together, to amend or supplement
the Indenture, without notice to or consent of any Holder of the Notes, for the purpose of making any change that would not materially
adversely affect the rights of any Holder of the Notes;

 

WHEREAS,
pursuant to Section 4.14 and/or 5.01(b) of the Indenture, the New Subsidiaries are required to become Subsidiary Guarantors;

 

WHEREAS,
in Section 1.01 of the Indenture, the term “Subsidiary Guarantors” is defined to include all Persons that become a
Subsidiary Guarantor by the terms of the Indenture after the Closing Date; and

 

WHEREAS,
Section 10.01 of the Indenture provides that each Subsidiary Guarantor shall be a guarantor of the Issuer’s obligations under
the Notes, subject to the terms and conditions described in the Indenture.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Issuer, the Subsidiary Guarantors, the New Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows:

 

		1.	CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

		2.	AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly
and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and
subject to the conditions set forth in the Indenture, and to be

 

    	 

    	 

    

 

bound
by, and to receive the benefit of, all other applicable provisions of the Indenture as Subsidiary Guarantors. Such guarantee shall
be evidenced by the New Subsidiaries’ execution of Subsidiary Guarantees, the form of which is attached as Exhibit E to the
Indenture, and shall be effective as of the effective date hereof.

 

		3.	NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder, member, manager or controlling person of the New Subsidiaries, as such, shall have
any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this
Third Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part
of the consideration for the issuance of the Notes.

 

		4.	NEW YORK LAW TO GOVERN. The laws of the State of New York shall
govern and be used to construe this Third Supplemental Indenture.

 

		5.	COUNTERPARTS. The parties may sign any number of copies of this
Third Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.

 

		6.	EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

 

		7.	THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.

 

[Remainder of Page Intentionally Left
Blank]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed, all as of the effective
date first above written.

 

	 	OMEGA HEALTHCARE INVESTORS, INC.
	 	 	 
	 	By: 	/s/ Robert O. Stephenson
	 	Name:  Robert O. Stephenson
	 	Title:    Chief Financial Officer and Treasurer

 

	 	Each of the following Subsidiary Guarantors:
	 	 
	 	BALA CYNWYD REAL ESTATE, LP
	 	OHI ASSET (PA) WEST MIFFLIN, LP
	 	 	 
	 	By:	OHI Asset (PA) West Mifflin, LP, as general partner

 

	 	By:	 /s/ Robert O. Stephenson

	 	Name:	Robert O. Stephenson
	 	Title:	Chief Financial Officer and Treasurer

 

	 	OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP 
	 	 	 
	 	By:	Omega Healthcare Investors, Inc., as general partner

 

	 	By:	 /s/ Robert O. Stephenson

	 	Name:	Robert O. Stephenson
	 	Title:	Chief Financial Officer and Treasurer

 

[Signatures continued on the following page]

 

    	 

    	 

    

 

	 	On behalf of each the other Subsidiary Guarantors, its sole member, managing member, general partner or trustee, named on the attached Schedule I

 

	 	By:	 /s/ Robert O. Stephenson

	 	Name:	Robert O. Stephenson
	 	Title:	Chief Financial Officer and Treasurer

 

	 	On behalf of each of the New Subsidiaries, its sole member, named on the attached Schedule II

 

	 	By:	 /s/ Robert O. Stephenson

	 	Name:	Robert O. Stephenson
	 	Title:	Chief Financial Officer and Treasurer

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ David Ferrell

	 	Name:	David Ferrell
	 	Title:	Vice President
	 	 	 
	 	Dated: 	March 5, 2015

 

    	 

    	 

    

 

Schedule I

 

SUBSIDIARY GUARANTORS

 

	Encanto Senior Care, LLC
	13922 Cerise Avenue, LLC
	245 East Wilshire Avenue, LLC 
	3806 Clayton Road, LLC
	523 Hayes Lane, LLC
	637 East Romie Lane, LLC
	2425 Teller Avenue, LLC
	Bayside Colorado Healthcare Associates, LLC
	OHI (Connecticut), Inc. 
	Bayside Street II, Inc.
	Carnegie Gardens LLC
	CFG 2115 Woodstock Place LLC
	CSE Albany LLC
	CSE Amarillo LLC
	CSE Arden L.P.
	CSE Augusta LLC
	CSE Bedford LLC
	CSE Blountville LLC
	CSE Bolivar LLC
	CSE Cambridge LLC
	CSE Cambridge Realty LLC
	CSE Camden LLC
	CSE Canton LLC
	CSE Casablanca Holdings II LLC
	CSE Casablanca Holdings LLC
	CSE Cedar Rapids LLC
	CSE Centennial Village
	CSE Chelmsford LLC
	CSE Chesterton LLC
	CSE Claremont LLC
	CSE Corpus North LLC
	CSE Denver Iliff LLC
	CSE Denver LLC
	CSE Douglas LLC
	CSE Elkton LLC
	CSE Elkton Realty LLC
	CSE Fairhaven LLC
	CSE Fort Wayne LLC
	CSE Frankston LLC
	CSE Georgetown LLC
	CSE Green Bay LLC
	CSE Hilliard LLC

 

    	Schedule I Page 1

    	 

    

 

	CSE Huntingdon LLC
	CSE Huntsville LLC
	CSE Indianapolis-Continental LLC
	CSE Indianapolis-Greenbriar LLC
	CSE Jacinto City LLC
	CSE Jefferson City LLC
	CSE Jeffersonville-Hillcrest Center LLC
	CSE Jeffersonville-Jennings House LLC
	CSE Kerrville LLC
	CSE King L.P.
	CSE Kingsport LLC
	CSE Knightdale L.P.
	CSE Lake City LLC
	CSE Lake Worth LLC
	CSE Lakewood LLC
	CSE Las Vegas LLC
	CSE Lawrenceburg LLC
	CSE Lenoir L.P.
	CSE Lexington Park LLC
	CSE Lexington Park Realty LLC
	CSE Ligonier LLC
	CSE Live Oak LLC
	CSE Lowell LLC
	CSE Marianna Holdings LLC
	CSE Memphis 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 Pennsylvania Holdings
	CSE Piggott LLC
	CSE Pilot Point LLC
	CSE Pine View LLC
	CSE Ponca City LLC
	CSE Port St. Lucie LLC
	CSE Richmond LLC
	CSE Ripley LLC
	CSE Ripon LLC
	CSE Safford LLC
	CSE Salina LLC
	CSE Seminole LLC
	CSE Shawnee LLC

 

    	Schedule I Page 2

    	 

    

 

	CSE Spring Branch LLC
	CSE Stillwater LLC
	CSE Taylorsville LLC
	CSE Texarkana LLC
	CSE Texas City LLC
	CSE The Village LLC
	CSE Upland LLC
	CSE Walnut Cove L.P.
	CSE West Point LLC
	CSE Whitehouse LLC
	CSE Williamsport LLC
	CSE Winter Haven LLC
	CSE Woodfin L.P.
	CSE Yorktown LLC
	Desert Lane LLC
	Greenbough, LLC
	LAD I Real Estate Company, LLC
	North Las Vegas LLC
	NRS Ventures, L.L.C.
	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 (AZ) Austin House, LLC
	OHI Asset (CA), LLC
	OHI Asset (CO), LLC
	OHI Asset (CT) Lender, LLC
	OHI Asset (FL) Lake Placid, LLC
	OHI Asset (FL) Lender, LLC
	OHI Asset (FL), LLC
	OHI Asset (GA) Moultrie, LLC
	OHI Asset (GA) Snellville, LLC
	OHI Asset (ID) Holly, LLC
	OHI Asset (ID) Midland, LLC
	OHI Asset (ID), LLC
	OHI Asset (IL), LLC
	OHI Asset (IN) American Village, LLC
	OHI Asset (IN) Anderson, LLC
	OHI Asset (IN) Beech Grove, LLC
	OHI Asset (IN) Clarksville, LLC

 

    	Schedule I Page 3

    	 

    

 

	OHI Asset (IN) Clinton, LLC
	OHI Asset (IN) Connersville, LLC
	OHI Asset (IN) Crown Point, 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) Greensburg, LLC
	OHI Asset (IN) Indianapolis, LLC
	OHI Asset (IN) Jasper, LLC
	OHI Asset (IN) Kokomo, LLC
	OHI Asset (IN) Lafayette, LLC
	OHI Asset (IN) Madison, LLC
	OHI Asset (IN) Monticello, LLC
	OHI Asset (IN) Noblesville, LLC
	OHI Asset (IN) Rosewalk, LLC
	OHI Asset (IN) Salem, LLC
	OHI Asset (IN) Seymour, LLC
	OHI Asset (IN) Spring Mill, LLC
	OHI Asset (IN) Terre Haute, LLC
	OHI Asset (IN) Wabash, LLC
	OHI Asset (IN) Westfield, LLC
	OHI Asset (IN) Zionsville, LLC
	OHI Asset (LA), LLC
	OHI Asset (MD), LLC
	OHI Asset (MI) Heather Hills, LLC
	OHI Asset (MI), LLC
	OHI Asset (MO), 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 (OH) Lender, LLC
	OHI Asset (OH), LLC
	OHI Asset (OR) Portland, LLC

 

    	Schedule I Page 4

    	 

    

 

	OHI Asset (PA), 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
	OHI Asset (TX) Granbury, LLC
	OHI Asset (TX) Hondo, LLC
	OHI Asset (TX) Italy, LLC
	OHI Asset (TX) Winnsboro, LLC
	OHI Asset (TX), 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 CSB LLC
	OHI Asset CSE – E, LLC
	OHI Asset CSE – U, LLC
	OHI Asset HUD CFG, LLC
	OHI Asset HUD Delta, LLC
	OHI Asset HUD SF CA, LLC

 

    	Schedule I Page 5

    	 

    

 

	OHI Asset HUD SF, LLC
	OHI Asset HUD WO, LLC
	OHI Asset II (CA), LLC
	OHI Asset II (FL), LLC
	OHI Asset RO PMM Services, LLC
	OHI Asset RO, LLC
	OHI Asset, LLC
	Panama City Nursing Center LLC
	Skyler Maitland LLC
	Suwanee, LLC
	Florida Real Estate Company, LLC
	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.
	Skyler Pensacola, Inc.
	OHI (Illinois), Inc.
	OHI (Indiana), LLC 
	OHI (Iowa), Inc. 
	Sterling Acquisition, LLC
	48 High Point Road, LLC
	Arizona Lessor - Infinia, LLC
	Bayside Street, Inc.
	Colorado Lessor - Conifer, LLC
	Delta Investors I, LLC
	Delta Investors II, LLC
	Florida Lessor – Meadowview, LLC
	Georgia Lessor - Bonterra/Parkview, LLC
	Indiana Lessor – Wellington Manor, LLC
	OHI Asset (PA) Trust
	OHI Asset II (PA) Trust
	OHI Asset III (PA) Trust
	OHI Asset IV (PA) Silver Lake Trust
	OHI Tennessee, Inc.
	Omega TRS I, Inc.
	Texas Lessor – Stonegate GP, LLC
	Texas Lessor – Stonegate, Limited, LLC
	Texas Lessor – Stonegate, LP
	Washington Lessor – Silverdale, LLC
	OHIMA, Inc. 
	1200 Ely Street Holdings Co. LLC
	42235 County Road Holdings Co. LLC
	Dixie White House Nursing Home, Inc.
	Ocean Springs Nursing Home, Inc.
	Skyler Boyington, Inc.

 

    	Schedule I Page 6

    	 

    

 

	Skyler Florida, Inc.
	Canton Health Care Land, Inc. 
	Colonial Gardens, LLC 
	Dixon Health Care Center, Inc. 
	Hutton I Land, Inc. 
	Hutton II Land, Inc. 
	Hutton III Land, Inc. 
	Leatherman 90-1, Inc. 
	Leatherman Partnership 89-1, Inc. 
	Leatherman Partnership 89-2, Inc. 
	Meridian Arms Land, Inc. 
	Orange Village Care Center, Inc.
	St. Mary’s Properties, Inc.
	The Suburban Pavilion, Inc. 
	Wilcare, LLC
	Pavillion North, LLP
	OHI Asset (GA) Macon, LLC
	OHI Asset (SC) Greenville, LLC 
	OHI Asset (SC) Orangeburg, LLC
	OHI Asset (WV) Danville, LLC
	OHI Asset (WV) Ivydale, LLC
	OHI Mezz Lender, LLC

11900 East Artesia Boulevard, LLC

2400 Parkside Drive, LLC

Golden Hill Real Estate Company, LLC

1628 B Street, LLC

PV Realty–Willow Tree, LLC

Bala Cynwyd Real Estate, LP

Hot Springs Atrium Owner, LLC

Hot Springs Cottages Owner, LLC

Hot Springs Marina Owner, LLC

OHI Asset (OR) Troutdale, LLC

OHI Asset (PA) GP, LLC

OHI Asset (PA) West Mifflin, LP

OHI Asset (TN) Jefferson City, LLC

OHI Asset CHG ALF, LLC

OHI Asset Management, LLC

OHI Healthcare Properties Holdco, Inc.

OHI Healthcare Properties Limited Partnership

 

    	Schedule I Page 7

    	 

    

 

Schedule II

 

NEW SUBSIDIARIES

 

	
        OHI (Illinois) Holding, LLC

        OHI Asset (TN) Rogersville, LLC

        OHI Asset CSE–E Subsidiary, LLC

        OHI Asset CSE–U Subsidiary, LLC

        Pavillion North Partners, LLC

        Pavillion Nursing Center North, LLC

 

    	 

    	 

    

 

FOURTH SUPPLEMENTAL INDENTURE

(Senior Notes due 2025)

 

THIS FOURTH SUPPLEMENTAL
INDENTURE (this “Fourth Supplemental Indenture”) is dated as of April 1, 2015, among OMEGA HEALTHCARE INVESTORS,
INC., a Maryland corporation (the “Issuer”), each of the SUBSIDIARY GUARANTORS listed on Schedule I hereto
(collectively, the “Subsidiary Guarantors”), each of the entities listed on Schedule II hereto (collectively,
the “New Subsidiaries”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing
under the laws of the United States of America, as trustee (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS,
the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of September
11, 2014 (as supplemented by that First Supplemental Indenture, dated as of November 25, 2014, that Second Supplemental Indenture,
dated as of January 23, 2015, and that Third Supplemental Indenture, effective as of March 2, 2015; the “Indenture”),
providing for the issuance of the Issuer’s 4.50% Senior Notes due 2025 (the “Notes”);

 

WHEREAS,
Section 9.01 of the Indenture authorizes the Issuer, the Subsidiary Guarantors and the Trustee, together, to amend or supplement
the Indenture, without notice to or consent of any Holder of the Notes, for the purpose of making any change that would not materially
adversely affect the rights of any Holder of the Notes;

 

WHEREAS,
pursuant to Section 4.14 and/or 5.01(b) of the Indenture, the New Subsidiaries are required to become Subsidiary Guarantors;

 

WHEREAS,
in Section 1.01 of the Indenture, the term “Subsidiary Guarantors” is defined to include all Persons that become a
Subsidiary Guarantor by the terms of the Indenture after the Closing Date; and

 

WHEREAS,
Section 10.01 of the Indenture provides that each Subsidiary Guarantor shall be a guarantor of the Issuer’s obligations under
the Notes, subject to the terms and conditions described in the Indenture.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Issuer, the Subsidiary Guarantors, the New Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows:

 

		8.	CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

		9.	AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly
and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under 

 

[4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

the
Notes on the terms and subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of,
all other applicable provisions of the Indenture as Subsidiary Guarantors. Such guarantee shall be evidenced by the New Subsidiaries’
execution of Subsidiary Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the
effective date hereof.

 

		10.	NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder, member, manager or controlling person of the New Subsidiaries, as such, shall have
any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this
Fourth Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part
of the consideration for the issuance of the Notes.

 

		11.	NEW YORK LAW TO GOVERN. The laws of the State of New York shall
govern and be used to construe this Fourth Supplemental Indenture.

 

		12.	COUNTERPARTS. The parties may sign any number of copies of this
Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.

 

		13.	EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

 

		14.	THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.

 

[Remainder of Page Intentionally Left
Blank]

 

[4th
Supplemental Indenture – 2025 Notes]

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Fourth Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	ISSUER:
	 	 
	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Robert O. Stephenson
	 	 	Chief Financial Officer and Treasurer
	 	 	 
	 	SUBSIDIARY GUARANTORS:
	 	 
	 	OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP

 

	 	By:	Omega Healthcare Investors, Inc. as General Partner

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Robert O. Stephenson
	 	 	Chief Financial Officer and Treasurer

 

	 	ON BEHALF OF EACH OF THE OTHER SUBSIDIARY GUARANTORS LISTED ON SCHEDULE I
	 	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Robert O. Stephenson
	 	 	Chief Financial Officer and Treasurer

 

[Signature Page – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	 	NEW SUBSIDIARIES:
	 	 
	 	ON BEHALF OF EACH OF THE NEW SUBSIDIARIES LISTED ON SCHEDULE II
	 	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Robert O. Stephenson
	 	 	Chief Financial Officer and Treasurer

 

[Signatures continued on the following page]

 

[Signature Page – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	/s/ David Ferrell
	 	 	Name:	David Ferrell
	 	 	Title:	Vice President

 

[Signature Page – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

Schedule I

 

SUBSIDIARY GUARANTORS

 

	1.	11900 East Artesia Boulevard, LLC
	2.	1200 Ely Street Holdings Co. LLC
	3.	13922 Cerise Avenue, LLC
	4.	1628 B Street, LLC
	5.	2400 Parkside Drive, LLC
	6.	2425 Teller Avenue, LLC
	7.	245 East Wilshire Avenue, LLC
	8.	3806 Clayton Road, LLC
	9.	42235 County Road Holdings Co. LLC
	10.	48 High Point Road, LLC
	11.	523 Hayes Lane, LLC
	12.	637 East Romie Lane, LLC
	13.	Arizona Lessor - Infinia, LLC
	14.	Bala Cynwyd Real Estate, LP
	15.	Bayside Colorado Healthcare Associates, LLC
	16.	Bayside Street II, LLC
	17.	Bayside Street, LLC (f/k/a Bayside Street, Inc.)
	18.	Canton Health Care Land, LLC (f/k/a Canton Health Care Land, Inc.)
	19.	Carnegie Gardens LLC
	20.	CFG 2115 Woodstock Place LLC
	21.	Colonial Gardens, LLC
	22.	Colorado Lessor - Conifer, LLC
	23.	CSE Albany LLC
	24.	CSE Amarillo LLC
	25.	CSE Arden L.P.
	26.	CSE Augusta LLC
	27.	CSE Bedford LLC
	28.	CSE Blountville LLC
	29.	CSE Bolivar LLC
	30.	CSE Cambridge LLC
	31.	CSE Cambridge Realty LLC
	32.	CSE Camden LLC
	33.	CSE Canton LLC
	34.	CSE Casablanca Holdings II LLC
	35.	CSE Casablanca Holdings LLC
	36.	CSE Cedar Rapids LLC
	37.	CSE Centennial Village, LP
	38.	CSE Chelmsford LLC
	39.	CSE Chesterton LLC
	40.	CSE Claremont LLC
	41.	CSE Corpus North LLC
	42.	CSE Denver Iliff LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 1

    	 

    

 

	43.	CSE Denver LLC
	44.	CSE Douglas LLC
	45.	CSE Elkton LLC
	46.	CSE Elkton Realty LLC
	47.	CSE Fairhaven LLC
	48.	CSE Fort Wayne LLC
	49.	CSE Frankston LLC
	50.	CSE Georgetown LLC
	51.	CSE Green Bay LLC
	52.	CSE Hilliard LLC
	53.	CSE Huntingdon LLC
	54.	CSE Huntsville LLC
	55.	CSE Indianapolis-Continental LLC
	56.	CSE Indianapolis-Greenbriar LLC
	57.	CSE Jacinto City LLC
	58.	CSE Jefferson City LLC
	59.	CSE Jeffersonville-Hillcrest Center LLC
	60.	CSE Jeffersonville-Jennings House LLC
	61.	CSE Kerrville LLC
	62.	CSE King L.P.
	63.	CSE Kingsport LLC
	64.	CSE Knightdale L.P.
	65.	CSE Lake City LLC
	66.	CSE Lake Worth LLC
	67.	CSE Lakewood LLC
	68.	CSE Las Vegas LLC
	69.	CSE Lawrenceburg LLC
	70.	CSE Lenoir L.P.
	71.	CSE Lexington Park LLC
	72.	CSE Lexington Park Realty LLC
	73.	CSE Ligonier LLC
	74.	CSE Live Oak LLC
	75.	CSE Lowell LLC
	76.	CSE Marianna Holdings LLC
	77.	CSE Memphis LLC
	78.	CSE Mobile LLC
	79.	CSE Moore LLC
	80.	CSE North Carolina Holdings I LLC
	81.	CSE North Carolina Holdings II LLC
	82.	CSE Omro LLC
	83.	CSE Orange Park LLC
	84.	CSE Orlando-Pinar Terrace Manor LLC
	85.	CSE Orlando-Terra Vista Rehab LLC
	86.	CSE Pennsylvania Holdings, LP
	87.	CSE Piggott LLC
	88.	CSE Pilot Point LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 2

    	 

    

 

	89.	CSE Pine View LLC
	90.	CSE Ponca City LLC
	91.	CSE Port St. Lucie LLC
	92.	CSE Richmond LLC
	93.	CSE Ripley LLC
	94.	CSE Ripon LLC
	95.	CSE Safford LLC
	96.	CSE Salina LLC
	97.	CSE Seminole LLC
	98.	CSE Shawnee LLC
	99.	CSE Spring Branch LLC
	100.	CSE Stillwater LLC
	101.	CSE Taylorsville LLC
	102.	CSE Texarkana LLC
	103.	CSE Texas City LLC
	104.	CSE The Village LLC
	105.	CSE Upland LLC
	106.	CSE Walnut Cove L.P.
	107.	CSE West Point LLC
	108.	CSE Whitehouse LLC
	109.	CSE Williamsport LLC
	110.	CSE Winter Haven LLC
	111.	CSE Woodfin L.P.
	112.	CSE Yorktown LLC
	113.	Delta Investors I, LLC
	114.	Delta Investors II, LLC
	115.	Desert Lane LLC
	116.	Dixie White House Nursing Home, LLC (f/k/a Dixie White House Nursing Home, Inc.)
	117.	Dixon Health Care Center, LLC (f/k/a Dixon Health Care Center, Inc.)
	118.	Encanto Senior Care, LLC
	119.	Florida Lessor – Meadowview, LLC
	120.	Florida Real Estate Company, LLC
	121.	Georgia Lessor - Bonterra/Parkview, LLC
	122.	Golden Hill Real Estate Company, LLC
	123.	Greenbough, LLC
	124.	Hot Springs Atrium Owner, LLC
	125.	Hot Springs Cottages Owner, LLC
	126.	Hot Springs Marina Owner, LLC
	127.	Hutton I Land, LLC (f/k/a Hutton I Land, Inc.)
	128.	Hutton II Land, LLC (f/k/a Hutton II Land, Inc.)
	129.	Hutton III Land, LLC (f/k/a Hutton III Land, Inc.)
	130.	Indiana Lessor – Wellington Manor, LLC
	131.	LAD I Real Estate Company, LLC
	132.	Leatherman 90-1, LLC (f/k/a Leatherman 90-1, Inc.)

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 3

    	 

    

 

	133.	Leatherman Partnership 89-1, LLC (f/k/a Leatherman Partnership 89-1, Inc.)
	134.	Leatherman Partnership 89-2, LLC (f/k/a Leatherman Partnership 89-2, Inc.)
	135.	Meridian Arms Land, LLC (f/k/a Meridian Arms Land, Inc.)
	136.	North Las Vegas LLC
	137.	NRS Ventures, L.L.C.
	138.	Ocean Springs Nursing Home, LLC (f/k/a Ocean Springs Nursing Home, Inc.)
	139.	OHI (Connecticut), LLC
	140.	OHI (Illinois), LLC(f/k/a OHI (Illinois), Inc.)
	141.	OHI (Indiana), LLC
	142.	OHI (Iowa), LLC(f/k/a OHI (Iowa), Inc.)
	143.	OHI Asset (AR) Ash Flat, LLC
	144.	OHI Asset (AR) Camden, LLC
	145.	OHI Asset (AR) Conway, LLC
	146.	OHI Asset (AR) Des Arc, LLC
	147.	OHI Asset (AR) Hot Springs, LLC
	148.	OHI Asset (AR) Malvern, LLC
	149.	OHI Asset (AR) Mena, LLC
	150.	OHI Asset (AR) Pocahontas, LLC
	151.	OHI Asset (AR) Sheridan, LLC
	152.	OHI Asset (AR) Walnut Ridge, LLC
	153.	OHI Asset (AZ) Austin House, LLC
	154.	OHI Asset (CA), LLC
	155.	OHI Asset (CO), LLC
	156.	OHI Asset (CT) Lender, LLC
	157.	OHI Asset (FL) Lake Placid, LLC
	158.	OHI Asset (FL) Lender, LLC
	159.	OHI Asset (FL), LLC
	160.	OHI Asset (GA) Macon, LLC
	161.	OHI Asset (GA) Moultrie, LLC
	162.	OHI Asset (GA) Snellville, LLC
	163.	OHI Asset (ID) Holly, LLC
	164.	OHI Asset (ID) Midland, LLC
	165.	OHI Asset (ID), LLC
	166.	OHI Asset (IL), LLC
	167.	OHI Asset (IN) American Village, LLC
	168.	OHI Asset (IN) Anderson, LLC
	169.	OHI Asset (IN) Beech Grove, LLC
	170.	OHI Asset (IN) Clarksville, LLC
	171.	OHI Asset (IN) Clinton, LLC
	172.	OHI Asset (IN) Connersville, LLC
	173.	OHI Asset (IN) Crown Point, LLC
	174.	OHI Asset (IN) Eagle Valley, LLC
	175.	OHI Asset (IN) Elkhart, LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 4

    	 

    

 

	176.	OHI Asset (IN) Forest Creek, LLC
	177.	OHI Asset (IN) Fort Wayne, LLC
	178.	OHI Asset (IN) Franklin, LLC
	179.	OHI Asset (IN) Greensburg, LLC
	180.	OHI Asset (IN) Indianapolis, LLC
	181.	OHI Asset (IN) Jasper, LLC
	182.	OHI Asset (IN) Kokomo, LLC
	183.	OHI Asset (IN) Lafayette, LLC
	184.	OHI Asset (IN) Madison, LLC
	185.	OHI Asset (IN) Monticello, LLC
	186.	OHI Asset (IN) Noblesville, LLC
	187.	OHI Asset (IN) Rosewalk, LLC
	188.	OHI Asset (IN) Salem, LLC
	189.	OHI Asset (IN) Seymour, LLC
	190.	OHI Asset (IN) Spring Mill, LLC
	191.	OHI Asset (IN) Terre Haute, LLC
	192.	OHI Asset (IN) Wabash, LLC
	193.	OHI Asset (IN) Westfield, LLC
	194.	OHI Asset (IN) Zionsville, LLC
	195.	OHI Asset (LA), LLC
	196.	OHI Asset (MD), LLC
	197.	OHI Asset (MI) Heather Hills, LLC
	198.	OHI Asset (MI), LLC
	199.	OHI Asset (MO), LLC
	200.	OHI Asset (MS) Byhalia, LLC
	201.	OHI Asset (MS) Cleveland, LLC
	202.	OHI Asset (MS) Clinton, LLC
	203.	OHI Asset (MS) Columbia, LLC
	204.	OHI Asset (MS) Corinth, LLC
	205.	OHI Asset (MS) Greenwood, LLC
	206.	OHI Asset (MS) Grenada, LLC
	207.	OHI Asset (MS) Holly Springs, LLC
	208.	OHI Asset (MS) Indianola, LLC
	209.	OHI Asset (MS) Natchez, LLC
	210.	OHI Asset (MS) Picayune, LLC
	211.	OHI Asset (MS) Vicksburg, LLC
	212.	OHI Asset (MS) Yazoo City, LLC
	213.	OHI Asset (NC) Wadesboro, LLC
	214.	OHI Asset (OH) Lender, LLC
	215.	OHI Asset (OH), LLC
	216.	OHI Asset (OR) Portland, LLC
	217.	OHI Asset (OR) Troutdale, LLC
	218.	OHI Asset (PA) GP, LLC
	219.	OHI Asset (PA), LP
	220.	OHI Asset (PA) West Mifflin, LP
	221.	OHI Asset (PA), LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 5

    	 

    

 

	222.	OHI Asset (SC) Aiken, LLC
	223.	OHI Asset (SC) Anderson, LLC
	224.	OHI Asset (SC) Easley Anne, LLC
	225.	OHI Asset (SC) Easley Crestview, LLC
	226.	OHI Asset (SC) Edgefield, LLC
	227.	OHI Asset (SC) Greenville Griffith, LLC
	228.	OHI Asset (SC) Greenville Laurens, LLC
	229.	OHI Asset (SC) Greenville North, LLC
	230.	OHI Asset (SC) Greenville, LLC
	231.	OHI Asset (SC) Greer, LLC
	232.	OHI Asset (SC) Marietta, LLC
	233.	OHI Asset (SC) McCormick, LLC
	234.	OHI Asset (SC) Orangeburg, LLC
	235.	OHI Asset (SC) Pickens East Cedar, LLC
	236.	OHI Asset (SC) Pickens Rosemond, LLC
	237.	OHI Asset (SC) Piedmont, LLC
	238.	OHI Asset (SC) Simpsonville SE Main, LLC
	239.	OHI Asset (SC) Simpsonville West Broad, LLC
	240.	OHI Asset (SC) Simpsonville West Curtis, LLC
	241.	OHI Asset (TN) Bartlett, LLC
	242.	OHI Asset (TN) Collierville, LLC
	243.	OHI Asset (TN) Jefferson City, LLC
	244.	OHI Asset (TN) Memphis, LLC
	245.	OHI Asset (TN) Rogersville, LLC
	246.	OHI Asset (TX) Anderson, LLC
	247.	OHI Asset (TX) Bryan, LLC
	248.	OHI Asset (TX) Burleson, LLC
	249.	OHI Asset (TX) College Station, LLC
	250.	OHI Asset (TX) Comfort, LLC
	251.	OHI Asset (TX) Diboll, LLC
	252.	OHI Asset (TX) Granbury, LLC
	253.	OHI Asset (TX) Hondo, LLC
	254.	OHI Asset (TX) Italy, LLC
	255.	OHI Asset (TX) Winnsboro, LLC
	256.	OHI Asset (TX), LLC
	257.	OHI Asset (UT) Ogden, LLC
	258.	OHI Asset (UT) Provo, LLC
	259.	OHI Asset (UT) Roy, LLC
	260.	OHI Asset (VA) Charlottesville, LLC
	261.	OHI Asset (VA) Farmville, LLC
	262.	OHI Asset (VA) Hillsville, LLC
	263.	OHI Asset (VA) Rocky Mount, LLC
	264.	OHI Asset (WA) Battle Ground, LLC
	265.	OHI Asset (WV) Danville, LLC
	266.	OHI Asset (WV) Ivydale, LLC
	267.	OHI Asset CHG ALF, LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 6

    	 

    

 

	268.	OHI Asset CSB LLC
	269.	OHI Asset CSE – E, LLC
	270.	OHI Asset CSE – U, LLC
	271.	OHI Asset CSE–E Subsidiary, LLC
	272.	OHI Asset CSE–U Subsidiary, LLC
	273.	OHI Asset HUD CFG, LLC
	274.	OHI Asset HUD Delta, LLC
	275.	OHI Asset HUD SF CA, LLC
	276.	OHI Asset HUD SF, LLC
	277.	OHI Asset HUD WO, LLC
	278.	OHI Asset II (CA), LLC
	279.	OHI Asset II (FL), LLC
	280.	OHI Asset II (PA), LP
	281.	OHI Asset III (PA), LP
	282.	OHI Asset IV (PA) Silver Lake Trust
	283.	OHI Asset Management, LLC
	284.	OHI Asset RO PMM Services, LLC
	285.	OHI Asset RO, LLC
	286.	OHI Asset, LLC
	287.	OHI Healthcare Properties Holdco, Inc.
	288.	OHI Healthcare Properties Limited Partnership
	289.	OHI Mezz Lender, LLC
	290.	OHI Tennessee, LLC (f/k/a OHI Tennessee, Inc.)
	291.	OHIMA, LLC (f/k/a OHIMA, Inc.)
	292.	Omega TRS I, Inc.
	293.	Orange Village Care Center, LLC (f/k/a Orange Village Care Center, Inc.)
	294.	Panama City Nursing Center LLC
	295.	Pavillion North Partners, LLC
	296.	Pavillion North, LLP
	297.	Pavillion Nursing Center North, LLC
	298.	Pensacola Real Estate Holdings I, LLC (f/k/a Pensacola Real Estate Holdings I, Inc.)
	299.	Pensacola Real Estate Holdings II, LLC (f/k/a Pensacola Real Estate Holdings II, Inc.)
	300.	Pensacola Real Estate Holdings III, LLC (f/k/a Pensacola Real Estate Holdings III, Inc.)
	301.	Pensacola Real Estate Holdings IV, LLC (f/k/a Pensacola Real Estate Holdings IV, Inc.)
	302.	Pensacola Real Estate Holdings V, LLC (f/k/a Pensacola Real Estate Holdings V, Inc.)
	303.	PV Realty–Willow Tree, LLC
	304.	Skyler Boyington, LLC (f/k/a Skyler Boyington, Inc.)
	305.	Skyler Florida, LLC (f/k/a Skyler Florida, Inc.)
	306.	Skyler Maitland LLC
	307.	Skyler Pensacola, LLC (f/k/a Skyler Pensacola, Inc.)

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes]

 

    	Schedule I Page 7

    	 

    

 

	308.	St. Mary’s Properties, LLC (f/k/a St. Mary’s Properties, Inc.)
	309.	Sterling Acquisition, LLC
	310.	Suwanee, LLC
	311.	Texas Lessor – Stonegate GP, LLC
	312.	Texas Lessor – Stonegate, Limited, LLC
	313.	Texas Lessor – Stonegate, LP
	314.	The Suburban Pavilion, LLC (f/k/a The Suburban Pavilion, Inc.)
	315.	Washington Lessor – Silverdale, LLC
	316.	Wilcare, LLC

 

[Schedule I – 4th Supplemental
Indenture – 2025 Notes] 

 

    	Schedule I Page 8

    	 

    

 

Schedule II

 

NEW SUBSIDIARIES

 

	1.	446 Sycamore Road, L.L.C.
	2.	Alamogordo Aviv, L.L.C.
	3.	Albany Street Property, L.L.C.
	4.	Arkansas Aviv, L.L.C.
	5.	Arma Yates, L.L.C.
	6.	Avery Street Property, L.L.C
	7.	Aviv Asset Management, L.L.C.
	8.	Aviv Financing I, L.L.C.
	9.	Aviv Financing II, L.L.C.
	10.	Aviv Financing III, L.L.C.
	11.	Aviv Financing IV, L.L.C.
	12.	Aviv Financing V, L.L.C.
	13.	Aviv Foothills, L.L.C.
	14.	Aviv Healthcare Capital Corporation
	15.	Aviv Healthcare Properties Operating Partnership I, L.P.
	16.	Aviv Liberty, L.L.C.
	17.	Avon Ohio, L.L.C.
	18.	Belleville Illinois, L.L.C.
	19.	Bellingham II Associates, L.L.C.
	20.	Bethel ALF Property, L.L.C.
	21.	BHG Aviv, L.L.C.
	22.	Biglerville Road, L.L.C.
	23.	Bonham Texas, L.L.C.
	24.	Bradenton ALF Property, L.L.C.
	25.	Burton NH Property, L.L.C.
	26.	California Aviv Two, L.L.C.
	27.	California Aviv, L.L.C.
	28.	Camas Associates, L.L.C.
	29.	Casa/Sierra California Associates, L.L.C.
	30.	Champaign Williamson Franklin, L.L.C.
	31.	Chardon Ohio Property Holdings, L.L.C.
	32.	Chardon Ohio Property, L.L.C.
	33.	Chatham Aviv, L.L.C.
	34.	Chippewa Valley, L.L.C.
	35.	Clarkston Care, L.L.C.
	36.	Clayton Associates, L.L.C.
	37.	Colonial Madison Associates, L.L.C.
	38.	Columbus Texas Aviv, L.L.C.
	39.	Columbus Western Avenue, L.L.C.
	40.	Colville Washington Property, L.L.C.
	41.	Commerce Nursing Homes, L.L.C.
	42.	Commerce Sterling Hart Drive, L.L.C.

 

[Schedule II – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	43.	Conroe Rigby Owen Road, L.L.C.
	44.	CR Aviv, L.L.C.
	45.	Crete Plus Five Property, L.L.C.
	46.	Crooked River Road, L.L.C.
	47.	Cuyahoga Falls Property, L.L.C.
	48.	Dallas Two Property, L.L.C.
	49.	Danbury ALF Property, L.L.C.
	50.	Darien ALF Property, L.L.C.
	51.	Denison Texas, L.L.C.
	52.	East Rollins Street, L.L.C.
	53.	Edgewood Drive Property, L.L.C.
	54.	Effingham Associates, L.L.C.
	55.	Elite Mattoon, L.L.C.
	56.	Elite Yorkville, L.L.C.
	57.	Falcon Four Property Holding, L.L.C.
	58.	Falcon Four Property, L.L.C.
	59.	Falfurrias Texas, L.L.C.
	60.	Florida ALF Properties, L.L.C.
	61.	Florida Four Properties, L.L.C.
	62.	Fort Stockton Property, L.L.C.
	63.	Four Fountains Aviv, L.L.C.
	64.	Fredericksburg South Adams Street, L.L.C.
	65.	Freewater Oregon, L.L.C.
	66.	Fullerton California, L.L.C.
	67.	Gardnerville Property, L.L.C.
	68.	Germantown Property, L.L.C.
	69.	Giltex Care, L.L.C.
	70.	Glendale NH Property, L.L.C.
	71.	Gonzales Texas Property, L.L.C.
	72.	Great Bend Property, L.L.C.
	73.	Greenville Kentucky Property, L.L.C.
	74.	Heritage Monterey Associates, L.L.C.
	75.	HHM Aviv, L.L.C.
	76.	Hidden Acres Property, L.L.C.
	77.	Highland Leasehold, L.L.C.
	78.	Hobbs Associates, L.L.C.
	79.	Hot Springs Aviv, L.L.C.
	80.	Houston Texas Aviv, L.L.C.
	81.	Hutchinson Kansas, L.L.C.
	82.	Idaho Associates, L.L.C.
	83.	Illinois Missouri Properties, L.L.C.
	84.	Iowa Lincoln County Property, L.L.C.
	85.	Jasper Springhill Street, L.L.C.
	86.	Kansas Five Property, L.L.C.
	87.	Karan Associates Two, L.L.C.
	88.	Karan Associates, L.L.C.

 

[Schedule II – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	89.	Karissa Court Property, L.L.C.
	90.	KB Northwest Associates, L.L.C.
	91.	Kentucky NH Properties, L.L.C.
	92.	Kingsville Texas, L.L.C.
	93.	Louisville Dutchmans Property, L.L.C.
	94.	Magnolia Drive Property, L.L.C.
	95.	Manor Associates, L.L.C.
	96.	Mansfield Aviv, L.L.C.
	97.	Massachusetts Nursing Homes, L.L.C.
	98.	McCarthy Street Property, L.L.C.
	99.	Minnesota Associates, L.L.C.
	100.	Mishawaka Property, L.L.C.
	101.	Missouri Associates, L.L.C.
	102.	Missouri Regency Associates, L.L.C.
	103.	Montana Associates, L.L.C.
	104.	Monterey Park Leasehold Mortgage, L.L.C.
	105.	Mount Washington Property, L.L.C.
	106.	Mt. Vernon Texas, L.L.C.
	107.	Murray County, L.L.C.
	108.	Muscatine Toledo Properties, L.L.C.
	109.	N.M. Bloomfield Three Plus One Limited Company
	110.	N.M. Espanola Three Plus One Limited Company
	111.	N.M. Lordsburg Three Plus One Limited Company
	112.	N.M. Silver City Three Plus One Limited Company
	113.	New Hope Property, L.L.C.
	114.	Newtown ALF Property, L.L.C.
	115.	Nicholasville Kentucky Property, L.L.C.
	116.	North Royalton Ohio Property, L.L.C.
	117.	Norwalk ALF Property, L.L.C.
	118.	Oakland Nursing Homes, L.L.C.
	119.	October Associates, L.L.C.
	120.	Ogden Associates, L.L.C.
	121.	OHI Asset (FL) Lutz, LLC
	122.	Ohio Aviv Three, L.L.C.
	123.	Ohio Aviv Two, L.L.C.
	124.	Ohio Aviv, L.L.C.
	125.	Ohio Indiana Property, L.L.C.
	126.	Ohio Pennsylvania Property, L.L.C.
	127.	Oklahoma Two Property, L.L.C.
	128.	Oklahoma Warr Wind, L.L.C.
	129.	Omaha Associates, L.L.C.
	130.	Orange ALF Property, L.L.C.
	131.	Orange, L.L.C.
	132.	Oregon Associates, L.L.C.
	133.	Oso Avenue Property, L.L.C.
	134.	Ostrom Avenue Property, L.L.C.

 

[Schedule II – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	135.	Peabody Associates Two, L.L.C.
	136.	Peabody Associates, L.L.C.
	137.	Pennington Road Property, L.L.C.
	138.	Pocatello Idaho Property, L.L.C.
	139.	Pomona Vista L.L.C.
	140.	Prescott Arkansas, L.L.C.
	141.	Raton Property Limited Company
	142.	Ravenna Ohio Property, L.L.C.
	143.	Red Rocks, L.L.C.
	144.	Richland Washington, L.L.C.
	145.	Riverside Nursing Home Associates Two, L.L.C.
	146.	Riverside Nursing Home Associates, L.L.C.
	147.	Rockingham Drive Property, L.L.C.
	148.	Rose Baldwin Park Property L.L.C.
	149.	S.C. Portfolio Property, L.L.C.
	150.	Salem Associates, L.L.C.
	151.	San Juan NH Property, LLC
	152.	Sandalwood Arkansas Property, L.L.C.
	153.	Santa Ana-Bartlett, L.L.C.
	154.	Santa Fe Missouri Associates, L.L.C.
	155.	Savoy/Bonham Venture, L.L.C.
	156.	Searcy Aviv, L.L.C.
	157.	Sedgwick Properties, L.L.C.
	158.	Seguin Texas Property, L.L.C.
	159.	Sierra Ponds Property, L.L.C.
	160.	Skyview Associates, L.L.C.
	161.	Southeast Missouri Property, L.L.C.
	162.	Southern California Nevada, L.L.C.
	163.	St. Joseph Missouri Property, L.L.C.
	164.	Star City Arkansas, L.L.C.
	165.	Stephenville Texas Property, L.L.C.
	166.	Stevens Avenue Property, L.L.C.
	167.	Sun-Mesa Properties, L.L.C.
	168.	Texas Fifteen Property, L.L.C.
	169.	Texas Four Property, L.L.C.
	170.	Texhoma Avenue Property, L.L.C.
	171.	Tujunga, L.L.C.
	172.	Tulare County Property, L.L.C.
	173.	VRB Aviv, L.L.C.
	174.	Washington Idaho Property, L.L.C.
	175.	Washington-Oregon Associates, L.L.C.
	176.	Watauga Associates, L.L.C.
	177.	Wellington Leasehold, L.L.C.
	178.	West Pearl Street, L.L.C.
	179.	West Yarmouth Property I, L.L.C.
	180.	Wheeler Healthcare Associates, L.L.C.

 

[Schedule II – 4th Supplemental
Indenture – 2025 Notes]

 

    	 

    	 

    

 

	181.	Whitlock Street Property, L.L.C.
	182.	Willis Texas Aviv, L.L.C.
	183.	Yuba Aviv, L.L.C.

 

[Schedule II – 4th Supplemental
Indenture – 2025 Notes]

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