Document:

Exhibit 10.2

    
      

    

    Exhibit
      10.2

    

     

    [Published
      CUSIP Number: ________________]

     

    

    AMENDED
      AND RESTATED CREDIT AGREEMENT

    

    Dated
      as
      of August 23, 2005

    

    among

    

    CNL
      RETIREMENT PARTNERS, LP

    as
      Borrower,

    

    CNL
      RETIREMENT GP CORP., CNL RETIREMENT LP CORP., 

    CNL
      RETIREMENT PROPERTIES, INC., 

    and
      each
      of the other Guarantors, defined herein, 

    as
      Guarantors

    

    

    

    BANK
      OF AMERICA, N.A.,

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

    

    

    

    JPMORGAN
      CHASE BANK, N.A

    and

    GENERAL
      ELECTRIC CAPITAL CORPORATION

    as
      Co-Syndication Agents

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION

    and

    KEY
      BANK NATIONAL ASSOCIATION

    as
      Co-Documentation Agents

    

    and

    

    The
      Other
      Lenders Party Hereto

    

    

    BANC
      OF AMERICA SECURITIES LLC,

    as

    Sole
      Lead
      Arranger and Sole Book Manager

    

    

    
      
        
          CHAR1\822245v13

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

    
      	
              Section

            	
              Page

            
	 	 	 
	
              ARTICLE
                I DEFINITIONS AND ACCOUNTING TERMS

            	
              1

            
	
              1.01

            	
              Defined
                Terms

            	
              1

            
	
              1.02

            	
              Other
                Interpretive Provisions

            	
              26

            
	
              1.03

            	
              Accounting
                Terms

            	
              27

            
	
              1.04

            	
              Rounding

            	
              28

            
	
              1.05

            	
              Times
                of Day

            	
              28

            
	
              1.06

            	
              Letter
                of Credit Amounts

            	
              28

            
	 	 	 
	
              ARTICLE
                II THE COMMITMENTS AND CREDIT EXTENSIONS

            	
              28

            
	
              2.01

            	
              Committed
                Loans

            	
              28

            
	
              2.02

            	
              Borrowings,
                Conversions and Continuations of Committed Loans

            	
              29

            
	
              2.03

            	
              Letters
                of Credit

            	
              30

            
	
              2.04

            	
              Swing
                Line Loans

            	
              38

            
	
              2.05

            	
              Prepayments

            	
              41

            
	
              2.06

            	
              Termination
                or Reduction of Commitments

            	
              42

            
	
              2.07

            	
              Repayment
                of Loans

            	
              43

            
	
              2.08

            	
              Interest

            	
              43

            
	
              2.09

            	
              Fees

            	
              44

            
	
              2.10

            	
              Computation
                of Interest and Fees

            	
              44

            
	
              2.11

            	
              Evidence
                of Debt

            	
              45

            
	
              2.12

            	
              Payments
                Generally; Administrative Agent’s Clawback

            	
              45

            
	
              2.13

            	
              Sharing
                of Payments by Lenders

            	
              47

            
	
              2.14

            	
              Extension
                of Maturity Date

            	
              48

            
	
              2.15

            	
              Increase
                in Commitments

            	
              48

            
	 	 	 
	
              ARTICLE
                III TAXES, YIELD PROTECTION AND ILLEGALITY

            	
              50

            
	
              3.01

            	
              Taxes

            	
              50

            
	
              3.02

            	
              Illegality

            	
              52

            
	
              3.03

            	
              Inability
                to Determine Rates

            	
              52

            
	
              3.04

            	
              Increased
                Costs; Reserves on Eurodollar Rate Loans

            	
              53

            
	
              3.05

            	
              Compensation
                for Losses

            	
              54

            
	
              3.06

            	
              Mitigation
                Obligations; Replacement of Lenders

            	
              55

            
	
              3.07

            	
              Survival

            	
              55

            
	 	 	 
	
              ARTICLE
                IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

            	
              55

            
	
              4.01

            	
              Conditions
                of Initial Credit Extension

            	
              55

            
	
              4.02

            	
              Conditions
                to all Credit Extensions

            	
              60

            
	 	 	 
	
              ARTICLE
                V REPRESENTATIONS AND WARRANTIES

            	
              61

            
	
              5.01

            	
              Existence,
                Qualification and Power; Compliance with Laws

            	
              61

            
	
              5.02

            	
              Authorization;
                No Contravention

            	
              61

            
	
              5.03

            	
              Governmental
                Authorization; Other Consents

            	
              61

            
	
              5.04

            	
              Binding
                Effect

            	
              61

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              5.05

            	
              Financial
                Statements; No Material Adverse Effect; No Internal Control
                Event

            	
              62

            
	
              5.06

            	
              Litigation

            	
              62

            
	
              5.07

            	
              No
                Default

            	
              62

            
	
              5.08

            	
              Ownership
                of Property; Liens

            	
              63

            
	
              5.09

            	
              Environmental
                Compliance

            	
              63

            
	
              5.10

            	
              Taxes

            	
              64

            
	
              5.11

            	
              ERISA
                Compliance

            	
              64

            
	
              5.12

            	
              Margin
                Regulations; Investment Company Act; Public Utility Holding Company
                Act

            	
              65

            
	
              5.13

            	
              Disclosure

            	
              65

            
	
              5.14

            	
              Compliance
                with Laws

            	
              66

            
	
              5.15

            	
              Borrowing
                Base Assets; Leases and Tenants

            	
              66

            
	
              5.16

            	
              Material
                Contracts

            	
              67  
                

            
	
              5.17

            	
              Status
                of Loan Parties

            	
              67

            
	 	 	 
	
              ARTICLE
                VI AFFIRMATIVE COVENANTS

            	
              67

            
	
              6.01

            	
              Financial
                Statements

            	
              67

            
	
              6.02

            	
              Certificates;
                Other Information

            	
              69

            
	
              6.03

            	
              Notices

            	
              71

            
	
              6.04

            	
              Payment
                of Obligations

            	
              71

            
	
              6.05

            	
              Preservation
                of Existence, Etc.

            	
              72

            
	
              6.06

            	
              Maintenance
                of Properties

            	
              72

            
	
              6.07

            	
              Maintenance
                of Insurance

            	
              72

            
	
              6.08

            	
              Compliance
                with Laws

            	
              73

            
	
              6.09

            	
              Books
                and Records

            	
              73

            
	
              6.10

            	
              Inspection
                Rights

            	
              73

            
	
              6.11

            	
              Use
                of Proceeds

            	
              73

            
	
              6.12

            	
              Distributions
                of Income to the Borrower

            	
              73

            
	
              6.13

            	
              REIT
                Status

            	
              74

            
	
              6.14

            	
              New
                Subsidiaries

            	
              74

            
	
              6.15

            	
              Pledged
                Assets

            	
              74

            
	
              6.16

            	
              Financial
                Covenants

            	
              75

            
	 	 	 
	
              ARTICLE
                VII NEGATIVE COVENANTS

            	
              76

            
	
              7.01

            	
              Liens

            	
              76

            
	
              7.02

            	
              Indebtedness

            	
              77

            
	
              7.03

            	
              Fundamental
                Changes

            	
              77

            
	
              7.04

            	
              Dispositions

            	
              78

            
	
              7.05

            	
              Change
                in Nature of Business

            	
              78

            
	
              7.06

            	
              Transactions
                with Affiliates

            	
              78

            
	
              7.07

            	
              Burdensome
                Agreements

            	
              78

            
	
              7.08

            	
              Modifications
                to Material Contracts

            	
              79

            
	
              7.09

            	
              Ownership
                of Subsidiaries

            	
              79

            
	
              7.10

            	
              Use
                of Proceeds

            	
              79

            
	
              7.11

            	
              Addition/Replacement
                of Borrowing Base Assets

            	
              80

            
	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              ARTICLE
                VIII EVENTS OF DEFAULT AND REMEDIES

            	
              80

            
	
              8.01

            	
              Events
                of Default

            	
              80

            
	
              8.02

            	
              Remedies
                Upon Event of Default

            	
              83

            
	
              8.03

            	
              Application
                of Funds

            	
              83

            
	 	 	 
	
              ARTICLE
                IX ADMINISTRATIVE AGENT

            	
              84

            
	 	 	 
	
              9.01

            	
              Appointment
                and Authority

            	
              84

            
	
              9.02

            	
              Rights
                as a Lender

            	
              85

            
	
              9.03

            	
              Exculpatory
                Provisions

            	
              85

            
	
              9.04

            	
              Reliance
                by Administrative Agent

            	
              86

            
	
              9.05

            	
              Delegation
                of Duties

            	
              86

            
	
              9.06

            	
              Resignation
                of Administrative Agent

            	
              86

            
	
              9.07

            	
              Non-Reliance
                on Administrative Agent and Other Lenders

            	
              87

            
	
              9.08

            	
              No
                Other Duties, Etc.

            	
              88

            
	
              9.09

            	
              Administrative
                Agent May File Proofs of Claim

            	
              88

            
	
              9.10

            	
              Collateral
                and Guaranty Matters

            	
              89

            
	 	 	 
	
              ARTICLE
                X MISCELLANEOUS

            	
              89

            
	
              10.01

            	
              Amendments,
                Etc.

            	
              89

            
	
              10.02

            	
              Notices;
                Effectiveness; Electronic Communication

            	
              90

            
	
              10.03

            	
              No
                Waiver; Cumulative Remedies

            	
              92

            
	
              10.04

            	
              Expenses;
                Indemnity; Damage Waiver

            	
              93

            
	
              10.05

            	
              Payments
                Set Aside

            	
              94

            
	
              10.06

            	
              Successors
                and Assigns

            	
              95

            
	
              10.07

            	
              Treatment
                of Certain Information; Confidentiality

            	
              99

            
	
              10.08

            	
              Right
                of Setoff

            	
              100

            
	
              10.09

            	
              Interest
                Rate Limitation

            	
              100

            
	
              10.10

            	
              Counterparts;
                Integration; Effectiveness

            	
              101

            
	
              10.11

            	
              Survival
                of Representations and Warranties

            	
              101

            
	
              10.12

            	
              Severability

            	
              101

            
	
              10.13

            	
              Replacement
                of Lenders

            	
              102

            
	
              10.14

            	
              Governing
                Law; Jurisdiction; Etc.

            	
              102

            
	
              10.15

            	
              Waiver
                of Jury Trial

            	
              103

            
	
              10.16

            	
              USA
                PATRIOT Act Notice

            	
              104

            
	 	 	 
	
              ARTICLE
                XI GUARANTY

            	
              104

            
	
              11.01

            	
              The
                Guaranty

            	
              104

            
	
              11.02

            	
              Obligations
                Unconditional

            	
              104

            
	
              11.03

            	
              Reinstatement

            	
              106

            
	
              11.04

            	
              Certain
                Additional Waivers

            	
              106

            
	
              11.05

            	
              Remedies

            	
              106

            
	
              11.06

            	
              Rights
                of Contribution

            	
              106

            
	
              11.07

            	
              Guarantee
                of Payment; Continuing Guarantee

            	
              107

            

    

     

    

    

     

    
      
        
          CHAR1\822245v13

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    
      	
              SCHEDULES

            	 
	 	 	 
	
              1.01

            	
              Pooling
                Agreements

            	 
	
              2.01

            	
              Commitments
                and Applicable Percentages

            	 
	
              5.15

            	
              Borrowing
                Base Assets

            	 
	 	
              Part
                I - Ownership, Addresses, Tenants, Operators

            	 
	 	
              Part
                II - Delinquencies in Taxes or Subject of Debtor Relief
                Laws

            	 
	 	
              Part
                III - Facility Leases, Tenants and Remaining Term

            	 
	 	
              Part
                IV - Subleases, Tenants and Remaining Term

            	 
	
              5.16

            	
              Material
                Contracts

            	 
	
              7.01

            	
              Existing
                Liens

            	 
	
              7.02

            	
              Existing
                Indebtedness

            	 
	
              10.02

            	
              Administrative
                Agent’s Office; Certain Addresses for Notices

            	 
	
              10.06

            	
              Processing
                and Recordation Fees

            	 
	 	 	 

    

    

    
      	
              EXHIBITS

            	 
	 	 	 
	 	
              Form
                of

            	 
	 	 	 
	
              A

            	
              Committed
                Loan Notice

            	 
	
              B

            	
              Swing
                Line Loan Notice

            	 
	
              C

            	
              Note

            	 
	
              D

            	
              Compliance
                Certificate

            	 
	
              E

            	
              Assignment
                and Assumption

            	 
	
              F

            	
              Pledge
                Agreement

            	 
	
              G

            	
              Security
                Agreement

            	 
	
              H

            	
              Borrowing
                Base Certificate

            	 
	
              I

            	
              Prime
                Care Lease

            	 
	
              J

            	
              Joinder
                Agreement

            	 
	 	 	 

    

    

    

    

    

    

    

    

    
      
        
           

          CHAR1\822245v13

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    EXECUTION
      COPY

    AMENDED
      AND RESTATED CREDIT AGREEMENT

     

    This
      AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”)
      is
      entered into as of August 23,
      2005, among
      CNL
      RETIREMENT PARTNERS, LP, a limited partnership formed under the laws of the
      State of Delaware (the “Borrower”),
      CNL
      RETIREMENT GP CORP., a Delaware corporation (the “GP”),
      CNL
      RETIREMENT LP CORP. a Delaware corporation (the “LP”);
      (collectively, GP and LP shall be referred to as the “Parents”),
      CNL
      RETIREMENT PROPERTIES, INC. a Maryland corporation (“CNL
      RPI”)
      and
      the other Guarantors existing as of the date hereof, as defined herein, each
      lender from time to time party hereto (collectively, the “Lenders”
      and
      individually, a “Lender”),
      and
      BANK OF AMERICA, N.A.,
      as
      Administrative Agent, Swing Line Lender and L/C Issuer, JPMORGAN CHASE BANK,
      N.A
      and GENERAL
      ELECTRIC CAPITAL CORPORATION, as
      Co-Syndication Agents and WACHOVIA
      BANK, NATIONAL ASSOCIATION and
      KEY
      BANK NATIONAL ASSOCIATION, as Co-Documentation Agents.

     

    WHEREAS,
      the
      Borrower, the Parents, CNL RPI and certain subsidiaries of the Borrower as
      guarantors (the “Subsidiary
      Guarantors”)
      are
      party to that certain Credit Agreement dated as of March 17, 2003 (as amended
      from time to time through the date hereof, the “Existing
      Credit Agreement”)
      among
      the Borrower, the Parents, CNL RPI and the Subsidiary Guarantors, the lenders
      party thereto, Bank of America, N.A., as Administrative Agent; 

     

    WHEREAS,
      the
      parties to the Existing Credit Agreement have agreed to amend the Existing
      Credit Agreement and for ease of reference have agreed to amend and restate
      the
      Existing Credit Agreement in this Agreement; and 

     

    WHEREAS,
      the
      Borrower, the Parents, CNL RPI and the Subsidiary Guarantors have requested
      a
      revolving credit facility in an aggregate amount of $320,000,000 and the Lenders
      are willing to do so on the terms and conditions set forth herein.

    

    In
      consideration of the mutual covenants and agreements herein contained, the
      parties hereto covenant and agree as follows:

    

    ARTICLE
      I

    DEFINITIONS
      AND ACCOUNTING TERMS

    

    
      	
               

            	
              1.01

            	
              Defined
                Terms.

            

    

    

    As
      used
      in this Agreement, the following terms shall have the meanings set forth
      below:

    

    “Administrative
      Agent”
      means
      Bank of America in its capacity as administrative agent under any of the Loan
      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 to the Borrower and the Lenders.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    “Advisor
      Group”
      means
      CNL Retirement Corp., or its successors.

    

    “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.

    

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

    

    “Agreement”
      means
      this Credit Agreement.

    

    “Applicable
      Percentage”
      means
      with respect to any Lender at any time, the percentage (carried out to the
      ninth
      decimal place) of the Aggregate Commitments represented by such Lender’s
      Commitment at such time. If the commitment of each Lender to make 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 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. 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, as applicable.

    

    “Applicable
      Rate”
      means
      each of the following percentages per annum, as applicable, based upon the
      Consolidated Leverage Ratio as set forth in the most recent Compliance
      Certificate received by the Administrative Agent pursuant to Section 6.02(a):

    

    
      	
               

              Pricing
                Level

            	
               

              Consolidated
                Leverage Ratio

            	
               

              Eurodollar
                Rate Loans

            	
               

              Base
                Rate Loans

            	
               

              Letter
                of Credit Fees

            
	
              1

            	
              <
                0.35 to 1.0

            	
              1.25%

            	
              0.25%

            	
              1.25%

            
	
              2

            	
              >
                0.35 to 1.0 but <
                0.40 to 1.0

            	
              1.50%

            	
              0.50%

            	
              1.50%

            
	
              3

            	
              >
                0.40 to 1.0 but <
                0.45 to 1.0

            	
              1.70%

            	
              0.70%

            	
              1.70%

            
	
              4

            	
              >
                0.45 to 1.0 but <
                0.55 to 1.0

            	
              1.85%

            	
              0.85%

            	
              1.85%

            
	
              5

            	
              >
                0.55 to 1.0

            	
              2.00%

            	
              1.00%

            	
              2.00%

            

    

    

    Any
      increase or decrease in the Applicable Rates resulting from a change in the
      Consolidated Leverage Ratio shall become effective as of the first Business
      Day
      immediately following the date a Compliance Certificate is delivered pursuant
      to
Section 6.02(a);
      provided,
      however,
      that if
      a Compliance Certificate is not delivered when due in accordance with such
      Section, then Pricing Level 5 shall apply as of the first Business Day after
      the
      date on which such Compliance Certificate was required to have been delivered
      until the first Business Day after the date on which such Compliance Certificate
      is delivered. The Applicable Rates in effect from the Closing Date through
      the
      date that the Borrower delivers the Compliance Certificate for the fiscal
      quarter ending September 30, 2005 shall be determined based upon Pricing Level
      2.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “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
      Banc of America Securities LLC, in its capacity as sole lead arranger and sole
      book manager.

    

    “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 10.06(b),
      and
      accepted by the Administrative Agent, in substantially the form of Exhibit E
      or any
      other form approved by the Administrative Agent.

    

    “Assignment
      of Leases”
      means
      an assignment of leases, rents and/or profits to the Administrative Agent with
      respect to the applicable Loan Party’s interests in any Borrowing Base Asset
      (which assignment may be contained within the related Mortgage Instrument);
      provided that each such Assignment of Leases shall, subject to the terms of
      the
      applicable underlying lease, directly assign to the Administrative Agent the
      following: (a) all existing and future leases, subleases, tenancies, licenses,
      occupancy agreements or agreements to lease all or any portion of the Borrowing
      Base Assets (or the real property which is the subject of such Borrowing Base
      Assets), whether written or oral or for a definite period or month-to-month
      (including, without limitation, the Prime Care Lease), together with any
      extensions, renewals, amendments, modifications or replacements thereof, and
      any
      options, rights of first refusal or guarantees of any tenant's obligations
      under
      any lease now or hereafter in effect with respect to the Borrowing Base Assets
      (individually, for the purposes of this definition, a “Lease”
      and
      collectively, the “Leases”);
      and
      (b) all rents (including, without limitation, base rents, minimum rents,
      additional rents, percentage rents, parking, maintenance and deficiency rents
      and payments which are characterized under the terms of the applicable Lease
      as
      payments of interest and/or principal with respect to the Borrowing Base
      Assets), security deposits, tenant escrows, income, receipts, revenues,
      reserves, issues and profits of the Borrowing Base Assets from time to time
      accruing, including, without limitation, (i) all rights to receive payments
      arising under, derived from or relating to any Lease, (ii) all lump sum payments
      for the cancellation or termination of any Lease, the waiver of any term
      thereof, or the exercise of any right of first refusal, call option, put option
      or option to purchase, and (iii) the return of any insurance premiums or ad
      valorem tax payments made in advance and subsequently refunded. Such Assignments
      of Leases, when considered collectively with the Assignments of Assignments
      of
      Leases, if any, shall assign to the Administrative Agent any and all of the
      applicable Loan Party’s rights to collect or receive any payments with respect
      to the Borrowing Base Asset; and “Assignments
      of Leases”
      means a
      collective reference to each such Assignment of Leases. Each Assignment of
      Leases shall be in form and substance satisfactory to the Administrative Agent
      and suitable for recording in the applicable jurisdiction.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Attributable
      Indebtedness”
      means,
      on any date, (a) in respect of any capital lease of any Person, the
      capitalized amount thereof that would appear on a balance sheet as Indebtedness
      of such Person prepared as of such date in accordance with GAAP, and (b) in
      respect of any Synthetic Lease Obligation, the capitalized amount of the
      remaining lease payments under the relevant lease that would appear on a balance
      sheet as Indebtedness of such Person prepared as of such date in accordance
      with
      GAAP if such lease were accounted for as a capital lease.

    

    “Audited
      Financial Statements”
      means
      the audited consolidated balance sheet of CNL RPI and its Subsidiaries for
      the
      fiscal year ended December 31, 2004, and the related consolidated
      statements of income or operations, shareholders’ equity and cash flows for such
      fiscal year of CNL RPI and its Subsidiaries, including the notes
      thereto.

    

    “Availability
      Period”
      means
      the period from and including the Closing Date to the earliest of (a) the
      Maturity Date, (b) the date of termination of the Aggregate Commitments
      pursuant to Section 2.06,
      and
      (c) the date of termination of the commitment of each Lender to make
      Loans
      and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant
      to Section 8.02.

    

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

    

    “Base
      Rate”
      means
      for any day a fluctuating rate per annum equal to the higher of (a) the
      Federal Funds Rate plus 1/2 of 1% and (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.” 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 such rate 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 Committed Loan”
      means a
      Committed Loan that is a Base Rate Loan.

    

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

    

    “Borrower”
      has the
      meaning specified in the introductory paragraph hereto.

    

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

    

    “Borrowing”
      means a
      Committed Borrowing or a Swing Line Borrowing, as the context may
      require.

    

    “Borrowing
      Base Amount”
      means
      for any date, an amount equal to the lesser of: (i) sixty-five percent (65%)
      of
      the aggregate Total Collateral Value of the Borrowing Base Assets and (ii)
      the
      aggregate Mortgageability Amount of the Borrowing Base Assets.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Borrowing
      Base Asset”
      means a
      Real Property Asset which satisfies all of the following requirements: (a)
      such
      Real Property Asset is owned solely by a Subsidiary Guarantor (and with respect
      to the Prime Care Properties, such Loan Party is the holder of a Lien granted
      pursuant to a Precautionary Mortgage); (b) the Administrative Agent, on behalf
      of the Lenders, shall have received each of the items set forth in Section
      4.01(d)
      and
(e)
      hereof;
      (c) such Real Property Asset (and in the case of the Prime Care Lease, each
      real
      property asset which is the subject of the Prime Care Lease) is not subject
      to
      any Lien (other than a Permitted Lien) or any Negative Pledge; (d) such Real
      Property Asset (and in the case of the Prime Care Lease, each real property
      asset which is the subject of the Prime Care Lease) is free of all mechanical
      and structural defects (as evidenced by third party reports acceptable to the
      Administrative Agent), environmental conditions (as evidenced by environmental
      reports acceptable to Administrative Agent) or other adverse matters except
      for
      defects, conditions or matters individually or collectively which are not
      material to the profitable operation of such Real Property Asset (and in the
      case of the Prime Care Lease, each real property asset which is the subject
      of
      the Prime Care Lease); (e) such Real Property Asset (and in the case of the
      Prime Care Lease, each real property asset which is the subject of the Prime
      Care Lease) has been fully developed for use as a medical office building,
      skilled nursing home center, domestic assisted living facility, independent
      living facility, Alzheimer's care facility or other healthcare facility type
      mutually agreed upon by the Borrower and the Required Lenders; (f) such Real
      Property Asset (and in the case of the Prime Care Lease, each real property
      asset which is the subject of the Prime Care Lease) is leased to a third party
      tenant acceptable to the Administrative Agent pursuant to a Facility Lease
      acceptable to the Administrative Agent and operated by a third party operator
      acceptable to the Administrative Agent pursuant to an Operating Agreement
      acceptable to the Administrative Agent and is in operation and such tenant
      or
      third party operator is not the subject of a Debtor Relief Laws; (g) any
      required payments of real property taxes and payments of premiums on insurance
      policies with respect to such Real Property Asset is not past due beyond the
      earlier of the applicable grace period with respect thereto, if any, and 60
      days; (h) there shall not have occurred a default under any Material Contract
      applicable to such Borrowing Base Asset (and in the case of the Prime Care
      Lease, applicable to the real property asset which is the subject of the Prime
      Care Lease) other
      than a rental payment default under a Facility Lease to the extent the
      applicable Loan Party has not exercised remedies under such Facility Lease,
      (i)
      no Material Contract applicable to such Borrowing Base Asset (and in the case
      of
      the Prime Care Lease, applicable to the real property asset which is the subject
      of the Prime Care Lease) shall have been terminated without the prior written
      consent of the Required Lenders, (j) no condemnation proceeding shall have
      been
      instituted (and remain
      undismissed for a period of thirty (30) consecutive days)
      or
      condemnation has occurred, in each case, with respect to a material portion
      of
      the Real Property Asset (and in the case of the Prime Care Lease, each real
      property asset which is the subject of the Prime Care Lease) and (k) such Real
      Property Asset (and in the case of the Prime Care Lease, each real property
      asset which is the subject of the Prime Care Lease) shall have had an average
      quarterly Occupancy Rate equal to or greater than seventy percent (70%) as
      of
      the end of the most recently completed fiscal quarter;“Borrowing
      Base Assets”
      means a
      collective reference to all Borrowing Base Assets in existence at any given
      time. 

    

    “Borrowing
      Base Certificate”
      shall
      mean a certificate substantially in the form of Exhibit
      H
      hereto
      delivered to the Administrative Agent setting forth each Real Property Asset
      used in the calculation of the Borrowing Base and certifying
      the Total Collateral Value and Mortgageability Amount of each Borrowing Base
      Asset,
      (b)
      certifying (based upon its own information and the information made available
      to
      the Borrower by the respective operators of the Real Property Assets, which
      information the Borrower believes in good faith to be is true and correct)
      (i)
      as to the calculation of the Borrowing Base Amount as of the date of such
      certificate and (ii) that each Real Property Asset used in the calculation
      of
      the Borrowing Base Amount is a Borrowing Base Asset and (c) providing such
      other
      information with respect to the Real Property Assets and/or the Borrowing Base
      Assets as the Administrative Agent may reasonably require.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “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 Rate Loan, means any such day on which dealings in Dollar deposits
      are conducted by and between banks in the London interbank eurodollar
      market.

    

    "Businesses"
      means,
      at any time, a collective reference to the businesses operated by CNL
      RPI
      and its Subsidiaries at such time.

    

    “Cash
      Collateralize”
      has the
      meaning specified in Section 2.03(g).

    

    “Cash
      Management Agreement”
      means
      any agreement for the deposit, transfer and disbursement of revenues from any
      of
      the Borrowing Base Assets, including without limitation, those certain Cash
      Management and Pooling Agreements dated as of September 30, 2002 by and between,
      among others, various Guarantors (as lessor), Prime Care (as lessee) and
      Marriott Senior Living Services, Inc., a Delaware corporation (as operator)
      as
      assigned, subordinated, amended, modified, renewed, extended, supplemented
      or
      replaced from time to time.

    

    “Change
      in Law”
      means
      the occurrence, after the date of this Agreement, 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 or application thereof by any Governmental
      Authority or (c) the making or issuance of any request, guideline or
      directive (whether or not having the force of law) by any Governmental
      Authority.

    

    “Change
      of Control”
      means
      an event or series of events by which:

    

    (a) except
      for members of the Advisor Group, any “person” or “group” (as such terms are
      used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
      but excluding any employee benefit plan of such person or its subsidiaries,
      and
      any person or entity acting in its capacity as trustee, agent or other fiduciary
      or administrator of any such plan) becomes the “beneficial owner” (as defined in
      Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that
      a
      person or group shall be deemed to have “beneficial ownership” of all securities
      that such person or group has the right to acquire (such right, an “option
      right”),
      whether such right is exercisable immediately or only after the passage of
      time), directly or indirectly, of 25% or more of the equity securities of CNL
      RPI entitled to vote for members of the board of directors or equivalent
      governing body of CNL RPI on a fully-diluted basis (and taking into account
      all
      such securities that such person or group has the right to acquire pursuant
      to
      any option right);

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b) during
      any period of 12 consecutive months, a majority of the members of the board
      of
      directors or other equivalent governing body of CNL RPI cease to be composed
      of
      individuals (i) who were members of that board or equivalent governing
      body
      on the first day of such period, (ii) whose election or nomination to
      that
      board or equivalent governing body was approved by individuals referred to
      in
      clause (i) above constituting at the time of such election or nomination
      at
      least a majority of that board or equivalent governing body or (iii) whose
      election or nomination to that board or other equivalent governing body was
      approved by individuals referred to in clauses (i) and (ii) above
      constituting at the time of such election or nomination at least a majority
      of
      that board or equivalent governing body (excluding, in the case of both
      clause (ii) and clause (iii), any individual whose initial nomination
      for, or assumption of office as, a member of that board or equivalent governing
      body occurs as a result of an actual or threatened solicitation of proxies
      or
      consents for the election or removal of one or more directors by any person
      or
      group other than a solicitation for the election of one or more directors by
      or
      on behalf of the board of directors); or

    

    (c) The
      general partner of the Borrower shall cease to be one of the Parents or a Wholly
      Owned Subsidiary of one of the Parents and a successor shall not have been
      appointed by CNL RPI and approved by the Required Lenders within 90 days
      thereafter.

    

    “Closing
      Date”
      means
      the first date all the conditions precedent in Section 4.01
      are
      satisfied or waived in accordance with Section 10.01.

    

    “CNL
      RPI”
      means
      CNL Retirement Properties, Inc., a Maryland corporation.

    

    “Code”
      means
      the Internal Revenue Code of 1986.

    

    “Collateral” means
      a
      collective reference to all real and personal Property (including without
      limitation, the Borrowing Base Assets) with respect to which Liens in favor
      of
      the Administrative Agent are either executed, identified or purported to be
      granted pursuant to and in accordance with the terms of the Collateral
      Documents.

    

    “Collateral
      Documents” means
      a
      collective reference to the Pledge Agreement, the Security Agreement, the
      Mortgage Instruments, Assignments of Mortgages, Assignments of Leases,
      Assignments of Assignments of Leases, any UCC financing statements securing
      payment hereunder, or any other documents securing the Obligations under this
      Agreement or any other Loan Document. 

    

    “Commitment”
      means,
      as to each Lender, its obligation to (a) make Committed Loans to the
      Borrower pursuant to Section 2.01,
      (b) purchase participations in L/C Obligations, and (c) purchase
      participations in Swing Line Loans, in an aggregate principal amount at any
      one
      time outstanding not to exceed the amount set forth opposite such
      Lender’s
      name on
Schedule 2.01
      or in
      the Assignment and Assumption pursuant to which such Lender becomes a party
      hereto, as applicable, as such amount may be adjusted from time to time in
      accordance with this Agreement.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Committed
      Borrowing”
      means a
      borrowing consisting of simultaneous Committed Loans of the same Type and,
      in
      the case of Eurodollar Rate Loans, having the same Interest Period made by
      each
      of the Lenders pursuant to Section 2.01.

    

    “Committed
      Loan”
      has the
      meaning specified in Section 2.01.

    

    “Committed
      Loan Notice”
      means a
      notice of (a) a Committed Borrowing, (b) a conversion of Committed
      Loans from one Type to the other, or (c) a continuation of Eurodollar
      Rate
      Loans, pursuant to Section 2.02(a),
      which,
      if in writing, shall be substantially in the form of Exhibit A.

    

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

    

    “Consolidated
      EBITDA”
      means,
      for any period, for CNL RPI and its Subsidiaries on a consolidated basis, an
      amount equal to Consolidated Net Income for such period plus
      (a) the following to the extent deducted in calculating such Consolidated
      Net Income: (i) Consolidated Interest Expense for such period,
      (ii) the provision for Federal, state, local and foreign income taxes
      payable by CNL RPI and its Subsidiaries for such period, (iii) depreciation
      and amortization expense and (iv) other non-recurring expenses of CNL
      RPI
      and its Subsidiaries (including losses on early extinguishment of debt and
      asset
      impairment charges) reducing such Consolidated Net Income which do not represent
      a cash item in such period or any future period and minus
      (b) the following to the extent included in calculating such Consolidated
      Net Income: (i) Federal, state, local and foreign income tax credits
      of CNL
      RPI and its Subsidiaries for such period and (ii) minority interest
      in
      accordance with GAAP.

    

    “Consolidated
      Fixed Charge Coverage Ratio”
      means,
      for any period, for CNL RPI and its Subsidiaries on a consolidated basis,
      calculated as of any date of determination for the most recent period of four
      fiscal quarters, the ratio of (a) Consolidated EBITDA for the applicable period
      to (b) the sum of (i) Consolidated Interest Expense for the applicable period
      plus
      (ii) the
      sum of all scheduled principal payments of principal on Consolidated Funded
      Indebtedness plus
      (iii)
      the sum of all preferred stock dividends.

    

    “Consolidated
      Funded Indebtedness”
      means,
      as of any date of determination, for CNL RPI and its Subsidiaries on a
      consolidated basis, the sum of (a) the outstanding principal amount
      of all
      obligations, whether current or long-term, for borrowed money (including
      Obligations hereunder) and all obligations evidenced by bonds, debentures,
      notes, loan agreements or other similar instruments, (b) all purchase
      money
      Indebtedness, (c) all direct obligations arising under letters of credit
      (including standby and commercial), bankers’ acceptances, bank guaranties,
      surety bonds and similar instruments, (d) all obligations in respect
      of the
      deferred purchase price of property or services to
      the
      extent such deferral is considered Indebtedness in accordance with GAAP (other
      than trade accounts payable in the ordinary course of business),
      (e) Attributable Indebtedness in respect of capital leases and Synthetic
      Lease Obligations, (f) without duplication, all Guarantees with respect
      to
      outstanding Indebtedness of the types specified in clauses (a)
      through (e) above of Persons other than CNL RPI or any Subsidiary, and
      (g) all Indebtedness of the types referred to in clauses (a)
      through
      (f) above of any partnership or joint venture (other than a joint venture that
      is itself a corporation or limited liability company) in which CNL RPI or a
      Subsidiary is a general partner or joint venturer, unless such Indebtedness
      is
      expressly made non-recourse to CNL RPI or such Subsidiary.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Consolidated
      Gross Asset Value”
      means,
      for any period, with respect to CNL RPI and its Subsidiaries on a consolidated
      basis, the sum
      of
      (a) the
quotient
      of
      (i)
      annualized prior fiscal quarter Consolidated EBITDA minus
      the
      aggregate amount of Consolidated EBITDA attributable to each Real Property
      Asset
      acquired, sold or otherwise disposed of during such prior fiscal quarter,
divided
      by
      (ii) a
      capitalization rate of 9.0%, plus
      (b) the
      acquisition cost of each Real Property Asset acquired during such prior fiscal
      quarter.

    

    “Consolidated
      Interest Expense”
      means,
      for any period, for CNL RPI and its Subsidiaries on a consolidated basis, the
      sum of (a) all interest, premium payments, debt discount, fees, charges
      and
      related expenses of CNL RPI and its Subsidiaries in connection with borrowed
      money (including capitalized interest) or in connection with the deferred
      purchase price of assets, in each case to the extent treated as interest in
      accordance with GAAP, and (b) the portion of rent expense of CNL RPI
      and
      its Subsidiaries with respect to such period under capital leases that is
      treated as interest in accordance with GAAP.

    

    “Consolidated
      Leverage Ratio”
      means,
      as of any date of determination, the ratio of (a) Consolidated Funded
      Indebtedness as of such date
      to
(b) Consolidated
      Gross Asset Value as of such date.

    

    “Consolidated
      Net Income”
      means,
      for any period, for CNL RPI and its Subsidiaries on a consolidated basis, the
      net income of CNL RPI and its Subsidiaries (excluding extraordinary gains and
      extraordinary losses) for that period.

    

    “Consolidated
      Tangible Net Worth”
      means,
      as of any date of determination, for CNL RPI and its Subsidiaries on a
      consolidated basis, Shareholders’ Equity of CNL RPI and its Subsidiaries on that
      date minus
      the
      Intangible Assets of CNL RPI and its Subsidiaries on that date.

    

    “Consolidated
      Total Assets”
      means,
      at any date, the consolidated assets of CNL RPI and its Subsidiaries at such
      date, as determined in accordance with GAAP.

    

    “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.

    

    “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.

    

    “Credit
      Extension”
      means
      each of the following: (a) a Borrowing and (b) an L/C Credit
      Extension.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Debtor
      Relief Laws”
      means
      the Bankruptcy Code of the United States, 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 or condition that constitutes an Event of Default or that, with the
      giving of any notice, the passage of time, or both, would be an Event of
      Default.

    

    “Default
      Rate”
      means
      (a) when used with respect to Obligations other than Letter of Credit
      Fees,
      an interest rate equal to (i) the Base Rate plus
      (ii) the Applicable Rate, if any, applicable to Base Rate Loans
plus
      (iii) 2% per annum; provided,
      however,
      that
      with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
      rate equal to the interest rate (including any Applicable Rate) otherwise
      applicable to such Loan plus 2% per annum, and (b) when used with respect
      to Letter of Credit Fees, a rate equal to the Applicable Rate plus
      2% per
      annum.

    

    “Defaulting
      Lender”
      means
      any Lender that (a) has failed to fund any portion of the Committed
      Loans,
      participations in L/C Obligations or participations in Swing Line Loans required
      to be funded by it hereunder within one Business Day of the date required to
      be
      funded by it hereunder, (b) has otherwise failed to pay over to the
      Administrative Agent or any other Lender any other amount required to be paid
      by
      it hereunder within one Business Day of the date when due, unless the subject
      of
      a good faith dispute, or (c)  has been deemed insolvent or become the
      subject of a bankruptcy or insolvency proceeding.

    

    “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”
      and
“$”
      mean
      lawful money of the United States.

    

    “Domestic
      Subsidiary”
      means
      any Subsidiary that is organized under the laws of any political subdivision
      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, the L/C Issuer and the Swing Line Lender,
      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 any Loan
      Party or any Affiliate or Subsidiary of CNL RPI.

    

    “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.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Environmental
      Liability”
      means
      any liability, contingent or otherwise (including any liability for damages,
      costs of environmental remediation, fines, penalties or indemnities), of the
      Borrower, any other Loan Party or any of their respective Subsidiaries directly
      or indirectly resulting from or based upon (a) violation of any
      Environmental Law, (b) the generation, use, handling, transportation,
      storage, treatment or disposal of any Hazardous Materials, (c) exposure
      to
      any Hazardous Materials, (d) the release of any Hazardous Materials
      into
      the environment which exceed actionable levels or (e) any contract,
      agreement or other consensual arrangement pursuant to which liability is assumed
      or imposed with respect to any of the foregoing.

    

    “Equity
      Interests”
      means,
      with respect to any Person, all of the shares of capital stock of (or other
      ownership or profit interests in) such Person, all of the warrants, options
      or
      other rights for the purchase or acquisition from such Person of shares of
      capital stock of (or other ownership or profit interests in) such Person, all
      of
      the securities convertible into or exchangeable for shares of capital stock
      of
      (or other ownership or profit interests in) such Person or warrants, rights
      or
      options for the purchase or acquisition from such Person of such shares (or
      such
      other interests), and all of the other ownership or profit interests in such
      Person (including partnership, member or trust interests therein), whether
      voting or nonvoting, and whether or not such shares, warrants, options, rights
      or other interests are outstanding on any date of determination.

    

    “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 Code
      (and
      Sections 414(m) and (o) of the Code for purposes of provisions
      relating to Section 412 of the 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 which constitutes
      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
      Rate”
      means,
      for any Interest Period with respect to a Eurodollar Rate Loan, the rate per
      annum equal to the British Bankers Association LIBOR Rate (“BBA
      LIBOR”),
      as
      published by Reuters (or other commercially available source providing
      quotations of BBA LIBOR as designated by the Administrative Agent from time
      to
      time) at approximately 11:00 a.m., London time, two 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. If such rate is not available at such time for any reason, then the
      “Eurodollar Rate” for such Interest Period shall be the rate per annum
      determined by the Administrative Agent to be the rate at which deposits in
      Dollars for delivery on the first day of such Interest Period in same day funds
      in the approximate amount of the Eurodollar Rate Loan being made, continued
      or
      converted by Bank of America and with a term equivalent to such Interest Period
      would be offered by Bank of America’s London Branch to major banks in the London
      interbank eurodollar market at their request at approximately 11:00 a.m.
      (London time) two Business Days prior to the commencement of such Interest
      Period.

    

    
      
        
        

      

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

    

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

    

    “Excluded
      Taxes”
      means,
      with respect to the Administrative Agent, any Lender, the L/C Issuer or any
      other recipient of any payment to be made by or on account of any obligation
      of
      the Borrower hereunder, (a) taxes imposed on or measured by its overall
      net
      income (however denominated), and franchise taxes imposed on it (in lieu of
      net
      income taxes), by the jurisdiction (or any political subdivision thereof) under
      the laws of which such recipient is organized or in which its principal office
      is located or, in the case of any Lender, in which its applicable Lending Office
      is located, (b) any branch profits taxes imposed by the United States
      or
      any similar tax imposed by any other jurisdiction in which the Borrower is
      located and (c) in the case of a Foreign Lender (other than an assignee
      pursuant to a request by the Borrower under Section 10.13),
      any
      withholding tax that is imposed on amounts payable to such Foreign Lender at
      the
      time such Foreign Lender becomes a party hereto (or designates a new Lending
      Office) or is attributable to such Foreign Lender’s failure or inability (other
      than as a result of a Change in Law) to comply with Section 3.01(e),
      except
      to the extent that such Foreign Lender (or its assignor, if any) was entitled,
      at the time of designation of a new Lending Office (or assignment), to receive
      additional amounts from the Borrower with respect to such withholding tax
      pursuant to Section 3.01(a).

    

    “Existing
      Credit Agreement”
      means
      that certain Credit Agreement dated as of March 17, 2003 among the Borrower,
      CNL
      Retirement GP Corp., CNL Retirement LP Corp., CNL Retirement Properties, Inc.
      and the other Guarantors party thereto, Bank of America, N.A. as Administrative
      Agent, Banc of America Securities LLC, as Sole Lead Arranger and Book Manager
      and each of the financial institutions party thereto.

    

    “Facility
      Lease”
      means,
      with respect to each Real Property Asset which is a Borrowing Base Asset, a
      lease (including, without limitation, the Prime Care Lease) of all of such
      Real
      Property Asset from the applicable Loan Party as lessor, to a tenant. The term
      “Facility
      Lease”
      does not
      include any subleases granted by the tenant thereunder.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “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 next 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 next preceding Business Day
      as so
      published on the next succeeding Business Day, and (b) if no such rate
      is
      so published on such next succeeding Business Day, the Federal Funds Rate for
      such day shall be the average rate (rounded upward, if necessary, to a whole
      multiple of 1/100 of 1%) charged to Bank of America on such day on such
      transactions as determined by the Administrative Agent.

    

    “Fee
      Letter”
      means
      the letter agreement, dated May 11, 2005, among the Borrower, the Administrative
      Agent and the Arranger.

    

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

    

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

    

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

    

    “Funds
      From Operations” means,
      for a given period, (a) Consolidated Net Income (before minority interests
      and
      before extraordinary and non recurring items) for such period minus
      (or
plus)
      (b)
      gains (or losses) from debt restructuring and sales of property during such
      period plus
      (c)
      depreciation and amortization of Real Property Assets for such period, and
      after
      adjustments for unconsolidated partnerships and joint ventures. “Funds From
      Operations” shall be reported in accordance with the NAREIT Policy Bulletin
      dated April 5, 2002, as amended, restated, supplemented or otherwise modified
      from time to time.

    

    “GAAP”
      means
      generally accepted accounting principles in the United States 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 or such other principles as may be
      approved by a significant segment of the accounting profession in the United
      States, that are applicable to the circumstances as of the date of
      determination, consistently applied.

    

    “Governmental
      Authority”
      means
      the government of the United States 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 any supra-national bodies
      such as the European Union or the European Central Bank).

    

    
      
        
        

      

      
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    “Granting
      Lender”
      has the
      meaning specified in Section 10.06(h).

    

    “Guarantee”
      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 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
      (or any right, contingent or otherwise, of any holder of such Indebtedness
      to
      obtain any such Lien). The amount of any Guarantee 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 Guarantee 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. The
      term
“Guarantee” as a verb has a corresponding meaning.

    

    “Guarantors”
      means
a
      collective reference to (a) CNL RPI, (b) the
      Parents and (c) the Subsidiary Guarantors, and each other Person which directly
      or indirectly owns a Borrowing Base Asset and that subsequently joins as a
      Guarantor pursuant to Section
      6.14,
      together with their successors and permitted assigns, and “Guarantor”
      means
      any one of them. 

    

    “Hazardous
      Materials”
      means
      all explosive or radioactive substances or wastes and all 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 all other substances
      or
      wastes of any nature regulated pursuant to any Environmental Law.

    

    “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
      obligations of such Person for borrowed money and all obligations of such Person
      evidenced by bonds, debentures, notes, loan agreements or other similar
      instruments;

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (b) all
      direct or contingent obligations of such Person arising under letters of credit
      (including standby and commercial), bankers’ acceptances, bank guaranties,
      surety bonds and similar instruments;

    

    (c) net
      obligations of such Person under any Swap Contract;

    

    (d) all
      obligations of such Person to pay the deferred purchase price of property or
      services (other than trade accounts payable in the ordinary course of
      business);

    

    (e) indebtedness
      (excluding prepaid interest thereon) secured by a Lien on property owned or
      being purchased by such Person (including indebtedness arising under conditional
      sales or other title retention agreements), whether or not such indebtedness
      shall have been assumed by such Person or is limited in recourse;

    

    (f) capital
      leases and Synthetic Lease Obligations;

    

    (g) all
      obligations of such Person to purchase, redeem, retire, defease or otherwise
      make any payment in respect of any Equity Interest in such Person or any other
      Person, valued, in the case of a redeemable preferred interest, at the greater
      of its voluntary or involuntary liquidation preference plus
      accrued
      and unpaid dividends; and

    

    (h) all
      Guarantees of such Person in respect of any of the foregoing.

    

    For
      all
      purposes hereof, the Indebtedness of any Person shall include the Indebtedness
      of any partnership or joint venture (other than a joint venture that is itself
      a
      corporation or limited liability company) in which such Person is a general
      partner or a joint venturer, unless such Indebtedness is expressly made
      non-recourse to such Person. The amount of any net obligation under any Swap
      Contract on any date shall be deemed to be the Swap Termination Value thereof
      as
      of such date. The amount of any capital lease or Synthetic Lease Obligation
      as
      of any date shall be deemed to be the amount of Attributable Indebtedness in
      respect thereof as of such date.

    

    “Indemnified
      Taxes”
      means
      Taxes other than Excluded Taxes.

    

    “Indemnitees”
      has the
      meaning specified in Section 10.04(b).

    

    “Information”
      has the
      meaning specified in Section 10.07.

    

    “Intangible
      Assets”
      means
      assets that are considered to be intangible assets under GAAP, including
      customer lists, goodwill, computer software, copyrights, trade names,
      trademarks, patents, franchises, licenses, unamortized deferred charges,
      unamortized debt discount and capitalized research and development
      costs.

    

    “Interest
      Payment Date”
      means,
      (a) as to any Loan other than a Base Rate Loan, the last day of each
      Interest Period applicable to such Loan and the Maturity Date; provided,
      however,
      that if
      any Interest Period for a Eurodollar Rate Loan exceeds three months, the
      respective dates that fall every three months after the beginning of such
      Interest Period shall also be Interest Payment Dates; and (b) as to
      any
      Base Rate Loan (including a Swing Line Loan), the last Business Day of each
      March, June, September and December and the Maturity Date.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

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

    

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

    

    (ii) 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

    

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

    

    “Internal
      Control Event”
      means a
      material weakness in, or fraud that involves management or other employees
      who
      have a significant role in, the Borrower’s internal controls over financial
      reporting, in each case as described in the Securities Laws.

    

    “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 or other securities of another Person, (b) a loan, advance
      or
      capital contribution to, Guarantee 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 and any arrangement pursuant to which the investor Guarantees
      Indebtedness of 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.

    

    “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 (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 the L/C Issuer and relating to any
      such
      Letter of Credit.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Joinder
      Agreement”
      means a
      joinder agreement substantially in the form of Exhibit
      J
      executed
      and delivered by a new Guarantor in accordance with Section
      6.14.
      

    

    “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 Lender, such Lender’s funding of its participation in any
      L/C Borrowing in accordance with its Applicable Percentage.

    

    “L/C
      Borrowing”
      means
      an extension of credit resulting from a drawing under any Letter of Credit
      which
      has not been reimbursed on the date when made or refinanced as a Committed
      Borrowing.

    

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

    

    “L/C
      Issuer”
      means
      Bank of America in its capacity as issuer of Letters of Credit hereunder, or
      any
      successor issuer of Letters of Credit hereunder.

    

    “L/C
      Obligations”
      means,
      as at any date of determination, the aggregate amount available to be drawn
      under all outstanding Letters of Credit plus
      the
      aggregate of all Unreimbursed Amounts, including all 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 1.06.
      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”
      has the
      meaning specified in the introductory paragraph hereto and, as the context
      requires, includes the Swing Line Lender.

    

    “Lending
      Office”
      means,
      as to any Lender, the office or offices of such Lender described as such 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
      any standby 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.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Letter
      of Credit Expiration Date”
      means
      the day that is seven days prior to the Maturity Date then in effect (or, if
      such day is not a Business Day, the next preceding Business Day).

    

    “Letter
      of Credit Fee”
      has the
      meaning specified in Section 2.03(i).

    

    “Letter
      of Credit Sublimit”
      means
      an amount equal to $25,000,000. The Letter of Credit Sublimit is part of, and
      not in addition to, the Aggregate Commitments.

    

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

    

    “Loan”
      means
      an extension of credit by a Lender to the Borrower under Article II
      in the
      form of a Committed Loan or a Swing Line Loan.

    

    “Loan
      Documents”
      means
      this Agreement, each Note, each Issuer Document, each Joinder Agreement, the
      Fee
      Letter, the Collateral Documents, and each other document or instrument now
      or
      hereafter executed and delivered by any Loan Party in connection with, pursuant
      to or relating to this Agreement (in each case as the same may be amended,
      modified, restated, supplemented, extended, renewed or replaced from time to
      time), and “Loan
      Document”
      means
      any one of them.

    

    “Loan
      Parties”
      means,
      collectively, the Borrower and each Guarantor.

    

    “Material
      Adverse Effect”
      means
      (a) a material adverse change in, or a material adverse effect upon,
      the
      operations, business, properties, liabilities (actual or contingent), condition
      (financial or otherwise) or prospects of CNL RPI, either of the Parents, the
      Borrower or CNL RPI and its Subsidiaries taken as a whole; (b) a material
      impairment of the ability of any Loan Party to perform its obligations under
      any
      Loan Document to which it is a party; or (c) a material adverse effect
      upon
      the legality, validity, binding effect or enforceability against any Loan Party
      of any Loan Document to which it is a party.

    

    “Material
      Contract”
      means,
      collectively, the Prime Care Lease, any Facility Lease, any Operating Agreement,
      Cash Management Agreement, Pooling Agreement or any similar agreement with
      respect to any Borrowing Base Asset.

    

    “Maturity
      Date”
      means
      the later of (a) August 23,
      2007 and
      (b) if maturity is extended pursuant to Section 2.14,
      such
      extended maturity date as determined pursuant to such Section.

    

    “Mortgageability
      Amount”
      means,
      with respect to the Borrowing Base Assets, the sum of the principal amounts
      of a
      mortgage loan that would be available to be borrowed against each Borrowing
      Base
      Asset (or with respect to the Prime Care Lease, the amount of a mortgage loan
      that would be available to be borrowed against the Prime Care Lease) assuming
      (a) an annual interest rate equal to the greater of (i) 7.50% and (ii) the
      Treasury Rate plus 2.00%, (b) a 30-year amortization schedule and (c) a debt
      service coverage ratio requirement of 1.50 to 1.00 (determined by annualizing
      the Net Revenues for such Borrowing Base Asset for the most recently completed
      quarterly accounting period).

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Mortgage
      Instrument”
      means a
      first lien priority mortgage, deed of trust or deed to secure debt in favor
      of
      the Administrative Agent with respect to a Borrowing Base Asset. Each Mortgage
      Instrument shall be in form and substance satisfactory to the Administrative
      Agent and suitable for recording in the applicable jurisdiction.

    

    “Mortgage
      Policies”
      shall
      have the meaning assigned to such term in Section 4.01(e).

    

    “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
      a
      provision of any agreement (other than this Agreement or any other Loan
      Document) that 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 Agreement.

    

    “Net
      Revenues”
      shall
      mean, (a) with respect to the Prime Care Lease (to the extent it constitutes
      a
      Borrowing Base Asset), the sum
      of
      (i)
      First-Tier Minimum Rent, plus
      (ii)
      Second-Tier Minimum Rent plus
      (iii)
      Additional Rent (each as defined in the Prime Care Lease) and each to the extent
      actually received in cash by the applicable Loan Party pursuant to the Prime
      Care Lease and the Cash Management Agreement relating thereto, minus
      (iv) the
      pro rata share of general and administrative expenses allocated by CNL RPI,
      the
      Parents and/or the Borrower to the applicable Loan Parties with respect to
      such
      Borrowing Base Asset and (b) with respect to any Borrowing Base Asset (other
      than the Prime Care Lease), the sum
      of
      (i)
      rental payments received in cash by the applicable Loan Party (whether in the
      nature of base rent, minimum rent, percentage rent, additional rent or
      otherwise, and whether debited from or paid out of any rent reserve account,
      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 Lease applicable to such Borrowing Base
      Asset, minus
      (ii) the
      pro rata share of general and administrative expenses allocated by CNL RPI,
      the
      Parents and/or the Borrower to the applicable Loan Party with respect to such
      Borrowing Base Asset.

    

    “Note”
      means a
      promissory note made by the Borrower in favor of a Lender evidencing Loans
      made
      by such Lender, substantially in the form of Exhibit C.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Obligations”
      means
      all advances to, and debts, liabilities, obligations, covenants and duties
      of,
      any Loan Party arising under any Loan 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 Loan 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. The foregoing shall also include any Swap Contract of any
      Loan
      Party to which a Lender or any Affiliate of such Lender is a party.

    

    “Occupancy
      Rate”
      means,
      with respect to any Real Property Asset (and in the case of the Prime Care
      Lease, each real property asset which is the subject of the Prime Care
      Lease),
      (a)
      which is not a medical office building or similar facility, the ratio (expressed
      as a percentage) equal to (i) the number of residents/individuals paying fees
      pursuant to a residency agreement (or similar agreement) entitling them to
      residency at such Real Property Asset (and
      in
      the case of the Prime Care Lease, each real property asset which is the subject
      of the Prime Care Lease) to
      (ii)
      the total number of available beds at such Real Property Asset, as provided
      to
      the Administrative Agent at the time such Real Property Asset is admitted (or
      to
      be admitted) as a Borrowing Base Asset (it being understood that all available
      beds used in the determination of the Occupancy Rate shall be licensed in
      accordance with applicable Laws and that the number of available beds at any
      Real Property Asset shall not be materially different than the number of
      available beds available as of the Closing Date) and
      (b)
      which is a medical office building or similar facility, the
      ratio
      (expressed as a percentage) equal to (i) the
      total
      square feet of such Real Property Asset that is leased (and actually occupied
      by
      a Tenant) pursuant to a lease that is in form and substance acceptable to the
      Administrative Agent to (ii) the total square feet of rentable area of such
      Real
      Property Asset. 

    

    “Operating
      Agreement”
      means
      any agreement for the management or operation of any Borrowing Base Asset,
      including without limitation, those certain Operating Agreements dated as of
      September 30, 2002 by and between, various Guarantors (as lessor), Prime Care
      (as lessee) and Sunrise Senior Living Services, Inc. (formerly, Marriott Senior
      Living Services, Inc.), a Delaware corporation (as operator) as assigned,
      subordinated, amended, modified, renewed, extended, supplemented or replaced
      from time to time.

    

    “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.

    

    “Other
      Taxes”
      means
      all present or future stamp or documentary taxes or any other excise or property
      taxes, charges or similar levies arising from any payment made hereunder or
      under any other Loan Document or from the execution, delivery or enforcement
      of,
      or otherwise with respect to, this Agreement or any other Loan
      Document.

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Outstanding
      Amount”
      means
      (i) with respect to Committed 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 Committed Loans and Swing Line
      Loans, as the case may be, occurring on such date; and (ii) 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 by the Borrower of Unreimbursed
      Amounts.

    

    “Parents”
      shall
      have the meaning given to such term in the introductory paragraph
      hereof.

    

    “Participant”
      has the
      meaning specified in Section 10.06(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
      Lien”
      has the
      meaning specified in Section
      7.01.

    

    “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 Code or Title IV of ERISA, any
      ERISA
      Affiliate.

    

    “Platform”
      has the
      meaning specified in Section 6.02.

    

    “Pledge
      Agreement” means
      a
      Pledge Agreement executed by certain of the Loan Parties in the form of
Exhibit
      F
      attached
      hereto.

    

    “Pooling
      Agreement”
      means
      any agreement for the deposit, collections, pooling and/or transfer of revenues
      from one or more of the Borrowing Base Assets, including without limitation,
      those certain Pooling Agreements set forth in Schedule
      1.01,
      each as
      assigned, subordinated, amended, modified, renewed, extended, supplemented
      or
      replaced from time to time.

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    “Precautionary
      Mortgage” means
      each Memorandum and Supplement of Lease and Precautionary Mortgage, Deed of
      Trust or Deed to Secure Debt relating to the Prime Care Properties, dated as
      of
      September 30, 2002 by and between various Guarantors (as lessor/mortgagee)
      and
      Prime Care (as lessee/mortgagor), as assigned, subordinated, amended, modified,
      renewed, extended, supplemented or replaced from time to time.

    

    “Prime
      Care”
      means
      Prime Care One, LLC, an Indiana limited liability company and/or Prime Care
      Two,
      LLC, an Indiana limited liability company, as the case may be.

    

    “Prime
      Care Lease”
      means
      that certain Lease Agreement dated as of September 30, 2002, by and between
      various Guarantors (as lessor) and Prime Care (as lessee), attached hereto
      as
Exhibit
      I,
      relating to the Prime Care Properties, as assigned, subordinated, amended,
      restated, modified, renewed, extended, supplemented or replaced, in whole or
      in
      part, from time to time.

    

    “Prime
      Care Properties”
      means
      those certain real property assets described on Schedule
      5.15
      and
      which are the subject of the Prime Care Lease, exclusive of any such properties
      which have been repurchased by Prime Care pursuant to a call option or a put
      option in accordance with the Prime Care Lease.

    

    “Prohibited
      Person”
      shall
      mean 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
      any interest in any kind of property or asset, whether real, personal or mixed,
      or tangible or intangible.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “Qualified
      REIT Subsidiary”
      shall
      have the meaning given to such term in the Code.

    

    “Real
      Property Asset”
      means,
      (a) a parcel of real property, together with all improvements (if any) thereon,
      owned (or leased pursuant to a ground lease) by any
      Person, as applicable and (b) the Prime Care Lease; “Real Property Assets” means
      a collective reference to each Real Property Asset.

    

    “Register”
      has the
      meaning specified in Section 10.06(c).

    

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

    

    “REIT”
      means a
      Person qualifying for treatment as a “real estate investment trust” under the
      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 30 day notice period has been
      waived.

    

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

    

    “Required
      Lenders”
      means,
      as of any date of determination, Lenders having more than 50% of the Aggregate
      Commitments or, if the commitment of each Lender to make Loans and the
      obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
      pursuant to Section 8.02,
      Lenders
      holding in the aggregate more than 50% of the Total Outstandings (with the
      aggregate amount of each Lender’s risk participation and funded participation in
      L/C Obligations and Swing Line Loans being deemed “held” by such Lender for
      purposes of this definition); provided
      that the
      Commitment of, and the portion of the Total Outstandings held or deemed held
      by,
      any Defaulting Lender shall be excluded for purposes of making a determination
      of Required Lenders.

    

    “Responsible
      Officer”
      means
      the chief executive officer, president, chief financial officer, treasurer
      or
      assistant treasurer of a Loan Party. Any document delivered hereunder that
      is
      signed by a Responsible Officer of a Loan Party shall be conclusively presumed
      to have been authorized by all necessary corporate, partnership and/or other
      action on the part of such Loan Party and such Responsible Officer shall be
      conclusively presumed to have acted on behalf of such Loan Party.

    

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

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

    

    “Security
      Agreement” means
      a
      Security Agreement executed by the Loan Parties in the form of Exhibit
      G
      attached
      hereto.

    

    “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 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.

    

    “Shareholders’
      Equity”
      means,
      as of any date of determination, consolidated shareholders’ equity of CNL RPI
      and its Subsidiaries as of that date determined in accordance with
      GAAP.

    

    “SPC”
      has the
      meaning specified in Section 10.06(h).

    

    “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
      specified, all references herein to a “Subsidiary”
      or to
“Subsidiaries”
      shall
      refer to a Subsidiary or Subsidiaries of CNL RPI.

    

    “Subsidiary
      Guarantors”
      means
      (a) each Subsidiary of the Borrower identified on the signature pages hereto,
      (b) each other Subsidiary of the Borrower which directly or indirectly owns
      a
      Borrowing Base Asset and that subsequently joins as a Guarantor pursuant to
      Section
      6.14,
      together with their successors and permitted assigns, (c) CNL Retirement TRS
      Corp., a Delaware corporation and (d) CNL Retirement GP/Holding Corp., a
      Delaware corporation, and “Subsidiary
      Guarantor”
      means
      any one of them.

    

    “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, which 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.

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    “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 value(s) determined in accordance therewith,
      such termination value(s), and (b) for any date prior to the date
      referenced in clause (a), the amount(s) determined as the mark-to-market
      value(s) 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”
      means
      the revolving credit facility made available by the Swing Line Lender pursuant
      to Section 2.04.

    

    “Swing
      Line Borrowing”
      means a
      borrowing of a Swing Line Loan pursuant to Section 2.04.

    

    “Swing
      Line Lender”
      means
      Bank of America in its capacity as provider of Swing Line Loans, or any
      successor swing line lender hereunder.

    

    “Swing
      Line Loan”
      has the
      meaning specified in Section 2.04(a).

    

    “Swing
      Line Loan Notice”
      means a
      notice of a Swing Line Borrowing pursuant to Section 2.04(b),
      which,
      if in writing, shall be substantially in the form of Exhibit B.

    

    “Swing
      Line Sublimit”
      means
      an amount equal to the lesser of (a) $25,000,000 and (b) the
      Aggregate
      Commitments. The Swing Line Sublimit is part of, and not in addition to, the
      Aggregate Commitments.

    

    “Synthetic
      Lease Obligation”
      means
      the monetary obligation of a Person under (a) a so-called synthetic, off-balance
      sheet or tax retention lease, or (b) an agreement for the use or possession
      of
      property creating obligations that do not appear on the balance sheet of such
      Person but which, upon the insolvency or bankruptcy of such Person, would be
      characterized as the indebtedness of such Person (without regard to accounting
      treatment).

    

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

    

    “Tenant”
      means
      any Person who is a lessee with respect to any lease held by a Loan Party as
      lessor or as an assignee of the lessor thereunder, including without limitation,
      Prime Care under the Prime Care Lease.

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    “Total
      Collateral Value”
      means
      the “as-is” appraised value of each Borrowing Base Asset as determined by
      appraisals commissioned, reviewed and approved by the Administrative Agent.
      

    

    “Total
      Outstandings”
      means
      the aggregate Outstanding Amount of all Loans and all L/C
      Obligations.

    

    “Treasury
      Management Agreement”
      means
      any treasury, depository or cash management arrangements, services or products,
      including,
      without
      limitation overdraft services and automated clearinghouse transfers of
      funds.

    

    “Treasury
      Rate”
      means,
      as of any date of determination, the yield reported, as of 10:00 a.m.
      (New
      York City time) on such date (or to the extent such date is not a Business
      Day,
      the Business Day immediately preceding such date) as reported by Reuters (or
      such other service as may be acceptable to the Administrative Agent, in its
      reasonable discretion) for actively traded U.S. Treasury securities having
      a ten
      (10) year maturity as of such date, or (b) if such yields are not reported
      as of such time or the yields reported as of such time are not ascertainable,
      the Treasury Constant Maturity Series Yields reported, for the latest day for
      which such yields have been so reported as of such day in Federal Reserve
      Statistical Release H.15(519) (or any comparable successor publication) for
      actively traded U.S. Treasury securities having a constant maturity equal to
      ten
      (10) years.

    

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

    

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

    

    “United
      States”
      and
“U.S.”
      mean
      the United States of America.

    

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

    

    “Unused
      Committed Amount”
      means,
      the amount, as calculated on a daily basis, by which the Aggregate Commitments
      exceed the Total Outstandings. 

    

    

    
      	 	
              1.02

            	
              Other
                Interpretive Provisions.

            

    

    

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

    

    (a) The
      definitions of terms herein shall apply equally to the singular and plural
      forms
      of the terms defined. Whenever the context may require, any pronoun shall
      include the corresponding masculine, feminine and neuter forms. The words
“include,”“includes”
      and
“including”
      shall
      be deemed to be followed by the phrase “without limitation.” The word
“will”
      shall
      be construed to have the same meaning and effect as the word “shall.”
      Unless
      the context requires otherwise, (i) any definition of or reference to
      any
      agreement, instrument or other document (including any Organization Document)
      shall be construed as referring to such agreement, instrument or other document
      as from time to time amended, supplemented or otherwise modified (subject to
      any
      restrictions on such amendments, supplements or modifications set forth herein
      or in any other Loan Document), (ii) any reference herein to any Person
      shall be construed to include such Person’s successors and assigns,
      (iii) the words “herein,”“hereof”
      and
“hereunder,”
      and
      words of similar import when used in any Loan Document, shall be construed
      to
      refer to such Loan Document in its entirety and not to any particular provision
      thereof, (iv) all references in a Loan Document to Articles, Sections,
      Exhibits and Schedules shall be construed to refer to Articles and
      Sections of, and Exhibits and Schedules to, the Loan Document
      in which
      such references appear, (v) any reference to any law shall include all
      statutory and regulatory provisions consolidating, amending, replacing or
      interpreting such law and any reference to any law or regulation shall, unless
      otherwise specified, refer to such law or regulation as amended, modified or
      supplemented from time to time, and (vi) the words “asset”
      and
“property”
      shall
      be construed to have the same meaning and effect and to refer to any and all
      tangible and intangible assets and properties, including cash, securities,
      accounts and contract rights.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    (b) 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.”

    

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

    

    
      	 	
              1.03

            	
              Accounting
                Terms.

            

    

    

    (a) Generally.
      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
      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) Changes
      in GAAP.
      If at
      any time any change in GAAP would affect the computation of any financial ratio
      or requirement set forth in any Loan Document, and either the Borrower or the
      Required Lenders shall so request, the Administrative Agent, the Lenders and
      the
      Borrower shall negotiate in good faith to amend such ratio or requirement to
      preserve the original intent thereof in light of such change in GAAP (subject
      to
      the approval of the Required Lenders); provided that,
      until
      so amended, (i) such ratio or requirement shall continue to be computed
      in
      accordance with GAAP prior to such change therein and (ii) the Borrower
      shall provide to the Administrative Agent and the Lenders financial statements
      and other documents required under this Agreement or as reasonably requested
      hereunder setting forth a reconciliation between calculations of such ratio
      or
      requirement made before and after giving effect to such change in
      GAAP.

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              1.04

            	
              Rounding.

            

    

    

    Any
      financial ratios required to be maintained by the Borrower pursuant to this
      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

            	
              Times
                of Day.

            

    

    

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

    

    
      	 	
              1.06

            	
              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

    THE
      COMMITMENTS AND
      CREDIT EXTENSIONS

    

    
      	 	
              2.01

            	
              Committed
                Loans.

            

    

    

    Subject
      to the terms and conditions set forth herein, each Lender severally agrees
      to
      make loans (each such loan, a “Committed
      Loan”)
      to the
      Borrower from time to time, on any Business Day during the Availability Period,
      in an aggregate amount not to exceed at any time outstanding the amount of
      such
      Lender’s Commitment; provided,
      however,
      that
      after giving effect to any Committed Borrowing, (i) the Total Outstandings
      shall not exceed the lesser of (x) the Aggregate Commitments and (y) the
      Borrowing Base Amount for such date, and (ii) the aggregate Outstanding
      Amount of the Committed Loans of any Lender, plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
      shall not exceed such Lender’s Commitment. Within the limits of each Lender’s
      Commitment, and subject to the other terms and conditions hereof, the Borrower
      may borrow under this Section 2.01,
      prepay
      under Section 2.05,
      and
      reborrow under this Section 2.01.
      Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
      provided herein.

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
 

    
      	
               

            	
              2.02

            	
              Borrowings,
                Conversions and Continuations of Committed Loans.

            

    

    

    (a) Each
      Committed Borrowing, each conversion of Committed Loans from one Type to the
      other, and each continuation of Eurodollar Rate Loans shall be made upon the
      Borrower’s irrevocable notice to the Administrative Agent, which may be given by
      telephone. Each such notice must be received by the Administrative Agent not
      later than 11:00 a.m. (i) three Business Days prior to the requested
      date of any Borrowing of, conversion to or continuation of Eurodollar Rate
      Loans
      or of any conversion of Eurodollar Rate Loans to Base Rate Committed Loans,
      and
      (ii) on the requested date of any Borrowing of Base Rate Committed Loans.
      Each telephonic notice by the Borrower pursuant to this Section 2.02(a)
      must be
      confirmed promptly by delivery to the Administrative Agent of a written
      Committed Loan Notice, appropriately completed and signed by a Responsible
      Officer of the Borrower. Each Borrowing of, conversion to or continuation of
      Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole
      multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c)
      and
2.04(c),
      each
      Borrowing of or conversion to Base Rate Committed Loans shall be in a principal
      amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each
      Committed Loan Notice (whether telephonic or written) shall specify
      (i) whether the Borrower is requesting a Committed Borrowing, a conversion
      of Committed Loans from one Type to the other, or a continuation of Eurodollar
      Rate Loans, (ii) the requested date of the Borrowing, conversion or
      continuation, as the case may be (which shall be a Business Day), (iii) the
      principal amount of Committed Loans to be borrowed, converted or continued,
      (iv) the Type of Committed Loans to be borrowed or to which existing
      Committed Loans are to be converted, and (v) if applicable, the duration
      of
      the Interest Period with respect thereto. If the Borrower fails to specify
      a
      Type of Committed Loan in a Committed Loan Notice or if the Borrower fails
      to
      give a timely notice requesting a conversion or continuation, then the
      applicable Committed Loans shall be made as, or converted to, Base Rate Loans.
      Any such 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 Rate Loans. If the Borrower requests a Borrowing of, conversion
      to,
      or continuation of Eurodollar Rate Loans in any such Committed Loan Notice,
      but
      fails to specify an Interest Period, it will be deemed to have specified an
      Interest Period of one month.

    

    (b) Following
      receipt of a Committed Loan Notice, the Administrative Agent shall promptly
      notify each Lender of the amount of its Applicable Percentage of the applicable
      Committed Loans, 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 Committed Borrowing, each Lender shall
      make the amount of its Committed Loan available to the Administrative Agent
      in
      immediately available funds at the Administrative Agent’s
      Office
      not later than 1:00 p.m. on the Business Day specified in the applicable
      Committed Loan Notice. Upon satisfaction of the applicable conditions set forth
      in Section 4.02
      (and, if
      such Borrowing is the initial Credit Extension, Section 4.01),
      the
      Administrative Agent shall make all funds so received available to the Borrower
      in like funds as received by the Administrative Agent either by
      (i) crediting the account of the Borrower on the books of Bank of America
      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 Committed Loan Notice with respect to such Borrowing is
      given by the Borrower, there are L/C Borrowings outstanding, then the proceeds
      of such Borrowing, first,
      shall
      be applied to the payment in full of any such L/C Borrowings, and second,
      shall
      be made available to the Borrower as provided above.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (c) Except
      as
      otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
      only on the last day of an Interest Period for such Eurodollar Rate Loan. During
      the existence of a Default, no Loans may be requested as, converted to or
      continued as Eurodollar Rate Loans without the consent of the Required
      Lenders.

    

    (d) The
      Administrative Agent shall promptly notify the Lenders of the interest rate
      applicable to any Interest Period for Eurodollar Rate Loans upon determination
      of such interest rate. 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 Committed Borrowings, all conversions of Committed Loans
      from one Type to the other, and all continuations of Committed Loans as the
      same
      Type, there shall not be more than seven (7) Interest Periods in effect with
      respect to Committed Loans.

    

    
      	 	
              2.03

            	
              Letters
                of Credit.

            

    

    

    
      	 	
              (a)

            	
              The
                Letter of Credit Commitment.

            

    

    

    (i) Subject
      to the terms and conditions set forth herein, (A) the L/C Issuer agrees,
      in
      reliance upon the agreements of the Lenders set forth in this Section 2.03,
      (1) from time to time on any Business Day during the period from the
      Closing Date until the Letter of Credit Expiration Date, to issue Letters of
      Credit for the account of CNL RPI or its Subsidiaries, and to amend or extend
      Letters of Credit previously issued by it, in accordance with
      subsection (b) below, and (2) to honor drawings under the Letters of
      Credit; and (B) the Lenders severally agree to participate in Letters
      of
      Credit issued for the account of CNL RPI or its Subsidiaries and any drawings
      thereunder; provided
      that
      after giving effect to any L/C Credit Extension with respect to any Letter
      of
      Credit, (x) the Total Outstandings shall not exceed the lesser of (i)
      the
      Aggregate Commitments and (ii) the Borrowing Base on such date, (y) the
      aggregate Outstanding Amount of the Committed Loans of any Lender, plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
      shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount
      of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each
      request by the Borrower for the issuance or amendment of a Letter of Credit
      shall be deemed to be a representation by the Borrower that the L/C Credit
      Extension so requested complies with the conditions set forth in the proviso
      to
      the preceding sentence. Within the foregoing limits, and 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, during the foregoing
      period, obtain Letters of Credit to replace Letters of Credit that have expired
      or that have been drawn upon and reimbursed. 

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    (ii) The
      L/C
      Issuer shall not issue any Letter of Credit, if (A) the expiry date of such
      requested Letter of Credit would occur more than twelve months after the date
      of
      issuance, unless all the Lenders have approved such expiry date or (B) the
      expiry date of such requested Letter of Credit would occur after the Letter
      of
      Credit Expiration Date, unless all the Lenders have approved such expiry
      date.

    

    (iii) The
      L/C
      Issuer shall not be under any obligation to issue any Letter of Credit
      if:

    

    (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
      which was not applicable on the Closing Date and which the L/C Issuer in good
      faith deems material to it;

    

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

    

    (C) except
      as
      otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
      of
      Credit is in an initial stated amount less than $500,000;

    

    (D) such
      Letter of Credit is to be denominated in a currency other than Dollars;
      or

    

    (E) a
      default
      of any Lender’s obligations to fund under Section 2.03(c)
      exists
      or any Lender is at such time a Defaulting Lender hereunder, unless the L/C
      Issuer has entered into satisfactory arrangements with the Borrower or such
      Lender to eliminate the L/C Issuer’s risk with respect to such
      Lender.

    

    (iv) The
      L/C
      Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
      permitted at such time to issue such Letter of Credit in its amended form under
      the terms hereof.

    

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

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (vi) The
      L/C
      Issuer shall act on behalf of the 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 (A) provided to the Administrative
      Agent in 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 Issuer
      Documents pertaining to such Letters of Credit as fully as if the term
“Administrative Agent” as used in Article IX
      included
      the L/C Issuer with respect to such acts or omissions, and (B) as additionally
      provided herein with respect to the L/C Issuer.

    

    (b)     Procedures
      for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
      Credit.

    

    (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 must be received by the L/C Issuer and the
      Administrative Agent not later than 11:00 a.m. at least two Business
      Days
      (or such later date and time as the Administrative Agent and the L/C Issuer
      may
      agree in a particular instance in their 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. Additionally, the Borrower shall
      furnish to the L/C Issuer and the Administrative Agent such other documents
      and information pertaining to such requested Letter of Credit issuance or
      amendment, including any Issuer Documents, as the L/C Issuer or the
      Administrative Agent may require.

    

    (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. Unless the L/C Issuer has received written notice
      from any Lender, the Administrative Agent or any Loan Party, at least one
      Business Day prior to the requested date of issuance or amendment of the
      applicable Letter of Credit, that one or more applicable conditions contained
      in
Article IV
      shall
      not then be satisfied, 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
      CNL RPI (or the applicable Subsidiary) 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 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 Lender’s
      Applicable Percentage times
      the
      amount of such Letter of Credit.

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    (iii) If
      the
      Borrower so requests in any applicable Letter of Credit Application, the L/C
      Issuer may, in its sole and absolute discretion, agree to issue a Letter of
      Credit that has automatic extension provisions (each, an “Auto-Extension
      Letter of Credit”);
      provided
      that any
      such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent
      any
      such extension at least once in each twelve-month period (commencing with the
      date of issuance of such Letter of Credit) by giving prior notice to the
      beneficiary thereof not later than a day (the “Non-Extension
      Notice Date”)
      in
      each such twelve-month period to be agreed upon at the time such Letter of
      Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower
      shall not be required to make a specific request to the L/C Issuer for any
      such
      extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders
      shall be deemed to have authorized (but may not require) the L/C Issuer to
      permit the extension of such Letter of Credit at any time to an expiry date
      not
      later than the Letter of Credit Expiration Date; provided,
      however,
      that
      the L/C Issuer shall not permit any such extension if (A) the L/C Issuer
      has determined that it would not be permitted, or would have no obligation,
      at
      such time to issue such Letter of Credit in its revised form (as extended)
      under
      the terms hereof (by reason of the provisions of clause (ii) or (iii)
      of Section 2.03(a)
      or
      otherwise), or (B) it has received notice (which may be by telephone
      or in
      writing) on or before the day that is five Business Days before the
      Non-Extension Notice Date (1) from the Administrative Agent that the
      Required Lenders have elected not to permit such extension or (2) from
      the
      Administrative Agent, any Lender or the Borrower that one or more of the
      applicable conditions specified in Section 4.02
      is not
      then satisfied, and in each such case directing the L/C Issuer not to permit
      such extension.

    

    (iv) 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
      receipt from the beneficiary of any Letter of Credit of any notice of a drawing
      under such 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 Lender of the Honor Date, the amount of the unreimbursed drawing
      (the “Unreimbursed
      Amount”),
      and
      the amount of such Lender’s Applicable Percentage thereof. In such event, the
      Borrower shall be deemed to have requested a Committed 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, but subject to the amount of the unutilized
      portion of the Aggregate Commitments and the conditions set forth in
Section 4.02
      (other
      than the delivery of a Committed Loan Notice). 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.

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (ii) Each
      Lender shall upon any notice pursuant to Section 2.03(c)(i)
      make
      funds 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 Applicable
      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
      Lender that so makes funds available shall be deemed to have made a Base Rate
      Committed 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 Committed
      Borrowing of Base Rate Loans because the conditions set forth in Section 4.02
      cannot
      be satisfied or for any other 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 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 Lender in satisfaction of its participation
      obligation under this Section 2.03.

    

    (iv) Until
      each Lender funds its Committed 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 Lender’s Applicable Percentage of such amount shall
      be solely for the account of the L/C Issuer.

    

    (v) Each
      Lender’s obligation to make Committed 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 setoff, counterclaim, recoupment, defense or other
      right
      which such 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 (C) any other occurrence, event or condition, whether or
      not
      similar to any of the foregoing; provided,
      however,
      that
      each Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c)
      is
      subject to the conditions set forth in Section 4.02
      (other
      than delivery by the Borrower of a Committed Loan Notice). 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.

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    (vi) If
      any
      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 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 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 L/C Issuer at a rate per annum equal to the
      rate
      determined by the L/C Issuer in accordance with banking industry rules on
      interbank compensation. A certificate of the L/C Issuer submitted to any 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 Lender such 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 the Borrower or otherwise, including proceeds of Cash Collateral applied
      thereto by the Administrative Agent), the Administrative Agent will distribute
      to such Lender its Applicable Percentage thereof (appropriately adjusted, in
      the
      case of interest payments, to reflect the period of time during which such
      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 10.05
      (including pursuant to any settlement entered into by the L/C Issuer in its
      discretion), each Lender shall pay to the Administrative Agent for the account
      of the L/C Issuer its Applicable 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 Lender, at a rate per annum equal to the
      Federal Funds Rate from time to time in effect. The obligations of the Lenders
      under this clause shall survive the payment in full of the Obligations and
      the
      termination of this Agreement.

    

    (e)     Obligations
      Absolute.
      The
      obligation 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 Agreement under all circumstances, including the
      following:

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (i) any
      lack
      of validity or enforceability of such Letter of Credit, this Agreement, or
      any
      other Loan Document;

    

    (ii) the
      existence of any claim, counterclaim, setoff, defense or other right that the
      Borrower or any Loan Party 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 Agreement, the transactions contemplated hereby
      or by such Letter of Credit or any agreement or instrument relating thereto,
      or
      any unrelated transaction;

    

    (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; or

    

    (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 or any Loan
      Party.

    

    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
      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, the Administrative Agent, any of their
      respective Related Parties nor any correspondent, participant or assignee of
      the
      L/C Issuer shall be liable to any 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 Issuer Document.
      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’s
      pursuing such rights and remedies as it may have against the beneficiary or
      transferee at law or under any other agreement. None of the L/C Issuer, the
      Administrative Agent, any of their respective Related Parties nor any
      correspondent, participant or assignee 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.

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (g)     Cash
      Collateral.
      Upon
      the request of the Administrative Agent, (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 Letter of Credit
      Expiration Date, any L/C Obligation for any reason remains outstanding, the
      Borrower shall, in each case, immediately Cash Collateralize the then
      Outstanding Amount of all L/C Obligations. Sections 2.05
      and
8.02(c)
      set
      forth certain additional requirements to deliver Cash Collateral hereunder.
      For
      purposes of this Section 2.03,
      Section 2.05 and
      Section 8.02(c),
      “Cash
      Collateralize”
      means
      to pledge and deposit with or deliver to the Administrative Agent, for the
      benefit of the L/C Issuer and the Lenders, as collateral for the L/C
      Obligations, cash or deposit account balances pursuant to documentation in
      form
      and substance satisfactory to the Administrative Agent and the L/C Issuer (which
      documents are hereby consented to by the Lenders). Derivatives of such term
      have
      corresponding meanings. The Borrower hereby grants to the Administrative Agent,
      for the benefit of the L/C Issuer and the Lenders, a security interest in all
      such cash, deposit accounts and all balances therein and all proceeds of the
      foregoing. Cash Collateral shall be maintained in blocked deposit accounts
      at
      Bank of America.

    

    (h)     Applicability
      of ISP. 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 standby Letter
      of Credit.

    

    (i)     Letter
      of Credit Fees.
      The
      Borrower shall pay to the Administrative Agent for the account of each Lender
      in
      accordance with its Applicable Percentage a Letter of Credit fee (the
“Letter
      of Credit Fee”) for
      each
      Letter of Credit equal to the Applicable Rate times
      the
      daily amount available to be drawn under such Letter of Credit. For purposes
      of
      computing the daily amount available to be drawn under any Letter of Credit,
      the
      amount of such Letter of Credit shall be determined in accordance with
Section 1.06.
      Letter
      of Credit Fees shall be (i) computed on a quarterly basis in arrears
      and
      (ii) due and payable on the first Business Day after the end of each
      March,
      June, September and December, commencing with the first such date to
      occur
      after the issuance of such Letter of Credit, on the Letter of Credit Expiration
      Date and thereafter on demand. If there is any change in the Applicable Rate
      during any quarter, the daily amount available to be drawn under each Letter
      of
      Credit shall be computed and multiplied by the Applicable Rate separately for
      each period during such quarter that such Applicable Rate was in effect.
      Notwithstanding anything to the contrary contained herein, upon the request
      of
      the Required Lenders, while any Event of Default exists, all Letter of Credit
      Fees shall accrue at the Default Rate.

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (j)     Fronting
      Fee and Documentary and Processing Charges Payable to L/C Issuer.
      The
      Borrower shall pay directly to the L/C Issuer for its own account a fronting
      fee with
      respect to each Letter of Credit, at the rate per annum specified in the Fee
      Letter, computed on the daily amount available to be drawn under such Letter
      of
      Credit on a quarterly basis in arrears. Such fronting fee shall be due and
      payable on the tenth Business Day after the end of each March, June,
      September and December in respect of the most recently-ended quarterly
      period (or portion thereof, in the case of the first payment), commencing with
      the first such date to occur after the issuance of such Letter of Credit, on
      the
      Letter of Credit Expiration Date and thereafter on demand. For purposes of
      computing the daily amount available to be drawn under any Letter of Credit,
      the
      amount of such Letter of Credit shall be determined in accordance with
Section 1.06.
      In
      addition, the Borrower shall pay directly to the L/C Issuer for its own account
      the customary issuance, presentation, amendment and other processing fees,
      and
      other standard costs and charges, of the L/C Issuer relating to letters of
      credit as from time to time in effect. Such customary fees and standard costs
      and charges are due and payable on demand and are nonrefundable.

    

    (k)     Conflict
      with Issuer Documents.
      In the
      event of any conflict between the terms hereof and the terms of any Issuer
      Document, the terms hereof shall control.

    

    (l)     Letters
      of
      Credit Issued for Subsidiaries.
      Notwithstanding that a Letter of Credit issued or outstanding hereunder is
      in
      support of any obligations of, or is for the account of, CNL RPI or a Subsidiary
      of CNL RPI, the Borrower shall be obligated to reimburse the L/C Issuer
      hereunder for any and all drawings under such Letter of Credit. The Borrower
      hereby acknowledges that the issuance of Letters of Credit for the account
      of
      Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s
      business derives substantial benefits from the businesses of such
      Subsidiaries.

    

    
      	 	
              2.04

            	
              Swing
                Line Loans.

            

    

    

    (a)     The
      Swing Line.
      Subject
      to the terms and conditions set forth herein, the Swing Line Lender agrees,
      in
      reliance upon the agreements of the other Lenders set forth in this Section 2.04, to
      make
      loans (each such loan, a “Swing
      Line Loan”)
      to the
      Borrower from time to time on any Business Day during the Availability Period
      in
      an aggregate amount not to exceed at any time outstanding the amount of the
      Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when
      aggregated with the Applicable Percentage of the Outstanding Amount of Committed
      Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed
      the amount of such Lender’s Commitment; provided,
      however,
      that
      after giving effect to any Swing Line Loan, (i) the Total Outstandings
      shall not exceed the lesser of (x) the Aggregate Commitments and (y) the
      Borrowing Base Amount as of such day, and (ii) the aggregate Outstanding
      Amount of the Committed Loans of any Lender, plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus
      such
      Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
      shall not exceed such Lender’s Commitment, and provided,
      further,
      that
      the Borrower shall not use the proceeds of any Swing Line Loan to refinance
      any
      outstanding Swing Line Loan. Within the foregoing limits, and subject to the
      other terms and conditions hereof, the Borrower may borrow under this
Section 2.04,
      prepay
      under Section 2.05,
      and
      reborrow under this Section 2.04.
      Each
      Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a
      Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and
      unconditionally agrees to, purchase from the Swing Line Lender a risk
      participation in such Swing Line Loan in an amount equal to the product of
      such
      Lender’s Applicable Percentage times
      the
      amount of such Swing Line Loan.

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    (b)     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 telephone.
      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 (i) the amount to be borrowed, which shall be
      a
      minimum of $100,000, and (ii) the requested borrowing date, which shall
      be
      a Business Day. Each such telephonic notice must be confirmed promptly by
      delivery to the Swing Line Lender and the Administrative Agent of a written
      Swing Line Loan Notice, appropriately completed and signed by a Responsible
      Officer of the Borrower. Promptly after receipt by the Swing Line Lender of
      any
      telephonic Swing Line 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 Swing Line 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
      Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing
      (A) directing the Swing Line Lender not to make such Swing Line Loan
      as a
      result of the limitations set forth in the proviso to the first sentence of
      Section 2.04(a),
      or
      (B) that one or more of the applicable conditions specified in Article IV
      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 Swing Line Loan Notice, make the amount of its Swing Line Loan available
      to
      the Borrower at its office by crediting the account of the Borrower on the
      books
      of the Swing Line Lender in immediately available funds.

    

    (c)     Refinancing
      of Swing Line Loans.

    

    (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 Lender make a Base Rate Committed
      Loan in an amount equal to such Lender’s Applicable Percentage of the amount of
      Swing Line Loans then outstanding. Such request shall be made in writing (which
      written request shall be deemed to be a Committed 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, but subject to the unutilized portion of the Aggregate
      Commitments and the conditions set forth in Section 4.02.
      The
      Swing Line Lender shall furnish the Borrower with a copy of the applicable
      Committed Loan Notice promptly after delivering such notice to the
      Administrative Agent. Each Lender shall make an amount equal to its Applicable
      Percentage of the amount specified in such Committed 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
      1:00 p.m. on the day specified in such Committed Loan Notice, whereupon,
      subject to Section 2.04(c)(ii),
      each
      Lender that so makes funds available shall be deemed to have made a Base Rate
      Committed Loan to the Borrower in such amount. The Administrative Agent shall
      remit the funds so received to the Swing Line Lender.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (ii) If
      for
      any reason any Swing Line Loan cannot be refinanced by such a Committed
      Borrowing in accordance with Section 2.04(c)(i),
      the
      request for Base Rate Committed 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 Lenders fund its risk participation in the relevant Swing Line Loan
      and
      each Lender’s payment to the Administrative Agent for the account of the Swing
      Line Lender pursuant to Section 2.04(c)(i)
      shall be
      deemed payment in respect of such participation.

    

    (iii) If
      any
      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 Lender pursuant
      to
      the foregoing provisions of this Section 2.04(c)
      by the
      time specified in Section 2.04(c)(i),
      the
      Swing Line Lender shall be entitled to recover from such 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 rate determined by the Swing Line Lender in accordance with banking industry
      rules on interbank compensation. A certificate of the Swing Line Lender
      submitted to any Lender (through the Administrative Agent) with respect to
      any
      amounts owing under this clause (iii) shall be conclusive absent manifest
      error.

    

    (iv) Each
      Lender’s obligation to make Committed Loans or to purchase and fund risk
      participations in Swing Line Loans pursuant to this Section 2.04(c)
      shall be
      absolute and unconditional and shall not be affected by any circumstance,
      including (A) any setoff, counterclaim, recoupment, defense or other
      right
      which such 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 (C) any other occurrence, event or condition, whether
      or
      not similar to any of the foregoing; provided,
      however,
      that
      each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c)
      is
      subject to the conditions set forth in Section 4.02.
      No such
      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.

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    (d)    Repayment
      of Participations.

    

    (i) At
      any
      time after any 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 Lender its
      Applicable Percentage of such payment (appropriately adjusted, in the case
      of
      interest payments, to reflect the period of time during which such 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 Swing Line Lender under
      any of the circumstances described in Section 10.05
      (including pursuant to any settlement entered into by the Swing Line Lender
      in
      its discretion), each Lender shall pay to the Swing Line Lender its Applicable
      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. The obligations of the Lenders
      under this clause shall survive the payment in full of the Obligations and
      the
      termination of this Agreement.

    

    (e)    Interest
      for Account of Swing Line Lender.
      The
      Swing Line Lender shall be responsible for invoicing the Borrower for interest
      on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan
      or
      risk participation pursuant to this Section 2.04
      to
      refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest
      in respect of such Applicable Percentage shall be solely for the account of
      the
      Swing Line Lender.

    

    (f)     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

            	
              Prepayments.

            

    

    

    (a)     Voluntary
      Prepayments of Committed Loans.
      The
      Borrower may, upon notice to the Administrative Agent, at any time or from
      time
      to time voluntarily prepay Committed Loans in whole or in part without premium
      or penalty; provided
      that
      (i) such notice must be received by the Administrative Agent not later
      than
      11:00 a.m. (A) three Business Days prior to any date of prepayment
      of
      Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate
      Committed Loans; (ii) any prepayment of Eurodollar Rate Loans shall
      be in a
      principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess
      thereof; and (iii) any prepayment of Base Rate Committed Loans shall
      be in
      a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof
      or, in each case, if less, the entire principal amount thereof then outstanding.
      Each such notice shall specify the date and amount of such prepayment and the
      Type(s) of Committed Loans to be prepaid. The Administrative Agent will promptly
      notify each Lender of its receipt of each such notice, and of the amount of
      such
      Lender’s
      Applicable Percentage of such prepayment. If such notice is given by the
      Borrower, the Borrower shall make such prepayment and the payment amount
      specified in such notice shall be due and payable on the date specified therein.
      Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued
      interest on the amount prepaid, together with any additional amounts required
      pursuant to Section 3.05.
      Each
      such prepayment shall be applied to the Committed Loans of the Lenders in
      accordance with their respective Applicable Percentages.

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    (b)     Voluntary
      Prepayments of Swing Line Loans.
      The
      Borrower may, upon notice to the Swing Line Lender (with a copy to the
      Administrative Agent), at any time or from time to time, voluntarily prepay
      Swing Line Loans in whole or in part without premium or penalty; provided
      that
      (i) such notice must be received by the Swing Line Lender and the
      Administrative Agent not later than 1:00 p.m. on the date of the
      prepayment, and (ii) any such prepayment shall be in a minimum principal
      amount of $100,000. Each such notice shall specify the date and amount of such
      prepayment. If such notice is given by the Borrower, the Borrower shall make
      such prepayment and the payment amount specified in such notice shall be due
      and
      payable on the date specified therein.

    

    (c)     Mandatory
      Prepayments.
      

    

    (i) Aggregate
      Commitments.
      If for
      any reason the Total Outstandings at any time exceed either (x) the Aggregate
      Commitments then in effect or (y) the Borrowing Base Amount as of such day,
      the
      Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C
      Obligations in an aggregate amount equal to such excess; provided,
      however,
      that
      the Borrower shall not be required to Cash Collateralize the L/C Obligations
      pursuant to this Section 2.05(c)
      unless
      after the prepayment in full of the Loans the Total Outstandings exceed the
      Aggregate Commitments then in effect.

     

    (ii) Prepayments
      From Casualty and Condemnation Events.
      Subject
      to the rights of tenants under any applicable lease, immediately upon the
      occurrence of any event requiring application of any insurance proceeds to
      the
      prepayment of the Obligations pursuant to Section 6.07(b),
      the
      Borrower shall prepay the Loans in the amount required by such Section 6.07(b).
      Amounts
      prepaid pursuant to this Section
      2.05(c)(ii)
      shall be
      applied first,
      to the
      Loans and second
      (and
      after all Loans have been paid) to Cash Collateralize the L/C Obligations in
      an
      amount equal to the then outstanding Letters of Credit.

    

    
      	 	
              2.06

            	
              Termination
                or Reduction of Commitments.

            

    

    

    The
      Borrower may, upon notice to the Administrative Agent, terminate the Aggregate
      Commitments, or from time to time permanently reduce the Aggregate Commitments;
      provided
      that
      (i) any such notice shall be received by the Administrative Agent not
      later
      than 11:00 a.m. five Business Days prior to the date of termination
      or
      reduction, (ii) any such partial reduction shall be in an aggregate
      amount
      of $10,000,000 or any whole multiple of $1,000,000 in excess thereof,
      (iii) the Borrower shall not terminate or reduce the Aggregate Commitments
      if, after giving effect thereto and to any concurrent prepayments hereunder,
      the
      Total Outstandings would exceed the lesser of (x) the Aggregate Commitments
      and
      (y) the Borrowing
      Base Amount as of such day and
      (iv) if, after giving effect to any reduction of the Aggregate Commitments,
      the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount
      of
      the Aggregate Commitments, such Sublimit shall be automatically reduced by
      the
      amount of such excess. The Administrative Agent will promptly notify the Lenders
      of any such notice of termination or reduction of the Aggregate Commitments.
      Any
      reduction of the Aggregate Commitments shall be applied to the Commitment of
      each Lender according to its Applicable Percentage. All fees accrued until
      the
      effective date of any termination of the Aggregate Commitments shall be paid
      on
      the effective date of such termination.

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    
       

      
        	 	
                2.07

              	
                Repayment
                  of Loans.

              

      

    

    

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

    

    (b)     The
      Borrower shall repay each Swing Line Loan on the earlier to occur of
      (i) the date three (3) Business Days after such Loan is made and
      (ii) the Maturity Date.

    

    
      	 	
              2.08

            	
              Interest.

            

    

    

    (a)     Subject
      to
      the provisions of subsection (b) below, (i) each Eurodollar Rate
      Loan
      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 Base Rate Committed 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 Base Rate plus
      the
      Applicable Rate.

    

    (b)    (i) If
      any
      amount of principal of any Loan is not paid when due, 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 Laws.

    

     (ii) If
      any
      amount (other than principal of any Loan) payable by the Borrower under any
      Loan
      Document is not paid when due (without regard to any applicable grace periods),
      whether at stated maturity, by acceleration or otherwise, then upon the request
      of the Required Lenders, 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 Laws.

    

    (iii) Upon
      the
      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 Laws.

    

    (iv) 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.

     

    
 

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    
       

      
        	 	
                2.09

              	
                Fees.

              

      

    

    

    In
      addition to certain fees described in subsections (i) and (j) of
Section 2.03:

    

    (a)     Unused
      Fee.
      The
      Borrower shall pay to the Administrative Agent for the account of each Lender
      in
      accordance with its Applicable Percentage, an unused fee equal to (i) 0.15%
      times
      the
      Unused Committed Amount on each day that the Total Outstandings exceed 50%
      of
      the actual daily amount of the Aggregate Commitments then in effect (or, if
      terminated, in effect immediately prior to such termination) and (ii) 0.25%
      times
      the
      Unused Committed Amount on each day that the Total Outstandings are less than
      or
      equal to 50% of the actual daily amount of the Aggregate Commitments then in
      effect (or, if terminated, in effect immediately prior to such termination).
      The
      unused fee shall be due and payable quarterly in arrears on the last Business
      Day of each March, June, September and December, commencing with the
      first
      such date to occur after the Closing Date, and on the Maturity Date. The unused
      fee shall be calculated quarterly in arrears. The unused fee shall accrue at
      all
      times, including at any time during which one or more of the conditions in
      Article IV
      is not
      met. 

    

    (b)     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 Fee
      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 when the Base Rate is determined
      by
      Bank of America’s “prime rate” 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 2.12(a),
      bear
      interest for one day. Each determination by the Administrative Agent of an
      interest rate or fee hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              2.11

            	
              Evidence
                of Debt.

            

    

    

    (a)     The
      Credit Extensions 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 Credit Extensions 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. Upon the request of any Lender made through
      the Administrative Agent, the Borrower shall execute and deliver to such Lender
      (through the Administrative Agent) a Note, which 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.

    

    
      	 	
              2.12

            	
              Payments
                Generally; Administrative Agent’s Clawback.

            

    

    

    (a)     General.
      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 respective 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 Applicable 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 next succeeding Business Day
      and
      any applicable interest or fee shall continue to accrue. 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.

    

    (b)    (i) Funding
      by Lenders; Presumption by Administrative Agent.
      Unless
      the Administrative Agent shall have received notice from a Lender prior to
      the
      proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the
      case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on
      the
      date of such Committed Borrowing) that such Lender will not make available
      to
      the Administrative Agent such Lender’s share of such Committed Borrowing, the
      Administrative Agent may assume that such Lender has made such share available
      on such date in accordance with Section 2.02
      (or, in
      the case of a Committed Borrowing of Base Rate Loans, that such Lender has
      made
      such share available in accordance with and at the time required by Section 2.02)
      and
      may, in reliance upon such assumption, make available to the Borrower a
      corresponding amount. In such event, if a Lender has not in fact made its share
      of the applicable Committed Borrowing available to the Administrative Agent,
      then the applicable Lender and the Borrower severally agree to pay to the
      Administrative Agent forthwith on demand such corresponding amount in
      immediately available funds with interest thereon, for each day from and
      including the date such amount is made available to the Borrower to but
      excluding the date of payment to the Administrative Agent, at (A) in
      the
      case of a payment to be made by such Lender, the greater of the Federal Funds
      Rate and a rate determined by the Administrative Agent in accordance with
      banking industry rules on interbank compensation and (B) in the case
      of a
      payment to be made by the Borrower, the interest rate applicable to Base Rate
      Loans. If the Borrower and such Lender shall pay such interest to the
      Administrative Agent for the same or an overlapping period, the Administrative
      Agent shall promptly remit to the Borrower the amount of such interest paid
      by
      the Borrower for such period. If such Lender pays its share of the applicable
      Committed Borrowing to the Administrative Agent, then the amount so paid shall
      constitute such Lender’s Committed Loan included in such Committed Borrowing.
      Any payment by the Borrower shall be without prejudice to any claim the Borrower
      may have against a Lender that shall have failed to make such payment to the
      Administrative Agent.

    

    
      
        
        

      

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

    

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

    

    (c)     Failure
      to Satisfy Conditions Precedent.
      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 Credit Extension set forth in
Article IV
      are not
      satisfied or waived in accordance with the terms hereof, the Administrative
      Agent shall return such funds (in like funds as received from such Lender)
      to
      such Lender, without interest.

    

    
      
        
        

      

      
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    (d)     Obligations
      of Lenders Several.
      The
      obligations of the Lenders hereunder to make Committed Loans, to fund
      participations in Letters of Credit and Swing Line Loans and to make payments
      pursuant to Section 10.04(c)
      are
      several and not joint. The failure of any Lender to make any Committed Loan,
      to
      fund any such participation or to make any payment under Section 10.04(c)
      on any
      date required hereunder shall not relieve any other Lender of its corresponding
      obligation to do so on such date, and no Lender shall be responsible for the
      failure of any other Lender to so make its Committed Loan, to purchase its
      participation or to make its payment under Section 10.04(c).

    

    (e)     Funding
      Source.
      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.

    

    
      	 	
              2.13

            	
              Sharing
                of Payments by Lenders.

            

    

    

    If
      any
      Lender shall, by exercising any right of setoff or counterclaim or otherwise,
      obtain payment in respect of any principal of or interest on any of the
      Committed Loans made by it, or the participations in L/C Obligations or in
      Swing
      Line Loans held by it resulting in such Lender’s receiving payment of a
      proportion of the aggregate amount of such Committed Loans or participations
      and
      accrued interest thereon greater than its pro rata
      share
      thereof as provided herein, then the Lender receiving such greater proportion
      shall (a) notify the Administrative Agent of such fact, and
      (b) purchase (for cash at face value) participations in the Committed
      Loans
      and subparticipations in L/C Obligations and Swing Line Loans of the other
      Lenders, or make such other adjustments as shall be equitable, so that the
      benefit of all such payments shall be shared by the Lenders ratably in
      accordance with the aggregate amount of principal of and accrued interest on
      their respective Committed Loans and other amounts owing them, provided
      that:

     

    (i) if
      any
      such participations or subparticipations are purchased and all or any portion
      of
      the payment giving rise thereto is recovered, such participations or
      subparticipations shall be rescinded and the purchase price restored to the
      extent of such recovery, without interest; and

    

    (ii) the
      provisions of this Section shall not be construed to apply to (x) any
      payment made by the Borrower pursuant to and in accordance with the express
      terms of this Agreement or (y) any payment obtained by a Lender as
      consideration for the assignment of or sale of a participation in any of its
      Committed Loans or subparticipations in L/C Obligations or Swing Line Loans
      to
      any assignee or participant, other than to the Borrower or any Subsidiary
      thereof (as to which the provisions of this Section shall
      apply).

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    Each
      Loan
      Party consents to the foregoing and agrees, to the extent it may effectively
      do
      so under applicable law, that any Lender acquiring a participation pursuant
      to
      the foregoing arrangements may exercise against such Loan Party rights of setoff
      and counterclaim with respect to such participation as fully as if such Lender
      were a direct creditor of such Loan Party in the amount of such
      participation.

    

    
      	 	
              2.14

            	
              Extension
                of Maturity Date.

            

    

    

    (a)     Requests
      for Extension.
      The
      Borrower shall have the right, by written notice to the Administrative Agent
      (who shall promptly notify the Lenders) not earlier than 90 days and not later
      than 60 days prior to the Maturity Date then in effect hereunder
      (the“Existing
      Maturity Date”),
      to
      extend the Maturity Date an additional 364 days from the Existing Maturity
      Date.
      Notwithstanding anything to the contrary contained in this Section
      2.14,
      the
      Maturity Date may not be extended for more than two (2) additional 364 day
      periods.

    

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

    

    (i) no
      Default or Event of Default shall have occurred and be continuing on the date
      of
      such extension and after giving effect thereto;

    

    (ii) the
      representations
      and
      warranties contained in this Agreement are true and correct on and as of the
      date of such extension and after giving effect thereto, as though made on and
      as
      of such date (or, if any such representation or warranty is expressly stated
      to
      have been made as of a specific date, as of such specific date); 

    

    (iii) on
      or
      before the Existing Maturity Date, the Administrative Agent shall have received,
      on behalf of each of the Lenders, a fee in the amount of 0.20% on each Lender’s
      Commitment as of the date of such extension; and

    

    (iv) in
      addition to the foregoing conditions set forth in this clause (b), with respect
      to the second 364 day extension of the Existing Maturity Date, on or before
      such
      Existing Maturity Date, the Administrative Agent shall have received, on behalf
      of each of the Lenders, updated appraisals, commissioned, reviewed and approved
      by the Administrative Agent with respect to each Borrowing Base
      Asset.

    

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

    

    
      	 	
              2.15

            	
              Increase
                in Commitments.

            

    

    

    (a)    Request
      for Increase.
      Provided there exists no Default, upon notice to the Administrative Agent (which
      shall promptly notify the Lenders), the Borrower may from time to time, request
      an increase in the Aggregate Commitments by an amount (for all such requests)
      not exceeding $80,000,000; provided
      that
      (i) any such request for an increase shall be in a minimum amount of
      $10,000,000, and (ii) the Borrower may make a maximum of three such
      requests. 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 Business
      Days
      from the date of delivery of such notice to the Lenders).

    

    
      
        
        

      

      
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    (b)     Lender
      Elections to Increase.
      Each
      Lender shall notify the Administrative Agent within such time period whether
      or
      not it agrees to increase its Commitment and, if so, whether by an amount equal
      to, greater than, or less than its Applicable Percentage of such requested
      increase. Any Lender not responding within such time period shall be deemed
      to
      have declined to increase its Commitment.

    

    (c)     Notification
      by Administrative Agent; Additional Lenders.
      The
      Administrative Agent shall notify the Borrower and each Lender of the Lenders’
      responses to each request made hereunder. To achieve the full amount of a
      requested increase and subject to the approval of the Administrative Agent
      and
      the L/C Issuer (which approvals shall not be unreasonably withheld), the
      Borrower may also invite additional Eligible Assignees to become Lenders
      pursuant to a joinder agreement in form and substance satisfactory to the
      Administrative Agent and its counsel.

    

    (d)     Effective
      Date and Allocations.
      If the
      Aggregate Commitments are increased in accordance with this Section, the
      Administrative Agent and the Borrower shall determine the effective date (the
      “Increase
      Effective Date”)
      and
      the final allocation of such increase. The Administrative Agent shall promptly
      notify the Borrower and the Lenders of the final allocation of such increase
      and
      the Increase Effective Date.

    

    (e)     Conditions
      to Effectiveness of Increase.
      As a
      condition precedent to such increase, the Borrower shall deliver to the
      Administrative Agent a certificate of each Loan Party dated as of the Increase
      Effective Date (in sufficient copies for each Lender) signed by a Responsible
      Officer of such Loan Party (i) certifying and attaching the resolutions
      adopted by such Loan Party approving or consenting to such increase, and
      (ii) in the case of the Borrower, certifying that, before and after
      giving
      effect to such increase, (A) the representations and warranties contained
      in Article V
      and the
      other Loan Documents are true and correct on and as of the Increase Effective
      Date, 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, and except that for purposes of this Section 2.15,
      the
      representations and warranties contained in subsections (a) and (b)
      of
Section 5.05
      shall be
      deemed to refer to the most recent statements furnished pursuant to
      clauses (a) and (b), respectively, of Section 6.01,
      and
      (B) no Default exists. The Borrower shall prepay any Committed Loans
      outstanding on the Increase Effective Date (and pay any additional amounts
      required pursuant to Section 3.05)
      to the
      extent necessary to keep the outstanding Committed Loans ratable with any
      revised Applicable Percentages arising from any nonratable increase in the
      Commitments under this Section.

    

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

    

    
      
        
        

      

      
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    ARTICLE
      III

    TAXES,
      YIELD PROTECTION AND ILLEGALITY

    

    
      	 	
              3.01

            	
              Taxes.

            

    

    

    (a)     Payments
      Free of Taxes.
      Any and
      all payments by or on account of any obligation of the Borrower hereunder or
      under any other Loan Document shall be made free and clear of and without
      reduction or withholding for any Indemnified Taxes or Other Taxes, provided
      that if
      the Borrower shall be required by applicable law to deduct any Indemnified
      Taxes
      (including any Other Taxes) from such payments, then (i) the sum payable
      shall be increased as necessary so that after making all required deductions
      (including deductions applicable to additional sums payable under this Section)
      the Administrative Agent, Lender or L/C Issuer, as the case may be, receives
      an
      amount equal to the sum it would have received had no such deductions been
      made,
      (ii) the Borrower shall make such deductions and (iii) the Borrower
      shall timely pay the full amount deducted to the relevant Governmental Authority
      in accordance with applicable law.

    

    (b)     Payment
      of Other Taxes by the Borrower.
      Without
      limiting the provisions of subsection (a) above, the Borrower shall
      timely
      pay any Other Taxes to the relevant Governmental Authority in accordance with
      applicable law.

    

    (c)     Indemnification
      by the Borrower.
      The
      Borrower shall indemnify the Administrative Agent, each Lender and the L/C
      Issuer, within 10 days after demand therefor, for the full amount of any
      Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
      imposed or asserted on or attributable to amounts payable under this Section)
      paid by the Administrative Agent, such Lender or the L/C Issuer, as the case
      may
      be, and any penalties, interest and reasonable expenses arising therefrom or
      with respect thereto, whether or not such Indemnified Taxes or 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 the L/C Issuer (with a copy to the Administrative
      Agent), or by the Administrative Agent on its own behalf or on behalf of a
      Lender or the L/C Issuer, shall be conclusive absent manifest
      error.

    

    (d)     Evidence
      of Payments.
      As soon
      as practicable after any payment of Indemnified Taxes or Other Taxes by the
      Borrower to a Governmental Authority, the Borrower 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.

    

    (e)     Status
      of Lenders.
      Any
      Foreign Lender that is entitled to an exemption from or reduction of withholding
      tax under the law of the jurisdiction in which the Borrower is resident for
      tax
      purposes, or any treaty to which such jurisdiction is a party, with respect
      to
      payments hereunder or under any other Loan Document shall deliver to the
      Borrower (with a copy to the Administrative Agent), at the time or times
      prescribed by applicable law or reasonably requested by the Borrower or the
      Administrative Agent, such properly completed and executed documentation
      prescribed by applicable law as will permit such payments to be made without
      withholding or at a reduced rate of withholding. In addition, any Lender, if
      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.

    

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    Without
      limiting the generality of the foregoing, in the event that the Borrower is
      resident for tax purposes in the United States, any Foreign Lender shall deliver
      to the Borrower and the Administrative Agent (in such number of copies as shall
      be requested by the recipient) on or prior to the date on which such Foreign
      Lender becomes a Lender under this Agreement (and from time to time thereafter
      upon the request of the Borrower or the Administrative Agent, but only if such
      Foreign Lender is legally entitled to do so), whichever of the following is
      applicable:

    

    (i) duly
      completed copies of Internal Revenue Service Form W-8BEN claiming
      eligibility for benefits of an income tax treaty to which the United States
      is a
      party,

    

    (ii) duly
      completed copies of Internal Revenue Service Form W-8ECI,

    

    (iii) in
      the
      case of a Foreign 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 Foreign Lender is not (A) a “bank” within the meaning of section
      881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower
      within the meaning of section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the Code
      and (y) duly completed copies of Internal Revenue Service Form W-8BEN,
      or

    

    (iv) any
      other
      form prescribed by applicable law as a basis for claiming exemption from or
      a
      reduction in United States Federal withholding tax duly completed together
      with
      such supplementary documentation as may be prescribed by applicable law to
      permit the Borrower to determine the withholding or deduction required to be
      made.

    

    (f)     Treatment
      of Certain Refunds.
      If the
      Administrative Agent, any Lender or the L/C Issuer determines, in its sole
      discretion, that it has received a refund of any Taxes or Other Taxes as to
      which it has been indemnified by the Borrower or with respect to which the
      Borrower has paid additional amounts pursuant to this Section, it shall pay
      to
      the Borrower an amount equal to such refund (but only to the extent of indemnity
      payments made, or additional amounts paid, by the Borrower under this
      Section with respect to the Taxes or Other Taxes giving rise to such
      refund), net of all out-of-pocket expenses of the Administrative Agent, such
      Lender or the L/C Issuer, as the case may be, and without interest (other than
      any interest paid by the relevant Governmental Authority with respect to such
      refund), provided
      that the
      Borrower, upon the request of the Administrative Agent, such Lender or the
      L/C
      Issuer, agrees to repay the amount paid over to the Borrower (plus any
      penalties, interest or other charges imposed by the relevant Governmental
      Authority) to the Administrative Agent, such Lender or the L/C Issuer in the
      event the Administrative Agent, such Lender or the L/C Issuer is required to
      repay such refund to such Governmental Authority. This subsection shall not
      be
      construed to require the Administrative Agent, any Lender or the L/C Issuer
      to
      make available its tax returns (or any other information relating to its taxes
      that it deems confidential) to the Borrower or any other Person.

     

    
 

    
      
        
        

      

      
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                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 Rate Loans, or to determine
      or charge interest rates based upon the Eurodollar Rate, or any Governmental
      Authority has imposed material restrictions on the authority of such Lender
      to
      purchase or sell, or to take deposits of, Dollars in the London interbank
      market, then, on notice thereof by such Lender to the Borrower through the
      Administrative Agent, any obligation of such Lender to make or continue
      Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar
      Rate
      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 Rate Loans 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 Rate Loans to such day, or immediately,
      if
      such Lender may not lawfully continue to maintain such Eurodollar Rate Loans.
      Upon any such prepayment or conversion, the Borrower shall also pay accrued
      interest on the amount so prepaid or converted.

    

    
      	 	
              3.03

            	
              Inability
                to Determine Rates.

            

    

    

    If
      the
      Required Lenders determine that for any reason in connection with any request
      for a Eurodollar Rate Loan or a conversion to or continuation thereof that
      (a) Dollar deposits are not being offered to banks in the London interbank
      eurodollar market for the applicable amount and Interest Period of such
      Eurodollar Rate Loan, (b) adequate and reasonable means do not exist
      for
      determining the Eurodollar Rate for any requested Interest Period with respect
      to a proposed Eurodollar Rate Loan , or (c) the Eurodollar Rate for
      any
      requested Interest Period with respect to a proposed Eurodollar Rate 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 Rate
      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 Rate Loans or, failing that, will be deemed to have
      converted such request into a request for a Committed Borrowing of Base Rate
      Loans in the amount specified therein.

    

    
      
        
        

      

      
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                3.04

              	
                Increased
                  Costs; Reserves on Eurodollar Rate Loans.

              

      

    

    

    (a)     Increased
      Costs Generally.
      If any
      Change in Law shall:

    

    (i) impose,
      modify or deem applicable any reserve, special deposit, compulsory loan,
      insurance charge or similar requirement against assets of, deposits with or
      for
      the account of, or credit extended or participated in by, any Lender (except
      any
      reserve requirement reflected in the Eurodollar Rate) or the L/C
      Issuer;

    

    (ii) subject
      any Lender or the L/C Issuer to any tax of any kind whatsoever with respect
      to
      this Agreement, any Letter of Credit, any participation in a Letter of Credit
      or
      any Eurodollar Rate Loan made by it, or change the basis of taxation of payments
      to such Lender or the L/C Issuer in respect thereof (except for Indemnified
      Taxes or Other Taxes covered by Section 3.01
      and the
      imposition of, or any change in the rate of, any Excluded Tax payable by such
      Lender or the L/C Issuer); or

    

    (iii) impose
      on
      any Lender or the L/C Issuer or the London interbank market any other condition,
      cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
      Lender or any Letter of Credit or participation therein;

    

    and
      the
      result of any of the foregoing shall be to increase the cost to such Lender
      of
      making or maintaining any Eurodollar Rate Loan (or of maintaining its obligation
      to make any such Loan), or to increase the cost to such Lender or the L/C Issuer
      of participating in, issuing or maintaining any Letter of Credit (or of
      maintaining its obligation to participate in or to issue any Letter of Credit),
      or to reduce the amount of any sum received or receivable by such Lender or
      the
      L/C Issuer hereunder (whether of principal, interest or any other amount) then,
      upon request of such Lender or the L/C Issuer, the Borrower will pay to such
      Lender or the L/C Issuer, as the case may be, such additional amount or amounts
      as will compensate such Lender or the L/C Issuer, as the case may be, for such
      additional costs incurred or reduction suffered.

    

    (b)     Capital
      Requirements.
      If any
      Lender or the L/C Issuer determines that any Change in Law affecting such Lender
      or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the
      L/C Issuer’s holding company, if any, regarding capital requirements has or
      would have the effect of reducing the rate of return on such Lender’s or the L/C
      Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding
      company, if any, as a consequence of this Agreement, the Commitments of such
      Lender or the Loans made by, or participations in Letters of Credit held by,
      such Lender, or the Letters of Credit issued by the L/C Issuer, to a level
      below
      that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
      holding company could have achieved but for such Change in Law (taking into
      consideration such Lender’s or the L/C Issuer’s policies and the policies of
      such Lender’s or the L/C Issuer’s holding company with respect to capital
      adequacy), then from time to time the Borrower will pay to such Lender or the
      L/C Issuer, as the case may be, such additional amount or amounts as will
      compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
      holding company for any such reduction suffered.

    

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    (c)     Certificates
      for
      Reimbursement.
      A
      certificate of a Lender or the L/C Issuer setting forth the amount or amounts
      necessary to compensate such Lender or the L/C Issuer or its holding company,
      as
      the case may be, as specified in subsection (a) or (b) of this
      Section and delivered to the Borrower shall be conclusive absent manifest
      error. The Borrower shall pay such Lender or the L/C Issuer, as the case may
      be,
      the amount shown as due on any such certificate within 10 days after receipt
      thereof.

    

    (d)     Delay
      in Requests.
      Failure
      or delay on the part of any Lender or the L/C Issuer to demand compensation
      pursuant to the foregoing provisions of this Section shall not constitute
      a
      waiver of such Lender’s or the L/C Issuer’s right to demand such compensation,
provided
      that the
      Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant
      to the foregoing provisions of this Section for any increased costs
      incurred or reductions suffered more than nine months prior to the date that
      such Lender or the L/C Issuer, as the case may be, notifies the Borrower of
      the
      Change in Law giving rise to such increased costs or reductions and of such
      Lender’s or the L/C Issuer’s intention to claim compensation therefor (except
      that, if the Change in Law giving rise to such increased costs or reductions
      is
      retroactive, then the nine-month period referred to above shall be extended
      to
      include the period of retroactive effect thereof).

    

    
      	 	
              3.05

            	
              Compensation
                for 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 Rate 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 10.13;

    

    including
      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.
      

    

    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 Rate Loan made by it at the Eurodollar
      Base 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
      Rate Loan was in fact so funded.

     

    
      
        
        

      

      
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              3.06

            	
              Mitigation
                Obligations; Replacement of Lenders.

            

    

    

    (a) Designation
      of a Different Lending Office.
      If any
      Lender requests compensation under Section 3.04,
      or the
      Borrower is required to pay any additional amount to any Lender or any
      Governmental Authority for the account of any Lender pursuant to Section 3.01,
      or if
      any Lender gives a notice pursuant to Section 3.02,
      then
      such Lender shall use reasonable efforts to designate a different Lending Office
      for funding or booking its Loans hereunder or to assign its rights and
      obligations hereunder to another of its offices, branches or affiliates, if,
      in
      the judgment of such Lender, such designation or assignment (i) would eliminate
      or reduce amounts payable pursuant to Section 3.01
      or
3.04,
      as the
      case may be, in the future, or eliminate the need for the notice pursuant to
      Section 3.02,
      as
      applicable, and (ii) in each case, would not subject such Lender to any
      unreimbursed cost or expense and would not otherwise be disadvantageous to
      such
      Lender. 

    

    (b) Replacement
      of Lenders.
      If any
      Lender requests compensation under Section 3.04,
      or if
      the Borrower is required to pay any additional amount to any Lender or any
      Governmental Authority for the account of any Lender pursuant to Section 3.01,
      or in
      the case of a refusal by a Lender to consent to a proposed change, waiver,
      discharge or termination with respect to this Agreement which has been approved
      by the Required Lenders as provided in Section
      10.01,
      the
      Borrower may replace such Lender in accordance with Section 10.13.

    

    
      	 	
              3.07

            	
              Survival.

            

    

    

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

    

    ARTICLE
      IV

    CONDITIONS
      PRECEDENT TO CREDIT
      EXTENSIONS

    

    
      	 	
              4.01

            	
              Conditions
                of Initial Credit Extension.

            

    

    

    The
      obligation of the L/C Issuer and each Lender to make its initial Credit
      Extension hereunder is subject to satisfaction of the following conditions
      precedent:

    

    (a)     Loan
      Documents, Organizational Documents, Certificates, Etc.
      The
      Administrative Agent’s receipt of the following, each of which shall be
      originals or telecopies (followed promptly by originals) unless otherwise
      specified, each properly executed by a Responsible Officer of the signing Loan
      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 and each of the
      Lenders:

    

    (i) executed
      counterparts of this Agreement and the other Loan Documents, sufficient in
      number for distribution to the Administrative Agent, each Lender and the
      Borrower;

    

    
      
        
        

      

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

    

    (iii) such
      certificates of resolutions or other action, incumbency certificates and/or
      other certificates of Responsible Officers of each Loan 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 Agreement and the other Loan Documents to which such
      Loan Party is a party;

    

    (iv) such
      documents and certifications as the Administrative Agent may reasonably require
      to evidence that each Loan Party is duly organized or formed, and that each
      of
      the Loan Parties is validly existing, in good standing and qualified to engage
      in business in each jurisdiction where its ownership, lease or operation of
      properties or the conduct of its business requires such qualification, except
      to
      the extent that failure to do so could not reasonably be expected to have a
      Material Adverse Effect;

    

    (v) a
      certificate of a Responsible Officer of each Loan Party either (A) attaching
      copies of all consents, licenses and approvals required in connection with
      the
      execution, delivery and performance by such Loan Party and the validity against
      such Loan Party of the Loan Documents to which it is a party, and such consents,
      licenses and approvals shall be in full force and effect, or (B) stating that
      no
      such consents, licenses or approvals are so required;

    

    (vi) a
      certificate signed by a Responsible Officer of the Borrower certifying
      (A) that the conditions specified in Sections 4.02(a)
      and
(b) have
      been satisfied, and (B) that there has been no event or circumstance
      since
      the date of the Audited Financial Statements that has had or could be reasonably
      expected to have, either individually or in the aggregate, a Material Adverse
      Effect;
      and
      (C) a calculation of the Consolidated Leverage Ratio as of the last
      day of
      the fiscal quarter of CNL RPI most recently ended prior to the Closing
      Date;

    

    (vii) a
      duly
      completed Compliance Certificate as of the last day of the fiscal quarter of
      CNL
      RPI ended on June 30, 2005, signed by a Responsible Officer of the
      Borrower.

    

    (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: 

    

    (i) a
      favorable opinion of Lowndes, Drosdick, Doster, Kantor & Reed, P.A., counsel
      to the Loan Parties, addressed to the Administrative Agent and each Lender,
      as
      to the matters concerning the Loan Parties and the Loan Documents as the
      Required Lenders may reasonably request; and 

    

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    (ii) a
      favorable opinion of special local counsel with respect to each Loan Party
      not
      organized in the States of New York, Florida and Delaware and with respect
      to
      each Borrowing Base Asset not located in the States of New York or
      Florida.

    

                    (c)   Evidence
      of Insurance.
      The
      Administrative Agent shall have received copies of certificates of insurance
      of
      the Loan Parties evidencing liability 

    and
      casualty insurance required to be maintained pursuant to the Loan
      Documents.

    

    (d)  Perfection
      and Priority of Liens in the Personal Property Collateral.
      The
      Administrative Agent shall have received:

     

    (i) UCC
      financing statements for each appropriate jurisdiction as is necessary, in
      the
      Administrative Agent's sole discretion, to perfect the Administrative Agent's
      security interest in the Collateral; 

    

    (ii) all
      certificates evidencing any certificated Equity Interests pledged
      to the Administrative Agent pursuant to the Pledge Agreement, together with
      duly
      executed in blank, undated stock powers attached thereto (unless, with respect
      to the pledged Equity
      Interests of
      any
      Foreign Subsidiary, such stock powers are deemed unnecessary by the
      Administrative Agent in its reasonable discretion under the law of the
      jurisdiction of incorporation of such Person); 

    

    (iii) duly
      executed estoppel
      letters, consents, notices and waivers as
      are
      necessary, in the Administrative Agent’s sole discretion, to perfect the
      Administrative Agent’s security interest in the Collateral; 

    

    (e)   Perfection
      and Priority of Liens in the Real Property Collateral.
      The
      Administrative Agent shall have received:

    

    (i) with
      respect to each of the Borrowing Base Assets, fully executed and notarized
      (A)
      Mortgage Instruments and (B) Assignments of Leases;

     

    (ii) 
      with
      respect to each of the Prime Care Properties, fully executed and notarized
      amendments to existing Mortgage Instruments as may be reasonably requested
      by
      the Administrative Agent;

    

    (iii) in
      the
      case of each real property leasehold interest of any Loan Party constituting
      a
      Borrowing Base Asset evidence that the applicable lease, a memorandum of lease
      with respect thereto, or other evidence of such lease in form and substance
      reasonably satisfactory to the Administrative Agent, has been properly recorded
      in all places to the extent necessary or desirable, in the reasonable judgment
      of the Administrative Agent, so as to enable the Mortgage Instrument encumbering
      such leasehold interest to effectively create a valid and enforceable first
      priority lien (subject to Permitted Liens and required landlord consents) on
      such leasehold interest in favor of the Administrative Agent (or such other
      Person as may be required or desired under local law) for the benefit of
      Lenders;

    

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    (iv) with
      respect to each Operating Agreement, each Cash Management Agreement and each
      Pooling Agreement with respect to any Borrowing Base Asset, an assignment
      thereof in favor of the Administrative Agent and a subordination,
      non-disturbance and attornment agreement; 

    

    (v) maps
      or
      plats of an as-built survey of the sites of the real property covered by the
      Mortgage Instruments;

    

    (vi) appraisals,
      commissioned, reviewed and approved by the Administrative Agent with respect
      to
      each Borrowing Base Asset;

    

    (vii) evidence
      as to the compliance of each Borrowing Base Asset with applicable zoning and
      use
      requirements;

    

    (viii) title
      insurance policies or appropriate endorsements to existing title insurance
      policies with respect to each of the Borrowing Base Assets (the “Mortgage
      Policies”),
      along
      with copies of all exceptions to title referenced in such policies, such
      policies to (A) be in amounts acceptable to the Administrative Agent with
      respect to any particular Borrowing Base Asset, (B) from insurance companies
      acceptable to the Administrative Agent, (C) include such available endorsements
      and reinsurance as the Administrative Agent may require and (D) otherwise
      satisfy the title insurance requirements of the Administrative Agent;

    

    (ix) evidence
      as to (A) whether any Borrowing Base Asset (or the real property which
      is
      the subject of such Borrowing Base Asset) is in an area designated by the
      Federal Emergency Management Agency as having special flood or mud slide hazards
      (a “Flood
      Hazard Property”)
      and (B)
      if any Borrowing Base Asset is a Flood Hazard Property, (1) whether
      the
      community in which such Borrowing Base Asset is located is participating in
      the
      National Flood Insurance Program, (2) the applicable Loan Party’s written
      acknowledgment of receipt of written notification from the Administrative Agent
      (a) as to the fact that such Borrowing Base Asset is a Flood Hazard
      Property and (b) as to whether the community in which each such Flood
      Hazard Property is located is participating in the National Flood Insurance
      Program and (3)
      copies
      of insurance policies or certificates of insurance evidencing flood insurance
      satisfactory to the Administrative Agent and naming the Administrative Agent
      as
      sole loss payee on behalf of the Lenders under a standard mortgagee endorsement;
      and

    

    (x) to
      the
      extent requested by the Administrative Agent, tenant estoppel certificates
      and
      subordination, non-disturbance and attornment agreements with respect to each
      of
      the Borrowing Base Assets which are leased in their entirety to lessees, each
      in
      form and substance acceptable to the Administrative Agent.

    

    
      
        
        

      

      
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    (f)     Opening
      Borrowing Base Certificate.
      The
      Administrative Agent shall have received a duly completed Borrowing Base
      Certificate as
      of the
      Closing Date signed
      by
      a
      Responsible Officer of the Borrower.

    

    (g)     Material
      Contracts.
      The
      Administrative Agent shall have received a copy of
      each
      Material Contract. 

    

    (h)     Amendments
      to Pooling Agreements.
      The
      Administrative Agent shall have received evidence that the Horizon Bay RP8
      Pooling Agreement, dated as of February 6, 2004 and such other Pooling
      Agreements related thereto have been amended in form and substance satisfactory
      to the Administrative Agent. 

    

    (i)     Environmental
      Reports.
      The
      Administrative Agent shall have received copies of the most recent environmental
      reports or assessments in the possession of the Borrower or any other Loan
      Party
      with respect to the environmental condition of each of the Borrowing Base
      Assets and
      any
      other earlier or supplemental reports or assessments in the possession of the
      Borrower or any other Loan Party requested by the Administrative Agent in
      connection therewith.

    

    (j)     Amendment
      and Restatement of Existing Credit Agreement.
      The
      Administrative Agent shall have received evidence that the Existing Credit
      Agreement shall have been amended and restated and replaced by this
      Agreement.

    

    (k)     Termination
      of Existing Indebtedness.
      The
      Administrative Agent shall have received evidence that all Indebtedness, other
      than Indebtedness permitted by Section 7.02 hereunder, has been or concurrently
      with the Closing Date is being terminated and all Liens securing obligations
      under such Indebtedness have been or concurrently with the Closing Date are
      being released;

    

    (l)     Fees.
      Any
      fees required to be paid on or before the Closing Date shall have been
      paid.

    

    (m)     Attorney
      Costs.
      Unless
      waived by the Administrative Agent, the Borrower shall have paid all fees,
      charges and disbursements of counsel to the Administrative Agent to the extent
      invoiced prior to or on the Closing Date.

    

    (n)     Material
      Adverse Effect.
      No
      material adverse change shall have occurred since December 31, 2004, in the
      business, assets, liabilities (actual or contingent), operations, condition
      (financial or otherwise), or prospects of (i) CNL RPI, (ii) the Borrower or
      (iii) CNL RPI and its Subsidiaries taken as a whole or in the material facts
      and
      information regarding such entities as represented in writing prior to the
      Closing Date.

    

    (o)     Other.
      Receipt
      by the Lenders of such other documents, instruments, agreements or information
      as reasonably requested by any Lender, including information regarding
      litigation, tax, accounting, labor, insurance, pension liabilities (actual
      or
      contingent), real estate leases, material contracts, debt agreements, property
      ownership and contingent liabilities of the Consolidated Parties.

    

    
      
        
        

      

      
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    Without
      limiting the generality of the provisions of Section 9.04,
      for
      purposes of determining compliance with the conditions specified in this
Section 4.01,
      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 proposed Closing Date specifying its
      objection thereto.

    

    
      	 	
              4.02

            	
              Conditions
                to all Credit Extensions.

            

    

    

    The
      obligation of each Lender to honor any Request for Credit Extension (other
      than
      a Committed Loan Notice requesting only a conversion of Committed Loans to
      the
      other Type, or a continuation of Eurodollar Rate Loans) is subject to the
      following conditions precedent: 

    

    (a) The
      representations and warranties of the Borrower and each other Loan Party
      contained in Article V
      or any
      other Loan Document, or which are contained in any document furnished at any
      time under or in connection herewith or therewith, shall be true and correct
      on
      and as of the date of such Credit Extension, except to the extent that such
      representations and warranties specifically refer to an earlier date, in which
      case they shall be true and correct as of such earlier date, and except that
      for
      purposes of this Section 4.02,
      the
      representations and warranties contained in subsections (a) and (b)
      of
Section 5.05
      shall be
      deemed to refer to the most recent statements furnished pursuant to
      clauses (a) and (b), respectively, of Section 6.01.

    

    (b) No
      Default shall exist, or would result from such proposed Credit Extension or
      from
      the application of the proceeds thereof.

    

    (c) Immediately
      after giving effect to any Request for Credit Extension, the Total Outstandings
      shall not exceed the lesser of (x) the Aggregate Commitments and (y) the
      Borrowing Base Amount for such date.

    

    (d) The
      Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender
      shall have received a Request for Credit Extension in accordance with the
      requirements hereof.

    

    Each
      Request for Credit Extension (other than a Committed Loan Notice requesting
      only
      a conversion of Committed Loans to the other Type or a continuation of
      Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a
      representation and warranty that the conditions specified in Sections 4.02(a),
      (b)
      and
(c)
      have
      been satisfied on and as of the date of the applicable Credit
      Extension.

    

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    REPRESENTATIONS
      AND WARRANTIES

    

    Each
      of
      the Loan Parties represents and warrants to the Administrative Agent and the
      Lenders that:

    

    
      	 	
              5.01

            	
              Existence,
                Qualification and Power.

            

    

    

    Each
      Loan
      Party (a)  is duly organized or formed, validly existing and in good
      standing under the Laws of the jurisdiction of its incorporation or
      organization, (b) has all requisite power and authority and all requisite
      governmental licenses, authorizations, consents and approvals necessary to
      (i) own or lease its assets and carry on its business and
      (ii) execute, deliver and perform its obligations under the Loan Documents
      to which it is a party and (c) is duly qualified and is licensed and
      in
      good standing under the Laws of each jurisdiction where its ownership, lease
      or
      operation of properties or the conduct of its business requires such
      qualification or license; except in each case referred to in clause (b)(i),
      or (c), to the extent that failure to do so could not reasonably be expected
      to
      have a Material Adverse Effect.

    

    
      	 	
              5.02

            	
              Authorization;
                No Contravention.

            

    

    

    The
      execution, delivery and performance by each Loan Party of each Loan 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,
      or
      require any payment to be made under (i) any Contractual Obligation
      to
      which such Person is a party or affecting such Person or the properties of
      such
      Person or any of its Subsidiaries or (ii) any order, injunction, writ
      or
      decree of any Governmental Authority or any arbitral award to which such Person
      or its property is subject; or (c) violate any Law. 

    

    
      	 	
              5.03

            	
              Governmental
                Authorization; Other Consents.

            

    

    

    Except
      for filings necessary to perfect the Administrative Agent’s security interest in
      the Collateral and approvals, consents, exemptions, authorizations or other
      actions that have been obtained prior to the Closing Date, no approval, consent,
      exemption, authorization, or other action by, or notice to, or filing with,
      any
      Governmental Authority or any other Person is necessary or required in
      connection with the execution, delivery or performance by, or enforcement
      against, any Loan Party of this Agreement or any other Loan
      Document.

    

    
      	 	
              5.04

            	
              Binding
                Effect.

            

    

    

    This
      Agreement has been, and each other Loan Document, when delivered hereunder,
      will
      have been, duly executed and delivered by each Loan Party that is party thereto.
      This Agreement constitutes, and each other Loan Document when so delivered
      will
      constitute, a legal, valid and binding obligation of such Loan Party,
      enforceable against each Loan Party that is party thereto in accordance with
      its
      terms.

     

    
      
        
        

      

      
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              5.05

            	
              Financial
                Statements; No Material Adverse Effect; No Internal Control
                Event.

            

    

    

    (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 CNL
      RPI
      and its Subsidiaries 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 CNL RPI and its Subsidiaries as of the date thereof, including
      liabilities for taxes, material commitments and Indebtedness.

    

    (b) The
      unaudited consolidated balance sheet of CNL RPI and its Subsidiaries dated
      June
      30, 2005, 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 CNL RPI and its Subsidiaries 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) 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.

    

    (d) Since
      the
      date of the Audited Financial Statements, no Internal Control Event has occurred
      that has not been remedied by the Borrower and/or the applicable Loan Party
      in a
      manner satisfactory to the Required Lenders.

    

    
      	 	
              5.06

            	
              Litigation.

            

    

    

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

    

    
      	 	
              5.07

            	
              No
                Default.

            

    

    

    Neither
      the CNL RPI, 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. No
      Default has occurred and is continuing or would result from the consummation
      of
      the transactions contemplated by this Agreement or any other Loan
      Document.

     

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              5.08

            	
              Ownership
                of Property; Liens.

            

    

    

    Each
      of
      CNL RPI, the Borrower and each of its Subsidiaries has good record and
      marketable title in fee simple to, or valid leasehold interests in, all real
      property necessary or used in the ordinary conduct of its business, except
      for
      such defects in title as could not, individually or in the aggregate, reasonably
      be expected to have a Material Adverse Effect. The property of each of the
      Loan
      Parties is subject to no Liens, other than Liens permitted by Section 7.01.

    

    
      	 	
              5.09

            	
              Environmental
                Compliance.

            

    

    

    Except
      as
      disclosed and described in those reports, assessments or notices provided by
      the
      Borrower or any Loan Party in connection with Section
      4.01(i)
      hereto:

    

    (a) Each
      of
      the Borrowing
      Base Assets (or the real property which is the subject of such Borrowing Base
      Asset) and
      all
      operations with respect to such Borrowing Base Asset are
      in
      compliance with all applicable Environmental Laws, there
      is
      no violation of Environmental Law, or other condition, requiring the applicable
      Loan Party to take any action, including, without limitation, investigation,
      cleanup, remediation or removal of such violation or condition, under applicable
      Environmental Laws,
      and
      there are no conditions relating to such Borrowing Base Assets or
      the
      Businesses that could give rise to liability (including, without limitation,
      liability to conduct any investigation, removal or remediation of any Hazardous
      Materials) under any applicable Environmental Laws.

    

    (b) None
      of
      the Borrowing Base Assets
      (or the
      real property which is the subject of such Borrowing Base Asset) contain,
      or has previously contained, any Hazardous Materials at, on or under the
      location with respect to such Borrowing Base Asset in amounts or concentrations
      that constitute or constituted a violation of, or could give rise to liability
      under, Environmental Laws.

    

    (c) No
      Loan
      Party has received any written or oral 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 Borrowing Base
      Assets
      (or the
      real property which is the subject of such Borrowing Base Asset) or
      the
      businesses conducted thereon, nor does any Responsible Officer of any Loan
      Party
      have knowledge or reason to believe that any such notice will be received or
      is
      being threatened.

    

    (d) Hazardous
      Materials have not been transported or disposed of from the location of any
      of
      the Borrowing Base Assets (or
      the
      real property which is the subject of such Borrowing Base Asset),
      or
      generated, treated, stored or disposed of at, on or under any of the locations
      of such Borrowing Base Assets (or
      the
      real property which is the subject of such Borrowing Base Asset) or
      any
      other location, in each case by or on behalf of any Loan Party in violation
      of,
      or in a manner that could give rise to liability under, any applicable
      Environmental Law.

    

    

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    

    (e) No
      judicial proceeding or governmental or administrative action is pending or,
      to
      the best knowledge of any of the Responsible Officers of the Loan Parties,
      threatened, under any Environmental Law or relating to any Hazardous Material
      to
      which any Loan Party 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 outstanding under any
      Environmental Law with respect to any Loan Party, the Borrowing Base Assets
      (or
      the
      real property which is the subject of such Borrowing Base Asset) or
      the
      Businesses.

    

    (f) There
      has
      been no release (as such term is defined for purposes of CERCLA), or threat
      of
      release, of Hazardous Materials at or from the location of the Borrowing Base
      Assets (or
      the
      real property which is the subject of such Borrowing Base Asset) or
      arising from or related to the operations (including, without limitation,
      disposal) of any Loan Party in connection with such Borrowing Base Assets
(or
      the
      real property which is the subject of such Borrowing Base Asset) or
      otherwise in connection with the businesses conducted thereon, in violation
      of
      or in amounts or in a manner that could give rise to liability under
      Environmental Laws.

    

    
      	 	
              5.10

            	
              Taxes.

            

    

    

    Each
      of
      the Loan Parties has filed (or obtained an extension to file) 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 provided in accordance with GAAP. There is no proposed tax
      assessment against CNL RPI, the Borrower or any of their Subsidiaries that
      would, if made, have a Material Adverse Effect. 

    

    
      	 	
              5.11

            	
              ERISA
                Compliance.

            

    

    

    (a) Except
      as
      could not reasonably be expected to have a Material Adverse Effect, each Plan
      is
      in compliance with the applicable provisions of ERISA, the Code and other
      Federal or state Laws. Each Plan that is intended to qualify under
      Section 401(a) of the 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 best knowledge of any Loan Party,
      nothing has occurred which would prevent, or cause the loss of, such
      qualification. Each Loan Party and each ERISA Affiliate have made all required
      contributions to each Plan subject to Section 412 of the Code, and no
      application for a funding waiver or an extension of any amortization period
      pursuant to Section 412 of the Code has been made with respect to any
      Plan.

    

    (b) There
      are
      no pending or, to the best knowledge of any Loan Party, threatened claims,
      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.
      There has been no prohibited transaction or violation of the fiduciary
      responsibility rules with respect to any Plan that has resulted or could
      reasonably be expected to result in a Material Adverse Effect.

    

    

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    (c) (i)
      No
      ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension
      Plan has any Unfunded Pension Liability; (iii) neither the Borrower nor any
      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) neither
      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) neither CNL RPI, he Borrower nor any ERISA Affiliate has engaged in a
      transaction that could be subject to Sections 4069 or 4212(c) of
      ERISA.

    

    
      	 	
              5.12

            	
              Margin
                Regulations; Investment Company Act; Public Utility Holding Company
                Act.

            

    

    

    (a) No
      Loan
      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. 

    

    (b) No
      Loan
      Party nor any Subsidiary of any Loan Party (i) is a “holding company,” or a
“subsidiary company” of a “holding company,” or an “affiliate” of a “holding
      company” or of a “subsidiary company” of a “holding company,” within the meaning
      of the Public Utility Holding Company Act of 1935, or (ii) is or is required
      to
      be registered as an “investment company” under the Investment Company Act of
      1940.

    

    
      	 	
              5.13

            	
              Disclosure.

            

    

    

    No
      report, financial statement, certificate or other information furnished (whether
      in writing or orally) by or on behalf of any Loan 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
      Loan
      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, the Borrower represents only
      that such information was prepared in good faith based upon assumptions believed
      to be reasonable at the time.

    

    

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    

     

    

    
      	 	
              5.14

            	
              Compliance
                with Laws.

            

    

    

    Each
      Loan
      Party 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.

    

    
      	 	
              5.15

            	
              Borrowing
                Base Assets; Leases and Tenants.

            

    

    

    (a) Part
      I of
Schedule 5.15
      (as
      updated pursuant to the terms hereof through the delivery of a Compliance
      Certificate) is a true and complete list as of the Closing Date of (i) the
      street address of each Borrowing Base Asset, (ii) the Loan Party which
      owns
      each such Borrowing Base Asset, (iii) the facility type of each such
      Borrowing Base Asset, (iv) the lease(s) to which each such Borrowing
      Base
      Asset is subject, (v) the name and address of the Tenant of each such
      Borrowing Base Asset and (vi) the name and address of operator of each such
      Borrowing Base Asset. Except for those Borrowing Base Assets identified as
      Prime
      Care Properties on Schedule 5.15,
      the
      applicable Loan Party has a fee simple title to each Borrowing Base Asset listed
      on Schedule 5.15
      hereto.
      Each parcel of real property identified on Part I of Schedule 5.15
      is a
      Real Property Asset that qualifies as a Borrowing Base Asset pursuant to the
      terms hereof and which is subject to a first priority lien (subject to Permitted
      Liens) in favor of the Administrative Agent (for the benefit of the Lenders)
      pursuant to a properly-recorded Mortgage Instrument and Assignment of
      Leases.

    

    (b) Part
      II
      of Schedule 5.15
      (as
      updated pursuant to the terms hereof through the delivery of a Compliance
      Certificate) is a true and complete list of the names and addresses of all
      Tenants with respect to any Borrowing Base Asset (and in the case of the Prime
      Care Lease, each Tenant of each real property asset which is the subject of
      the
      Prime Care Lease) who are (i) delinquent in paying any franchise, business,
      intangible, personal property taxes or real estate taxes due beyond the earlier
      of the applicable grace period with respect thereto, if any, and 60 days and/or
      (ii) the subject of any Debtor Relief Law.

    (c) Part III
      of Schedule 5.15
      (as
      updated pursuant to the terms hereof through the delivery of a Compliance
      Certificate) properly identifies all Facility Leases in existence as of the
      date
      hereof with respect to the Borrowing Base Assets, together with the applicable
      Tenant and the remaining term of each such Facility Lease.

    

    (d) Part IV
      of Schedule 5.15
      (as
      updated pursuant to the terms hereof through the delivery of a Compliance
      Certificate) properly sets forth all subleases with respect to the Facility
      Leases relating to any of the Borrowing Base Assets, the termination of which
      could result in a material adverse effect on the applicable Tenant’s ability to
      continue to make scheduled payments to the applicable Borrower under the
      applicable Facility Lease, together with the applicable tenant with respect
      thereto, the remaining term of the sublease and whether or not such tenant
      is
      current on payments due thereunder. 

    

    
      	 	
              5.16

            	
              Material
                Contracts.

            

    

    

    Schedule 5.16
      (as
      updated pursuant to the terms hereof through the delivery of a Compliance
      Certificate) is a true, correct and complete listing of all Material Contracts
      as of the Closing Date (other than those set forth on Part IV of Schedule
      5.15).
      No
      event of default, or event or condition which with the giving of notice, the
      lapse of time, a determination of materiality, the satisfaction of any other
      condition or any combination of the foregoing, would constitute such an event
      of
      default, exists with respect to any such Material Contract. 

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              5.17

            	
              Status
                of Loan Parties.

            

    

    

    Each
      of
      the Loan Parties (other than CNL RPI and CNL Retirement TRS Corp.) are Qualified
      REIT Subsidiaries and CNL RPI is qualified as a REIT. 

    

    
      	 	
              5.18

            	
              Anti-Terrorism
                Laws.

            

    

    

    None
      of
      the Loan Parties, nor any of their respective Affiliates is a Prohibited Person.
      None of the Loan Parties nor any of their respective Affiliates, any of their
      respective brokers or other agents, has to their actual knowledge, (i) conducted
      any business or has engaged 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) dealt or otherwise
      has engaged in any transaction relating to, any property or interests in
      property blocked pursuant to the Executive Order; or (iii) engaged in or has
      conspired 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.

    

     

    ARTICLE
      VI

     

    AFFIRMATIVE
      COVENANTS

    

    So
      long
      as any Lender shall have any Commitment hereunder, any Loan or other Obligation
      hereunder shall remain unpaid or unsatisfied (other than contingent
      indemnification obligations not due and payable), or any Letter of Credit shall
      remain outstanding, the Loan Parties shall and shall cause each of their
      respective Subsidiaries (provided
      that the
      covenants set forth in Sections 6.01,
      6.02,
      6.03,
      6.06,
      6.07,
      6.09,
      6.10,
      6.11,
      6.14
      and
6.15
      shall
      not be applicable to any Subsidiary that is a non-Loan Party) to:

    

    
      	 	
              6.01

            	
              Financial
                Statements.

            

    

    

    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 satisfactory to the Administrative Agent and the Required
      Lenders:

    

    (a) as
      soon
      as available, but in any event within 90 days after the end of each fiscal
      year
      of CNL RPI (or, if earlier, the date that is five (5) days after the reporting
      date for such information required by the SEC), (commencing with the fiscal
      year
      ended December 31, 2005), (i) a consolidated balance sheet of CNL RPI
      and
      its Subsidiaries as at the end of such fiscal year, and the related consolidated
      statements of income or operations, 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, such consolidated statements to be audited and accompanied by (x) 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
      shall not be subject to any “going concern” or like qualification or exception
      or any qualification or exception as to the scope of such audit and (y) an
      attestation report of such Registered Public Accounting Firm as to the
      Borrower’s internal controls pursuant to Section 404 of Sarbanes-Oxley
      expressing a conclusion to which the Required Lenders do not object and (ii)
      with respect to each Borrowing Base Asset (and in the case of the Prime Care
      Lease, each real property asset which is the subject of the Prime Care Lease),
      the statements of operations for such fiscal year for each such Borrowing Base
      Asset; and

    

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    (b) as
      soon
      as available, but in any event within 45 days after the end of each of the
      first
      three fiscal quarters of each fiscal year of CNL RPI (or, if earlier, the date
      that is five (5) days after the reporting date for such information required
      by
      the SEC), (commencing with the fiscal quarter ended June 30, 2005), (i) a
      consolidated balance sheet of CNL RPI and its Subsidiaries as at the end of
      such
      fiscal quarter, and the related consolidated statements of income or operations,
      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, such consolidated statements to be certified by a
      Responsible Officer of the Borrower as fairly presenting the financial
      condition, results of operations, shareholders’ equity and cash flows of CNL RPI
      and its Subsidiaries in accordance with GAAP, subject only to normal year-end
      audit adjustments and the absence of footnotes and (ii) with respect to each
      Borrowing Base Asset, the statements of operations for such fiscal quarter
      for
      each such Borrowing Base Asset; and 

    

    (c) as
      soon
      as available, but in any event not later than March 31 of each fiscal year
      of
      CNL RPI (commencing with the fiscal year ended December 31, 2005), (i)
      with
      respect to CNL RPI, pro forma financial statements and operating budgets for
      such fiscal year and (ii) with respect to each of the Loan Parties which owns
      a
      Borrowing Base Asset (and
      in
      the case of the Prime Care Lease, each real property asset which is the subject
      of the Prime Care Lease), operating property level budgets for such fiscal
      year.

    

    As
      to any
      information contained in materials furnished pursuant to Section 6.02(e),
      the
      Borrower shall not be separately required to furnish such information under
      clause (a) or (b) above, but the foregoing shall not be in derogation
      of
      the obligation of the Borrower to furnish the information and materials
      described in clauses (a) and (b) above at the times specified
      therein.

    

    
      	 	
              6.02

            	
              Certificates;
                Other Information.

            

    

    

    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 satisfactory to the Administrative Agent and the Required
      Lenders:

    

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    (a) Compliance
      Certificate.
      Concurrently with the delivery of the financial statements referred to in
Sections 6.01(a)
      and
(b)
      (commencing with the delivery of the financial statements for the fiscal quarter
      ended June 30, 2005), a duly completed Compliance Certificate signed by a
      Responsible Officer of the Borrower;

    

    (b) Borrowing
      Base Certificate.
      As soon
      as available, and in any event within 45 days after the end of each fiscal
      quarter, a Borrowing Base Certificate calculated as of the end of the
      immediately prior fiscal quarter, duly completed and executed by a Responsible
      Officer of the Borrower; provided,
      however, the Borrower may, at its option, provide an updated Borrowing Base
      Certificate more frequently than quarterly;

    

    (c) Occupancy
      Rate Report.
      As soon
      as available, and in any event within 45 days after the end of each fiscal
      quarter, Occupancy Rate calculations concerning each of the then-existing
      Borrowing Base Assets;

    

    (d) Auditor
      Reports.
      Promptly after any request by the Administrative Agent or any Lender, copies
      of
      any detailed audit reports, management letters or recommendations submitted
      to
      the board of directors (or the audit committee of the board of directors) of
      CNL
      RPI by independent accountants in connection with the accounts or books of
      CNL
      RPI or any Subsidiary, or any audit of any of them;

    

    (e) SEC
      Reports; Shareholder Communications.
      Promptly after the same are available, 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, and not otherwise required to be delivered to the Administrative Agent
      pursuant hereto; 

    

    (f) SEC
      Notices.
      Promptly, and in any event within five Business Days after receipt thereof
      by
      any Loan Party or any Subsidiary thereof, copies of each notice or other
      correspondence received from the SEC (or comparable agency in any applicable
      non-U.S. jurisdiction) concerning any investigation or possible investigation
      or
      other inquiry by such agency regarding financial or other operational results
      of
      any Loan Party or any Subsidiary thereof; and

    

    (g) Other
      Information.
      Promptly, such additional information regarding the business, financial or
      corporate affairs of CNL RPI or any Subsidiary, or compliance with the terms
      of
      the Loan Documents, as the Administrative Agent or any Lender may from time
      to
      time reasonably request.

    

    Documents
      required to be delivered pursuant to Section 6.01(a)
      or
(b)
      or
Section 6.02(e)
      (to the
      extent any such documents are included in materials otherwise filed with the
      SEC) 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 on the Borrower’s behalf on an Internet or
      intranet 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:
      (i) the Borrower shall deliver paper copies of such documents to the
      Administrative Agent or any Lender 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 and (ii) the Borrower shall notify
      the Administrative Agent (by telecopier or electronic mail) of the posting
      of
      any such documents and provide to the Administrative Agent by electronic mail
      electronic versions (i.e.,
      soft
      copies) of such documents. Notwithstanding anything contained herein, in every
      instance the Borrower shall be required to provide paper copies of the
      Compliance Certificates required by Section 6.02(a)
      to the
      Administrative Agent. Except for such Compliance Certificates, 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 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.

    

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    The
      Borrower hereby acknowledges that (a) the Administrative Agent and/or the
      Arranger will make available to the Lenders and the L/C Issuer materials and/or
      information provided by or on behalf of the Borrower hereunder (collectively,
      “Borrower
      Materials”)
      by
      posting the Borrower Materials on IntraLinks or another similar electronic
      system (the “Platform”)
      and
      (b) 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
      CNL
      RPI or its securities) (each, a “Public
      Lender”).
      The
      Borrower hereby agrees that (w) 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; (x) by marking Borrower Materials “PUBLIC,” the
      Borrower shall be deemed to have authorized the Administrative Agent, the
      Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as
      not
      containing any material non-public information with respect to CNL RPI or its
      securities for purposes of United States Federal and state securities laws
      (provided,
      however,
      that to
      the extent such Borrower Materials constitute Information, they shall be treated
      as set forth in Section 10.07);
      (y)
      all Borrower Materials marked “PUBLIC” are permitted to be made available
      through a portion of the Platform designated “Public Investor;” and (z) the
      Administrative Agent and the Arranger 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 designated “Public Investor.” Notwithstanding the
      foregoing, the Borrower shall be under no obligation to mark any Borrower
      Materials “PUBLIC.”

    

    
      	 	
              6.03

            	
              Notices.

            

    

    

    Promptly
      notify the Administrative Agent (and the Administrative Agent shall disseminate
      such information pursuant to the terms of Section
      6.02
      hereof),
      of:

    

    (a) of
      the
      occurrence of any Default;

    

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    (b) of
      any
      matter that has resulted or could reasonably be expected to result in a Material
      Adverse Effect, including (i) breach or non-performance of, or any default
      under, a Contractual Obligation of CNL RPI, Borrower or any Subsidiary; (ii)
      any
      dispute, litigation, investigation, proceeding or suspension between CNL RPI,
      the Borrower or any Subsidiary and any Governmental Authority; or (iii) the
      commencement of, or any material development in, any litigation or proceeding
      affecting any Loan Party;

    

    (c) of
      the
      occurrence of any ERISA Event;

    

    (d) of
      any
      material change in accounting policies or financial reporting practices by
      CNL
      RPI or any of its Subsidiaries; 

    

    (e) of
      the
      occurrence of any Internal Control Event;

    

    (f) of
      any
      change in the chief operating officer, chief executive officer or chief
      financial officer or executive vice president of acquisitions and finance of
      CNL
      RPI, either of the Parents or the Borrower;

    

    (g) of
      any
      default by any Loan Party under any Material Contract; and

    

    (h) of
      any
      material insurance claims (on a quarterly basis) and proceeds (including those
      generated from business interruption insurance) with respect to or in connection
      with any of the Borrowing Base Assets.

    

    Each
      notice pursuant to this Section shall be accompanied by a statement
      of a
      Responsible Officer of the Borrower setting forth details of the occurrence
      referred to therein and stating what action the Borrower has taken and proposes
      to take with respect thereto.

    

    
      	 	
              6.04

            	
              Payment
                of Obligations.

            

    

    

    Pay
      and
      discharge as the same shall become due and payable, all material tax
      liabilities, assessments and governmental charges or levies upon it or its
      properties or assets, 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 CNL RPI or the applicable
      Subsidiary.

    

    
      	 	
              6.05

            	
              Preservation
                of Existence, Etc.

            

    

    

    (a)
      Preserve, renew and maintain in full force and effect its legal existence and
      good standing under the Laws of the jurisdiction of its organization except
      in a
      transaction permitted by Section 7.03
      or
7.04;
      (b)
      take all reasonable action to maintain all rights, privileges, permits, licenses
      and franchises necessary or desirable in the normal conduct of its business,
      except to the extent that failure to do so could not reasonably be expected
      to
      have a Material Adverse Effect; and (c) preserve or renew all of its registered
      patents, trademarks, the non-preservation of which could reasonably be expected
      to have a Material Adverse Effect.

     

    
      
        
        

      

      
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              6.06

            	
              Maintenance
                of Properties.

            

    

    

    In
      addition to the requirements hereunder and in any of the other Loan Documents,
      cause each respective lessee to (a) maintain, preserve and protect all Borrowing
      Base Assets (or the real property which is the subject of such Borrowing Base
      Asset) and equipment necessary in the operation of its business in good working
      order and condition, ordinary wear and tear excepted; (b) make all necessary
      repairs thereto and renewals and replacements thereof; and (c) use the standard
      of care typical in the industry in the operation and maintenance of its
      facilities.

    

    
      	 	
              6.07

            	
              Maintenance
                of Insurance.

            

    

    

    (a) Maintain,
      or with respect to any Borrowing Base Asset leased by the Borrower to a lessee
      (including, without limitation, leased to Prime Care pursuant to the Prime
      Care
      Lease), cause such lessee, to maintain, insurance with financially sound and
      reputable insurance companies, not Affiliates of the Borrower, against such
      risks and in such amounts as is customarily maintained by Persons engaged in,
      owning or operating similar types of properties in the applicable location
      or as
      may be required by applicable Laws, and the Borrower will from time to time
      deliver to the Administrative Agent upon its request, or to any Lender upon
      request through the Administrative Agent, a detailed list, together with copies
      of certificates of the insurance then in effect, stating the names of the
      insurance companies, the amounts and rates of the insurance, the dates of the
      expiration thereof and the properties and risks covered thereby. The Borrower
      will deliver to the Administrative Agent (i) upon request of any Lender through
      the Administrative Agent from time to time full information as to the insurance
      carried (ii) within 15 days of receipt of notice from any insurer a copy of
      any
      notice of cancellation or material change in coverage from that existing on
      the
      date hereof and (iii) promptly upon receipt, notice of any cancellation or
      nonrenewal of coverage by any Loan Party thereof.

    

    (b) In
      the
      event that any Loan Party receives net cash proceeds in excess of $5,000,000
      in
      aggregate amount during any fiscal year (“Excess
      Proceeds”)
      on
      account of any loss of, damage to or destruction
      of, or
      any condemnation or other taking for public use
      of, any
      Borrowing Base Assets for which such Loan Party is not required under the
      applicable lease to apply to rebuild (an “Involuntary
      Disposition”),
      such
      Loan Party
      shall,
      promptly (and in no case later than 5 business days) following the date of
      receipt of such net cash proceeds, apply (or cause to be applied) an amount
      equal to such Excess Proceeds to prepay the Loans and to the extent the Loans
      have been paid in full, to Cash Collateralize the L/C Obligations in an amount
      equal to the then outstanding Letters of Credit in accordance with the terms
      of
Section 2.05(c)(ii).
      All
      insurance proceeds shall be subject to the security interest of the
      Administrative Agent (for the benefit of the Lenders) under the Collateral
      Documents. 

    

    
      	 	
              6.08

            	
              Compliance
                with Laws.

            

    

    

    Comply
      in
      all material respects with the requirements of all Laws and all orders, writs,
      injunctions and decrees applicable to it or to its business or 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.

     

    
      
        
        

      

      
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              6.09

            	
              Books
                and Records.

            

    

    

    Maintain
      proper books of record and account, in which full, true and correct entries
      in
      conformity with GAAP consistently applied shall be made of all financial
      transactions and matters involving the assets and business of CNL RPI and its
      Subsidiaries, as the case may be.

    

    
      	 	
              6.10

            	
              Inspection
                Rights.

            

    

    

    Permit
      (subject to applicable lease and operating agreements), 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, as often as may be reasonably requested, but only during normal business
      hours to: (a) visit and inspect all Borrowing Base Assets (or the real property
      which is the subject of such Borrowing Base Asset) 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 Loan Parties, as appropriate, shall
      execute an authorization letter addressed to its accountants authorizing the
      Administrative Agent or any Lender to discuss the financial affairs of such
      Loan
      Party with its accountants.

    

    
      	 	
              6.11

            	
              Use
                of Proceeds.

            

    

    

    Use
      the
      proceeds of the Credit Extensions for general corporate purposes not in
      contravention of any Law or of any Loan Document.

    

    
      	 	
              6.12

            	
              Distributions
                of Income to the Borrower.

            

    

    

    Subject
      to any encumbrances or restrictions permitted by Section
      7.07,
      cause
      each of the Subsidiaries of the Borrower to distribute (directly or indirectly
      through any intermediate Subsidiaries) to the Borrower and pro rata to holders
      of Equity Interests in such Subsidiaries, not less frequently than once each
      calendar quarter (whether in the form of dividends, distributions or otherwise)
      all profits, proceeds or other income relating to or arising from its
      Subsidiaries’ use, operation, financing, refinancing, sale or other disposition
      of their respective assets and properties after (a) the payment by each
      Subsidiary of its debt service and operating expenses (including any portion
      of
      debt service and operating expenses allocable to such Subsidiary) and (b) the
      establishment of reasonable reserves for the payment of operating expenses
      not
      paid on at least a quarterly basis and capital improvements to be made to such
      Subsidiary’s assets and properties approved by such Subsidiary in the ordinary
      course of business consistent with its past practices. 

     

    
      
        
        

      

      
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              6.13

            	
              REIT
                Status.

            

    

    

    (a) Retain
      Qualified REIT Subsidiary status with respect to each of the Loan Parties (other
      than CNL RPI and CNL Retirement TRS Corp.) and each of the other Subsidiaries
      of
      CNL RPI. 

    

    (b) Maintain
      REIT status with respect to CNL RPI. 

    

    
      	 	
              6.14

            	
              New
                Subsidiaries.

            

    

    

    Upon
      the
      acquisition, incorporation or other creation of any direct or indirect
      Subsidiary of the Borrower which owns or is to own a Borrowing Base Asset,
      cause
      such Subsidiary to execute and deliver to the Administrative Agent a Joinder
      Agreement on or before the deadline for the delivery of the next Compliance
      Certificate pursuant to Section
      6.02
      and
      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.
      Notwithstanding anything to the contrary contained herein, if a Loan Party
      hereunder is a Loan Party solely as a result of its direct or indirect ownership
      of a Borrowing Base Asset, ceases to directly or indirectly own such Real
      Property Asset or such Real Property Asset no longer constitutes a Borrowing
      Base Asset, such Loan Party shall, upon written request to the Administrative
      Agent, be released as a Loan Party hereunder. 

    

    
      	 	
              6.15

            	
              Pledged
                Assets.

            

    

    

    The
      Borrower at all times will or will cause the applicable Loan Party to subject
      all Borrowing Base Assets to first priority Liens (subject in any case to
      Permitted Liens) in favor of the Administrative Agent to secure the Obligations
      pursuant to the terms and conditions of the Collateral Documents and such other
      additional security documents as the Administrative Agent shall reasonably
      request, and (ii) deliver such other documentation as the Administrative Agent
      may reasonably request in connection with the foregoing, including, without
      limitation, appropriate UCC-1 financing statements, real estate title insurance
      policies each in a form and in amounts acceptable to the Administrative Agent,
      surveys, environmental reports, landlord’s waivers, certified resolutions and
      other organizational and authorizing documents of such Person, favorable
      opinions of counsel to such Person (which shall cover, among other things,
      the
      legality, validity, binding effect and enforceability of the documentation
      referred to above and the perfection of the Administrative Agent’s liens
      thereunder) and other items of the types required to be delivered pursuant
      to
      Section 4.01(d) and (e), all in form, content and scope reasonably
      satisfactory to the Administrative Agent. 

    

    
      	 	
              6.16

            	
              Financial
                Covenants.

            

    

     

    
 

    
      
        
        

      

      
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    (a) Consolidated
      Fixed Charge Coverage Ratio.
      The
      Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter
      of
      CNL RPI shall be greater than or equal to 2.00 to 1.00.

    

    (b) Consolidated
      Tangible Net Worth.
      The
      Consolidated Tangible Net Worth at any time shall not be less than the sum
      of
      (i) $1,665,395,200 plus
      (ii) an
      amount equal to 90% of the aggregate increases in Shareholders’ Equity of CNL
      RPI and its Subsidiaries after the date hereof by reason of the issuance and
      sale of Equity Interests of CNL RPI or any Subsidiary (other than issuances
      to
      CNL RPI or a wholly-owned Subsidiary), including upon any conversion of debt
      securities of CNL RPI into such Equity Interests.

    

    (c) Consolidated
      Leverage Ratio.
      The
      Consolidated Leverage Ratio as of the end of any fiscal quarter of CNL RPI
      shall
      not be greater than 0.60 to 1.00.

    

    (d) Distribution
      Limitation.
      CNL RPI
      shall not declare
      or make cash distributions to their shareholders during any fiscal quarter
      of
      CNL RPI in an aggregate amount in excess of 95% of Funds From Operations for
      such fiscal quarter (or such greater amount as is required to maintain REIT
      status).

    

    (e) Minimum
      Utilization.
      The
      Total
      Outstandings hereunder shall not be less than $75,000,000 (subject to
the
      mandatory prepayment provisions set forth in Section
      2.05(c)(i)
      if the
      Borrowing Base Amount is less than or equal to $75,000,000).

    

    
      	 	
              6.17

            	
              Anti-Terrorism
                Laws.

            

    

    

    None
      of
      the Loan 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. 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 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.

    

     

    ARTICLE
      VII

    NEGATIVE
      COVENANTS

    

    The
      Loan
      Parties hereby covenant and agree that so long as any Lender shall have any
      Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid
      or unsatisfied (other than contingent indemnification obligations not due and
      payable), or any Letter of Credit shall remain outstanding: 

     

    
      
        
        

      

      
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              7.01

            	
              Liens.

            

    

    

    CNL
      RPI
      shall not create any Lien upon the Equity Interests of either of the Parents,
      the Borrower or any Subsidiary Guarantor and no Subsidiary Guarantor shall
      create, incur, assume or suffer to exist any Lien upon any of its property,
      assets or revenues, whether now owned or hereafter acquired, other than the
      following (each a “Permitted
      Lien”):

    

    (a) Liens
      pursuant to any Loan Document;

    

    (b) Liens
      for
      taxes not yet due 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) carriers’,
      warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
      arising in the ordinary course of business which are not overdue for a period
      of
      more than 45 days 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;

    

    (d) pledges
      or deposits in the ordinary course of business in connection with workers’
      compensation, unemployment insurance and other social security legislation,
      other than any Lien imposed by ERISA;

    

    (e) deposits
      to secure the performance of bids, trade contracts and leases (other than
      Indebtedness), statutory obligations, surety and appeal bonds, performance
      bonds
      and other obligations of a like nature incurred in the ordinary course of
      business;

    

    (f) easements,
      rights-of-way, restrictions and other similar encumbrances (including, without
      limitation leases or subleases of immaterial portions of any Property) 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;

    

    (g) Liens
      securing judgments for the payment of money not constituting an Event of Default
      under Section 8.01(h);

    

    (h) Liens
      in
      existence as of the Closing Date and, with respect to the Borrowing Base Assets,
      as set forth on the title policies (or updates thereto) delivered in connection
      herewith; 

    

    (i) Liens
      pursuant to a Precautionary Mortgage, provided all rights of the
      lessor/mortgagee under such Precautionary Mortgage have been assigned to the
      Administrative Agent as additional collateral for the Obligations. 

     

    
      
        
        

      

      
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              7.02

            	
              Indebtedness.

            

    

    

    No
      Subsidiary Guarantor shall create, incur, assume or suffer to exist any
      Indebtedness, except:

    

    (a) Indebtedness
      under the Loan Documents;

    

    (b) Indebtedness
      outstanding on the date hereof and listed on Schedule 7.02
      and any
      refinancings, refundings, renewals or extensions thereof; provided
      that the
      amount of such Indebtedness is not increased at the time of such refinancing,
      refunding, 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 unutilized thereunder; 

    

    (c) unsecured
      intercompany Indebtedness of any Subsidiary Guarantor to any other Loan Party;
      provided,
      that
      such Indebtedness shall be expressly subordinate in all respect to the
      Obligations on terms reasonably acceptable to the Administrative Agent;
      and

    

    (d) Indebtedness
      in the form of Guarantees by a Subsidiary Guarantor of the Indebtedness of
      the
      Subsidiaries of such Subsidiary Guarantor.

    

    
      	 	
              7.03

            	
              Fundamental
                Changes.

            

    

    

    No
      Loan
      Party shall merge, dissolve, liquidate, consolidate with or into another Person,
      or Dispose of (whether in one transaction or in a series of transactions) all
      or
      substantially all of its assets (whether now owned or hereafter acquired) to
      or
      in favor of any Person, except that, so long as no Default exists or would
      result therefrom (a) any Subsidiary Guarantor may merge or consolidate with
      any
      other Subsidiary Guarantor, (b) any Subsidiary of CNL RPI which is not a Loan
      Party may be merged or consolidated with or into any Loan Party provided that
      such Loan Party shall be the continuing or surviving corporation, (c) any
      non-Loan Party may be
      merged
      or consolidated with or into any other non-Loan Party, (d) the Borrower may
      merge or consolidate with or into another Person; provided
      that the
      Borrower shall be the continuing or surviving Person and (e) CNL RPI may merge
      or consolidate with or into another Person (other than the Borrower and any
      other Subsidiary Guarantor that owns a Borrowing Base Asset); provided
      that CNL
      RPI shall be the continuing or surviving Person.

    

    
      	 	
              7.04

            	
              Dispositions.

            

    

    

    (a) No
      Loan
      Party shall make any sale, lease, transfer or other disposition of any Borrowing
      Base Asset, except to the extent permitted pursuant to Section 7.11
      hereof.

    

    (b) No
      Loan
      Party shall make any sale, lease, transfer or other disposition of any of assets
      of CNL RPI and its Subsidiaries on a consolidated basis unless (A) such sale,
      lease, transfer or other disposition is performed in the ordinary course of
      such
      Loan Party’s business or (B) the consideration paid in connection with such
      other material assets (1) is in cash or cash equivalents, (2) is in an amount
      not less than the fair market value of the Property disposed of and (3)
the
      aggregate net book value of all of the assets sold or otherwise disposed of
      by
CNL
      RPI
      and its Subsidiaries on a consolidated basis
      in all
      such transactions after the Closing Date does not at any time exceed an amount
      equal to twenty percent
      (20%) of Consolidated Total Assets as at the end of the immediately preceding
      fiscal quarter.

     

    
 

    
      
        
        

      

      
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    (c) CNL
      RPI
      shall not, in any case, transfer, sell, lease, pledge or otherwise dispose
      of
      the Equity Interests of either of the Parents held by it nor shall the Parents
      transfer, sell, lease, pledge or otherwise dispose of the Equity Interests
      of
      the Borrower held by it, nor shall the Borrower transfer, sell, lease, pledge
      or
      otherwise dispose of the Equity Interests of any of the Subsidiary Guarantors
      directly or indirectly held by it (other than pursuant to this Agreement),
      in
      each case, without the prior written consent of the Administrative Agent (which
      consent may be granted or withheld in the reasonable discretion of the
      Administrative Agent). 

    

    
      	 	
              7.05

            	
              Change
                in Nature of Business.

            

    

    

    No
      Loan
      Party shall engage in any material line of business substantially different
      from
      those lines of business conducted by such Loan Party on the date hereof or
      any
      business substantially related or incidental thereto.

    

    
      	 	
              7.06

            	
              Transactions
                with Affiliates.

            

    

    

    No
      Loan
      Party shall enter into any transaction of any kind with any Affiliate of CNL
      RPI, whether or not in the ordinary course of business, other than on fair
      and
      reasonable terms substantially as favorable to the applicable Loan Party as
      would be obtainable by such Loan Party at the time in a comparable arm’s length
      transaction with a Person other than an Affiliate, provided that the foregoing
      restriction shall not apply to transactions between or among the Loan Parties
      and the following shall in any event be permitted: (i) advances of working
      capital to any Loan Party, (ii) transactions permitted by this Agreement and
      (iii) normal compensation, indemnities and reimbursement of reasonable expenses
      of officers and directors (including stock incentive option plans and agreements
      related thereto). 

    

    
      	 	
              7.07

            	
              Burdensome
                Agreements.

            

    

    

    (a) No
      Loan
      Party shall enter into any Contractual Obligation (other than this Agreement
      or
      any other Loan Document) that encumbers or restricts the ability of any such
      Loan Party to (i) pay dividends or make any other distributions to any
      Loan
      Party
      on
      such Person's Equity Interests or with respect to any other interest or
      participation in, or measured by, its profits, (ii) pay any Indebtedness
      or
      other obligation owed to any Loan
      Party,
      (iii) make loans or advances to any Loan
      Party,
      (iv) sell, lease or transfer any of its Property to any Loan
      Party
      or
      (v) except in respect of any Subsidiary which is not a Loan
      Party,
      (A) pledge
      its Property
      pursuant
      to the Loan Documents
      or any renewals, refinancings, exchanges, refundings or extension thereof or
      (B) act
      as a
      Loan Party pursuant to the Loan Documents
      or any renewals, refinancings, exchanges, refundings or extension thereof,
      except (in respect of any of the matters referred to in clauses (a)(i)-(v)
      above) for (1) this Agreement and the other Loan
      Documents,
      (2) any Permitted Lien or any document or instrument governing any Permitted
      Lien, provided
      that any
      such restriction contained therein relates only to the asset or assets subject
      to such Permitted Lien or (3) customary restrictions and conditions
      contained in any agreement relating to the sale of any Property permitted under
      Section 7.04
      pending
      the consummation of such sale.

    

    
      
        
        

      

      
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    (b) No
      Loan
      Party shall enter into any Contractual Obligation that prohibits
      or otherwise restricts the existence of any Lien upon any of its Property in
      favor of the Administrative Agent (for the benefit of the Lenders) for the
      purpose of securing the Obligations, whether now owned or hereafter acquired,
      or
      requiring the grant of any security for any obligation if such Property is
      given
      as security for the Obligations, except (i) in
      connection with any Permitted Lien or any document or instrument governing
      any
      Permitted Lien, provided
      that any
      such restriction contained therein relates only to the asset or assets subject
      to such Permitted Lien and (ii) pursuant to customary restrictions and
      conditions contained in any agreement relating to the sale of any Property
      permitted under Section 7.04,
      pending
      the consummation of such sale.

    

    
      	 	
              7.08

            	
              Modifications
                to Material Contracts.

            

    

    

    No
      Loan
      Party shall enter into, without the prior written consent of the Required
      Lenders, any amendment or modification to any Material Contract or cancel or
      terminate any Material Contract prior to its stated maturity to the extent
      such
      amendment or modification is detrimental to the Lenders. For the avoidance
      of
      doubt, the granting of consents to leases
      or
subleases
      of
      immaterial portions of any Borrowing Base Asset which do not interfere in any
      material respect with such Borrowing Base Asset or the business of such Loan
      Party
      shall
      not be deemed an “amendment or modification” for purposes of this Section
      7.08.

    

    
      	 	
              7.09

            	
              Ownership
                of Subsidiaries.

            

    

    

    Notwithstanding
      any other provisions of this Agreement to the contrary, no Loan Party shall
      (i) permit
      any Person other than a Loan Party to own any Equity Interests of any Loan
      Party
      (other than CNL RPI), or (ii) other than Liens pursuant to any Loan
      Documents, permit, create, incur, assume or suffer to exist any Lien on any
      Equity Interest of any Loan Party or the Property of any Loan Party (other
      than
      Liens granted by a Loan Party of the Equity Interest of a Person that is not
      a
      Loan Party).

    

    
      	 	
              7.10

            	
              Use
                of Proceeds.

            

    

    

    No
      Loan
      Party shall use the proceeds of any Credit Extension, 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

            	
              Addition/Replacement
                of Borrowing Base Assets.

            

    

    

    (a) The
      Borrower may not include additional Real Property Assets as Borrowing Base
      Assets hereunder, except to the extent (i) such additional Real Property Assets
      satisfy the requirements set forth in the definition of Borrowing Base Assets
      (including without limitation evidence satisfactory to the Required Lenders
      as
      to the value of such additional Real Property Assets), (ii) the Required Lenders
      have approved such additional Real Property Assets as Borrowing Base Assets,
      such approval not to be unreasonably withheld and (iii) the value of the
      Borrowing Base Assets added in any fiscal year pursuant to this Section
      7.11(a)
      shall
      not exceed $75,000,000 in the aggregate.

    

    
      
        
        

      

      
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    (b) The
      Borrower may not release any Borrowing Base Asset from the Liens and security
      interests of the Administrative Agent hereunder and under the Collateral
      Documents relating thereto, except to the extent that (i) the Borrower provides
      to the Administrative Agent a written notice requesting the release of one
      or
      more Borrowing Base Assets, (ii) after giving effect to any such release and
      the
      removal of such Borrowing Base Asset from the calculation of the Borrowing
      Base
      Amount, the outstanding principal amount of Obligations shall not exceed the
      revised Borrowing Base Amount, (iii) no Default or Event of Default shall exist
      immediately after giving effect thereto and (iv) the value of the Borrowing
      Base
      Assets released in any fiscal year pursuant to this Section
      7.11(b)
      shall
      not exceed $75,000,000 in the aggregate. Upon satisfaction of the foregoing
      provisions of this Section
      7.11(b),
      the
      Administrative Agent will,
      at the
      Borrower’s expense, deliver to the Borrower or such Loan Party such
      documentation as is reasonably necessary to evidence the release of the
      Administrative Agent's security interest, if any, in such assets or Equity
      Interests.
      In
      addition to the foregoing, if a Loan Party hereunder is a Loan Party solely
      as a
      result of its ownership of a Borrowing Base Asset, ceases to own such Real
      Property Asset or such Real Property Asset no longer constitutes a Borrowing
      Base Asset, such Loan Party shall, upon written request to the Administrative
      Agent, be released as a Loan Party hereunder.

     

    ARTICLE
      VIII

    EVENTS
      OF DEFAULT AND REMEDIES

    

    
      	 	
              8.01

            	
              Events
                of Default.

            

    

    

    Any
      of
      the following shall constitute an Event of Default:

    

    (a) Non-Payment.
      The
      Borrower or any other Loan Party fails to pay (i) when and as required to be
      paid herein, any amount of principal of any Loan or any L/C Obligation, or
      (ii)
      within five days after the same becomes due, any interest on any Loan or on
      any
      L/C Obligation, or any fee due hereunder, or (iii) within five days after the
      earlier of (A) the date any Loan Party becomes aware and (B) the date any Loan
      Party has received notice from the Administrative Agent of any other amount
      payable hereunder or under any other Loan Document; or

    

    (b) Specific
      Covenants.
      Any
      Loan Party fails to perform or observe any applicable term, covenant or
      agreement contained in any of Section 6.01,
      6.02,
      6.03,
      6.05,
      6.07,
      6.08 6.10,
      6.11,
      6.12,
      6.13,
      6.14,
      6.15
      or
6.16,
      Article VII,
      or
Section
      11.01;
      or

    

    (c) Other
      Defaults.
      Any
      Loan Party fails to perform or observe any other covenant or agreement (not
      specified in subsection (a) or (b) above) contained in any Loan Document
      on
      its part to be performed or observed and such failure continues for 30 days
      from
      the date that is the earlier of (i) the date any Loan Party becomes aware of
      such failure and (ii) the date any Loan Party has received notice from the
      Administrative Agent; or

    

    
      
        
        

      

      
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    (d) Representations
      and Warranties.
      Any
      representation, warranty, certification or statement of fact made or deemed
      made
      by or on behalf of the Borrower or any other Loan Party herein, in any other
      Loan 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) Any
      Loan Party (A) fails to make any payment when due (whether by scheduled
      maturity, required prepayment, acceleration, demand, or otherwise) in respect
      of
      any Indebtedness or Guarantee (other than Indebtedness hereunder and
      Indebtedness under Swap Contracts) having an aggregate principal amount
      (including undrawn committed or available amounts and including amounts owing
      to
      all creditors under any combined or syndicated credit arrangement) of more
      than
      $500,000 with respect to any Loan Party other than CNL RPI and the Borrower
      and
      $15,000,000 with respect to CNL RPI or the Borrower, or (B) fails to observe
      or
      perform any other agreement or condition relating to any such Indebtedness
      or
      Guarantee or contained in any instrument or agreement evidencing, securing
      or
      relating thereto, or any other event occurs, the effect of which default or
      other event is to cause, or to permit the holder or holders of such Indebtedness
      or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent
      on
      behalf of such holder or holders or beneficiary or beneficiaries) 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 made, prior to its stated maturity, or such Guarantee to
      become payable or cash collateral in respect thereof to be demanded; or (ii)
      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 any Loan Party 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 any Loan Party is an Affected Party (as so defined) and,
      in
      either event, the Swap Termination Value owed by any Loan Party (other than
      CNL
      RPI and the Borrower) as a result thereof is greater than $500,000 and owed
      by
      CNL RPI or the Borrower is greater than $15,000,000; or

    

    (f) Insolvency
      Proceedings, Etc.
      Any Loan
      Party or any of its Subsidiaries 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 property; or any receiver,
      trustee, custodian, conservator, liquidator, rehabilitator or similar officer
      is
      appointed without the application or consent of such Person and the appointment
      continues undischarged or unstayed for 60 calendar days; or any proceeding
      under
      any Debtor Relief Law relating to any 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 60 calendar days, or an order for relief is entered
      in any such proceeding; or

    

    
      
        
        

      

      
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    (g) Inability
      to Pay Debts; Attachment.
      (i) Any
      Loan Party 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 is issued or levied against all or any material
      part of the property of any such Person and is not released, vacated or fully
      bonded within 45 days after its issue or levy; or

    

    (h) Judgments.
      There
      is entered against any Loan Party (i) a final judgment or order for the payment
      of money in an aggregate amount exceeding $5,000,000 (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 30 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 Pension Plan or Multiemployer Plan which
      has resulted or could reasonably be expected to result in liability of the
      Borrower under Title IV of ERISA to the Pension Plan, Multiemployer
      Plan or
      the PBGC in an aggregate amount in excess of $5,000,000, or (ii) any Loan Party
      or any ERISA Affiliate fails to pay when due, after the expiration of any
      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 $5,000,000; or

    

    (j) Invalidity
      of Loan Documents.
      Any
      Loan Document, at any time after its execution and delivery and for any reason
      other than as expressly permitted hereunder or thereunder or satisfaction in
      full of all the Obligations, ceases to be in full force and effect; or any
      Loan
      Party or any other Person contests in any manner the validity or enforceability
      of any Loan Document; or any Loan Party denies that it has any or further
      liability or obligation under any Loan Document, or purports to revoke,
      terminate or rescind any Loan Document; or

    

    (k) Attachment.
      A
      warrant, writ of attachment, execution or similar process shall be issued
      against any property of any Loan Party which exceeds, individually or together
      with all other such warrants, writs, executions and processes, $5,000,000 in
      amount and such warrant, writ, execution or process shall not be discharged,
      vacated, stayed or bonded for a period of 30 days; or

    

    (l) Change
      of Control.
      There
      occurs any Change of Control.

     

    
      
        
        

      

      
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              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, 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 Loan Document to be immediately due and payable, without presentment,
      demand, protest or other 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 Loan Documents;

    

    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 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 provided for in Section 8.02
      (or
      after the Loans have automatically become immediately due and payable and the
      L/C Obligations have automatically been required to be Cash Collateralized
      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 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;

    

    Second,
      to
      payment of that portion of the Obligations constituting fees, indemnities and
      other amounts (other than principal, interest and Letter of Credit Fees) payable
      to the Lenders and the L/C Issuer (including fees, charges and disbursements
      of
      counsel to the respective Lenders and the L/C Issuer and amounts payable under
      Article III),
      ratably among them in proportion to the respective amounts described in this
      clause Second
      payable
      to them;

    

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    Third,
      to
      payment of that portion of the Obligations constituting accrued and unpaid
      Letter of Credit Fees and interest on the Loans, L/C Borrowings and other
      Obligations, ratably among the Lenders and the L/C Issuer in proportion to
      the
      respective amounts described in this clause Third
      payable
      to them;

    

    Fourth,
      to
      payment of that portion of the Obligations constituting unpaid principal of
      the
      Loans, L/C Borrowings and Swap Contracts between any Loan Party and any Lender
      or Affiliate of any Lender, ratably among the Lenders and the L/C Issuer in
      proportion to the respective amounts described in this clause Fourth
      held by
      them;

    

    Fifth,
      to the
      Administrative Agent for the account of the L/C Issuer, to Cash Collateralize
      that portion of L/C Obligations comprised of the aggregate undrawn amount of
      Letters of Credit; 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(c),
      amounts
      used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
      pursuant to clause Fifth
      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.

    

     

    ARTICLE
      IX

    ADMINISTRATIVE
      AGENT

    

    
      	 	
              9.01

            	
              Appointment
                and Authority.

            

    

    

    Each
      of
      the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America
      to
      act on its behalf as the Administrative Agent hereunder and under the other
      Loan
      Documents and authorizes the Administrative Agent to take such actions on its
      behalf and to exercise such powers as are delegated to the Administrative Agent
      by the terms hereof or thereof, together with such actions and powers as are
      reasonably incidental thereto. The provisions of this Article are solely
      for the benefit of the Administrative Agent, the Lenders and the L/C Issuer,
      and
      neither the Borrower nor any other Loan Party shall have rights as a third
      party
      beneficiary of any of such provisions.

    

    
      	 	
              9.02

            	
              Rights
                as a Lender.

            

    

    

    The
      Person serving as the Administrative Agent hereunder shall have the same rights
      and powers in its capacity as a Lender as any other Lender and may exercise
      the
      same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context
      otherwise requires, include the Person serving as the Administrative Agent
      hereunder in its individual capacity. Such Person and its Affiliates may accept
      deposits from, lend money to, act as the financial advisor or in any other
      advisory capacity for and generally engage in any kind of business with the
      Borrower or any Subsidiary or other Affiliate thereof as if such Person were
      not
      the Administrative Agent hereunder and without any duty to account therefor
      to
      the Lenders.

     

    
      
        
        

      

      
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              9.03

            	
              Exculpatory
                Provisions.

            

    

    

    The
      Administrative Agent shall not have any duties or obligations except those
      expressly set forth herein and in the other Loan Documents. Without limiting
      the
      generality of the foregoing, the Administrative Agent:

    

    (a) shall
      not
      be subject to any fiduciary or other implied duties, regardless of whether
      a
      Default has occurred and is continuing;

    

    (b) shall
      not
      have any duty to take any discretionary action or exercise any discretionary
      powers, except discretionary rights and powers expressly contemplated hereby
      or
      by the other Loan Documents that the Administrative Agent is required to
      exercise as directed in writing by the Required Lenders (or such other number
      or
      percentage of the Lenders as shall be expressly provided for herein or in the
      other Loan Documents), provided
      that the
      Administrative Agent shall not be required to take any action that, in its
      opinion or the opinion of its counsel, may expose the Administrative Agent
      to
      liability or that is contrary to any Loan Document or applicable law;
      and

    

    (c) shall
      not, except as expressly set forth herein and in the other Loan Documents,
      have
      any duty to disclose, and shall not be liable for the failure to disclose,
      any
      information relating to any Loan Party or any of its Affiliates that is
      communicated to or obtained by the Person serving as the Administrative Agent
      or
      any of its Affiliates in any capacity.

    

    The
      Administrative Agent shall not be liable for any action taken or not taken
      by it
      (i) with the consent or at the request of the Required Lenders (or such other
      number or percentage of the Lenders as shall be necessary, or as the
      Administrative Agent shall believe in good faith shall be necessary, under
      the
      circumstances as provided in Sections 10.01
      and
8.02)
      or (ii)
      in the absence of its own gross negligence or willful misconduct. The
      Administrative Agent shall be deemed not to have knowledge of any Default unless
      and until notice describing such Default is given to the Administrative Agent
      by
      the Borrower, a Lender or the L/C Issuer.

    

    The
      Administrative Agent shall not be responsible for or have any duty to ascertain
      or inquire into (i) any statement, warranty or representation made in or in
      connection with this Agreement or any other Loan Document, (ii) the contents
      of
      any certificate, report or other document delivered hereunder or thereunder
      or
      in connection herewith or therewith, (iii) the performance or observance
      of
      any of the covenants, agreements or other terms or conditions set forth herein
      or therein or the occurrence of any Default, (iv) the validity, enforceability,
      effectiveness or genuineness of this Agreement, any other Loan Document or
      any
      other agreement, instrument or document or (v) the satisfaction of any condition
      set forth in Article IV
      or
      elsewhere herein, other than to confirm receipt of items expressly required
      to
      be delivered to the Administrative Agent.

     

     

    
      
        
        

      

      
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              9.04

            	
              Reliance
                by Administrative Agent.

            

    

    

    The
      Administrative Agent shall be entitled to rely upon, and shall not incur any
      liability for relying upon, any notice, request, certificate, consent,
      statement, instrument, document or other writing (including any electronic
      message, Internet or intranet website posting or other distribution) believed
      by
      it to be genuine and to have been signed, sent or otherwise authenticated by
      the
      proper Person. The Administrative Agent also may rely upon any statement made
      to
      it orally or by telephone and believed by it to have been made by the proper
      Person, and shall not incur any liability for relying thereon. In determining
      compliance with any condition hereunder to the making of a Loan, or the issuance
      of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
      of a Lender or the L/C Issuer, the Administrative Agent may presume that such
      condition is satisfactory to such Lender or the L/C Issuer unless the
      Administrative Agent shall have received notice to the contrary from such Lender
      or the L/C Issuer prior to the making of such Loan or the issuance of such
      Letter of Credit. The Administrative Agent may consult with legal counsel (who
      may be counsel for the Borrower), independent accountants and other experts
      selected by it, and shall not be liable for any action taken or not taken by
      it
      in accordance with the advice of any such counsel, accountants or
      experts.

    

    
      	 	
              9.05

            	
              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 Loan 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.

    

    
      	 	
              9.06

            	
              Resignation
                of Administrative Agent.

            

    

    

    The
      Administrative Agent may at any time give notice of its resignation to the
      Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of
      resignation, the Required Lenders shall have the right, in consultation with
      the
      Borrower, to appoint a successor, which shall be a bank with an office in the
      United States, or an Affiliate of any such bank with an office in the United
      States. If no such successor shall have been so appointed by the Required
      Lenders and shall have accepted such appointment within 30 days after
      the
      retiring Administrative Agent gives notice of its resignation, then the retiring
      Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint
      a
      successor Administrative Agent meeting the qualifications set forth above;
      provided
      that if
      the Administrative Agent shall notify the Borrower and the Lenders that no
      qualifying Person has accepted such appointment, then such resignation shall
      nonetheless become effective in accordance with such notice and (1) the
      retiring Administrative Agent shall be discharged from its duties and
      obligations hereunder and under the other Loan Documents and (2) all
      payments, communications and determinations provided to be made by, to or
      through the Administrative Agent shall instead be made by or to each Lender
      and
      the L/C Issuer directly, until such time as the Required Lenders appoint a
      successor Administrative Agent as provided for above in this Section. Upon
      the
      acceptance of a successor’s appointment as Administrative Agent hereunder, such
      successor shall succeed to and become vested with all of the rights, powers,
      privileges and duties of the retiring (or retired) Administrative Agent, and
      the
      retiring Administrative Agent shall be discharged from all of its duties and
      obligations hereunder or under the other Loan Documents (if not already
      discharged therefrom as provided above in this Section). The fees payable by
      the
      Borrower to a successor Administrative Agent shall be the same as those payable
      to its predecessor unless otherwise agreed between the Borrower and such
      successor. After the retiring Administrative Agent’s resignation hereunder and
      under the other Loan Documents, the provisions of this Article and
Section 10.04
      shall
      continue in effect for the benefit of such retiring Administrative Agent, its
      sub-agents and their respective Related Parties in respect of any actions taken
      or omitted to be taken by any of them while the retiring Administrative Agent
      was acting as Administrative Agent.

    

    
      
        
        

      

      
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    Any
      resignation by Bank of America as Administrative Agent pursuant to this
      Section shall also constitute its resignation as L/C Issuer and Swing
      Line
      Lender. Upon the acceptance of a successor’s appointment as Administrative Agent
      hereunder, (a) such successor shall succeed to and become vested with all of
      the
      rights, powers, privileges and duties of the retiring L/C Issuer and Swing
      Line
      Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged
      from all of their respective duties and obligations hereunder or under the
      other
      Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit
      in substitution for the Letters of Credit, if any, outstanding at the time
      of
      such succession or 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.

    

    
      	 	
              9.07

            	
              Non-Reliance
                on Administrative Agent and Other Lenders.

            

    

    

    Each
      Lender and the L/C Issuer acknowledges that it has, independently and without
      reliance upon the Administrative Agent or any other Lender or any of their
      Related Parties and based on such documents and information as it has deemed
      appropriate, made its own credit analysis and decision to enter into this
      Agreement. Each Lender and the L/C Issuer also acknowledges that it will,
      independently and without reliance upon the Administrative Agent or any other
      Lender or any of their Related Parties and based on such documents and
      information as it shall from time to time deem appropriate, continue to make
      its
      own decisions in taking or not taking action under or based upon this Agreement,
      any other Loan Document or any related agreement or any document furnished
      hereunder or thereunder.

    

    
      	 	
              9.08

            	
              No
                Other Duties, Etc.

            

    

    

    Anything
      herein to the contrary notwithstanding, none of the Bookrunners, Arrangers
      or
      other titles as necessary listed on the cover page hereof shall have any powers,
      duties or responsibilities under this Agreement or any of the other Loan
      Documents, except in its capacity, as applicable, as the Administrative Agent,
      a
      Lender or the L/C Issuer hereunder.

     

    
      
        
        

      

      
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              9.09

            	
              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 Loan 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 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, the L/C Issuer and the
      Administrative Agent (including any claim for the reasonable compensation,
      expenses, disbursements and advances of the Lenders, the L/C Issuer and the
      Administrative Agent and their respective agents and counsel and all other
      amounts due the Lenders, the L/C Issuer and the Administrative Agent under
      Sections 2.03(i)
      and
(j),
      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;

    

    and
      any
      custodian, receiver, assignee, trustee, liquidator, sequestrator or other
      similar official in any such judicial proceeding is hereby authorized by each
      Lender and the L/C Issuer 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 and the L/C Issuer, 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 or the L/C
      Issuer 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.

    

    
      	 	
              9.10

            	
              Collateral
                and Guaranty Matters.

            

    

    

    The
      Lenders and the L/C Issuer irrevocably authorize the Administrative Agent,
      at
      its option and in its discretion,

    

    (a) to
      release any Lien on any property granted to or held by the Administrative Agent
      under any Loan Document (i) upon termination of the Aggregate Commitments and
      payment in full of all Obligations (other than contingent indemnification
      obligations) and the expiration or termination of all Letters of Credit, (ii)
      that is sold or to be sold as part of or in connection with any sale permitted
      hereunder or under any other Loan Document, or (iii) subject to Section 10.01,
      if
      approved, authorized or ratified in writing by the Required Lenders; and

    

    
      
        
        

      

      
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    (b) to
      release any Guarantor from its obligations under the Guaranty if such Person
      ceases to be a Subsidiary as a result of a transaction permitted
      hereunder.

    

    Upon
      request by the Administrative Agent at any time, the Required Lenders will
      confirm in writing the Administrative Agent’s authority to release or
      subordinate its interest in particular types or items of property, or to release
      any Guarantor from its obligations under the Guaranty pursuant to this
Section 9.10.

    

     

    ARTICLE
      X

    MISCELLANEOUS

    

    
      	 	
              10.01

            	
              Amendments,
                Etc.

            

    

    

    No
      amendment or waiver of any provision of this Agreement or any other Loan
      Document, and no consent to any departure by the Borrower or any other Loan
      Party therefrom, shall be effective unless in writing signed by the Required
      Lenders and the Borrower or the applicable Loan Party, as the case may be,
      and
      acknowledged by the Administrative Agent, and each such waiver or consent shall
      be effective only in the specific instance and for the specific purpose for
      which given; provided,
      however,
      that no
      such amendment, waiver or consent shall:

    

    (a) extend
      or
      increase the Commitment of any Lender (or reinstate any Commitment terminated
      pursuant to Section 8.02)
      without
      the written consent of such Lender;

    

    (b) postpone
      any date fixed by this Agreement or any other Loan Document for any payment
      or
      mandatory prepayment of principal, interest, fees or other amounts due to the
      Lenders (or any of them) or any scheduled or mandatory reduction of the
      Aggregate Commitments hereunder or under any other Loan Document without the
      written consent of each Lender directly affected thereby;

    

    (c) reduce
      the principal of, or the rate of interest specified herein on, any Loan or
      L/C
      Borrowing, or (subject to clause (v) of the second proviso to this Section 10.01)
      any
      fees or other amounts payable hereunder or under any other Loan Document without
      the written consent of each Lender directly affected thereby; provided,
      however,
      that
      only the consent of the Required Lenders shall be necessary to amend the
      definition of “Default Rate” or to waive any obligation of the Borrower to pay
      interest or Letter of Credit Fees at the Default Rate;

    

    (d) change
      Section 2.13
      or
Section 8.03
      in a
      manner that would alter the pro rata sharing of payments required thereby
      without the written consent of each Lender; or

    

    
      
        
        

      

      
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    (e) change
      any provision of this Section or the definition of “Required 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 without the written consent of
      each
      Lender; or

    

    (f) except
      as
      a result of or in connection with the release of Collateral set forth in
Section
      7.11(b),
      release
      all or substantially all of the Collateral without the written consent of each
      Lender; or

    

    (g) except
      as
      the result of or in connection with a dissolution, merger or disposition of
      a
      Loan Party not prohibited by Section 7.03
      or
Section 7.04,
      or the
      release of a Borrowing Base Asset and the Subsidiary Guarantor owning such
      Borrowing Base Asset as permitted by Section
      7.11(b),
      release
      CNL RPI, the Parents, the Borrower or any other Loan Party from its or their
      obligations under the Loan Documents (including, their respective Obligations
      under Article XI) without the written consent of each Lender;

    

    and,
      provided further,
      that
      (i) no amendment, waiver or consent shall, unless in writing and signed by
      the
      L/C Issuer in addition to the Lenders required above, affect the rights or
      duties of the L/C Issuer under this Agreement or any Issuer Document relating
      to
      any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver
      or
      consent shall, unless in writing and signed by the Swing Line Lender in addition
      to the Lenders required above, affect the rights or duties of the Swing Line
      Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless
      in writing and signed by the Administrative Agent in addition to the Lenders
      required above, affect the rights or duties of the Administrative Agent under
      this Agreement or any other Loan Document; and (iv) Section 10.06(h)
      may not
      be amended, waived or otherwise modified without the consent of each Granting
      Lender all or any part of whose Loans are being funded by an SPC at the time
      of
      such amendment, waiver or other modification; and (v) the Fee Letter may be
      amended, or rights or privileges thereunder waived, in a writing executed only
      by the parties thereto. Notwithstanding anything to the contrary herein, no
      Defaulting Lender shall have any right to approve or disapprove any amendment,
      waiver or consent hereunder, except that the Commitment of such Lender may
      not
      be increased or extended without the consent of such Lender.

    

    
      	 	
              10.02

            	
              Notices;
                Effectiveness; Electronic Communication.

            

    

    

    (a) Notices
      Generally.
      Except
      in the case of notices and other communications expressly permitted to be given
      by telephone (and except as provided in subsection (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 telecopier as follows, 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 the
      Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender,
      to
      the address, telecopier number, electronic mail address or telephone number
      specified for such Person on Schedule 10.02;
      and

    

    
      
        
        

      

      
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    (ii) if
      to any
      other Lender, to the address, telecopier number, electronic mail address or
      telephone number specified 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
      telecopier 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 and the L/C Issuer 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, provided
      that the
      foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant
      to
Article II
      if such
      Lender or the L/C 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 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.

    

    Unless
      the Administrative Agent otherwise prescribes, (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 sent during the normal business hours
      of the recipient, such notice or communication shall be deemed to have been
      sent
      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.

    

    (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 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) 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.

    

    (e) Reliance
      by Administrative Agent, L/C Issuer and Lenders.
      The
      Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely
      and act upon any notices (including telephonic Committed Loan Notices and Swing
      Line Loan Notices) 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 the Administrative Agent, the L/C Issuer,
      each Lender and the Related Parties of each of them 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 telephonic communications with the Administrative Agent may be
      recorded by the Administrative Agent, and each of the parties hereto hereby
      consents to such recording.

    

    
      	 	
              10.03

            	
              No
                Waiver; Cumulative Remedies.

            

    

    

    No
      failure by any Lender, the L/C Issuer 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.

    

    
      	 	
              10.04

            	
              Expenses;
                Indemnity; Damage Waiver.

            

    

    

    (a) Costs
      and Expenses.
      The
      Borrower shall pay (i) all reasonable out-of-pocket expenses incurred
      by
      the Administrative Agent and its Affiliates (including the reasonable fees,
      charges and disbursements of outside counsel for the Administrative Agent),
      in
      connection with the syndication of the credit facilities provided for herein,
      the preparation, negotiation, execution, delivery and administration of this
      Agreement and the other Loan Documents or any amendments, modifications or
      waivers of the provisions hereof or thereof (whether or not the transactions
      contemplated hereby or thereby shall be consummated), (ii) all reasonable
      out-of-pocket expenses incurred by the L/C Issuer in connection with the
      issuance, amendment, renewal or extension of any Letter of Credit or any demand
      for payment thereunder and (iii) all out-of-pocket expenses incurred
      by the
      Administrative Agent, any Lender or the L/C Issuer (including the fees, charges
      and disbursements of any outside counsel for the Administrative Agent, any
      Lender or the L/C Issuer), in connection with the enforcement or protection
      of
      its rights (A) in connection with this Agreement and the other Loan
      Documents, including its rights under this Section, or (B) in connection
      with the Loans made or Letters of Credit issued hereunder, including all such
      out-of-pocket expenses incurred during any workout, restructuring or
      negotiations in respect of such Loans or Letters of Credit.

    

    
      
        
        

      

      
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    (b) Indemnification
      by the Borrower.
      The
      Borrower shall indemnify the Administrative Agent (and any sub-agent thereof),
      each Lender and the L/C Issuer, and each Related Party of any of the foregoing
      Persons (each such Person being called an “Indemnitee”)
      against, and hold each Indemnitee harmless from, any and all losses, claims,
      damages, liabilities and related expenses (including the fees, charges and
      disbursements of any outside counsel for any Indemnitee), incurred by any
      Indemnitee or asserted against any Indemnitee by any third party or by the
      Borrower or any other Loan Party arising out of, in connection with, or as
      a
      result of (i) the execution or delivery of this Agreement, any other
      Loan
      Document or any agreement or instrument contemplated hereby or thereby, the
      performance by the parties hereto of their respective obligations hereunder
      or
      thereunder, the consummation of the transactions contemplated hereby or 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 Loan
      Documents, (ii) any 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), (iii) any actual or alleged presence or release of Hazardous
      Materials on or from any property owned or operated by any Loan Party or any
      of
      its Subsidiaries, or any Environmental Liability related to any Loan Party
      or
      any of its Subsidiaries, or (iv) 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 other Loan Party, and regardless of whether
      any
      Indemnitee is a party thereto; provided
      that
      such indemnity shall not, as to any Indemnitee, be available to the extent
      that
      such losses, claims, damages, liabilities or related expenses (x) are
      determined by a court of competent jurisdiction by final and nonappealable
      judgment to have resulted from the gross negligence or willful misconduct of
      such Indemnitee or (y) result from a claim brought by the Borrower or
      any
      other Loan Party against an Indemnitee for breach in bad faith of such
      Indemnitee’s obligations hereunder or under any other Loan Document, if the
      Borrower or such Loan Party has obtained a final and nonappealable judgment
      in
      its favor on such claim as determined by a court of competent
      jurisdiction.

    

    (c) Reimbursement
      by Lenders.
      To the
      extent that the Borrower for any reason fails to indefeasibly pay any amount
      required under subsection (a) or (b) of this Section to
      be paid
      by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer
      or
      any Related Party of any of the foregoing, each Lender severally agrees to
      pay
      to the Administrative Agent (or any such sub-agent), the L/C Issuer or such
      Related Party, as the case may be, such Lender’s Applicable Percentage
      (determined as of the time that the applicable unreimbursed expense or indemnity
      payment is sought) of such unpaid amount, provided
      that the
      unreimbursed expense or indemnified loss, claim, damage, liability or related
      expense, as the case may be, was incurred by or asserted against the
      Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity
      as such, or against any Related Party of any of the foregoing acting for the
      Administrative Agent (or any such sub-agent) or L/C Issuer in connection with
      such capacity. The obligations of the Lenders under this subsection (c)
      are
      subject to the provisions of Section 2.12(d).

    

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    (d) Waiver
      of Consequential Damages, Etc.
      To the
      fullest extent permitted by applicable law, the Borrower shall not assert,
      and
      hereby waives, any claim against any Indemnitee, on any theory of liability,
      for
      special, indirect, consequential or punitive damages (as opposed to direct
      or
      actual damages) arising out of, in connection with, or as a result of, this
      Agreement, any other Loan Document or any agreement or instrument contemplated
      hereby, the transactions contemplated hereby or thereby, any Loan or Letter
      of
      Credit or the use of the proceeds thereof. No Indemnitee referred to in
      subsection (b) above shall be liable for any damages arising from the
      use
      by unintended recipients of any information or other materials distributed
      by it
      through telecommunications, electronic or other information transmission systems
      in connection with this Agreement or the other Loan Documents or the
      transactions contemplated hereby or thereby except to the extent such damages
      are determined by a court of competent jurisdiction by final and nonappealable
      judgment to have resulted from the gross negligence or willful misconduct of
      such Indemnitee.

    

    (e) Payments.
      All
      amounts due under this Section shall be payable not later than fifteen
      Business Days after demand therefor.

    

    (f) Survival.
      The
      agreements in this Section shall survive the resignation of the
      Administrative Agent and the L/C Issuer, the replacement of any Lender, the
      termination of the Aggregate Commitments and the repayment, satisfaction or
      discharge of all the other Obligations.

    

    
      	 	
              10.05

            	
              Payments
                Set Aside.

            

    

    

    To
      the
      extent that any payment by or on behalf of the Borrower is made to the
      Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent,
      the L/C Issuer or any Lender exercises its right of setoff, and such payment
      or
      the proceeds of such setoff 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, the L/C
      Issuer 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 setoff had
      not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay
      to
      the Administrative Agent upon demand its applicable share (without duplication)
      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.
      The obligations of the Lenders and the L/C Issuer under clause (b) of
      the
      preceding sentence shall survive the payment in full of the Obligations and
      the
      termination of this Agreement.

     

    
      
        
        

      

      
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              10.06

            	
              Successors
                and Assigns.

            

    

    

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

    

    (b) Assignments
      by Lenders.
      Any
      Lender may at any time assign to one or more Eligible Assignees all or a portion
      of its rights and obligations under this Agreement (including all or a portion
      of its Commitment and the Loans (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) or, if the Commitment is not
      then
      in effect, the principal outstanding balance of the Loans of the assigning
      Lender 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;

    

    
      
        
        

      

      
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    (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 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, the
      L/C
      Issuer, the Swing Line Lender and, so long as no Default or Event of Default
      has
      occurred and is continuing, the Borrower unless the Person that is the proposed
      assignee is itself a Lender (whether or not the proposed assignee would
      otherwise qualify as an Eligible Assignee); and

    

    (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, if any, required as set forth in Schedule 10.06,
      and the
      Eligible Assignee, if it shall not be a Lender, shall deliver to the
      Administrative Agent an Administrative Questionnaire.

    

    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 Agreement and, to the extent of the interest assigned by such
      Assignment and Assumption, have the rights and obligations of a Lender under
      this Agreement, and the assigning Lender thereunder shall, to the extent of
      the
      interest assigned by such Assignment and Assumption, be released from its
      obligations under this Agreement (and, in the case of an Assignment and
      Assumption covering all of the assigning Lender’s rights and obligations under
      this Agreement, such Lender shall cease to be a party hereto) but shall continue
      to be entitled to the benefits of Sections 3.01,
      3.04,
      3.05,
      and
10.04
      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 Agreement that does not comply with this
      subsection shall be treated for purposes of this Agreement as a sale by such
      Lender of a participation in such rights and obligations in accordance with
      subsection (d) of this Section.

    

    (c) Register.
      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 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, 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. The
      Register shall be available for inspection by each of the Borrower and the
      L/C
      Issuer 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
      substantive change to the Loan Documents is pending, any Lender may request
      and
      receive from the Administrative Agent a copy of the Register.

    

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    (d) Participations.
      Any
      Lender may at any time, without the consent of, or notice to, the Borrower
      or
      the Administrative Agent, sell participations to any Person (other than a
      natural person or the Borrower or any of the Borrower’s Affiliates or
      Subsidiaries) (each, a “Participant”)
      in all
      or a portion of such Lender’s rights and/or obligations under this Agreement
      (including all or a portion of its Commitment and/or the Loans (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 Agreement shall remain unchanged,
      (ii) such Lender shall remain solely responsible to the other parties
      hereto for the performance of such obligations and (iii) the Borrower,
      the
      Administrative Agent, the Lenders and the L/C Issuer shall continue to deal
      solely and directly with such Lender in connection with such Lender’s rights and
      obligations under this Agreement.

    

    Any
      agreement or instrument pursuant to which a Lender sells such a participation
      shall provide that such Lender shall retain the sole right to enforce this
      Agreement and to approve any amendment, modification or waiver of any provision
      of this Agreement; provided
      that
      such agreement or instrument may provide that such Lender will not, without
      the
      consent of the Participant, agree to any amendment, waiver or other modification
      described in the first proviso to Section 10.01
      that
      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 10.08 as
      though
      it were a Lender, provided
      such
      Participant agrees to be subject to Section 2.13
      as
      though it were a Lender.

    

    (e) Limitations
      upon Participant Rights.
      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, unless the sale of the participation
      to
      such Participant is made with the Borrower’s prior written consent. 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 3.01(e)
      as
      though it were a Lender.

    

    (f) Certain
      Pledges.
      Any
      Lender may at any time pledge or assign a security interest in all or any
      portion of its rights under this Agreement (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) Electronic
      Execution of Assignments.
      The
      words “execution,”“signed,”“signature,” and words of like import in any
      Assignment and Assumption 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.

    

    
      
        
        

      

      
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    (h) Special
      Purpose Funding Vehicles.
      Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting
      Lender”)
      may
      grant to a special purpose funding vehicle identified as such in writing from
      time to time by the Granting Lender to the Administrative Agent and the Borrower
      (an “SPC”)
      the
      option to provide all or any part of any Committed Loan that such Granting
      Lender would otherwise be obligated to make pursuant to this Agreement;
provided
      that (i)
      nothing herein shall constitute a commitment by any SPC to fund any Committed
      Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails
      to make all or any part of such Committed Loan, the Granting Lender shall be
      obligated to make such Committed Loan pursuant to the terms hereof or, if it
      fails to do so, to make such payment to the Administrative Agent as is required
      under Section 2.12(b)(ii).
      Each
      party hereto hereby agrees that (i) neither the grant to any SPC nor the
      exercise by any SPC of such option shall increase the costs or expenses or
      otherwise increase or change the obligations of the Borrower under this
      Agreement (including its obligations under Section 3.04),
      (ii)
      no SPC shall be liable for any indemnity or similar payment obligation under
      this Agreement for which a Lender would be liable, and (iii) the Granting Lender
      shall for all purposes, including the approval of any amendment, waiver or
      other
      modification of any provision of any Loan Document, remain the lender of record
      hereunder. The making of a Committed Loan by an SPC hereunder shall utilize
      the
      Commitment of the Granting Lender to the same extent, and as if, such Committed
      Loan were made by such Granting Lender. In furtherance of the foregoing, each
      party hereto hereby agrees (which agreement shall survive the termination of
      this Agreement) that, prior to the date that is one year and one day after
      the
      payment in full of all outstanding commercial paper or other senior debt of
      any
      SPC, it will not institute against, or join any other Person in instituting
      against, such SPC any bankruptcy, reorganization, arrangement, insolvency,
      or
      liquidation proceeding under the laws of the United States or any State thereof.
      Notwithstanding anything to the contrary contained herein, any SPC may (i)
      with
      notice to, but without prior consent of the Borrower and the Administrative
      Agent and with the payment of a processing fee in the amount of $2,500, assign
      all or any portion of its right to receive payment with respect to any Committed
      Loan to the Granting Lender and (ii) disclose on a confidential basis any
      non-public information relating to its funding of Committed Loans to any rating
      agency, commercial paper dealer or provider of any surety or Guarantee or credit
      or liquidity enhancement to such SPC.

    

    (i) Resignation
      as L/C Issuer or Swing Line Lender after Assignment.
      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 30 days’ notice to the
      Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 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, subject to the acceptance of such appointment by such successor;
      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, powers, privileges and duties 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 Base Rate Committed 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 Base Rate Committed Loans
      or
      fund risk participations in outstanding Swing Line Loans pursuant to
Section 2.04(c).
      Upon
      the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such
      successor shall succeed to and become vested with all of the rights, powers,
      privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the
      case may be, and (b) the successor L/C Issuer shall issue letters of credit
      in
      substitution for the Letters of Credit, if any, outstanding at the time of
      such
      succession or make other arrangements satisfactory to Bank of America to
      effectively assume the obligations of Bank of America with respect to such
      Letters of Credit.

     

    
      
        
        

      

      
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              10.07

            	
              Treatment
                of Certain Information; Confidentiality.

            

    

    

    Each
      of
      the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain
      the
      confidentiality of the Information (as defined below), except that Information
      may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
      partners, directors, officers, employees, agents, advisors and representatives
      (it being understood that the Persons to whom such disclosure is made will
      be
      informed of the confidential nature of such Information and instructed to keep
      such Information confidential), (b) to the extent requested by any regulatory
      authority purporting to have jurisdiction over it (including any self-regulatory
      authority, such as the National Association of Insurance Commissioners), (c)
      to
      the extent required by applicable laws or regulations or by any subpoena or
      similar legal process, (d) to any other party hereto, (e) in connection with
      the
      exercise of any remedies hereunder or under any other Loan Document or any
      action or proceeding relating to this Agreement or any other Loan Document
      or
      the enforcement of rights hereunder or thereunder, (f) subject to an additional
      confidentiality agreement containing provisions substantially the same as those
      of this Section, to (i) any assignee of or Participant in, or any prospective
      assignee of or Participant in, any of its rights or obligations under this
      Agreement or (ii) any actual or prospective counterparty (or its advisors)
      to
      any swap or derivative transaction relating to the Borrower and its obligations,
      (g) with the consent of the Borrower or (h) to the extent such Information
      (x)
      becomes publicly available other than as a result of a breach of this
      Section or (y) becomes available to the Administrative Agent, any Lender,
      the L/C Issuer or any of their respective Affiliates on a nonconfidential basis
      from a source other than the Borrower or any of its Affiliates.

    

    For
      purposes of this Section, “Information”
      means
      all information received from any Loan Party or any Subsidiary relating to
      any
      Loan Party or any Subsidiary or any of their respective businesses, other than
      any such information that is available to the Administrative Agent, any Lender
      or the L/C Issuer on a nonconfidential basis prior to disclosure by such Loan
      Party or any Subsidiary, provided
      that, in
      the case of information received from a Loan Party or any Subsidiary after
      the
      date hereof, such information is clearly identified at the time of delivery
      as
      confidential. Any Person required to maintain the confidentiality of Information
      as provided in this Section shall be considered to have complied with
      its
      obligation to do so if such Person has exercised the same degree of care to
      maintain the confidentiality of such Information as such Person would accord
      to
      its own confidential information.

    

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    Each
      of
      the Administrative Agent, the Lenders and the L/C Issuer acknowledges that
      (a)
      the Information may include material non-public information concerning a Loan
      Party 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.

    

    
      	 	
              10.08

            	
              Right
                of Setoff.

            

    

    

    If
      an
      Event of Default shall have occurred and be continuing, each Lender, the L/C
      Issuer and each of their respective Affiliates is hereby authorized at any
      time
      and from time to time, to the fullest extent permitted by applicable law, to
      set
      off and apply any and all deposits (general or special, time or demand,
      provisional or final, in whatever currency) at any time held and other
      obligations (in whatever currency) at any time owing by such Lender, the L/C
      Issuer or any such Affiliate to or for the credit or the account of the Borrower
      or any other Loan Party against any and all of the obligations of the Borrower
      or such Loan Party now or hereafter existing under this Agreement or any other
      Loan Document to such Lender or the L/C Issuer, irrespective of whether or
      not
      such Lender or the L/C Issuer shall have made any demand under this Agreement
      or
      any other Loan Document and although such obligations of the Borrower or such
      Loan Party may be contingent or unmatured or are owed to a branch or office
      of
      such Lender or the L/C Issuer different from the branch or office holding such
      deposit or obligated on such indebtedness. 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.

    

    
      	 	
              10.09

            	
              Interest
                Rate Limitation.

            

    

    

    Notwithstanding
      anything to the contrary contained in any Loan Document, the interest paid
      or
      agreed to be paid under the Loan 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) exclude voluntary prepayments and
      the effects thereof and (b) amortize, prorate, allocate, and spread in equal
      or
      unequal parts the total amount of interest throughout the contemplated term
      of
      the Obligations hereunder.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              10.10

            	
              Counterparts;
                Integration; 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. This Agreement
      and
      the other Loan Documents constitute the entire contract among the parties
      relating to the subject matter hereof and supersede any and all previous
      agreements and understandings, oral or written, relating to the subject matter
      hereof. Except as provided in Section 4.01,
      this
      Agreement shall become effective when it shall have been executed by the
      Administrative Agent and when the Administrative Agent shall have received
      counterparts hereof that, when taken together, bear the signatures of each
      of
      the other parties hereto. Delivery of an executed counterpart of a signature
      page of this Agreement by telecopy or electronic mail shall be effective as
      delivery of a manually executed counterpart of this Agreement.

    

    
      	 	
              10.11

            	
              Survival
                of Representations and Warranties.

            

    

    

    All
      representations and warranties made hereunder and in any other Loan 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 at the time of any Credit Extension, 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.

    

    
      	 	
              10.12

            	
              Severability.

            

    

    

    If
      any
      provision of this Agreement or the other Loan Documents is held to be illegal,
      invalid or unenforceable, (a) the legality, validity and enforceability of
      the
      remaining provisions of this Agreement and the other Loan 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.

    

    
      	 	
              10.13

            	
              Replacement
                of Lenders.

            

    

    

    If
      any
      Lender requests compensation under Section 3.04,
      or if
      the Borrower is required to pay any additional amount to any Lender or any
      Governmental Authority for the account of any Lender pursuant to Section 3.01,
      if any
      Lender is a Defaulting Lender or if any other circumstance exists hereunder
      that
      gives the Borrower the right to replace a Lender as a party hereto, then the
      Borrower may, at its sole expense and effort, upon notice to such Lender and
      the
      Administrative Agent, require such Lender to assign and delegate, without
      recourse (in accordance with and subject to the restrictions contained in,
      and
      consents required by, Section 10.06),
      all of
      its interests, rights and obligations under this Agreement and the related
      Loan
      Documents to an assignee that shall assume such obligations (which assignee
      may
      be another Lender, if a Lender accepts such assignment), provided
      that:

    

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    (a) the
      Borrower shall have paid to the Administrative Agent the assignment fee
      specified in Section 10.06(b);

    

    (b) such
      Lender shall have received payment of an amount equal to the outstanding
      principal of its Loans and L/C Advances, accrued interest thereon, accrued
      fees
      and all other amounts payable to it hereunder and under the other Loan Documents
      (including any amounts under Section 3.05)
      from
      the assignee (to the extent of such outstanding principal and accrued interest
      and fees) or the Borrower (in the case of all other amounts);

    

    (c) in
      the
      case of any such assignment resulting from a claim for compensation under
Section 3.04
      or
      payments required to be made pursuant to Section 3.01,
      such
      assignment will result in a reduction in such compensation or payments
      thereafter; and

    

    (d) such
      assignment does not conflict with applicable Laws.

    

    A
      Lender
      shall not be required to make any such assignment or delegation if, prior
      thereto, as a result of a waiver by such Lender or otherwise, the circumstances
      entitling the Borrower to require such assignment and delegation cease to
      apply.

    

    
      	 	
              10.14

            	
              Governing
                Law; Jurisdiction; Etc.

            

    

    

    (a) GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
      THE
      STATE OF NEW YORK.

    

    (b) SUBMISSION
      TO JURISDICTION.
      THE
      BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
      FOR
      ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF
      THE
      STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES DISTRICT
      COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
      THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
      AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF
      ANY
      JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
      THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
      DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
      BY
      APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
      A
      FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
      BE
      ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
      PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL
      AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER
      MAY
      OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
      OR
      ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS
      PROPERTIES IN THE COURTS OF ANY JURISDICTION.

    

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    (c) WAIVER
      OF VENUE.
      THE
      BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
      TO
      THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW
      OR
      HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
      OF
      OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED
      TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY
      IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
      DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
      IN ANY SUCH COURT.

    

    (d) SERVICE
      OF PROCESS.
      EACH
      PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED
      FOR NOTICES IN SECTION 10.02.
      NOTHING
      IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS
      IN
      ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

    

    
      	 	
              10.15

            	
              Waiver
                of Jury Trial.

            

    

    

    EACH
      PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
      DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
      OTHER
      LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
      ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
      THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
      EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
      LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
      THAT
      IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
      AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
      CERTIFICATIONS IN THIS SECTION.

    

    
      	 	
              10.16

            	
              USA
                PATRIOT Act Notice.

            

    

    

    Each
      Lender that is subject to the Act (as hereinafter defined) 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,
      which information includes the name and address of the Borrower and other
      information that will allow such Lender or the Administrative Agent, as
      applicable, to identify the Borrower in accordance with the Act.

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      XI

    GUARANTY

    

    
      	 	
              11.01

            	
              The
                Guaranty.

            

    

    

    Each
      of
      the Guarantors hereby jointly and severally guarantees to each Lender, each
      Affiliate of a Lender that enters into a Swap Contract or a Treasury Management
      Agreement, and the Administrative Agent as hereinafter provided, as primary
      obligor and not as surety (except
      with respect to CNL Retirement PC1 Friendship Heights MD, LP, which shall be
      a
      surety and not a primary obligor), the prompt payment of the 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 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 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.

    

    Notwithstanding
      any provision to the contrary contained herein or in any other of the Loan
      Documents or Swap Contracts or Treasury Management Agreements, the
      obligations of each Guarantor under
      this Agreement and the other Loan Documents shall
      be
      limited to an aggregate amount equal to the largest amount that would not render
      such obligations subject to avoidance under the Debtor Relief Laws or any
      comparable provisions of any applicable state 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 Loan
      Documents, Swap Contracts or Treasury Management Agreements, or any other
      agreement or instrument referred to therein, or any substitution, release,
      impairment or exchange of any other guarantee of or security for any of the
      Obligations, and, to the fullest extent permitted by applicable law,
      irrespective of any other circumstance whatsoever which might otherwise
      constitute a legal or equitable discharge or defense of a surety or guarantor
      (other than the payment of the Obligations), 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 (other than the payment of the Obligations).
      Each Guarantor agrees that such Guarantor shall not exercise any 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 Fully Satisfied. Without limiting the
      generality of the foregoing, it is agreed that, to the fullest extent permitted
      by law, 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:

    

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    (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 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 Loan Documents, any
      Swap Contract or any Treasury Management Agreement between any Consolidated
      Party and any Lender, or any Affiliate of a Lender, or any other agreement
      or
      instrument referred to in the Loan Documents or such Swap Contracts shall be
      done or omitted;

    

    (c) the
      maturity of any of the 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 Loan Documents, any Swap Contract or any Treasury
      Management Agreement between any Consolidated Party and any Lender, or any
      Affiliate of a Lender, or any other agreement or instrument referred to in
      the
      Loan Documents or such Swap Contracts or such Treasury Management Agreements
      shall be waived or any other guarantee of any of the 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 Lender or Lenders
      as
      security for any of the Obligations shall fail to attach or be perfected;
      or

    

    (e) any
      of
      the Obligations shall be determined to be void or voidable (including, without
      limitation, for the benefit of any creditor of any Guarantor) or shall be
      subordinated to the claims of any Person (including, without limitation, any
      creditor of any Guarantor).

    

    With
      respect to its obligations hereunder, each Guarantor hereby expressly waives
      diligence, presentment, demand of payment, protest and all notices whatsoever,
      and any requirement that the Administrative Agent or any Lender exhaust any
      right, power or remedy or proceed against any Person under any of the Loan
      Documents, any Swap Contract or any Treasury Management Agreement between any
      Consolidated Party and any Lender, or any Affiliate of a Lender, or any other
      agreement or instrument referred to in the Loan Documents or such Swap Contracts
      or such Treasury Management Agreements, or against any other Person under any
      other guarantee of, or security for, any of the Obligations.

    

    
      	 	
              11.03

            	
              Reinstatement.

            

    

    

    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 Obligations is rescinded or must
      be
      otherwise restored by any holder of any of the Obligations, whether as a result
      of any proceedings in bankruptcy or reorganization or otherwise, and each
      Guarantor agrees that it will indemnify the Administrative Agent and each Lender
      within 10 days of written demand (together with back up documentation supporting
      such reimbursement) for all reasonable costs and expenses (including, without
      limitation, reasonable fees and expenses of counsel) incurred by the
      Administrative Agent or such Lender 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 bankruptcy, insolvency or similar
      law.

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              11.04

            	
              Certain
                Additional Waivers.

            

    

    

    Each
      Guarantor agrees that such Guarantor shall have no right of recourse to security
      for the Obligations, except through the exercise of rights of subrogation
      pursuant to Section
      11.02
      and
      through the exercise of rights of contribution pursuant to Section
      11.06.

    

    
      	 	
              11.05

            	
              Remedies.

            

    

    

    The
      Guarantors agree that, to the fullest extent permitted by law, as between the
      Guarantors, on the one hand, and the Administrative Agent and the Lenders,
      on
      the other hand, the Obligations may be declared to be forthwith due and payable
      as provided in Section
      8.02
      (and
      shall be deemed to have become automatically due and payable in the
      circumstances provided in said Section
      8.02)
      for
      purposes of Section
      11.01
      notwithstanding any stay, injunction or other prohibition preventing such
      declaration (or preventing the Obligations from becoming automatically due
      and
      payable) as against any other Person and that, in the event of such declaration
      (or the Obligations being deemed to have become automatically due and payable),
      the Obligations (whether or not due and payable by any other Person) shall
      forthwith become due and payable by the Guarantors for purposes of Section
      11.01.
      The
      Guarantors acknowledge and agree that their obligations hereunder may be secured
      in accordance with the terms of the Collateral Documents and that the Lenders
      may exercise their remedies thereunder in accordance with the terms
      thereof.

    

    
      	 	
              11.06

            	
              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 Law. Such contribution rights
      shall be subordinate and subject in right of payment to the Obligations until
      such time as the Obligations have been Fully Satisfied, and none of the
      Guarantors shall exercise any such contribution rights relating to payments
      made
      hereunder until the Obligations have been Fully Satisfied.

    

    
      	 	
              11.07

            	
              Guarantee
                of Payment; Continuing Guarantee.

            

    

     

    The
      guarantee in this Article XI
      is a
      guaranty of payment and not of collection, is a continuing guarantee, and shall
      apply to all Obligations whenever arising.

     

    

     

    [Signature
      Pages Follow]

     

    

     

    

    
      
        
          CHAR1\822245v13

        

        
        

      

      
        106

        
          

        

      

      
        
        

        
        

      

    

     

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

    

    
      	
              BORROWER:

            	
              CNL
                RETIREMENT PARTNERS, LP

            

    

    

    
      	 	 	 
	 	
              By:

            	
              CNL
                RETIREMENT
                GP
                CORP., its general partner

            
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	
              REIT:

            	
              CNL
                RETIREMENT PROPERTIES, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Clark Hettinga

            
	 	 	
              Clark
                Hettinga

            
	 	 	
              Chief
                Financial Officer and Senior Vice
                President

            

    

    

    

    
      	
              PARENTS
                OF BORROWER:

            	
              CNL
                RETIREMENT GP CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT LP CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	
              SUBSIDIARY
                GUARANTORS:

            	
              CNL
                RETIREMENT TRS CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 GP HOLDING,
                LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 GP NAPLES
                FL,
                LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 GP VENICE
                FL,
                LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    
      	 	
              CNL
                RETIREMENT SLB GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EDEN1 FLORIDA GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT GT1 GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT WESTGATE1 MICHIGAN GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT MC1 GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EBY1 ILLINOIS GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    
      	 	
              CNL
                RETIREMENT HB2 SMITHFIELD RI GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT HB2 SOUTH KINGSTOWN RI GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 CUMBERLAND RI GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 DALLAS TX GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 HOOVER AL GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 WEST PALM BEACH FL GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT HB2 TIVERTON RI GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT - GP/ILLINOIS CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT GP/COLORADO CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT SLB FLORIDA, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT SLB GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EBY1 ILLINOIS, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT EBY1 ILLINOIS GP, 

              LLC
                its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT - AM/ILLINOIS, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT - GP/ILLINOIS CORP., 

              its
                general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 SMITHFIELD RI, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 SMITHFIELD RI 

              GP,
                LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 SOUTH KINGSTOWN RI, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 SOUTH KINGSTOWN RI GP, LLC its general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 CUMBERLAND RI, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 CUMBERLAND RI GP, LLC its general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT HB2 DALLAS TX, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 DALLAS TX GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 HOOVER AL, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 HOOVER AL GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 WEST PALM BEACH FL, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 WEST PALM BEACH FL GP, LLC its general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 TIVERTON RI, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 TIVERTON RI GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT EDEN1 GAINESVILLE FL, LLLP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT EDEN1 FLORIDA GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EDEN1 JACKSONVILLE FL, LLLP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT EDEN1 FLORIDA GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EDEN1 TALLAHASSEE FL, LLLP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT EDEN1 FLORIDA GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT GT1 INDIANA, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT GT1 GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT GT1 ILLINOIS, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT GT1 GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT GT1 OHIO, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT GT1 GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT MC1 GEORGIA, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT MC1 GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT WESTGATE1 AUBURN HILLS MI, 

              LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT WESTGATE1 

              MICHIGAN
                GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              CNL
                RETIREMENT WESTGATE1 STERLING 

              HEIGHTS
                MI, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT WESTGATE1 MICHIGAN GP, LLC its general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 NAPLES FL, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP NAPLES FL, 

              LLC
                its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 VENICE FL, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP VENICE FL, 

              LLC
                its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT PC1 NEW JERSEY, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 FRIENDSHIP HEIGHTS MD, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 NORTH CAROLINA, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 STAMFORD CT, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 BUCKHEAD GA, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT PC1 GP, LLC, its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT PC1 BRENTWOOD TN, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT TRS CORP., its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT - GP/COLORADO CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT - GP/HOLDING CORP.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2 GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CNL
                RETIREMENT EBY1, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT EBY1 GP, LLC its 

              general
                partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT HB2, LP

            
	 	 	 	 
	 	 	
              By:

            	
              CNL
                RETIREMENT HB2 GP, LLC its general partner

            
	 	 	 	 
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	 	
              Steven
                Wortman

            
	 	 	 	
              Vice
                President of Finance

            

    

    

    

    
      	 	
              CNL
                RETIREMENT EBY1 GP, LLC

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Steven Wortman

            
	 	 	
              Steven
                Wortman

            
	 	 	
              Vice
                President of Finance

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              BANK
                OF AMERICA, N.A.,
                as
                

              Administrative
                Agent

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Amie L. Edwards

            
	 	
              Name:

            	
              Amie
                L. Edwards

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              BANK
                OF AMERICA, N.A.,
                as a Lender, L/C 

              Issuer
                and Swing Line Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Amie L. Edwards

            
	 	
              Name:

            	
              Amie
                L. Edwards

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              WACHOVIA
                BANK, NATIONAL 

              ASSOCIATION,
                as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Wesley G. Carter

            
	 	
              Name:

            	
              Wes
                Carter

            
	 	
              Title:

            	
              Director

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              GENERAL
                ELECTRIC CAPITAL 

              CORPORATION,
                as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Brad S. Haber

            
	 	
              Name:

            	
              Brad
                S. Haber

            
	 	
              Title:

            	
              Duly
                Authorized Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              JPMORGAN
                CHASE BANK, N.A., as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                A. M. Downs

            
	 	
              Name:

            	
              A.
                Downs

            
	 	
              Title:

            	
              Vice
                President

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              KEY
                BANK NATIONAL ASSOCIATION, as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Charlie Shoop

            
	 	
              Name:

            	
              Charlie
                Shoop

            
	 	
              Title:

            	
              Vice
                President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              REGIONS
                BANK, as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Anthony D. Nigro

            
	 	
              Name:

            	
              Anthony
                D. Nigro

            
	 	
              Title:

            	
              Senior
                Vice President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              HSH
                NORDBANK, AG, NEW YORK BRANCH, as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Aldo M. Cicilla

            
	 	
              Name:

            	
              Aldo
                M. Cicilla

            
	 	
              Title:

            	
              Vice
                President

            
	 	 	 
	 	
              By:

            	
              /s/
                Jack Confusione

            
	 	
              Name:

            	
              Jack
                Confusione

            
	 	
              Title:

            	
              Senior
                Vice President

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              LASALLE
                BANK, NATIONAL ASSOCIATION, as a Lender

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Robert E. Goeckel

            
	 	
              Name:

            	
              Robert
                E. Goeckel

            
	 	
              Title:

            	
              Vice
                President<PAGE>

                                                             Exhibit 10 (vii)

                               FIRST AMENDMENT
                                     TO
                              CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated
                                                         ---------
as of July 21, 2005, among GRAYBAR ELECTRIC COMPANY, INC., a New York
corporation (the "Borrower"), certain Material Domestic Subsidiaries of the
                  --------
Borrower as may from time to time become parties to this Amendment (the
"Guarantors"), the Lenders identified on the signature pages hereto as the
 ----------
existing Lenders (the "Existing Lenders"), the Lenders identified on the
                       ----------------
signature pages hereto as the new Lenders (the "New Lenders", and together
                                                -----------
with the Existing Lenders, the "Lenders"), WACHOVIA BANK, NATIONAL
                                -------
ASSOCIATION, as administrative agent for the Lenders hereunder (in such
capacity, the "Administrative Agent") and BANK OF AMERICA, N.A. and JPMORGAN
               --------------------
CHASE BANK, N.A. (SUCCESSOR BY MERGER TO BANK ONE, NA (MAIN OFFICE
CHICAGO)), as syndication agents for the Lenders hereunder (in such
capacity, the "Syndication Agents").
               ------------------

                                  RECITALS,
                                  ---------

         WHEREAS, the Borrower, the Guarantors, the Existing Lenders and the
Administrative Agent, are party to that certain 364-Day Credit Agreement
dated as of July 22, 2004 (the "Existing Credit Agreement"). Unless
                                -------------------------
otherwise defined herein or the context otherwise requires, terms used in
this Amendment, including its preamble and recitals, have the meanings
provided in the Existing Credit Agreement.

         WHEREAS, the Borrower has requested to extend the Revolving
Commitment Termination Date for an additional 364-day period, and certain
Existing Lenders have agreed to extend their respective Revolving
Commitments and amend the Existing Credit Agreement in accordance with such
request and as provided herein.

         WHEREAS, the Borrower, the Existing Lenders and the New Lenders
have agreed that the New Lenders shall become parties to the Existing Credit
Agreement (as amended hereby).

         WHEREAS, the Borrower and the Lenders have agreed to amend certain
provisions of the Existing Credit Agreement as more fully set forth below.

         NOW, THEREFORE, in consideration of the agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

<PAGE>
<PAGE>

                                  AGREEMENT
                                  ---------

I. AMENDMENTS TO EXISTING CREDIT AGREEMENT.

         Subject to the satisfaction of the conditions precedent set forth
in Article IV, Section 3 below, from and after the First Amendment Effective
Date, the Existing Credit Agreement (together with the Schedules attached
thereto) is hereby amended in the following respects:

            1. The Existing Credit Agreement is hereby amended by deleting
     each reference to "$85,000,000" therein and replacing it with a
     reference to "$100,000,000".

            2. The Existing Credit Agreement is hereby amended by deleting
     each reference to "EIGHTY-FIVE MILLION" therein and replacing it with a
     reference to "ONE HUNDRED MILLION".

            3. Section 1.1 of the Existing Credit Agreement is hereby amended
     by amending and restating the following definitions in their entirety
     as follows:

               "Excluded Amount" shall mean, with respect to Funded Debt
                ---------------
         of the Consolidated Parties and their Subsidiaries attributable to
         certain synthetic leases of the Borrower, an amount equal to the
         lesser of (a) $70,906,000 and (b) the actual amount of Funded Debt
         attributable to such synthetic leases.

               "Revolving Commitment Termination Date" shall mean July 20, 2006.
               ---------------------------------------

            4. Section 5.1(c) of the Existing Credit Agreement is hereby
     amended by inserting the following phrase immediately after the word
     "month" in the second line:

               "whenever the Leverage Ratio was greater than 3.50 to 1.0
         as of the end of the most recently ended fiscal quarter,"

            5. Section 5.8(c) of the Existing Credit Agreement is hereby
     deleted in its entirety and replaced with the following:

               "(c) Consolidated Tangible Net Worth. The Consolidated
                    -------------------------------
         Tangible Net Worth shall not at any time be less than $408,165,000,
         increased by the sum of (i) on a cumulative basis as of the end of
         each fiscal quarter of the Borrower, commencing with the fiscal
         quarter ending June 30, 2005, an amount equal to 50% of
         Consolidated Net Income (to the extent positive) for the fiscal
         quarter then ended plus (ii) as of the end of each fiscal quarter
                            ----
         of the Borrower, commencing with the fiscal quarter ending June 30,
         2005, the amount (if such amount is greater than zero) by which the
         aggregate Net Cash Proceeds from all Equity Issuances occurring
         during the twelve consecutive months ending on the last day of such
         fiscal quarter exceed the aggregate amount funded by the Borrower
         during such twelve month period to repurchase its Capital Stock."

                                     2

<PAGE>
<PAGE>

            6. Section 6.11 of the Existing Credit Agreement is hereby amended
     by deleting the reference to "25%" therein and replacing it with a
     reference to "30%".

            7. The Schedules to the Existing Credit Agreement are hereby
     amended by deleting each of Schedule 2.1(a), Schedule 3.11, Schedule
     6.1(b), Schedule 6.2, Schedule 6.5 and Schedule 9.2 in their entirety
     and replacing each with the corresponding Schedules attached hereto as
     Exhibits A through Exhibit F, respectively.

II. GUARANTORS

         From and after the First Amendment Effective Date, by execution of
this Amendment, each Person identified as a "Guarantor" on the signature
pages hereto hereby acknowledges, agrees and confirms that, by its execution
of this Amendment, such Person will be deemed to be a party to the Existing
Credit Agreement and a "Guarantor" for all purposes of the Existing Credit
Agreement, and shall have all of the obligations of a Guarantor thereunder
as if it had executed the Existing Credit Agreement. Such Person hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the
terms, provisions and conditions contained in the applicable Credit
Documents, including without limitation (a) all of the representations and
warranties set forth in Article III of the Existing Credit Agreement and (b)
all of the affirmative and negative covenants set forth in Articles V and VI
of the Existing Credit Agreement. Without limiting the generality of the
foregoing terms of this Article II, each Guarantor hereby guarantees,
jointly and severally together with the other Guarantors, the prompt payment
of the Obligations in accordance with Article X of the Existing Credit
Agreement.

III. JOINDER OF NEW LENDERS

         From and after the First Amendment Effective Date, each of the New
Lenders shall be a party to and be bound by the provisions of the Existing
Credit Agreement (as amended hereby) and shall have the rights and
obligations of a Lender thereunder.

         Each New Lender (i) confirms that it has received a copy of the
Existing Credit Agreement and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter
into this Amendment; (ii) 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
Existing Credit Agreement (as amended hereby); (iii) appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to
exercise such powers and discretion under the Existing Credit Agreement (as
amended hereby) as are delegated to the Administrative Agent by the terms
thereof, together with such powers and discretion as are reasonably
incidental thereto; (iv) agrees that it will perform in accordance with
their terms all of the obligations that by the terms of the Existing Credit
Agreement (as amended hereby) are required to be performed by it as a
Lender; and (v) which is not a United States person shall have attached all
forms required under Section 2.18(b) of the Existing Credit Agreement.

                                     3

<PAGE>
<PAGE>

IV. MISCELLANEOUS

         1.    Representations and Warranties. Each of the Credit Parties
               ------------------------------
represents and warrants to the Lenders and the Administrative Agent as follows:

          (i) It has taken all necessary action to authorize the execution,
     delivery and performance of this Amendment.

          (ii) This Amendment has been duly executed and delivered by such
     Credit Party and constitutes such Credit Party's legal, valid and
     binding obligation, enforceable in accordance with its terms, except as
     such enforceability may be limited (x) by general principles of equity
     and conflicts of laws (whether enforcement is sought by proceedings in
     equity or at law) or (y) by bankruptcy, reorganization, insolvency,
     moratorium or other laws of general application relating to or
     affecting the enforcement, of creditors' rights.

          (iii) No consent, approval, authorization or order of, or filing,
     registration or qualification with, any court or Governmental Authority
     or Person is required in connection with the execution, delivery or
     performance by such Credit Party of this Amendment (except for those
     which have been obtained on or prior to the First Amendment Effective
     Date and the filing of a Form 8-K with the SEC).

          (iv) The execution and delivery of this Amendment does not
     diminish or reduce its obligations under the Credit Documents in any
     manner, except as specifically set forth herein.

          (v) Such Credit Party has no claims, counterclaims, offsets, or
     defenses to the Credit Documents and the performance of its obligations
     thereunder, or if such Credit Party has any such claims, counterclaims,
     offsets, or defenses to the Credit Documents or any transaction related
     to the Credit Documents, the same are hereby waived, relinquished and
     released in consideration of the Lenders' execution and delivery of
     this Amendment.

          (vi) The representations and warranties of the Credit Parties set
     forth in Article III of the Existing Credit Agreement are true and
     correct in all material respects as of the date hereof (except those
     that expressly relate to an earlier date) and all of the provisions of
     the Credit Documents, except as amended hereby, are in full force and
     effect.

          (vii) Subsequent to the execution and delivery of this Amendment
     and after giving effect hereto, no unwaived event has occurred and is
     continuing on the date hereof which constitutes a Default or an Event
     of Default.

         2.    Effect of Amendment. Except as expressly modified and amended
               -------------------
in this Amendment, all of the terms, provisions and conditions of the Credit
Documents shall remain unchanged and in full force and effect. The Credit
Documents and any and all other documents heretofore, now or hereafter
executed and delivered pursuant to the terms of the Existing Credit

                                     4

<PAGE>
<PAGE>

Agreement are hereby amended so that any reference to the Existing Credit
Agreement shall mean a reference to the Existing Credit Agreement as amended
hereby.

         3.    Conditions Precedent. This Amendment shall become effective as
               --------------------
of July 21, 2005 on the day (the "First Amendment Effective Date") on which
                                  ------------------------------
each of the following conditions precedent has been satisfied:

          (a)  Execution of Agreement. The Administrative Agent shall have
               ----------------------
     received (i) counterparts of this Amendment, executed by a duly
     authorized officer of each party hereto and (ii) for the account of
     each Lender, Revolving Notes and for the account of the Swingline
     Lender, a Swingline Note.

          (b)  Authority Documents. The Administrative Agent shall have
               -------------------
     received the following:

               (i) Articles of Incorporation. Copies of the articles of
                   -------------------------
     incorporation or other charter documents, as applicable, of each Credit
     Party certified to be true and complete as of a recent date by the
     appropriate governmental authority of the state of its incorporation.

               (ii) Resolutions. Copies of resolutions of the board of directors
                    -----------
     or the executive committee of each Credit Party approving and adopting
     the Amendment, the transactions contemplated herein and authorizing
     execution and delivery hereof, certified by an officer of such Credit
     Party as of the First Amendment Effective Date to be true and correct
     and in force and effect as of such date.

               (iii) Bylaws. A copy of the bylaws of each Credit Party certified
                     ------
     by an officer of such Credit Party as of the First Amendment Effective
     Date to be true and correct and in force and effect as of such date.

               (iv) Good Standing. Copies of (A) certificates of good standing,
                    -------------
     existence or its equivalent with respect to each Credit Party certified
     as of a recent date by the appropriate governmental authorities of the
     state of incorporation and each other state in which the failure to so
     qualify and be in good standing could reasonably be expected to have a
     Material Adverse Effect on the business or operations of such Credit
     Party and its Subsidiaries and (B) a certificate indicating payment of
     all corporate franchise taxes certified as of a recent date by the
     appropriate governmental taxing authorities.

               (v) Incumbency. An incumbency certificate of each Credit Party
                   ----------
     certified by a secretary or assistant secretary to be true and correct
     as of the First Amendment Effective Date.

          (c)  Legal Opinions of Counsel. The Administrative Agent
               -------------------------
     shall have received an opinion of Bryan Cave LLP and the General
     Counsel of the Borrower, in each case on behalf of the Credit
     Parties, dated the First Amendment Effective Date and

                                     5

<PAGE>
<PAGE>

     addressed to the Administrative Agent and the Lenders, in form and
     substance acceptable to the Administrative Agent.

          (d)  Fees and Expenses. The Administrative Agent shall have
               -----------------
     received all fees and expenses owed by the Borrower to the Lenders and
     the Administrative Agent.

          (e)  Officer's Certificate. The Administrative Agent shall have
               ---------------------
     received a certificate executed by a Responsible Officer of the
     Borrower as of the First Amendment Effective Date stating that
     immediately after giving effect to this Amendment, the other Credit
     Documents and all the transactions contemplated herein and therein to
     occur on such date, (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.

          (f)  Additional Conditions to Revolving Loans. If a Loan is made
               ----------------------------------------
     pursuant to Section 2.1 of the Existing Credit Agreement, all
     conditions set forth in such Section shall have been satisfied.

          (g)  Additional Conditions to Swingline Loan. If a Loan is made
               ---------------------------------------
     pursuant to Section 2.3 of the Existing Credit Agreement, all
     conditions set forth in such Section shall have been satisfied.

          (h)  Securitization Transactions. Except with respect to Swingline
               ---------------------------
     Loans, as of the date of Extension of Credit (i) there shall be no
     availability pursuant to any Securitization Transaction and (ii) no
     default, event of default or termination or liquidation event shall
     have occurred or be continuing under any Securitization Transaction.

          (i)  Additional Matters. All other documents and legal matters in
               ------------------
     connection with the transactions contemplated by this Amendment shall
     be reasonably satisfactory in form and substance to the Administrative
     Agent and its counsel.

     4.  Construction. This Amendment is a Credit Document executed pursuant
         ------------
to the Existing Credit Agreement and shall (unless otherwise expressly
indicated therein) be construed, administered and applied in accordance with
the terms and provisions of the Existing Credit Agreement as amended hereby.

     5.  Counterparts. This Amendment may be executed in any number of
         ------------
counterparts and by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and
all of which taken together shall constitute one and the same instrument.

     6.  GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
         -------------
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                     6

<PAGE>
<PAGE>

     7.  Binding Effect. This Amendment, the Existing Credit Agreement as
         --------------
amended hereby and the other Credit Documents embody the entire agreement
between the parties and supersede all prior agreements and understandings,
if any, relating to the subject matter hereof. These Credit Documents
represent the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. Except as expressly modified and amended in this
Amendment, all the terms, provisions and conditions of the Credit Documents
shall remain unchanged and shall continue in full force and effect.

     8.  Severability. If any provision of this Amendment is determined to be
         ------------
illegal, invalid or unenforceable, such provision shall be fully severable
and the remaining provisions shall remain in full force and effect and shall
be construed without giving effect to the illegal, invalid or unenforceable
provisions.

                [Remainder of Page Intentionally Left Blank]

                                     7

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the
date first above written.

BORROWER:                        GRAYBAR ELECTRIC COMPANY, INC.
---------

                                 By:
                                    ----------------------------------
                                    Title

ADMINISTRATIVE AGENT:            WACHOVIA BANK, NATIONAL ASSOCIATION
---------------------             as Administrative Agent

                                 By:
                                    ----------------------------------
                                    Title

LENDERS:
--------

                                     8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]