Document:

exv10w2

Exhibit 10.2

Execution Version

 
 

CREDIT AGREEMENT

Dated as of February 4, 2011

among

AVIV FINANCING IV, L.L.C.

as Parent Borrower,

THE OTHER BORROWERS PARTY HERETO,

AVIV REIT, INC.,

as REIT Guarantor,

AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,

AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.

as Guarantors,

THE OTHER GUARANTORS PARTY HERETO,

THE LENDERS PARTY HERETO,

BANK OF AMERICA, N.A.,

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

and

MERRILL LYNCH, PIERCE, FENNER & SMITH,

as Sole Lead Arranger and Sole Book Manager

 
 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Article and Section	 	Page	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Interpretive Provisions
	 	 	37	 
	1.03 Accounting Terms
	 	 	37	 
	1.04 Rounding
	 	 	38	 
	1.05 References to Agreements and Laws
	 	 	38	 
	1.06 Times of Day
	 	 	38	 
	1.07 Letter of Credit Amounts
	 	 	38	 
	 
	ARTICLE II COMMITMENTS AND EXTENSION OF CREDITS
	 	 	39	 
	 
	2.01 Commitments
	 	 	39	 
	2.02 Borrowings, Conversions and Continuations
	 	 	41	 
	2.03 Additional Provisions with respect to Letters of Credit
	 	 	42	 
	2.04 Additional Provisions with respect to Swing Line Loans
	 	 	49	 
	2.05 Repayment of Loans
	 	 	51	 
	2.06 Prepayments
	 	 	51	 
	2.07 Termination or Reduction of Commitments
	 	 	52	 
	2.08 Interest
	 	 	53	 
	2.09 Fees
	 	 	53	 
	2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Percentage
	 	 	55	 
	2.11 Payments Generally
	 	 	55	 
	2.12 Sharing of Payments
	 	 	57	 
	2.13 Evidence of Debt
	 	 	58	 
	2.14 Joint and Several Liability of the Borrowers
	 	 	59	 
	2.15 Appointment of Parent Borrower as Legal Representative for Credit Parties
	 	 	60	 
	2.16 Cash Collateral
	 	 	61	 
	2.17 Defaulting Lenders
	 	 	62	 
	2.18 Extension of Maturity Date
	 	 	64	 
	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	65	 
	 
	3.01 Taxes
	 	 	65	 
	3.02 Illegality
	 	 	68	 
	3.03 Inability to Determine Rates
	 	 	68	 
	3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Loans
	 	 	68	 
	3.05 Funding Losses
	 	 	70	 
	3.06 Matters Applicable to all Requests for Compensation
	 	 	70	 
	3.07 Survival
	 	 	71	 
	 
	ARTICLE IV CONDITIONS PRECEDENT TO EXTENSION OF CREDITS
	 	 	71	 
	 
	4.01 Conditions to Closing Date
	 	 	71	 
	4.02 Conditions to Funding Date
	 	 	72	 

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	4.03 Conditions to all Extensions of Credit
	 	 	77	 
	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES
	 	 	78	 
	 
	5.01 Financial Statements; No Material Adverse Effect
	 	 	78	 
	5.02 Existence, Qualification and Power
	 	 	79	 
	5.03 Authorization; No Contravention
	 	 	79	 
	5.04 Binding Effect
	 	 	79	 
	5.05 Litigation
	 	 	79	 
	5.06 Compliance with ERISA
	 	 	80	 
	5.07 Environmental Matters
	 	 	80	 
	5.08 Margin Regulations; Investment Company Act
	 	 	81	 
	5.09 Compliance with Laws
	 	 	82	 
	5.10 Ownership of Property; Liens
	 	 	82	 
	5.11 Corporate Structure; Capital Stock, Etc.
	 	 	82	 
	5.12 Real Property Assets; Leases
	 	 	83	 
	5.13 Facility Leases; Additional Contractual Obligations
	 	 	84	 
	5.14 Investments
	 	 	84	 
	5.15 Solvency
	 	 	84	 
	5.16 Taxes
	 	 	84	 
	5.17 Insurance
	 	 	84	 
	5.18 No Default
	 	 	85	 
	5.19 Healthcare; Facility Representations and Warranties
	 	 	85	 
	5.20 Disclosure
	 	 	86	 
	5.21 Governmental Authorization; Other Consents
	 	 	86	 
	5.22 Anti-Terrorism Laws
	 	 	87	 
	5.23 Collateral Documents
	 	 	87	 
	 
	ARTICLE VI AFFIRMATIVE COVENANTS
	 	 	87	 
	 
	6.01 Financial Statements
	 	 	87	 
	6.02 Certificates; Other Information
	 	 	88	 
	6.03 Preservation of Existence and Franchises
	 	 	90	 
	6.04 Books and Records
	 	 	91	 
	6.05 Compliance with Law
	 	 	91	 
	6.06 Payment of Obligations
	 	 	91	 
	6.07 Insurance
	 	 	91	 
	6.08 Maintenance of Property
	 	 	92	 
	6.09 Visits and Inspections
	 	 	92	 
	6.10 Use of Proceeds
	 	 	93	 
	6.11 Financial Covenants
	 	 	93	 
	6.12 Environmental Matters
	 	 	94	 
	6.13 REIT Status
	 	 	95	 
	6.14 Joinder as Borrower; Joinder as Guarantor
	 	 	96	 
	6.15 Further Assurances
	 	 	97	 
	6.16 Compliance With Facility Leases
	 	 	97	 
	6.17 Appraisals
	 	 	97	 
	6.18 Borrowing Base Certificates; Facility Leases
	 	 	98	 

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	ARTICLE VII NEGATIVE COVENANTS
	 	 	98	 
	 
	7.01 Liens
	 	 	98	 
	7.02 Indebtedness
	 	 	99	 
	7.03 [Reserved]
	 	 	100	 
	7.04 Investments of Borrowers
	 	 	100	 
	7.05 Fundamental Changes
	 	 	101	 
	7.06 Dispositions
	 	 	101	 
	7.07 Business Activities
	 	 	102	 
	7.08 Transactions with Affiliates and Insiders
	 	 	102	 
	7.09 Organization Documents; Fiscal Year
	 	 	102	 
	7.10 Modifications to Facility Leases
	 	 	102	 
	7.11 Ownership of Subsidiaries
	 	 	103	 
	7.12 No Further Negative Pledges
	 	 	103	 
	7.13 Limitation on Restricted Actions
	 	 	103	 
	7.14 Accounting Changes
	 	 	104	 
	 
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	 	 	104	 
	 
	8.01 Events of Default
	 	 	104	 
	8.02 Remedies Upon Event of Default
	 	 	107	 
	8.03 Application of Funds
	 	 	107	 
	 
	ARTICLE IX ADMINISTRATIVE AGENT
	 	 	108	 
	 
	9.01 Appointment and Authority
	 	 	108	 
	9.02 Rights as a Lender
	 	 	109	 
	9.03 Exculpatory Provisions
	 	 	109	 
	9.04 Reliance by Administrative Agent
	 	 	110	 
	9.05 Delegation of Duties
	 	 	110	 
	9.06 Resignation of Administrative Agent
	 	 	111	 
	9.07 Non-Reliance on Administrative Agent and Other Lenders
	 	 	112	 
	9.08 No Other Duties; Etc.
	 	 	112	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	112	 
	9.10 Collateral and Guaranty Matters
	 	 	113	 
	9.11 Addition/Removal of Borrowing Base Assets
	 	 	113	 
	 
	ARTICLE X MISCELLANEOUS
	 	 	115	 
	 
	10.01 Amendments, Etc.
	 	 	115	 
	10.02 Notices; Effectiveness; Electronic Communications
	 	 	116	 
	10.03 No Waiver; Cumulative Remedies; Enforcement
	 	 	118	 
	10.04 Expenses; Indemnity; Damage Waiver
	 	 	119	 
	10.05 Payments Set Aside
	 	 	121	 
	10.06 Successors and Assigns
	 	 	121	 
	10.07 Treatment of Certain Information; Confidentiality
	 	 	126	 
	10.08 Set-off
	 	 	126	 
	10.09 Interest Rate Limitation
	 	 	127	 
	10.10 Counterparts; Integration; Effectiveness
	 	 	127	 
	10.11 Survival of Representations and Warranties
	 	 	128	 
	10.12 Severability
	 	 	128	 
	10.13 Replacement of Lenders
	 	 	128	 

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	10.14 Governing Law; Jurisdiction; etc.
	 	 	129	 
	10.15 WAIVER OF RIGHT TO TRIAL BY JURY
	 	 	130	 
	10.16 No Conflict
	 	 	130	 
	10.17 No Advisory or Fiduciary Responsibility
	 	 	130	 
	10.18 Electronic Execution of Assignments and Certain Other Documents
	 	 	131	 
	10.19 USA Patriot Act Notice
	 	 	131	 
	10.20 California Real Property Assets
	 	 	131	 
	 
	ARTICLE XI GUARANTY
	 	 	132	 
	 
	11.01 The Guaranty
	 	 	132	 
	11.02 Obligations Unconditional
	 	 	133	 
	11.03 Reinstatement
	 	 	134	 
	11.04 Certain Additional Waivers
	 	 	134	 
	11.05 Remedies
	 	 	134	 
	11.06 Rights of Contribution
	 	 	135	 
	11.07 Guarantee of Payment; Continuing Guarantee
	 	 	135	 
	11.08 Release of Subsidiary Guarantors; Certain Exempt Subsidiaries
	 	 	135	 

iv

 

SCHEDULES

	 	 	 	 	 	 	 

	2.01	 	Lenders and Commitments
	5.01(b)	 	Scheduled Transfers
	5.11	 	Corporate Structure; Capital Stock
	5.12	 	Real Property Asset Matters
	 

	 	 	 	Part I
	 	Borrowing Base Assets
	 

	 	 	 	Part II
	 	Other Real Property Assets
	 

	 	 	 	Part III
	 	Delinquent Tenants
	 

	 	 	 	Part IV
	 	Material Sub-leases
	5.13	 	Facility Leases
	5.17	 	Insurance Certificates
	5.22	 	Patriot Act Information
	7.01	 	Liens
	7.02	 	Borrowers Indebtedness
	7.04	 	Investments
	10.02	 	Notice Addresses

EXHIBITS

	 	 	 

	A

	 	Form of Loan Notice
	B

	 	Form of Revolving Note
	C-1

	 	Form of Compliance Certificate
	C-2

	 	Form of Officer’s Certificate
	C-3

	 	Form of Borrowing Base Certificate
	D

	 	Form of Assignment and Assumption
	E-1

	 	Form of Borrower Joinder Agreement
	E-2

	 	Form of Subsidiary Guarantor Joinder Agreement
	F

	 	Form of Lender Joinder Agreement
	G

	 	Form of Security and Pledge Agreement
	I

	 	Form of OP Guarantor Pledge Agreement

v

 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (as amended, modified, restated or supplemented from time to time, this
“Credit Agreement” or this “Agreement”) is entered into as of February 4, 2011 by
and among AVIV FINANCING IV, L.L.C., a Delaware limited liability company (the “Parent
Borrower” each of the entities from time to time executing a Joinder Agreement pursuant to
Section 6.14(a) hereof, individually a “Borrower” and collectively with the Parent
Borrower, the “Borrowers”), AVIV REIT, INC., a Maryland corporation (the “REIT
Guarantor”), AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership
(the “LP Guarantor”), AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P., a Delaware
limited partnership (the “OP Guarantor”), the other Guarantors indentified herein, the
Lenders (as defined herein), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender
and L/C Issuer (each, as defined herein).

     WHEREAS, the LP Guarantor and Aviv Healthcare Capital Corporation (collectively, the
“Senior Notes Issuers”) will issue certain senior unsecured notes on or about February 4,
2011 (as amended, modified, restated or supplemented from time to time, the “Senior
Notes”), the proceeds of the Senior Notes will be used as partial payment of the outstanding
credit facility of Aviv Financing I, L.L.C. (a direct subsidiary of the OP Guarantor) and its
subsidiaries with General Electric Capital Corporation dated as of September 17, 2010 (the “GE
Capital Facility”);

     WHEREAS, the Borrowers have requested that the Lenders hereunder provide a revolving credit
facility in an amount of $25,000,000, and the Lenders are willing to do so on the terms and
conditions set forth herein.

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

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms.

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

     “Adjusted Consolidated EBITDA” means, for the Consolidated Parties for any period,
Adjusted Consolidated Net Income for such period, plus, to the extent such amount was
deducted in calculating such Adjusted Consolidated Net Income (without duplication): (a)
Consolidated Interest Expense; (b) provision for taxes based on income or profits or capital gains,
including federal, state, provincial, franchise, excise and similar taxes and foreign withholding
taxes; (c) depreciation and amortization (including amortization or impairment write-offs of
goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period); (d) the amount of integration costs deducted (and not added back) in such
period in computing Adjusted Consolidated Net Income, including any one-time direct transaction or

 

 

restructuring costs incurred in connection with acquisitions, not to exceed for any period 10%
of Adjusted Consolidated EBITDA (calculated on a pro forma basis for any relevant transaction
giving rise to the calculation of Adjusted Consolidated EBITDA but before giving effect to the
costs described in this clause (d)); (e) proceeds from any business interruption insurance; (f) any
non-cash compensation expense attributable to grants of stock options, restricted stock or similar
rights to officers, directors and employees of any Consolidated Party; (g) all extraordinary or
non-recurring non-cash gain or loss or expense, together with any related provision for taxes; and
(h) all other non-cash items (other than deferred rental loss) reducing Adjusted Consolidated Net
Income (other than items that will require cash payments and for which an accrual or reserve is, or
is required by GAAP to be, made), including any impairment charge or asset write-offs or
write-downs related to intangible assets (including goodwill) and long-lived assets pursuant to
GAAP, less all non-cash items (other than deferred rental income) increasing Adjusted Consolidated
Net Income, all as determined on a consolidated basis for the Consolidated Parties in conformity
with GAAP; provided, however, that Adjusted Consolidated EBITDA for the four (4)
fiscal quarter period ending as of (a) March 31, 2011 shall be based on Adjusted Consolidated
EBITDA for the one fiscal-quarter period then ended multiplied by 4, (c) June 30, 2011
shall be based on Adjusted Consolidated EBITDA for the two fiscal-quarter period then ended
multiplied by 2 and (d) September 30, 2011 shall be based on Adjusted Consolidated EBITDA
for the three fiscal-quarter period then ended multiplied by 1 1/3. Notwithstanding the
preceding, the income taxes of, and the depreciation and amortization and other non-cash items of,
a Consolidated Subsidiary shall be added (or subtracted) to Adjusted Consolidated Net Income to
compute Adjusted Consolidated EBITDA only to the extent (and in the same proportion) that net
income of such Consolidated Subsidiary was included in calculating Adjusted Consolidated Net
Income.

     “Adjusted Consolidated Net Income” means, for any period, the aggregate net income (or
loss) (before giving effect to cash dividends on preferred stock of the REIT Guarantor or charges
resulting from the redemption of preferred stock of the REIT Guarantor) of the Consolidated Parties
for such period determined on a consolidated basis in conformity with GAAP; provided,
however, that the following items shall be excluded in computing Adjusted Consolidated Net
Income, without duplication: (a) the net income of any Person, other than the Consolidated Parties,
except to the extent of the amount of dividends or other distributions actually paid in cash (or to
the extent converted into cash) or Temporary Cash Investments to the Consolidated Parties by such
Person during such period; (b) the net income of any Consolidated Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by such Consolidated Subsidiary of
such net income is not at the time permitted by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to such Consolidated Subsidiary, unless such restrictions with respect to the declaration and
payment of dividends or distributions have been properly waived for such entire period; provided,
however, that Adjusted Consolidated Net Income will be increased by the amount of dividends or
other distributions or other payments made in cash (or to the extent converted into cash) or
Temporary Cash Investments to any Consolidated Party thereof in respect of such period, to the
extent not already included therein; (c) the cumulative effect of a change in accounting
principles; (d) costs associated with initiating public company reporting, including compliance
with the Sarbanes-Oxley Act of 2002, not to exceed an

2

 

aggregate of $5.0 million; (e) any after-tax gains or losses attributable to asset sales; and
(f) all extraordinary gains and extraordinary losses.

     “Adjusted Funds From Operations” for any period means the Adjusted Consolidated Net
Income for such period, plus depreciation and amortization of real property (including furniture
and equipment) and other real estate assets and excluding (to the extent such amount was added or
deducted, as applicable, in calculating such Adjusted Consolidated Net Income): (1) gains or
losses from (a) the restructuring or refinancing of Funded Debt or (b) sales of properties; (2)
non-cash asset impairment charges; (3) non-cash charges related to redemptions of preferred stock
of the REIT Guarantor; (4) any non-cash compensation expense attributable to grants of stock
options, restricted stock or similar rights to officers, directors and employees of Consolidated
Parties; (5) the amortization of financing fees and the write-off of financing costs; (6) deferred
rental income; and (7) any other non-cash charges associated with the sale or settlement of any
Interest Rate Agreement or other hedging or derivative instruments.

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

     “Administrative Agent’s Fee Letter” means the letter agreement dated as of January 20,
2011 among the Parent Borrower, the REIT Guarantor and the Administrative Agent, as amended and
modified.

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

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

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

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

     “Aggregate Collateral Value Amount” means, with respect to any pool of Borrowing Base
Assets as of any date of determination, the sum of the respective Collateral Value Amounts of each
of the Borrowing Base Assets in such pool.

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

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

3

 

     “Aggregate Mortgageability Amount” means, with respect to any pool of Borrowing Base
Assets as of any date of determination, the sum of the respective Mortgageability Amounts of each
of the Borrowing Base Assets in such pool.

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

     “Applicable Distribution Period” means (a) for each of the first four fiscal quarters
immediately following the Closing Date, the period beginning on the first day of the fiscal quarter
during which the Closing Date occurs and ending on the last day of the last fiscal quarter
preceding the distribution for which reports have been filed with the SEC or provided to the
applicable trustee (or if no such reports have yet been required to be filed with the SEC, for
which internal financial statements are available), and (b) for each fiscal quarter other than the
first four fiscal quarters immediately following the Closing Date, the immediately prior four
fiscal quarter period.

     “Applicable Percentage” 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):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Percentage	 
	Pricing	 	 	Consolidated	 	Eurodollar Loans	 	 	Base Rate	 	 	Letter of	 
	Level	 	 	Leverage Ratio	 	 	 	 	Loans	 	 	Credit Fees	 
	 	1	 	 	≤ 4.25 to 1.0
	 	 	3.50	%	 	 	2.50	%	 	 	3.50	%
	 	2	 	 	> 4.25 to 1.0 but ≤ 4.75 to 1.0
	 	 	3.75	%	 	 	2.75	%	 	 	3.75	%
	 	3	 	 	> 4.75 to 1.0 but ≤ 5.25 to 1.0
	 	 	4.00	%	 	 	3.00	%	 	 	4.00	%
	 	4	 	 	> 5.25 to 1.0
	 	 	4.25	%	 	 	3.25	%	 	 	4.25	%

     Any increase or decrease in the Applicable Percentage 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 within ten
(10) days after being due in accordance with such Section, then Pricing Level 4 shall apply as of
the eleventh (11th) 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 Percentages in effect from the Funding Date through the
date that the Parent Borrower delivers the Compliance Certificate for the fiscal quarter ending
March 31, 2011 shall be determined based upon Pricing Level 3. Notwithstanding anything to the
contrary contained in this definition, the determination of the Applicable Percentage for any
period shall be subject to the provisions of Section 2.10(b).

4

 

     “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 Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity
as sole lead arranger and sole book manager.

     “Arranger’s Fee Letter” means the letter agreement dated as of January 20, 2011 among
the Parent Borrower, the REIT Guarantor, the Administrative Agent and the Arranger, as amended and
modified.

     “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 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
D or any other form approved by the Administrative Agent.

     “Assignment of Leases” means an assignment of leases, rents and profits to the
Administrative Agent with respect to the applicable Borrower’s interests in a Borrowing Base Asset
(which assignment may be contained within the related Mortgage Instrument) as collateral for the
Obligations; provided that each such Assignment of Leases shall, subject to the terms and
conditions 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 such Borrowing Base Asset (including,
without limitation, any applicable Facility Lease), whether written or oral or for a definite
period or month-to-month, 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 Asset
(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 applicable Borrowing Base Asset), security deposits, tenant escrows, income,
receipts, revenues, reserves, issues and profits of the Borrowing Base Asset 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. In furtherance (and not
limitation) of the foregoing, each Assignment of Leases shall, subject to the terms and conditions
contained therein, assign to the Administrative Agent any and all of the applicable Borrower’s
rights to collect or receive any payments with respect to the applicable Borrowing Base Asset.
Finally, each Assignment of Leases shall, in any case, be in form and substance satisfactory to the

5

 

Administrative Agent in its discretion and suitable for recording in the applicable
jurisdiction; and “Assignments of Leases” means a collective reference to each such Assignment of
Leases.

     “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time
of determination, the present value of the total obligations of the lessee for net rental payments
during the remaining term of the lease included in such Sale and Leaseback Transaction. For
purposes hereof such present value shall be calculated using a discount rate equal to the rate of
interest implicit in such Sale and Leaseback Transaction, determined by the lessee in good faith on
a basis consistent with comparable determinations of Capitalized Lease Obligations under GAAP;
provided, however, that if such sale and leaseback transaction results in a
Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in
accordance with the definition of “Capitalized Lease Obligations.”

     “Attorney Costs” means and includes all reasonable and documented fees, expenses and
disbursements of any law firm or other external counsel.

     “Audited Financial Statements” means the audited consolidated balance sheet of the
REIT Guarantor and its Consolidated Subsidiaries for the fiscal year ended December 31, 2009, and
the related consolidated statements of earnings, shareholders’ equity and cash flows for such
fiscal year of the REIT Guarantor and its Consolidated Subsidiaries, including the notes thereto.

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

     “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.)
and any successor statute.

     “Bankruptcy Event” means, with respect to any Person, the occurrence of any of the
following: (a) the entry of a decree or order for relief by a court or governmental agency in an
involuntary case under any applicable Debtor Relief Law or any other bankruptcy, insolvency or
other similar law now or hereafter in effect, or the appointment by a court or governmental agency
of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such
Person or for any substantial part of its property or the ordering of the winding up or liquidation
of its affairs by a court or governmental agency and such decree, order or appointment is not
vacated or discharged within ninety (90) days of its filing; or (b) the commencement against such
Person of an involuntary case under any applicable Debtor Relief Law or any other bankruptcy,
insolvency or other similar law now or hereafter in effect, or of any case, proceeding or other
action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of such Person or for any substantial part of its property or for the winding
up or liquidation of its affairs, and such involuntary case or other case, proceeding or other
action shall remain undismissed for a period of ninety (90) consecutive days, or the repossession
or seizure by a creditor of such Person of a substantial part of its property; or (c) such Person
shall commence a voluntary case under any applicable Debtor Relief Law or any other bankruptcy,
insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for
relief in an involuntary case under any such law, or consent to the appointment of or the taking
possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee,
sequestrator (or similar official) of such Person or for any

6

 

substantial part of its property or make any general assignment for the benefit of creditors;
or (d) the filing of a petition by such Person seeking to take advantage of any Debtor Relief Law
or any other applicable Law, domestic or foreign, relating to bankruptcy, insolvency,
reorganization, winding-up, or composition or adjustment of debts, or (e) such Person shall fail to
contest in a timely and appropriate manner (and if not dismissed within ninety (90) days) or shall
consent to any petition filed against it in an involuntary case under such bankruptcy laws or other
applicable Law or consent to any proceeding or action relating to any bankruptcy, insolvency,
reorganization, winding-up, or composition or adjustment of debts with respect to its assets or
existence, or (f) such Person shall admit in writing an inability to pay its debts generally as
they become due.

     “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a)
the Federal Funds Rate plus 1/2 of 1.00%, (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurodollar
Rate determined on such day (or if no such rate is determined on such day, the next preceding day
for which a Eurodollar Rate is determined) for a Eurodollar Loan with an Interest Period of one
month plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors
including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or
below such announced rate. Any change in the “prime rate” announced by Bank of America shall take
effect at the opening of business on the day specified in the public announcement of such change.

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

     “Borrower” and “Borrowers” have the meanings given to such terms in the
introductory paragraph hereof.

     “Borrower Joinder Agreement” means a joinder agreement in the form of Exhibit
E-1 to be executed by each new Subsidiary of the Parent Borrower that is required to become a
Borrower in accordance with Section 6.14(a) hereof.

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

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

     “Borrowing Base Amount” means, as of any date, an amount equal to the lesser of: (a)
the Aggregate Mortgageability Amount as of such date for the Borrowing Base Assets and (b) the
Aggregate Collateral Value Amount as of such date for the Borrowing Base Assets.

     “Borrowing Base Asset” means a Real Property Asset which, as of any date of
determination, satisfies all of the following requirements: (a) such Real Property Asset is 100%
owned by a Borrower in fee simple; (b) the Administrative Agent, on behalf of the Lenders, shall
have received each of the Borrowing Base Asset Deliverables with respect to such Real Property

7

 

Asset, in each case in form and substance acceptable to the Administrative Agent in its
reasonable discretion; (c) such Real Property Asset is not subject to any Lien (other than a
Permitted Lien) or any Negative Pledge; (d) such Real Property Asset is free of all material
mechanical and structural defects, 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; (e) such Real Property Asset has been fully developed for use as a Healthcare
Facility; (f) such Real Property Asset is leased to and operated by an Eligible Tenant pursuant to
a Facility Lease (in connection with each Facility Lease, upon inclusion of any Borrowing Base
Asset, the Administrative Agent, on behalf of the Lenders, will enter into an SNDA with the
applicable Tenant or Tenants under such Facility Lease if an SNDA is required pursuant to the terms
hereof); (g) no principal or interest payment, payments of real property taxes (except taxes which
are being contested in good faith and for which adequate reserves have been established in
accordance with GAAP) or payments of premiums on insurance policies with respect to such Real
Property Asset is past due beyond the earlier of the applicable grace period with respect thereto,
if any, and sixty (60) days; (h) no event of default (after the expiration of any applicable notice
and/or cure period) has occurred and is then-continuing under any Facility Lease applicable to such
Real Property Asset; (i) no Facility Lease applicable to such Real Property Asset shall have been
terminated without the prior written consent of the Required Lenders (which consent shall not be
unreasonably withheld, delayed or conditioned); (j) no condemnation or condemnation proceeding
shall have been instituted (and remain undismissed for a period of ninety (90) consecutive days),
in each case, with respect to a material portion of the Real Property Asset; (k) no material
casualty event shall have occurred with respect to the improvements located on such Real Property
Asset which is not able to be fully remediated with available insurance proceeds and/or funds a
Borrower has put into escrow; and (l) no Hazardous Substances are located on or under such Real
Property Asset and no other environmental conditions exist in connection with such Real Property
Asset which, in each case, constitute a violation of any Environmental Law.

     “Borrowing Base Assets” means a collective reference to all Borrowing Base Assets in
existence at any given time.

     “Borrowing Base Asset Deliverables” means, with respect to any Real Property Asset
which is proposed for qualification as a “Borrowing Base Asset” hereunder, a collective reference
to each of the following (with each such item to be in form and substance reasonably acceptable to
the Administrative Agent) items to be satisfied as a condition to such Real Property Asset
initially becoming a Borrowing Base Asset:

     (a) a fully executed and notarized Mortgage Instrument and Assignment of Leases (or a
fully executed and notarized amendment to such existing Mortgage Instrument and/or Assignments of
Leases) with respect to such Real Property Asset and a related legal opinion from special local
counsel to the Borrowers opining as to the propriety of the form of such documents for recording in
the applicable jurisdiction and such other matters as may be reasonably required by the
Administrative Agent;

     (b) a fully executed copy of the Facility Lease with respect to such Real Property Asset,
together with an estoppel certificate from the applicable Eligible Tenant and an SNDA

8

 

with respect to such Facility Lease to the extent such Facility Lease is not automatically
subordinate to the applicable Mortgage Instrument pursuant to the terms of such Facility Lease;

     (c) maps or plats of an as-built survey of the site constituting the Real Property Asset
sufficient in all cases to delete the standard survey exception from the applicable Mortgage
Policy;

     (d) a FIRREA-compliant MAI appraisal, commissioned, reviewed and approved by the
Administrative Agent with respect to such Real Property Asset;

     (e) evidence as to the compliance of such Real Property Asset and the improvements related
thereto with applicable zoning and use requirements (it being understood that zoning letters or an
appropriate zoning endorsement to the applicable Mortgage Policy shall be deemed satisfactory
evidence of compliance). The Administrative Agent and the Lenders acknowledge that legal
non-conforming uses and structures are permitted;

     (f) an ALTA mortgagee title insurance policy (or its equivalent in non-ALTA jurisdictions)
with respect to the applicable Real Property Asset (the “Mortgage Policy”), naming the
Administrative Agent as insured party for the benefit of the Lenders, insuring that the Mortgage
Instrument creates a valid and enforceable first priority mortgage lien on the applicable Real
Property Asset, free and clear of all defects and encumbrances except Permitted Liens, which
Mortgage Policy shall (i) be in an amount equal to the Borrowing Base Amount for such Real Property
Asset, (ii) be from an insurance company reasonably acceptable to the Administrative Agent (it
being agreed that as of the Funding Date, Chicago Title Insurance Company is acceptable to the
Administrative Agent), (iii) include such available endorsements and reinsurance as the
Administrative Agent may reasonably require and (iv) otherwise satisfy the reasonable title
insurance requirements of the Administrative Agent;

     (g) evidence as to whether the applicable Real Property 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 if such Real Property Asset is a Flood Hazard Property, (i) the
applicable Borrower’s written acknowledgment of receipt of written notification from the
Administrative Agent (A) as to the fact that such Real Property 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 (ii) copies of insurance policies or
certificates of insurance evidencing flood insurance reasonably satisfactory to the Administrative
Agent and naming the Administrative Agent as loss payee on behalf of the Lenders under a standard
mortgagee endorsement;

     (h) copies of all existing material subleases of which any Responsible Officer of any
Credit Party has knowledge which would be required to be disclosed on Part IV of Schedule
5.12 hereof with respect to such Real Property Asset if approved as a Borrowing Base Asset;

     (i) evidence that the Tenant under the applicable Facility Lease is an Eligible Tenant;

9

 

     (j) a Phase I environmental assessment from an environmental consultant acceptable to the
Administrative Agent, dated as of a date acceptable to the Administrative Agent and indicating
that, as of such date, no Hazardous Substances or other conditions on, under or with respect to the
applicable Real Property Asset constitute a violation of any Environmental Laws and that, in any
case, no commercially unreasonable amount of any Hazardous Substances are located on or under such
Real Property Asset, taking into account the use of such Real Property Asset;

     (k) property condition report (evidencing no mechanical or structural defects, 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

     (l) evidence of insurance coverage with respect to such Real Property Asset meeting the
requirements set forth herein and establishing the Administrative Agent as loss payee, as required
pursuant to the terms hereof.

     “Borrowing Base Certificate” means a certificate substantially in the form of
Exhibit C-3 hereto delivered to the Administrative Agent pursuant to Section
6.02(b), Section 6.18 or more frequently at the option of the Parent Borrower and (a)
setting forth each Real Property Asset of the Borrowers, identifying which such Real Property
Assets are Borrowing Base Assets and certifying (subject to the qualifications set forth in clause
(b) herein) the Collateral Value Amount and Mortgageability Amount with respect to each such
Borrowing Base Asset, (b) certifying (in the Borrowers’ good faith and based upon its own
information and the information made available to any Borrower by the applicable Tenants, which
information the Borrowers believe in good faith to be true and correct in all material respects)
(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 meets each of
the criteria for qualification as 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.

     “Business” or “Businesses” means, at any time, a collective reference to the
businesses operated by the respective Credit Parties, as applicable, at such time.

     “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, in the State
of New York or the state where the Administrative Agent’s Office is located and, if such day
relates to any Eurodollar Loan, means any such day on which dealings in Dollar deposits are
conducted by and between banks in the London interbank eurodollar market.

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

     “Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case
of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of capital stock, (c) in the case of a partnership,
partnership

10

 

interests (whether general or limited), (d) in the case of a limited liability company,
membership interests and (e) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

     “Capitalized Lease Obligations” means, at the time any determination is to be made,
the amount of the liability in respect of a Capital Lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.

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

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

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

     “Change in Law” means the occurrence, after the 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 the occurrence of any of the following events: (i) any
Person or two or more Persons acting in concert, other than Permitted Holders, shall have acquired

11

 

beneficial ownership, directly or indirectly, of, or shall have acquired by contract or
otherwise, or shall have entered into a contract or arrangement that, upon consummation, will
result in its or their acquisition of or control over, voting stock of the REIT Guarantor (or other
securities convertible into such voting stock) representing thirty-five percent (35%) or more of
the combined voting power of all voting stock of the REIT Guarantor, (ii) during any period of up
to twelve (12) consecutive months, commencing after the Funding Date, individuals who at the
beginning of such twelve (12) month period were directors of the REIT Guarantor (together with any
new director whose election by the REIT Guarantor’s Board of Directors or whose nomination for
election by the REIT Guarantor’s shareholders was (A) approved by a vote of at least a majority of
the directors then still in office who either were directors at the beginning of such period or
whose election or nomination for election was previously so approved or (B) made in accordance with
any voting agreement to which the REIT Guarantor is then a party and which was in effect on the
Closing Date) cease for any reason other than death, disability or conflict of interest to
constitute a majority of the directors of the REIT Guarantor then in office, or (iii) the
occurrence of a “Change of Control” or any equivalent term or concept under the Senior Notes
Indenture. As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3
under the Securities Exchange Act of 1934.

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

     “CMS” means the Centers for Medicare & Medicaid Services, the federal agency
responsible for administering the Medicare, Medicaid, SCHIP (State Children’s Health Insurance),
HIPAA, CLIA (Clinical Laboratory Improvement Amendments), and several other federal health-related
programs.

     “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 Mortgage Instruments, the
Security Agreements, the Assignments of Leases and any UCC financing statements securing payment
hereunder, or any other documents securing the Obligations under this Credit Agreement or any other
Credit Document.

     “Collateral Value” means, with respect to any Real Property Asset, an amount equal to
the “as-is” leased fee appraised value of such Real Property Asset (on an individual, as opposed to
portfolio value, basis), as determined by the most recently delivered FIRREA-compliant MAI
appraisals commissioned, reviewed and approved by the Administrative Agent or otherwise acceptable
to the Administrative Agent in its reasonable discretion (it being understood that (a) the
Collateral Value will reflect any value adjustment by reason of the of the existence of the
Facility Lease thereon, but shall otherwise be valued free of all liens and encumbrances and (b) no
reappraisal will be required to determine Collateral Value except (i) at the option of the
Borrowers, (ii) in connection with an extension of the Maturity Date, (iii) pursuant to

12

 

Section 6.17 and (iv) in connection with the addition of a new Real Property Asset as a
Borrowing Base Asset with respect to such new Real Property Asset).

     “Collateral Value Amount” means, with respect to any Real Property Asset, an amount
equal to (a) sixty-five percent (65%) multiplied by (b) the Collateral Value as of such
date for such Borrowing Base Asset.

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

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

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C-1; provided that each such Compliance Certificate shall, in any case, include
(without limitation): (a) a Borrowing Base Certificate in the form of Exhibit C-3; (b) an
updated version of Schedules 5.11, 5.12, 5.13 and 5.17 along with a
summary of changes made to such schedules since the previous delivery thereof; provided,
further, that upon the delivery of such updated schedules, then Schedule
5.11, Schedule 5.12, Schedule 5.13 and Schedule 5.17 shall each be
deemed to have been amended and restated to read in accordance with the applicable updated schedule
and the representations and warranties with respect thereto shall apply to such amended and
restated schedules and (c) supporting documents and materials reasonably required by the
Administrative Agent for the evidencing of the calculations and certifications made in connection
therewith.

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

     “Consolidated Fixed Charges” means, for any Person (or consolidated group of Persons)
for any period, (a) Consolidated Interest Expense for such Person (or consolidated group of
Persons) for such period, plus (b) principal payments of Consolidated Funded Debt for such
Person (or consolidated group of Persons) for such period (including, for purposes hereof,
reductions in commitments, but excluding any payment of principal under the Credit Documents and
any “balloon” payment or final payment at maturity that is significantly larger than the scheduled
payments that preceded it), plus (c) dividends and distributions paid on preferred stock,
if any, of such Person (or consolidated group of Persons) for such period, in each case, on a
consolidated basis determined in accordance with GAAP; provided, however, that
Consolidated Fixed Charges for the four (4) fiscal quarter period ending as of (a) March 31, 2011
shall be based on Consolidated Fixed Charges for the one fiscal-quarter period then ended
multiplied by 4, (c) June 30, 2011 shall be based on Consolidated Fixed Charges for the two
fiscal-quarter period then ended multiplied by 2 and (d) September 30, 2011 shall be based
on Consolidated Fixed Charges for the three fiscal-quarter period then ended multiplied by
1 1/3.

13

 

     “Consolidated Funded Debt” means, as of any date of determination, all Funded Debt of
the Consolidated Parties determined on a consolidated basis.

     “Consolidated Interest Expense” means, for any period, the aggregate amount of
interest expense, less the aggregate amount of interest income for such period, in respect of
Funded Debt of the Consolidated Parties during such period, all as determined on a consolidated
basis in conformity with GAAP including (without duplication): (i) the interest portion of any
deferred payment obligations; (ii) all commissions, discounts and other fees and expenses owed with
respect to letters of credit and bankers’ acceptance financing; (iii) the net cash costs associated
with Interest Rate Agreements and Funded Debt that is guaranteed or secured by assets of the
Consolidated Parties; and (iv) all but the principal component of rentals in respect of Capitalized
Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Consolidated
Parties; excluding, to the extent included in interest expense above, (A) the amount of such
interest expense of any Consolidated Subsidiary if the net income of such Consolidated Subsidiary
is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (b) of the
definition thereof (but only in the same proportion as the net income of such Consolidated
Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause
(b) of the definition thereof), as determined on a consolidated basis in conformity with GAAP and
(B) (i) accretion of accrual of discounted liabilities not constituting Funded Debt, (ii) any
expense resulting from the discounting of any outstanding Funded Debt in connection with the
application of purchase accounting in connection with any acquisition, (iii) amortization of
deferred financing fees, debt issuance costs, commissions, fees and expenses, (iv) any expensing of
bridge, commitment or other financing fees (but not revolving loan commitment fees, including,
without limitation, any fees associated with the exercise of the option to increase the Facility
Amount) and (v) non-cash costs associated with Interest Rate Agreements and Currency Agreements.

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

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

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

     “Consolidated Tangible Net Worth” means, for the Consolidated Parties as of any date
of determination, (a) stockholders’ equity on a consolidated basis determined in accordance with
GAAP, but with no upward adjustments due to any revaluation of assets, less (b) all Intangible
Assets, plus (c) all accumulated depreciation, all determined in accordance with GAAP.

     “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.

14

 

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to
be Controlled by another Person if such other Person possesses, directly or indirectly, power to
vote twenty-five percent (25%) or more of the securities having ordinary voting power for the
election of directors, managing general partners or the equivalent.

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

     “Credit Documents” means this Credit Agreement, the Collateral Documents, the Notes,
the Administrative Agent’s Fee Letter, the Arranger’s Fee Letter, the Letters of Credit, the
Joinder Agreements, the Borrowing Base Certificates and the Compliance Certificates.

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

     “Currency Agreement” means any foreign exchange contract, currency swap agreement or
other similar agreement or arrangement.

     “Daily Unused Fee” means, for any day during the Commitment Period, an amount equal to
(a) fifty basis points (0.50%) per annum multiplied by (b) the amount by which the
Aggregate Commitments exceed the sum of the Outstanding Amount of Revolving Obligations (excluding
the amount of any then-outstanding Swing Line Loans).

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

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

     “Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the
Applicable Percentage, if any, applicable to Base Rate Loans plus (c) three percent (3%) per annum,
to the fullest extent permitted by applicable Law.

     “Defaulting Lender” means, subject to Section 2.17(b), any Lender that, as
determined by the Administrative Agent, (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Loans or participations in respect of Letters of Credit or
Swing Line Loans, within three Business Days of the date required to be funded by it hereunder, (b)
has notified the Parent Borrower or the Administrative Agent that it does not intend to comply with
its funding obligations or has made a public statement to that effect with respect to its funding

15

 

obligations hereunder or under other agreements in which it commits to extend credit, (c) has
failed, within three Business Days after request by the Administrative Agent, to confirm in a
manner satisfactory to the Administrative Agent that it will comply with its funding obligations,
or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a
proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or
indicated its consent to, approval of or acquiescence in any such proceeding or appointment;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority.

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

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

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

     “Eligible Tenant” means a Tenant which (a) is not in arrears on any required rental
payment, principal or interest payment, payments of real property taxes or payments of premiums on
insurance policies with respect to its lease beyond the later of (i) the applicable grace period
with respect thereto, if any, and (ii) sixty (60) days; (b) is not subject to a then-continuing
Bankruptcy Event; and (c) is reasonably acceptable in all material respects to the Administrative
Agent and the Required Lenders (it being understood that for purposes of this clause (c) Evergreen
Healthcare Companies, Eagle Healthcare Inc., Sun Mar Healthcare and Daybreak Healthcare will be
deemed acceptable as of the Closing Date) and (ii) from the date on which the Administrative Agent
shall have received (A) a written request from a Borrower requesting the approval of a Tenant as an
“Eligible Tenant” and (B) all reasonably requested information from the Borrowers supporting such
request, the Administrative Agent shall have, (1) if Bank of America is the only Lender, five (5)
Business Days from such date to respond to such request or (2) if Bank of America is not the only
Lender, ten (10) Business Days from such date to respond to such request. To the extent that the
Administrative Agent shall fail to respond to such request within the applicable period, such
failure to respond shall be deemed an acceptance of such Tenant. To the extent the Administrative
Agent shall determine that such requested Tenant is not reasonably acceptable in all material
respects, it shall specify the reasons for such determination.

16

 

     “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 Hazardous Substances into the environment,
including those related to wastes, air emissions and wastewater discharges.

     “Equity Transaction” means, with respect to any member of the Consolidated Parties,
any issuance or sale of shares of its Capital Stock, other than an issuance (a) to a Consolidated
Party, (b) in connection with a conversion of debt securities to equity or one type of equity
securities into another type of equity securities, (c) in connection with the exercise by a present
or former employee, officer or director under a stock incentive plan, stock option plan or other
equity-based compensation plan or arrangement, or (d) in connection with any acquisition permitted
hereunder.

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

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

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by any Guarantor 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 any Guarantor or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition that could reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any
liability by a Governmental Authority under Title IV of ERISA, other than for PBGC premiums due but
not delinquent under Section 4007 of ERISA, upon any Guarantor or any ERISA Affiliate.

     “Eurodollar Loan” means a Loan that bears interest at a rate based on the Eurodollar
Rate other than a Loan that bears interest at the Base Rate as determined by clause (c) of the
first sentence of the definition of “Base Rate”.

     “Eurodollar Base Rate” means:

     (a) For any Interest Period with respect to a Eurodollar 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

17

 

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 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.

     (b) For any day with respect to an interest rate calculation for a Base Rate Loan, the
rate per annum equal to (i) BBA LIBOR at approximately 11:00 a.m., London time, two Business Days
prior to such date for Dollar deposits (for delivery on such day) with a term equivalent to one
month or (ii) if such rate is not available at such time for any reason, the rate determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on such day in same
day funds in the approximate amount of the Base Rate Loan being made, continued or converted by
Bank of America and with a term equivalent to one (1) month would be offered by Bank of America’s
London Branch to major banks in the London interbank eurodollar market at approximately 11:00 a.m.
(London time) two Business Days prior to such day.

     (c) Notwithstanding the foregoing, for purposes of this Agreement, the Eurodollar Base
Rate shall in no event be less than 1.00% at any time.

     “Eurodollar Rate” means for any Interest Period with respect to any Eurodollar Loan or
any Base Rate Loan bearing interest at a rate based on the Eurodollar Rate, a rate per annum
determined by the Administrative Agent pursuant to the following formula:

	 	 	 	 

	Eurodollar Rate =

	 	Eurodollar Base Rate	 
	 	1.00 — Eurodollar Reserve Percentage	 

     “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB
for determining the maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”). The Eurodollar Rate for each outstanding Eurodollar Loan shall be
adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

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

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of any Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise

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taxes imposed on it (in lieu of net income taxes), as a result of a present or former
connection between it and the jurisdiction of the Governmental Authority imposing such tax or any
political subdivision or taxing authority thereof or therein (other than such connection arising
from the Administrative Agent or any Lender having executed, delivered or performed its obligations
or received a payment under, or enforced, any Credit Document), (b) any branch profits taxes
imposed by the United States or any similar tax imposed by any other jurisdiction in which any
Borrower is located (c) any backup withholding tax that is required by the Internal Revenue Code
to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of
Section 3.01(e)(ii); (d) in the case of a Foreign Lender (other than an assignee pursuant
to a request by any Borrower under Section 10.13), any United States withholding tax that
(i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in
force at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office)
or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a
Change in Law) to comply with clause (B) of Section 3.01(e)(ii), 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 Borrowers with respect to
such withholding tax pursuant to Section 3.01(a)(ii) or (iii) and (e) any
withholding Taxes imposed on any “withholdable payment” payable to such recipient as a result of
the failure of such recipient to satisfy the applicable requirements as in effect after December
31, 2012 under FATCA to establish that such payment is exempt from withholding under FATCA.

     “Extension of Credit” means (i) any Borrowing and (ii) any L/C Credit Extension.

     “Facility Lease” means a lease or master lease with respect to any Real Property Asset
owned or leased by a Borrower from the applicable Borrower as lessor, to an Eligible Tenant, which,
in the reasonable judgment of the Administrative Agent, is a commercial space lease or is a triple
net lease such that such Eligible Tenant is required to pay all taxes, utilities, insurance,
maintenance, casualty insurance payments and other expenses with respect to the subject Real
Property Asset (whether in the form of reimbursements or additional rent) in addition to the base
rental payments required thereunder); provided, that each such lease or master lease shall
be in form and substance reasonably satisfactory to the Administrative Agent at the time the
applicable Real Property Asset is submitted for qualification as a Borrowing Base Asset
(confirmation of such satisfaction not to be unreasonably withheld or conditioned);
provided, further that if the Administrative Agent has not either approved or
disapproved such Facility Lease within ten (10) Business Days after receiving the Facility Lease
from the Borrowers, then the Administrative Agent shall be deemed to have approved such Facility
Lease.

     “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code and any
regulations promulgated thereunder or official interpretations thereof.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day immediately succeeding such day; provided that (a) if such day is not
a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the
immediately preceding Business Day as so published on the immediately

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

     “Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction
other than that in which any 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.

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

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

     “Funded Debt” means, with respect to any Person (or consolidated group of Persons) at
any date of determination (without duplication):

(a) all indebtedness of such Person for borrowed money;

     (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

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

     (d) all unconditional obligations of such Person to pay the deferred and unpaid purchase
price of property or services, which purchase price is due more than six months after the date of
placing such property in service or taking delivery and title thereto or the completion of such
services, except Trade Payables;

     (e) all Capitalized Lease Obligations and Attributable Debt;

20

 

     (f) all Funded Debt of other Persons secured by a lien on any asset of such Person,
whether or not such Funded Debt is assumed by such Person; provided, however, that the amount of
such Funded Debt shall be the lesser of (A) the fair market value of such asset at that date of
determination and (B) the amount of such Funded Debt;

     (g) all Funded Debt of other Persons guaranteed by such Person to the extent such Funded
Debt is guaranteed by such Person;

     (h) to the extent not otherwise included in this definition or the definition of
Consolidated Interest Expense, obligations under Currency Agreements and Interest Rate Agreements.

     The amount of Funded Debt of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations of the type described above and, with respect to obligations
under any guarantee, the maximum liability upon the occurrence of the contingency giving rise to
the obligation; provided, however, that: (a) the amount outstanding at any time of
any Funded Debt issued with original issue discount shall be deemed to be the face amount with
respect to such Funded Debt less the remaining unamortized portion of the original issue discount
of such Funded Debt at the date of determination in conformity with GAAP; (b) Funded Debt shall not
include any liability for foreign, federal, state, local or other taxes; (c) Funded Debt shall not
include any indemnification, earnouts, adjustment or holdback of purchase price or similar
obligations, in each case, incurred or assumed in connection with the acquisition or disposition of
any business, assets or a Subsidiary, other than guarantees of Funded Debt incurred by any Person
acquiring all or any portion of such business, assets or subsidiary for the purpose of financing
such acquisition; and (d) Funded Debt shall not include contingent obligations under performance
bonds, performance guarantees, surety bonds, appeal bonds or similar obligations incurred in the
ordinary course of business and consistent with past practices.

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

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

     “GE Capital Facility” has the meaning set forth in the introductory paragraph hereto.

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

21

 

     “Guarantor” means, as of any date, the REIT Guarantor, the LP Guarantor, the OP
Guarantor or any Subsidiary Guarantor which is a party to the Guaranty as of such date; and
“Guarantors” means a collective reference to each of them.

     “Guaranty” means the Guaranty made by the Guarantors under Article XI in favor
of the Lenders, together with each joinder agreement delivered pursuant to Section 6.14.

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

     “Healthcare Facilities” means any skilled nursing facility, assisted living facility,
independent living facility, continuing care retirement community, mental health facility, life
science facility, medical office building, hospital or other property typically owned by healthcare
real estate investment trusts and any ancillary businesses that are incidental to the foregoing.

     “Healthcare Laws” has the meaning provided in Section 5.19(a).

     “HIPAA” means the Health Insurance Portability and Accountability Act of 1996 and the
related regulations set forth at 45 CFR Parts 160 and 164.

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

(a) all Funded Debt;

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

     (c) net obligations under any Swap Contract;

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

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

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

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

22

 

     “Indemnitee” has the meaning provided in Section 10.04.

     “Information” has the meaning provided in Section 10.07.

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

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

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

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

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

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

     “Interest Rate Agreement” means any interest rate protection agreement, interest rate
future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement with respect to interest rates.

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

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of Capital Stock of
another Person, (b) a loan, advance (other than deposits with financial institutions available for

23

 

withdrawal or demand, prepaid expenses, accounts receivable, advances to employees and similar
items made or incurred in the ordinary course of business) or capital contribution to, guaranty or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

     “Involuntary Disposition” means any loss of, damage to or destruction of, or any
condemnation or other taking for public use of, any property of the Borrowers.

     “IRS” means the United States Internal Revenue Service.

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

     “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
any Borrower or in favor of the L/C Issuer and relating to such Letter of Credit.

     “Joinder Agreements” means any Borrower Joinder Agreement or Lender Joinder Agreement.

     “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.

     “L/C Borrowing” means any extension of credit resulting from a drawing under any
Letter of Credit that has not been reimbursed or refinanced as a Borrowing of Revolving Loans in
accordance with Section 2.03(c).

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

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

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

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

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

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

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

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

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

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

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

     “Letter of Credit Fee” shall have the meaning given such term in Section
2.09(c).

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

25

 

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

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

     “LP Guarantor” has the meaning provided in the introductory paragraph hereof.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect on, the operations, business, assets, properties, liabilities (actual or
contingent), condition (financial or otherwise) or prospects of the Credit Parties, taken as a
whole, (b) a material impairment of the rights and remedies of the Administrative Agent or any
Lender under any Credit Document, or of the ability of (i) any Borrower, (ii) the REIT Guarantor,
the LP Guarantor or the OP Guarantor or (iii) the other Credit Parties, taken as a whole, to
perform their obligations under any Credit Document to which it is a party, or (c) a material
adverse effect upon the legality, validity, binding effect or enforceability against (i) any
Borrower, (ii) the REIT Guarantor, the LP Guarantor or the OP Guarantor or (iii) the other Credit
Parties, taken as a whole, of any Credit Document to which it is a party.

     “Maturity Date” means the later of (a) February 4, 2014 and (b) if maturity is
extended pursuant to Section 2.18, such extended maturity date as determined pursuant to
such Section; provided, however, that, in each case, if such date is not a Business
Day, the Maturity Date shall be the next preceding Business Day; provided, further,
however, to the extent that the Senior Notes Issuance does not occur prior to March 30,
2011, the Maturity Date shall occur as of March 30, 2011.

     “Medicaid” means the medical assistance programs administered by state agencies and
approved by CMS pursuant to the terms of Title XIX of the Social Security Act, codified at 42
U.S.C. §§ 1396 et seq. and related regulations.

     “Medical Services” means medical and health care services provided to a Person,
including, but not limited to, medical and health care services provided to a Person which are
covered by a policy of insurance, and includes, without limitation, physician services, nurse and
therapist services, dental services, hospital services, skilled nursing facility services,
comprehensive outpatient rehabilitation services, home health care services, residential and
out-patient behavioral healthcare services, and medicine or health care equipment provided to a
Person for a necessary or specifically requested valid and proper medical or health purpose.

     “Medicare” means the program of health benefits for the aged and disabled administered
by CMS pursuant to the terms of Title XVIII of the Social Security Act, codified at 42 U.S.C. 1395
§§ et seq. and related regulations.

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

26

 

     “Mortgageability Amount” means, with respect to any Borrowing Base Asset and as of any
date of determination, the maximum principal amount of a hypothetical mortgage loan that would be
available to be borrowed against such Borrowing Base Asset assuming (a) an annual interest rate
equal to the greater of (i) 7.00% and (ii) the then-applicable Treasury Rate plus 3.00%, (b) a
25-year amortization schedule and (c) a debt service coverage ratio on such loan of 1.50 to 1.00
(based on the most-recently calculated Mortgageability Cash Flow of such Borrowing Base Asset).

     “Mortgageability Cash Flow” means, with respect to any Borrowing Base Asset and for
the most recently ended quarter, an amount equal to the most recently calculated annualized Net
Revenues received by the applicable Borrower with respect to such Borrowing Base Asset in
connection with a lease entered into between the applicable Borrower and a Person which is not an
Affiliate of any Consolidated Party. For purposes of computing Mortgageability Cash Flow for any
applicable test period, any lease adjustments and/or modifications (including new leases with
respect to new Borrowing Base Asset) shall be given pro forma effect as if such transaction had
taken place as of the first day of such applicable test period.

     “Mortgage Instrument” means, for any Real Property Asset, a first lien priority fee or
leasehold mortgage, deed of trust or deed to secure debt in favor of the Administrative Agent (for
the benefit of the Lenders) with respect to such Real Property Asset. Each Mortgage Instrument
shall be in form and substance satisfactory to the Administrative Agent and suitable for recording
in the applicable jurisdiction.

     “Mortgage Policy” shall have the meaning assigned to such term in the definition of
“Borrowing Base Asset Deliverables” contained in this Section 1.01.

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

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

     “Net Revenues” means, with respect to any Real Property Asset for the most recently
ended fiscal quarter for which financial information has been delivered to the Administrative Agent
pursuant to the terms of this Credit Agreement, the sum of (a) rental payments received in

27

 

cash by the applicable Borrower (whether in the nature of base rent, minimum rent, percentage
rent, additional rent or otherwise, but exclusive of security deposits, earnest money deposits,
advance rentals, reserves for capital expenditures, charges, expenses or items required to be paid
or reimbursed by the Tenant thereunder and proceeds from a sale or other disposition) pursuant to
the Facility Leases applicable to such Real Property Asset, minus (b) expenses of the Borrowers
allocated to such Real Property Asset.

     “Notes” means the Revolving Notes; and “Note” means any one of them.

     “Obligations” means, without duplication, (a) all advances to, and debts, liabilities,
obligations, covenants and duties of, any Credit Party arising under any Credit Document or
otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those
acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Credit
Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as
the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in
such proceeding and (b) all obligations under any Swap Contract of any Credit Party to which a
Lender or any Affiliate of a Lender is a party.

     “OP Guarantor” has the meaning provided in the introductory paragraph hereof.

     “OP Pledge Agreement” means that certain pledge agreement executed by the OP
Guarantor, dated as of the Funding Date and in the form of Exhibit H, as amended, supplemented,
restated or otherwise modified 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 Credit Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Credit Agreement or any other Credit Document.

     “Outstanding Amount” means (a) with respect to Revolving Loans and Swing Line Loans on
any date, the aggregate outstanding principal amount thereof after giving effect to any Borrowings
and prepayments or repayments of Revolving Loans and Swing Line Loans, as the case may be,
occurring on such date and (b) with respect to any L/C Obligations on any date, the amount of such
L/C Obligations on such date after giving effect to any L/C Credit Extension

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occurring on such date and any other changes in the aggregate amount of the L/C Obligations as
of such date, including as a result of any reimbursements of outstanding unpaid drawings under any
Letters of Credit or any reductions in the maximum amount available for drawing under Letters of
Credit taking effect on such date.

     “Parent Borrower” has the meaning provided in the introductory paragraph hereto.

     “Participant” has the meaning provided in Section 10.06(d).

     “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 any Guarantor or any ERISA Affiliate or to which any Guarantor 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 Holders” means LG Aviv L.P. (and any other investment fund that is an
Affiliate of Lindsay Goldberg LLC), Craig Bernfield (and any other member of management of the REIT
Guarantor or entities controlled by Craig Bernfield or any other member of management and
established for estate planning purposes) and Shifra Kakomi (and any of her lineal descendants or
entities controlled by them and established for estate planning purposes).

     “Permitted Liens” means, as to any Person: (a) Liens securing taxes, assessments and
other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant
to any of the provisions of ERISA), in each case, which are not yet delinquent (other than those
which are being contested in good faith and for which adequate reserves have been established in
accordance with GAAP); (b) Liens evidencing the claims of materialmen, mechanics, carriers,
warehousemen or landlords for labor, materials, supplies or rentals, in each case, incurred in the
ordinary course of business and which are not at the time required to be paid or discharged or that
are being contested in good faith and for which a bond or other assurance has been posted as
required by applicable Law; provided, that with respect to any Borrowing Base Asset, no
exception is taken therefor in the related Mortgage Policy or such Mortgage Policy otherwise
affirmatively insures over such Liens in form and substance reasonably satisfactory to the
Administrative Agent; (c) Liens consisting of deposits or pledges made, in the ordinary course of
business, in connection with, or to secure payment of, obligations under workmen’s compensation,
unemployment insurance or similar applicable Laws; (d) zoning restrictions, easements, licenses,
rights-of-way, covenants, reservations and other rights, restrictions or encumbrances on the use of
Real Property Assets, which do not materially detract from the value of such property or materially
impair the use thereof for the business of such Person; (e) Liens in existence as of the Funding
Date as set forth on Schedule 7.01 and, with respect to the Borrowing Base Properties, as
set forth on the Mortgage Policies (or updates thereto) delivered in connection herewith; (f)
Liens, if any, in favor of the Administrative Agent for the benefit of the Lenders; (g) Liens, if
any, in favor of the L/C Issuer and/or Swing Line Lender to cash collateralize or otherwise secure
the obligations of a Defaulting Lender to fund

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risk participations hereunder; (h) Liens arising pursuant to Facility Leases; (i) any interest
of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings,
registrations or agreements in foreign jurisdictions) relating to, leases permitted by this
Agreement; (j) liens arising pursuant to leases or subleases of immaterial portions of any Real
Property Asset owned by any of the Borrowers granted to others not interfering in any material
respect with such Real Property Asset or the business of the applicable Borrower; (k) Liens created
by or resulting from any litigation or legal proceeding that does not constitute and Event of
Default which is being contested in good faith in accordance with Section 7.01; (l) any
Liens in deposit accounts in favor of the financial institution at which such accounts are held on
items in collection (and documents related thereto) arising in the ordinary course of business
under Article 4 of the Uniform Commercial Code; and (m) additional Liens so long as the principal
amount of Indebtedness and other obligations secured thereby does not exceed $250,000 in the
aggregate for all Borrowers at any one time outstanding.

     “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 any Guarantor or, with respect to any such plan that is subject to Section
412 of the Internal Revenue Code or Title IV of ERISA, any ERISA Affiliate.

     “Platform” has the meaning provided in Section 6.02.

     “Pledged Equity” has the meaning provided in Section 1(b) of the Security and
Pledge Agreement and Section 2(a) of the OP Pledge Agreement, as applicable.

     “Public Lender” has the meaning provided in Section 6.02.

     “Real Property Asset” means, a parcel of real property, together with all improvements
(if any) thereon (including all tangible personal property owned by the person owning such real or
leasehold property) owned in fee simple by any Person; “Real Property Assets” means a collective
reference to each Real Property Asset.

     “Register” has the meaning provided 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 real estate investment trust as defined in Sections 856-860 of the
Internal Revenue Code.

     “REIT Guarantor” has the meaning provided in the introductory paragraph hereto.

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such
Person’s Affiliates.

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     “Rent Coverage Ratio” means, as of any date of determination, with respect to the
Borrowing Base Assets, the ratio of (a) the sum of the annualized Tenant EBITDAR of each Eligible
Tenant under each Facility Lease to (b) the sum of the annual rent payable by each Eligible Tenant
under each such Facility Lease.

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

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

     “Required Lenders” means, as of any date of determination, one or more 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
Article VIII, one or more Lenders holding in the aggregate more than 50% of the Revolving
Obligations (including, in each case, the aggregate amount of each Lender’s risk participation and
funded participation in L/C Obligations and Swing Line Loans); provided that the Revolving
Commitment of, and the portion of the Revolving Obligations held or deemed held by, any Defaulting
Lender shall be excluded for purposes of making a determination of Required Lenders.

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

     “Revolving Commitment” means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans and to share in the Revolving Obligations hereunder up to such
Lender’s Revolving Commitment Percentage thereof.

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

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

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

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

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

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

     “Sale and Leaseback Transaction” means any direct or indirect arrangement with any
Person or to which any such Person is a party, providing for the leasing to any Consolidated Party
of any property, whether owned by the Consolidated Party at the Closing Date or later acquired,
which has been or is to be sold or transferred by the Consolidated Party to such Person or any
other Person from whom funds have been or are to be advanced by such Person on the security of such
property.

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

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

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

     “Security and Pledge Agreement” means that certain security and pledge agreement
executed by each Borrower, dated as of the Funding Date and in the form of Exhibit G, as
amended, supplemented, restated or otherwise modified from time to time.

     “Security Agreements” means (a) the Security and Pledge Agreement and (b) the OP
Pledge Agreement.

     “Senior Notes” shall have the meaning set forth in the introductory paragraph hereto.

     “Senior Notes Indenture” means that certain Indenture to be entered among the Senior
Notes Issuers and The Bank of New York Mellon Trust Company, N.A., as trustee, as the same may be
amended, restated, supplemented, replaced or otherwise modified from time to time.

     “Senior Notes Issuance” has the meaning provided in Section 4.02(c).

     “Senior Notes Issuers” shall have the meaning set forth in the introductory paragraph
hereto.

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

     “SNDA” means, with respect to any Facility Lease of a Borrowing Base Asset, a
subordination, non disturbance and attornment agreement by and among Administrative Agent, on
behalf of the Lenders, and the Tenants who are a party to the Facility Lease, in form and substance
reasonably acceptable to the Administrative Agent.

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

     “Subsidiary Guarantor” means each Subsidiary of the REIT Guarantor other than (a) the
Borrowers, the LP Guarantor and the OP Guarantor, (b) the Unrestricted Subsidiaries, (c) any
Subsidiary (other than Aviv Healthcare Capital Corporation) which does not guarantee the
obligations of the Senior Notes Issuers under the Senior Notes Indenture or any additional senior
or subordinated note issuance, convertible debentures, or similar public or private issuance, (d)
any Subsidiary which, as of the Funding Date, is prohibited by the terms of secured project
financing documents from being a Guarantor hereunder, (e) any Subsidiary that is not required by
the provisions of this Agreement (including Section 11.08) to be a Guarantor hereunder (f)
any Subsidiary that is a “Borrower” under the GE Capital Facility and (g) any Subsidiary that is
released from being a Guarantor hereunder by the provisions of this Agreement (including
Section 11.08).

     “Subsidiary Guarantor Joinder Agreement” means a joinder agreement in the form of
Exhibit E-2 to be executed by each Subsidiary from time to time required to be a Subsidiary
Guarantor by Section 6.14(b), other than such Subsidiaries that are initial Guarantors
under the Guaranty.

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     “Support Obligations” means, as to any Person, (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct
or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services
for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the
payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash
flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person. The amount of any Support
Obligations shall be deemed to be an amount equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which such Support Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof
as determined by the guaranteeing Person in good faith.

     “Swap Contract” means any Currency Agreement or Interest Rate Agreement.

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

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

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

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

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

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

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

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

     “Temporary Cash Investment” means any of the following: (1) United States dollars; (2)
direct obligations of the United States of America or any agency thereof or obligations fully and
unconditionally guaranteed by the United States of America or any agency thereof; (3) time deposit
accounts, term deposit accounts, time deposits, bankers’ acceptances, certificates of deposit,
Eurodollar time deposits and money market deposits maturing within twelve months or less of the
date of acquisition thereof issued by a bank or trust company which is organized under the laws of
the United States of America or any state or jurisdiction thereof, and which bank or trust company
has capital, surplus and undivided profits aggregating in excess of $500 million and has
outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one
“nationally recognized statistical rating organization” (within the meaning of Rule
15c3-l(c)(2)(vi)(F) under the Exchange Act) or any money-market fund sponsored by a registered
broker dealer or mutual fund distributor; (4) repurchase obligations with a term of not more than
30 days for underlying securities of the types described in clauses (2) and (3) above entered into
with a bank meeting the qualifications described in clause (3) above; (5) commercial paper,
maturing not more than six months after the date of acquisition, issued by a corporation (other
than an Affiliate of the REIT Guarantor) organized and in existence under the laws of the United
States of America or any state or jurisdiction thereof with a rating at the time as of which any
investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according
to S&P; (6) securities with maturities of six months or less from the date of acquisition issued or
fully and unconditionally guaranteed by any state, commonwealth or territory of the United States
of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by
S&P or Moody’s; and (7) any fund investing substantially all of its assets in investments that
constitute Temporary Cash Investments of the kinds described in clauses (1) through (6) of this
definition.

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

     “Tenant EBITDAR” means, without duplication, for a Tenant under a Facility Lease as of
the most recently ended fiscal quarter for which a Borrower has received such information for such
Tenant when due, the annualized sum of (a) net income of the Tenant, in each case, excluding any
non-recurring or extraordinary gains and losses, plus (b) an amount which, in the determination of
net income for such fiscal quarter pursuant to clause (a) above, has been deducted for or in
connection with (i) Consolidated Adjusted Interest Expense (plus, amortization of deferred
financing costs, to the extent included in the determination of Consolidated Interest Expense per
GAAP), (ii) income taxes, (iii) depreciation and amortization, (iv) rent expense paid to the
Borrower, and (v) allocated corporate overhead management fees,

35

 

minus (c) an amount equal to 4% of the net revenue of such Tenant with respect to each
Borrowing Base Asset, all determined in accordance with GAAP.

     “Trade Payables” means, with respect to any Person, any accounts payable or any other
indebtedness or monetary obligation to trade creditors created, assumed or guaranteed by such
Person or any of its subsidiaries arising in the ordinary course of business in connection with the
acquisition of goods or services.

     “Transactions” means a collective reference to (i) the entering into of this Credit
Agreement and the other Credit Documents by the Borrowers and the Guarantors and (ii) the entering
into of the Senior Notes Indenture and the issuance of the Senior Notes.

     “Threshold Amount” means (a) with respect to the Borrowers, $3,000,000 and (b) with
respect to each of the REIT Guarantor, the LP Guarantor and the OP Guarantor, $20,000,000.

     “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) on the display designated as page “PX-1” of the
Bloomberg Financial Markets Services Screen (or such other display as may replace page “PX-1” of
the Bloomberg Financial Markets Services Screen) 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 any Revolving Loan, its character as a Base Rate Loan or
a Eurodollar 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 Internal Revenue Code for the applicable plan year.

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

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

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

     “Unused Fee” shall have the meaning given such term in Section 2.09(a).

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

1.02 Interpretive Provisions.

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

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

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

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

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

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

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

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

1.03 Accounting Terms.

     (a) All accounting terms not specifically or completely defined herein shall be construed
in conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Credit Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the audited financial statements for the fiscal year
that ended December 31, 2009, except as otherwise specifically prescribed herein.

     (b) The Parent Borrower will provide a written summary of material changes in GAAP or in
the consistent application thereof with each annual and quarterly Compliance

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

     (c) The parties hereto acknowledge and agree that all calculations of the financial
covenants in Section 6.11 shall be made on a pro forma basis with respect to any
Disposition or acquisition occurring during the applicable period, retroactive to the beginning of
such applicable period.

1.04 Rounding.

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

1.05 References to Agreements and Laws.

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

1.06 Times of Day.

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

1.07 Letter of Credit Amounts.

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

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ARTICLE II

COMMITMENTS AND EXTENSION OF CREDITS

2.01 Commitments.

     Subject to the terms and conditions set forth herein:

     (a) Revolving Loans. During the Commitment Period, each Lender severally agrees
to make revolving credit loans (the “Revolving Loans”) to the Parent Borrower on any
Business Day; provided that after giving effect to any such Revolving Loan, (i)
with regard to the Lenders collectively, the aggregate outstanding principal amount of Revolving
Obligations shall not exceed the lesser of (x) TWENTY-FIVE MILLION DOLLARS ($25,000,000) (as such
amount may be increased or decreased in accordance with the provisions hereof, the “Aggregate
Committed Amount”) and (y) the Borrowing Base Amount for such date and (ii) with regard to each
Lender individually, such Lender’s Revolving Commitment Percentage of Revolving Obligations shall
not exceed its respective Revolving Committed Amount. Revolving Loans may consist of Base Rate
Loans, Eurodollar Loans, or a combination thereof, as provided herein, and may be repaid and
reborrowed in accordance with the provisions hereof.

     (b) Letters of Credit. During the Commitment Period, (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 2.01(b) and Section 2.03 (A) to issue Letters of
Credit for the account of a Borrower on any Business Day, (B) to amend or renew Letters of Credit
previously issued hereunder, and (C) to honor drafts under Letters of Credit; and (ii) the Lenders
severally agree to purchase from the L/C Issuer a participation interest in the Letters of Credit
issued hereunder in an amount equal to such Lender’s Revolving Commitment Percentage thereof;
provided that (A) the aggregate principal amount of L/C Obligations shall not exceed FIVE MILLION
DOLLARS ($5,000,000) (the “L/C Committed Amount”), (B) with regard to the Lenders
collectively, the aggregate principal amount of Revolving Obligations shall not exceed the lesser
of (x) the Aggregate Committed Amount and (y) the Borrowing Base Amount for such date, and (C) with
regard to each Lender individually, such Lender’s Revolving Commitment Percentage of Revolving
Obligations shall not exceed its respective Revolving Committed Amount. Subject to the terms and
conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and
accordingly the Borrowers may obtain Letters of Credit to replace Letters of Credit that have
expired (or will expire within sixty (60) days) or that have been drawn upon and reimbursed.

     (c) Swing Line Loans. During the Commitment Period, subject to the terms and
conditions set forth herein, the Swing Line Lender may, in its discretion and in reliance upon the
agreements of the other Lenders set forth in this Section 2.01(c) and Section 2.04,
make revolving credit loans (the “Swing Line Loans”) to the Parent Borrower on any Business
Day; provided, that the aggregate principal amount of the Swing Line Loans shall not exceed
(i) FIVE MILLION DOLLARS ($5,000,000) (the “Swing Line Committed Amount”), (ii) with
respect to the Lenders collectively, the aggregate principal amount of Revolving Obligations shall
not exceed the lesser of (x) the Aggregate Committed Amount and (y) the Borrowing Base Amount

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on
such date, and (iii) the Borrowers shall not use the proceeds of any Swing Line Loan to
refinance any outstanding Swing Line Loan. Swing Line Loans shall be comprised solely of Base
Rate Loans, and may be repaid and reborrowed in accordance with the provisions hereof. 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 participation interest in such
Swing Line Loan in an amount equal to the product of such Lender’s Revolving Commitment Percentage
thereof. No Swing Line Loan shall remain outstanding for longer than five (5) Business Days.

     (d) Increase in Revolving Commitments. Subject to the terms and conditions set
forth herein, the Parent Borrower may, at any time prior to the then applicable Maturity Date, upon
written notice to the Administrative Agent, cause an increase in the Aggregate Committed Amount by
up to SEVENTY-FIVE MILLION DOLLARS ($75,000,000) (to an aggregate amount not more than ONE HUNDRED
MILLION DOLLARS ($100,000,000)); provided that such increase shall be conditioned and effective
upon the satisfaction of the following conditions:

     (i) the Borrowers shall obtain (whether through the Arranger or otherwise)
commitments for the amount of the increase from existing Lenders or other commercial banks
or financial institutions reasonably acceptable to the Administrative Agent, which other
commercial banks and financial institutions shall join in this Credit Agreement as Lenders
by a Lender Joinder Agreement substantially in the form of Exhibit F attached hereto
or other arrangement reasonably acceptable to the Administrative Agent (it being understood
that in no case shall any Lender be required to increase its Revolving Commitment without
its written consent);

     (ii) any such increase shall be in a minimum aggregate principal amount of
$5,000,000 and integral multiples of $1,000,000 in excess thereof (or the remaining amount,
if less);

     (iii) if any Revolving Loans are outstanding at the time of any such increase, the
Borrowers shall make such payments and adjustments on the Revolving Loans (including payment
of any break-funding amounts owing under Section 3.05) as may be necessary to give
effect to the revised commitment percentages and commitment amounts;

     (iv) the Borrowers shall pay to the Administrative Agent and the Arranger all fees
required under any fee letter due in connection with the syndication of the increase in the
Revolving Committed Amount;

     (v) the Borrowers shall have executed any new or amended and restated Notes (to the
extent requested by the Lenders) to reflect the revised commitment amounts; and

     (vi) the conditions to the making of a Revolving Loan set forth in Sections
4.03(b) and (c) shall be satisfied.

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In connection with any such increase in the Revolving Commitments, Schedule 2.01 shall be
revised to reflect the modified commitments and commitment percentages of the Lenders, and the
Borrowers shall provide supporting corporate resolutions, legal opinions, promissory notes and
other items as may be reasonably requested by the Administrative Agent and the Lenders in
connection therewith. The Parent Borrower shall not be permitted to cause more than four (4)
increases in the Aggregate Committed Amount following the Closing Date.

2.02 Borrowings, Conversions and Continuations.

     (a) Each Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurodollar Loans shall be made upon the Parent 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) with respect to Eurodollar Loans, three (3)
Business Days prior to the requested date of any Borrowings, conversion or continuation, or (ii)
with respect to Base Rate Loans, on the requested date of, any Borrowing, conversion or
continuation. Each telephonic notice pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed
and signed by a Responsible Officer of the Parent Borrower or the REIT Guarantor. Except as
provided in Sections 2.03(c) and 2.04(c), each Borrowing, conversion or
continuation shall be in a principal amount of (i) with respect to Eurodollar Loans, $1,000,000 or
a whole multiple of $500,000 in excess thereof or (ii) with respect to Base Rate Loans, $500,000 or
a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written)
shall specify (i) whether the applicable request is with respect to Revolving Loans, (ii) whether
such request is for a Borrowing, conversion, or continuation, (iii) the requested date of such
Borrowing, conversion or continuation (which shall be a Business Day), (iv) the principal amount of
Loans to be borrowed, converted or continued, (v) the Type of Loans to be borrowed, converted or
continued, and (vi) if applicable, the duration of the Interest Period with respect thereto. If
the Parent Borrower fails to specify a Type of Loan in a Loan Notice or if the Parent Borrower
fails to give a timely notice requesting a conversion or continuation, then the applicable Loans
shall be made as, or converted to, Base Rate Loans. Any automatic conversion to Base Rate Loans
shall be effective as of the last day of the Interest Period then in effect with respect to the
applicable Eurodollar Loans. If the Parent Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Loans in any Loan Notice, but fails to specify an Interest Period, the
Interest Period will be deemed to be one month.

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

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

     (c) Except as otherwise provided herein, without the consent of the Required Lenders, a
Eurodollar Loan may be continued or converted only on the last day of an Interest Period for such
Eurodollar Loan. During the existence of a Default or Event of Default, (i) no Loan may be
requested as, converted to or continued as a Eurodollar Loan if the Required Lenders shall have
prohibited the same in writing to the Administrative Agent and (ii) at the request of the Required
Lenders, any outstanding Eurodollar Loan shall be converted immediately to a Base Rate Loan.

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

     (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than five (5)
Interest Periods in effect with respect to Loans.

2.03 Additional Provisions with respect to Letters of Credit.

     (a) Obligation to Issue or Amend.

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

	 	(A)	 	the expiry date of such requested Letter of
Credit would occur more than twelve (12) months after the date of
issuance or last renewal, unless the Required 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.

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

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

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

	 	(C)	 	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;

	 	(D)	 	any Lender is at that time a Defaulting
Lender, unless the L/C Issuer has entered into arrangements, including
the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its
sole discretion), with the Borrower or such Lender to eliminate the L/C
Issuer’s actual or potential Fronting Exposure (after giving effect to
Section 2.17(a)(iv)) with respect to the Defaulting Lender
arising from either the Letter of Credit then proposed to be issued or
that Letter of Credit and all other L/C Obligations as to which the L/C
Issuer has actual or potential Fronting Exposure, as it may elect in
its sole discretion.

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

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

	 	(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.

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     (iv) The L/C Issuer shall not amend any Letter of Credit if the Revolving
Commitments have been terminated pursuant to Article VIII.

     (b) Procedures for Issuance and Amendment.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Parent 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 Parent Borrower or the REIT Guarantor. Such
Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent
not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the
L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed
issuance date or date of amendment, as the case may be. In the case of a request for an
initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in
form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the
requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the
expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents
to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of
any certificate to be presented by such beneficiary in case of any drawing thereunder; (G)
such other matters as the L/C Issuer may reasonably require and (H) the purpose and nature
of the requested Letter of Credit. 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 reasonably 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 reasonably 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
Parent Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a
copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent
that the requested issuance or amendment is permitted in accordance with the terms hereof,
then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the applicable Person or enter into the
applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s
usual and customary business practices. Immediately upon the issuance of each Letter of
Credit, each 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 Revolving Commitment Percentage of such Letter of
Credit.

     (iii) Promptly after its delivery of any Letter of Credit or any amendment to a
Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the

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L/C Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon any drawing under any Letter of Credit, the L/C Issuer shall notify the
Parent Borrower and the Administrative Agent thereof. To the extent such notice is provided
(A) prior to 12:00 noon on the date of any payment by the L/C Issuer under a Letter of
Credit (each such date, an “Honor Date”), the Parent Borrower shall reimburse the
L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing
on the Honor Date and (B) following 12:00 noon on the Honor Date, the Parent Borrower shall
reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount
of such drawing on the by not later than 11:00 a.m. on the Business Day immediately
following the Honor Date. If the Parent 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 Revolving Commitment Percentage thereof. In such event, the Parent Borrower
shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the
Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified in Section 2.02 for the principal amount of Base Rate Loans, the
amount of the unutilized portion of the Aggregate Commitments or the conditions set forth in
Section 4.03. Any notice given by the L/C Issuer or the Administrative Agent
pursuant to this Section 2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided that the lack of such an immediate confirmation shall not
affect the conclusiveness or binding effect of such notice.

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

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Borrowing of Base Rate Loans for any reason, the Parent 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.

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

     (v) Each Lender’s obligation to make Revolving Loans or L/C Advances to reimburse
the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section 2.03(c), shall be absolute and unconditional and shall not be affected by
any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other
right that such Lender may have against the L/C Issuer, the Borrowers or any other Person
for any reason whatsoever; (B) the occurrence or continuance of a Default or Event of
Default, (C) non-compliance with the conditions set forth in Section 4.03, or (D)
any other occurrence, event or condition, whether or not similar to any of the foregoing.
No such making of an L/C Advance shall relieve or otherwise impair the obligation of the
Borrowers to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer
under any Letter of Credit, together with interest as provided herein.

     (vi) If any 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 Federal Funds Rate
from time to time in effect. 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 Parent Borrower or otherwise, including proceeds
of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent
will distribute to such Lender its Revolving Commitment 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

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Agent for the account of the L/C Issuer its Revolving Commitment Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such
demand
to the date such amount is returned by such Lender, at a rate per annum equal to the
Federal Funds Rate from time to time in effect.

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

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

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

     (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 Borrowers.

The Parent 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 Parent
Borrower’s instructions or other irregularity, the Parent Borrower will immediately notify the L/C
Issuer. The Borrowers 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.

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     (f) Role of L/C Issuer. Each Lender and each Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or
the authority of the Person executing or delivering any such document. None of the L/C Issuer, any
Agent-Related Person nor any of the correspondents, participants or assignees of the L/C Issuer
shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the
request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action
taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due
execution, effectiveness, validity or enforceability of any document or instrument related to any
Letter of Credit or Letter of Credit Application. The Borrowers hereby assume 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
a 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, any Agent-Related Person, nor any of
the respective correspondents, participants or assignees of the L/C Issuer, shall be liable or
responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e);
provided, however, that anything in such clauses to the contrary notwithstanding,
the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or
exemplary, damages suffered by the Borrowers which the Borrowers prove 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.

     (g) Cash Collateral. Upon the request of the Administrative Agent or the Required
Lenders, (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 Letter of Credit may for any reason remain outstanding and partially or wholly
undrawn, the Parent Borrower shall immediately Cash Collateralize the then Outstanding Amount of
all L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of
such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be). For purposes
hereof, “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. Each 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

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proceeds of the
foregoing. Cash collateral shall be maintained in blocked, non-interest bearing deposit accounts
with the Administrative Agent.

     (h) Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer and
the Parent 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 Borrowers shall pay Letter of Credit fees as set
forth in Section 2.09.

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

2.04 Additional Provisions with respect to Swing Line Loans.

     (a) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Parent
Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be
given by telephone; provided, however, that the Swing Line Lender shall not be
under any obligation to make a Swing Line Loan if any Lender is at such time a Defaulting Lender,
unless such Lender or Parent Borrower shall have made arrangements satisfactory to the Swing Line
Lender to eliminate the Swing Line Lender’s risk with respect to such Lender. 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 $500,000, 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 Loan Notice, appropriately completed and signed by a Responsible
Officer of the Parent Borrower or the REIT Guarantor. Promptly after receipt by the Swing Line
Lender of any telephonic Loan Notice, the Swing Line Lender will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has also received such Loan Notice
and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in
writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone
or in writing) from the Administrative Agent (including at the request of any 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 this Article II, or
(B) that one or more of the applicable conditions specified in Section 4.03 is not then
satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later
than 3:00 p.m. on the borrowing date specified in such Loan Notice, make the amount of its Swing
Line Loan available to the Parent Borrower by crediting the account of the Parent Borrower on the
books of the Swing Line Lender in immediately available funds.

     (b) Refinancing.

     (i) The Swing Line Lender at any time in its sole and absolute discretion may
request, on behalf of the Borrowers (which hereby irrevocably authorize the Swing Line
Lender to so request on their behalf), that each Lender make a Revolving Loan that is a

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Base
Rate Loan in an amount equal to such Lender’s Revolving Commitment Percentage of Swing Line
Loans then outstanding. Such request shall be made in writing (which written request shall
be deemed to be a Loan Notice for purposes hereof) and in
accordance with the requirements of Section 2.02, without regard to the minimum
and multiples specified therein for the principal amount of Base Rate Loans, the unutilized
portion of the Aggregate Commitments or the conditions set forth in Section 4.03.
The Swing Line Lender shall furnish the Parent Borrower with a copy of the applicable Loan
Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall
make an amount equal to its Revolving Commitment Percentage of the amount specified in such
Loan Notice available to the Administrative Agent in immediately available funds for the
account of the Swing Line Lender at the Administrative Agent’s Office not later than 2:00
p.m. on the day specified in such Loan Notice, whereupon, subject to Section
2.04(b)(ii), each Lender that so makes funds available shall be deemed to have made a
Revolving Loan that is a Base Rate Loan to the Borrowers in such amount. The Administrative
Agent shall remit the funds so received to the Swing Line Lender.

     (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Borrowing
of Revolving Loans in accordance with Section 2.04(b)(i), the request for Revolving
Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request
by the Swing Line Lender that each of the 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(b)(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(b) by the time specified in
Section 2.04(b)(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
Federal Funds Rate from time to time in effect. 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 Revolving Loans or to purchase and fund risk
participations in Swing Line Loans pursuant to this Section 2.04(b) shall be
absolute and unconditional and shall not be affected by any circumstance, including (A) any
set-off, counterclaim, recoupment, defense or other right that such Lender may have against
the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default or Event of Default, (C) non-compliance with the
conditions set forth in Section 4.03, or (D) any other occurrence, event or
condition, whether or not similar to any of the foregoing. No such purchase or funding of
risk participations shall relieve or otherwise impair the obligation of the Borrowers to
repay Swing Line Loans, together with interest as provided herein.

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     (c) 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 Revolving Commitment
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 Revolving Commitment Percentage thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the date such
amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative
Agent will make such demand upon the request of the Swing Line Lender.

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

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

2.05 Repayment of Loans.

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

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

2.06 Prepayments.

     (a) Voluntary Prepayments. The Loans may be repaid in whole or in part without
premium or penalty (except, in the case of Loans other than Base Rate Loans, amounts payable
pursuant to Section 3.05); provided that (i) notice thereof must be received by
11:00 a.m. by the Administrative Agent (A) at least three (3) Business Days prior to the date of
prepayment of

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Eurodollar Loans, and (B) on the Business Day prior to the date of prepayment
of Base
Rate
Loans, and (ii) any such prepayment shall be in a minimum principal amount of $1,000,000 and
integral multiples of $1,000,000 in excess thereof, in the case of Eurodollar Loans, and a minimum
principal amount of $500,000 and integral multiples of $100,000 in excess thereof, in the case of
Base Rate Loans, or, in each case, the entire principal amount thereof, if less. Each such notice
of voluntary repayment hereunder shall specify the date and amount of prepayment and the Loans and
Types of Loans which are to be prepaid. The Administrative Agent will give prompt notice to the
applicable Lenders of any prepayment on the Loans and the Lender’s interest therein. Prepayments
of Eurodollar Loans hereunder shall be accompanied by accrued interest thereon and breakage
amounts, if any, under Section 3.05.

     (b) Mandatory Prepayments. If at any time (A) the aggregate principal amount of
Revolving Obligations shall exceed the lesser of (x) the Aggregate Committed Amount and (y) the
Borrowing Base Amount for such date, (B) the aggregate principal amount of L/C Obligations shall
exceed the L/C Committed Amount, (C) the aggregate principal amount of Swing Line Loans shall
exceed the Swing Line Committed Amount, immediate prepayment will be made on the Revolving Loans
and/or to provide Cash Collateral to the L/C Obligations in an amount equal to such excess;
provided, however, that the Borrowers shall not be required to provide Cash
Collateral with respect to the L/C Obligations pursuant to this Section 2.06(b) unless
after the prepayment in full of the Loans the aggregate Outstanding Amount of all Loans and all L/C
Obligations exceed the Aggregate Commitments then in effect.

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

     (i) Voluntary Prepayments. Voluntary prepayments shall be applied as
specified by the Borrowers. Voluntary prepayments on the Revolving Obligations will be paid
by the Administrative Agent to the Lenders ratably in accordance with their respective
interests therein.

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

2.07 Termination or Reduction of Commitments.

     The Commitments hereunder may be permanently reduced in whole or in part without premium or
penalty by notice from the Parent Borrower to the Administrative Agent; provided
that (i) any such notice thereof must be received by 11:00 a.m. at least five (5) Business
Days prior to the date of reduction or termination and any such prepayment, if any is required in
connection therewith, shall be in a minimum principal amount of (x) in the case of partial
prepayments, $5,000,000 and integral multiples of $1,000,000 in excess thereof or (y) in the case
of a payment in full, the Obligations; and (ii) the Commitments may not be reduced to an amount
less than the Revolving Obligations then outstanding. The Administrative Agent will give

52

 

prompt
notice to the Lenders of any such reduction in Commitments. Any reduction of the
Aggregate Commitments shall be applied to the Commitment of each Lender according to its
Revolving Commitment Percentage thereof. All commitment or other fees accrued until the effective
date of any termination of the Aggregate Commitments shall be paid on the effective date of such
termination.

2.08 Interest.

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

     (b) If any amount payable by the Borrowers under any Credit Document is not paid when due
(after taking into account any applicable grace periods), whether at stated maturity, by
acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Law. Furthermore, upon the written request of the Required Lenders, from and after receipt by the
Borrowers of such written request and while any Event of Default exists, the Borrowers shall pay
interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Law. Accrued and unpaid interest on past due amounts (including interest on past due interest)
shall be due and payable upon demand.

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

2.09 Fees.

     (a) Unused Fee. From and after the Closing Date, the Borrowers agree to pay the
Administrative Agent for the ratable benefit of the Lenders an unused fee (the “Unused
Fee”) for each calendar quarter (or portion thereof) in an amount equal to the sum of the Daily
Unused Fees incurred during such period. The Unused Fee shall accrue at all times during the
Commitment Period, including periods during which the conditions to Extensions of Credit in
Section 4.03 may not be met, and shall be 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 (and, if applicable, thereafter on demand);
provided, that (i) no Unused Fee shall accrue on the Commitment of a Defaulting Lender so
long as such Lender shall be a Defaulting Lender and (ii) any Unused Fee accrued with respect to
the

53

 

Commitment of a Defaulting Lender during the period prior to the time such Lender became a
Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such
Lender shall be a Defaulting Lender. For purposes of clarification, Swing Line Loans shall
not be considered outstanding for purposes of determining the unused portion of the Aggregate
Commitments. The Administrative Agent shall distribute the Unused Fee to the Lenders pro rata in
accordance with the respective Revolving Commitments of the Lenders.

     (b) Upfront and Other Fees. The Borrowers agree to pay to the Administrative
Agent for the benefit of the Lenders the upfront and other fees provided in the Administrative
Agent’s Fee Letter.

     (c) Letter of Credit Fee. The Borrower shall pay to the Administrative Agent for
the account of each Lender in accordance with its Revolving Commitment Percentage a Letter of
Credit fee (the “Letter of Credit Fee”) for each standby Letter of Credit equal to the
Applicable Percentage 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
1.07. Letter of Credit Fees shall be (i) due and payable on the last Business Day 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
and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable
Percentage during any quarter, the daily amount available to be drawn under each standby Letter of
Credit shall be computed and multiplied by the Applicable Percentage separately for each period
during such quarter that such Applicable Percentage was in effect. Notwithstanding anything to the
contrary contained herein, upon the written request of the Required Lenders, from and after the
receipt by the Borrowers of such written request and while any Event of Default exists, all Letter
of Credit Fees shall accrue at the Default Rate. Notwithstanding the foregoing, (1) no Letter of
Credit Fees shall accrue in favor of a Defaulting Lender so long as such Lender shall be a
Defaulting Lender and (2) any Letter of Credit Fees accrued in favor of a Defaulting Lender during
the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall
not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender

     (d) Administrative Agent’s Fees. The Borrowers agree to pay the Administrative
Agent such fees as provided in the Administrative Agent’s Fee Letter or as may be otherwise agreed
by the Administrative Agent and the Borrowers from time to time.

     (e) Other Fees.

     (i) The Borrowers 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 Arranger’s Fee
Letter and the Administrative Agent’s Fee Letter. Such fees shall be fully earned when paid
and shall not be refundable for any reason whatsoever.

     (ii) The Borrowers 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.

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	2.10 	Computation of Interest and Fees; Retroactive Adjustments of Applicable Percentage.

     (a) All computations of interest for Base Rate Loans shall be made on the basis of a year
of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees
and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that
any Loan that is repaid on the same day on which it is made shall, subject to Section
2.11(a), bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

     (b) If, as a result of any restatement of or other adjustment to the financial statements
of the Credit Parties or for any other reason, any Credit Party or the Lenders determine that (i)
the Consolidated Leverage Ratio as calculated by the Credit Parties as of any applicable date was
inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in
higher pricing for such period, the Credit Parties shall immediately and retroactively be obligated
to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as
the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an
actual or deemed entry of an order for relief with respect to any Credit Party under the Bankruptcy
Code, automatically and without further action by the Administrative Agent, any Lender or the L/C
Issuer), an amount equal to the excess of the amount of interest and fees that should have been
paid for such period over the amount of interest and fees actually paid for such period. This
paragraph shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as
the case may be, under Section 2.03, or 2.08 or under Article VIII. The
Borrower’s obligations under this paragraph shall survive the termination of the Aggregate
Commitments and the repayment of all other Obligations (other than indemnification obligations and
other contingent obligations for which no claim has been asserted) hereunder for a period of one
year after the repayment in full of all Obligations (other than indemnification obligations and
other contingent obligations for which no claim has been asserted) and the termination of the
Commitment.

2.11 Payments Generally.

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

55

 

     (b) Subject to the definition of “Interest Period,” if any payment to be made by the
Borrowers 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.

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

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

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

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

     (d) If any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article II, and such
funds are not made available to the Borrowers by the Administrative Agent because the conditions to
the applicable Extension of Credit set forth in Section 4.03 are not satisfied or waived in

56

 

accordance with the terms hereof or for any other reason, the Administrative Agent shall
return such funds (in like funds as received from such Lender) to such Lender, without interest.

     (e) The obligations of the Lenders hereunder to make 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 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 Loan, to purchase
its participation or to make its payment under Section 10.04(c).

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

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

2.12 Sharing of Payments.

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

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paying Lender’s ratable share (according to the proportion of (A) the amount of such paying
Lender’s required repayment to (B) the total amount so recovered from the purchasing Lender) of any
interest or other amount paid or payable by the purchasing Lender in respect of the total amount so
recovered, without further interest thereon and (ii) the provisions of this Section shall not be
construed to apply to any payment obtained by the L/C Issuer or the Swing Line Lender to secure the
obligations of Defaulting Lenders to fund such risk participations. The Borrowers agree that any
Lender so purchasing a participation from another Lender may, to the fullest extent permitted by
law, exercise all its rights of payment (including the right of set-off, but subject to Section
10.08) with respect to such participation as fully as if such Lender were the direct creditor
of the Borrowers in the amount of such participation. The Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations
purchased under this Section and will in each case notify the Lenders following any such purchases
or repayments. Each Lender that purchases a participation pursuant to this Section shall from and
after such purchase have the right to give all notices, requests, demands, directions and other
communications under this Credit Agreement with respect to the portion of the Revolving Obligations
purchased to the same extent as though the purchasing Lender were the original owner of the
Revolving Obligations purchased.

2.13 Evidence of Debt.

     (a) The Extensions of Credit made by each Lender shall be evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent in the ordinary
course of business. The accounts or records maintained by the Administrative Agent and each Lender
shall be conclusive absent manifest error of the amount of the Extension of Credits made by the
Lenders to the Borrowers 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 Borrowers
hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the
Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. The Borrowers shall execute and deliver to
the Administrative Agent a Note for each Lender requesting a Note, which Note shall evidence such
Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its
Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto.

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

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2.14 Joint and Several Liability of the Borrowers.

     (a) Each of the Borrowers is accepting joint and several liability hereunder in
consideration of the financial accommodation to be provided by the Lenders under this Credit
Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in
consideration of the undertakings of each of the Borrowers to accept joint and several liability
for the obligations of each of them.

     (b) Each of the Borrowers jointly and severally hereby irrevocably and unconditionally
accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other
Borrowers with respect to the payment and performance of all of the Obligations arising under this
Credit Agreement and the other Credit Documents, it being the intention of the parties hereto that
all the Obligations shall be the joint and several obligations of each of the Borrowers without
preferences or distinction among them.

     (c) If and to the extent that any of the Borrowers shall fail to make any payment with
respect to any of the obligations hereunder as and when due or to perform any of such obligations
in accordance with the terms thereof, then in each such event, the other Borrowers will make such
payment with respect to, or perform, such obligation.

     (d) The obligations of each Borrower under the provisions of this Section 2.14
constitute full recourse obligations of such Borrower, enforceable against it to the full extent of
its properties and assets, irrespective of the validity, regularity or enforceability of this
Credit Agreement or any other circumstances whatsoever.

     (e) Except as otherwise expressly provided herein, each Borrower hereby waives notice of
acceptance of its joint and several liability, notice of occurrence of any Default or Event of
Default (except to the extent notice is expressly required to be given pursuant to the terms of
this Credit Agreement), or of any demand for any payment under this Credit Agreement (except to the
extent demand is expressly required to be given pursuant to the terms of this Agreement), notice of
any action at any time taken or omitted by the Lender under or in respect of any of the Obligations
hereunder except as expressly provided herein, any requirement of diligence and, generally, all
demands, notices and other formalities of every kind in connection with this Credit Agreement
except as expressly provided herein. Each Borrower hereby assents to, and waives notice of, any
extension or postponement of the time for the payment of any of the Obligations hereunder, the
acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by
the Lenders at any time or times in respect of any default by any Borrower in the performance or
satisfaction of any term, covenant, condition or provision of this Credit Agreement, any and all
other indulgences whatsoever by the Lenders in respect of any of the Obligations hereunder, and the
taking, addition, substitution or release, in whole or in part, at any time or times, of any
security for any of such Obligations or the addition, substitution or release, in whole or in part,
of any Borrower. Without limiting the generality of the foregoing, each Borrower assents to any
other action or delay in acting or any failure to act on the part of the Lender, including, without
limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to
comply fully with applicable laws or regulations thereunder which might, but for the provisions of
this Section 2.14, afford grounds for terminating, discharging or

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relieving such Borrower, in whole or in part, from any of its obligations under this
Section 2.14, it being the intention of each Borrower that, so long as any of the
Obligations hereunder remain unsatisfied, the obligations of such Borrower under this Section
2.14 shall not be discharged except by performance and then only to the extent of such
performance. The obligations of each Borrower under this Section 2.14 shall not be
diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation,
reconstruction or similar proceeding with respect to any reconstruction or similar proceeding with
respect to any Borrower or any Lender. The joint and several liability of the Borrowers hereunder
shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any
other change whatsoever in the name, membership, constitution or place of formation of any Borrower
or any Lender.

     (f) The provisions of this Section 2.14 are made for the benefit of the
Administrative Agent, L/C Issuer, Swing Line Lender, the Lenders and their respective successors
and assigns, and may be enforced by any such Person from time to time against any of the Borrowers
as often as occasion therefor may arise and without requirement on the part of any Lender first to
marshal any of its claims or to exercise any of its rights against any of the other Borrowers or to
exhaust any remedies available to it against any of the other Borrowers or to resort to any other
source or means of obtaining payment of any of the Obligations or to elect any other remedy. The
provisions of this Section 2.14 shall remain in effect until all the Obligations hereunder
shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any
part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored
or returned by the Lenders upon the insolvency, bankruptcy or reorganization of any of the
Borrowers, or otherwise, the provisions of this Section 2.14 will forthwith be reinstated
and in effect as though such payment had not been made.

     (g) Notwithstanding any provision to the contrary contained herein or in any other of the
Credit Documents, the obligations of each Borrower hereunder shall be limited to an aggregate
amount equal to the largest amount that would not render its obligations hereunder subject to
avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable
state law.

2.15 Appointment of Parent Borrower as Legal Representative for Credit Parties.

     Each of the Credit Parties hereby appoints the Parent Borrower to act as its exclusive legal
representative for all purposes under this Credit Agreement and the other Credit Documents
(including, without limitation, with respect to all matters related to Borrowings and the repayment
of Loans and Letters of Credit as described in Article II and Article III hereof).
Each of the Credit Parties acknowledges and agrees that (a) the Parent Borrower may execute such
documents on behalf of all the Credit Parties as the Parent Borrower deems appropriate in its
reasonable discretion and each Credit Party shall be bound by and obligated by all of the terms of
any such document executed by the Parent Borrower on its behalf, (b) any notice or other
communication delivered by the Administrative Agent or any Lender hereunder to the Parent Borrower
shall be deemed to have been delivered to each of the Credit Parties and (c) the Administrative
Agent and each of the Lenders shall accept (and shall be permitted to rely on) any document or
agreement executed by the Parent Borrower on behalf of the Credit Parties (or any of them). The
Borrowers must act through the Parent Borrower for all purposes under this Credit

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Agreement and the other Credit Documents. Notwithstanding anything contained herein to the
contrary, to the extent any provision in this Credit Agreement requires any Credit Party to
interact in any manner with the Administrative Agent or the Lenders, such Credit Party shall do so
through the Parent Borrower.

2.16 Cash Collateral.

     (a) Certain Credit Support Events. Upon the request of the Administrative Agent
or the L/C Issuer (i) if the L/C Issuer has honored any full or partial drawing request under any
Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the 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.
At any time that there shall exist a Defaulting Lender, immediately upon the request of the
Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver to the
Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after
giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting
Lender).

     (b) Grant of Security Interest. All Cash Collateral (other than credit support
not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing
deposit accounts at Bank of America. The Borrower, and to the extent provided by any Lender, such
Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit
of the Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line Lender), and
agrees to maintain, a first priority security interest in all such cash, deposit accounts and all
balances therein, and all other property so provided as collateral pursuant hereto, and in all
proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be
applied pursuant to Section 2.16(c). If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent as herein provided, or that the total amount of such Cash Collateral is less than the
applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant
Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the
Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency.

     (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, Cash Collateral provided under any of this Section 2.16 or Sections
2.01(b), 2.01(c), 2.03, 2.04, 2.06, 2.17 or
8.02 in respect of Letters of Credit or Swing Line Loans shall be held and applied to the
satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on
such obligation) and other obligations for which the Cash Collateral was so provided, prior to any
other application of such property as may be provided for herein.

     (d) Release. Cash Collateral (or the appropriate portion thereof) provided to
reduce Fronting Exposure or other obligations shall be released promptly following (i) the
elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including
by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its
assignee

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following compliance with Section 10.06(b)(vi))) or (ii) the Administrative Agent’s
good faith determination that there exists excess Cash Collateral; provided,
however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be
released during the continuance of a Default or Event of Default (and following application as
provided in this Section 2.16 may be otherwise applied in accordance with Section
8.03), and (y) the Person providing Cash Collateral and the L/C Issuer or Swing Line Lender, as
applicable, may agree that Cash Collateral shall not be released but instead held to support future
anticipated Fronting Exposure or other obligations.

2.17 Defaulting Lenders.

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

     (i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 10.01.

     (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.08), shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any
amounts owing by that Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by that Defaulting
Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by
the Administrative Agent or requested by the L/C Issuer or Swing Line Lender, to be held as
Cash Collateral for future funding obligations of that Defaulting Lender of any
participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrower
may request (so long as no Default exists), to the funding of any Loan in respect of which
that Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account
and released in order to satisfy obligations of that Defaulting Lender to fund Loans under
this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C
Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, the L/C Issuer or Swing Line Lender against that Defaulting Lender
as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Default exists, to the payment of any amounts owing to the
Borrower as a result of any judgment of a court of competent jurisdiction obtained by the
Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of
its obligations under this Agreement; and eighth, to that Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of
which that Defaulting Lender has

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not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made
at a time when the conditions set forth in Section 4.03 were satisfied or waived,
such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all
non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section
2.17(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

     (iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any commitment fee pursuant to Section 2.09(a) for any period during which
that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such
fee that otherwise would have been required to have been paid to that Defaulting Lender) and
(y) shall be limited in its right to receive Letter of Credit Fees as provided in
Section 2.03(i).

     (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, for purposes of computing the
amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03
and 2.04, the “Revolving Commitment Percentage” of each non-Defaulting Lender
shall be computed without giving effect to the Revolving Commitment of that Defaulting
Lender; provided, that, (i) each such reallocation shall be given effect only if, at
the date the applicable Lender becomes a Defaulting Lender, no Default exists; and (ii) the
aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit and Swing Line Loans shall not exceed the positive
difference, if any, of (1) the Revolving Commitment of that non-Defaulting Lender
minus (2) the aggregate Outstanding Amount of the Revolving Loans of that Lender.

     (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing
Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other
Lenders or take such other actions as the Administrative Agent may determine to be necessary to
cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to
be held on a pro rata basis by the Lenders in accordance with their Revolving Commitment
Percentages (without giving effect to Section 2.17(a)(iv)), whereupon that Lender will
cease to be a Defaulting Lender; provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.

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2.18 Extension of Maturity Date.

     (a) Request for Extension. The Parent Borrower may, by notice (the “Extension
Notice”) to the Administrative Agent (who shall promptly notify the Lenders) not earlier than
270 days and not later than 60 days prior to the Maturity Date, make a one time request that each
Lender extend such Lender’s Maturity Date for an additional year from the Maturity Date currently
in effect (the “Existing Maturity Date”), such extension to be irrevocably granted on the
date that each of the conditions set forth in this Section 2.18 have been satisfied (the
“Extension Effective Date”). Upon receipt of the Extension Notice, Administrative Agent
shall use good faith efforts to order, review and approve the appraisals required pursuant to
clause (b)(iii) below on or prior to the date that is 60 days after the date Administrative Agent
receives the Extension Notice. Upon the satisfaction of each of the conditions set forth in this
Section 2.18, the Extension Effective Date shall occur and the extension of the Maturity
Date for an additional year from the Maturity Date currently in effect shall be effective.

     (b) Conditions to Effectiveness of Extension. Subject to the provisions of the
foregoing clause (a), 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 has occurred and is continuing on the Extension
Effective Date;

     (ii) the representations and warranties contained in Article V and the
other Credit Documents shall (A) with respect to representations and warranties that contain
a materiality qualification, be true and correct and (B) with respect to representations and
warranties that do not contain a materiality qualification, be true and correct in all
material respects, in each case on and as of the Extension Effective Date as if made on and
as of such date except for any representation or warranty made as of an earlier date, which
representation and warranty shall remain true and correct as of such earlier date, and
except that for purposes of this Section 2.18, the representations and warranties
contained in Section 5.01 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b) of Section 6.01;

     (iii) the Administrative Agent shall have received (for distribution to the
Lenders) and reviewed new appraisals for the Borrowing Base Assets, completed at the
Borrowers’ expense and by an appraiser selected by the Administrative Agent and reasonably
acceptable to the Borrowers (it being understood and agreed that, in the event the
Outstanding Amount exceeds the Aggregate Collateral Value Amount as determined by such new
appraisals, the Borrowers shall prepay the Loans in an amount equal to or greater than such
excess in accordance with Section 2.06(b));

     (iv) the Borrowers shall pay to the Lenders on the Extension Effective Date a fee
(to be shared among the Lenders based upon their pro rata share of the
Aggregate Commitments) equal to the product of (i) 0.30% multiplied by (ii) the then
Aggregate Commitments.

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

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01 Taxes.

     (a) Payments Free of Taxes. Any and all payments by or on account of any
obligation of the Credit Parties hereunder or under any other Credit Document shall be made free
and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes,
provided that if any Credit Party shall be required by applicable law to deduct any
Indemnified Taxes or 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 or any Lender, as the case may
be, receives an amount equal to the sum it would have received had no such deductions been made,
(ii) such Credit Party shall make such deductions and (iii) such Credit Party shall timely pay the
full amount deducted to the relevant Governmental Authority in accordance with applicable law.

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

     (c) Indemnification by the Credit Parties. The Credit Parties shall indemnify the
Administrative Agent and each Lender, 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
or such Lender, 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 (except for any
interest, penalties, or expenses caused by the gross negligence or willful misconduct of the
Administrative Agent or a Lender, as the case may be). A certificate as to the amount of such
payment or liability delivered to any Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

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

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     (e) Status of Lenders.

     (i) Each Lender shall deliver to the Parent Borrower and to the Administrative
Agent, at the time or times prescribed by applicable laws or when reasonably requested by
the Parent Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction
and such other reasonably requested information as will permit the Parent Borrower or the
Administrative Agent, as the case may be, to determine (A) whether or not payments made
hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the
required rate of withholding or deduction, and (C) such Lender’s entitlement to any
available exemption from, or reduction of, applicable Taxes in respect of all payments to be
made to such Lender by the Borrowers pursuant to this Agreement or otherwise to establish
such Lender’s status for withholding tax purposes in the applicable jurisdiction.

     (ii) Without limiting the generality of the foregoing, if such Borrower is resident
for tax purposes in the United States,

     (A) any Lender that is a “United States person” within the meaning of
Section 7701(a)(30) of the Internal Revenue Code shall deliver to the Parent
Borrower and the Administrative Agent executed originals of Internal Revenue Service
Form W-9 or such other documentation or information prescribed by applicable laws or
reasonably requested by the Parent Borrower or the Administrative Agent as will
enable the Parent Borrower or the Administrative Agent, as the case may be, to
determine that such Lender is not subject to backup withholding or information
reporting requirements; and

     (B) each Foreign Lender that is entitled under the Internal Revenue Code or
any applicable treaty to an exemption from or reduction of withholding tax with
respect to payments hereunder or under any other Credit Document shall deliver to
the Parent 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 Parent Borrower or the Administrative Agent, but only if such Foreign
Lender is legally entitled to do so), whichever of the following is applicable:

     (I) executed originals 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) executed originals of Internal Revenue Service Form W-8ECI,

     (III) executed originals of Internal Revenue Service Form W-8IMY
and all required supporting documentation,

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     (IV) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Internal
Revenue 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 Internal
Revenue Code, (B) a “10 percent shareholder” of the Borrower within the
meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the
Internal Revenue Code and (y) duly completed copies of Internal Revenue
Service Form W-8BEN, or

     (V) executed originals of any other form prescribed by applicable
laws 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 such Borrower
or the Administrative Agent to determine the withholding or deduction
required to be made.

     (C) each Lender shall deliver to the Administrative Agent and the Parent
Borrower such documentation reasonably requested by the Administrative Agent or the
Parent Borrower sufficient for the Administrative Agent and the Borrowers to comply
with their obligations under FATCA and to determine whether payments to such Lender
are subject to withholding tax under FATCA.

     (iii) Each Lender shall promptly (A) notify the Parent Borrower and the
Administrative Agent of any change in circumstances which would modify or render invalid any
claimed exemption or reduction, and (B) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably
necessary (including the re-designation of its Lending Office) to avoid any requirement of
applicable Laws of any jurisdiction that a Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender.

     (f) Treatment of Tax Refunds and Credits. Unless required by applicable Laws, at
no time shall the Administrative Agent have any obligation to file or otherwise pursue on behalf of
a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted
from funds paid for the account of such Lender. If the Administrative Agent or any Lender
determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other
Taxes as to which it has been indemnified by the Credit Parties or with respect to which the Credit
Parties have paid additional amounts pursuant to this Section, it shall pay to the applicable
Credit Parties an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Credit Parties under this Section with respect to the
Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket
expenses incurred by the Administrative Agent or such Lender 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 applicable Credit Parties, upon the request of the Administrative Agent

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or such Lender, agrees to repay the amount paid over to it (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such
Lender in the event the Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. This Section 3.01(f) shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Credit Parties or any other Person.

3.02 Illegality.

     If any Lender determines that any Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain
or fund Eurodollar Loans, or to determine or charge interest rates based upon the Eurodollar Rate,
then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, any
obligation of such Lender to make or continue Eurodollar Loans or to convert Base Rate Loans to
Eurodollar Loans shall be suspended until such Lender notifies the Administrative Agent and the
Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt
of such notice, the Borrowers shall, upon demand from such Lender (with a copy to the
Administrative Agent), prepay or, if applicable, convert all Eurodollar 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 Loans to such day, or immediately, if such Lender may
not lawfully continue to maintain such Eurodollar Loans. Upon any such prepayment or conversion,
the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender
agrees to designate a different Lending Office if such designation will avoid the need for such
notice and will not, in the good faith judgment of such Lender, otherwise be materially
disadvantageous to such Lender.

3.03 Inability to Determine Rates.

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

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

     (a) If any Lender determines that as a result of the introduction after the date hereof of
or any change in or in the interpretation, after the date hereof, of any Law, or such Lender’s
compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make

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

     (b) If any Lender determines that the introduction after the date hereof of any Law
regarding capital adequacy or any change therein made after the date hereof or in the
interpretation thereof made after the date hereof, or compliance by such Lender (or its Lending
Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or
any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder
(taking into consideration its policies with respect to capital adequacy and such Lender’s desired
return on capital), then from time to time upon demand of such Lender (with a copy of such demand
to the Administrative Agent), the Borrowers shall pay to such Lender such additional amounts as
will compensate such Lender for such reduction. The Borrowers shall not be required to pay such
additional amounts unless such amounts are the result of requirements imposed generally on lenders
similar to such Lenders and not the result of some specific reserve or similar requirement imposed
on such Lender as a result of such Lender’s special circumstances.

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

     (d) Each Lender agrees to make reasonable efforts to designate a different Lending Office
if such designation will avoid or reduce the amounts payable under this Section 3.04 and
will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to
such Lender

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3.05 Funding Losses.

     Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrowers 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 Borrowers (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 Borrowers; or

     (c) any assignment of a Eurodollar Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrowers pursuant to Section 10.13;

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

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Loan made by it at the
Eurodollar 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 Loan was in fact so funded.

3.06 Matters Applicable to all Requests for Compensation.

     (a) A certificate of the Administrative Agent or any Lender claiming compensation under
this Article III and setting forth the additional amount or amounts to be paid to it
hereunder shall be conclusive in the absence of manifest error (i) unless such amount or amounts
result from or is with respect to any period prior to the date that is 120 days prior to the date
on which the Administrative Agent or the applicable Lender makes a claim hereunder if the
Administrative Agent or the applicable Lender prior to such date knew or could reasonably have been
expected to know of the circumstances giving rise to the claim hereunder or the fact that such
circumstances would result in the claim hereunder and (ii) provided that no compensation shall be
claimed under this Article III unless the Administrative Agent or the applicable Lender is
making similar claims to other similarly situated borrowers. In determining such amount, the
Administrative Agent or such Lender may use any reasonable averaging and attribution methods.

     (b) Upon any Lender’s making a claim for compensation under Section 3.01,
3.02 or 3.04, the Borrowers may replace such Lender in accordance with Section
10.13.

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     (c) Each Lender shall promptly notify the Parent Borrower and the Administrative Agent of
any event of which it has knowledge which will result in an obligation of Borrower to pay any
amounts pursuant to Article III, and will use reasonable commercial efforts available to it (and
not, in such Lender’s reasonable judgment, otherwise disadvantageous to such Lender) to mitigate or
avoid any such obligations by the Borrowers.

3.07 Survival.

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

ARTICLE IV

CONDITIONS PRECEDENT TO EXTENSION OF CREDITS

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

4.01 Conditions to Closing Date.

This Agreement shall become effective upon the satisfaction or waiver of the following conditions
precedent:

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

     (i) executed counterparts of this Credit Agreement (other than the Schedules which shall be delivered on the Funding Date), the Administrative Agent’s Fee Letter and
the Arranger’s Fee Letter each properly executed by a Responsible Officer of the signing
Credit Party.

     (b) Administrative Agent Fees and Expenses. Payment by the Credit Parties to the
Administrative Agent of all fees and expenses relating to the preparation, execution and delivery
of this Credit Agreement and the other Credit Documents which are due and payable on the Closing
Date, including, without limitation, payment to the Administrative Agent of the fees set forth in
the Administrative Agent’s Fee Letter, and reasonable and documented Attorney Costs, consultants’
fees, travel expenses and all reasonable fees and expenses associated with the due diligence done
in connection with and the preparation of documentation with respect to the Borrowing Base Assets
or other Collateral.

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     (c) Lender Fees. Payment by the Credit Parties to the Administrative Agent (on
behalf of itself and the other Lenders) of all upfront/commitment fees as agreed upon among the
Credit Parties, the Arranger and the respective Lenders.

     Without limiting the generality of the provisions of the last paragraph of Section
9.03, 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.

4.02 Conditions to Funding Date.

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

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

     (i) a Borrower Joinder Agreement with respect to each Subsidiary required to
deliver the same pursuant to Section 6.14(a) hereunder;

     (ii) the Security Agreements;

     (iii) a Note executed by the Borrowers in favor of each Lender requesting a Note;

     (iv) copies of the Organization Documents of each Credit Party (other than the
Subsidiary Guarantors) certified to be true and complete as of a recent date by the
appropriate Governmental Authority of the state or other jurisdiction of its incorporation
or organization, where applicable, and certified by a secretary or assistant secretary of
such Credit Party to be true and correct as of the Funding Date;

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

     (vi) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Credit Party (other than the Subsidiary

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Guarantors) is duly organized or formed, and is validly existing, in good standing and
qualified to engage in business in (A) the jurisdiction of its incorporation or organization
and (B) 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.

     (b) Delivery of Schedules. Receipt by the Administrative Agent of a fully
completed versions of all Schedules each in form and substance satisfactory to the Administrative
Agent.

     (c) Senior Notes. The Administrative Agent shall have received satisfactory
evidence that (i) the Senior Notes have been issued in accordance with the terms of the Senior
Notes Indenture, (ii) the Senior Notes Issuers shall have received no less than $185,000,000 in
aggregate gross proceeds from the sale of the Senior Notes and (iii) the proceeds received in
connection with the sale of the Senior Notes will be applied as partial payment of the outstanding
amounts due pursuant to the GE Capital Facility (clauses (i), (ii) and (iii), collectively, the
“Senior Notes Issuance”).

     (d) Opinions of Counsel. The Administrative Agent shall have received legal
opinion with respect to certain of the Credit Documents (other than the Credit Agreement) (in each
case dated as of the Funding Date, addressed to the Administrative Agent and in form and substance
reasonably satisfactory to the Administrative Agent) from:

(i) Sidley Austin LLP, counsel for the Credit Parties;

(ii) Venable LLP, special Maryland counsel for the REIT Guarantor; and

(iii) special local counsel for the Borrowers for any state in which a
Borrowing Base Asset is located.

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

     (i) executed counterparts of a Subsidiary Guarantor Joinder Agreement with respect
to each Subsidiary Guarantor required to be a Subsidiary Guarantor pursuant to Section
6.14(b) hereunder;

     (ii) copies of the Organization Documents of each Subsidiary Guarantor certified to
be true and complete as of a recent date by the appropriate Governmental Authority of the
state or other jurisdiction of its incorporation or organization, where applicable, and
certified by a secretary or assistant secretary of such Subsidiary Guarantor to be true and
correct as of the Funding Date;

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

     (iv) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Subsidiary Guarantor is duly organized or formed, and is
validly existing, in good standing and qualified to engage in business in (A) the
jurisdiction of its incorporation or organization and (B) 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.

     (f) Personal Property Collateral. The Administrative Agent shall have received
(in each case in form and substance reasonably satisfactory to the Administrative Agent):

     (i) searches of Uniform Commercial Code filings in the state of incorporation of
each Borrower or where a filing would need to be made in order to perfect the Administrative
Agent’s security interest in the tangible personal property Collateral, copies of the
financing statements on file in such jurisdictions and evidence that no Liens exist other
than Permitted Liens;

     (ii) 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;

     (iii) duly executed notices of grant of security interest as are necessary, in the
Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security
interest in the Collateral;

     (iv) all instruments and chattel paper in the possession of any of the Borrowers,
together with allonges or assignments as may be necessary or appropriate to perfect the
Administrative Agent’s security interest in the Collateral;

     (v) duly executed consents as are necessary, in the Administrative Agent’s
reasonable discretion, to perfect the Administrative Agent’s security interest in the
Collateral;

     (vi) in the case of any tangible personal property Collateral located at a premises
leased by a Borrower, such estoppel letters, consents and waivers from the landlords on such
real property as may be reasonably required by the Administrative Agent; and

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     (vii) certificates (if any) representing the Pledged Equity referred to in each of
the Security Agreements accompanied by undated stock powers executed in blank and
instruments evidencing any pledged debt indorsed in blank.

     (g) Real Property Collateral (Borrowing Base Assets). The Administrative Agent
shall have received each of the Borrowing Base Asset Deliverables with respect to each Real
Property Asset intended to be a Borrowing Base Asset on the Funding Date.

     (h) Title Company Fees and Expenses. Payment by the Credit Parties to the
provider of each Mortgage Policy of all fees and expenses necessary for the recordation of mortgage
documents with respect to the Borrowing Base Assets.

     (i) Property and Liability Insurance. The Administrative Agent shall have
received copies of all insurance policies or certificates thereof held by (or for the benefit of)
the Borrowers or Tenants with respect to the Real Property Assets of the Borrowers, each such
policy shall name the Administrative Agent (on behalf of the Lenders) as an additional insured or
loss payee under a standard mortgagee endorsement, as applicable and each provider of any such
insurance shall agree, by endorsement upon the policy or policies issued by it or by independent
instruments furnished to the Administrative Agent, that it will give the Administrative Agent
thirty (30) days prior written notice before any such policy or policies shall be canceled.

     (j) Officer’s Certificates. The Administrative Agent shall have received a
certificate or certificates executed by a Responsible Officer of the REIT Guarantor as of the
Funding Date, substantially in the form of Exhibit C-2, stating that (i) each Credit Party
(other than the Subsidiary Guarantors) is in compliance with all existing financial obligations
(whether pursuant to the terms and conditions of this Credit Agreement or otherwise), (ii) all
governmental, shareholder and third party consents and approvals, if any, with respect to the
Credit Documents and the transactions contemplated thereby have been obtained, (iii) no action,
suit, investigation or proceeding is pending or threatened in any court or before any arbitrator or
governmental instrumentality (A) that purports to affect (1) the REIT Guarantor, the LP Guarantor
or the OP Guarantor, in a materially adverse manner, (2) the Borrowers, taken as a whole, in a
materially adverse manner (3) the Credit Parties, taken as a whole, in a materially adverse manner,
(4) the Transactions or (B) that could reasonably be expected to have a Material Adverse Effect on
(1) the REIT Guarantor, the LP Guarantor or the OP Guarantor, (2) the Borrowers taken as a whole,
(3) the transactions contemplated hereby or (4) the ability of the Credit Parties to perform their
obligations under the Credit Documents or, (iv) immediately prior to and following the transactions
contemplated herein, each of the Credit Parties shall be Solvent, and (v) as of the Funding Date,
(A) no Default or Event of Default exists and (B) all representations and warranties contained
herein and in the other Credit Documents are (i) with respect to representations and warranties
that contain a materiality qualification, true and correct and (ii) with respect to representations
and warranties that do not contain a materiality qualification, true and correct in all material
respects.

     (k) Opening Borrowing Base Certificate. Receipt by the Administrative Agent of a
Borrowing Base Certificate as of the Funding Date, substantially in the form of Exhibit
C-3, duly completed and executed by a Responsible Officer of the Parent Borrower or the REIT
Guarantor.

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     (l) Financial Statements. Receipt by the Administrative Agent and the Lenders of
(i) the Audited Financial Statements, (ii) pro forma projections of financial statements (balance
sheet, income and cash flows) for each of the following four (4) fiscal quarters of the
Consolidated Parties and each of the following three (3) fiscal years of the Consolidated Parties,
and (iii) such other information relating to the Consolidated Parties as the Administrative Agent
may reasonably require in connection with the structuring and syndication of credit facilities of
the type described herein.

     (m) Opening Compliance Certificate. Receipt by the Administrative Agent of a
Compliance Certificate as of the Funding Date signed by a Responsible Officer of the Parent
Borrower or the REIT Guarantor and including (i) pro forma calculations for the current fiscal
quarter based on the amounts set forth in the most recent financial statements delivered to the
Administrative Agent pursuant to this Agreement (taking into account any Extension of Credit made
or requested hereunder as of such date) and pro forma calculations of all financial covenants
contained herein for each of the following four (4) fiscal quarters (based on the projections set
forth in the materials delivered pursuant to clause (m) of this Section 4.02).

     (n) Consents/Approvals. The Credit Parties shall have received all approvals,
consents and waivers, and shall have made or given all necessary filings and notices as shall be
required to consummate the Transactions without the occurrence of any default under, conflict with
or violation of (i) any applicable Law or (ii) any agreement, document or instrument to which any
Credit Party is a party or by which any of them or their respective properties is bound, except for
such approvals, consents, waivers, filings and notices the receipt, making or giving of which would
not reasonably be likely to have a Material Adverse Effect.

     (o) Material Adverse Change. No material adverse change shall have occurred since
December 31, 2009 in the business, assets, operations or financial condition of the Credit Parties,
taken as a whole, or in the facts and information regarding such Credit Parties as of the Funding
Date.

     (p) Litigation. There shall not exist any pending or threatened action, suit,
investigation or proceeding against any Credit Party or any of their Affiliates that could
reasonably be expected to have a Material Adverse Effect or could otherwise materially and
adversely effect the Transactions.

     (q) Transactions. The Administrative Agent shall have received satisfactory
evidence that the Transactions shall have been consummated, in each case, in accordance with their
respective terms.

     (r) Administrative Agent Fees and Expenses. Payment by the Credit Parties to the
Administrative Agent of all fees and expenses relating to the preparation, execution and delivery
of this Credit Agreement and the other Credit Documents which are due and payable on the Funding
Date, and reasonable and documented Attorney Costs, consultants’ fees, travel expenses and all
reasonable fees and expenses associated with the due diligence done in connection with

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and the preparation of documentation with respect to the Borrowing Base Assets or other
Collateral.

     (s) Other. Receipt by the Lenders or the Administrative Agent of such other
documents, instruments, agreements or information as reasonably requested by any Lender or the
Administrative Agent, including, but not limited to, additional legal opinions, contribution
agreements, corporate resolutions, indemnifications and information regarding litigation, tax,
accounting, labor, insurance, pension liabilities (actual or contingent), real estate leases, debt
agreements, property ownership and contingent liabilities of the Credit Parties.

     Solely with respect to any Real Property Asset included as an initial Borrowing Base Asset and
that, as of the Funding Date, is pledged as collateral for the GE Capital Facility, the
Administrative Agent and the Lenders shall (a) engage Health Trust LLC as the appraiser with
respect to such property, (b) engage and/or consent to, as applicable, the same third party vendors
engaged with respect to such property in connection with the establishment of the GE Capital
Facility, including, without limitation the applicable surveyor and Chicago Title Insurance Company
as the title company; and (c) make a commercially reasonable effort to rely upon such other third
party reports (other than phase 1 environmental reports and reports concerning flood zones)
prepared or relied upon with respect to such property in connection with the GE Capital Facility,
including, without limitation, engineering reports and property condition reports.

     Without limiting the generality of the provisions of the last paragraph of Section
9.03, for purposes of determining compliance with the conditions specified in this Section
4.02, 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.

4.03 Conditions to all Extensions of Credit.

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

     (a) The Administrative Agent shall receive the applicable Request for Extension of Credit
and, with respect to the initial Extension of Credit, the conditions set forth in Section
4.02 shall have been met as of the Funding Date;

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

     (c) The representations and warranties of the Credit Parties contained in Article
V of this Agreement and the other Credit Documents shall (i) with respect to representations
and warranties that contain a materiality qualification, be true and correct and (ii) with respect
to representations and warranties that do not contain a materiality qualification, be true and
correct in all material respects, in each case on and as of the date of such Extension of Credit as
if made

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on and as of such date except for any representation or warranty made as of an earlier date,
which representation and warranty shall remain true and correct as of such earlier date, except
that for purposes of this Section 4.03(c), the representations and warranties contained in
Section 5.01 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b) of Section 6.01; and

     (d) Immediately following the making of such Extension of Credit the sum of the
outstanding principal balance of the Revolving Obligations shall not exceed the lesser of (i) the
Aggregate Committed Amount and (ii) the Borrowing Base Amount for such date.

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

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Credit Parties hereby represent and warrant, each on their own behalf, that, on and after
the Funding Date:

5.01 Financial Statements; No Material Adverse Effect.

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

     (b) During the period from December 31, 2009 to and including the Funding Date except as
disclosed on Schedule 5.01(b), there has been no sale, transfer or other disposition by any
Consolidated Party of any material part of the business or property of the Consolidated Parties,
taken as a whole, and no purchase or other acquisition by any of them of any business or property
(including any Capital Stock of any other Person) material in relation to the consolidated
financial condition of the Consolidated Parties, taken as a whole, in each case, which is not
reflected in the foregoing financial statements or in the notes thereto and has not otherwise been
disclosed in writing to the Administrative Agent on or prior to the Funding Date.

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

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     (d) Since December 31, 2009, there has been no event or circumstance, either individually
or in the aggregate, that has had or could reasonably be expected to have a Material Adverse
Effect.

5.02 Existence, Qualification and Power.

     Each of the Credit Parties (a) is duly organized or formed, validly existing and, as
applicable, 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 to (i) own or lease its assets and carry on its business and
(ii) execute, deliver and perform its obligations under the Credit Documents to which it is a
party, and (c) is duly qualified and is licensed and, as applicable, 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.

5.03 Authorization; No Contravention.

     The execution, delivery and performance by each Credit Party of each Credit Document to which
such Person is party, have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (a) contravene the terms of any of such Person’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of any
Lien under, 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 (other than a Borrower)
or any of its Subsidiaries except to the extent that violation thereof could not reasonably be
expected to have a Material Adverse Effect 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.

5.04 Binding Effect.

     This Credit Agreement has been, and each other Credit Document, when delivered hereunder, will
have been, duly executed and delivered by each Credit Party that is party thereto. This Credit
Agreement constitutes, and each other Credit Document when so delivered will constitute, a legal,
valid and binding obligation of such Credit Party, enforceable against each Credit Party that is
party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditor’s rights generally and subject to
general principals of equity, regardless of whether considered in a proceeding in equity or at law.

5.05 Litigation.

     There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
any Credit Party after due and diligent investigation, threatened or contemplated, at law, in

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equity, in arbitration or before any Governmental Authority, by or against any Credit Party or
against any of its properties or revenues that (a) purport to affect or pertain to this Credit
Agreement or any other Credit Document, or any of the transactions contemplated hereby, or (b)
either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

5.06 Compliance with ERISA.

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

     (b) There are no pending or, to the knowledge of the Credit Parties, 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 under ERISA with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect.

     (c) To the knowledge of a Responsible Officer of a Credit Party, (i) No ERISA Event has
occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension
Liability; (iii) neither any Guarantor 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 any Guarantor 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 any Guarantor nor any ERISA Affiliate has engaged in a transaction that could be subject to
Sections 4069 or 4212(c) of ERISA.

5.07 Environmental Matters.

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

     (a) To the knowledge of the Responsible Officers of the Credit Parties, each of the
Borrowing Base Assets and all operations with respect to each of the Borrowing Base Assets and the
Real Property Assets owned by the Borrowers are in compliance with all applicable Environmental
Laws in all material respects and there are no conditions relating to the Borrowing Base Assets,
the other Real Property Assets owned by the Borrowers or the

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Businesses of the Borrowers that are likely to give rise to liability to any Borrower under
any applicable Environmental Laws.

     (b) To the knowledge of the Responsible Officers of the Credit Parties, none of the
Borrowing Base Assets or other Real Property Assets owned by the Borrowers contains, or has
previously contained, any Hazardous Substances at, on or under such property in amounts or
concentrations that constitutes a violation of, or could give rise to liability of any Borrower
under, applicable Environmental Laws.

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

     (d) To the knowledge of the Responsible Officers of the Credit Parties, no Credit Party
has generated, treated, stored or disposed of Hazardous Substances at, on or under any of the
Borrowing Base Assets or any of the other Real Property Assets owned by the Borrowers in violation
of, or in a manner that could give rise to liability under, any applicable Environmental Law. To
the knowledge of the Responsible Officers of the Credit Parties, Hazardous Substances have not been
transported or disposed of from the Borrowing Base Assets or the other Real Property Assets owned
by the Borrowers, in each case by or on behalf of any Borrower, in violation of, or in a manner
that is likely to give rise to liability under, any applicable Environmental Law.

     (e) To the knowledge of the Responsible Officers of the Credit Parties, no judicial
proceeding or governmental or administrative action is pending or threatened, under any
Environmental Law to which any Borrower 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 the
Borrowers, the Borrowing Base Assets, the other Real Property Assets owned by the Borrowers or the
Businesses of the Borrowers.

5.08 Margin Regulations; Investment Company Act.

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

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

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5.09 Compliance with Laws.

     (a) Each Credit Party 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.

     (b) To the knowledge of the Responsible Officers of the Credit Parties, each of the
Borrowing Base Assets, and the uses of the Borrowing Base Assets, are in compliance in all material
respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to the Borrowing Base Assets (including, without limitation, building and zoning laws
and Healthcare Laws), except in such instances in which (i) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (ii) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

5.10 Ownership of Property; Liens.

     Each Borrower has good record and insurable title in fee simple to, or valid leasehold
interests in, all real property necessary or used in the ordinary conduct of its business
(including, in any case, each of the Borrowing Base Assets), 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 the Borrowers is subject to no Liens, other than Permitted Liens.

5.11 Corporate Structure; Capital Stock, Etc.

     As of the Funding Date and as of each date on which such schedule is subsequently updated
pursuant to the terms hereof through the delivery of a Compliance Certificate, Schedule
5.11 correctly sets forth the corporate structure of REIT Guarantor and each of its
Subsidiaries (including each of the Credit Parties), as well as the entity and ownership structure
of the Credit Parties and the correct legal name, tax identification number and the jurisdiction of
formation of the Credit Parties. Also included on Schedule 5.11 is a listing, as of such
date, of the number of shares of each class of Capital Stock outstanding with respect to each
Borrower, the Persons holding equity interests in such Borrowers, their percentage equity or voting
interest in the Borrowers and the number and effect, if exercised, of all outstanding options,
warrants, rights of conversion or purchase and all other similar rights with respect thereto.
Except as set forth on Schedule 5.11, as of the Funding Date: (i) no Borrower has issued to
any third party any securities convertible into any equity interest in such Borrower, or any
options, warrants or other rights to acquire any securities convertible into any such equity
interest, and (ii) the outstanding Capital Stock of each Borrower is owned by the Persons indicated
on Schedule 5.11, is validly issued, fully paid and non-assessable, and is free and clear
of all Liens, warrants, options and rights of others of any kind whatsoever. Each Person owning a
Borrowing Base Asset is a Borrower hereunder. Each Borrower (other than the Parent Borrower) is a
Wholly Owned

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Subsidiary of the Parent Borrower. No Borrower (other than the Parent Borrower) holds or
otherwise has any interest in any Capital Stock of any other Person.

5.12 Real Property Assets; Leases.

     (a) Part I of Schedule 5.12 (as updated pursuant to the terms hereof through the
delivery of a Compliance Certificate) is a true and complete list, as of the Funding Date, of (i)
the street address of each Borrowing Base Asset, (ii) the Borrower which owns, as applicable, each
such Borrowing Base Asset, (iii) the facility type of each such Borrowing Base Asset, (iv) the
Facility Leases to which each such Borrowing Base Asset is subject (or, in the case of the initial
Borrowing Base Assets, will be subject on or prior to the Funding Date), together with the
applicable Tenant and the termination date of such Facility Lease, (v) the name and address of the
applicable Tenant and (vi) correctly sets forth the type of interest (fee or leasehold) held by
each Borrower in its respective Borrowing Base Asset. Each parcel of real property identified on
Part I of Schedule 5.12 is a Real Property Asset that qualifies as a Borrowing Base Asset
pursuant to the terms hereof and 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 5.12 (as updated pursuant to the terms hereof through the
delivery of a Compliance Certificate) is a true and complete list as of the Funding Date of (i) the
street address of each other Real Property Asset owned by any Borrower, (ii) the applicable
Borrower which owns each such other Real Property Asset, (iii) the facility type of each such other
Real Property Asset, (iv) the lease(s) to which each such other Real Property Asset is subject, and
(v) the name and address of the Tenants with respect to each such other Real Property Asset.

     (c) Part III of Schedule 5.12 (as updated pursuant to the terms hereof through the
delivery of a Compliance Certificate) properly sets forth the names and addresses of all Tenants
with respect to the Real Property Assets who are, as of the Funding Date, to the knowledge of any
Responsible Officer of the Credit Parties, (i) delinquent in paying any franchise, business,
intangible, personal property taxes or real estate taxes due beyond the later of the applicable
grace period with respect thereto, if any, and sixty (60) days and/or (ii) the subject of any
Bankruptcy Event.

     (d) Part IV of Schedule 5.12 (as updated pursuant to the terms hereof through the
delivery of a Compliance Certificate) properly sets forth all subleases known by a Borrower to
exist, as of the Funding Date, 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.

     (e) To the knowledge of the Responsible Officers of the Credit Parties, each of the
facilities located on the Borrowing Base Assets owned by the Borrowers complies with the
requirements of Section 6.08 of this Agreement. To the knowledge of the Responsible
Officers

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of the Credit Parties, no condemnation or condemnation proceeding has been instituted and
remained undismissed for a period in excess of ninety (90) consecutive days, in each case, with
respect to a material portion of any Real Property Asset listed as a Borrowing Base Asset on Part I
of Schedule 5.12. To the knowledge of the Responsible Officers of the Credit Parties, no
material casualty event has occurred with respect to the improvements located on any Real Property
Asset listed as a Borrowing Base Asset on Part I of Schedule 5.12 which has not been (or,
if applicable) will not be able to be) fully remediated with available insurance proceeds.

5.13 Facility Leases; Additional Contractual Obligations.

     Schedule 5.13 (as updated pursuant to the terms hereof through the delivery of a
Compliance Certificate) is a true, correct and complete listing of all Facility Leases as of the
Funding Date (other than those set forth on Parts I or IV of Schedule 5.12). 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 Facility Lease. Except as set
forth on Schedule 5.13, no Borrower is a party to any contract or agreement that is subject
to the Federal Assignment of Claims Act, as amended (31 U.S.C. Section 3727) or any similar state
or local law.

5.14 Investments.

     All Investments of each Borrower are Investments permitted pursuant to Sections 7.04.

5.15 Solvency.

     The Credit Parties are Solvent on a consolidated basis.

5.16 Taxes.

     The Credit Parties have filed all Federal and state income and other material tax returns and
reports required to be filed, and have paid all Federal and state income and other material taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties
(including all Real Property Assets), income or assets prior to delinquency, 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 any Credit Party that would, if made, have a Material Adverse Effect. No Credit Party is
party to any tax sharing agreement.

5.17 Insurance.

     All insurance coverage of the Borrowers and all insurance coverage of the Tenants with respect
to the Real Property Assets of the Borrowers, in each case, as in existence as of the Funding Date
and as of each date on which such schedule is subsequently updated pursuant to the terms hereof
through the delivery of a Compliance Certificate, is described on the certificates attached hereto
as Schedule 5.17.

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5.18 No Default.

     (a) No Credit Party is in default after all applicable notice and cure periods under or
with respect to any Contractual Obligation that individually or in the aggregate could reasonably
be expected to have a Material Adverse Effect.

     (b) No Default has occurred and is continuing.

5.19 Healthcare; Facility Representations and Warranties.

     (a) Compliance With Healthcare Laws. Without limiting the generality of
Section 5.09 hereof or any other representation or warranty made herein, no Credit Party
and, to the knowledge of the Responsible Officers of the Credit Parties, no Tenant, is in material
violation of any applicable statutes, laws, ordinances, rules and regulations of any Governmental
Authority with respect to regulatory matters primarily relating to patient healthcare (including
without limitation Section 1128B of the Social Security Act, as amended, 42 U.S.C. Section 1320a-7b
(Criminal Penalties Involving Medicare or State Health Care Programs), commonly referred to as the
“Federal Anti-Kickback Statute,” and Section 1877 of the Social Security Act, as amended, 42 U.S.C.
Section 1395nn (Prohibition Against Certain Referrals), commonly referred to as “Stark Statute”
(collectively, “Healthcare Laws”) where such violation would result in a Material Adverse
Effect. The Credit Parties and, to the knowledge of the Responsible Officers of the Credit
Parties, each of the Tenants, have maintained in all material respects all records required to be
maintained by the Food and Drug Administration, Drug Enforcement Agency and State Boards of
Pharmacy and the federal and state Medicare and Medicaid programs as required by the Healthcare
Laws and, to the knowledge of the Responsible Officers of the Credit Parties, there are no written
notices of material violations of the Healthcare Laws with respect to any Credit Party, any Tenant
or any of the Real Property Assets owned by any Borrower.

	 	(b)	 	Licenses, Permits, and Certifications.

     (i) To the knowledge of the Responsible Officers of the Credit Parties, each Tenant
has such permits, licenses, franchises, certificates and other approvals or authorizations
of Governmental Authorities as are necessary under applicable law or regulations to own its
properties and to conduct its business and to receive reimbursement under Medicare and
Medicaid (including without limitation such permits as are required under such federal,
state and other health care laws, and under similar licensure laws and such insurance laws
and regulations, as are applicable thereto), if the failure to obtain such permits,
licenses, franchises, certificates and other approvals or authorizations could reasonably be
expected to result in a Material Adverse Effect. Notwithstanding the foregoing, no Borrower
is the owner of any licenses or permits required for the provision of Medical Services at
any of the Real Property Assets.

     (ii) To the knowledge of the Responsible Officers of the Credit Parties, each
Tenant has all Medicare, Medicaid and related agency supplier billing number(s) and

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	 	 	related documentation necessary to receive reimbursement from Medicare and/or Medicaid
for any Medical Service furnished by such Person in any jurisdiction where it conducts
business if the failure to obtain billing number(s) or related documentation could
reasonably be expected to result in a Material Adverse Effect. To the knowledge of the
Responsible Officers of the Credit Parties, no Tenant is currently subject to suspension,
revocation, renewal or denial of its Medicare and/or Medicaid certification, supplier
billing number(s), or Medicare and/or Medicaid participation agreement(s).

     (c) HIPAA Compliance. No Credit Party is a “covered entity” within the meaning of
HIPAA. In addition, to the knowledge of the Responsible Officers of the Credit Parties, no Credit
Party is the subject of any civil or criminal penalty, process, claim, action or proceeding, or any
administrative or other regulatory review, survey, process or proceeding (other than routine
surveys or reviews conducted by any government health plan or other accreditation entity) that
could reasonably be expected to cause a Material Adverse Effect.

     (d) Medical Services. No Credit Party is in the business of providing Medical
Services.

5.20 Disclosure.

     Each Credit Party has disclosed to the Administrative Agent and the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. No report, financial statement, certificate or
other information furnished (whether in writing or orally) by or on behalf of any Credit Party to
the Administrative Agent or any Lender in connection with the transactions contemplated hereby and
the negotiation of this Agreement or delivered hereunder or under any other Credit Document (in
each case, as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided
that, with respect to projected financial information, the Credit Parties represent only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time
(it being understood that any such projected financial information is subject to significant
uncertainties and contingencies, many of which are beyond the Credit Parties’ control, that no
assurance can be given that such projected financial information will be realized and that actual
results may differ from such projected financial information and that such differences may be
material).

5.21 Governmental Authorization; Other Consents.

     Except for the filings, recordings and other actions necessary to create and perfect the Liens
and security interests contemplated hereunder and under the other Credit Documents, 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 Credit Party of this Credit
Agreement or any other Credit Document.

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5.22 Anti-Terrorism Laws.

     Neither any Credit Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy”
within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America
(50 U.S.C. App. §§ 1 et seq.) (the “Trading with the Enemy Act”), as amended. Neither any
Credit Party nor any of its Subsidiaries is in violation of (a) the Trading with the Enemy Act, as
amended, (b) any of the foreign assets control regulations of the United States Treasury Department
(31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating
thereto or (c) the Patriot Act. Set forth on Schedule 5.22 is the exact legal name of each
Credit Party, the state of incorporation or organization, the chief executive office, the principal
place of business, the jurisdictions in which the Credit Parties are qualified to do business, the
federal tax identification number and organization identification number of each of the Credit
Parties as of the Funding Date.

5.23 Collateral Documents.

     The Collateral Documents create valid security interests in, and Liens on, the Collateral
purported to be covered thereby, which security interests and Liens are currently perfected
security interests and Liens, prior to all other Liens other than Permitted Liens.

ARTICLE VI

AFFIRMATIVE COVENANTS

     The Credit Parties hereby covenant and agree, each on their own behalf, that until the
Obligations, together with interest, fees and other obligations hereunder (other than
indemnification obligations and other contingent obligations for which no claim has been asserted),
have been paid in full and the Revolving Commitments hereunder shall have terminated:

6.01 Financial Statements.

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

     (a) beginning with the fiscal year ending December 31, 2010, as soon as available, but in
any event within ninety (90) days (or within five (5) days of such other time period required by
the SEC) after the end of each fiscal year of the REIT Guarantor, a consolidated balance sheet of
the Consolidated Parties as at the end of such fiscal year, and the related consolidated statements
of earnings, shareholders’ equity and cash flows for such fiscal year (setting forth in each case
in comparative form the figures for the previous fiscal year), all in reasonable detail and
prepared in accordance with GAAP, audited and accompanied by a report and opinion of Ernst & Young
LLP or another Registered Public Accounting Firm of nationally recognized standing reasonably
acceptable to the Required Lenders, which report and opinion

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shall be
prepared in accordance with generally accepted auditing standards and applicable Securities
Laws and shall not be subject to any “going concern” or like qualification or exception or any
qualification or exception as to the scope of such audit; and

     (b) beginning with the fiscal quarter ending March 31, 2011, as soon as available, but in
any event within forty-five (45) days (or within five (5) days of such other time period required
by the SEC) after the end of each of the first three (3) fiscal quarters of each fiscal year of the
REIT Guarantor, a consolidated balance sheet of the Consolidated Parties as at the end of such
fiscal quarter, and the related consolidated statements of earnings, shareholders’ equity and cash
flows for such fiscal quarter and for the portion of the REIT Guarantor’s fiscal year then ended,
setting forth in each case in comparative form the figures for the corresponding fiscal quarter of
the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail and certified by a Responsible Officer of the REIT Guarantor as fairly presenting
the financial condition, results of operations, shareholders’ equity and cash flows of the
Consolidated Parties in accordance with GAAP, subject only to normal year-end audit adjustments and
the absence of footnotes; provided, that the Administrative Agent hereby agrees that a Form
10-Q of the REIT Guarantor in form similar to that delivered to the SEC shall satisfy the
requirements of this Section 6.01(b).

6.02 Certificates; Other Information.

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

     (a) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible
Officer of the Parent Borrower or the REIT Guarantor;

     (b) within (i) forty-five (45) days after the end of each fiscal quarter except for each
fiscal quarter ending on December 31, and (ii) sixty (60) days after the end of each fiscal quarter
ending on December 31, 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 Parent Borrower
or the REIT Guarantor; provided, however, the Parent Borrower may, at its option,
provide an updated Borrowing Base Certificate more frequently than quarterly;

     (c) within forty-five (45) days following the date on which such statements and
calculations are due to the respective Borrowers from the respective Tenants, quarterly operating
statements and Rent Coverage Ratio calculations concerning each of the then-existing Borrowing Base
Assets;

     (d) (i) within thirty (30) days after the end of each fiscal year of the REIT Guarantor,
beginning with the fiscal year ending December 31, 2011; and (ii) with respect to the fiscal year
of the REIT Guarantor ending December 31, 2010, on or prior to the Funding Date, an annual
operating forecast of the REIT Guarantor containing, among other things, pro forma financial

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statements for the then current fiscal year and updated versions of the pro forma financial
projections delivered in connection with Section 4.02(l) hereof;

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

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

     (g) promptly upon receipt thereof, a copy of any other final report or “management letter”
submitted by independent accountants to the REIT Guarantor or any Credit Party in connection with
any annual, interim or special audit of the books of the REIT Guarantor (or any such Credit
Party(ies));

     (h) promptly upon any Responsible Officer of any Credit Party becoming aware thereof,
notice of (i) any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect and (ii) any other Default or Event of Default; and

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

Documents required to be delivered pursuant to Section 6.01(a) or (b)
or
Section 6.02(b), (c), (d), (e) or (f)(i) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
the Credit Parties post such documents, or provides a link thereto on the REIT Guarantor’s website
on the Internet at the website address listed on Schedule 10.02; or (ii) on which such
documents are posted on the Credit Parties’ 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: (A) the Borrowers shall
deliver paper copies of such documents to the

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Administrative Agent or any Lender that requests the Borrowers to deliver such paper copies until a
written request to cease delivering paper copies is given by the Administrative Agent or such
Lender and (B) the Borrowers shall notify the Administrative Agent and each Lender (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. 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
Credit Parties with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents. Administrative Agent and
Lenders acknowledge and agree that any documents required to be delivered pursuant to Section
6.01(a) or (b) or Section 6.02(b), (c), (d), (e) or (f) shall be deemed
delivered to Administrative Agent and Lenders is and when filed with the SEC unless Administrative
Agent specifically requests a copy of any such documents.

The Credit Parties hereby acknowledge that (x) the Administrative Agent will make available to the
Lenders materials and/or information provided by or on behalf of the Credit Parties hereunder
(collectively, the “Borrower Materials”) by posting the Borrower Materials on IntraLinks or
another similar electronic system (the “Platform”) and (y) certain of the Lenders (each, a
“Public Lender”) may have personnel who do not wish to receive material non-public
information with respect to the Credit Parties or their Affiliates, or the respective securities of
any of the foregoing, and who may be engaged in investment and other market-related activities with
respect to such Person’s securities. Each of the Credit Parties hereby agrees that (ww) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof (xx) by marking Borrower Materials “PUBLIC,” the Credit
Parties shall be deemed to have authorized the Administrative Agent and the Lenders to treat such
Borrower Materials as not containing any material non-public information with respect to the Credit
Parties or their 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); (yy) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated as “Public Investor;” and (zz) the Administrative Agent shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not marked as “Public Investor.” Notwithstanding the foregoing, the Credit Parties
shall be under no obligation to mark any Borrower Materials “PUBLIC”, and if any Borrower Materials
are not stamped “PUBLIC”, such Borrower Materials shall be deemed to be private.

6.03 Preservation of Existence and Franchises.

     Each Credit Party will do all things necessary to (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 Sections 7.05 or 7.06; (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

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patents, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

6.04 Books and Records.

     Each Credit Party will 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 such Credit Party except, with
respect to the Subsidiary Guarantors only, such failure could not reasonably be expected to have a
Material Adverse Effect.

6.05 Compliance with Law.

     Each Credit Party will comply in all material respects with the requirements of all Laws and
all orders, writs, injunctions and decrees (including, without limitation, building and zoning laws
and all Healthcare Laws) applicable to it or to its business or property (including, without
limitation, each Real Property Asset owned by any Borrower), 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; provided that to the extent a
Credit Party is unable to comply with the provisions of this Section 6.05 due to a Tenant’s
act or omission such violation shall not constitute a Default or Event of Default so long as the
Parent Borrower delivers a new Borrowing Base Certificate removing the applicable Borrowing Base
Asset within ten (10) Business Days of a Responsible Officer of the Parent Borrower becoming aware
of such violation.

6.06 Payment of Obligations.

     Each Credit Party will pay and discharge (or cause to be paid or discharged) (a) all tax
liabilities, assessments and governmental charges or levies upon it or its properties or assets
(including, without limitation, each Real Property Asset owned by any Borrower), 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 such Credit Party and (b) all lawful
claims which, if unpaid, would by law become a Lien (other than a Permitted Lien) upon its
property, subject to rights of contest as set forth in Section 7.01 except, with respect to
the Subsidiary Guarantors only, such failure could not reasonably be expected to have a Material
Adverse Effect; provided that to the extent a Credit Party is unable to comply with the
provisions of this Section 6.06 due to a Tenant’s act or omission such violation shall not
constitute a Default or Event of Default so long as the Parent Borrower delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a
Responsible Officer of the Parent Borrower becoming aware of such violation.

6.07 Insurance.

     In addition to the requirements of any of the other Credit Documents, the Borrowers shall
maintain or cause to be maintained, with financially sound and reputable insurance companies

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not Affiliates of any Credit Party, insurance with respect to its properties and business
against loss or damage of the kinds customarily insured against by Persons engaged in the same or
similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons except, with respect to the Subsidiary Guarantors only, any
failure to so maintain could not reasonably be expected to have a Material Adverse Effect. The
Administrative Agent shall be named as loss payee or mortgagee, as its interest may appear, and/or
additional insured with respect to any insurance procured with respect to the Borrowing Base Assets
and each provider of any such insurance shall agree, by endorsement upon the policy or policies
issued by it or by independent instruments furnished to the Administrative Agent, that it will give
the Administrative Agent thirty (30) days prior written notice before any such policy or policies
shall be canceled; provided that to the extent a Credit Party is unable to comply with the
provisions of this Section 6.07 due to a Tenant’s act or omission such violation shall not
constitute a Default or Event of Default so long as the Parent Borrower delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a
Responsible Officer of the Parent Borrower becoming aware of such violation.

6.08 Maintenance of Property.

     In addition to the requirements of any of the other Credit Documents, the Borrowers shall (a)
protect and preserve, or cause to be protected and preserved all Borrowing Base Assets and
maintain, or cause to be maintained, in good repair, working order and condition all Borrowing Base
Assets, ordinary wear and tear excepted, in accordance with applicable Facility Leases and (b) from
time to time make, or cause to be made, all needed and appropriate repairs, renewals, replacements
and additions to such Borrowing Base Assets, so that the business carried on in connection
therewith may be properly and advantageously conducted at all times in accordance with applicable
Facility Leases; provided that to the extent a Credit Party is unable to comply with the
provisions of this Section 6.08 due to a Tenant’s act or omission such violation shall not
constitute a Default or Event of Default so long as the Parent Borrower delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a
Responsible Officer of the Parent Borrower becoming aware of such violation.

6.09 Visits and Inspections.

     The Credit Parties (subject to applicable Facility Leases), shall permit representatives and
independent contractors of the Administrative Agent and each Lender to: (a) visit and inspect all
Borrowing Base Assets at reasonable times and upon reasonable notice (or at any time without notice
if an Event of Default exists) 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 applicable Credit Party shall execute an authorization letter addressed
to its accountants authorizing the Administrative Agent or any Lender to discuss the financial
affairs of such Credit Party with its accountants. Notwithstanding the foregoing, (A) no more

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than one inspection to the office of any Credit Party, the accountants or, if applicable, any
other location where the books and records of the Credit Parties are located shall be made in any
fiscal year, provided that if an Event of Default exists, there shall be no limit on the number of
such inspections, (B) while an Event of Default does not exist, no more than one inspection per
Borrowing Base Asset per fiscal year shall be conducted by the Administrative Agent, any Lender or
their representatives or contractors (but after any such Event of Default, there shall be no such
limitation on the number of inspections during any fiscal year) and (C) during any such inspections
or discussions with accountants, an officer or representative of Parent Borrower will be permitted
to accompany the Administrative Agent, any Lender or any such representative or contractor thereof
during the inspection or discussions.

6.10 Use of Proceeds.

     The Borrowers shall use the proceeds of any Extension of Credit for general corporate purposes
not in contravention of any Law or of any Credit Document, including, but not limited to the
acquisition of Healthcare Facilities or companies owning Healthcare Facilities, funding working
capital, dividends and capital expenditures (it being understood and agreed that no Borrower shall
use such proceeds, 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).

6.11 Financial Covenants.

     (a) Consolidated Leverage Ratio. The Credit Parties shall cause the Consolidated
Leverage Ratio, as of the end of each fiscal quarter, to be equal to or less than:

	 	 	 	 	 	 	 	 	 
	Fiscal Year	 	March 31	 	June 30	 	September 30	 	December 31
	2011
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	2012
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	2013
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	 	5.80 to 1.0
	2014 and thereafter
	 	5.50 to 1.0
	 	5.50 to 1.0
	 	5.50 to 1.0
	 	5.50 to 1.0

; provided however, notwithstanding the foregoing, following any Acquisition or
series of Acquisitions by the REIT Guarantor or its Subsidiaries, and following the delivery of an
Acquisition Leverage Ratio Notice (as defined below), the Parent Borrower shall have the ability to
increase the applicable Consolidated Leverage Ratio to a level equal to or less than 5.80 to 1.00
(the “Acquisition Leverage Ratio”) with respect to the next two (2) fiscal quarter periods
immediately following such Acquisition or series of Acquisitions. For purposes of this Section
6.12(a), the term “Acquisition Leverage Ratio Notice” shall mean a written notice from
the Parent Borrower to the Administrative Agent (i) delivered not later than the last day of the
initial fiscal quarter in which the Parent Borrower seeks to invoke the Acquisition Leverage Ratio
and (ii) which describes the Acquisition or series of Acquisitions which formed the basis for such
request (including without limitation, a pro forma calculation of the Consolidated Leverage Ratio

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immediately prior to and after giving effect to such Acquisition or series of Acquisitions) and
otherwise in form and substance reasonably satisfactory to the Administrative Agent.

     (b) Consolidated Fixed Charge Coverage Ratio. The Credit Parties shall cause the
Consolidated Fixed Charge Coverage Ratio, as of the end of each fiscal quarter, to be equal to or
greater than 1.50 to 1.00.

     (c) Consolidated Tangible Net Worth. The Credit Parties shall cause the
Consolidated Tangible Net Worth as of the end of each fiscal quarter to be equal to or greater than
the sum of (i) an amount equal to $245,000,000 plus (ii) an amount equal to 85% of the net
cash proceeds received by the Consolidated Parties from Equity Transactions during the period
following the Closing Date and ending as of the last day of the fiscal quarter for which such
calculation is being performed.

     (d) Distribution Limitation. The Credit Parties shall cause the aggregate cash
distributions to the REIT Guarantor’s shareholders made by the REIT Guarantor during the Applicable
Distribution Period to be equal to or less than ninety-five percent (95%) of the aggregate
cumulative Adjusted Funds From Operations (or, if the Adjusted Funds From Operations is a negative
amount, such amount) accrued during such Applicable Distribution Period (or such greater amount as
is required for the REIT Guarantor to maintain REIT status) (it being understood that,
notwithstanding anything to the contrary contained in this Section 6.11(d), the REIT
Guarantor may (i) distribute to the REIT Guarantor’s shareholders any and all cash proceeds
received by the REIT Guarantor in connection with any issuance or sale of shares of its Capital
Stock and (ii) make unlimited distributions to the REIT Guarantor’s shareholders payable solely in
the form of common stock of the REIT Guarantor).

     (e) Rent Coverage Ratio. The Credit Parties shall cause the Rent Coverage Ratio,
as of the end of each fiscal quarter, to be equal to or greater than 1.30 to 1.00. Notwithstanding
the foregoing, to the extent that the Rent Coverage Ratio as of the end of any such fiscal quarter
is less than 1.30 to 1.00, such violation shall not constitute a Default or Event of Default so
long as within ten (10) Business Days from the delivery of the information required pursuant to
Section 6.02(b) and (c), the Parent Borrower delivers to the Administrative Agent a
new Borrowing Base Certificate removing one or more Borrowing Base Assets from the calculation of
the Borrowing Base Amount as necessary for the Credit Parties to comply with such Rent Coverage
Ratio.

6.12 Environmental Matters.

     (a) Each of the Credit Parties shall comply or shall cause Tenant to comply with all
Environmental Laws in respect of the Borrowing Base Assets except to the extent such non-compliance
could not reasonably be expected to create or result in a Material Adverse Effect. The Credit
Parties shall promptly take all actions necessary to prevent the imposition of any Liens on any of
the Borrowing Base Assets arising out of or related to any Environmental Laws.

     (b) In respect of any Borrowing Base Asset and to the extent the following might result in
a Material Adverse Effect, if any Credit Party shall (i) receive notice that any violation

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of any
Environmental Law may have been committed or is about to be committed by such Person, (ii)
receive notice that any administrative or judicial complaint or order has been filed or is
about to be filed against any Credit Party alleging violations of any Environmental Law or
requiring any such Person to take any action in connection with the release of any Hazardous
Substance or (iii) receive any notice from a Governmental Authority or private party alleging that
any such Person may be liable or responsible for costs associated with a response to or cleanup of
a release of a Hazardous Substance or any damages caused thereby, the Credit Parties shall provide
the Administrative Agent with a copy of such notice within ten (10) days after the receipt thereof
by such Credit Party. To the extent requested by the Administrative Agent, any Borrower owning any
Borrowing Base Asset or any Real Property Asset which is proposed for qualification as such shall
execute and deliver to the Administrative Agent an environmental indemnity agreement with respect
to thereto in form and substance acceptable to the Administrative Agent.

     (c) At the request of the Required Lenders from time to time, in the event the Required
Lenders have a reasonable basis to believe that Hazardous Substances in a quantity or condition
that violates Environmental Laws are present on any Borrowing Base Assets or to the extent a
Default or Event of Default has occurred and is continuing, provide to the Lenders within 60 days
after such request, at the expense of the Borrowers, an environmental site assessment report for
any Borrowing Base Asset described in such request, prepared by an environmental consulting firm
acceptable to the Administrative Agent, indicating the presence or absence of Hazardous Substance
and the estimated cost of any compliance or required removal or remedial action in connection with
any Hazardous Substance on such Borrowing Base Asset to cause such property to be in compliance
with Environmental Laws; without limiting the generality of the foregoing, if the Administrative
Agent determines at any time that a material risk exists that any such report will not be provided
within the time referred to above, the Administrative Agent may retain an environmental consulting
firm to prepare such report at the expense of the Credit Parties, and the Credit Parties hereby
grant and agree to cause any Subsidiary that owns any property described in such request to grant
at the time of such request to the Administrative Agent, the Lenders, such firm and any agents or
representatives thereof an irrevocable non-exclusive license, subject to the rights of Tenants, to
enter onto their respective properties to undertake such an assessment.

     Notwithstanding the foregoing, to the extent a Credit Party is unable to comply with the
provisions of this Section 6.12 due to a Tenant’s act or omission such violation shall not
constitute a Default or Event of Default so long as the Parent Borrower delivers a new Borrowing
Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a
Responsible Officer of the Parent Borrower becoming aware of such violation.

6.13 REIT Status.

     If at any time the REIT Guarantor elects to be a REIT, the REIT Guarantor (a) will, and will
cause each of its Subsidiaries to, operate its business at all times so as to satisfy all
requirements necessary to qualify and maintain the REIT Guarantor’s qualification as a real estate
investment trust under Sections 856 through 860 of the Internal Revenue Code, and (b)

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will maintain
adequate records so as to comply with all record-keeping requirements relating to its qualification
as a real estate investment trust as required by the Internal Revenue Code and
applicable regulations of the Department of the Treasury promulgated thereunder and will
properly prepare and timely file (taking into account any valid extensions) with the IRS all
returns and reports required thereby.

6.14 Joinder as Borrower; Joinder as Guarantor.

     (a) As a condition to the inclusion of any Borrowing Base Asset in the Borrowing Base
Amount, the Credit Parties shall (i) cause the Subsidiary that owns such Borrowing Base Asset to
become a Borrower hereunder through the execution and delivery to the Administrative Agent of a
Borrower Joinder Agreement on or before the earlier of (A) the date on which a Real Property Asset
owned by such Subsidiary is included in any calculation (pro forma or otherwise) of the Borrowing
Base Amount and (B) the deadline for the delivery of the next Compliance Certificate pursuant to
Section 6.02(a)), and (ii) cause such Subsidiary to deliver such other documentation as the
Administrative Agent may reasonably request in connection with the foregoing, including, without
limitation, certified resolutions and other organizational and authorizing documents of such
Subsidiary, favorable opinions of counsel to such Subsidiary (which shall cover, among other
things, the legality, validity, binding effect and enforceability of the documentation referred to
above), all in form, content and scope reasonably satisfactory to the Administrative Agent.
Notwithstanding the foregoing, no Subsidiary may become a Borrower in accordance with the terms of
this clause (a) unless (x) such Subsidiary is a Subsidiary of the Parent Borrower and (y) the
Lenders have received from the Borrowers any such documentation and other information requested by
the Administrative Agent or any Lender pursuant to Section 10.19.

     (b) Upon the acquisition, incorporation or other creation of any other direct or indirect
Subsidiary of the REIT Guarantor constituting a “Subsidiary Guarantor” hereunder, the Credit
Parties shall (i) cause such Subsidiary to become a Subsidiary Guarantor hereunder through the
execution and delivery to the Administrative Agent of a Subsidiary Guarantor Joinder Agreement
within thirty (30) days of the acquisition, incorporation or creation of such Subsidiary, and (ii)
cause such Subsidiary to deliver such other documentation as the Administrative Agent may
reasonably request in connection with the foregoing, including, without limitation, certified
resolutions and other organizational and authorizing documents of such Subsidiary.

     (c) The Borrowers shall at all times subject all Borrowing Base Assets and all of their
respective personal property 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 Credit Documents and such other additional security documents as the Administrative Agent shall
reasonably request, and deliver all Borrowing Base Asset Deliverables (and any updates to any of
the information or materials delivered as a portion thereof) and such other documentation as the
Administrative Agent may reasonably request in connection with the foregoing, all in form, content
and scope reasonably satisfactory to the Administrative Agent. In furtherance of the Borrowers’
obligations under this Section 6.14, each of the Borrowers hereby agree that they shall,
from time to time, at their own expense, promptly execute, deliver, file

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and/or record all further
instruments and documents, and take all further action, that may be necessary, or that the
Administrative Agent may reasonably request (including, without limitation, the procurement of
landlord consents with respect to the assignment of the applicable
Borrower’s interests in any Borrowing Base Assets), in order to (a) properly evidence the
Borrowers’ Obligations hereunder or under any Credit Document or (b) perfect, continue and protect
the Liens and security interests granted or purported to be granted by any Collateral Documents and
to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder and
under any other Credit Document with respect to any Collateral. The applicable Borrower(s) shall
promptly deliver to the Administrative Agent a copy of each such instrument and evidence of its
proper filing or recording, as necessary.

6.15 Further Assurances.

     Each Credit Party shall, promptly upon request by the Administrative Agent, or any Lender
through the Administrative Agent, (a) correct any material defect or error that may be discovered
in any Credit Document or in the execution, acknowledgment, filing or recordation thereof, and (b)
do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any
and all such further acts, deeds, certificates, assurances and other instruments as the
Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from
time to time in order to (i) carry out more effectively the purposes of the Credit Documents, (ii)
perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents
and any of the Liens intended to be created thereunder and (iii) assure, convey, grant, assign,
transfer, preserve, protect and confirm more effectively unto the Administrative Agent the rights
granted or now or hereafter intended to be granted to the Administrative Agent under any Credit
Document or under any other instrument executed in connection with any Credit Document to which any
Credit Party is or is to be a party.

6.16 Compliance With Facility Leases.

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

6.17 Appraisals.

     The Borrowers agree that (a) new appraisals will be required in conjunction with any extension
granted pursuant to Section 2.18, (b) the Administrative Agent shall have the right, once
prior to the Maturity Date (but to the extent no Default or Event of Default has occurred and is
continuing, not during the six (6) month period immediately prior to the Maturity Date), to request
appraisals with respect to the Borrowing Base Assets and (c) the Parent Borrower may request that
the Administrative Agent initiate a new appraisal at any time subject to the terms of

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this
Section 6.17. The Administrative Agent shall engage all appraisers with respect to such
appraisals and that the Borrowers shall pay or reimburse to the Administrative Agent all documented
costs and expenses associated therewith to the extent required by and subject to the
provisions of Section 10.04 hereof. Any appraisal requested pursuant to this
Section 6.17 shall be reviewed and approved by the Administrative Agent and the Lenders;
provided that (a) the Administrative Agent and the Lenders shall use reasonable efforts to approve
or disapprove such appraisal within fifteen (15) Business Days after they are received and a
failure to approve or disapprove the appraisals in such fifteen (15) Business Day period shall be
deemed to mean that such appraisals are approved and (b) to the extent any such appraisal is denied
approval, the Administrative Agent and the Lenders shall specify the reasons in writing to the
Parent Borrower for such denial.

6.18 Borrowing Base Certificates; Facility Leases.

     (a) A Responsible Officer of the Parent Borrower or the REIT Guarantor shall deliver an
updated Borrowing Base Certificate upon (i) any amendment to any Facility Lease to the extent
permitted by Section 7.10 hereof and (ii) any material casualty or condemnation event, in
either case, to the extent that such amendment or casualty event or condemnation event has had, or
could reasonably be expected to have, an effect (other than a de minimus effect) on the then
applicable Borrowing Base Amount or eligibility of a Real Property Asset as a Borrowing Base Asset.

     (b) The Borrowers shall perform and observe in all material respects, all the terms and
provisions of each Facility Lease to be performed or observed by it.

ARTICLE VII

NEGATIVE COVENANTS

     The Credit Parties hereby covenant and agree, each on their own behalf, that until the
Obligations, together with interest, fees and other obligations hereunder (other than
indemnification obligations and other contingent obligations for which no claim has been asserted),
have been paid in full and the Revolving Commitments hereunder shall have terminated:

7.01 Liens.

     No Borrower shall, at any time, create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, or sign or file or
suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that
names any Borrower as debtor, or assign any accounts or other right to receive income, other than
other than Permitted Liens. The OP Guarantor shall not create any Lien upon the Capital Stock of
the Parent Borrower owned by the OP Guarantor and the Parent Borrower shall not create any Lien
upon the Capital Stock of the Borrowers.

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7.02 Indebtedness.

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

     (a) Indebtedness under the Credit Documents;

     (b) Indebtedness of the Borrowers set forth in Schedule 7.02 (and renewals,
refinancings and extensions thereof); provided that (i) 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 and capitalized interest or reserves relating thereto and (ii) the terms
relating to principal amount, amortization, maturity, collateral (if any) and subordination (if
any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or
extending Indebtedness, and of any agreement entered into and of any instrument issued in
connection therewith, are no less favorable in any material respect to the Borrowers or the Lenders
than the terms of any agreement or instrument governing the Indebtedness being refinanced,
refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding,
renewing or extending Indebtedness does not exceed the then applicable market interest rate;

     (c) unsecured intercompany Indebtedness of any Borrower to any Credit Party;
provided, that such Indebtedness be expressly subordinated in all respects to the
Obligations on terms reasonably acceptable to the Administrative Agent;

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

     (e) Indebtedness of the Borrowers arising solely from unsecured guarantees of Indebtedness
of the REIT Guarantor, the Senior Notes Issuers or the OP Guarantor pursuant to any public or
private debt offering (including, without limitation the Senior Notes and any additional senior or
subordinated note issuance, convertible debentures, or similar public or private issuance, but
specifically excluding any bank credit facility or similar debt facility);

     (f) other (i) unsecured Indebtedness and (ii) purchase money Indebtedness (including
obligations in respect of Capital Leases or Synthetic Leases) hereafter incurred to finance the
purchase of fixed assets, and renewals, refinancings and extensions thereof, provided that such
Indebtedness when incurred shall not exceed the purchase price of the asset(s) financed, in an

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aggregate principal amount for all such Indebtedness incurred pursuant to clauses (i) and (ii)
above not to exceed $2,500,000 in the aggregate for all Borrowers at any one time outstanding ;

     (g) Indebtedness consisting of obligations to pay insurance premiums incurred in the
ordinary course of business

     (h) Indebtedness in respect of workers’ compensation claims, self-insurance obligations,
indemnities, bankers’ acceptances, performance, completion and surety bonds or guarantees and
similar types of obligations in the ordinary course of business;

     (i) Indebtedness represented by cash management obligations and other obligations in
respect of netting services, automatic clearinghouse arrangements, overdraft protections and
similar arrangements in each case in connection with deposit accounts; and

     (j) Guarantees with respect to Indebtedness permitted under clauses (a) through (e) of
this Section 7.02.

7.03 [Reserved].

7.04 Investments of Borrowers.

     No Borrower shall make any Investments, except:

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

     (b) Investment in (i) any other Credit Party and (ii) any Subsidiary consisting of the
transfer to such Subsidiary of Real Property Assets that do not constitute Borrowing Base Assets;

     (c) Investments existing as of the Funding Date and set forth in Schedule 7.04;

     (d) Investments made from funds that could otherwise be distributed from Borrowers
pursuant to the terms of this Credit Agreement;

     (e) Investments constituting Indebtedness that is otherwise permitted hereunder;

     (f) Guarantees permitted by Section 7.02;

     (g) acquisitions of personal property in the ordinary course of business to the extent
required to continue to operate the Borrowers’ Businesses in the manner in which they are currently
being operated;

     (h) Investments in Real Property Assets;

     (i) payroll, travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses in accordance with GAAP;

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     (j) Investments received in satisfaction of judgments or in settlements of debt or
compromises of obligations incurred in the ordinary course of business;

     (k) any Investment consisting of prepaid expenses, negotiable instruments held for
collection and lease, endorsements for deposit or collection in the ordinary course of business,
utility or workers compensation, performance and similar deposits entered into as a result of the
operations of the business in the ordinary course of business;

     (l) pledges or deposits by a Person under workers compensation laws, unemployment
insurance laws or similar legislation, or deposits in connection with bids, tenders, contracts
(other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits
as security for contested taxes or import duties or for the payment of rent, in each case incurred
in the ordinary course of business

     (m) Investments of a nature not contemplated in the foregoing clauses in an amount not to
exceed $2,500,000 in the aggregate for all Borrowers at any time outstanding.

7.05 Fundamental Changes.

     Except as contemplated by the Transactions on or prior to the Funding Date, no Credit Party
shall merge, dissolve, liquidate, consolidate with or into another Person; except that so long as
no Default or Event of Default exists or would result therefrom, (a) any Borrower may merge or
consolidate with any other Borrower, (b) any Consolidated Party (including any Unrestricted
Subsidiary) which is not a Credit Party may be merged or consolidated with or into any Credit Party
provided that either such Credit Party shall be the continuing or surviving corporation or the
continuing or surviving corporation shall become a Credit Party as herein provided, (c) any
Subsidiary Guarantor may be merged or consolidated with or into any other Subsidiary Guarantor and
(d) any Subsidiary Guarantor may dissolve, liquidate or wind up its affairs at any time provided
that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected
to have a Material Adverse Effect. Notwithstanding the foregoing or anything else in this
Agreement to the contrary, no provision of this Agreement shall prohibit the REIT Guarantor, the LP
Guarantor or any other direct or indirect owner of the Parent Borrower (other than a Borrower) from
(i) consummating a public offering of the Capital Stock of such entity, including through the
issuance of additional Capital Stock of such entity, or (ii) otherwise becoming a publicly traded
entity, and no such actions shall constitute a Default or an Event of Default hereunder; provided,
that (x) such public offering would not result in a Change of Control and (y) the Borrowers are
otherwise in compliance with the applicable terms of this Agreement.

7.06 Dispositions.

     The Borrowers shall not make any sale, lease to any Person other than an Eligible Tenant,
transfer or other disposition of (i) any Borrowing Base Asset, except to the extent permitted
pursuant to Section 9.11 hereof; or (ii) any other material assets of the Borrowers unless
(A) such sale, lease, transfer or other disposition is (1) performed in the ordinary course of the
Borrowers’ Business or (2) of assets that are obsolete, worn out or no longer useful in the
Borrower’s Business, (B) such transaction consists of a sale, lease, transfer or other disposition
by a

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Borrower of Real Property Assets (not constituting Borrowing Base Assets) to a Subsidiary of
such Borrower or any other Credit Party or (C) 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) does not exceed, in the aggregate during any
calendar year (for the all Borrowers and all such sales, leases, transfers or other dispositions)
$500,000.

7.07 Business Activities.

     No Borrower shall engage, directly or indirectly, in any business activities other than
owning, developing, managing and providing secured financing for real and personal property and
similar interests in leasehold properties which are owned by or net leased to healthcare operators
for use as Healthcare Facilities.

7.08 Transactions with Affiliates and Insiders.

     Except as permitted pursuant to Section 7.04(b)(ii) and clause (ii)(B) of Section
7.06 hereof, no Borrower shall, at any time, enter into any transaction of any kind with any
Affiliate of any Borrower, whether or not in the ordinary course of business, other than on fair
and reasonable terms substantially as favorable to such Borrower as would be obtainable by such
Borrower at the time in a comparable arm’s length transaction with a Person other than an
Affiliate; provided, however, that the foregoing restrictions shall not apply to
transaction solely by and among the Credit Parties.

7.09 Organization Documents; Fiscal Year.

     No Credit Party shall (a) amend, modify or change, in any material respect, its organization
documents other than minor, technical amendments not adverse to the lenders or (b) change its
fiscal year; provided however, the REIT Guarantor, the LP Guarantor or any other
direct or indirect owner of the Parent Borrower (other than a Borrower) may amend, modify or change
its organization documents in connection with, and in furtherance of, such entity becoming a
publicly traded entity so long as such amendment, modification or change would not materially
affect (i) the Administrative Agent’s and the Lenders’ rights and remedies hereunder, or (ii) the
value of the Collateral.

7.10 Modifications to Facility Leases.

     The Borrowers shall not, without the prior written consent of the Required Lenders enter into
any material amendment or modification or cancel or terminate any Facility Lease prior to its
stated maturity. Notwithstanding the foregoing, the Borrowers may amend or modify or permit the
amendment or modification of any Facility Lease without the Required Lenders’ prior written
consent, except to the extent such amendment or modification: (i) decreases the rent or any other
monetary obligations under any Facility Lease (except as set forth in the proviso to this
sentence); (ii) shortens the term of any Facility Lease; (iii) releases or limits the liability of
any guarantor under any Facility Lease; (iv) releases any security deposits or letters of credit or
any other security or collateral under any Facility Lease; (v) consents to the assignment,
delegation

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or other transfer of rights and obligations under any Facility Lease; or (vi) makes any other
material change to the terms and conditions of any Facility Lease or increases in any material
respect the obligations or liabilities of the applicable Borrower thereunder, in each case in a
manner adverse to the Administrative Agent or the Lenders; provided, however, that
to the extent such amendment, modification or restructuring of a Facility Lease involves the
replacement of a Tenant, (A) the Borrowers shall have delivered to the Lenders and the
Administrative Agent the (1) identity of such proposed new tenant (the “New Tenant”), (2)
the proposed lease with such New Tenant (the “New Lease”) and (3) such other information as
reasonably requested and (B) provided that (1) such New Tenant is an Eligible Tenant, (2) the New
Lease provides for rent payments in each year which are at least eighty percent (80%) of the rent
payments in each year due under the lease being amended, modified or replaced (the “Existing
Facility Lease”) and (3) the New Lease is otherwise substantially similar in all material
respects to the Existing Facility Lease, then within fifteen (15) Business Days after receiving the
foregoing information from the Borrowers, if the Required Lenders have not either approved or
disapproved such proposal, the Required Lenders shall be deemed to have approved such proposal.

7.11 Ownership of Subsidiaries.

     Notwithstanding any other provisions of this Credit Agreement to the contrary, (a) no Borrower
(other than the Parent Borrower) shall own any Capital Stock of any other entity; (b) no Person
other than the Parent Borrower shall own any Capital Stock of any Borrower; and (c) no Borrower
shall permit, create, incur, assume or suffer to exist any Lien on any Capital Stock of any
Borrower.

7.12 No Further Negative Pledges.

     No Borrower will enter into, assume or become subject to any Negative Pledges or agreement
prohibiting or otherwise restricting 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 (a) 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, (b) pursuant to customary restrictions and conditions contained in any agreement
relating to the sale of any property permitted under Section 7.06 or Section 7.08,
pending the consummation of such sale and (c) restrictions arising in connection with the Senior
Notes and any additional senior or subordinated note issuance, convertible debentures, or similar
public or private issuance, but specifically excluding any bank credit facility or similar debt
facility.

7.13 Limitation on Restricted Actions.

     The Borrowers will not directly or indirectly, create or otherwise cause or suffer to exist or
become effective any encumbrance or restriction on the ability of any such Borrower to (a) pay
dividends or make any other distributions to the REIT Guarantor on its Capital Stock or with
respect to any other interest or participation in, or measured by, its profits, (b) pay any

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Indebtedness or other obligation owed to any Borrower, (c) make loans or advances to any
Borrower, (d) sell, lease or transfer any of its properties or assets to any Borrower, or (e) act
as a Borrower and pledge its assets pursuant to the Credit Documents or any renewals, refinancings,
exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in
clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of (i)
this Credit Agreement and the other Credit Documents, (ii) applicable Law, (iii) any Lien or any
documentation or instrument governing any Lien permitted under Section 7.01 provided that
any such restriction contained therein relates only to the asset or assets subject to such Lien,
(v) customary restrictions and conditions contained in any agreement relating to the sale of any
Borrowing Base Assets permitted under Section 7.06 or Section 7.08, pending the
consummation of such sale, or (vi) the Senior Notes Indenture and any additional senior or
subordinated note issuance, convertible debentures, or similar public or private issuance, but
specifically excluding any bank credit facility or similar debt facility.

7.14 Accounting Changes.

     No Borrower shall make any change in (a) accounting policies or reporting practices, except as
required by GAAP, or (b) fiscal year.

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 Borrowers or any other Credit 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, (ii)
within three (3) Business 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 (5) Business Days after the earlier of
(A) a Responsible Officer of any Credit Party becoming aware that the same has not been paid when
due or (B) written notice from the Administrative Agent to the Borrowers, any other fee payable
herein or any other amount payable herein or under any other Credit Document becomes due; or

     (b) Specific Covenants. The Borrowers (or Credit Parties, as applicable) fail to
perform or observe any term, covenant or agreement contained in any of Sections 6.03,
6.06, 6.10, 6.11, 6.14, or 6.18 or Article VII; or

     (c) Other Defaults. (i) The Borrowers (or Credit Parties, as applicable) fail to
perform or observe any term, covenant or agreement contained in any of Sections 6.01 or
6.02 and such failure continues for five (5) days or (ii) any Credit Party fails to perform
or observe any other covenant or agreement (not specified in subsection (a), (b) or (c)(i) above)
contained in any Credit Document on its part to be performed or observed and such failure continues
for thirty (30) days after the earlier of (i) a Responsible Officer of the REIT Guarantor or any
Borrower

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becoming aware of such default or (ii) written notice thereof by the Administrative Agent to
the Parent Borrower (or, if such failure cannot be reasonably cured within such period, sixty (60)
days, so long as the applicable Credit Party has diligently commenced such cure and is diligently
pursuing completion thereof); or

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

     (e) Cross-Default. (i) any Credit Party fails to perform or observe (beyond the
applicable notice and grace or cure period with respect thereto, if any) any Contractual Obligation
if such failure could reasonably be expected to have a Material Adverse Effect, or (ii) any
Borrower, REIT Guarantor, LP Guarantor or OP Guarantor fails to make any payment when due (whether
by scheduled maturity, required prepayment, acceleration, demand, or otherwise and beyond the
applicable notice and grace or cure period with respect thereto, if any) in respect of any
Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) or otherwise
fails to observe or perform any other agreement or condition relating to any such Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event occurs, the effect of which default or other event is to cause, or to permit the holder or
holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause,
with the giving of notice if required, such Indebtedness to be demanded or to become due or to be
repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or cash
collateral in respect thereof to be demanded, in each case to the extent such Indebtedness or other
obligation is in an amount (including undrawn committed or available amounts and including amounts
owing to all creditors under any combined or syndicated credit arrangement) of more than the
applicable Threshold Amount; or (iii) there occurs under any Swap Contract an Early Maturity Date
(as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract
as to which a Borrower, REIT Guarantor, LP Guarantor or OP Guarantor is the Defaulting Party (as
defined in such Swap Contract) after expiration of any applicable notice and grace or cure periods
or (B) any Termination Event (as so defined) under such Swap Contract as to which a Borrower, REIT
Guarantor, LP Guarantor or OP Guarantor is an Affected Party (as so defined) and, in any event, the
Swap Termination Value owed by such Person as a result thereof is greater than the applicable
Threshold Amount; or

     (f) Insolvency Proceedings, Etc. Any Credit Party institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of
its properties; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer is appointed without the application or consent of such Credit party and the
appointment continues undischarged or unstayed for ninety (90) calendar days; or any proceeding
under any Debtor Relief Law relating to any Credit Party or to all or any material

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part of its property is instituted without the consent of such Credit Party and continues
undismissed or unstayed for ninety (90) calendar days, or an order for relief is entered in any
such proceeding and, in any case with respect to the Subsidiary Guarantors only, such action could
reasonably be expected to have a Material Adverse Effect; or

     (g) Inability to Pay Debts; Attachment. (i) Any Credit 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 properties of any Credit Party and is not released, vacated or fully
bonded within thirty (30) days after its issue or levy and, in any case with respect to the
Subsidiary Guarantors only, such action could reasonably be expected to have a Material Adverse
Effect; or

     (h) Judgments. There is entered against any Credit Party (i) any one or more
final judgments or orders for the payment of money in an aggregate amount (as to all such judgments
or orders) exceeding (A) with respect to the Borrowers, the REIT Guarantor, the LP Guarantor and
the OP Guarantor, the applicable Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer has been notified of the claim and does not dispute
coverage) and (B) with respect to the Subsidiary Guarantors, an amount that could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect, or (ii) any one or
more non-monetary final judgments that have, or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10)
consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal
or otherwise, is not in effect; or

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in liability of a
Borrower, REIT Guarantor, LP Guarantor or OP Guarantor under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of the applicable Threshold Amount,
or (ii) a Borrower, REIT Guarantor, LP Guarantor or OP Guarantor fails to pay when due, after the
expiration of any applicable notice and grace period, any installment payment with respect to its
withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount
in excess of the applicable Threshold Amount; or

     (j) Invalidity of Credit Documents; Guaranty. (i) Any Credit Document, at any
time after its execution and delivery and for any reason other than as expressly permitted
hereunder or as a result of satisfaction in full of all the Obligations (other than indemnification
obligations and other contingent obligations for which no claim has been asserted) or as a result
of the Administrative Agent’s failure to record and/or file where and/or when appropriate any
Collateral Documents or any continuation statements, ceases to be in full force and effect; or any
Credit Party contests in any manner the validity or enforceability of any Credit Document; or any
Credit Party denies that it has any or further liability or obligation under any Credit Document,
or purports to revoke, terminate or rescind any Credit Document; (ii) except as the result of or in
connection with a dissolution, merger or disposition of a Subsidiary Guarantor not prohibited by
the terms of this Credit Agreement, the Guaranty shall cease to be in full force and effect, or any

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Guarantor hereunder shall deny or disaffirm such Guarantor’s obligations under such Guaranty,
or any Guarantor shall default in the due performance or observance of any term, covenant or
agreement on its part to be performed or observed pursuant to the Guaranty; or (iii) any Lien shall
fail to be a first priority, perfected Lien on a material portion of the Collateral, taken as a
whole; or

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

8.02 Remedies Upon Event of Default.

     If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following
actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C
Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation
shall be terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Credit Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrowers;

     (c) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal
to the then Outstanding Amount thereof); and

     (d) exercise on behalf of itself and the Lenders all rights and remedies available to it
and the Lenders under the Credit Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Credit Party under the Bankruptcy Code, 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
Borrowers 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 provide Cash Collateral as set forth in the proviso to Section 8.02), any
amounts received on account of the Obligations shall be applied by the Administrative Agent in the
following order:

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     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (other than principal and interest but including Attorney Costs and
amounts payable under Article III) payable to the Administrative Agent in its capacity as
such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders (including Attorney
Costs and amounts payable under Article III), ratably among the Lenders in proportion to
the amounts described in this clause Second payable to them;

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans and L/C Borrowings and fees, premiums and scheduled
periodic payments, and any interest accrued thereon, due under any Swap Contract between any Credit
Party and any Lender, or any Affiliate of a Lender, ratably among the Lenders (and, in the case of
such Swap Contracts, Affiliates of Lenders) and the L/C Issuer in proportion to the respective
amounts described in this clause Third held by them;

     Fourth, to (a) payment of that portion of the Obligations constituting unpaid
principal of the Loans and L/C Borrowings, (b) payment of breakage, termination or other payments,
and any interest accrued thereon, due under any Swap Contract between any Credit Party and any
Lender, or any Affiliate of a Lender, (c) payments of amounts due under any treasury management
agreement between any Credit Party and any Lender, or any Affiliate of a Lender and (d) Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts
described in this clause Fourth held by them; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrowers or as otherwise required by Law.

Subject to Section 2.03(c), amounts used to provide Cash Collateral for the aggregate
undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy
drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash
Collateral after all Letters of Credit have either been fully drawn or expired, such remaining
amount shall be applied to the other Obligations, if any, in the order set forth above.

ARTICLE IX

ADMINISTRATIVE AGENT

9.01 Appointment and Authority.

     Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and under the other Credit 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 and the Lenders, and neither the Borrowers nor any other

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Credit Party shall have rights as a third party beneficiary of any of such provisions except
for those rights expressly granted to any Credit Party in this Article.

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 any Credit Party or other Affiliate thereof as if such Person
were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders.

9.03 Exculpatory Provisions.

     The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Credit 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 Credit
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 Credit 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 Credit Document or applicable law;
and

     (c) shall not, except as expressly set forth herein and in the other Credit Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to any Credit 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.

     Except as otherwise specifically set forth herein, 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 9.02) 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 Borrowers or a Lender.

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     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 Credit
Agreement or any other Credit 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 Credit Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created
by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) 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.

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, the Administrative Agent may presume that such condition is satisfactory
to such Lender unless the Administrative Agent shall have received notice to the contrary from such
Lender 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 Credit Parties),
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 Credit Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent.

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9.06 Resignation of Administrative Agent.

     The Administrative Agent may at any time give notice of its resignation to the Lenders and the
Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders
shall have the right, with the approval of the Parent 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, appoint a successor Administrative Agent meeting the qualifications set forth above;
provided that if the Administrative Agent shall notify the Parent 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 (a) the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Credit Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the
Lenders under any of the Credit Documents, the retiring Administrative Agent shall continue to hold
such collateral security until such time as a successor Administrative Agent is appointed) and (b)
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 directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above in this Section,
and such Lenders so acting shall have the benefit and protection of all provisions hereunder in
favor of the Administrative Agent as if each of them were the Administrative Agent. 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 Credit Documents (if not already
discharged therefrom as provided above in this Section). The fees payable by the Borrowers to a
successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrowers and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Credit 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.

     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, (i) 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, (ii) 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 Credit Documents, and (iii)
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.

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9.07 Non-Reliance on Administrative Agent and Other Lenders.

     Each Lender 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 Credit Agreement. Each Lender 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 Credit Agreement, any other Credit Document or any related agreement or any document
furnished hereunder or thereunder.

9.08 No Other Duties; Etc.

     Anything herein to the contrary notwithstanding, the Arranger shall not have any powers,
duties or responsibilities under this Credit Agreement or any of the other Credit Documents, except
in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

9.09 Administrative Agent May File Proofs of Claim.

     In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the
principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any
demand on the Parent 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 arising under the Credit
Documents 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 and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the Administrative Agent and the L/C Issuer under Sections 2.03(i),
2.09 and 10.04) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, if the Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent

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and
its agents and
counsel, and any other amounts due the Administrative Agent under Sections 2.09 and
10.04.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender
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 irrevocably authorize the Administrative Agent, at its option and in its
discretion, to release any Lien on any property granted to or held by the Administrative Agent
under any Credit 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 transferred or to be transferred as part of or
in connection with any Disposition permitted hereunder or under any other Credit Document, any
Involuntary Disposition or any release or replacement of any Borrowing Base Asset permitted in
accordance with Section 9.11, or (iii) as approved in accordance with Section
10.01.

     The Lenders irrevocably authorize the Administrative Agent to release any Subsidiary Guarantor
(but not the REIT Guarantor, the LP Guarantor or the OP Guarantor) from its obligations under the
Guaranty in accordance with Section 11.08. Upon request by the Administrative Agent at any
time, the Required Lenders will confirm in writing the authority of the Administrative Agent to
release any Subsidiary Guarantor from its obligations hereunder pursuant to this Section
9.10.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release its interest in particular types or items
of property pursuant to this Section 9.10. Upon the release of any Subsidiary Guarantor
pursuant to this Section 9.10 or Section 11.08, the Administrative Agent shall (to
the extent applicable) deliver to the Credit Parties, upon the Credit Parties’ request and at the
Credit Parties’ expense, such documentation as is reasonably necessary to evidence the release of
such Guarantor from its obligations under the Credit Documents.

9.11 Addition/Removal of Borrowing Base Assets.

     (a) The Borrowers may obtain releases of Borrowing Base Assets from the Liens and security
interests of the Administrative Agent hereunder and under the Collateral Documents relating thereto
and all Obligations hereunder and under the Collateral Documents through satisfaction of each of
the following conditions:

     (i) the Parent Borrower shall deliver to the Administrative Agent, not less than
five (5) Business Days prior to the date of such requested release a written request for
release of the applicable Borrowing Base Asset;

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     (ii) the Parent Borrower shall deliver, together with such request for release, a
pro forma Compliance Certificate showing that, on a pro forma basis, after giving effect to
such release and any corresponding prepayment of the Loans, (A) all financial covenants
contained herein shall be satisfied and (B) the outstanding principal amount of Obligations
shall be less than (y) the Aggregate Committed Amount and (z) the
Borrowing Base Amount (after giving effect to the removal of such Borrowing Base Asset
from the calculation of the Borrowing Base Amount, if applicable, any prepayment of
principal which will be made in connection with such release and any addition of any
Borrowing Base Asset to occur in connection with such release);

     (iii) a Responsible Officer of the Parent Borrower shall certify in writing to the
Administrative Agent that no Default or Event of Default shall exist immediately after
giving effect to the applicable release, any prepayment of principal which will be made in
connection with such release and any addition of any Borrowing Base Asset to occur in
connection with such release; and

     (iv) the Administrative Agent shall have received evidence, acceptable to it in its
discretion that the matters set forth in such request, Compliance Certificate and
certification are true and correct in all material respects. To the extent all such
conditions to release are satisfied, the Administrative Agent will, at the Borrowers’
expense, within five (5) Business Days thereafter deliver to the applicable Borrower such
documentation as is reasonably necessary to evidence the release of the Administrative
Agent’s security interest, if any, in the released Borrowing Base Asset(s) and release from
all other Obligations.

     (b) The Borrowers shall deliver to the Administrative Agent, immediately upon a
Responsible Officer of any Credit Party obtaining knowledge of a Borrowing Base Asset failing to
qualify as such, a pro forma Borrowing Base Certificate (which certificate shall include an update
to the information set forth on Schedule 5.12) demonstrating that, upon giving effect to
the removal from the calculation of the Borrowing Base Amount of the Collateral Value or
Mortgageability Amount (as applicable) attributable to such former Borrowing Base Asset, the
Borrowers shall be in compliance with Section 2.01(a) hereof.

     (c) The Borrowers shall not include any Real Property Asset as a Borrowing Base Asset on
any schedule, Borrowing Base Certificate or Compliance Certificate delivered in connection with
this Credit Agreement unless (i) such Real Property Asset meets the definition of Borrowing Base
Asset and Borrowers have otherwise satisfied the requirements set forth in this Agreement and (ii)
such Real Property Asset continues to qualify as a Borrowing Base Asset as of the date of such
inclusion.

     (d) The Borrowers may, at any time after the Closing Date, include additional Real
Property Assets as Borrowing Base Assets to the extent the following conditions are satisfied:

     (i) such additional Real Property Asset satisfies the requirements set forth in the
definition of Borrowing Base Assets, including, without limitation, delivery of each of the
Borrowing Base Asset Deliverables with respect thereto; and

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     (ii) receipt of a FIRREA-compliant MAI appraisal commissioned, reviewed and
approved by the Administrative Agent and the Lenders with respect to such additional Real
Property Asset; provided that (A) the Administrative Agent and the Lenders shall use
reasonable efforts to approve or disapprove the appraisals within fifteen (15)
Business Days after they are received and a failure to approve or disapprove the
appraisals in such fifteen (15) Business Day period shall be deemed to mean that such
appraisals are approved and (B) to the extent any such appraisal is denied approval, the
Administrative Agent and the Lenders shall specify the reasons in writing to the Borrowers
for such denial.

     Administrative Agent hereby agrees that such Real Property Assets may be acquired through the
acquisitions of direct or indirect interest in any entity holding title to such Real Property
Asset(s).

     (e) Whenever the Lenders are required to provide a release of a Borrowing Base Asset
(including a termination of a security interest) under this Agreement, the Lenders shall endeavor
to provide such release promptly and, to the extent the release of such Borrowing Base Asset is
being requested in connection with any Disposition permitted hereunder or under any other Credit
Document, provided the Administrative Agent has received at least ten (10) Business Days prior
written notice of the requirements for such release, the Lenders shall use reasonable efforts to
coordinate the delivery of the release with the closing of such Disposition.

ARTICLE X

MISCELLANEOUS

10.01 Amendments, Etc.

     No amendment or waiver of any provision of this Credit Agreement or any other Credit Document,
and no consent to any departure by the Borrower or any other Credit Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrower or the applicable
Credit 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 Credit Agreement or any other Credit Document for any
payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the
Lenders (or any of them) hereunder or under any other Credit 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 any fees or other amounts payable hereunder or under any other Credit Document

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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 2.12 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;

     (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;

     (f) release all or substantially all of the Collateral in any transaction or series of
related transactions without the written consent of each Lender except as permitted in accordance
with Section 9.11 and Section 11.08 hereof; or

     (g) release all or substantially all of the Subsidiary Guarantors from their obligations
hereunder (other than as provided herein or as appropriate in connection with transactions
permitted hereunder) or release the REIT Guarantor, the LP Guarantor or the OP Guarantor from the
Guaranty;

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 Credit 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 Credit Agreement and (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
Credit Agreement or any other Credit Document. 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 (x) the Commitment of any Defaulting Lender may not be increased or extended
without the consent of such Lender and (y) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender.

10.02 Notices; Effectiveness; Electronic Communications.

     (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:

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     (i) if to any Credit Party, 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

     (ii) if to any other Lender, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications 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 and other communications
delivered through electronic communications to the extent provided in subsection (b) below shall be
effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet
or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to service of process or to notices to any Lender pursuant to
Article II if such Lender has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. The Administrative Agent or the
Parent 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

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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 Credit
Parties, 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 Credit Parties’ 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 Credit Parties,
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).

     (d) Change of Address, Etc. Each of the Credit Parties, 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 written 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 Parent 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. Furthermore,
each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to
at all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Credit Parties or its securities for purposes
of United States Federal or state securities laws.

     (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and
the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices)
purportedly given by or on behalf of the Credit Parties 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 Credit Parties shall indemnify the Administrative Agent, 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 Credit Parties.
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; Enforcement.

     No failure by any Lender or the Administrative Agent to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other

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Credit
Document 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, and provided under each other Credit Document, are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

     Notwithstanding anything to the contrary contained herein or in any other Credit Document, the
authority to enforce rights and remedies hereunder and under the other Credit Documents against the
Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at
law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders;
provided, however, that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely
in its capacity as Administrative Agent) hereunder and under the other Credit Documents, (b) the
L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its
benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder
and under the other Credit Documents, (c) any Lender from exercising setoff rights in accordance
with Section 10.08 (subject to the terms of Section 2.12), or (d) any Lender from
filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Credit Party under any Debtor Relief Law; and provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder
and under the other Credit Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the
matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section
2.12, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies
available to it and as authorized by the Required Lenders.

10.04 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Credit Parties 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 external 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 Credit Agreement and the other Credit
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 or any Lender (including the fees,
charges and disbursements of any external counsel for the Administrative Agent or any Lender), in
connection with the enforcement or protection of its rights (A) in connection with this Credit
Agreement and the other Credit Documents, including its rights under this Section, or (B) in
connection with 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 Credit Parties. The Credit Parties shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender, 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 counsel for any Indemnitee), incurred by
any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any
other Credit Party arising out of, in connection with, or as a result of (i) the execution or
delivery of this Credit Agreement, any other Credit Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder or 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 Credit Documents (including in
respect of any matters addressed in Section 3.01), (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 Substance on or from any property owned or operated by any Credit
Party, or any environmental liability related in any way to any Credit Party, 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 any
Borrower or any other Credit 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, (y) with respect to Hazardous Substance
claims, relating to conditions on any Borrowing Base Asset first occurring after any Indemnified
Party has taken title to or exclusive possession of such Borrowing Base Asset or (z) result from a
claim brought by any Borrower or any other Credit Party against such Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Credit Document, if such
Borrower or such other Credit 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 Credit Parties for any
reason fail 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
Revolving Commitment 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
2.11(e).

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     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, the Credit Parties 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
Credit Agreement, any other Credit 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 to such unintended recipients by such Indemnitee through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Credit
Documents or the transactions contemplated hereby or thereby other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined
by a final and nonappealable judgment of a court of competent jurisdiction.

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

     (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, 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 Credit Parties is made to the
Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right
of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any
Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part
thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such set-off had not occurred, and (b) each Lender
severally agrees to pay to the Administrative Agent upon demand its applicable share (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 under clause
(b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Credit Agreement.

10.06 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Credit Agreement and
the other Credit Documents shall be binding upon and inure to the benefit of the parties hereto and
thereto and their respective successors and assigns permitted hereby, except that no Credit Party
may assign or otherwise transfer any of its rights or obligations hereunder or thereunder

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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 assignee in
accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of subsection (f) of this
Section (and any other attempted assignment or transfer by any party hereto shall be null and
void). Nothing in this Credit Agreement, expressed or implied, shall be construed to confer upon
any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent
expressly contemplated hereby, the 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
assignees all or a portion of its rights and obligations under this Agreement and the other Credit
Documents (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 any such assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

     (A) 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, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

     (B) in any case not described in subsection (b)(i)(A) of this Section, 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 Parent Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an
Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met.

     (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Credit Agreement with respect to the Loans or the Commitment assigned,

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except
that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in
respect of Swing Line Loans;

     (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

     (A) the consent of the Parent Borrower shall be required for any assignment
unless (1) an Event of Default has occurred and is continuing or (2) the assignment
is to an Affiliate of such Lender or an Approved Fund with respect to such Lender;

     (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with
respect to such Lender; and

     (C) the consent of the L/C Issuer (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment that increases the
obligation of the assignee to participate in exposure under one or more Letters of
Credit (whether or not then outstanding); and

     (D) the consent of the Swing Line Lender (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender for any assignment in respect of Revolving Loans and
Revolving Commitments.

     (iv) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with
a processing and recordation fee in the amount of $3,500, paid by the applicable assignee;
provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire.

     (v) No Assignment to Borrower. No such assignment shall be made to any
Credit Party or any of the Credit Parties’ Affiliates or Subsidiaries.

     (vi) No Assignment to Natural Persons. No such assignment shall be made to
a natural person.

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
assignee thereunder shall be a party to this Credit Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Credit Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under

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this Credit Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Credit Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05,
10.04 and 10.05 with respect to facts and circumstances occurring prior to the
effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or
obligations
under this Credit Agreement that does not comply with this subsection shall be treated for purposes
of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection (d) of this Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as an
agent of the Borrowers, 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 Borrowers, 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 the
Parent Borrower and any Lender at any reasonable time and from time to time upon reasonable prior
notice.

     (d) Participations. Any Lender may at any time, without the consent of, or notice
to, the Credit Parties or the Administrative Agent, sell participations with voting rights limited
to significant matters such as changes in amount, rate, maturity date and releases of all or
substantially all of the Collateral to any Person (other than a natural person or the Credit
Parties or any of the Credit Parties’ 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
Credit Parties, the Administrative Agent, the other 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(a) that affects such Participant. Subject to subsection
(e) of this Section, the Credit Parties agree 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. Each Lender that sells a participation shall,
acting solely for this purpose as an agent of the Borrower,

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maintain a register on which it enters
the name and address of each Participant and the rights and/or obligation sold to such Participant.

     (e) Limitation on 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 Parent Borrower’s prior
written consent. A
Participant shall not be entitled to the benefits of Section 3.01 unless the Parent
Borrower is notified of the participation sold to such Participant and such Participant agrees, for
the benefit of the Borrowers, 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) 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 Revolving Commitment and Revolving Loans pursuant to subsection (b) above, Bank of
America may, (i) upon thirty days’ notice to the Parent Borrower and the Lenders, resign as L/C
Issuer and/or (ii) upon thirty days’ notice to the Parent Borrower, resign as Swing Line Lender.
In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrowers shall be
entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder;
provided, however, that no failure by the Borrowers 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 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 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, (1) 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 (2) 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 and the Lenders agree 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, trustees,
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 Credit Document or any
action or proceeding relating to this Credit Agreement or any other Credit Document or the
enforcement of rights hereunder or thereunder, (f) subject to an 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 Credit
Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.01(d) or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to any Borrower and its obligations, (g) with the consent of the Parent Borrower or (h) to
the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section by the disclosing person or (ii) becomes available to the Administrative Agent, any
Lender or any of their respective Affiliates on a nonconfidential basis from a source other than
the Credit Parties.

     For purposes of this Section, “Information” means all information received from any
Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or
their respective businesses, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit
Party or any Subsidiary thereof, provided that, in the case of information received from a
Credit Party or any such 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.

     Each of the Administrative Agent and the Lenders acknowledge that (a) the Information may
include material non-public information concerning the Credit Parties, (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 United States
Federal and state securities Laws.

10.08 Set-off.

     If an Event of Default shall have occurred and be continuing, each Lender 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,

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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 or any such Affiliate to or for the credit or
the account of the Credit Parties against any and all of the obligations of the Credit Parties now
or hereafter existing under this Agreement or any other Credit Document to such Lender,
irrespective of whether or not such Lender shall have made any demand under this Credit Agreement
or any other Credit Document and although such obligations of the Credit Parties may be contingent
or unmatured or are owed to a branch or office of such Lender different from the branch or office
holding such deposit or obligated on such indebtedness. The rights of each Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender or their respective
Affiliates may have. Each Lender agrees to notify the Parent 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. Notwithstanding the
provisions of this Section 10.08, if at any time any Lender or any of their respective
Affiliates maintains one or more deposit accounts for the Borrowers or any other Credit Party into
which Medicare and/or Medicaid receivables are deposited, such Person shall waive the right of
setoff set forth herein.

10.09 Interest Rate Limitation.

     Notwithstanding anything to the contrary contained in any Credit Document, the interest paid
or agreed to be paid under the Credit Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or
any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest
shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to
the Borrowers. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted
by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or
premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c)
amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

10.10 Counterparts; Integration; Effectiveness.

     This Credit 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 Credit Agreement and the other Credit 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 Credit 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 Credit Agreement by telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Credit Agreement.

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10.11 Survival of Representations and Warranties.

     All representations and warranties made hereunder and in any other Credit Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive
the execution and delivery hereof and thereof. Such representations and warranties have been or
will be relied upon by the Administrative Agent and each Lender, regardless of any investigation
made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of
any Extension of Credit, and shall continue in full force and effect as long as any Loan or any
other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain
outstanding.

10.12 Severability.

     If any provision of this Credit Agreement or the other Credit Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions
of this Credit Agreement and the other Credit Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

10.13 Replacement of Lenders.

     If any Lender requests compensation under Section 3.04, or if any 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 can no longer make Eurodollar Loans under
Section 3.02 or if any Lender is a Defaulting Lender, or if any Lender refuses to consent
to an amendment, modification or waiver of this Agreement that, pursuant to Section 10.01,
requires consent of 100% of the Lenders or if any other circumstance exists hereunder that gives
the Borrowers the right to replace a Lender as a party hereto, then the Parent 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 Credit Agreement and the related Credit Documents to an assignee that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that:

     (a) the Borrowers 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 Credit Documents (including any amounts

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under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrowers (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 Parent Borrower
to require such assignment and delegation cease to apply.

10.14 Governing Law; Jurisdiction; etc..

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

     (b) SUBMISSION TO JURISDICTION. EACH BORROWER AND EACH OTHER CREDIT 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 AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF SUCH STATE, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY
OTHER CREDIT 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
CREDIT AGREEMENT OR IN ANY OTHER CREDIT 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 CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT AGAINST ANY BORROWER OR ANY OTHER CREDIT
PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     (c) WAIVER OF VENUE. EACH BORROWER AND EACH OTHER CREDIT 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

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PROCEEDING ARISING OUT OF OR
RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER CREDIT 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 CREDIT
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.

10.15 WAIVER OF RIGHT TO TRIAL BY JURY.

     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 CREDIT AGREEMENT OR ANY OTHER CREDIT 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 CREDIT DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

10.16 No Conflict.

     To the extent there is any conflict or inconsistency between the provisions hereof and the
provisions of any other Credit Document, this Credit Agreement shall control.

10.17 No Advisory or Fiduciary Responsibility.

     In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Credit
Document), each of the Borrowers, on behalf of themselves and the other Credit Parties, acknowledge
and agree, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other
services regarding this Credit Agreement provided by the Administrative Agent, the Lenders and the
Arranger are arm’s-length commercial transactions between the Credit Parties and their respective
Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Arranger, on the
other hand, (B) each of the Credit Parties has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (C) each of the Credit Parties is capable
of evaluating, and understands and accepts, the terms,

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risks and conditions of the transactions
contemplated hereby and by the other Credit Documents; (ii) (A) the Administrative Agent, each
Lender and each Arranger is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for any Credit Party or any of their respective Affiliates, or any
other Person and (B) neither the Administrative Agent, any Lender nor any Arranger has any
obligation to any Credit Party or any of their respective Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the
other Credit Documents; and (iii) the Administrative Agent, the Lenders and the Arranger and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Credit Parties and their respective Affiliates, and neither the
Administrative Agent, any Lender nor any Arranger has any obligation to disclose any of such
interests to the Credit Parties or any of their respective Affiliates. To the fullest
extent permitted by law, each of the Credit Parties hereby waives and releases any claims that
it may have against the Administrative Agent, the Lenders and the Arranger with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby.

10.18 Electronic Execution of Assignments and Certain Other Documents.

     The words “execution,” “signed,” “signature” and words of like import in any Assignment and
Assumption or in any amendment or other modification hereof (including waivers and consents) shall
be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions Act.

10.19 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 Borrowers 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
each Credit Party, which information includes the name and address of each Credit Party and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify
each Credit Party in accordance with the Act. The Borrowers shall, promptly following a request by
the Administrative Agent or any Lender, provide all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under
applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

10.20 California Real Property Assets.

     NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, AT ANY TIME THAT ANY OF THE
OBLIGATIONS SHALL BE SECURED BY REAL

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PROPERTY ASSETS LOCATED IN CALIFORNIA, NO LENDER SHALL
EXERCISE A RIGHT OF SETOFF, LENDER’S LIEN OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE
ACTION OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY CREDIT
DOCUMENT UNLESS IT IS TAKEN WITH THE CONSENT OF THE REQUIRED LENDERS OR, TO THE EXTENT REQUIRED BY
SECTION 8.3 OF THIS AGREEMENT, ALL OF THE LENDERS, IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD OR
MIGHT (PURSUANT TO SECTIONS 580a, 580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR
SECTION 2924 OF THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE
VALIDITY, PRIORITY, OR ENFORCEABILITY OF THE LIENS GRANTED TO THE ADMINISTRATIVE AGENT PURSUANT TO
THE COLLATERAL DOCUMENTS OR THE ENFORCEABILITY OF THE
OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OR ANY SUCH RIGHT WITHOUT
OBTAINING SUCH CONSENT OF THE PARTIES AS REQUIRED ABOVE, SHALL BE NULL AND VOID. THIS PARAGRAPH
SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS.

ARTICLE XI

GUARANTY

11.01 The Guaranty.

     Each of the Guarantors hereby jointly and severally guarantees to each Lender and the
Administrative Agent as hereinafter provided, as primary obligor and not as surety, 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 Credit
Documents or Swap Contracts Guarantor is deemed to have been rendered insolvent as a result of its
guarantee obligations under this Section 11.01 and not to have received reasonable equivalent value
in exchange therefor, then, in such an event, the liability of such Guarantor under this Section
11.01 shall be limited to the maximum amount of the Obligations of the Borrower that such Guarantor
may guaranty without rendering the obligations of such Guarantor under this Section 11.01 void or
voidable under any fraudulent conveyance or fraudulent transfer law.

132

 

11.02 Obligations Unconditional.

     The obligations of the Guarantors under Section 11.01 are joint and several, absolute
and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability
of any of the Credit Documents or Swap Contracts, 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, it being the intent of this Section 11.02 that the
obligations of the Guarantors hereunder shall be absolute and unconditional under any and all
circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation,
indemnity, reimbursement or contribution against the Borrowers or any other Guarantor for amounts
paid under this Article XI until such time as the Obligations have been paid in full and
the Commitments have expired or terminated. 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 the Guarantor
hereunder, which shall remain absolute and unconditional as described above:

     (a) at any time or from time to time, without notice to the 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 Credit Documents or
any Swap Contract between any Credit Party and any Lender, or any Affiliate of a Lender, or any
other agreement or instrument referred to in the Credit Documents 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, waived or amended in any respect, or any right under any of the
Credit Documents or any Swap Contract between any Credit Party and any Lender, or any Affiliate of
a Lender, or any other agreement or instrument referred to in the Credit Documents or any Swap
Contract 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 shall be released
in accordance with the terms of this Agreement;

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

     (f) any other circumstance whatsoever which might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor.

133

 

     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 Credit Documents or any Swap Contract between any Credit Party and any Lender, or
any Affiliate of a Lender, or any other agreement or instrument referred to in the Credit Documents
or any Swap Contract 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 on
demand for all reasonable costs and expenses (including, without limitation, the fees, charges
and disbursements 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.

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 are 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.

134

 

11.06 Rights of Contribution.

     The Guarantors agree among themselves that, in connection with payments made hereunder, each
Guarantor shall have contribution rights against the other Guarantors as permitted under applicable
law. Such contribution rights shall be subordinate and subject in right of payment to the
obligations of such Guarantors under the Credit Documents and no Guarantor shall exercise such
rights of contribution until all Obligations have been paid in full and the Commitments have
terminated.

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.

11.08 Release of Subsidiary Guarantors; Certain Exempt Subsidiaries.

     Within five (5) Business Days following the written request by a Responsible Officer of Parent
Borrower, the Administrative Agent, on behalf of the Lenders, shall release a Subsidiary
Guarantor from its obligations under the Guaranty to the extent that the following conditions
are satisfied to the reasonable satisfaction of the Administrative Agent: (a) there is no Event of
Default existing under the Agreement either at the time of such request or at the time such
Subsidiary Guarantor is released; and (b) such Responsible Officer of Parent Borrower delivers to
Administrative Agent a certificate in form and substance reasonably satisfactory to the
Administrative Agent stating that (i) such request is being made in connection with any of the
following: (A) such Subsidiary Guarantor becoming an Unrestricted Subsidiary under the Senior
Notes Indenture; (B) such Subsidiary Guarantor is obtaining financing to be secured by, among other
things, real property owned or ground leased by such Subsidiary Guarantor and the terms of such
financing prohibits such Subsidiary Guarantor from remaining obligated under the Guaranty; (C) such
Subsidiary Guarantor is acquiring an entity which owns, or assets which include, real property upon
which existing financing is to be assumed by such Subsidiary Guarantor and the terms of such
existing financing prohibit such Subsidiary Guarantor from remaining obligated under the Guaranty;
(D) such Subsidiary Guarantor is acquiring an entity which owns, or assets which include, real
property and, in connection therewith, such Subsidiary Guarantor is obtaining acquisition
financing, the terms of which prohibit such Subsidiary Guarantor from remaining obligated under the
Guaranty; or (E) such Subsidiary Guarantor is being released from its obligation with respect to
the Senior Notes Indenture for any reason not described in clauses (A) through (D) above and (ii)
such Subsidiary Guarantor will also be released from its guaranty obligations under the Senior
Notes.

In addition, a Subsidiary shall not be required to become a Subsidiary Guarantor hereunder (a) to
the extent it is being acquired or being formed in connection with any of the transactions
described in clauses (b)(i)(A) through (D) above, and the terms of the applicable financing
documentation prohibit such Subsidiary from becoming a Subsidiary Guarantor hereunder, or (b) if
such Subsidiary is otherwise not required by the terms of the Senior Notes Indenture to become a
guarantor of any of the obligations thereunder.

135

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

136

 

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

PARENT BORROWER

					
	 	

AVIV FINANCING IV, L.L.C.,

a Delaware limited liability company

 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                           	 
	 	 	Its:        President and Chief Executive Officer 	 

137

 

	 	 	 	 	 

SUBSIDIARY BORROWERS

BURTON NH PROPERTY, L.L.C.,

a Delaware limited liability company,

CASA/SIERRA CALIFORNIA ASSOCIATES, L.L.C.,

a Delaware limited liability company,

KINGS VILLE TEXAS, L.L.C.,

a Delaware limited liability company,

MISSOURI ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MONTANA ASSOCIATES, L.L.C.,

an Illinois limited liability company,

ORANGE, L.L.C.,

an Illinois limited liability company,

POMONA VISTA L.L.C.,

an Illinois limited liability company,

RICHLAND WASHINGTON, L.L.C.,

a Delaware limited liability company,

ROSE BALDWIN PARK PROPERTY L.L.C.,

an Illinois limited liability company,

WATAUGA ASSOCIATES, L.L.C.,

an Illinois limited liability company

					
	 	
 	 
	 	By:  	AVIV FINANCING IV, L.L.C.,
 	 
	 	 	a Delaware limited liability company, 	 
	 	 	their sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                                         	 
	 	 	Its: President and Chief Executive Officer 	 

138

 

	 	 	 	 	 

REIT GUARANTOR

					
	 	

AVIV REIT, INC.,

a Maryland corporation

 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                            	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

LP GUARANTOR

AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,

a Delaware limited partnership

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By: 	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                    	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

OP GUARANTOR

AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,

a Delaware limited partnership

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By: 	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield             	 
	 	 	Its:        President and Chief Executive Officer 	 

139

 

	 	 	 	 	 

SUBSIDIARY GUARANTORS

AVIV HEALTHCARE CAPITAL CORPORATION,

a Delaware corporation

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                            	 
	 	 	Its:        President and Chief Executive Officer	 
	 

AVIV OP LIMITED PARTNER, L.L.C.,

a Delaware limited liability company

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                      	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

AVIV ASSET MANAGEMENT, L.L.C.,

a Delaware limited liability company

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                      	 
	 	 	Its:        President and Chief Executive Officer 	 

140

 

	 	 	 	 	 

AVIV FINANCING II, L.L.C.,

a Delaware limited liability company

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                           	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

AVIV FINANCING III, L.L.C.,

a Delaware limited liability company

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                           	 
	 	 	Its:        President and Chief Executive Officer 	 

141

 

	 	 	 	 	 

AVIV FINANCING V, L.L.C.,

a Delaware limited liability company

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                           	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

ARKANSAS AVIV, L.L.C.,

a Delaware limited liability company,

AVIV FOOTHILLS, L.L.C.,

a Delaware limited liability company,

BELLEVILLE ILLINOIS, L.L.C.,

a Delaware limited liability company,

BELLINGHAM II ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CAMAS ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CHATHAM AVIV, L.L.C.,

a Delaware limited liability company,

CLARKSTON CARE, L.L.C.,

a Delaware limited liability company,

COLONIAL MADISON ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CR AVIV, L.L.C.,

a Delaware limited liability company,

EFFINGHAM ASSOCIATES, L.L.C.,

an Illinois limited liability company,

ELITE MATTOON, L.L.C.,

a Delaware limited liability company,

ELITE YORKVILLE, L.L.C.,

a Delaware limited liability company,

 

FOUNTAIN ASSOCIATES, L.L.C.,

a Delaware limited liability company,

FOUR FOUNTAINS AVIV, L.L.C.,

a Delaware limited liability company,

GILTEX CARE, L.L.C.,

a Delaware limited liability company,

HHM AVIV, L.L.C.,

a Delaware limited liability company,

HIDDEN ACRES PROPERTY, L.L.C.,

a Delaware limited liability company,

IDAHO ASSOCIATES, L.L.C.,

an Illinois limited liability company,

KARAN ASSOCIATES TWO, L.L.C.,

a Delaware limited liability company,

KB NORTHWEST ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MANSFIELD AVIV, L.L.C.,

a Delaware limited liability company,

MINNESOTA ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MONTEREY PARK LEASEHOLD MORTGAGE, L.L.C.,

a Delaware limited liability company,

NORTHRIDGE ARKANSAS, L.L.C.,

a Delaware limited liability company,

NORWALK ALF PROPERTY, L.L.C.,

a Delaware limited liability company,

OAKLAND NURSING HOMES, L.L.C.,

a Delaware limited liability company,

OCTOBER ASSOCIATES, L.L.C.,

a Delaware limited liability company,

OGDEN ASSOCIATES, L.L.C.,

a Delaware limited liability company,

OHIO AVIV, L.L.C.,

a Delaware limited liability company,

OREGON ASSOCIATES, L.L.C.,

a Delaware limited liability company,

PRESCOTT ARKANSAS, L.L.C.,

a Delaware limited liability company,

SALEM ASSOCIATES, L.L.C.,

a Delaware limited liability company,

SAN JUAN NH PROPERTY, L.L.C.,

a Delaware limited liability company,

SANTA FE MISSOURI ASSOCIATES, L.L.C.,

an Illinois limited liability company,

 

	 	 	 	 	 
	 	SEARCY AVIV, L.L.C.,

a Delaware limited liability company,

SKAGIT AVIV, L.L.C.,

a Delaware limited liability company,

SOUTHEAST MISSOURI PROPERTIES, L.L.C.,

a Delaware limited liability company,

STAR CITY ARKANSAS, L.L.C.,

a Delaware limited liability company,

SUN-MESA PROPERTIES, L.L.C.,

an Illinois limited liability company,

WELLINGTON LEASEHOLD, L.L.C.,

a Delaware limited liability company,

WEST PEARL STREET, L.L.C.,

a Delaware limited liability company,

WOODLAND ARKANSAS, L.L.C.,

a Delaware limited liability company,

XION, L.L.C.,

an Illinois limited liability company
 	 
	 

					
	 	By:  	AVIV FINANCING II, L.L.C.,
 	 
	 	 	a Delaware limited liability company, 	 
	 	 	their sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its sole member 	 
	 

					
	 	
 	 
	 	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 
	 	 	a Delaware limited partnership, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	AVIV REIT, INC.,
 	 
	 	 	a Maryland corporation, 	 
	 	 	its general partner 	 
	 

					
	 	
 	 
	 	By:  	/s/ Craig M. Bernfield
 	 
	 	 	Name:  	Craig M. Bernfield                                                                                	 
	 	 	Its:        President and Chief Executive Officer 	 

 

	 	 	 	 	 

	 	 	 	 	 
	LENDERS: 	 BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as L/C Issuer, Swing Line

Lender and as a Lender

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Director 	 

 

	 	 	 	 	 

SCHEDULE 2.01

LENDERS AND COMMITMENTS

	 	 	 	 	 	 	 	 	 
	 	 	Revolving Committed	 	 	Revolving Commitment	 
	Lender	 	Amount	 	 	Percentage	 
	Bank of America, N.A.
	 	$	25,000,000.00	 	 	 	100.000000000	%
	 
	Total:
	 	$	25,000,000.00	 	 	 	100.000000000	%

 

SCHEDULE 5.01(b)

SCHEDULED TRANSFERS

None.

 

SCHEDULE 5.11

CORPORATE STRUCTURE; CAPITAL STOCK

1. Borrowers and Subsidiaries

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Options,
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Warrants, Rights
	 	 	 	 	 	 	% of Capital	 	 	 	Persons Holding	 	of Conversion of
	 	 	State of	 	 	 	Stock	 	# of Shares	 	Equity or Voting	 	Purchase or
	Borrower’s Legal Name	 	Formation	 	Tax ID	 	Outstanding	 	Outstanding	 	Interests (%)	 	Similar
	Aviv Financing IV, L.L.C.

	 	DE
	 	27-0836481
	 	 	100	%	 	N/A
	 	Aviv Healthcare
Properties Operating
Partnership I, L.P.
(100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Burton NH Property, L.L.C.

	 	DE
	 	11-3714506
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Casa/Sierra California
Associates, L.L.C.

	 	DE
	 	36-4572017
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kingsville Texas, L.L.C.

	 	DE
	 	37-1522939
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Missouri Associates, L.L.C.

	 	DE
	 	36-4572033
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Montana Associates,
L.L.C.

	 	IL
	 	36-4149849
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Orange, L.L.C.

	 	IL
	 	36-4095365
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pomona Vista L.L.C.

	 	IL
	 	36-4111095
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Richland Washington,
L.L.C.

	 	DE
	 	26-0081509
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rose Baldwin Park
Property L.L.C.

	 	IL
	 	36-4111092
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Watauga Associates,
L.L.C.

	 	IL
	 	36-4163268
	 	 	100	%	 	N/A
	 	Aviv Financing IV,
L.L.C. (100%)
	 	None.

2. Guarantors and Subsidiaries

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Options, Warrants,
	 	 	 	 	 	 	% of Capital	 	 	 	Persons Holding	 	Rights of
	Guarantor’s Legal	 	State of	 	 	 	Stock	 	# of Shares	 	Equity or Voting	 	Conversion of
	Name	 	Formation	 	Tax ID	 	Outstanding	 	Outstanding	 	Interests (%)	 	Purchase or Similar
	Aviv REIT, Inc.

	 	Maryland
	 	27-3200673
	 	 	100	%	 	N/A	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Healthcare 

Properties Limited 

Partnership

	 	Delaware
	 	35-2249166
	 	 	100	%	 	N/A	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Healthcare
Properties Operating
Partnership I, L.P.

	 	Delaware
	 	11-3747120
	 	 	100	%	 	N/A
	 	Aviv Healthcare
Properties Limited
Partnership (99.9%);
Aviv OP Limited
Partner, L.L.C. (0.1%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Healthcare Capital 

Corporation

	 	Delaware
	 	27-4536064
	 	 	100	%	 	N/A
	 	Aviv Healthcare

Properties Limited 

Partnership (100%)
	 	None.

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Options, Warrants,
	 	 	 	 	 	 	% of Capital	 	 	 	Persons Holding	 	Rights of
	Guarantor’s Legal	 	State of	 	 	 	Stock	 	# of Shares	 	Equity or Voting	 	Conversion of
	Name	 	Formation	 	Tax ID	 	Outstanding	 	Outstanding	 	Interests (%)	 	Purchase or Similar
	Aviv OP Limited Partner,
L.L.C.

	 	Delaware
	 	27-3474432
	 	 	100	%	 	N/A
	 	Aviv Healthcare

Properties Limited

Partnership (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Asset Management,
L.L.C.

	 	Delaware
	 	30-0305067
	 	 	100	%	 	N/A
	 	Aviv Healthcare

Properties Limited

Partnership (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Financing II, L.L.C.

	 	Delaware
	 	36-4597042
	 	 	100	%	 	N/A
	 	Aviv Healthcare
Properties Operating
Partnership I, L.P.
(100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Financing III, L.L.C.

	 	Delaware
	 	36-4641210
	 	 	100	%	 	N/A
	 	Aviv Healthcare
Properties Operating
Partnership I, L.P.
(100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Financing V, L.L.C.

	 	Delaware
	 	27-0836548
	 	 	100	%	 	N/A
	 	Aviv Healthcare
Properties Operating
Partnership I, L.P.
(100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Alamogordo Aviv, L.L.C.

	 	NM
	 	27-0123540
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Arkansas Aviv, L.L.C.

	 	DE
	 	30-0509615
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aviv Foothills, L.L.C.

	 	DE
	 	36-4572035
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Belleville Illinois, L.L.C.

	 	DE
	 	32-0188341
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bellingham II Associates,
L.L.C.

	 	DE
	 	11-3747130
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Camas Associates,
L.L.C.

	 	DE
	 	36-4340182
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Chatham Aviv, L.L.C.

	 	DE
	 	27-0354315
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clarkston Care, L.L.C.

	 	DE
	 	76-0802028
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Colonial Madison
Associates, L.L.C.

	 	DE
	 	38-3741678
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CR Aviv, L.L.C.

	 	DE
	 	20-5354773
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effingham Associates,
L.L.C.

	 	IL
	 	36-4150491
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Elite Mattoon, L.L.C.

	 	DE
	 	36-4454111
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Elite Yorkville, L.L.C.

	 	DE
	 	36-4454114
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fountain Associates,
L.L.C.

	 	DE
	 	36-4572016
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Four Fountains Aviv,
L.L.C.

	 	DE
	 	36-4601434
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Giltex Care, L.L.C.

	 	DE
	 	36-4572036
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	HHM Aviv, L.L.C.

	 	DE
	 	32-0205746
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Options, Warrants,
	 	 	 	 	 	 	% of Capital	 	 	 	Persons Holding	 	Rights of
	Guarantor’s Legal	 	State of	 	 	 	Stock	 	# of Shares	 	Equity or Voting	 	Conversion of
	Name	 	Formation	 	Tax ID	 	Outstanding	 	Outstanding	 	Interests (%)	 	Purchase or Similar
	Hidden Acres Property,
L.L.C.

	 	DE
	 	27-2457250
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Idaho Associates, L.L.C.

	 	IL
	 	36-4114446
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Karan Associates Two,
L.L.C.

	 	DE
	 	61-1514965
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KB Northwest
Associates, L.L.C.

	 	DE
	 	36-4572025
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mansfield Aviv, L.L.C.

	 	DE
	 	32-0183852
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Minnesota Associates,
L.L.C.

	 	DE
	 	36-4469552
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Monterey Park
Leasehold, L.L.C.

	 	DE
	 	32-0267202
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Northridge Arkansas,
L.L.C.

	 	DE
	 	04-3835262
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Norwalk ALF Property,
L.L.C.

	 	DE
	 	27-4083805
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Oakland Nursing Homes,
L.L.C.

	 	DE
	 	36-4572018
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	October Associates,
L.L.C.

	 	DE
	 	36-4572030
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ogden Associates, L.L.C.

	 	DE
	 	36-4412291
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ohio Aviv, L.L.C.

	 	DE
	 	36-4597043
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Oregon Associates,
L.L.C.

	 	DE
	 	36-4572024
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Prescott Arkansas, L.L.C.

	 	DE
	 	04-3835264
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Salem Associates, L.L.C.

	 	DE
	 	36-4572028
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	San Juan NH Property,
L.L.C.

	 	DE
	 	11-3714511
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Santa Fe Missouri
Associates, L.L.C.

	 	IL
	 	36-4165126
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Searcy Aviv, L.L.C.

	 	DE
	 	38-3779442
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Skagit Aviv, L.L.C.

	 	DE
	 	36-4641209
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Star City Arkansas,
L.L.C.

	 	DE
	 	43-2089308
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sun-Mesa Properties,
L.L.C.

	 	IL
	 	36-4047650
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wellington Leasehold,
L.L.C.

	 	DE
	 	27-3971187
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	West Pearl Street, L.L.C.

	 	DE
	 	81-0637081
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Woodland Arkansas,
L.L.C.

	 	DE
	 	04-3835266
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Xion, L.L.C.

	 	IL
	 	36-4062845
	 	 	100	%	 	N/A
	 	Aviv Financing II,
L.L.C. (100%)
	 	None.

 

 

[Organizational Chart Follows]

 

 

Post-Offering Organizational Chart

 

 

Aviv

Financing I, L.L.C.

each listed entity

owned 100%

Alamogordo Aviv, L.L.C.

Arma Yates, L.L.C.

Aviv Liberty, L.L.C.

Avon Ohio, L.L.C.

Benton Harbor, L.L.C.

BHG Aviv, L.L.C.

Bonham Texas, L.L.C.

California Aviv Two, L.L.C.

California Aviv, L.L.C.

Chenal Arkansas, L.L.C.

Chippewa Valley, L.L.C.

Clayton Associates, L.L.C.

Clinton Associates, L.L.C.

Colton Associates, L.L.C.

Columbia View Associates, L.L.C.

Columbus Texas Aviv, L.L.C.

Columbus Western Avenue, L.L.C.

Commerce Nursing Homes, L.L.C.

Commerce Sterling Hart Road, L.L.C.

Conroe Rigby Owen Road, L.L.C.

Crooked River Road, L.L.C.

Denison Texas, L.L.C.

Falfurrias Texas, L.L.C.

Florence Heights Associates, L.L.C.

Fredericksburg South Adams Street, L.L.C.

Freewater Oregon, L.L.C.

Fullerton California, L.L.C.

Great Bend Property, L.L.C.

Heritage Monterey Associates, L.L.C.

Highland Leasehold, L.L.C.

Hobbs Associates, L.L.C.

Hot Springs Aviv, L.L.C.

Houston Texas Aviv, L.L.C.

Hutchinson Kansas, L.L.C.

Jasper Springhill Street, L.L.C.

Karan Associates, L.L.C.

Manor Associates, L.L.C.

Massachusetts Nursing Homes, L.L.C.

Missouri Regency Associates, L.L.C.

Mt. Vernon Texas, L.L.C.

Newtown ALF Property, L.L.C.

N.M. Bloomfield Three Plus One Limited Company

N.M. Espanola Three Plus One Limited Company

N.M. Lordsburg Three Plus One Limited Company

N.M. Silver City Three Plus One Limited Company

Ohio Aviv Three, L.L.C.

Ohio Aviv Two, L.L.C.

Omaha Associates, L.L.C.

Orange ALF Property, L.L.C

Peabody Associates, L.L.C.

Peabody Associates Two, L.L.C.

Raton Property Limited Company

Red Rocks, L.L.C.

Riverside Nursing Home Associates, L.L.C.

Santa Ana-Bartlett, L.L.C.

Savoy/Bonham Venture, L.L.C.

Skyview Associates, L.L.C.

Tujunga, L.L.C.

VRB Aviv, L.L.C.

Washington-Oregon Associates, L.L.C.

Wheeler Healthcare Associates, L.L.C.

Willis Texas Aviv, L.L.C.

Yuba Aviv, L.L.C.

SHEET 2

 

 

Aviv

Financing II, L.L.C.

each listed entity

owned 100%

Arkansas Aviv, L.L.C.

Aviv Foothills, L.L.C.

Belleville Illinois, L.L.C.

Bellingham II Associates, L.L.C.

Camas Associates, L.L.C.

Chatham Aviv, L.L.C.

Clarkston Care, L.L.C.

Colonial Madison Associates, L.L.C.

CR Aviv, L.L.C.

Effingham Associates, L.L.C.

Elite Mattoon, L.L.C.

Elite Yorkville, L.L.C.

Fountain Associates, L.L.C.

Four Fountains Aviv, L.L.C.

Giltex Care, L.L.C.

HHM Aviv, L.L.C.

Hidden Acres Property, L.L.C.

Idaho Associates, L.L.C.

Karan Associates Two, L.L.C.

KB Northwest Associates, L.L.C.

Mansfield Aviv, L.L.C.

Minnesota Associates, L.L.C.

Monterey Park Leasehold Mortgage, L.L.C.

Northridge Arkansas, L.L.C.

Norwalk ALF Property, L.L.C.

Oakland Nursing Homes, L.L.C.

October Associates, L.L.C.

Ogden Associates, L.L.C.

Ohio Aviv, L.L.C.

Oregon Associates, L.L.C.

Prescott Arkansas, L.L.C.

Salem Associates, L.L.C.

San Juan NH Property, L.L.C.

Santa Fe Missouri Associates, L.L.C.

Searcy Aviv, L.L.C.

Skagit Aviv, L.L.C.

Southeast Missouri Property, L.L.C.

Star City Arkansas, L.L.C.

Sun-Mesa Properties, L.L.C.

Wellington Leasehold, L.L.C.

West Pearl Street, L.L.C.

Woodland Arkansas, L.L.C.

Xion, L.L.C.

SHEET 3

 

 

Aviv

Financing III, L.L.C.

each listed entity

owned 100%

Danbury ALF Property, L.L.C. 

Little Rock Aviv, L.L.C.

Riverside Nursing Home Associates Two, L.L.C.

SHEET 4

 

 

Aviv

Financing IV, L.L.C.

each listed entity

owned 100%

Burton NH Property, L.L.C.

Casa/Sierra California
Associates, L.L.C. 

Kingsville
Texas, L.L.C.

Missouri Associates,
L.L.C. 

Montana
Associates, L.L.C.

Orange, L.L.C.

Pomona Vista, L.L.C. 

Richland
Washington, L.L.C. 

Rose
Baldwin Park Property, L.L.C.

Watauga Associates, L.L.C.

SHEET 5

 

 

SCHEDULE 5.12

REAL PROPERTY ASSET MATTERS

	 	 	 

	Part I

	 	Borrowing Base Properties
	Part II

	 	Other Real Property Assets
	Part III

	 	Delinquent Tenants
	Part IV

	 	Material Sub-Leases

 

 

     

SCHEDULE 5.12

PART I — REAL PROPERTY ASSETS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Facility Operating	 	 
	 	 	Real Property Asset	 	 	 	 	 	 	 	Lease	 	 
	Site No.	 	Address	 	Borrower/Owner	 	Facility Operating Leases	 	Eligible Tenant1	 	Termination Date	 	Facility Type
	1

	 	14318 Ohio St, Baldwin

Park, CA
	 	Casa/Sierra California Associates,
L.L.C.
	 	1. Lease dated 7/21/08

2. Consent Agreement dated 7/21/08

3. First Amendment to Lease dated 12/9/08

4. Second Amendment to Lease dated
08/24/2009

5. Unconditional Guaranty of Lease dated
7/21/08

6. Third Amendment to Lease dated 10/26/2010
	 	Sierra View Care Holdings,

LLC
	 	7/31/2018
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	651 N Main St, Pomona, CA
	 	Pomona Vista L.L.C.
	 	1. Lease dated 7/21/08

2. Consent Agreement dated 7/21/08

3. First Amendment to Lease dated 12/9/08

4. Second Amendment to Lease dated
08/24/2009

5. Unconditional Guaranty of Lease dated
7/21/08

6. Third Amendment to Lease dated 10/26/2010
	 	MJB Partners, LLC
	 	7/31/2018
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	3

	 	3541 Puente Ave, Baldwin

Park, CA
	 	Rose Baldwin Park Property L.L.C.
	 	1. Lease dated 7/21/08

2. Consent Agreement dated 7/21/08

3. First Amendment to Lease dated 12/9/08

4. Second Amendment to Lease dated
08/24/2009

5. Third Amendment to Lease dated 8/10/2010

6. Unconditional Guaranty of Lease dated
7/21/08

7. Third Amendment to Lease dated 10/26/2010
	 	Puente Partners, LLC
	 	7/31/2018
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	8487 Magnolia Ave,

Riverside, CA
	 	Casa/Sierra California
Associates, L.L.C.
	 	1. Sublease dated 7/21/08

2. Consent Agreement dated 7/21/08

3. Replacement Facility Agreement dated
7/21/08

4. First Amendment to Sublease dated 12/9/08

5. Assignment and Assumption of Sublease
dated 12/12/08

6. Second Amendment to Lease dated
08/24/2009

7. Unconditional Guaranty of Sublease dated
7/21/08

8. Third Amendment to Lease dated 10/26/2010
	 	Riverside Equities, LLC
	 	7/31/2018
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	1	 	Unless otherwise noted, the address of
Eligible Tenant is the Real Property Asset Address.

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Facility Operating	 	 
	 	 	Real Property Asset	 	 	 	 	 	 	 	Lease	 	 
	Site No.	 	Address	 	Borrower/Owner	 	Facility Operating Leases	 	Eligible Tenant1	 	Termination Date	 	Facility Type
	5

	 	9 14th Ave, Polson, MT
	 	Montana Associates, L.L.C.
	 	1. Lease dated 2/26/97

2. First Amendment to Lease dated 5/7/97

3. Second Amendment to Lease dated 12/17/03

4. Third Amendment to Lease dated 10/25/06

5. Fourth Amendment to Lease dated 11/15/07

6. Fifth Amendment to Lease dated 8/1/08

7. Sixth Amendment to Lease dated 4/30/09

8. Unconditional Guaranty of Lease dated 2/97
	 	Evergreen at Polson, LLC
	 	2/28/2015
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	6

	 	600 First Ave N, Hot

Springs, MT
	 	Montana Associates, L.L.C.
	 	1. Lease dated 2/26/97

2. First Amendment to Lease dated 5/7/97

3. Second Amendment to Lease dated 12/17/03

4. Third Amendment to Lease dated 10/25/06

5. Fourth Amendment to Lease dated 11/15/07

6. Fifth Amendment to Lease dated 8/1/08

7. Sixth Amendment to Lease dated 4/30/09

8. Unconditional Guaranty of Lease dated 2/97
	 	Evergreen at Hot Springs,

LLC
	 	2/28/2015
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	7

	 	1000 FM 3220, Clifton, TX
	 	Missouri Associates, L.L.C.
	 	1. Lease dated 8/1/03

2. First Amendment to Lease dated 5/31/06

3. Second Amendment to Lease dated 7/15/09

4. Letter dated 4/21/2010 exercising 5-year
extension option

5. Unconditional Guaranty of Master Lease dated
8/1/03
	 	Clifton Nursing and Rehab.,
LP
	 	5/31/2021
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	8

	 	316 General Cavazos

Boulevard, Kingsville, TX
	 	Kingsville Texas, L.L.C.
	 	1. Lease dated 5/31/06

2. First Amendment to Lease dated 7/15/09

3. Letter dated 4/21/2010 exercising 5-year
extension option

4. Unconditional Guaranty of Lease dated 5/31/06
	 	Kleberg County Nursing and
Rehabilitation, L.P.
	 	5/31/2021
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	9

	 	510 N. 3rd St, Orange, TX
	 	Orange, L.L.C.
	 	1. Lease dated 8/1/03

2. First Amendment to Lease dated 5/31/06

3. Letter dated 4/21/2010 exercising 5-year
extension option

4. Unconditional Guaranty of Lease dated 8/1/03
	 	Orange Villa Nursing and
Rehabilitation., L.P.
	 	5/31/2021
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	10

	 	3000 Cardinal Drive,

Orange, TX
	 	Orange, L.L.C.
	 	1. Lease dated 8/1/03

2. First Amendment to Lease dated 5/31/06

3. Second Amendment to Lease dated 7/15/09

4. Letter dated 4/21/2010 exercising 5-year
extension option

5. Unconditional Guaranty of Lease dated 8/1/03
	 	Pinehurst Nursing and
Rehabilitation, L.P.
	 	5/31/2021
	 	Skilled Nursing

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Facility Operating	 	 
	 	 	Real Property Asset	 	 	 	 	 	 	 	Lease	 	 
	Site No.	 	Address	 	Borrower/Owner	 	Facility Operating Leases	 	Eligible Tenant1	 	Termination Date	 	Facility Type
	11

	 	7804 Virgil R Anthony Blvd,

Watauga, TX
	 	Watauga Associates, L.L.C.
	 	1. Lease dated 8/1/03

2. First Amendment to Lease dated 5/31/06

3. Second Amendment to Lease dated 7/15/09

4. Letter dated 4/21/2010 exercising 5-year
extension option

5. Unconditional Guaranty of Lease dated 8/1/03
	 	North Pointe Nursing and
Rehabilitation., L.P.
	 	5/31/2021
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	12

	 	1745 Pike Ave, Richland,

WA
	 	Richland Washington, L.L.C.
	 	1. Lease dated 5/1/04

2. Letter Exercising Both Options to Extend dated
5/12/04

3. First Amendment dated 11/1/04

4. Second Amendment dated 10/31/05

5. Third Amendment to Lease dated 10/31/08

6. Fourth Amendment to Lease Agreement dated
9/25/09

7. Unconditional Guaranty of Lease dated 5/1/04
	 	Eagle Healthcare, Inc.
	 	11/30/2024
	 	Skilled Nursing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	13

	 	1745 Pike Ave, Richland, WA
	 	Richland Washington, L.L.C.
	 	See Site 12
	 	See Site 12
	 	See Site 12
	 	Assisted Living
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	14

	 	1036 E Victoria Ave,

Burlington, WA
	 	Burton NH Property, L.L.C.
	 	1. Lease dated 10/12/99

2. First Amendment to Lease dated 8/10/00

3. Letter of Amendment dated 8/10/00

4. Assignment of Lease dated 3/18/04

5. Second Amendment to Lease dated 12/31/05

6. Third Amendment to Lease dated 1/1/06

7. Fourth Amendment to Lease dated 9/25/09

8. Unconditional Guaranty of Lease dated 10/12/99
	 	Eagle Healthcare, Inc.
	 	12/31/2020
	 	Skilled Nursing

 

 

SCHEDULE 5.12

PART II — OTHER REAL PROPERTY ASSETS

None.

 

 

SCHEDULE 5.12

PART III — DELINQUENT TENANTS

None.

 

 

SCHEDULE 5.12

PART IV — MATERIAL SUB-LEASES

None.

 

 

SCHEDULE 5.13

FACILITY LEASES

None.

 

 

SCHEDULE 5.17

INSURANCE CERTIFICATES

(separately delivered to Administrative Agent)

 

 

SCHEDULE 5.22

PATRIOT ACT INFORMATION

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Credit Party’s Legal	 	State of	 	Chief Executive	 	Principle Place of	 	Licensed to do	 	 	 	 
	Name	 	Formation	 	Office	 	Business	 	Business in	 	Tax ID	 	Organizational ID
	Aviv Financing IV, L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	State of
formation
only
	 	27-0836481
	 	 	4725462	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Burton NH Property,
L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	WA
	 	11-3714506
	 	 	3773960	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Casa/Sierra California
Associates, L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	CA
	 	36-4572017
	 	 	3943975	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kingsville Texas, L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	TX
	 	37-1522939
	 	 	4144004	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Missouri Associates,
L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	TX
	 	36-4572033
	 	 	3943942	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Montana Associates,
L.L.C.

	 	IL
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	MT
	 	36-4149849
	 	 	00103411	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Orange, L.L.C.

	 	IL
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	TX
	 	36-4095365
	 	 	0007656-2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pomona Vista L.L.C.

	 	IL
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	CA
	 	36-4111095
	 	 	0008832-3	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Richland Washington,
L.L.C.

	 	DE
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	WA
	 	26-0081509
	 	 	3737882	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rose Baldwin Park
Property L.L.C.

	 	IL
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	CA
	 	36-4111092
	 	 	00088358	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Watauga Associates,
L.L.C.

	 	IL
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	303 West Madison
Street, Suite 2400
Chicago, IL 60606
	 	TX
	 	36-4163268
	 	 	00119709	 

 

 

SCHEDULE 7.01

LIENS

Liens of record not showing as exceptions on the related Mortgage Policy:

	 	 	 	 	 	 	 
	 	 	Address, City,	 	 	 	 
	Site	 	State	 	Owner	 	Lien
	5

	 	9 14th Ave, Polson,
	 	Montana Associates, L.L.C.
	 	Montana Trust Indenture: #381548 — 05/02/1997
	 

	 	MT
	 	 
	 	     Grantor: Montana Associates, L.L.C.
	 

	 	 	 	 	 	     Trustee: Lake County Abstract & Title Company
	 

	 	 	 	 	 	     Beneficiary: Flathead Convalescent, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Tri-Party Agreement: #381549 — 05/02/1997
	 

	 	 	 	 	 	      Between Bank of Whitman, Flathead Convalescent, Inc. and
	 

	 	 	 	 	 	      Montana Associates, L.L.C. 2
	 
	 	 	 	 	 	 
	6

	 	600 First Ave N,

Hot Springs, MT
	 	Montana Associates,
L.L.C.
	 	American National Bank and Trust Co. of Chicago financing

     (i) DoT: #23128/229229 — 04/02/1998 Amendments: #42067/251661 — 07/21/2003; #45148/255191 — 04/06/2004; #45149/255192 — 04/06/2004
	 

	 	 	 	 	 	     (ii) ALR: #23129/229230 — 04/02/1998
	 

	 	 	 	 	 	     (iii) SNDA: #23130/229231 — 04/02/19983

 

			
	2	 	Each of these Liens have been paid off, but they
are still reflected as a Liens against the property because no release has been
obtained and recorded.
	 
	3	 	This Lien has been paid off, but is still
reflected as a Lien against the property because no release has been obtained
and recorded.

 

 

SCHEDULE 7.02

BORROWERS’ INDEBTEDNESS

None.

 

 

SCHEDULE 7.04

INVESTMENTS

1. Capital Stock as more fully set forth on Schedule 5.11 hereto.

 

 

SCHEDULE 10.02

NOTICE ADDRESSES

Credit Parties:

c/o Aviv REIT, Inc.

303 West Madison Street

Suite 2400

Chicago, Illinois 60606

Attention: General Counsel

Telephone: 312-855-0930

Facsimile: 312-855-1684

Email: skovitz@avivam.com

with a copy to:

Sidley Austin, LLP

One South Dearborn Street

Chicago, IL 60603

Attention: Paul Monson

Telephone: 312-853-7000

Facsimile: 312-853-7036 (recipient’s name must appear on the facsimile)

Email: pmonson@sidley.com

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

For payments and Requests for Credit Extensions:

Bank of America, N.A.

101 N. Tryon St.

Charlotte, NC 28255-0001

Attn: Jean H. Hood

Telephone: 980-388-9114

Facsimile: 704-719-8162

Email: jean.hood@baml.com

Wiring Instructions:

Bank of America NA

New York, NY

ABA 026009593

Acct. number: 1366212250600

Acct Name: Corporate Credit Services

Ref: Aviv Financing IV, L.L.C.

 

 

For all other Notices:

Bank of America, N.A.

1455 Market Street

Mail Code: CA5-701-05-19

San Francisco, CA 94103

Attn: Kevin Ahart

Phone: 415-436-2750

Fax: 415-503-5000

Email: kvein.ahart@baml.com

with a copy to:

Bank of America, N.A.

Bank of America Corporate Center

100 N. Tryon St.

Mail Code: NC1-007-17-11

Charlotte, NC 28255-0001

Attention: Amie Edwards

Telephone: 980-387-1346

Facsimile: 980-388-6002

Email: amie.l.edwards@baml.com

Lenders:

Contact information on file with the Administrative Agent.exv10w2w1

Exhibit 10.2.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     This Amendment No. 1 to Credit Agreement (this “Amendment No. 1”), dated as of March 22, 2011,
is executed and delivered by and among AVIV FINANCING IV, L.L.C., a Delaware limited liability
company (“Parent Borrower”), each of the subsidiaries of the Parent Borrower identified on the
signature pages hereto, the (collectively, with the Parent Borrower, the “Borrowers”), AVIV REIT,
INC. (the “REIT Guarantor”) , AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP (the “LP Guarantor”),
AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P. (the “OP Guarantor”), each of the other
guarantors identified on the signature pages hereto (collectively, with the REIT Guarantor, the LP
Guarantor and the OP Guarantor, “Guarantors” and together with the Borrowers, the “Credit
Parties”), the Lenders party hereto, and Bank of America, N.A., as administrative agent (the
“Administrative Agent”). Capitalized terms used herein but not otherwise defined herein shall have
the meanings ascribed to those terms in the Credit Agreement as defined below.

RECITALS

     A. The Credit Parties, the Lenders and the Administrative Agent are parties to that certain
Credit Agreement dated as of February 4, 2011 (the “Original Credit Agreement”).

     B. From and after the date hereof, the Credit Parties, the Lenders and the Administrative
Agent desire to amend the terms and provisions of the Original Credit Agreement as provided herein,
and the Original Credit Agreement as amended by this Amendment No. 1, and as may be hereafter
further supplemented, amended, modified or restated from time to time, shall be referred to
collectively as the “Credit Agreement”.

     NOW, THEREFORE, in consideration of the premises herein contained, and for other good and
valuable consideration (the receipt, sufficiency and adequacy of which are hereby acknowledged),
the parties hereto (intending to be legally bound) hereby agree as follows:

          1. Incorporation. The foregoing preamble and recitals are hereby incorporated herein
by this reference thereto.

          2. Amendments.

          (a) The definitions of “Borrowing Base Amount” and “Consolidated Leverage Ratio” contained in
Section 1.01 of the Existing Credit Agreement are hereby amended in their entirety to read
as follows:

     “Borrowing Base Amount” means, (a) with respect to any date prior to the delivery of
the first Borrowing Base Certificate, $20,000,000, and (b) at any time thereafter, an amount equal
to the lesser of: (i) the Aggregate Mortgageability Amount as of such date for the Borrowing Base
Assets and (ii) the Aggregate Collateral Value Amount as of such date for the Borrowing Base
Assets.

     “Consolidated Leverage Ratio” means, (a) as of any date of determination on or prior
to June 30, 2011 the ratio of (x) Consolidated Funded Debt minus the aggregate amount of
unrestricted cash on deposit held in accounts in the name of any Consolidated Party as of such date
to (y) Adjusted Consolidated EBITDA for the most recently completed four (4) fiscal
quarters, and (b) as of any date of determination thereafter, the ratio of (x) Consolidated Funded
Debt to (y) Adjusted Consolidated EBITDA for the most recently completed four (4) fiscal quarters.

1

 

     (b) Section 4.02(k) of the Existing Credit Agreement is hereby amended in
its entirety to read as follows:

     (k) [Reserved].

          3. Conditions Precedent. The amendments contained in Sections 2 hereof are
subject to, and contingent upon, the prior or contemporaneous satisfaction of the following
conditions precedent:

          (a) The Credit Parties, the Administrative Agent and the Required Lenders shall have
executed and delivered to each other this Amendment No. 1; and

          (b) Copies of the resolutions or written consent of the Credit Parties authorizing or
ratifying the execution, delivery and performance by the Credit Parties of this Amendment
No. 1.

          4. Reference to and Effect on the Original Credit Agreement.

          (a) Except as expressly provided herein, the Original Credit Agreement and all of the
Credit Documents shall remain unmodified and continue in full force and effect and are
hereby ratified and confirmed.

          (b) The execution, delivery and effectiveness of this Amendment No. 1 shall not
operate as a waiver of: (i) any right, power or remedy of the Administrative Agent or any
Lender under the Original Credit Agreement or any of the Credit Documents, or (ii) any
Default or Event of Default under the Original Credit Agreement.

          5. Costs, Expenses and Taxes. Without limiting the obligation of the Credit Parties
to reimburse the Administrative Agent and each Lender for costs, fees, disbursements and expenses
incurred by the Administrative Agent and each Lender as specified in the Credit Agreement, the
Credit Parties agree to pay on demand all reasonable costs, fees, disbursements and expenses of the
Administrative Agent in connection with the preparation, execution and delivery of this Amendment
No. 1 and the other agreements, instruments and documents contemplated hereby, including, without
limitation, reasonable attorneys’ fees and out-of-pocket expenses.

          6. Representations and Warranties of the Credit Parties. Each Credit Party hereby
represents and warrants to the Administrative Agent and each Lender that on and as of the date
hereof and after giving effect to this Amendment No. 1:

          (a) Each Credit Party has the requisite power and authority to execute, deliver and
perform its obligations under this Amendment No. 1. This Amendment No. 1 has been duly
authorized by all necessary action of each Credit Party. This Amendment No. 1 constitutes
the legal, valid and binding obligation of each Credit Party, enforceable against such
Credit Party in accordance with its terms, subject to the effect of any applicable
bankruptcy, insolvency, reorganization or similar law affecting creditors’ rights
generally and general principles of equity;

          (b) Each Credit Party’s representations set forth in the Credit Agreement and in the
Credit Documents are true, correct and complete on and as of the date hereof,
except
for any representation made as of an earlier date, which representation shall remain
true and correct as of such earlier date; and

2

 

          (c) No Default or Event of Default has occurred and is continuing.

          7. Release. In further consideration of Administrative Agent’s and each Lender’s
execution of this Amendment No. 1, the Credit Parties (each on behalf of itself and each of their
respective officers, members, managers, partners, directors, shareholders, affiliates, successors
and assigns) hereby forever remises, releases, acquits, satisfies and forever discharges the
Administrative Agent and each of the Lenders and their respective successors, assigns, affiliates,
officers, employees, directors, agents and attorneys from any and all claims, demands, liabilities,
disputes, damages, suits, controversies, penalties, fees, costs, expenses, actions and causes of
action (whether at law or in equity), other than for the Administrative Agent’s or any Lender’s
gross negligence or willful misconduct. The Credit Parties acknowledge that the Administrative
Agent is specifically relying upon the representations, warranties and agreements contained herein
and that such representations, warranties and agreements constitute a material inducement to the
Administrative Agent in entering into this Amendment No. 1.

          8. Reference to Credit Agreement; No Waiver.

          (a) Upon the effectiveness of this Amendment No. 1, each reference in the Credit
Agreement to “this Credit Agreement,” “this Agreement”, “hereunder,” “hereof,” “herein” or
words of like import shall mean and be a reference to the Credit Agreement as amended
hereby. The term “Credit Documents” as defined in Section 1.01 of the Credit Agreement
shall include (in addition to the Credit Documents described in the Credit Agreement) this
Amendment No. 1 and any other agreements, instruments or other documents executed in
connection herewith.

          (b) The Administrative Agent’s and any Lender’s failure, at any time or times
hereafter, to require strict performance by the Credit Parties of any provision or term of
the Credit Agreement, this Amendment No. 1 or the other Credit Documents shall not waive,
affect or diminish any right of the Administrative Agent or any Lender hereafter to demand
strict compliance and performance herewith or therewith. Any suspension or waiver by the
Administrative Agent or any Lender of a breach of this Amendment No. 1 or any Event of
Default under the Credit Agreement shall not, except as expressly set forth herein,
suspend, waive or affect any other breach of this Amendment No. 1 or any Event of Default
under the Credit Agreement, whether the same is prior or subsequent thereto and whether of
the same or of a different kind or character. None of the undertakings, agreements,
warranties, covenants and representations of the Credit Parties contained in this
Amendment No. 1, shall be deemed to have been suspended or waived by the Administrative
Agent and any Lender unless such suspension or waiver is: (i) in writing and signed by the
Administrative Agent and such Lender, and (ii) delivered to the Credit Parties. In no
event shall the Administrative Agent’s and each Lender’s execution and delivery of this
Amendment No. 1 establish a course of dealing among the Administrative Agent, each Lender,
the Credit Parties or any other obligor or in any other way obligate the Administrative
Agent or each Lender to hereafter provide any amendments or waivers with respect to the
Credit Agreement. The terms and provisions of this Amendment No. 1 shall be limited
precisely as written and shall not be deemed: (A) to be a consent to a modification
(except as expressly provided herein) or waiver of any other term or condition of the
Credit Agreement or of any other Loan Document, or (B) to prejudice any right or remedy
that the Administrative Agent or any Lender may now have under or in connection with the
Credit Agreement or any of the other Credit Documents.

          9. Counterparts; Facsimile. This Amendment No. 1 may be executed in any number of
counterparts and by the different parties hereto on separate counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together constitute but one

3

 

and the same Amendment No. 1 Receipt of an executed signature page to this Amendment No.
1 by facsimile or other electronic transmission shall constitute for all purposes effective
delivery thereof. Electronic records of this executed Amendment No. 1 maintained by the Lenders
shall be deemed to be originals.

          10. GOVERNING LAW. THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[Signature Pages Follow]

4

 

     IN WITNESS WHEREOF, the undersigned have caused this Amendment No. 1 to Credit Agreement to be
duly executed and delivered as of the date first above written.

PARENT BORROWER 

	 	 	 	 	 
	AVIV FINANCING IV, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 
	By:  	         AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                           AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                             /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield                                                             	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

SUBSIDIARY BORROWERS

	 	 	 	 	 
	BURTON NH PROPERTY, L.L.C.,

a Delaware limited liability company,

CASA/SIERRA CALIFORNIA ASSOCIATES, L.L.C.,

a Delaware limited liability company,

KINGS VILLE TEXAS, L.L.C.,

a Delaware limited liability company,

MISSOURI ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MONTANA ASSOCIATES, L.L.C.,

an Illinois limited liability company,

ORANGE, L.L.C.,

an Illinois limited liability company,

POMONA VISTA L.L.C.,

an Illinois limited liability company,

RICHLAND WASHINGTON, L.L.C.,

a Delaware limited liability company,

ROSE BALDWIN PARK PROPERTY L.L.C.,

an Illinois limited liability company,

WATAUGA ASSOCIATES, L.L.C.,

an Illinois limited liability company

 	 	 
	By:  	AVIV FINANCING IV, L.L.C.,
 	 	 
	 	a Delaware limited liability company, 	 	 
	 	their sole member 	 	 
	 	 	 
	By:  	         AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	                       AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

REIT GUARANTOR 

	 	 	 	 	 
	AVIV REIT, INC.,

a Maryland corporation

 	 	 
	By:  	/s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

LP GUARANTOR 

	 	 	 	 	 
	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,

a Delaware limited partnership

 	 	 
	By:  	AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	          /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 
	 

OP GUARANTOR 

	 	 	 	 	 
	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,

a Delaware limited partnership

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

OTHER GUARANTORS

	 	 	 	 	 
	AVIV HEALTHCARE CAPITAL CORPORATION,

a Delaware corporation

 	 	 
	By:  	/s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

	 	 	 	 	 
	AVIV OP LIMITED PARTNER, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 
	 
	AVIV ASSET MANAGEMENT, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	AVIV FINANCING II, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	              AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                                  /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

	 	 	 	 	 
	AVIV FINANCING III, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	              AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                                  /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	AVIV FINANCING V, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	         AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	
AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                             /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	ARKANSAS AVIV, L.L.C.,

a Delaware limited liability company,

AVIV FOOTHILLS, L.L.C.,

a Delaware limited liability company,

BELLEVILLE ILLINOIS, L.L.C.,

a Delaware limited liability company,

BELLINGHAM II ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CAMAS ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CHATHAM AVIV, L.L.C.,

a Delaware limited liability company,

CLARKSTON CARE, L.L.C.,

a Delaware limited liability company,

COLONIAL MADISON ASSOCIATES, L.L.C.,

a Delaware limited liability company,

CR AVIV, L.L.C.,

a Delaware limited liability company,

EFFINGHAM ASSOCIATES, L.L.C.,

an Illinois limited liability company,

ELITE MATTOON, L.L.C.,

a Delaware limited liability company,

ELITE YORKVILLE, L.L.C.,

a Delaware limited liability company,

FOUNTAIN ASSOCIATES, L.L.C.,

a Delaware limited liability company,

FOUR FOUNTAINS AVIV, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV FINANCING II, L.L.C.,
 	 	 
	 	a Delaware limited liability company, 	 	 
	 	their sole member 	 	 
	 	 	 
	By:  	         AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	                       AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	GILTEX CARE, L.L.C.,

a Delaware limited liability company,

HHM AVIV, L.L.C.,

a Delaware limited liability company,

HIDDEN ACRES PROPERTY, L.L.C.,

a Delaware limited liability company,

IDAHO ASSOCIATES, L.L.C.,

an Illinois limited liability company,

KARAN ASSOCIATES TWO, L.L.C.,

a Delaware limited liability company,

KB NORTHWEST ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MANSFIELD AVIV, L.L.C.,

a Delaware limited liability company,

MINNESOTA ASSOCIATES, L.L.C.,

a Delaware limited liability company,

MONTEREY PARK LEASEHOLD MORTGAGE, L.L.C.,

a Delaware limited liability company,

NORTHRIDGE ARKANSAS, L.L.C.,

a Delaware limited liability company,

NORWALK ALF PROPERTY, L.L.C.,

a Delaware limited liability company,

OAKLAND NURSING HOMES, L.L.C.,

a Delaware limited liability company,

OCTOBER ASSOCIATES, L.L.C.,

a Delaware limited liability company,

OGDEN ASSOCIATES, L.L.C.,

a Delaware limited liability company,

OHIO AVIV, L.L.C.,

a Delaware limited liability company

 	 	 
	By:  	AVIV FINANCING II, L.L.C.,
 	 	 
	 	a Delaware limited liability company, 	 	 
	 	their sole member 	 	 
	 	 	 
	By:  	         AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	                       AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                                           /s/ Craig M. Bernfield
 	 	 
	 	Name:  	Craig M. Bernfield 	 	 
	 	Its: 	President and Chief Executive Officer 	 	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	OREGON ASSOCIATES, L.L.C.,

a Delaware limited liability company,

PRESCOTT ARKANSAS, L.L.C.,

a Delaware limited liability company,

SALEM ASSOCIATES, L.L.C.,

a Delaware limited liability company,

SAN JUAN NH PROPERTY, L.L.C.,

a Delaware limited liability company,

SANTA FE MISSOURI ASSOCIATES, L.L.C.,

an Illinois limited liability company,

SEARCY AVIV, L.L.C.,

a Delaware limited liability company,

SKAGIT AVIV, L.L.C.,

a Delaware limited liability company,

SOUTHEAST MISSOURI PROPERTIES, L.L.C.,

a Delaware limited liability company,

STAR CITY ARKANSAS, L.L.C.,

a Delaware limited liability company,

SUN-MESA PROPERTIES, L.L.C.,

an Illinois limited liability company,

WELLINGTON LEASEHOLD, L.L.C.,

a Delaware limited liability company,

WEST PEARL STREET, L.L.C.,

a Delaware limited liability company,

WOODLAND ARKANSAS, L.L.C.,

a Delaware limited liability company,

XION, L.L.C.,

an Illinois limited liability company

 	 	 
	By:  	AVIV FINANCING II, L.L.C.,
 	 	 
	 	a Delaware limited liability company, 	 	 
	 	their sole member 	 	 
	 	 	 
	By:  	         AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its sole member 	 	 
	 	 	 
	By:  	                       AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
 	 	 
	 	a Delaware limited partnership, 	 	 
	 	its general partner 	 	 
	 	 	 
	By:  	                                         AVIV REIT, INC.,
 	 	 
	 	a Maryland corporation, 	 	 
	 	its general partner 	 	 
	 
	By:

	 /s/ Craig M. Bernfield	 	 
	 	Name: 	Craig M. Bernfield  	 
	 	Its:	President and Chief Executive Officer	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

 

 

	 	 	 	 	 
	LENDERS: 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as L/C Issuer, Swing 

Line Lender and as a Lender

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Director 	 
	 

Aviv Financing IV, L.L.C.

Signature Page to Amendment

March 2011

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