THIRD AMENDMENT AND CONSENT TO CREDIT AGREEMENT
THIRD
AMENDMENT AND CONSENT TO CREDIT AGREEMENT
THIS THIRD AMENDMENT AND CONSENT TO
CREDIT AGREEMENT (this “Amendment”), dated as
of February 8, 2008, is entered into by and among OHI ASSET, LLC, a Delaware
limited liability company, OHI
ASSET (ID), LLC, a Delaware limited liability company, OHI ASSET (LA), LLC, a
Delaware limited liability company, OHI ASSET (TX), LLC, a
Delaware limited liability company, OHI ASSET (CA), LLC, a
Delaware limited liability company, DELTA INVESTORS I, LLC, a
Maryland limited liability company, DELTA INVESTORS II, LLC, a
Maryland limited liability company and TEXAS LESSOR - STONEGATE, LP,
a Maryland limited partnership (each of the foregoing entities shall be
hereinafter referred to individually as a “Borrower” and
collectively as the “Borrowers”), the
Lenders (as defined below) and BANK OF AMERICA, N.A., as
Administrative Agent (in such capacity, the “Administrative
Agent”), Swing Line Lender and L/C Issuer.
RECITALS
WHEREAS, the Borrowers, the
lenders from time to time party thereto (the “Lenders”) and the
Administrative Agent, are party to that certain Credit Agreement dated as of
March 31, 2006, as amended by that certain First Amendment to Credit Agreement
dated as of June 30, 2006, as amended by that certain Second Amendment, Waiver
and Consent to Credit Agreement dated as of October 23, 2006 (as amended,
restated, supplemented or otherwise modified from time to time, the “Existing Credit
Agreement”);
WHEREAS, the Borrowers and
Omega Healthcare Investors, Inc. (the “Parent”) have
informed the Administrative Agent that Schedule 5.12 and
Schedule 5.13
to the Existing Credit Agreement were incorrect as of the Closing Date with
respect to the Facility Leases covering the Borrowing Base Assets known as the
Idaho Falls Care Center and the Twin Falls Care Center (collectively, the “Peak
Properties”);
WHEREAS, the Borrowers and the
Parent have also informed the Administrative Agent that the Parent is in the
process of amending and restating the Amended and Restated Master Lease
Agreement, made and entered into March 1, 2004 to be effective as of December 1,
2003 as amended by and among the Parent, Sun Healthcare Group, Inc. and its
Affiliates (“Sun”) and the
respective lessor and lessee entities identified on the signature page thereto
(the “Sun Master
Lease”) to, among other things, add approximately ten (10) additional
properties indirectly owned by the Parent and currently leased by Sun (the
“Additional Sun
Properties”) to the amended and restated Sun Master Lease (the “Amended and Restated Sun
Lease”);
WHEREAS, the Borrowers and the
Parent have further informed the Administrative Agent that the Borrowers intend
to (i) qualify approximately four (4) of the Additional Sun Properties (set
forth in Part 3 of this Amendment) as Borrowing Base Assets under the Existing
Credit Agreement (the “New Borrowing Base
Assets”) and (ii) thereafter, release two (2) existing Borrowing Base
Properties known as SunHealth ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Rehab Hospital and Continental
Rehab Hospital currently subject to the Sun Master Lease (the “Rehab Properties”) as
Borrowing Base Properties;
WHEREAS, with respect to the
Parent’s desire to enter into the Amended and Restated Sun Lease, Section
7.08(b) provides that the “Borrowers shall not, without the prior written
consent of the Required Lenders enter into any material amendment or
modification … any Material Contract”, the Parent has requested that the Lenders
consent to the amendment and modifications and otherwise approve the Amended and
Restated Sun Lease (the “Sun Master Lease
Modification”);
WHEREAS, with respect to the
Parent’s desire to release the Rehab Properties, Section 7.12(a)(iii) provides
that the “the appraised value of the Borrowing Base Assets released … in any
fiscal year pursuant to this Section 7.12, shall
not exceed $25,000,000 in the aggregate and the appraised value of the Borrowing
Base Assets released … during the entire term hereof shall not, in any case …
exceed $75,000,000 in the aggregate” and as a result of the release of the
SunBridge – Humble, Texas and SunBridge – Katy, Texas, Borrowing Base Properties
on or about October, 2007, the Borrowers do not have the ability under Section
7.12(a)(iii) to also release the Rehab Properties, and as a result, the
Borrowers have requested that (i) the Lenders consent to the additional release
of the Rehab Properties, notwithstanding the limitation imposed by Section
7.12(a)(iii) (the “Rehab Properties
Release”) and (ii) amend Section 7.12(a)(iii) to amend the limitations
imposed by such section;
WHEREAS, the Parent has
requested, and the Lenders have agreed, to (i) consent to the Sun Master Lease
Modification, (ii) consent to the Rehab Properties Release and (iii) amend
certain provisions of the Existing Credit Agreement as set forth
hereinbelow.
NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
PART
1
DEFINITIONS
SUBPART 1.1 Certain
Definitions. Unless otherwise defined herein or the context
otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:
“Amended Credit
Agreement” means the Existing Credit Agreement as amended
hereby.
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“Amendment No. 3
Effective Date” is defined in Subpart
5.1.
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SUBPART 1.2 Other
Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and
recitals, have the meanings provided in the Existing Credit
Agreement.
PART
2
CONSENT
TO SUN LEASE MODIFICATION AND REHAB PROPERTY RELEASE
In
connection with the Sun Master Lease Modification, the Lenders hereby consent to
and approve the Amended and Restated Sun Lease in the form attached hereto as
Exhibit
A.
Additionally,
in connection with the Rehab Property Release, the Lenders hereby consent to the
release of the Rehab Properties to the extent that the Borrowers shall comply
with each of the other requirements set forth in Section 7.12,
including, without limitation, delivery of the certificate(s) described in Section
7.12(a)(ii).
The
consents set forth in this Part 2 are limited to the extent described herein and
shall not be construed to be a consent to the modification of any other terms of
the Existing Credit Agreement or of the other Credit Documents, except as
required to implement the consents set forth in this Part 2.
PART
3
CONSENT
TO ADDITIONAL BORROWING BASE ASSETS
The
Borrowers have been working to qualify the following four (4) Real Property
Assets (collectively, the “Additional Borrowing Base
Assets”) as Borrowing Base Assets under the Existing Credit
Agreement:
|
No.
|
Property
Name
|
Operator
|
Beds/Unit
|
Occupancy
|
Structure
|
City/State
|
|
1.
|
Falmouth
Nursing & Rehab Center
|
Sun
|
120
|
84.20%
|
Lease
|
Falmouth,
MA
|
|
2.
|
Mashpee
Nursing & Rehab Center
|
Sun
|
98
|
89.8%
|
Lease
|
Mashpee,
MA
|
|
3.
|
Wakefield
Nursing & Rehab Center
|
Sun
|
149
|
69.8%
|
Lease
|
Wakefield,
MA
|
|
4.
|
Westfield
Nursing & Rehab Center
|
Sun
|
98
|
95.9%
|
Lease
|
Westfield,
MA
|
Section 7.12(a)(i) of
the Credit Agreement provides that the Borrowers may at any time include
additional Real Property Assets as Borrowing Base Assets so long as: (a) such
Real Property Assets satisfy 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 the (b) the
Administrative Agent and the Required Lenders have approved such additional Real
Property Assets as Borrowing Base Assets.
With
respect to each of the Additional Borrowing Base Assets, the Administrative
Agent and the Borrowers are in the process of receiving each of the items set
forth in the definition of Borrowing Base Asset Deliverables. The
Borrowers and the Administrative Agent anticipate the completion of these
requirements by February 15, 2008 and the relevant Borrowing Base Asset
Deliverables (such as appraisals, leases, financial information and
environmental reports) with respect to the Additional Borrowing Base Assets will
be posted to Intralinks for Lender review as they are received.
For
purposes of satisfying the consent requirements under the Credit Agreement,
(including, without limitation, those consent requirements set forth in the
definition of Borrowing Base Asset and in Section 7.12(a)(i)),
effective as of the date upon which the Administrative Agent has satisfactorily
received, reviewed and/or approved each of the items set forth in the definition
of Borrowing Base Asset Deliverables and as otherwise required by applicable
provisions of the Credit Agreement, the Lenders hereby consent to the inclusion
of the Additional Borrowing Base Assets as Borrowing Base Assets under the
Credit Agreement.
Notwithstanding
the foregoing, with respect to the proposed Additional Borrowing Base Assets,
since similar mortgages were filed in Massachusetts and legal opinions from
local counsel were received in connection with the closing of the Credit
Agreement on March 31, 2006 (and the title insurance to be received in
connection with the Additional Borrowing Base Assets will insure that such
mortgages are in a recordable form), the Lenders hereby consent to the
waiver of the requirement in clause (a) of the definition of Borrowing Base
Asset Deliverables which requires that the Lenders shall have received “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 required by the Administrative
Agent.”
The
consents set forth in this Part 3 are limited to the extent described herein and
shall not be construed to be a consent to the modification of any other terms of
the Existing Credit Agreement or of the other Credit Documents, except as
required to implement the consents set forth in this Part 3.
PART
4
AMENDMENTS TO EXISTING CREDIT
AGREEMENT
Effective on (and subject to the
occurrence of) the Amendment No. 3 Effective Date, the Existing Credit Agreement
is hereby amended in accordance with this Part 4.
SUBPART 4.1 Section 1.01 of the
Existing Credit Agreement is hereby amended to add the following new definitions
in appropriate alphabetical order:
“Rehab Properties”
means those certain Borrowing Base Assets as of the Third Amendment Effective
Date known as SunHealth ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Rehab Hospital and Continental Rehab
Hospital.
“Third Amendment”
means the Third Amendment and Consent to Credit Agreement, dated as of February
8, 2008, among the Borrowers, the Lenders and the Administrative
Agent.
“Third Amendment Effective
Date” means February 1, 2008.
SUBPART 4.2 Section 7.12(a)(iii)
of the Existing Credit Agreement is hereby amended in its entirety to read as
follows:
(iii) Notwithstanding
anything herein to the contrary, other than with respect to the Rehab
Properties, following the Third Amendment Effective Date, the appraised value of
the Borrowing Base Assets released (whether or not substituted therefore) in any
fiscal year pursuant to this Section 7.12
shall not exceed $40,000,000 in the aggregate and the appraised value of the
Borrowing Base Assets released (whether or not substituted therefore) during the
entire term hereof shall not, in any case (and regardless of whether the
$40,000,000/year limitation is met during any given year), exceed $100,000,000
in the aggregate; provided that to the
extent the fair market value of the Rehab Properties exceeds $29,000,000 at the
time of release, such excess amount shall be included in the limitation set
forth in this Section
7.12(a)(iii)
SUBPART 4.3 Schedule 5.12, and
Schedule 5.13
of the Existing Credit Agreement are hereby amended in their entireties to read
as set forth on Schedule 5.12 and
Schedule 5.13
attached hereto.
SUBPART 4.4 Schedule 10.02 to the
Existing Credit Agreement is hereby amended to update the address of Borrowers’
counsel to the following:
▇▇▇▇▇
& ▇▇▇▇▇▇▇ LLP
▇▇▇▇
▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇
▇. ▇▇▇▇▇▇, ▇▇., Esq.
PART
5
CONDITIONS TO
EFFECTIVENESS
SUBPART 5.1 Amendment No. 3 Effective
Date. This Amendment shall be and become effective as of
February 1, 2008 (the “Amendment No. 3 Effective
Date”) when all of the conditions set forth in this Part 5 shall have
been satisfied.
SUBPART 5.2 Execution of Counterparts of
Amendment. The Administrative Agent shall have received
counterparts of this Amendment, which collectively shall have been duly executed
on behalf of (a) the Borrowers, (b) the Required Lenders and (c) the
Administrative Agent.
SUBPART 5.3 Execution of Guarantor
Consent. The Administrative Agent shall have received an
acknowledgement and consent from each of the Guarantors.
SUBPART 5.4 Amended and Restated SUN
SNDA. The Administrative Agent shall have received an Amended
and Restated Subordination, Non-Disturbance and Attornment Agreement from SUN
with respect to the Peak Properties and the Additional Borrowing Base Assets as
required by Section
6.16 of the Existing Credit Agreement.
SUBPART 5.5 Execution of Borrower
Joinder Agreement. The Administrative Agent shall have
received an executed Borrower Joinder Agreement from OHIMA, Inc.
SUBPART 5.6 Other
Items. The Administrative Agent shall have received such other
documents, agreements or information which may be reasonably requested by the
Administrative Agent.
PART
6
MISCELLANEOUS
SUBPART 6.1 Construction. This
Amendment is a Credit Document executed pursuant to the Existing Credit
Agreement and shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Amended Credit Agreement.
SUBPART 6.2 Representations and
Warranties. Each Borrower hereby represents and warrants that
it: (a) has the requisite corporate power and authority to execute,
deliver and perform this Amendment, as applicable and (b) is duly authorized to,
and has been authorized by all necessary corporate action, to execute, deliver
and perform this Amendment, (c) after giving effect to this Amendment, the
representations and warranties contained in Section 6 of the Amended Credit
Agreement are true and correct in all material respects on and as of the date
hereof upon giving effect to this Amendment as though made on and as of such
date (except for those which expressly relate to an earlier date) and (d) no
Default or Event of Default exists under the Existing Credit Agreement on and as
of the date hereof upon giving effect to this Amendment.
SUBPART 6.3 Counterparts. This
Amendment may be executed by the parties hereto in several counterparts, each of
which shall be deemed to be an original and all of which shall constitute
together but one and the same agreement. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or other
electronic means shall be effective as delivery of a manually executed original
counterpart of this Amendment.
SUBPART 6.4 Binding
Effect. This Amendment, the Amended Credit Agreement and the
other Credit Documents embody the entire agreement between the parties and
supersede all prior agreements and understandings, if any, relating to the
subject matter hereof. These Credit Documents represent the final
agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. Except
as expressly modified and amended in this Amendment, all the terms, provisions
and conditions of the Credit Documents shall remain unchanged and shall continue
in full force and effect.
SUBPART 6.5 GOVERNING
LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SUBPART 6.6 Severability. If
any provision of this Amendment is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining
provisions shall remain in full force and effect and shall be construed without
giving effect to the illegal, invalid or unenforceable provisions.
SUBPART 6.7 Affirmation. The
Credit Documents (and all covenants, terms, conditions and agreements therein),
shall remain in full force and effect, and are hereby ratified and confirmed in
all respects by each Borrower. Each Borrower covenants and agrees to
comply with all of the terms, covenants and conditions of the Existing Credit
Agreement, as otherwise waived, consented to and amended hereby, notwithstanding
any prior course of conduct, waivers, releases or other actions or inactions on
Lenders’ part which might otherwise constitute or be construed as a waiver of or
amendment to such terms, covenants and conditions.
SUBPART 6.8 No
Waiver. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided in this Amendment, operate as
a waiver of any right, power or remedy of Lenders, nor constitute a waiver of
any provision of any Credit Document or any other documents, instruments and
agreements executed or delivered in connection with any of the
foregoing. Except as otherwise provided for in this Amendment,
nothing herein is intended or shall be construed as a waiver of any existing
Defaults or Events of Default under the Credit Documents or any of Lenders’
rights and remedies in respect of such Defaults or Events of
Default.
SIGNATURE
PAGES FOLLOW
IN WITNESS WHEREOF, each of
the parties hereto has caused a counterpart of this Third Amendment and Consent
to Credit Agreement to be duly executed and delivered as of the date first above
written.
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BORROWERS:
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OHI
ASSET, LLC
|
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OHI
ASSET (ID), LLC
|
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OHI
ASSET (LA), LLC
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OHI
ASSET (TX), LLC
|
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OHI
ASSET (CA), LLC
|
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DELTA
INVESTORS I, LLC
|
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DELTA
INVESTORS II, LLC
|
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By:
|
Omega
Healthcare Investors, Inc.,
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the
Sole Member of each such Company
|
|
|
By:
|
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
|
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Name:
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
|
|
Title:
|
Chief
Operating Officer
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TEXAS
LESSOR - STONEGATE, LP
|
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By:
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Texas
Lessor – Stonegate GP, Inc.,
|
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Its
General Partner
|
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By:
|
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
|
|
Name:
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
|
|
Title:
|
Chief
Operating Officer
|
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LENDERS:
|
BANK
OF AMERICA, N.A.,
|
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as
Administrative Agent
|
|
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By:/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ |
|
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Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ |
|
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Title: Senior Vice President |
BANK OF
AMERICA, N.A., as L/C Issuer, Swing Line Lender and as a Lender
By: /s/ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
Title: Senior
Vice
President
UBS LOAN
FINANCE LLC
as a
Lender
By: /s/ ▇▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇.▇▇▇▇▇▇
Title:
Director
By: /s/ ▇▇▇▇ ▇.
▇▇▇▇▇
Name: ▇▇▇▇
▇. ▇▇▇▇▇
Title: Associate
Director
DEUTSCHE
BANK TRUST COMPANY AMERICAS, as a Lender
By: /s/ ▇▇▇▇▇
▇▇▇▇▇▇
Name: ▇▇▇▇▇
▇▇▇▇▇▇
Title: Director
By: /s/ ▇▇▇▇▇▇
▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇
▇▇▇▇▇▇▇
Title: Vice
President
GENERAL
ELECTRIC CAPITAL CORPORATION,
as a
Lender
By: /s/ ▇▇▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇
▇.
▇▇▇▇▇▇
Title: Duly
Authorized
Signatory
LASALLE
BANK, N.A.,
as a
Lender
By: /s/ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
Title: Senior
vice
President
CITICORP
NORTH AMERICA, INC.,
as a
Lender
By: /s/ ▇▇▇▇▇▇▇
▇▇▇▇▇
Name: ▇▇▇▇▇▇▇
▇▇▇▇▇
Title: Vice-President
CONSENT
OF GUARANTORS
Each of
the undersigned Guarantors, as a guarantor under the Guaranty, dated as of March
31, 2006, as amended (the “Guaranty”), hereby
acknowledges and consents to the terms of the Third Amendment and Consent to
Credit Agreement (the “Amendment”) to which
this Consent of Guarantors is attached, and agrees that the Amendment does not
operate to reduce or discharge such Guarantor’s obligations under the Guaranty
or the other Credit Documents. Each Guarantor further confirms that
the Guaranty remains in full force and effect after giving effect thereto and
represents and warrants that there is no defense, counterclaim or offset of any
type or nature under the Guaranty.
Dated as
of February [__], 2008
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PARENT:
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OMEGA
HEALTHCARE INVESTORS, INC.,
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a
Maryland Corporation
|
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By:
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/s/ ▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
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Name:
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
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Title:
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Chief
Operating Officer
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SUBSIDIARY
GUARANTORS:
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ARIZONA
LESSOR – INFINIA, INC.
|
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▇▇▇▇▇▇▇
HEALTH CENTER, INC.
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BAYSIDE
STREET II, INC.
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CANTON
HEALTH CARE LAND, INC.
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COLORADO
LESSOR – CONIFER, INC.
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▇▇▇▇▇▇
HEALTH CENTER, INC.
|
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▇▇▇▇▇
HEALTH CARE CENTER, INC.
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FLORIDA
LESSOR – EMERALD, INC.
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FLORIDA
LESSOR – MEADOWVIEW, INC.
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▇▇▇▇▇▇▇
▇▇▇▇▇▇ – BONTERRA/
|
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PARKVIEW,
INC.
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HANOVER
HOUSE, INC.
|
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▇▇▇▇▇▇
I LAND, INC.
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▇▇▇▇▇▇
II LAND, INC.
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▇▇▇▇▇▇
III LAND, INC.
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INDIANA
LESSOR – JEFFERSONVILLE, INC.
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INDIANA
LESSOR – WELLINGTON
MANOR, INC.
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LEATHERMAN
PARTNERSHIP 89-1, INC.
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LEATHERMAN
PARTNERSHIP 89-2, INC.
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LEATHERMAN
PARTNERSHIP 90-1, INC.
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LONG
TERM CARE ASSOCIATES –
TEXAS, INC.
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MERIDIAN
ARMS LAND, INC.
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OHI
(CONNECTICUT), INC.
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OHI
(FLORIDA), INC.
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OHI
(ILLINOIS), INC.
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OHI
(INDIANA), INC.
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OHI
(IOWA), INC.
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OHIMA,
INC.
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ORANGE
VILLAGE CARE CENTER, INC.
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PAVILLION
NORTH PARTNERS, INC.
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PAVILLION
NURSING CENTER NORTH, INC.
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ST.
MARY’S PROPERTIES, INC.
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STERLING
ACQUISITION CORP.
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THE
SUBURBAN PAVILION, INC.
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TEXAS
LESSOR – STONEGATE, LIMITED, INC.
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TEXAS
LESSOR – STONEGATE GP, INC.
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WASHINGTON
LESSOR - SILVERDALE, INC.
|
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By:
|
/s/ ▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
|
Name:
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇
|
|
Title:
|
Chief
Operating Officer
|
COLONIAL
GARDENS, LLC
NRS
VENTURES, L.L.C.
OHI ASSET
(CO), LLC
OHI ASSET
(CT) LENDER, LLC
OHI ASSET
(FL), LLC
OHI ASSET
(IL), LLC
OHI ASSET
(OH) LENDER, LLC
OHI ASSET
(OH) NEW PHILADELPHIA, LLC
OHI ASSET
(PA), LLC
OHI ASSET
II (CA), LLC
OHI ASSET
II (OH), LLC
OHI ASSET
II (TX), LLC
OHI ASSET
ESSEX (OH), LLC
WILCARE,
LLC
|
|
By:
|
Omega
Healthcare Investors, Inc., as the Sole Member of each of the
Companies
|
By: /s/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇
Name: ▇▇▇▇▇▇
▇. ▇▇▇▇▇
Title: Chief
Operating Officer
HOUSE OF
HANOVER, LTD.
|
|
By:
|
OHI
Asset (OH), LLC, as the
|
|
|
Sole
Member of the Company
|
|
|
By:
|
Omega
Healthcare Investors, Inc., as the Sole Member of the
Company
|
By: /s/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇
Name: ▇▇▇▇▇▇
▇. ▇▇▇▇▇
Title: Chief
Operating Officer
PAVILLION
NORTH, LLP
|
|
By:
|
Pavillion
Nursing Center North, Inc. as its
|
|
|
General
Partner
|
By: /s/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇
Name: ▇▇▇▇▇▇
▇. ▇▇▇▇▇
Title: Chief
Operating Officer
OHI ASSET
(PA) TRUST
OHI ASSET
II (PA) TRUST
OHI ASSET
III (PA) TRUST
|
|
By:
|
OHI
Asset (PA), LLC, as the
|
|
|
Sole
Trustee of the Trusts
|
|
|
By:
|
Omega
Healthcare Investors, Inc., as the Sole
Member
|
By: /s/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇
Name: ▇▇▇▇▇▇
▇. ▇▇▇▇▇
Title: Chief
Operating Officer
EXHIBIT
A
AMENDED AND RESTATED SUN
LEASE
SEE
ATTACHED
Schedule
5.12
REAL PROPERTY ASSET
MATTERS
Part I –
Borrowing Base Assets
SEE
ATTACHED
Part II –
Other Real Property Assets
NONE
Part III
– Delinquent Tenants
NONE
Part IV –
Facility Leases
SEE
LIST ON SCHEDULE 5.13
Part V –
Material Subleases
NONE
Collateral
for the Bank of America Credit Facility
|
No.
|
No.
|
Property
Name
|
Operator
|
Beds/Unit
|
Omega’s
Structure
|
Address
|
City
|
State
|
Zip
|
|
The Ensign Group
|
|||||||||
|
1.
|
1.
|
Claremont
Care Center
|
Ensign
|
99
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
2.
|
2.
|
▇▇▇▇▇▇
Vista Nursing Center
|
Ensign
|
53
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
3.
|
3.
|
Vista
▇▇▇▇▇ Specialized Care Center
|
Ensign
|
119
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
Subtotal
|
271
|
||||||||
|
Nexion Health, Inc.
|
|||||||||
|
4.
|
1.
|
▇▇▇▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
131
|
Lease
|
▇▇▇
▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
5.
|
2.
|
Village
Creek Rehabilitation and Nursing Center
|
Nexion
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
6.
|
3.
|
Southwood
Nursing and Rehabilitation Center
|
Nexion
|
160
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
7.
|
4.
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇ Children’s Care Center
|
Nexion
|
120
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
8.
|
5.
|
Claiborne
Healthcare Center
|
Nexion
|
86
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
9.
|
6.
|
▇▇▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
124
|
Lease
|
▇▇▇
▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
10.
|
7.
|
New
Iberia Manor South
|
Nexion
|
100
|
Lease
|
▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
11.
|
8.
|
New
Iberia Manor North
|
Nexion
|
121
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
12.
|
9.
|
▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
120
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
13.
|
10.
|
Lafayette
Healthcare Center
|
Nexion
|
60
|
Lease
|
▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
14.
|
11.
|
Many
Healthcare North
|
Nexion
|
128
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇▇▇▇
|
▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
15.
|
12.
|
Many
Healthcare South
|
Nexion
|
60
|
Lease
|
▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
16.
|
13.
|
▇▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
134
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
17.
|
14.
|
Meadowview
Healthcare Center
|
Nexion
|
230
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
18.
|
15.
|
Pierremont
Healthcare Center
|
Nexion
|
196
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
19.
|
16.
|
▇▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
94
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
20.
|
17.
|
Thibodaux
Healthcare Center
|
Nexion
|
78
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
21.
|
18.
|
▇▇▇▇▇▇
Healthcare Center
|
Nexion
|
100
|
Lease
|
▇▇▇
▇. ▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
22.
|
19.
|
Midwestern
Healthcare Center
|
Nexion
|
121
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
|
▇▇▇▇▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
Subtotal
|
2,283
|
||||||||
|
StoneGate SNF Properties,
LP
|
|||||||||
|
23.
|
1.
|
Colonial
Pines Healthcare Center
|
Stonegate
|
107
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
24.
|
2.
|
Heritage
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
25.
|
3.
|
Pine
Grove Nursing Center
|
Stonegate
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
26.
|
4.
|
Reunion
Plaza Senior Care and Rehabilitation Center
|
Stonegate
|
102
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
27.
|
5.
|
South
Place Nursing Center
|
Stonegate
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
28.
|
6.
|
West
Place Nursing Center
|
Stonegate
|
120
|
Lease
|
▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
Subtotal
|
664
|
||||||||
|
Sun Healthcare Group
|
|||||||||
|
29.
|
1.
|
SunBridge
Care and Rehabilitation of Alleghany
|
Sun
|
112
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
30.
|
2.
|
SunBridge
Care and Rehabilitation for Circleville
|
Sun
|
100
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
31.
|
3.
|
SunBridge
Care and Rehabilitation for Decatur
|
Sun
|
183
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
32.
|
4.
|
SunBridge
Care and Rehabilitation for Dunbar
|
Sun
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
33.
|
5.
|
SunBridge
at ▇▇▇▇▇ ▇▇▇▇
|
Sun
|
124
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
34.
|
6.
|
SunBridge
Care and Rehabilitation for Emmett
|
Sun
|
40
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
35.
|
7.
|
SunBridge
Care and Rehabilitation - Homestead
|
Sun
|
102
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
36.
|
8.
|
SunBridge
Care and Rehabilitation for LaFollette
|
Sun
|
178
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
37.
|
9.
|
Laurel
Park
|
Sun
|
43
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
38.
|
10.
|
SunBridge
Care and Rehabilitation for Lexington
|
Sun
|
86
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
39.
|
11.
|
SunBridge
Care and Rehabilitation for ▇▇▇▇▇▇
|
Sun
|
100
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
40.
|
12.
|
SunBridge
Care & Rehabilitation for Maynardville
|
Sun
|
77
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇
|
▇▇▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
41.
|
13.
|
Meadowbrook
Manor
|
Sun
|
77
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
42.
|
14.
|
SunBridge
Care and Rehabilitation for Milford
|
Sun
|
135
|
Lease
|
▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
43.
|
15.
|
SunBridge
Care and Rehabilitation for Mount Olive
|
Sun
|
150
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
44.
|
16.
|
SunBridge
Care and Rehabilitation for Muscle Shoals
|
Sun
|
90
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
45.
|
17.
|
Olive
Vista
|
Sun
|
120
|
Lease
|
▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
46.
|
18.
|
SunBridge
Care and Rehabilitation for Parkersburg
|
Sun
|
66
|
Lease
|
▇▇▇▇
▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
47.
|
19.
|
SunBridge
Pine Lodge Care and Rehabilitation
|
Sun
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
48.
|
20.
|
SunBridge
Care and Rehabilitation for ▇▇▇▇▇▇
|
Sun
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
49.
|
21.
|
SunBridge
Care and Rehabilitation for Salem
|
Sun
|
112
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
50.
|
22.
|
Shandin
Hills Behavior Therapy Center
|
Sun
|
78
|
Lease
|
▇▇▇▇
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
51.
|
23.
|
SunBridge
Care and Rehabilitation - Shoals
|
Sun
|
103
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
52.
|
24.
|
Sierra
Vista
|
Sun
|
116
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
53.
|
25.
|
SunBridge
Care and Rehabilitation for ▇▇▇▇▇ City
|
Sun
|
160
|
Lease
|
▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇
▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
54.
|
26.
|
SunBridge
Care and Rehabilitation for the Triad
|
Sun
|
199
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
55.
|
27.
|
SunBridge
Care and Rehabilitation - Tuscumbia
|
Sun
|
109
|
Lease
|
▇▇▇
▇▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
56.
|
28.
|
Whittier
Care and Rehabilitation
|
Sun
|
142
|
Lease
|
▇▇▇
▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
57.
|
29.
|
Falmouth
Nursing & Rehab Center
|
Sun
|
120
|
Lease
|
▇▇▇
▇▇▇▇▇ ▇▇▇▇
|
▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
58.
|
30.
|
Mashpee
Nursing & Rehab Center
|
Sun
|
98
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇
|
▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
59.
|
31.
|
Wakefield
Nursing & Rehab Center
|
Sun
|
149
|
Lease
|
▇
▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
60.
|
32.
|
Westfield
Nursing & Rehab Center
|
Sun
|
98
|
Lease
|
▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
61.
|
33.
|
Idaho
Falls Care Center
|
Sun
|
108
|
Lease
|
▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇
|
▇▇▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
62.
|
34.
|
Twin
Falls Care Center
|
Sun
|
116
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
|
▇▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
63.
|
35.
|
▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇ Rehabilitation Hospital
|
Sun
|
60
|
Lease
|
▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
64.
|
36.
|
Continental
Rehabilitation Hospital of San Diego
|
Sun
|
110
|
Lease
|
▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
|
▇▇▇
▇▇▇▇▇
|
▇▇
|
▇▇▇▇▇
|
|
Subtotal
|
4,021
|
||||||||
|
Grand
Total
|
7,239
|
Schedule
5.13
MATERIAL CONTRACTS;
CONTRACTS SUBJECT TO
ASSIGNMENT OF CLAIMS
ACT
1. Second
Amended and Restated Master Lease Agreement, entered into as of February 1,
2008, by and among (a) the lessor entities identified on the signature page
thereto, as Lessor, (b) the lessee entities listed on the signature page
thereto, as Lessee, (c) Omega Healthcare Investors, Inc., and (d) the guarantor
entities identified on the signature page thereto, as guarantors.
2. Master
Lease, dated as of ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ (▇▇), LLC, as Lessor,
and Permunitum LLC, as Lessee.
3. Amended
and Restated Master Lease, dated as of ▇▇▇▇ ▇, ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ (▇▇),
LLC, as Lessor, and Nexion Health of OHI, Inc., as Lessee.
4. Master
Lease, dated as of November 1, 2001, between Bayside Street, Inc., as Lessor,
and Stonegate SNF Properties, LP, as Lessee.