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200305579 <br />occupancy or right to possession under any federal or state bankruptcy code in the <br />event of the rejection of any Lease by the landlord or its trustee pursuant to said <br />code; "landlord" means the landlord, sublandlord, lessor, sublessor, franchisor or <br />other grantor of a right of occupancy under a Lease and any guarantor of its <br />obligations thereunder; and "tenant" means the tenant, subtenant, lessee, <br />sublessee, licensee, franchisee, concessionaire or other occupant under a Lease <br />and any guarantor of its obligations thereunder. <br />"Legal Requirements" is defined in Section 2.04. <br />"Letters of Credit" is defined in Recital A. <br />"Loans" is defined in Recital A. <br />"Loss" is defined in Section 3.02. <br />"Material Adverse Effect" means any material adverse effect on (i) the <br />Trust Property or the Grantor's title thereto, (ii) the validity or enforceability of <br />any of the Financing Documents or (iii) the validity, enforceability or priority of <br />the Liens created by the Security Documents. <br />"Notes" is defined in Recital A. <br />"Obligor" means each of the Borrower and the Grantor. <br />"Permits" is defined in Granting Clause VIII. <br />"Permitted Encumbrances" means the exceptions described in Schedule <br />B to that certain title insurance policy with respect to the Property conveyed <br />hereunder issued by Fidelity National Title Insurance Company dated the date <br />hereof. <br />"Permitted Property Liens" means (i) the Liens described on Exhibit B, <br />(ii) any Liens on Equipment permitted under Section 5.11 (iv) of the Credit <br />Agreement, (iii) those covenants, restrictions, rights of way, easements, permits, <br />limitations, encumbrances and other matters of title affecting the Collateral which <br />do not secure indebtedness and do not and, if any rights thereunder were <br />exercised, would not materially interfere with the use of the affected Collateral <br />and (iv) the Liens created pursuant to the Security Documents. <br />"Pledge Agreement" means the Amended and Restated Pledge <br />Agreement dated as of April 25, 2001 (as the same has been and may be amended <br />from time to time) among the Borrower, Beverly Health and Rehabilitation <br />Services, Inc. and the Administrative Agent (formerly known as The Chase <br />Manhattan Bank, successor -by- merger to Morgan Guaranty Trust Company of <br />New York). <br />"Proceeds" is defined in Section 3.02. <br />13 <br />(NY) 04675 / 120 /REAUNEBRASKA/form.dot.NE.doc <br />