The Credit Facility has an initial term of one year and may be extended for an additional one-year term, subject to certain conditions. The Credit Facility is secured by three retirement residences of Sienna. Sienna will use the net proceeds from the Offering and the Credit Facility, together with other sources of liquidity, for general corporate purposes and to repay existing indebtedness, including the redemption of all of the outstanding 3.474% Series B Senior Secured Debentures due February 3, 2021 of Sienna's wholly-owned subsidiary, Leisureworld Senior Care LP.