Document:

Loan Agreement, dated as of January 30, 2007

 Exhibit 10.1 
 LOAN AGREEMENT 
 Dated as of January 30, 2007 
 among 
 RICHARD MERUELO AS TRUSTEE OF THE
RICHARD MERUELO LIVING TRUST 
 U/D/T DATED SEPTEMBER 15, 1989 
 AND 
 MERCO GROUP-ROOSEVELT BUILDING, LLC, 
 as Borrowers, 
 KEYBANK NATIONAL
ASSOCIATION, 
 as a Bank, 
 THE OTHER BANKS WHICH MAY BECOME PARTIES TO THIS AGREEMENT, 
 and 
 KEYBANK NATIONAL ASSOCIATION, 
 as Agent 

 LOAN AGREEMENT 
 This LOAN AGREEMENT is made as of the 30th day of January, 2007, by and among RICHARD MERUELO AS TRUSTEE OF THE RICHARD MERUELO LIVING TRUST
U/D/T DATED SEPTEMBER 15, 1989, a trust established under the laws of the State of California (the “Trust”), MERCO GROUP-ROOSEVELT BUILDING, LLC, a California limited liability company (“Merco”; Merco and Trust are
hereinafter referred to individually as a “Borrower” and collectively as “Borrowers”), KEYBANK NATIONAL ASSOCIATION, and the other lending institutions which may become parties hereto pursuant to §18 (the
“Banks”), and KEYBANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Banks (the “Agent”). 
 RECITALS 
 WHEREAS, Borrowers have requested that the Banks provide a term loan to
Borrowers; and 
 WHEREAS, Agent and the Banks are willing to provide such facility to the Borrowers on the terms and conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the terms and conditions herein, and of any loans, advances, or extensions of
credit now or hereafter made to or for the benefit of the Borrowers by the Banks, the parties hereto hereby covenant and agree as follows: 
 §1.
DEFINITIONS AND RULES OF INTERPRETATION. 
 §1.1 Definitions. The following terms shall have the meanings set
forth in this §1 or elsewhere in the provisions of this Agreement referred to below: 
 Acknowledgment. That certain
Acknowledgment dated of even date herewith executed by MMPI in favor of Agent. 
 Affiliate. An Affiliate, as applied to any Person,
shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any Person, means (a) the possession, directly or indirectly, of the power to vote ten percent (10%) or more of the stock, shares, voting trust
certificates, beneficial interests, partnership interests, member interests or other interests having voting power for the election of directors of such Person or otherwise to direct or cause the direction of the management and policies of that
Person, whether through the ownership of voting securities or by contract or otherwise, or (b) the ownership of (i) a general partnership interest, (ii) a managing member’s interest in a limited liability company or (iii) a
limited partnership interest or preferred stock (or other ownership interest) representing ten percent (10%) or more of the outstanding limited or general partnership interests, preferred stock or other ownership interests of such Person.

 Agent. KeyBank, acting as Administrative Agent for the Banks, its successors and assigns. 

 Agent’s Head Office. The Agent’s head office located at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other location as the Agent may designate from time to time by notice to the Borrowers and the Banks. 
 Agent’s Special Counsel. McKenna Long & Aldridge LLP or such other counsel as may be approved by the Agent. 
 Agreement. This Loan Agreement, including the Schedules and Exhibits hereto. 
 Assignment of Hedge Agreement. The
Assignment of Hedge Agreement dated of even date herewith by Borrowers in favor of Agent. 
 Assignment of Interests. Collectively,
those certain Assignments of Interests dated of even date herewith by each Borrower in favor of Agent. 
 Balance Sheet Date.
September 30, 2006. 
 Banks. KeyBank and any other Person who becomes an assignee of any rights of a Bank pursuant to §18.

 Base Rate. The greater of (a) the variable per annum rate of interest announced from time to time by Agent at Agent’s
Head Office as its “prime rate” or (b) one-half of one percent (0.5%) above the Federal Funds Effective Rate (rounded upwards, if necessary, to the next one-eighth of one percent). The Base Rate is a reference rate and does not
necessarily represent the lowest or best rate being charged to any customer. Any change in the rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such
change in the Base Rate becomes effective, without notice or demand of any kind. 
 Base Rate Loans. Those Loans bearing interest
calculated by reference to the Base Rate. 
 Board. As defined in the definition of Change of Control. 
 Borrowers. As defined in the preamble hereto. 
 Business Day. Any day on which banking institutions located in Cleveland, Ohio are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.

 Capitalized Lease. A lease under which a Person is the lessee or obligor, the discounted future rental payment obligations under
which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with generally accepted accounting principles. 
 Cash Collateral Agreement. That certain Cash Collateral Account and Control Agreement dated of even date herewith between KeyBank, Agent and Borrowers. 
 Change of Control. A Change of Control shall exist in the event that Guarantor shall fail to own at least eighty (80%) economic, voting and other beneficial interests in Merco free of any lien, encumbrance
or other adverse claim, shall fail to be the sole manager of Merco, or shall fail to control the management and policies of Merco. 
  

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 Closing Date. The first date on which all of the conditions set forth in §10 have been
satisfied. 
 Code. The Internal Revenue Code of 1986, as amended. 
 Collateral. All of the property rights and interests of the Borrowers that are subject to the security interests and liens created by the Security
Documents. 
 Commitment. With respect to each Bank, the amount set forth on Schedule 1 hereto as the amount of such
Bank’s Commitment to make or maintain Loans to the Borrowers for the account of the Borrowers, as the same may be changed from time to time in accordance with the terms of this Agreement. 
 Commitment Percentage. With respect to each Bank, initially the percentage set forth on Schedule 1 hereto as such Bank’s percentage of the
aggregate Commitments of all of the Banks, and thereafter the Commitment of each Bank shall equal its Commitment Percentage of the aggregate principal amount of the Loans from time to time outstanding, as the same may be changed from time to time in
accordance with the terms of this Agreement. 
 Contribution Agreement. The Contribution Agreement dated of even date herewith among
the Borrowers. 
 Conversion Request. A notice given by the Borrowers to the Agent of their election to convert or continue a Loan in
accordance with §4.1. 
 Default. See §12.1. 
 Delinquent Bank. See §14.5(c). 
 Dollars or $. Dollars in lawful currency of the
United States of America. 
 Domestic Lending Office. Initially, the office of each Bank designated as such in Schedule 1
hereto; thereafter, such other office of such Bank, if any, located within the United States that will be making or maintaining Base Rate Loans. 
 Drawdown Date. The date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the Maturity Date is converted or combined in accordance with §4.1. 
 Employee Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by a Borrower or any ERISA
Affiliate, other than a Multiemployer Plan. 
 ERISA. The Employee Retirement Income Security Act of 1974, as amended and in effect
from time to time. 
 ERISA Affiliate. Any Person which is treated as a single employer with a Borrower under §414 of the Code.

  

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 ERISA Reportable Event. A reportable event with respect to a Guaranteed Pension Plan within the
meaning of §4043 of ERISA and the regulations promulgated thereunder as to which the requirement of notice has not been waived. 
 Event of Default. See §12.1. 
 Extension Request. See §2.9(a). 
 Federal Funds Effective Rate. For any day, the rate per annum (rounded to the nearest one hundredth of one percent (1/100 of 1%)) announced by the
Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank in
substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate”, or, if such rate is not so published for any day that is a Business Day, the average
of the quotations for such day on such transactions received by the Agent from three (3) Federal funds brokers of recognized standing selected by the Agent. 
 Governing Documents. As to any Person, the declaration of trust, certificate or articles of incorporation, by-laws, partnership agreement or operating or members agreement, as the case may be, and any other
organizational or governing documents, of such Person. 
 Guaranteed Pension Plan. Any employee pension benefit plan within the
meaning of §3(2) of ERISA maintained or contributed to by a Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan.

 Guarantor. Richard Meruelo, a resident of the State of Florida. 
 Guaranty. The Unconditional Guaranty of Payment and Performance dated of even date herewith made by the Guarantor in favor of the Agent and the
Banks. 
 Hedge Obligations. All obligations and liabilities of Borrowers to any Bank or an Affiliate of a Bank (including, without
limitation, any obligation to make any termination payments) under any agreement with respect to any Interest Rate Contract executed in connection with the satisfaction of the condition set forth in §7.13, and any confirming letter executed
pursuant to such hedging agreement, all as amended, restated or otherwise modified. 
 Indebtedness. With respect to a Person, at the
time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed or the deferred purchase price of property or services (other than trade payables incurred in the ordinary
course of business and not past due for more than sixty (60) days past the date on which such trade payable was due); (b) all obligations of such Person, whether or not for money borrowed, (i) represented by notes payable or drafts
accepted, (ii) evidenced by bonds, debentures, loan agreements, notes or similar instruments, or (iii) with respect to any purchase money, conditional sale, title retention or other similar instrument; (c) all liabilities secured by
any mortgage, pledge, security interest, lien, charge or other encumbrance existing on property owned or acquired subject thereto, whether or not the liability secured thereby shall have been assumed or recourse is limited; (d) all guarantees,
endorsements and other contingent 

  

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obligations, whether direct or indirect, in respect of indebtedness or other obligations payable or performable by others, including liability as a general
partner in respect of liabilities of a partnership in which it is a general partner which would constitute “Indebtedness” hereunder, any obligation to supply funds to or in any manner to invest directly or indirectly in a Person, to
maintain working capital or equity capital of a Person or otherwise to maintain net worth, solvency or other financial condition of a Person, to purchase indebtedness, or to assure the owner of indebtedness against loss, including, without
limitation, through an agreement to purchase property, securities, goods, supplies or services for the purpose of enabling the debtor to make payment of the indebtedness held by such owner or otherwise; (e) the obligation to reimburse the
issuer in respect of any letter of credit or obligations under acceptance facilities or similar instruments, and obligations under interest rate swaps and similar agreements; and (f) any obligation as a lessee or obligor under a Capitalized
Lease; provided that the amount of any obligation under clause (d) shall for the purposes hereof be deemed to be the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such guaranty or
contingent liability is made or, if not stated or determinable at the time of determination, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 
 Interest Payment Date. The 30th day of each April, July, October and January, with the first Interest Payment Date being April 30, 2007. 
 Interest Period. With respect to each LIBOR Rate Loan (a) initially, the period commencing on the Drawdown Date of such Loan and ending one,
two, three or six months thereafter and (b) thereafter, each period commencing on the day following the last day of the next preceding Interest Period applicable to such Loan and ending on the last day of one of the periods set forth above, as
selected by the Borrowers in a Conversion Request; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, that Interest Period shall end and the next Interest Period shall commence on the next
preceding or succeeding LIBOR Business Day as determined conclusively by the Agent in accordance with the then current bank practice in the London Interbank Market; 
 (ii) if the Borrowers shall fail to give notice as provided in §4.1, the Borrowers shall be deemed to have requested a conversion of the affected LIBOR Rate Loan to a Base Rate Loan on the last day of the then
current Interest Period with respect thereto; and 
 (iii) no Interest Period relating to any LIBOR Rate Loan shall extend beyond the
Maturity Date. 
 Interest Rate Contract. An interest rate swap, collar, cap or similar agreement providing interest rate protection.

 Interest Reserve. See §2.11. 
 IPO. The formation of MMPI and the initial public offering of common stock in MMPI and the registration of MMPI as a public company with the SEC, as described in Registration Statement on Form S-11, as amended,
as filed with the SEC on January 3, 2007. 
  

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 KeyBank. KeyBank National Association, a national banking association, and its successors by
merger. 
 LIBOR Business Day. Any day on which commercial banks are open for international business (including dealings in Dollar
deposits) in London. 
 LIBOR Lending Office. Initially, the office of each Bank designated as such in Schedule 1 hereto;
thereafter, such other office of such Bank, if any, that shall be making or maintaining LIBOR Rate Loans. 
 LIBOR Rate. For any LIBOR
Rate Loan for any Interest Period, the average rate (rounded to the nearest 1/100th) as shown in Dow Jones Markets (formerly Telerate) (Page 3750) at which deposits in U.S. dollars are offered by first class banks in the London Interbank Market at
approximately 11:00 a.m. (London time) on the day that is two (2) LIBOR Business Days prior to the first day of such Interest Period with a maturity approximately equal to such Interest Period and in an amount approximately equal to the amount
to which such Interest Period relates, adjusted for reserves and taxes if required by future regulations. If Dow Jones Markets no longer reports such rate or Agent determines in good faith that the rate so reported no longer accurately reflects the
rate available to Agent in the London Interbank Market, Agent may select a replacement index. For any period during which a Reserve Percentage shall apply, the LIBOR Rate with respect to LIBOR Rate Loans shall be equal to the amount determined above
divided by an amount equal to 1 minus the Reserve Percentage. 
 LIBOR Rate Loans. Loans bearing interest calculated by reference to a
LIBOR Rate. 
 Lien. See §8.2. 
 Loan Documents. This Agreement, the Notes, the Security Documents, the Guaranty and all other documents, instruments or agreements now or hereafter executed or delivered by or on behalf of the Borrowers or the
Guarantor in connection with the Loans. 
 Loan Request. See §2.6. 
 Loans. See §2.1. 
 Lock-up
Letter. The Meruelo Maddux Properties, Inc. Lock-Up Letter Agreements dated January 24, 2007 executed by each Borrower in favor of Friedman, Billings, Ramsey & Co., Inc. and UBS Securities as representatives of the several
underwriters. 
 Majority Banks. As of any date, any Bank or collection of Banks whose aggregate Commitment Percentage is more than
fifty percent (50%); provided, that, in determining said percentage at any given time, all then existing Delinquent Banks will be disregarded and excluded and the Commitment Percentages of the Banks shall be redetermined for voting purposes
only, to exclude the Commitment Percentages of such Delinquent Banks. 
 Market Value. If the Loans are used to purchase the
applicable common stock of MMPI, the total cost of such stock (which may include commissions charged) shall be the Market Value as of the date of such purchase. Thereafter and in each other instance, Market Value as of any date of determination
shall be the closing sales price for shares of common stock in MMPI on the 

  

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preceding business day, as appearing in any regularly published reporting or quotation service, or if there is no closing sales price, the reasonable
estimate of Agent of the market value of such stock as of the close of business of the preceding business day. 
 Material Adverse
Effect. A materially adverse change in or effect on (i) the business, assets, liabilities, condition (financial or otherwise), prospects or results of operations of a Borrower or Guarantor, (ii) the ability of a Borrower or Guarantor
to perform its obligations under any Loan Document to which it is a party, (iii) the validity or enforceability of any of the Loan Documents, or (iv) any rights and remedies of the Banks and the Agent under any of the Loan Documents.

 Maturity Date. April 30, 2008, as the same may be extended by Borrowers as provided in §2.9, or such earlier date on
which the Loans shall become due and payable pursuant to the terms hereof. 
 MMPI. Meruelo Maddux Properties, Inc., a Delaware
corporation. 
 Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by
a Borrower or any ERISA Affiliate. 
 Non-Recourse Indebtedness. Indebtedness of a Borrower which is secured by one or more parcels of
real estate and related personal property or interests therein and is not a general obligation of such Borrower, the holder of such Indebtedness having recourse solely to the parcels of real estate securing such Indebtedness, the improvements and
leases thereon and the rents and profits thereof. 
 Notes. See §2.4. 
 Notice. See §19. 
 Obligations. All indebtedness, obligations and liabilities of the Borrowers and the Guarantor to any of the Banks and the Agent, individually or collectively, under this Agreement or any of the other Loan Documents or in respect of
any of the Loans or the Notes, or other instruments at any time evidencing any of the foregoing, whether existing on the date of this Agreement or arising or incurred hereafter, direct or indirect, joint or several, absolute or contingent, matured
or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise. 
 OFAC. Office of
Foreign Asset Control of the Department of the Treasury of the United States of America. 
 Outstanding. With respect to the Loans,
the aggregate unpaid principal thereof as of any date of determination. 
 Patriot Act. The Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 
 PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar
responsibilities. 
  

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 Person. Any individual, corporation, partnership, limited liability company, trust, unincorporated
association, business, or other legal entity, and any government or any governmental agency or political subdivision thereof. 
 Pledged
Stock. The stock in MMPI owned by Borrowers and pledged to Agent as Collateral pursuant to the Assignment of Interests. 
 Record.
The grid attached to any Note, or the continuation of such grid, or any other similar record, including computer records, maintained by Agent with respect to any Loan referred to in such Note. 
 Register. See §18.2. 
 Registration Statement. A registration statement on Form S-1, Form S-3 or another appropriate form filed by MMPI with the SEC covering the resale, from time to time, of the Pledged Stock by Borrower (or the Banks, upon an Event of
Default). 
 Representative. See §14.14. 
 Reserve Percentage. For any day with respect to a LIBOR Rate Loan, the maximum rate (expressed as a decimal) at which any lender subject thereto would be required to maintain reserves (including, without
limitation, all base, supplemental, marginal and other reserves) under Regulation D of the Board of Governors of the Federal Reserve System (or any successor or similar regulations relating to such reserve requirements) against “Eurocurrency
Liabilities” (as that term is used in Regulation D or any successor or similar regulation), if such liabilities were outstanding. The Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in the
Reserve Percentage. 
 SEC. The federal Securities and Exchange Commission. 
 Security Documents. The Assignment of Interests, the Assignment of Hedge Agreement, the Cash Collateral Agreement and any further collateral
assignments to the Agent for the benefit of the Banks, including, without limitation, UCC-1 financing statements filed in connection therewith. 
 State. A state of the United States of America. 
 Total Commitment. The sum of the Commitments of the Banks, as in
effect from time to time. As of the date of this Agreement, the Total Commitment is Thirty-Three Million and No/100 Dollars ($33,000,000.00). 
 Type. As to any Loan, its nature as a Base Rate Loan or a LIBOR Rate Loan. 
 UCC. The Uniform Commercial Code as in
effect from time to time in the State of California (or, if applicable, any other relevant jurisdiction). 
  

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 §1.2 Rules of Interpretation. 
 (a) A reference to any document or agreement shall include such document or agreement as amended, modified or supplemented from time to time in accordance
with its terms and the terms of this Agreement. 
 (b) The singular includes the plural and the plural includes the singular. 
 (c) A reference to any law includes any amendment or modification to such law. 
 (d) A reference to any Person includes its permitted successors and permitted assigns. 
 (e) Accounting terms not otherwise defined herein have the meanings assigned to them by generally accepted accounting principles applied on a consistent
basis by the accounting entity to which they refer. 
 (f) The words “include”, “includes” and “including” are
not limiting. 
 (g) The words “approval” and “approved”, as the context so determines, means an approval in writing
given to the party seeking approval after full and fair disclosure to the party giving approval of all material facts necessary in order to determine whether approval should be granted. 
 (h) All terms not specifically defined herein or by generally accepted accounting principles, which terms are defined in the Uniform Commercial Code as
in effect in the State of California, have the meanings assigned to them therein. 
 (i) Reference to a particular “ § “,
refers to that section of this Agreement unless otherwise indicated. 
 (j) The words “herein”, “hereof”,
“hereunder” and words of like import shall refer to this Agreement as a whole and not to any particular section or subdivision of this Agreement. 
 §2. CREDIT FACILITY. 
 §2.1 Commitment to Lend. Subject to the terms and conditions set forth
in this Agreement, each of the Banks severally agrees to lend to the Borrowers on the Closing Date the aggregate amount of its Commitment (except the portion allocated to the Interest Reserve, which shall be advanced as provided in §2.11) for
the purposes set forth in §2.10. The Loans shall be made pro rata in accordance with each Bank’s Commitment Percentage. The acceptance of the Loan by Borrowers shall constitute a representation and warranty by the Borrowers that all of the
conditions set forth in §10 have been satisfied on the date of such Loan. 
 §2.2 [Intentionally Omitted.] 

 §2.3 [Intentionally Omitted.]  
  

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 §2.4 Notes. The Loans shall be evidenced by separate promissory notes of the Borrowers
in substantially the form of Exhibit A hereto (collectively, the “Notes”), dated of even date as this Agreement and completed with appropriate insertions. One Note shall be payable to the order of each Bank in the principal amount
equal to such Bank’s Commitment or, if less, the outstanding amount of all Loans made by such Bank, plus interest accrued thereon as set forth below. The Borrowers irrevocably authorize Agent to make or cause to be made, at or about the time of
the Drawdown Date of any Loan or at the time of receipt of any payment of principal thereof, an appropriate notation on Agent’s Record reflecting the making of such Loan or (as the case may be) the receipt of such payment. The outstanding
amount of the Loans set forth on Agent’s Record shall be prima facie evidence of the principal amount thereof owing and unpaid to each Bank, but the failure to record, or any error in so recording, any such amount on Agent’s
Record shall not limit or otherwise affect the obligations of the Borrowers hereunder or under any Note to make payments of principal of or interest on any Note when due. 
 §2.5 Interest on Loans. 
 (a) Each Base Rate Loan shall bear interest for the period
commencing with the Drawdown Date thereof and ending on the date on which such Base Rate Loan is repaid or is converted to a LIBOR Rate Loan at the per annum rate equal to the sum of the Base Rate plus one-fourth of one percent (0.25%). 

(b) Each LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of the Interest
Period with respect thereto at the rate per annum equal to the sum of the LIBOR Rate determined for such Interest Period plus three percent (3%). 
 (c) The Borrowers promise to pay interest on each Loan to them in arrears on each Interest Payment Date with respect thereto, or on any earlier date on which the Commitments shall terminate. 
 (d) Base Rate Loans and LIBOR Rate Loans may be converted to Loans of the other Type as provided in §4.1. 
 §2.6 Request for Loan. The Borrowers shall give to the Agent written notice in the form of Exhibit B hereto (or telephonic
notice confirmed in writing in the form of Exhibit B hereto) of the Loan requested hereunder (including a request for a disbursement from the Interest Reserve) (a “Loan Request”) not later than 11:00 a.m. (Cleveland time) three
(3) Business Days prior to the proposed Drawdown Date if such Loan is to be a LIBOR Rate Loan or not later than 2:00 p.m. (Cleveland time) if such Loan is to be a Base Rate Loan. Such notice shall specify the proposed principal amount, Drawdown
Date, Interest Period (if applicable) and Type. Promptly upon receipt of any such notice, the Agent shall notify each of the Banks thereof. Such Loan Request shall be irrevocable and binding on the Borrowers and shall obligate the Borrowers to
accept the Loan requested from the Banks on the proposed Drawdown Date. Each Loan Request shall be (a) for a Base Rate Loan in the minimum aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof, or (b) for a
LIBOR Rate Loan in a minimum aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof; provided, however, that there shall be no more than three (3) LIBOR Rate Loans outstanding at any one time.

  

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 §2.7 Funds for Loans. 
 (a) Not later than 11:00 a.m. (Cleveland time) on the proposed Drawdown Date of the Loans, each of the Banks will make available to the Agent, at the
Agent’s Head Office, in immediately available funds, the amount of such Bank’s Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to §2.1. Upon receipt from each Bank of such amount, and upon
receipt of the documents required by §10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers (or to the Agent for the benefit of the Banks or to the holder of
the Hedge Obligations with respect to disbursements from the Interest Reserve, as applicable) the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrowers maintained at the
Agent’s Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its
several obligation hereunder to make available to the Agent the amount of such other Bank’s Commitment Percentage of any requested Loans. 
 (b) Unless the Agent shall have been notified by any Bank prior to the applicable Drawdown Date that such Bank will not make available to the Agent such Bank’s pro rata share of a proposed Loan, the Agent may in its
discretion assume that such Bank has made such share of the proposed Loan available to Agent in accordance with the provisions of this Agreement and the Agent may, if it chooses, in reliance upon such assumption make such Loan available to Borrowers
(or to the Agent for the benefit of the Banks or to the holder of the Hedge Obligations with respect to disbursements from the Interest Reserve, as applicable), and such Bank shall be liable to the Agent for the amount of such advance. If such Bank
does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrowers, and the Borrowers shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from
the Bank or the Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrowers to the date such corresponding amount is recovered
by the Agent at a per annum rate equal to (i) from the Borrowers at the applicable rate for such Loan or (ii) from a Bank at the Federal Funds Effective Rate. 
 §2.8 Advances Do Not Constitute a Waiver. In the event the Borrowers fail to satisfy any condition to the Banks’ obligation to make Loans, no Loan made by the Banks shall have the effect of
precluding the Banks from thereafter declaring such failure to satisfy such condition to be an Event of Default. 
 §2.9 Extension
of Maturity Date. The Borrowers shall have the one-time right and option to extend the Maturity Date to July 30, 2008, upon satisfaction of the following conditions precedent, which must be satisfied prior to the effectiveness of any
extension of the Maturity Date: 
 (a) Extension Request. The Borrowers shall deliver written notice of such request (the
“Extension Request”) to the Agent not later than the date which is ninety (90) days prior to the Maturity Date (as determined without regard to such extension). Any such Extension Request shall be irrevocable and binding on the
Borrowers. 
  

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 (b) Payment of Extension Fee. The Borrowers shall pay to the Agent for the pro rata
accounts of the Banks in accordance with their respective Commitments an extension fee in an amount equal to five (5) basis points on the Outstanding principal balance of the Loans as of the Maturity Date (as determined without regard to such
extension), which fee shall, when paid, be fully earned and non-refundable under any circumstances. 
 (c) No Default. On the date the
Extension Request is given and on the Maturity Date (as determined without regard to such extension) there shall exist no Default or Event of Default. 
 (d) Representations and Warranties. The representations and warranties made by the Borrowers and the Guarantor in the Loan Documents or otherwise made by or on behalf of the Borrowers and the Guarantor in
connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the date the Extension Request is given and on the Maturity Date (as
determined without regard to such extension) except to the extent such representations and warranties expressly relate to an earlier date. 
 (e) Pledged Stock. There is an effective Registration Statement covering the resale of the Pledged Stock and all blue sky filings required for the resell of the Pledged Stock have been made and are effective. 
 §2.10 Use of Proceeds. Subject to the terms, covenants and conditions set forth herein, the Borrowers will use the proceeds of the
Loans solely (a) for the acquisition of common stock in MMPI sold by MMPI in connection with the IPO, (b) to pay closing costs in connection with the Loan, and (c) for the purposes described in §2.11. The shares in MMPI to be
acquired by Borrowers or their Affiliates shall not be acquired from an underwriter or other Person affiliated with KeyBank. 
 §2.11
Interest Reserve. The Loan includes an initial interest reserve of $2,694,100 (the “Interest Reserve”). Subject to the terms and conditions of this Agreement, Borrowers may request a disbursement from the Interest Reserve
pursuant to §2.6. By execution hereof, each Borrower irrevocably authorizes the Agent, without the necessity of any further authorization, to cause the Banks to disburse directly to itself for the account of the Banks or to the holders of the
Hedge Obligations, as applicable, rather than to the Borrowers out of the Interest Reserve such sums as are necessary to pay (a) accrued interest on the Loan on each Interest Payment Date, and (b) any regular quarterly payments due with
respect to the Hedge Obligations (but not including any payments due as a result of a default, event of default, termination event or similar occurrence under the applicable Interest Rate Contract) (and any amount so advanced by the Banks without
the submission by the Borrowers of a Loan Request shall be Base Rate Loans). Borrowers shall first use any amounts in the “Debt Service Sub-Account” (as defined in the Cash Collateral Agreement) before requesting any amounts from the
Interest Reserve. Upon disbursement, the amount that is disbursed shall be disbursed pro rata by the Banks and shall be added to the then outstanding principal sum of the Loans and shall bear interest at the rate provided for in this Agreement. Upon
the occurrence and during the continuance of an Event of Default under this Agreement or any other Loan Document, the Agent shall have the right but not the obligation to continue to cause disbursements of interest installments from the Interest
Reserve. Establishment of the Interest Reserve shall in no way relieve the Borrowers of their obligation to make interest payments or payments with respect to the Hedge Obligations. Upon 

  

 12 

 
the occurrence of a Default or an Event of Default and during the continuance thereof under any Loan Document, the Agent may, at its option, cease making any
further disbursement from the Interest Reserve. Notwithstanding anything in this Agreement to the contrary, the Banks shall have no obligation to make disbursements from the Interest Reserve for any purpose from and after such time as MMPI declares
and pays its first (1st) dividend on any common stock of MMPI, at which time the amount of the Interest Reserve
shall be zero ($0). 
 §3. REPAYMENT OF THE LOANS. 
 §3.1 Stated Maturity. The Borrowers promise to pay on the Maturity Date and there shall become absolutely due and payable on the Maturity Date all of the Loans outstanding on such date, together
with any and all accrued and unpaid interest thereon. 
 §3.2 Mandatory Prepayments. If at any time (i) the sum of
the aggregate outstanding principal balance of the Loans plus the amount of the Interest Reserve exceeds (ii) an amount equal to thirty percent (30%) of the Market Value of the Pledged Stock, then the Borrowers shall immediately either
(a) pay the amount of such excess to the Agent for the respective accounts of the Banks for application to the Loans such that the sum of the outstanding principal balance of the Loans plus the amount of the Interest Reserve does not exceed
thirty percent (30%) of the Market Value of the Pledged Stock, or (b) grant to Agent a first-priority perfected lien and security interest in such additional shares of common stock in MMPI (which may be shares acquired as a part of the IPO
or privately placed shares) having a Market Value such that the sum of the outstanding principal balance of the Loans plus the amount of the Interest Reserve does not exceed thirty percent (30%) of the Market Value of the Pledged Stock
(including such additional shares). If Borrowers elect to provide additional Collateral pursuant to this §3.2(b), Borrowers shall enter into such amendments to the Security Documents as Agent may reasonably require to reflect the pledge of such
additional shares to Agent, and shall deliver such powers or indorsements in blank, consents of Guarantor, and such other documents, instruments and opinions of counsel as Agent may reasonably require. No such additional Collateral shall be subject
to any transfer restrictions or other restrictions or limitations, except those that are acceptable to Agent in its sole discretion. 
 §3.3 Optional Prepayments. The Borrowers shall have the right, at their election, to prepay the outstanding amount of the Loans, as a whole or in part, at any time without penalty or premium; provided, that if any full or
partial prepayment of the outstanding amount of any LIBOR Rate Loans is made other than on the last day of the Interest Period relating thereto, such prepayment shall be accompanied by the payment of any amounts due pursuant to §4.8. The
Borrowers shall give the Agent, no later than 10:00 a.m., Cleveland time, at least three (3) Business Days’ prior written notice of any prepayment pursuant to this §3.3, in each case specifying the proposed date of payment of Loans
and the principal amount to be paid. 
 §3.4 Partial Prepayments. Each partial prepayment of the Loans under §3.3
shall be in the minimum amount of $500,000 or any an integral multiple of $100,000 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment and, after payment of such interest, shall
be applied, in the absence of instruction by the Borrowers, first to the principal of Base Rate Loans and then to the principal of LIBOR Rate Loans. 
  

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 §3.5 Effect of Prepayments. Amounts of the Loans prepaid hereunder may not be
reborrowed. Except as otherwise expressly provided herein, all payments shall first be applied to accrued but unpaid interest and then to principal as provided above. 
 §4. CERTAIN GENERAL PROVISIONS. 
 §4.1 Conversion Options. 

(a) The Borrowers may elect from time to time to convert any of their outstanding Loans to a Loan of another Type and such Loan shall thereafter bear
interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrowers shall give the Agent at least one (1) Business
Days’ prior written notice of such election, and such conversion shall only be made on the last day of the Interest Period with respect to such LIBOR Rate Loan; (ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate
Loan the Borrowers shall give the Agent at least three (3) LIBOR Business Days’ prior written notice of such election and the Interest Period requested for such Loan, the principal amount of the Loan so converted shall be in a minimum
aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof and, after giving effect to the making of such Loan there shall be no more than three (3) LIBOR Rate Loans outstanding at any one time; and (iii) no Loan
may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding Loans of any Type may be converted as provided herein, provided that no partial conversion shall
result in a LIBOR Rate Loan in an aggregate principal amount of less than $1,000,000 and that the aggregate principal amount of each Loan shall be in an integral multiple of $250,000. On the date on which such conversion is being made, each Bank
shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. Each Conversion Request relating to the conversion of a Base Rate Loan to a
LIBOR Rate Loan shall be irrevocable by the Borrowers. 
 (b) Any Loan may be continued as such Type upon the expiration of an Interest
Period with respect thereto by compliance by the Borrowers with the terms of §4.1(a); provided that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be
automatically converted to a Base Rate Loan on the last day of the Interest Period relating thereto ending during the continuance of any Default or Event of Default. 
 (c) In the event that the Borrowers do not notify the Agent of their election hereunder with respect to any Loan to it, such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable
Interest Period. 
 §4.2 Closing Fee. The Borrowers shall pay to KeyBank certain fees for services rendered or to be
rendered in connection with the Loan as provided pursuant to the Agreement Regarding Fees dated of even date herewith between the Borrowers and KeyBank. 
 §4.3 [Intentionally Omitted.] 
  

 14 

 §4.4 Funds for Payments. 
 (a) All payments of principal, interest, unused facility fees, closing fees and any other amounts due hereunder or under any of the other Loan Documents
shall be made to the Agent, for the respective accounts of the Banks and the Agent, as the case may be, at the Agent’s Head Office, not later than 1:00 p.m. (Cleveland time) on the day when due, in each case in lawful money of the United States
in immediately available funds. The Agent is hereby authorized to charge the accounts of the Borrowers with KeyBank designated by the Borrowers, on the dates when the amount thereof shall become due and payable, with the amounts of the principal of
and interest on the Loans and all fees, charges, expenses and other amounts owing to the Agent and/or the Banks under the Loan Documents. 
 (b) All payments by the Borrowers hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees,
deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Borrowers are compelled
by law to make such deduction or withholding. If any such obligation is imposed upon the Borrowers with respect to any amount payable by them hereunder or under any of the other Loan Documents, the Borrowers will pay to the Agent, for the account of
the Banks or (as the case may be) the Agent, on the date on which such amount is due and payable hereunder or under such other Loan Document, such additional amount in Dollars as shall be necessary to enable the Banks or the Agent to receive the
same net amount which the Banks or the Agent would have received on such due date had no such obligation been imposed upon the Borrowers. The Borrowers will deliver promptly to the Agent certificates or other valid vouchers for all taxes or other
charges deducted from or paid with respect to payments made by the Borrowers hereunder or under such other Loan Document. 
 §4.5
Computations. All computations of interest on the Loans and of other fees to the extent applicable shall be based on a 360-day year (or a 365- or 366-day year, as applicable, in the case of Base Rate Loans) and paid for the actual number
of days elapsed. Except as otherwise provided in the definition of the term “Interest Period” with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that is not a
Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and interest shall accrue during such extension. The outstanding amount of the Loans as reflected on the records of the Agent from time to time shall
be considered prima facie evidence of such amount. 
 §4.6 Suspension of LIBOR Rate Loans. In the event that, prior
to the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining the LIBOR Rate for such Interest Period, or the Agent shall in good
faith reasonably determine that the LIBOR Rate will not adequately and fairly reflect the cost to the Banks of making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall
be conclusive and binding on the Borrowers and the Banks) to the Borrowers and the Banks. In such event (a) any Loan Request with respect to LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans and
(b) each LIBOR Rate Loan will automatically, on the last day of the then current Interest Period thereof, become a Base Rate Loan, and the obligations of the Banks to make LIBOR Rate Loans 

  

 15 

 
shall be suspended until the Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the
Borrowers and the Banks. 
 §4.7 Illegality. Notwithstanding any other provisions herein, if any present or future law,
regulation, treaty or directive or the interpretation or application thereof shall make it unlawful, or any central bank or other governmental authority having jurisdiction over a Bank or its LIBOR Lending Office shall assert that it is unlawful,
for any Bank to make or maintain LIBOR Rate Loans, such Bank shall forthwith give notice of such circumstances to the Agent and the Borrowers and thereupon (a) the commitment of the Banks to make LIBOR Rate Loans or convert Loans of another
type to LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR Rate Loans then outstanding shall be converted automatically to Base Rate Loans on the last day of each Interest Period applicable to such LIBOR Rate Loans or within such
earlier period as may be required by law; provided that the affected Bank agrees to designate a different LIBOR Lending Office if such designation will permit such Bank to make or maintain LIBOR Rate Loans and will not, in the good faith of such
Bank, otherwise be materially disadvantageous to such Bank. 
 §4.8 Additional Interest. If any LIBOR Rate Loan or any
portion thereof is repaid, or is converted to a Base Rate Loan for any reason on a date which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been accelerated as provided in
§12.1, the Borrowers will pay to the Agent upon demand for the account of the Banks in accordance with their respective Commitment Percentages, in addition to any amounts of interest otherwise payable hereunder, any amounts required to
compensate the Banks for any losses, costs or expenses which may reasonably be incurred as a result of such payment or conversion. 
 §4.9 Additional Costs, Etc. Notwithstanding anything herein to the contrary, if any present or future applicable law, or any amendment or modification of present applicable law, which expression, as used herein, includes
statutes, rules and regulations thereunder and legally binding interpretations thereof by any competent court or by any governmental or other regulatory body or official with appropriate jurisdiction charged with the administration or the
interpretation thereof and requests, directives, instructions and notices at any time or from time to time hereafter made upon or otherwise issued to any Bank or the Agent by any central bank or other fiscal, monetary or other authority (whether or
not having the force of law), shall: 
 (a) subject any Bank or the Agent to any tax, levy, impost, duty, charge, fee, deduction or
withholding of any nature with respect to this Agreement, the other Loan Documents, such Bank’s Commitment, or the Loans (other than taxes based upon or measured by the income or profits of such Bank or the Agent), or 
 (b) materially change the basis of taxation (except for changes in taxes on income or profits) of payments to any Bank of the principal of or the
interest on any Loans or any other amounts payable to any Bank under this Agreement or the other Loan Documents, or 
 (c) impose or increase
or render applicable any special deposit, reserve, assessment, liquidity, capital adequacy or other similar requirements (whether or not having the force of law) against assets held by, or deposits in or for the account of, or loans by, or
commitments of an office of any Bank, or 
  

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 (d) impose on any Bank or the Agent any other conditions or requirements with respect to this Agreement,
the other Loan Documents, the Loans, such Bank’s Commitment, or any class of loans or commitments of which any of the Loans or such Bank’s Commitment forms a part; and the result of any of the foregoing is 
 (i) to increase the cost to any Bank of making, funding, issuing, renewing, extending or maintaining any of the Loans, or such Bank’s Commitment,
or 
 (ii) to reduce the amount of principal, interest or other amount payable to such Bank or the Agent hereunder on account of such
Bank’s Commitment or any of the Loans, or 
 (iii) to require such Bank or the Agent to make any payment or to forego any interest or
other sum payable hereunder, the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Bank or the Agent from the Borrowers hereunder, 
 then, and in each such case, the Borrowers will within fifteen (15) days after demand made by such Bank or (as the case may be) the Agent at any time and from time
to time and as often as the occasion therefor may arise, pay to such Bank or the Agent such additional amounts as such Bank or the Agent shall determine in good faith to be sufficient to compensate such Bank or the Agent for such additional cost,
reduction, payment or foregone interest or other sum. Each Bank and the Agent in determining such amounts may use any reasonable averaging and attribution methods, generally applied by such Bank or the Agent. 
 §4.10 Capital Adequacy. If after the date hereof any Bank determines that (a) the adoption of or change in any law, rule,
regulation or guideline regarding capital requirements for banks or bank holding companies or any change in the interpretation or application thereof by any governmental authority charged with the administration thereof, or (b) compliance by
such Bank or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect of reducing the return on such Bank’s or such holding
company’s capital as a consequence of such Bank’s commitment to make Loans hereunder to a level below that which such Bank or holding company could have achieved but for such adoption, change or compliance (taking into consideration such
Bank’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Bank to be material, then such Bank may notify the
Borrowers thereof. The Borrowers agree to pay to such Bank the amount of such reduction in the return on capital as and when such reduction is determined, upon presentation by such Bank of a statement of the amount and setting forth such Bank’s
calculation thereof. In determining such amount, such Bank may use any reasonable averaging and attribution methods. 
 §4.11
Indemnity of Borrowers. The Borrowers agree to indemnify each Bank and to hold each Bank harmless from and against any loss, cost or expense that such Bank may sustain or incur as a consequence of (a) default by the Borrowers in
payment of the principal amount of or any interest on any LIBOR Rate Loans as and when due and payable, including any such loss or expense arising from interest or fees payable by such Bank to lenders of funds obtained by it in order to maintain its
LIBOR Rate Loans, or (b) default by the Borrowers in making a 

  

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borrowing or conversion after the Borrowers have given (or are deemed to have given) a Loan Request or a Conversion Request. 
 §4.12 Interest on Overdue Amounts; Late Charge. Following the occurrence and during the continuance of an Event of Default and
regardless of whether or not the Agent or the Banks shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate per annum equal to three percent (3.0%) above the Base Rate until such amount shall
be paid in full (after as well as before judgment). In addition, the Borrowers shall pay a late charge equal to four percent (4.0%) of any amount of interest and/or principal payable on the Loans or any other amounts payable hereunder or under
the Loan Documents, which is not paid by the Borrowers within ten (10) days after the same shall become due and payable. 
 §4.13 Certificate. A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or §4.12 and a brief explanation of such amounts which are due, submitted by any Bank or the
Agent to the Borrowers, shall be conclusive in the absence of manifest error. 
 §4.14 Limitation on Interest.
Notwithstanding anything in this Agreement to the contrary, all agreements between the Borrowers and the Banks and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency,
whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Banks exceed the maximum amount permissible under applicable law. If, from any circumstance
whatsoever, interest would otherwise be payable to the Banks in excess of the maximum lawful amount, the interest payable to the Banks shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Banks
shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the Borrowers
and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the Borrowers, such excess shall be refunded to the Borrowers. All interest paid or agreed to be paid to the Banks shall, to
the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the Borrowers (including the period of any renewal or extension thereof) so
that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law. This section shall control all agreements between the Borrowers and the Banks and the Agent. 
 §4.15 Agreement Regarding Interest and Charges. The parties hereto hereby agree and stipulate that the only charge imposed upon the
Borrowers for the use of money in connection with this Agreement is and shall be the interest specifically described in §2.5. Notwithstanding the foregoing, the parties hereto further agree and stipulate that all arrangement fees, commitment
fees, amendment fees, up front fees, commitment fees, facility fees, closing fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs
and expenses paid by the Banks or the Agent to third parties or for damages incurred by the Banks or the Agent, or any other similar amounts are charges made to compensate the Banks or the Agent for underwriting or administrative services and costs
or losses performed or incurred, and to be performed or incurred, by the Banks or the Agent in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. Borrowers hereby acknowledge and agree that
the Banks and the Agent have imposed no minimum borrowing requirements, 

  

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reserve or escrow balances or compensating balances related in any way to the Obligations. Any use by Borrowers of certificates of deposit issued by any Bank
or other accounts maintained with any Bank has been and shall be voluntary on the part of Borrowers. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 
 §4.16 Representative of Borrowers. Each of Borrowers hereby appoints Guarantor as its agent, attorney in fact and representative for
the purpose of making Requests for Loans, Conversion Requests, payment and prepayment of Loans, the giving and receipt of notices by and to Borrowers under this Agreement and all other purposes incidental to any of the foregoing. Each Borrower
agrees that any action taken by Guarantor as the agent, attorney-in fact and representative of such Borrower shall be binding on such Borrower to the same extent as if directly taken by such Borrower. 
 §5. COLLATERAL. 
 §5.1
Collateral. The Obligations shall be secured by a first-priority perfected security interest in the Collateral. 
 §5.2
Release of Collateral. Upon the repayment in full of the Obligations and the Hedge Obligations, then the Agent shall release the Collateral from the lien and security interest of the Security Documents. 
 §6. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS. 
 The Borrowers hereby represent and warrant to the Agent and the Banks as follows. 
 §6.1
Corporate Authority, Etc. 
 (a) Incorporation; Good Standing, Etc. Merco is a California limited liability company duly
organized pursuant to its operating agreement and articles of organization and amendments thereto filed with the Secretary of the State of California and is validly existing and in good standing under the laws of the State of Delaware. The Trust is
a trust duly organized pursuant to its trust agreement and is validly existing and in good standing under the laws of the State of California. The Guarantor is a resident of the State of Florida, residing at 9540 Journeys End Road, Coral Gables,
Florida 33156. Guarantor maintains an office in California at 761 Terminal Street, Los Angeles, California 90021. Each Borrower (i) has all requisite power to own its properties and interests and conduct its business as now conducted and as
presently contemplated, and (ii) is in good standing as a foreign entity and is duly authorized to do business in each other jurisdiction where a failure to be so qualified in such other jurisdiction could have a Material Adverse Effect.

 (b) No Violation. The execution, delivery and performance of this Agreement and the other Loan Documents to which any Borrower or
Guarantor is or is to become a party and the transactions contemplated hereby and thereby (i) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any such
Person is subject or any judgment, order, writ, injunction, license or permit applicable to any such Person, (ii) as to the Borrowers, are within the authority of such Person, (iii) as to Borrowers, have been duly authorized by all
necessary proceedings on the part of such Person, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or 

  

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the giving of notice, or both) under any provisions of the Governing Documents of, or any agreement or other instrument binding upon, any such Person or any
of its properties (including, without limitation, the Collateral), and (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of any such Person. 
 (c) Enforceability. The execution and delivery of this Agreement and the other Loan Documents to which any of the Borrowers or the Guarantor is or
is to become a party are valid and legally binding obligations of such Person enforceable in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought. 
 §6.2 Governmental Approvals. The execution, delivery and
performance of this Agreement and the other Loan Documents to which any of the Borrowers or the Guarantor is or is to become a party and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing with, any
governmental agency or authority other than those already obtained. 
 §6.3 Financial Statements. The Borrowers have
delivered to the Agent: (a) the unaudited balance sheet of each Borrower and the Guarantor as of the Balance Sheet Date, and (b) certain other financial information relating to the Borrowers and the Guarantor. Such balance sheet and
statements have been prepared in accordance with sound accounting principles and fairly present the financial condition of the applicable Borrower or Guarantor as of such dates for such periods. There are no liabilities, contingent or otherwise, of
the Borrowers or the Guarantor involving material amounts not disclosed in said financial statements and the related notes thereto. 
 §6.4 No Material Changes. Since the Balance Sheet Date, there has occurred no materially adverse change in the financial condition of either Borrower or the Guarantor as shown on or reflected in the balance sheet of such
Person as of the Balance Sheet Date, other than changes in the ordinary course of business that have not had and could not reasonably be expected to have any Material Adverse Effect. 
 §6.5 Litigation. Except as stated on Schedule 6.5 there are no actions, suits, proceedings or investigations of any kind
pending or to the knowledge of such person threatened against any Borrower, Guarantor or MMPI before any court, tribunal, arbitrator, mediator or administrative agency or board that, if adversely determined, either in any case or in, the aggregate,
could reasonably be expected to have a Material Adverse Effect, or which question the validity of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto, or which relate to the IPO. Except as
set forth on Schedule 6.5, as of the date of this Agreement, there are no judgments outstanding against or affecting any Borrower or Guarantor. 
 §6.6 No Materially Adverse Contracts, Etc. None of the Borrowers or the Guarantor is a party to or subject to any charter, corporate, trust, legal restriction, contract or agreement relating to the
Pledged Stock except as set forth on Schedule 6.6 hereto. 
  

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 §6.7 Compliance with Other Instruments, Laws, Etc. None of the Borrowers or the
Guarantor is in violation of any Governing Document or any other agreement or instrument to which it may be subject or by which it or any of its properties may be bound or any decree, order, judgment, statute, license, rule or regulation, in any of
the foregoing cases in a manner that could result in the imposition of substantial penalties or has had or could reasonably be expected to have a Material Adverse Effect. 
 §6.8 Tax Status. The Borrowers and Guarantor (a) have made or filed all federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which such
Person is subject, (b) have paid all taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and by appropriate proceedings and
(c) have set aside provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and Borrowers and Guarantor know of no basis for any such claim. There are no audits pending or, to the knowledge of Borrowers and Guarantor, threatened with respect to any tax returns filed by either Borrower
or Guarantor. 
 §6.9 No Event of Default. No Default or Event of Default has occurred and is continuing. 
 §6.10 Holding Company and Investment Company Acts. None of the Borrowers or the Guarantor is or after giving effect to any Loan will
be, subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed
money. 
 §6.11 Employee Benefit Plans. The Borrowers and any ERISA Affiliate have or maintain no Employee Benefit Plan,
Multiemployer Plan or Guaranteed Pension Plan. None of the Collateral constitutes a “plan asset” of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan. 
 §6.12 Regulations T, U and X. The principal amount of the Loans does not exceed forty-nine percent (49%) of the current Market
Value of the Pledged Stock. If requested by any Bank or the Agent, the Borrowers will furnish to the Agent and each Bank a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred to in Regulation U.

 §6.13 Loan Documents. All of the representations and warranties made by or on behalf of the Borrowers and the Guarantor
in this Agreement and the other Loan Documents or any document or instrument delivered to the Agent or the Banks pursuant to or in connection with any of such Loan Documents are true and correct in all material respects, and the Borrowers and the
Guarantor have not failed to disclose such information as is necessary to make such representations and warranties not misleading. There is no material fact or circumstance that has not been disclosed to the Agent and the Banks, and the written
information, reports and other papers and data with respect to the Borrowers, Guarantor and MMPI (other than projections and estimates) furnished to the Agent or the Bank in connection with this Agreement or the obtaining of the commitments of the
Banks hereunder was, at the time so furnished, complete and correct in all material respects, or has been subsequently supplemented by other written information, 

  

 21 

 
reports or other papers or data, to the extent necessary to give in all material respects a true and accurate knowledge of the subject matter in all material
respects; provided that such representation shall not apply to budgets, projections and other forward-looking speculative information prepared in good faith by Guarantor or MMPI (except to the extent the related assumptions are manifestly
unreasonable). 
 §6.14 Brokers. None of the Borrowers or the Guarantor have engaged or otherwise dealt with any broker,
finder or similar entity in connection with this Agreement or the Loans contemplated hereunder. 
 §6.15 Other Debt. As of
the Closing Date, none of the Borrowers or the Guarantor is in default of the payment of any Indebtedness or any other agreement, mortgage, deed of trust, security agreement, financing agreement, indenture or lease to which any of such Persons is a
party. 
 §6.16 Solvency. As of the Closing Date and after giving effect to the transactions contemplated by this
Agreement and the other Loan Documents, including all Loans made or to be made hereunder, none of the Borrowers or the Guarantor is insolvent on a balance sheet basis, such that the sum of such Person’s assets exceeds the sum of such
Person’s liabilities, such Person is able to pay its debts as they become due, and such Person has sufficient capital to carry on its business. None of the Borrowers or the Guarantor is contemplating either the filing of a petition by such
Person under any state or federal bankruptcy or insolvency laws or a liquidation of his assets or property, and none of such Persons has any knowledge of any Person contemplating the filing of any such petition against any Borrower or Guarantor. The
transaction evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrowers and the Guarantor. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any
actions required hereunder or thereunder is being undertaken by the Borrowers or the Guarantor with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will
hereafter become indebted. The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrowers and the Guarantor. The direct and indirect benefits to inure to the Borrowers the Guarantor pursuant to
this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as such term is used in Section 548 of the Bankruptcy Code) and “valuable consideration,” “fair value,”
and “fair consideration,” (as such terms are used in any applicable state fraudulent conveyance law), and in exchange for the benefits to be provided by the Borrowers and the Guarantor pursuant to this Agreement and the other Loan
Documents. 
 §6.17 Ownership. As of the date hereof, Merco and the Trust own 11,649,797 and 26,342,409 shares of common
stock of MMPI, respectively. Of such shares, the following shares of Merco and the Trust are subject to an effective Registration Statement: 2,900,000 and 100,000, respectively. None of the Borrowers or Guarantor has any other ownership interest or
option to acquire an ownership interest in MMPI or other interest which is convertible into an ownership interest in MMPI. 
 §6.18
Embargoed Persons. None of the Borrowers or the Guarantor is (and the Borrowers and the Guarantor will not be) a Person named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including
the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, 

  

 22 

 
Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be
associated with such persons. In addition, Borrowers hereby agree to provide to the Banks any additional information that a Bank deems reasonably necessary from time to time in order to ensure compliance with all applicable laws concerning money
laundering and similar activities. 
 §6.19 Contribution Agreement. Borrowers have delivered to the Agent a true, correct
and complete copy of the Contribution Agreement. The Contribution Agreement is in full force and effect in accordance with its terms, there are no claims resulting from non-performance of the terms thereof or otherwise or any basis for a claim by
any party to the Contribution Agreement, nor has there been any waiver of any terms thereunder. 
 §6.20 Validly Issued
Shares. The Pledged Stock has been duly and validly authorized by MMPI, is fully paid and non-assessable, and is not subject to preemptive or other similar rights. 
 §7. AFFIRMATIVE COVENANTS OF THE BORROWERS. 
 The Borrowers covenant and agree that, so
long as any Loan or Note is outstanding: 
 §7.1 Punctual Payment. The Borrowers will duly and punctually pay or cause to
be paid the principal and interest on the Loans and all interest and fees provided for in this Agreement, all in accordance with the terms of this Agreement and the Notes as well as all other sums owing pursuant to the Loan Documents. 
 §7.2 Maintenance of Office. Each Borrower will maintain its chief executive office at 761 Terminal
Street, Building 1, 2nd Floor, Los Angeles, California 90021, or at such other place in the United States of America
as such Borrower shall designate upon prior written notice to the Agent and the Banks, where notices, presentations and demands to or upon the Borrowers in respect of the Loan Documents may be given or made. The Guarantor will maintain its residence
at 9540 Journeys End Road, Coral Gables, Florida 33156, or at such other place in the United States of America as the Guarantor shall designate upon prior written notice to the Agent and the Banks, where notices, presentations and demands to or upon
the Guarantor in respect of the Loan Documents may be given or made. 
 §7.3 [Intentionally Omitted.]  
 §7.4 Financial Statements, Certificates and Information. The Borrowers will deliver or cause to be delivered to the Agent and each of
the Banks: 
 (a) as soon as practicable, but in any event not later than October 31 of each calendar year, the unaudited balance sheet
of such Borrower at the end of such year, and the related unaudited statements of income, changes in shareholder’s equity and cash flows for such year, each setting forth in comparative form the figures for the previous calendar year and all
such statements to be in reasonable detail, prepared in accordance with sound accounting principles, and certified without qualification by the chief operating officer of MMPI or by an independent certified public accountant reasonably acceptable to
Agent; 
  

 23 

 (b) upon the request of Agent, copies of all material of a financial nature sent to the stockholders of
MMPI; 
 (c) upon the request of Agent, copies of all annual federal income tax returns and amendments thereto of such Borrower; and

 (d) from time to time such other financial data and information in the possession of the Borrowers regarding the Borrowers, MMPI or the
Collateral as the Agent may reasonably request. 
 §7.5 Notices. The Borrowers will promptly notify the Agent in writing
of the occurrence of any of the following: 
 (a) any Default or Event of Default; 
 (b) any Person shall give any notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under any
note, evidence of indebtedness, indenture or other obligation to which or with respect to which any Borrower or the Guarantor is a party or obligor, whether as principal or surety, and such default would permit the holder of such note or obligation
or other evidence of indebtedness to accelerate the maturity thereof; 
 (c) a Borrower becomes aware of any litigation or proceedings
threatened in writing or any pending litigation and proceedings affecting any Borrower or the Guarantor involving an uninsured claim against a Borrower or the Guarantor that could cause a Default or Event of Default or could reasonably be expected
to have a Material Adverse Effect and stating the nature and status of such litigation or proceedings; 
 (d) the entry of any judgment not
covered by insurance, whether final or otherwise, against a Borrower or the Guarantor in an amount in excess of $1,000,000.00; or 
 (e) a
Borrower becomes aware of any setoff, claims, withholdings or other defenses to which any of the Collateral, or the rights of the Agent or a Borrower with respect to the Collateral, are subject. 
 §7.6 Existence. Merco will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as
a California limited liability company. The Trust will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a trust. 
 §7.7 Insurance. The Borrowers and the Guarantor will procure and maintain or cause to be procured and maintained insurance with financially sound and reputable insurers covering the Borrowers and
the Guarantor in such amounts and against such casualties and contingencies as shall be in accordance with the general practices of similar Persons. 
 §7.8 Taxes. The Borrowers and the Guarantor will duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental
charges imposed upon such Person and its property, its sales and activities, or any part thereof, or upon the income or profits therefrom; provided that any such tax, assessment, 

  

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charge, levy or claim need not be paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings which shall
suspend the collection thereof and if such Person shall have set aside on its books adequate reserves with respect thereto; and provided, further that forthwith upon the commencement of proceedings to foreclose any lien that may have attached as
security therefor, the such Person either (i) will provide a bond issued by a surety reasonably acceptable to the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each such tax, assessment,
charge, levy or claim. 
 §7.9 Inspection of Books. The Borrowers and the Guarantor shall permit the Agent and the Banks,
at the Borrowers’ expense, to examine the books of account of the Borrowers and the Guarantor (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances and accounts of the Borrowers and the Guarantor with, and to
be advised as to the same by, Borrowers and the Guarantor, all at such reasonable times and intervals as the Agent or any Bank may reasonably request, provided that so long as no Default or Event of Default shall have occurred and be
continuing, the Borrowers shall not be required to pay for such inspections more often than once in any twelve (12) month period. 
 §7.10 Compliance with Laws and Contracts. The Borrowers and the Guarantor will comply with (i) all applicable laws and regulations now or hereafter in effect wherever its business is conducted, including all laws and
regulations relating to the Collateral, (ii) the provisions of its Governing Documents, (iii) all agreements and instruments to which the Collateral may be bound or subject, and (iv) all applicable decrees, orders, and judgments
relating to the Collateral. 
 §7.11 Further Assurances. The Borrowers will cooperate with the Agent and the Banks and
execute such further instruments and documents as the Banks or the Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the other Loan Documents. 
 §7.12 Covenants Relating to MMPI. Borrowers shall not consent to or otherwise suffer to exist any conditions, restrictions or other
limitations on the ability of Borrowers to transfer, pledge or encumber the Pledged Stock except for those restrictions existing as of the date hereof and which are described on Schedule 7.12 hereto. 
 §7.13 Interest Rate Hedge. Borrowers shall at all times from and after the date hereof maintain in full force and effect an Interest
Rate Contract in form and substance satisfactory to Agent on not less than eighty percent (80%) of the outstanding principal balance of the Loans. The Interest Rate Contract shall be provided by any Bank, an Affiliate of any Bank or other
financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Moody’s Investors Service, Inc. or at least A- by Standard & Poor’s Ratings Services. The Borrowers shall upon the
request of the Agent provide to the Agent evidence that the Interest Rate Contract is in effect. 
 §7.14 Business
Operations. The Borrowers shall operate their respective businesses in substantially the same manner and in substantially the same fields and lines of business as is now conducted. 
 §7.15 ERISA. Neither Borrower shall have or maintain any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan.

  

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 §8. NEGATIVE COVENANTS OF THE BORROWERS. 
 The Borrowers covenant and agree that, so long as any Loan or Note is outstanding: 
 §8.1 Restrictions on Indebtedness. The Borrowers will not create, incur, assume, guarantee or be or remain liable, contingently or
otherwise, with respect to any Indebtedness other than: 
 (a) Indebtedness of Borrowers to the Banks arising under any of the Loan Documents;

 (b) Current liabilities of the Borrowers incurred in the ordinary course of business but not incurred through (i) the borrowing of
money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; 
 (c) Indebtedness of Borrowers in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time
be required to be made in accordance with the provisions of §7.8; 
 (d) Indebtedness of Borrowers in respect of judgments or awards the
existence of which does not create an Event of Default; 
 (e) Endorsements by Borrowers for collection, deposit or negotiation and
warranties of products or services, in each case incurred in the ordinary course of business; 
 (f) Non-Recourse Indebtedness of the
Borrowers; 
 (g) Indebtedness of Borrowers with respect to the Interest Rate Contract acquired pursuant to §7.13; 
 (h) Indebtedness of the Trust described in Schedule 8.1 hereto and any refinancing of such debt up to the amount of the original debt being
refinanced; and 
 (i) recourse Indebtedness of the Trust in an amount not to exceed $50,000,000. 
 §8.2 Restrictions on Liens, Etc. Each of the Borrowers will not (a) create or incur or suffer to be created or incurred or to
exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property or assets of any character whether now owned or hereafter acquired, or upon the income or profits
therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general
creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than
30 days after the same have come due any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; (e) pledge or otherwise
encumber any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or 

  

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maintain any obligation to any holder of Indebtedness of such Person which prohibits the creation or maintenance of any lien securing the Obligations
(collectively “Liens”); provided that the Borrowers may create or incur or suffer to be created or incurred or to exist: 
 (i)
liens on properties of Borrowers other than the Collateral to secure taxes, assessments and other governmental charges in respect of obligations not overdue or which are being contested or otherwise addressed as permitted by §7.8; 

(ii) liens on properties of Borrowers other than the Collateral in respect of judgments, awards or indebtedness, the Indebtedness with respect to
which is permitted by §8.1(d); 
 (iii) encumbrances on properties of Borrowers consisting of easements, rights of way, zoning
restrictions, restrictions on the use of real property, landlord’s or lessor’s liens under leases to which such Borrower is a party, tenant leases and other minor non-monetary liens or encumbrances none of which interferes materially with
the use of the property affected in the ordinary conduct of the business of such Person, which encumbrances or liens individually or in the aggregate have not had or could not reasonably be expected to have a Material Adverse Effect; and 

(iv) liens granted by Borrowers on property other than the Collateral to secure Indebtedness permitted to be secured by a Lien pursuant to
§8.1(f) and (g). 
 §8.3 Merger, Consolidation. Neither Borrower will become a party to any dissolution, liquidation,
disposition of all or substantially all of its assets or business, merger, reorganization, consolidation or other business combination, in each case without the prior written consent of the Majority Banks. 
 §8.4 Modifications to Governing Documents. The Borrowers shall not enter into any amendment or modification of any Governing Document
of such Borrower which could reasonably be expected to have a Material Adverse Effect without the Agent’s prior written consent. 
 §9.
[INTENTIONALLY OMITTED.] 
 §10. CLOSING CONDITIONS. 
 The obligation of the Agent and the Banks to make the Loans to the Borrowers is subject to the satisfaction of the following conditions precedent:

 §10.1 Loan Documents. The Borrowers and the Guarantor shall have duly executed and delivered to the Agent, each of the
Loan Documents to which such Person is a party, each of which shall be in full force and effect and shall be in form and substance satisfactory to the Agent. 
 §10.2 Certified Copies of Organizational Documents. The Agent shall have received from each Borrower and MMPI a copy, certified as of a recent date by the appropriate officer of each State in which
such Person is organized and a duly authorized officer of such Person, to be 

  

 27 

 
true and complete, of the Governing Documents of such Person and its qualification to do business, as applicable, as in effect on such date of certification.

 §10.3 Opinion of Counsel. The Agent shall have received a favorable opinion addressed to the Banks and the Agent and
dated as of the date of this Agreement, in form and substance satisfactory to the Banks and the Agent, from counsel of the Borrowers, Guarantor and MMPI, as to such matters as the Agent shall reasonably request. 
 §10.4 Payment of Fees. The Borrowers shall have paid to the Agent the fees payable pursuant to §4.2. 
 §10.5 Performance; No Default. The Borrowers and the Guarantor shall have performed and complied with all terms and conditions herein
required to be performed or complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default. 
 §10.6 Representations and Warranties. The representations and warranties made by the Borrowers and the Guarantor in the Loan Documents or otherwise made by or on behalf of the Borrowers and the
Guarantor in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the Closing Date. 
 §10.7 Proceedings and Documents. All proceedings in connection with the transactions contemplated by this Agreement and the other Loan
Documents shall be reasonably satisfactory to the Agent and the Agent’s Special Counsel in form and substance, and the Agent shall have received all information and such counterpart originals or certified copies of such documents and such other
certificates, opinions or documents as the Agent and the Agent’s Special Counsel may reasonably require. 
 §10.8
Consents. The Agent shall have received from the Underwriters a consent in form and substance satisfactory to Agent to the consummation of the transactions contemplated by this Agreement and the other Loan Documents and to the transfer by
Agent of the Pledged Stock without regard to any restrictions, conditions or limitations contained in the Lock-Up Letter. 
 §10.9
Borrowing Documents. The Agent shall have received a fully completed Loan Request for the Loan as required by §2.6. 
 §10.10 Consummation of IPO. Agent shall have received evidence satisfactory to the Agent that the IPO shall have been consummated with gross proceeds of at least $400,000,000 and a minimum dividend yield of two percent
(2%). 
 §10.11 Other. The Agent shall have reviewed such other documents, instruments, certificates, opinions,
assurances, consents and approvals as the Agent or the Agent’s Special Counsel may reasonably have requested. 
  

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 §11. [INTENTIONALLY OMITTED.] 
 §12. EVENTS OF DEFAULT; ACCELERATION; ETC. 
 §12.1 Events of Default and
Acceleration. If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur: 
 (a) a Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any
accelerated date of maturity or at any other date fixed for payment; 
 (b) a Borrower shall fail to pay any interest on the Loans, or any
other fees or sums due hereunder or under any of the other Loan Documents, within five (5) days of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed
for payment; 
 (c) the failure of MMPI to comply with the covenants contained in §7.12, or a failure of Borrowers to comply with any
covenant contained in §8; 
 (d) a Borrower shall fail to perform any other term, covenant or agreement contained herein or in any of
the other Loan Documents (other than those specified in this §12), and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrowers by the Agent; 
 (e) any representation or warranty made by or on behalf of the Borrowers or the Guarantor in this Agreement or any other Loan Document, or in any report,
certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan or any of the other Loan Documents shall have been false or misleading in
any material respect upon the date when made or deemed to have been made or repeated; 
 (f) a Borrower or Guarantor shall fail to pay when
due (including without limitation at maturity), or within any applicable period of grace, any obligation for borrowed money or credit received or other Indebtedness, or fail to observe or perform any term, covenant or agreement contained in any
agreement by which it is bound, evidencing or securing any such borrowed money or credit received or other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or
of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment or purchase thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to
perform, together with other failures to perform as described in this §12.1(f), involve singly or in the aggregate obligations totaling in excess of $1,000,000.00; 
 (g) a Borrower or Guarantor (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall
petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of any such Person or of any substantial part of the assets of any thereof, (ii) shall commence any case or other proceeding relating to any such
Person under any 

  

 29 

 
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in
effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing; 
 (h) a petition or application shall be
filed for the appointment of a trustee or other custodian, liquidator or receiver of a Borrower or Guarantor or any substantial part of the assets of a Borrower or Guarantor, or a case or other proceeding shall be commenced against a Borrower or
Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and such Person shall indicate its approval thereof, consent
thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within sixty (60) days following the filing or commencement thereof; 
 (i) a decree or order is entered appointing any trustee, custodian, liquidator or receiver or adjudicating a Borrower or Guarantor bankrupt or insolvent,
or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; 
 (j) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty (60) days, whether or not consecutive, any uninsured
final judgment against a Borrower or Guarantor that, with other outstanding uninsured final judgments, undischarged, against any Borrower or Guarantor exceeds in the aggregate $5,000,000.00; 
 (k) any of the Loan Documents or the Contribution Agreement shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the
terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be
commenced by or on behalf of a Borrower or Guarantor or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that,
any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; 
 (l) the death or mental incapacity of Guarantor; 
 (m) any suit or proceeding shall be filed against a Borrower or Guarantor or any
of their respective assets which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect
thereto and based on the information available to them if adversely determined, could reasonably be expected to have a Material Adverse Effect and such suit or proceeding is not dismissed within sixty (60) days following the filing or
commencement thereof; 
 (n) a Borrower shall be indicted for a federal crime, a punishment for which could include the forfeiture of the
Collateral; 
 (o) any dissolution, termination, partial or complete liquidation, merger or consolidation of any Borrower or any sale,
transfer or other disposition of all or substantially all 

  

 30 

 
of the assets of a Borrower other than as permitted under the terms of this Agreement or the other Loan Documents; 
 (p) the Guarantor denies that it has any liability or obligation under the Guaranty or any other Loan Document or shall notify the Agent or any of the
Banks of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document
beyond any applicable cure period; 
 (q) a Change of Control shall occur; 
 (r) the Market Value of the common stock of MMPI shall at any time be less than $3.00 per share; 
 (s) MMPI shall fail to comply with any of the agreements contained in the Acknowledgment, or any representation or warranty made by MMPI in the
Acknowledgment shall be false or misleading in any material respect; 
 (t) any Event of Default, as defined in any of the other Loan
Documents, shall occur; 
 (u) MMPI shall fail to do any of the following: (i) no later than three hundred sixty (360) days
following the Closing Date, prepare and file with the SEC a Registration Statement covering the resell of the Pledged Stock, (ii) cause the Registration Statement to be effective under the Securities Act of 1933, as amended (“Securities
Act”), as soon as practicable, but in no event later than the date that is thirteen (13) months from the date of this Agreement, (iii) prepare and file with the SEC such amendments and supplements to the Registration Statement and the
prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective or to permit the Banks to sell the Pledged Stock, until such time as all shares of the Pledged Stock have been sold, or 

(v) (iv) file documents required of MMPI for normal blue sky clearance in states where such clearance is required for a sale of the Pledged
Stock; 
 (w) MMPI shall fail at any time to be in compliance with the reporting requirements of the Securities and Exchange Act of 1934, as
amended, and to meet the requirement set forth in Rule 144(c) of the Securities Act; or 
 (x) The common stock of MMPI shall at any time
fail to be listed for trading and be traded on NASDAQ, unless otherwise consented to by the Majority Banks. 
 then, and in any such event, the Agent may,
and upon the request of the Majority Banks shall, by notice in writing to the Borrowers declare all amounts owing with respect to this Agreement, the Notes, and the other Loan Documents to be, and they shall thereupon forthwith become, immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers; provided that in the event of any Event of Default specified in §12.1(g), §12.1(h) or
§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Banks or the Agent. 
  

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 §12.2 [Intentionally Omitted.]  
 §12.3 [Intentionally Omitted.]  
 §12.4 Remedies. In case any one or more of the Events of Default shall have occurred and be continuing, and whether or not the Banks shall have accelerated the maturity of the Loans pursuant to §12.1, the Agent on
behalf of the Banks may, and upon the request of the Majority Banks shall, proceed to protect and enforce their rights and remedies under this Agreement, the Notes or any of the other Loan Documents by suit in equity, action at law or other
appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations are evidenced, including to the full extent
permitted by applicable law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right. No remedy
herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at
law or in equity or by statute or any other provision of law. In the event that all or any portion of the Obligations is collected by or through an attorney-at-law, the Borrowers shall pay all costs of collection including, but not limited to,
reasonable attorneys’ fees. 
 §12.5 Distribution of Proceeds. In the event that, following the occurrence or during
the continuance of any Event of Default, any monies are received from the Borrowers or Guarantor or in connection with the enforcement of any of the Loan Documents, such monies shall be distributed for application as follows: 
 (a) First, to the payment of, or (as the case may be) the reimbursement of, the Agent for or in respect of all reasonable costs, expenses, disbursements
and losses which shall have been incurred or sustained by the Agent in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges
of the Agent under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent to such
monies; 
 (b) Second, to all other Obligations and Hedge Obligations in such order or preference as the Majority Banks shall determine;
provided, however, that (i) Obligations owing to the Banks with respect to each type of Obligation such as interest, principal, fees and expenses, shall be made among the Banks pro rata; and (ii) in the event that any
Bank shall have wrongfully failed or refused to make an advance under §2.7 and such failure or refusal shall be continuing, advances made by other Banks during the pendency of such failure or refusal shall be entitled to be repaid as to
principal and accrued interest in priority to the other Obligations described in this subsection (b); provided, further that the Majority Banks may in their discretion make proper allowance to take into account any Obligations not then
due and payable; and 
 (c) Third, the excess, if any, shall be returned to the Borrowers or to such other Persons as are entitled thereto.

  

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 §13. SETOFF. 
 Regardless of the adequacy of any collateral, during the continuance of any Event of Default, any deposits (general or specific, time or demand, provisional or final, regardless of currency, maturity, or the branch of
where such deposits are held) or other sums credited by or due from any of the Banks to the Borrowers and any securities or other property of the Borrowers in the possession of such Bank may be applied to or set off against the payment of
Obligations of such Person and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of such Person to such Bank; provided that no Bank shall exercise such right of
setoff without the prior approval of the Agent. Each of the Banks agrees with each other Bank that if such Bank shall receive from a Borrower, whether by voluntary payment, exercise of the right of setoff, or otherwise, and shall retain and apply to
the payment of the Obligations held by such Bank any amount in excess of its ratable portion of the payments received by all of the Banks with respect to the Obligations held by all of the Banks, such Bank will make such disposition and arrangements
with the other Banks with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bank receiving in respect of the Obligations held by it its proportionate payment as
contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without
interest. 
 §14. THE AGENT. 
 §14.1 Authorization. The Agent is authorized to take such action on behalf of each of the Banks and to exercise all such powers as are hereunder and under any of the other Loan Documents and any related documents
delegated to the Agent, together with such powers as are reasonably incident thereto, provided that no duties or responsibilities not expressly assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of Agent
hereunder are primarily administrative in nature, and nothing contained in this Agreement, or any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any Bank or to create any agency or fiduciary relationship.
Agent shall act as the contractual representative of the Banks hereunder, and notwithstanding the use of the term “Agent”, it is understood and agreed that the Agent shall not have any fiduciary duties or responsibilities to any Bank by
reason of this Agreement or any other Loan Document and is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. The Borrowers and any other
Person shall be entitled to conclusively rely on a statement from the Agent that it has the authority to act for and bind the Banks pursuant to this Agreement and the other Loan Documents. 
 §14.2 Employees and Agents. The Agent may exercise its powers and execute its duties by or through employees or agents and shall be
entitled to take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement and the other Loan Documents. The Agent may utilize the services of such Persons as the Agent may reasonably
determine, and all reasonable fees and expenses of any such Persons shall be paid by the Borrowers. 
 §14.3 No Liability.
Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting them in their duties nor any agent, or employee thereof, shall be liable for any waiver, consent or approval given or any action taken, or
omitted 

  

 33 

 
to be taken, in good faith by it or them hereunder or under any of the other Loan Documents, or in connection herewith or therewith, or be responsible for
the consequences of any oversight or error of judgment whatsoever, except that the Agent or such other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross negligence. The Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Agent for the account of the Banks, unless the Agent has received
notice from a Bank or the Borrowers referring to the Loan Documents and describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”. 
 §14.4 No Representations. The Agent shall not be responsible for the execution or validity or enforceability of this Agreement, the
Notes, any of the other Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for the value of any such collateral security or for the validity, enforceability or collectability
of any such amounts owing with respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement, instrument or certificate delivered in connection therewith or in any of the other Loan Documents or
in any certificate or instrument hereafter furnished to it by or on behalf of the Borrowers or the Guarantor, or be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or
in any other of the Loan Documents. The Agent shall not be bound to ascertain whether any notice, consent, waiver or request delivered to it by the Borrowers or the Guarantor or any holder of any of the Notes shall have been duly authorized or is
true, accurate and complete. The Agent has not made nor does it now make any representations or warranties, express or implied, nor does it assume any liability to the Banks, with respect to the creditworthiness or financial condition of the
Borrowers or the Guarantor or the value of the Collateral. Each Bank acknowledges that it has, independently and without reliance upon the Agent or any other Bank, and based upon such information and documents as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the Agent or any other Bank, based upon such information and documents as it deems appropriate at the
time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other Loan Documents. Agent’s Special Counsel has only represented Agent and KeyBank in connection with the Loan Documents
and the only attorney-client relationship or duty of care is between Agent’s Special Counsel and Agent or KeyBank. Each Bank has been independently represented by separate counsel on all matters regarding the Loan Documents and the granting and
perfecting of liens in the Collateral. 
 §14.5 Payments. 
 (a) A payment by the Borrowers or the Guarantor to the Agent hereunder or under any of the other Loan Documents for the account of any Bank shall
constitute a payment to such Bank. The Agent agrees to distribute to each Bank not later than one Business Day after the Agent’s receipt of good funds, determined in accordance with the Agent’s customary practices, such Bank’s pro
rata share of payments received by the Agent for the account of the Banks except as otherwise expressly provided herein or in any of the other Loan Documents. In the event that the Agent fails to distribute such amounts within one Business Day as
provided above, the Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. 
  

 34 

 (b) If in the opinion of the Agent the distribution of any amount received by it in such capacity
hereunder, under the Notes or under any of the other Loan Documents might involve it in liability, it may refrain from making distribution until its right to make distribution shall have been adjudicated by a court of competent jurisdiction. If a
court of competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount
so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court. 
 (c)
Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, any Bank that fails (i) to make available to the Agent its pro rata share of any Loan, (ii) to comply with the provisions of §13
with respect to making dispositions and arrangements with the other Banks, where such Bank’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Banks,
in each case as, when and to the full extent required by the provisions of this Agreement, or (iii) to perform any other obligation within the time period specified for performance, or if no time period is specified, if such failure continues
for a period of five (5) Business Days after notice from the Agent, shall be deemed delinquent (a “Delinquent Bank”) and shall be deemed a Delinquent Bank until such time as such delinquency is satisfied. In addition to the rights and
remedies that may be available to the Agent at law and in equity, a Delinquent Bank’s right to participate in the administration of the Loan Documents, including, without limitation, any rights to consent to or direct any action or inaction of
the Agent pursuant to this Agreement or otherwise, or to be taken into account in the calculation of Majority Banks or any matter requiring approval of all of the Banks, shall be suspended while such Bank is a Delinquent Bank. A Delinquent Bank
shall be deemed to have assigned any and all payments due to it from the Borrowers and the Guarantor, whether on account of outstanding Loans, interest, fees or otherwise, to the remaining nondelinquent Banks for application to, and reduction of,
their respective pro rata shares of all outstanding Loans. The Delinquent Bank hereby authorizes the Agent to distribute such payments to the nondelinquent Banks in proportion to their respective pro rata shares of all outstanding Loans. The
provisions of this Section shall apply and be effective regardless of whether an Event of Default occurs and is then continuing, and notwithstanding (i) any other provision of this Agreement to the contrary or (ii) any instruction of
Borrowers as to their desired application of payments. The Agent shall be entitled to (i) withhold or set off, and to apply to the payment of the obligations of any Delinquent Bank any amounts to be paid to such Delinquent Bank under this
Agreement, (ii) to collect interest from such Bank for the period from the date on which the payment was due at the rate per annum equal to the Federal Funds Effective Rate plus two percent (2%), for each day during such period, and
(iii) bring an action or suit against such Delinquent Bank in a court of competent jurisdiction to recover the defaulted obligations of such Delinquent Bank. A Delinquent Bank shall be deemed to have satisfied in full a delinquency when and if,
as a result of application of the assigned payments to all outstanding Loans of the nondelinquent Banks or as a result of other payments by the Delinquent Banks to the nondelinquent Banks, the Banks’ respective pro rata shares of all
outstanding Loans have returned to those in effect immediately prior to such delinquency and without giving effect to the nonpayment causing such delinquency. 
 §14.6 Holders of Notes. Subject to the terms of Article 18, the Agent may deem and treat the payee of any Note as the absolute owner or purchaser thereof for all purposes hereof 

  

 35 

 
until it shall have been furnished in writing with a different name by such payee or by a subsequent holder, assignee or transferee. 
 §14.7 Indemnity. The Banks ratably agree hereby to indemnify and hold harmless the Agent from and against any and all claims, actions
and suits (whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed by the Borrowers as required by §15), and liabilities of every nature and character arising out of
or related to this Agreement, the Notes or any of the other Loan Documents or the transactions contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or thereunder, except to the extent that any of the same shall be
directly caused by the Agent’s willful misconduct or gross negligence. 
 §14.8 Agent as Bank. In its individual
capacity, the Bank acting as the Agent shall have the same obligations and the same rights, powers and privileges in respect to its Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not also the
Agent. 
 §14.9 Resignation. Subject to the terms of §18.1, the Agent may resign at any time by giving 30 calendar
days’ prior written notice thereof to the Banks and the Borrowers. Upon any such resignation, the Majority Banks, subject to the terms of §18.1, shall have the right to appoint as a successor Agent any Bank or any bank whose senior debt
obligations are rated not less than “A” or its equivalent by Moody’s Investors Service, Inc. or not less than “A” or its equivalent by Standard & Poor’s Ratings Services and which has a net worth of not less
than $500,000,000. Unless an Event of Default shall have occurred and be continuing, such successor Agent shall be reasonably acceptable to the Borrowers. If no successor Agent shall have been appointed and shall have accepted such appointment
within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Banks, appoint a successor Agent, which shall be any Bank or a bank whose debt obligations are rated not less
than “A” or its equivalent by Moody’s Investors Service, Inc. or not less than “A” or its equivalent by Standard & Poor’s Ratings Services and which has a net worth of not less than $500,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and the retiring Agent
shall be discharged from its duties and obligations hereunder as Agent. After any retiring Agent’s resignation, the provisions of this Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions
taken or omitted to be taken by it while it was acting as Agent. Upon any change in the Agent under this Agreement, the resigning Agent shall execute such assignments of and amendments to the Loan Documents as may be necessary to substitute the
successor Agent for the resigning Agent. 
 §14.10 Duties in the Case of Enforcement. In case one or more Events of
Default have occurred and shall be continuing, and whether or not acceleration of the Obligations shall have occurred, the Agent may and, if so requested by the Majority Banks and the Banks have provided to the Agent such additional indemnities and
assurances in accordance with their respective Commitment Percentages against expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other rights or remedies as it may have;
provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem to be in the best interests of the 

  

 36 

 
Banks. Without limiting the generality of the foregoing, if Agent reasonably determines payment is in the best interest of all the Banks, Agent may (but
shall not be obligated to) without the approval of the Banks take such actions and pay such amounts as Agent reasonably deems necessary to protect the Collateral. Each Bank shall, within thirty (30) days of request therefor, pay to the Agent
its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to the extent that such costs shall not be promptly reimbursed to the Agent by the Borrowers or out of the Collateral within such period.
The Majority Banks may direct the Agent in writing as to the method and the extent of any such exercise, the Banks hereby agreeing to indemnify and hold the Agent harmless in accordance with their respective Commitment Percentages from all
liabilities incurred in respect of all actions taken or omitted in accordance with such directions, provided that the Agent need not comply with any such direction to the extent that the Agent reasonably believes the Agent’s compliance with
such direction to be unlawful in any applicable jurisdiction or commercially unreasonable in any applicable jurisdiction. 
 §14.11
Bankruptcy. In the event a bankruptcy or other insolvency proceeding is commenced by or against a Borrower or the Guarantor with respect to the Obligations, the Agent shall have the sole and exclusive right to file and pursue a joint
proof claim on behalf of all Banks. Any votes with respect to such claims or otherwise with respect to such proceedings shall be subject to the vote of the Majority Banks or all of the Banks as required by this Agreement. Each Bank irrevocably
waives its right to file or pursue a separate proof of claim in any such proceedings unless Agent fails to file such claim within thirty (30) days after receipt of written notice from the Banks requesting that Agent file such proof of claim.

 §14.12 Approvals. If consent is required for some action under this Agreement, or except as otherwise provided herein
an approval of the Banks or the Majority Banks is required or permitted under this Agreement, each Bank agrees to give the Agent, within ten (10) days of receipt of the request for action together with all reasonably requested information
related thereto (or such lesser period of time required by the terms of the Loan Documents), notice in writing of approval or disapproval (collectively “Directions”) in respect of any action requested or proposed in writing pursuant to the
terms hereof. To the extent that any Bank does not approve any recommendation of Agent, such Bank shall in such notice to Agent describe the actions that would be acceptable to such Bank. If consent is required for the requested action, any
Bank’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action. In the event that any recommendation is not approved by the requisite number of Banks
and a subsequent approval on the same subject matter is requested by Agent, then for the purposes of this paragraph each Bank shall be required to respond to a request for Directions within five (5) Business Days of receipt of such request.
Agent and each Bank shall be entitled to assume that any officer of the other Banks delivering any notice, consent, certificate or other writing is authorized to give such notice, consent, certificate or other writing unless Agent and such other
Banks have otherwise been notified in writing. 
 §14.13 Borrowers not Beneficiary. Except for the provisions of
§14.9 relating to the appointment of a successor Agent, the provisions of this §14 are solely for the benefit of the Agent and the Banks, may not be enforced by Borrowers or the Guarantor, and except for the provisions of §14.9, may
be modified or waived without the approval or consent of Borrowers or the Guarantor. 
  

 37 

 §14.14 Reliance on Hedge Provider. For purposes of applying payments received in
accordance with §12.5, the Agent shall be entitled to rely upon the trustee, paying agent or other similar representative (each, a “Representative”) or, in the absence of such a Representative, upon the holder of the Hedge Obligations
for a determination (which each holder of the Hedge Obligations agrees (or shall agree) to provide upon request of the Agent) of the outstanding Hedge Obligations owed to the holder thereof. Unless it has actual knowledge (including by way of
written notice from such holder) to the contrary, the Agent, in acting hereunder, shall be entitled to assume that no Hedge Obligations are outstanding. 
 §15. EXPENSES. 
 The Borrowers agree to pay (a) the reasonable costs of producing and reproducing this
Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any taxes (including any interest and penalties in respect thereto) payable by the Agent or any of the Banks (other than taxes based upon the
Agent’s or any Bank’s gross or net income), including any recording, mortgage, documentary or intangibles taxes in connection with the Loan Documents, or other taxes payable on or with respect to the transactions contemplated by this
Agreement, including any such taxes payable by the Agent or any of the Banks after the Closing Date (the Borrowers hereby agreeing to indemnify the Agent and each Bank with respect thereto), (c) the reasonable fees, expenses and disbursements
of the counsel to the Agent and any local counsel to the Agent incurred in connection with the preparation, administration or interpretation of the Loan Documents and other instruments mentioned herein (excluding, however, the preparation of
agreements evidencing participation granted under §18.4), each closing hereunder, the addition or release of Collateral, and amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) the reasonable fees, expenses
and disbursements of the Agent incurred by the Agent in connection with the preparation or interpretation of the Loan Documents and other instruments mentioned herein, and the making of each advance hereunder, (e) all reasonable expenses
(including reasonable attorneys’ fees and costs, which attorneys may be employees of any Bank or the Agent, and the fees and costs of appraisers, investment bankers or other experts retained by any Bank or the Agent) incurred by any Bank or the
Agent in connection with (i) the enforcement of or preservation of rights under any of the Loan Documents against the Borrowers or the Guarantor or the administration thereof after the occurrence of a Default or Event of Default and
(ii) any litigation, proceeding or dispute whether arising hereunder or otherwise, in any way related to the Agent’s or any of the Bank’s relationship with the Borrowers or the Guarantor, (f) all reasonable fees, expenses and
disbursements of the Agent incurred in connection with UCC searches, UCC filings, title rundowns or title searches, (g) all reasonable fees, expenses and disbursements (including reasonable attorneys’ fees and costs), which may be incurred
by KeyBank and the Agent in connection with the execution and delivery of this Agreement and the other Loan Documents, (h) all expenses relating to the use of Intralinks, SyndTrak or any other similar system for the dissemination and sharing of
documents and information, and (i) all reasonable fees and expenses of Agent (including legal fees and costs) in connection with the assignment by KeyBank of its Commitment to an amount such that KeyBank’s Commitment does not exceed
$20,000,000. The covenants of this §15 shall survive payment or satisfaction of the Obligations. 
  

 38 

 §16. INDEMNIFICATION. 
 The Borrowers agree to indemnify and hold harmless the Agent and the Banks and each director, officer, employee, agent and Person who controls the Agent or any Bank from and against any and all claims, actions and
suits, whether groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses of every nature and character arising out of or relating to this Agreement or any of the other Loan Documents or the transactions
contemplated hereby and thereby including, without limitation, (a) any brokerage, finders or similar fees asserted against any Person indemnified under this §16 based upon any agreement, arrangement or action made or taken, or alleged to
have been made or taken, by the Borrowers or the Guarantor, (b) the Collateral or the IPO, including, without limitation, shareholder, investor or other lawsuits threatened or filed, or investigations undertaken, as a result of the IPO,
(c) any actual or proposed use by the Borrowers of the proceeds of any of the Loans, (d) the Borrowers and the Guarantor entering into or performing this Agreement or any of the other Loan Documents, and (e) any actual or alleged
violation of any law, ordinance, code, order, rule, regulation, approval, consent, agreement, permit or license relating to the Collateral, in each case including, without limitation, the reasonable fees and disbursements of counsel and allocated
costs of internal counsel incurred in connection with any such investigation, litigation or other proceeding; provided, however, that the Borrowers shall not be obligated under this §16 to indemnify any Person for liabilities arising from such
Person’s own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods. In litigation, or the preparation therefor, the Banks and the Agent shall be
entitled to select a single nationally recognized law firm as their own counsel and, in addition to the foregoing indemnity, the Borrowers agree to pay promptly the reasonable fees and expenses of such counsel. If, and to the extent that the
obligations of the Borrowers under this §16 are unenforceable for any reason, the Borrowers hereby agree to make the maximum contribution to the payment in satisfaction of such obligations which is permissible under applicable law. The
provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations of the Banks hereunder. 
 §17.
SURVIVAL OF COVENANTS, ETC. 
 All covenants, agreements, representations and warranties made herein, in the Notes, in any of the
other Loan Documents or in any documents or other papers delivered by or on behalf of the Borrowers and the Guarantor pursuant hereto or thereto shall be deemed to have been relied upon by the Banks and the Agent, notwithstanding any investigation
heretofore or hereafter made by any of them, and shall survive the making by the Banks of any of the Loans, as herein contemplated, and shall continue in full force and effect so long as any amount due under this Agreement or the Notes or any of the
other Loan Documents remains outstanding or any Bank has any obligation to make any Loans. The indemnification obligations of the Borrowers provided herein and the other Loan Documents shall survive the full repayment of amounts due and the
termination of the obligations of the Banks hereunder and thereunder to the extent provided herein and therein. All statements contained in any certificate or other paper delivered to any Bank or the Agent at any time by or on behalf of the
Borrowers or the Guarantor, pursuant hereto or in connection with the transactions contemplated hereby shall constitute representations and warranties by such Person hereunder. 
  

 39 

 §18. ASSIGNMENT AND PARTICIPATION. 
 §18.1 Conditions to Assignment by Banks. Except as provided herein, each Bank may assign to one or more banks or other entities all or
a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment and the same portion of the Loans at the time owing to it, and the Notes held by it); provided that
(a) the Agent, and provided no Event of Default exists, the Borrowers shall have given their prior written consent to such assignment, which consent shall not be unreasonably withheld (provided that such consent shall not be required for any
assignment to another Bank, to a bank which is under common control with the assigning Bank or to a wholly-owned subsidiary of such Bank provided that such assignee shall remain a wholly-owned subsidiary of such Bank), (b) each such assignment
shall be of a constant, and not a varying, percentage of all the assigning Bank’s rights and obligations under this Agreement, (c) the parties to such assignment shall execute and deliver to the Agent, for recording in the Register (as
hereinafter defined), a notice of such assignment in the form reasonably required by Agent, together with any Notes subject to such assignment, (d) in no event shall any assignment be to any Person controlling, controlled by or under common
control with, or which is not otherwise free from influence or control by, the Borrowers and the Guarantor, (e) such assignee shall acquire an interest in the Loans of not less than $5,000,000, and (f) the assignor shall assign its entire
interest in the Loans or retain an interest in the Loans of not less than $5,000,000. Upon such execution, delivery, acceptance and recording, of such notice of assignment, (i) the assignee thereunder shall be a party hereto and all other Loan
Documents executed by the Banks and, to the extent provided in such assignment, have the rights and obligations of a Bank hereunder, and (ii) the assigning Bank shall, to the extent provided in such assignment and upon payment to the Agent of
the registration fee referred to in §18.2, be released from its obligations under this Agreement. In connection with each assignment, the assignee shall represent and warrant to the Agent, the assignor and each other Bank as to whether such
assignee is controlling, controlled by, under common control with or is not otherwise free from influence or control by, the Borrowers and the Guarantor. Upon any such assignment, the Agent may unilaterally amend Schedule 1 to reflect any
such assignment. 
 §18.2 Register. The Agent shall maintain a copy of each assignment delivered to it and a register or
similar list (the “Register”) for the recordation of the names and addresses of the Banks and the Commitment Percentages of, and principal amount of the Loans owing to the Banks from time to time. The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrowers, the Agent and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrowers and the Banks at any reasonable time and from time to time upon reasonable prior notice. Upon each such recordation, the assigning Bank agrees to pay to the Agent a registration fee in the sum of $3,500. 
 §18.3 New Notes. Upon its receipt of an assignment executed by the parties to such assignment, together with each Note subject to such
assignment, the Agent shall (a) record the information contained therein in the Register, and (b) give prompt notice thereof to the Borrowers and the Banks (other than the assigning Bank). Within five (5) Business Days after receipt
of such notice, the Borrowers, at their own expense, shall execute and deliver to the Agent, in exchange for each surrendered Note, a new Note to the order of such assignee in an amount equal to the amount assumed by such assignee pursuant to such
assignment and, if the 

  

 40 

 
assigning Bank has retained some portion of its obligations hereunder, a new Note to the order of the assigning Bank in an amount equal to the amount
retained by it hereunder. Such new Notes shall provide that they are replacements for the surrendered Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective
date of such assignment and shall otherwise be in substantially the form of the assigned Notes. The surrendered Notes shall be canceled and returned to the Borrowers. 
 §18.4 Participations. Each Bank may sell participations to one or more banks or other entities in all or a portion of such Bank’s rights and obligations under this Agreement and the other Loan
Documents; provided that (a) any such sale or participation shall not affect the rights and duties of the selling Bank hereunder to the Borrowers, (b) such participation shall not entitle such participant to any rights or privileges under
this Agreement or any Loan Documents, including without limitation, the right to approve waivers, amendments or modifications, (c) such participant shall have no direct rights against the Borrowers or the Guarantor except the rights granted to
the Banks pursuant to §13, (d) such sale is effected in accordance with all applicable laws, and (e) such participant shall not be a Person controlling, controlled by or under common control with, or which is not otherwise free from
influence or control by the Borrowers or the Guarantor. Any Bank which sells a participation shall promptly notify the Agent of such sale and the identity of the purchaser of such interest. 
 §18.5 Pledge by Bank. Any Bank may at any time pledge all or any portion of its interest and rights under this Agreement (including
all or any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341 or, with Agent’s prior written approval, to another Person. No such pledge or the enforcement
thereof shall release the pledgor Bank from its obligations hereunder or under any of the other Loan Documents. 
 §18.6 No
Assignment by Borrowers. The Borrowers shall not assign or transfer any of their respective rights or obligations under any of the Loan Documents without the prior written consent of each of the Banks. 
 §18.7 Disclosure. The Borrowers and Guarantor agree that in addition to disclosures made in accordance with standard banking practices
Agent and any Bank may disclose information obtained by Agent or such Bank pursuant to this Agreement to assignees or participants and potential assignees or participants hereunder. 
 §19. NOTICES. 
 Each notice, demand, election or request provided for or permitted to be
given pursuant to this Agreement (hereinafter in this §19 referred to as “Notice”), but specifically excluding to the maximum extent permitted by law any notices of the institution or commencement of foreclosure proceedings, must be
in writing and shall be deemed to have been properly given or served by personal delivery or by sending same by overnight courier or by depositing same in the United States Mail, postpaid and registered or certified, return receipt requested, or as
expressly permitted herein, by telecopy and addressed as follows: 
 If to the Agent or KeyBank: 
 KeyBank National Association 
  

 41 

 127 Public Square, 8th Floor 
 Cleveland, Ohio 44114-1306 
 Attn: Jason
Weaver 
 Telecopy No.: (216) 689-4997 
 and to: 
 McKenna Long & Aldridge LLP 
 5300 SunTrust Plaza 
 303 Peachtree Street

 Atlanta, Georgia 30308 
 Attn:
William F. Timmons, Esq. 
 Telecopy No.: (404) 527-4198 
 If to the Borrowers: 
 Richard Meruelo as Trustee of the Richard Meruelo Living Trust 
 Merco-Group-Roosevelt Building, LLC 
 c/o
Richard Meruelo 
 761 Terminal Street 
 Building 1, 2nd Floor 
 Los Angeles, California 90021 
 Telecopy No.:              
 With a copy to: 
 Cox Castle &
Nicholson, LLP 
 2049 Century Park East 
 Suite 2800 
 Los Angeles, California 90067 
 Attn: John F. Nicholson, Esq. 
 Telecopy No.: (310) 277-7889 
 to each other Bank a party hereto at the address for such party set forth on the signature page for such Bank, and to each other Bank which may hereafter become a party
to this Agreement at such address as may be designated by such Bank. Each Notice shall be effective upon being personally delivered or upon being sent by overnight courier or upon being deposited in the United States Mail as aforesaid, or if
transmitted by facsimile, upon being sent and confirmation of receipt. The time period in which a response to such Notice must be given or any action taken with respect thereto (if any), however, shall commence to run from the date of receipt if
personally delivered or sent by overnight courier or facsimile (or if sent by facsimile, next Business Day if received after 5:00 p.m. (Cleveland time) or on a day that is not a Business Day), or if so deposited in the United States Mail, the
earlier of three (3) Business Days following such deposit or the date of receipt as disclosed on the return receipt. Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice was given shall
be deemed to be receipt of the Notice sent. By giving at least fifteen (15) days prior Notice thereof, a Borrower, a Bank or Agent shall have the right from time to time and at any 

  

 42 

 
time during the term of this Agreement to change their respective addresses and each shall have the right to specify as its address any other address within
the United States of America. 
 §20. RELATIONSHIP. 
 Neither the Agent nor any Bank has any fiduciary relationship with or fiduciary duty to the Borrowers or the Guarantor arising out of or in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereunder and thereunder, and the relationship between each Bank and the Borrowers is solely that of a lender and borrower, and nothing contained herein or in any of the other Loan Documents shall in any manner be construed
as making the parties hereto partners, joint venturers or any other relationship other than lender and borrower. 
 §21. GOVERNING LAW: CONSENT TO
JURISDICTION AND SERVICE. 
 THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED THEREIN
SHALL, BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. THE BORROWERS AGREE THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR ANY FEDERAL COURT
SITTING THEREIN AND CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWERS BY MAIL AT THE ADDRESS SPECIFIED IN §19. THE BORROWERS HEREBY WAIVE ANY OBJECTION THAT EITHER
OF THEM MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. 
 §22.
HEADINGS. 
 The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions
hereof. 
 §23. COUNTERPARTS. 
 This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one
instrument. In proving this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 
 §24. ENTIRE AGREEMENT, ETC. 
 The Loan Documents and any other documents executed in
connection herewith or therewith express the entire understanding of the parties with respect to the transactions contemplated hereby. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated, except as provided in
§27. 
  

 43 

 §25. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS. 
 TO THE EXTENT PERMITTED BY LAW, EACH OF THE BORROWERS, THE AGENT AND THE BANKS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM
ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EXCEPT TO THE EXTENT EXPRESSLY PROHIBITED
BY LAW, EACH BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH BORROWER
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY BANK OR THE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH BANK OR THE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND
(B) ACKNOWLEDGES THAT THE AGENT AND THE BANKS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25. 

§26. DEALINGS WITH THE BORROWER. 
 The
Agent, the Banks and their affiliates may accept deposits from, extend credit to, invest in, act as trustee under indentures of, serve as financial advisor of, and generally engage in any kind of banking, trust or other business with the Borrowers,
the Guarantor or any of their respective affiliates regardless of the capacity of the Agent or the Bank hereunder. The Banks acknowledge that, pursuant to such activities, the Agent, a Bank or its affiliates may receive information regarding such
Persons (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent or such Bank, as applicable, shall be under no obligation to provide such information to them. 
 §27. CONSENTS, AMENDMENTS, WAIVERS, ETC. 
 Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement may be given and any term of this Agreement or of any other instrument related hereto or mentioned herein may be
amended, and the performance or observance by the Borrowers and Guarantor of any terms of this Agreement or such other instrument or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and
either retroactively or prospectively) with, but only with, the written consent of the Majority Banks. Notwithstanding the foregoing, none of the following may occur without the written consent of each Bank: a decrease in the rate of interest on the
Notes; a change in the Maturity Date of the Notes except as provided in §2.9; an increase in the amount of the Commitments of the Banks except pursuant to §18.1; a forgiveness, reduction or waiver of the principal of any unpaid Loan or any
interest thereon; the postponement of any date fixed for any payment of principal of or interest on the Loans; a decrease of the amount of any fee (other than late fees) payable to a Bank hereunder; the release of the Borrowers or Guarantor except
as otherwise provided herein; the release of all or a material part of the Collateral, except as otherwise provided herein; a change in the manner of distribution of any payments to the 

  

 44 

 
Banks or the Agent; an amendment of the definition of Majority Banks or of any requirement for consent by all of the Banks; or an amendment of this §27.
The provisions of §14 may not be amended without the written consent of the Agent. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon. No course of dealing or delay or omission on the
part of the Agent or any Bank in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. No notice to or demand upon the Borrowers or Guarantor shall entitle the Borrowers or Guarantor to other or further notice
or demand in similar or other circumstances. 
 §28. SEVERABILITY. 
 The provisions of this Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in
any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause
or provision of this Agreement in any jurisdiction. 
 §29. TIME OF THE ESSENCE. 
 Time is of the essence with respect to each and every covenant, agreement and obligation of the Borrowers and Guarantor under this Agreement and the other
Loan Documents. 
 §30. NO UNWRITTEN AGREEMENTS. 
 THE WRITTEN LOAN 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. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. ANY ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET FORTH BELOW. 
 §31. REPLACEMENT OF NOTES.

 Upon receipt of evidence reasonably satisfactory to Borrowers of the loss, theft, destruction or mutilation of any Note, and in the
case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Borrowers or, in the case of any such mutilation, upon surrender and cancellation of the applicable Note, Borrowers will execute and
deliver, in lieu thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the date of the applicable Note and upon such execution and delivery all references in the Loan Documents to such Note shall be
deemed to refer to such replacement Note. 
 §32. RIGHTS OF THIRD PARTIES. 
 This Agreement and the other Loan Documents are made and entered into for the sole protection and legal benefit of the Borrowers, the Guarantor, the
Banks, the Agent and the holders of the Hedge Obligations, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection
with, this Agreement or any of the other Loan Documents. All 

  

 45 

 
conditions to the performance of the obligations of the Agent and the Banks under this Agreement, including the obligation to make Loans, are imposed solely
and exclusively for the benefit of the Agent and the Banks and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Agent and the Banks will refuse to make
Loans in the absence of strict compliance with any or all thereof and no other Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and all of which may be freely waived in whole or in part by the Agent and
the Banks at any time if in their sole discretion they deem it desirable to do so. 
 §33. PATRIOT ACT. 
 Each Bank and the Agent (for itself and not on behalf of any Bank) hereby notifies the Borrowers and the Guarantor that, pursuant to the requirements of
the Patriot Act, it is required to obtain, verify and record information that identifies Borrowers and the Guarantor, which information includes names and addresses and other information that will allow such Bank or the Agent, as applicable, to
identify Borrowers and the Guarantor in accordance with the Patriot Act. 
 §34. ADDITIONAL AGREEMENTS CONCERNING OBLIGATIONS OF BORROWERS.

 §34.1 Joint and Several Liability. Each of the Borrowers covenants and agrees that each and every covenant and
obligation of any Borrower hereunder and under the other Loan Documents shall be the joint and several obligations of each Borrower. 
 §34.2 Waiver of Automatic or Supplemental Stay. Each of the Borrowers represents, warrants and covenants to the Banks and Agent that in the event of the filing of any voluntary or involuntary petition in bankruptcy by or
against the other of the Borrowers or Guarantor at any time following the execution and delivery of this Agreement, neither of the Borrowers or Guarantor shall seek a supplemental stay or any other relief, whether injunctive or otherwise, pursuant
to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of the Banks or Agent to enforce any rights any of them has by virtue of this Agreement, the Loan
Documents, or at law or in equity, or any other rights the Banks or Agent has, whether now or hereafter acquired, against the other Borrower or Guarantor or against any property owned by such other Borrower or Guarantor. 
 §34.3 Consideration. The Borrowers hereby represent and warrant to the Banks and Agent that each of them has received good and
valuable consideration for the execution and delivery of the Loan Documents, and the Borrowers hereby acknowledge the adequacy and sufficiency of such consideration. 
 §34.4 Waiver of Defenses. Each of the Borrowers hereby waives and agrees not to assert or take advantage of any defense or right based upon: 
 (a)(i) any change in the amount, interest rate or due date or other term of any of the Obligations or Hedge Obligations, (ii) any change in the time,
place or manner of payment of all or any portion of the Obligations or the Hedge Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, this Agreement, any other Loan Document, or
any other document or instrument evidencing or relating to any Obligations or Hedge Obligations, or (iv) any waiver, renewal, extension, addition, or 

  

 46 

 
supplement to, or deletion from, or any other action or inaction under or in respect of, this Agreement, any of the other Loan Documents, or any other
documents, instruments or agreements relating to the Obligations or Hedge Obligations or any other instrument or agreement referred to therein or evidencing any Obligations or Hedge Obligations or any assignment or transfer of any of the foregoing;

 (b) any subordination of the payment of the Obligations or Hedge Obligations to the payment of any other liability of the Borrowers or any
other Person; 
 (c) any act or failure to act by Borrowers or any other Person which may adversely affect any Borrower’s subrogation
rights, if any, against the other Borrower or any other Person to recover payments made; 
 (d) any nonperfection or impairment of any
security interest or other Lien on any collateral, if any, securing in any way any of the Obligations or Hedge Obligations; 
 (e) any
application of sums paid by the Borrowers or any other Person with respect to the liabilities of Borrowers, regardless of what liabilities of the Borrowers remain unpaid; 
 (f) any defense of Borrowers, including without limitation, the invalidity, illegality or unenforceability of any of the Obligations or Hedge Obligations; 
 (g) either with or without notice to Borrowers, any renewal, extension, modification, amendment or another changes in the Obligations or Hedge
Obligations, including but not limited to any material alteration of the terms of payment or performance of the Obligations or Hedge Obligations; 
 (h) any statute of limitations in any action hereunder or for the collection of the Obligations or Hedge Obligations or for the payment or performance of any obligation under the Loan Documents; 
 (i) the incapacity, lack of authority, death or disability of a Borrower or any other Person or entity, or the failure of Agent or the Banks to file or
enforce a claim against the estate (either in administration, bankruptcy or in any other proceeding) of a Borrower or any other Person; 
 (j) the dissolution or termination of existence of a Borrower or any other Person; 
 (k) the voluntary or involuntary liquidation,
sale or other disposition of all or substantially all of the assets of a Borrower or any other Person; 
 (l) the voluntary or involuntary
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, a Borrower or any other Person, or any of a Borrower’s or any other
Person’s properties or assets; 
 (m) the damage, destruction, foreclosure or surrender of all or any part of the Collateral;

  

 47 

 (n) the failure of Agent or the Banks to give notice of the existence, creation or incurring of any new
or additional indebtedness or obligation of Borrowers or of any action or nonaction on the part of any other person whomsoever in connection with the Obligations or the Hedge Obligations; 
 (o) any failure or delay of Agent or the Banks to commence an action against a Borrower or any other Person, to assert or enforce any remedies against a
Borrower under the Note or the other Loan Documents or agreements relating to the Hedge Obligations, or to realize upon any security; 
 (p)
any failure of any duty on the part of Agent or the Banks to disclose to a Borrower any facts it may now or hereafter know regarding Borrowers (including, without limitation a Borrower’s financial condition), any other Person, the Collateral,
or any other assets or liabilities of such Persons, whether such facts materially increase the risk to Borrowers or not (it being agreed that Borrowers assume responsibility for being informed with respect to such information); 
 (q) failure to accept or give notice of acceptance of the Loan Documents by Agent and the Banks; 
 (r) failure to make or give notice of presentment and demand for payment of any of the Obligations or the Hedge Obligations; 
 (s) failure to make or give protest and notice of dishonor or of default to the Borrowers or to any other Person with respect to the Obligations or the
Hedge Obligations; 
 (t) except as specifically provided in the Loan Documents, any and all other notices whatsoever to which Borrowers
might otherwise be entitled; 
 (u) any lack of diligence by Agent or the Banks in collection, protection or realization upon any collateral
securing the payment of the Obligations or the Hedge Obligations; 
 (v) the invalidity or unenforceability of the Note, or any of the other
Loan Documents or agreements relating to the Hedge Obligations, or any assignment or transfer of the foregoing; 
 (w) the compromise,
settlement, release or termination of any or all of the obligations of Borrowers under the Note or the other Loan Documents or agreements relating to the Hedge Obligations; 
 (x) any transfer by a Borrower or any other Person of all or any part of the security encumbered by the Loan Documents; 
 (y) the failure of Agent or the Banks to perfect any security or to extend or renew the perfection of any security; 
 (z) any and all of the rights and defenses described in Section 2856(a) of the California Civil Code; 
  

 48 

 (aa) any and all of the rights of subrogation, reimbursement, indemnification and contribution and other
rights and defenses that are or may become available to Borrowers (or any of them) by reason of Sections 2787 to 2855 (inclusive), 2899 and 3433 of the California Civil Code; 
 (bb) except to the extent prohibited by Section 9602 of the California Commercial Code, any and all rights and defenses that Borrowers (or any of
them) might otherwise have under the California Commercial Code; or 
 (cc) to the fullest extent permitted by law, any other legal,
equitable or surety defenses whatsoever to which Borrowers might otherwise be entitled, it being the intention that the obligations of Borrowers hereunder are absolute, unconditional and irrevocable. 
 Each Borrower understands that the exercise by Agent of certain rights and remedies may affect or eliminate such Borrower’s right of subrogation
against the other Borrower or the Guarantor and that such Borrower may therefore incur partially or totally nonreimbursable liability hereunder. Nevertheless, Borrowers hereby authorize and empower Agent, its successors, endorsees and assigns, to
exercise in its or their sole discretion, any rights and remedies, or any combination thereof, which may then be available, it being the purpose and intent of Borrowers that the obligations hereunder shall be absolute, continuing, independent and
unconditional under any and all circumstances. Notwithstanding any other provision of this Agreement or the other Loan Documents to the contrary, each Borrower hereby waives and releases any claim or other rights which such Borrower may now have or
hereafter acquire against the other Borrower or Guarantor or any other Person of all or any of the obligations of Borrowers hereunder that arise from the existence or performance of such Borrower’s obligations under this Agreement or any of the
other Loan Documents, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification, any right to participate in any claim or remedy of Agent and the Banks against the Borrowers or Guarantor or
other Person or any Collateral which Agent now has or hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, by any payment made hereunder or otherwise, including, without
limitation, the right to take or receive from the Borrowers or Guarantor, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such claim or other rights, except for those rights of
each Borrower under the Contribution Agreement; provided, however, each Borrower agrees not to pursue or enforce any of its rights under the Contribution Agreement and each Borrower agrees not to make or receive any payment on account of the
Contribution Agreement so long as any of the Obligations or the Hedge Obligations remain unpaid or undischarged. In the event any Borrower shall receive any payment under or on account of the Contribution Agreement, it shall hold such payment as
trustee for Agent and the Banks and be paid over to Agent and the Banks on account of the indebtedness of Borrowers to Agent and the Banks and the Hedge Obligations but without reducing or affecting in any manner the liability of Borrowers under the
other provisions of the Loan Documents except to the extent the principal amount or other portion of such indebtedness shall have been reduced by such payment. Without limitation on the generality of the other waivers contained in this Agreement,
each Borrower hereby waives all rights and defenses arising out of an election of remedies by the Agent, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed or
otherwise impaired such Borrower’s rights of subrogation and reimbursement against the 

  

 49 

 
principal (whether by the operation of any provision of the California Code of Civil Procedure or otherwise). 
 In addition, each Borrower hereby agrees that its obligations hereunder shall not be released, diminished, impaired, reduced, dependent upon or affected
by, and hereby waives and agrees not to assert or take advantage of any defense based on, any one or more of the following: (i) the genuineness, validity, regularity or enforceability of, or the existence of any default with respect to, the
Obligations or the Hedge Obligations, any security therefor, or any related instrument, documents, obligation, transaction or matter; (ii) the nature, extent, condition, value or continued existence of any security given in connection with the
Obligations or the Hedge Obligations; (iii) any action or failure to take action by any holder of the Obligations or the Hedge Obligations under or with respect to the Loan Documents or the agreements relating to the Hedge Obligations, any
security therefor, or any related documents, transaction or matter; (iv) any other dealings between any holder of the Obligations or the Hedge Obligations and Agent and the Banks; (v) any exculpatory language or provisions limiting or
restricting Agent’s rights or remedies against the Borrowers or any other Person under the Loan Documents; or (vi) any claim by or on behalf of Borrowers of any credit or right of setoff with respect to the Note or any of the Obligations
or the Hedge Obligations. 
 §34.5 Waiver. Each of the Borrowers waives, to the fullest extent that each may lawfully so
do, the benefit of all appraisement, valuation, stay, extension, homestead, exemption and redemption laws which such Person may claim or seek to take advantage of in order to prevent or hinder the enforcement of any of the Loan Documents or the
exercise by the Banks or Agent of any of their respective remedies under the Loan Documents and, to the fullest extent that the Borrowers may lawfully so do, such Person waives any and all right to have the assets comprised in the security intended
to be created by the Security Documents (including, without limitation, those assets owned by the other of the Borrowers) marshaled upon any foreclosure of the lien created by such Security Documents. Each of the Borrowers further agrees that the
Banks and Agent shall be entitled to exercise their respective rights and remedies under the Loan Documents or at law or in equity in such order as they may elect. Without limiting the foregoing, each of the Borrowers further agrees that upon the
occurrence of an Event of Default, the Banks and Agent may exercise any of such rights and remedies without notice to either of the Borrowers except as required by law or the Loan Documents and agrees that neither the Banks nor Agent shall be
required to proceed against the other of the Borrowers or any other person or to proceed against or to exhaust any other security held by the Banks or Agent at any time or to pursue any other remedy in Bank’s or Agent’s power or under any
of the Loan Documents before proceeding against a Borrower or its assets under the Loan Documents. 
 §34.6 Subordination.
Each of the Borrowers hereby expressly waives any right of contribution from or indemnity against the other, whether at law or in equity, arising from any payments made by such Person pursuant to the terms of this Agreement or the Loan Documents,
and each of the Borrowers acknowledges that it has no right whatsoever to proceed against the other for reimbursement of any such payments. In connection with the foregoing, each of the Borrowers expressly waives any and all rights of subrogation to
the Banks or Agent against the other of the Borrowers, and each of the Borrowers hereby waives any rights to enforce any remedy which the Banks or Agent may have against the other of the Borrowers and any rights to participate in any Collateral or
any other assets of the other Borrower. Notwithstanding the foregoing, the Borrowers shall be entitled to the rights and benefits set forth in the Contribution 

  

 50 

 
Agreement. In addition to and without in any way limiting the foregoing, each of the Borrowers hereby subordinates any and all indebtedness it may now or
hereafter owe to such other Borrower to all indebtedness of the Borrowers to the Banks and Agent, and agrees with the Banks and Agent that neither of the Borrowers shall claim any offset or other reduction of such Borrower’s obligations
hereunder because of any such indebtedness and shall not take any action to obtain any of the Collateral or any other assets of the other Borrower. 
 [CONTINUED ON NEXT PAGE] 
  

 51 

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement under seal as of the date
first set forth above. 
  

			
	 BORROWER:

	
	RICHARD MERUELO AS TRUSTEE OF THE RICHARD MERUELO LIVING TRUST U/D/T DATED SEPTEMBER 15, 1989
		
	 /s/ Richard Meruelo
	 	(SEAL)
	Richard Meruelo as Trustee of the Richard Meruelo Living Trust U/D/T dated September 15, 1989	 	

  

			
	
	MERCO GROUP-ROOSEVELT BUILDING, LLC, a California limited liability company
		
	 By:
	 	 /s/ Richard Meruelo

		 	Richard Meruelo as Trustee of the Richard Meruelo Living Trust U/D/T dated September 15, 1989, as Managing Member and Manager
		
		 	[SEAL]

			
	BANKS:
	
	 KEYBANK NATIONAL ASSOCIATION,
 individually and as Agent

		
	By:	 	 /s/ Jason Weaver

	Name:	 	 Jason Weaver
  

	Title:	 	 Senior Vice-President
  

	
	[SEAL]

 KeyBank National Association 
 127 Public Square, 8th Floor 
 Cleveland, Ohio 44114-1306 
 Attn: Jason Weaver 
 Telecopy No.: (216) 689-4997Assignment of Interests, dated January 30, 2007

 Exhibit 10.2 
 ASSIGNMENT OF INTERESTS 
 THIS ASSIGNMENT OF INTERESTS (this “Assignment”),
made this 30th day of January, 2007, by RICHARD MERUELO AS TRUSTEE OF THE RICHARD MERUELO LIVING TRUST U/D/T DATED SEPTEMBER 15, 1989 (“Assignor”) to KEYBANK NATIONAL ASSOCIATION, a national banking association
(“KeyBank”), as administrative agent for itself and the other lenders (the “Lenders”) from time to time party to the “Loan Agreement” (as hereinafter defined) (KeyBank, in its capacity as administrative agent,
hereinafter referred to as “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, Assignor is a shareholder of each of the corporations described on Exhibit “A” attached hereto and made a part hereof
(collectively, the “Corporations” and individually a “Corporation”); and 
 WHEREAS, the Corporations are governed by the
articles of incorporation and bylaws, if any, described on Exhibit “A” attached hereto opposite the respective Corporation (collectively, the “Organizational Agreements”); and 
 WHEREAS, Assignor, Merco Group - Roosevel Building, LLC, a California limited liability company (“Co-Borrower”; Assignor and Co-Borrower are
hereinafter referred to collectively as “Borrower”), and KeyBank, individually and as administrative agent, have entered into that certain Loan Agreement dated of even date herewith (as the same may be varied, extended, supplemented,
consolidated, amended, replaced, increased, renewed or modified or restated, the “Loan Agreement”), pursuant to which Lenders have agreed to provide a loan to Borrower in an amount of up to $33,000,000.00 (the “Loan”), which Loan
is evidenced by that certain Note dated of even date herewith made by Borrower to the order of KeyBank in the principal face amount of $33,000,000.00 (such Note, together with such other Notes as may be issued pursuant to the Loan Agreement, as the
same may be varied, extended, supplemented, consolidated, amended, replaced, renewed, modified, increased or restated, are hereinafter referred to collectively as the “Note”); and 
 WHEREAS, Agent and the Lenders have required, as a condition to the making of the Loan to Borrower, that Assignor execute this Assignment to secure its
obligations under the Note, the Loan Agreement and certain other agreements. 
 NOW, THEREFORE, for and in consideration of the sum of Ten
and No/100 Dollars ($10.00), and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows: 
 1. Definitions. Capitalized terms used herein that are not otherwise defined herein shall have the meaning set forth in the Loan Agreement.

 2. Grant of Security Interest. As security for the payment and performance by Borrower of each and all of the indebtedness,
liabilities, duties, responsibilities and obligations whether such indebtedness, liabilities, duties, responsibilities and obligations are now existing or 

 
are hereafter created or arising under this Assignment, the Note, the Assignment of Hedge, the Loan Agreement, and any and all agreements evidencing,
securing or otherwise relating to the obligations evidenced by the Note (this Assignment, the Note, the Assignment of Hedge, the Loan Agreement and such other agreements, together with any and all renewals, modifications, consolidations and
extensions thereof, are hereinafter referred to collectively as the “Loan Documents”; and said duties, responsibilities and obligations of Borrower and the Hedge Obligations are hereinafter referred to collectively as the
“Obligations”), Assignor does hereby transfer, assign, pledge, convey, and grant to Agent, and does hereby grant a security interest to Agent in, all of Assignor’s right, title and interest in and to the following: 
 (a) One Hundred Thousand (100,000) shares of the common stock of the Corporation represented by Certificate No. MMPI0018 (“Certificate A”),
together with any and all other securities, cash, certificates or other property, option or right in respect of, in addition to or substitution or exchange for Certificate A or any of the foregoing, or other property at any time and from time to
time receivable or otherwise distributed in respect of or in exchange for all or any thereof; and 
 (b) Twenty-Six Million
(26,000,000) shares of the common stock of the Corporation represented by Certificate No. MMPI0019 (“Certificate B”; Certificate A together with Certificate B being hereinafter referred to collectively as the “Certificates),
together with any and all other securities, cash, certificates or other property, option or right in respect of, in addition to or substitution or exchange for Certificate B or any of the foregoing, or other property at any time and from time to
time receivable or otherwise distributed in respect of or in exchange for all or any thereof; and 
 (c) Any and all profits, proceeds,
accounts, income, dividends, distributions, payments upon dissolution or liquidation of any of the Corporations, proceeds upon a redemption or conversion, return of capital, repayment of loans, and payments of any kind or nature whatsoever, now or
hereafter distributable or payable by any of the Corporations, to Assignor, by reason of Assignor’s interest in any of the Corporations, or otherwise, or now or hereafter distributable or payable to Assignor from any other source by reason of
Assignor being a shareholder in any of the Corporations, or on account of any interest in or claims or rights against any of the Corporations held by Assignor, or with respect to the assets of any of the Corporations, and any and all proceeds from
any transfer, assignment or pledge of any interest of Assignor in, or claim or right against, any of the Corporations (regardless of whether such transfer, assignment or pledge is permitted under the terms hereof or the other Loan Documents), and
all claims, choses in action or things in action or rights as a creditor now or hereafter arising against any of the Corporations; and 
 (d)
All accounts, contract rights, chattel paper, deposit accounts, security entitlements, securities accounts, investment property, letters of credit, letter of credit rights, money, supporting obligations, commercial tort claims and general
intangibles (including, without limitation, payment intangibles and software) now or hereafter evidencing, arising from or relating to, any of the foregoing; and 
 (e) All notes or other documents or instruments now or hereafter evidencing or securing any of the foregoing; and 
  

 2 

 (f) Any shareholder agreements or registration agreements relating to any of the Corporations and their
respective shareholders including, without limitation, the Rights Agreement (as hereinafter defined); and 
 (g) All right of Assignor to
collect and enforce payments distributable or payable by any of the Corporations to Assignor pursuant to the terms of any of the Organizational Agreements of any Corporation in which Assignor is a shareholder or otherwise; and 
 (h) All documents, writings, leases, books, files, records, computer tapes, programs, ledger books and ledger pages arising from or used in connection
with any of the foregoing; and 
 (i) All renewals, extensions, additions, substitutions or replacements of any of the foregoing; and

 (j) All powers, options, rights, privileges and immunities pertaining to any of the foregoing; and 
 (k) All products and proceeds of any of the foregoing and all cash, security or other property distributed on account of, or in exchange or substitution
of, any of the foregoing (including, without limitation, all stock rights, stock splits, subscription rights, dividends, new certificates and new securities). 
 All of the foregoing described in this Paragraph 2 are hereinafter referred to collectively as the “Collateral”. The items described in (a) and (b) above, are sometimes hereinafter referred to
as the “Shareholder Interests”, and the items described in (c)-(k), above, are sometimes hereinafter referred to collectively as the “Distributions”. 
 3. Obligations Secured. This Assignment secures (a) the payment and performance by Assignor of all of its obligations under the terms and conditions of this Assignment and, (b) the payment and
performance by Borrower of the Obligations. 
 4. Collection of Distributions. 
 (a) It is acknowledged and agreed by the parties hereto that Agent shall have sole and exclusive possession of the Distributions and that this Assignment
constitutes a present, absolute and current assignment of all the Distributions and is effective upon the execution and delivery hereof. Payments under or with respect to the Distributions shall be made as follows: 
 (i) Assignor shall not have any right to receive payments made under or with respect to the Distributions, (including without limitation any
Distributions from or relating to any sale, transfer, assignment, conveyance, option or other disposition of, or any pledge, mortgage, encumbrance, financing or refinancing of, any of the Collateral in, or upon any redemption or conversion of the
Collateral, regardless of whether such event is permitted under the terms of the Loan Documents) and all such payments shall be delivered directly by the Corporations, as applicable, to Agent for application by Agent in satisfaction of the
Obligations in accordance with the Loan Documents. 
  

 3 

 (ii) If Assignor shall receive any payments made under or with respect to the Distributions (including
without limitation any Distributions from or relating to any sale, transfer, assignment, conveyance, option or other disposition of, or any pledge, mortgage, encumbrance, financing or refinancing of, or any of the Collateral, or upon any redemption
or conversion of the Collateral, regardless of whether such event is permitted under the terms of the Loan Documents), Assignor shall hold all such payments in trust for Agent, will not commingle such payments with other funds of Assignor, and will
immediately pay and deliver in kind, all such payments directly to Agent (with such endorsements and assignments as may be necessary to transfer title to Agent) for application by Agent in satisfaction of the Obligations in accordance with the Loan
Documents. 
 (iii) Assignor hereby agrees for the benefit of each of the Corporations and any shareholder thereof, that all payments
actually received by Agent hereunder or pursuant hereto shall be deemed payments to Assignor by the respective Corporation, as the case may be, Agent shall apply any and all such payments actually received by Agent in satisfaction of the Obligations
in accordance with the Loan Documents. 
 (iv) In furtherance of the foregoing, Assignor does hereby notify and direct each of the
Corporations and their shareholders that all payments under or with respect to the Distributions shall be made directly to Agent at the address of Agent set forth herein. 
 (b) Effective only upon the occurrence and during the continuance of an Event of Default, Assignor hereby irrevocably designates and appoints Agent its true and lawful attorney-in-fact, which appointment is coupled
with an interest and is irrevocable, either in the name of Agent, or in the name of Assignor, at Assignor’s sole cost and expense, and regardless of whether or not Agent becomes a shareholder in any of the Corporations, to take any or all of
the following actions: 
 (i) to ask, demand, sue for, attach, levy, settle, compromise, collect, compound, recover, receive and give receipt
and acquittances for any and all Collateral and to take any and all actions as Agent may deem necessary or desirable in order to realize upon the Collateral, or any portion thereof, including, without limitation, making any statements and doing and
taking any actions on behalf of Assignor which are otherwise required of Assignor under the terms of any agreement as conditions precedent to the payment of the Distributions, and the right and power to receive, endorse, assign and deliver in the
name of Assignor, any checks, notes, drafts, instruments or other evidences of payment received in payment of or on account of all or any portion of the Collateral and Assignor hereby waives presentment, demand, protest, and notice of demand,
protest and non-payment of any instrument so endorsed; and 
 (ii) to institute one or more actions against any of the Corporations in
connection with the collection of the Collateral, to prosecute to judgment, settle or dismiss any such actions, and to make any compromise or settlement deemed desirable, in Agent’s sole and absolute discretion, with respect to such
Distributions, to extend the time of payment, arrange for payment in installments or otherwise modify the terms of any of the Organizational Agreements of any Corporation in which Assignor is a shareholder with respect to the Distributions or
release of any of the Corporations, respectively, from their respective obligations to pay any 

  

 4 

 
Distribution, without incurring responsibility to, or affecting any liability of, Assignor under any of such Organizational Agreements; 
 it being specifically understood and agreed, however, that Agent shall not be obligated in any manner whatsoever to give any notices of default (except
as may be specifically required herein or in the other Loan Documents) or to exercise any such power or authority or be in any way responsible for the preservation, maintenance, collection of or realizing upon the Collateral, or any portion thereof
or any of Assignor’s rights therein. The foregoing appointment is irrevocable and continuing and any such rights, powers and privileges shall be exclusive in Agent, its successors and assigns until this Assignment terminates as provided in
Paragraph 14, below. 
 (c) Notwithstanding anything contained in this Paragraph 4 to the contrary, provided no Event of Default
has occurred and is continuing or would occur as a result thereof, but subject to the terms of this Assignment and the Loan Agreement, Assignor shall have a license (revocable upon the occurrence of an Event of Default) to receive, retain, spend,
distribute or otherwise use any ordinary quarterly Distributions paid in the ordinary course of business of any of the Corporations released to Assignor pursuant to the Cash Collateral Agreement; provided, however, any Distributions relating to
payments which are extraordinary or of a non-recurring nature including, without limitation, payments upon dissolution or liquidation of any of the Corporations, proceeds upon a redemption or conversion of the Collateral, return of capital or
repayment of loans shall be applied against the principal balance of the Loan, and shall not be received, retained, spent, distributed or otherwise used by Assignor. 
 5. Warranties and Covenants. Assignor does hereby warrant and represent to, and covenant and agree with Agent, as follows: 
 (a) Assignor has, and shall maintain throughout the term of this Assignment, all necessary power, authority and legal right to own and grant a security interest in the Collateral, and to assign to Agent the security
interest granted hereby. 
 (b) Each of the Corporations is a corporation, duly formed and validly existing under the laws of the State
identified on Exhibit “A” attached hereto. 
 (c) All duties, obligations and responsibilities required to be performed
by Assignor as of the date hereof under (i) the Organizational Agreements of any Corporation, (ii) the Lock-up Letter and (iii) that certain Registration Rights Agreement dated as of January 30, 2007 by and among Meruelo Maddux
Properties, Inc., a Delaware corporation, Borrower and certain other parties thereto (the “Rights Agreement”) have been performed, and no default or condition which with the passage of time or the giving of notice, or both, would
constitute a default exists under any of such Organizational Agreements, Lock-up Letter or Rights Agreement. 
 (d) Neither Assignor nor any
Corporation is a party to, nor is any of such Persons bound by or subject to, any indenture, contract or other agreement which purports to prohibit, restrict, limit, or control the transfer or pledge of the Collateral, or the exercise of
Assignor’s voting rights with respect to any Corporation or the management of any Corporation 

  

 5 

 
other than the Organizational Agreements of the Corporations, the Lock-up Letter and the Rights Agreement. All conditions and requirements set forth in the
Organizational Agreements of the Corporations, the Lock-up Letter and the Rights Agreement with respect to the pledge of Collateral to Agent pursuant to this Agreement have been satisfied and the granting of the pledge of the Collateral to Agent by
Assignor (i) does not violate the Organizational Agreements of the Corporations, the Lock-up Letter or the Rights Agreement, and (ii) does not require the approval or consent of, or filing with, any Person, governmental agency or
authority. Subject to the terms of the Lock-up Letter, all conditions and requirements set forth in the Organizational Agreements of the Corporations with respect to the transfer of the Shareholder Interests or the exercise by Agent of
Assignor’s voting rights with respect thereto, in each case upon the occurrence of an Event of Default, have been satisfied. The transfer of the Shareholder Interests to Agent or the exercise by Agent of the Assignor’s voting rights with
respect thereto, in each case upon the occurrence of an Event of Default, (i) does not violate the Organizational Agreements of any Corporation, (ii) does not violate the Rights Agreement and (iii) does not require the approval or
consent of, or filing with any Person, governmental agency or authority. All conditions and requirements set forth in the Rights Agreement with respect to the pledge of the Collateral have been satisfied. All conditions and requirements set forth in
the Rights Agreement with respect to the transfer of the Collateral or the exercise of by Agent of Assignor’s voting rights with respect thereto have been satisfied. The Organizational Agreements of the Company and the Rights Agreement are in
full force and effect. Assignor has delivered to Agent true, correct and complete copies of the Organizational Agreements of the Company, the Lock-up Letter and the Rights Agreement, and the Formation Agreements (as defined below) and the
Organizational Agreements of the Company, the Lock-up Letter, the Rights Agreement and the Formation Agreements have not been modified or amended in any respect. The Organizational Agreements of the Corporations, the Lock-up Letter, the Rights
Agreement and Formation Agreements contain the sole and full agreements and understandings with respect to Assignor’s interest in, and obligations with respect to, the Shareholder Interests and there are no other oral or side agreements
relating thereto. The term “Formation Agreements” means collectively (i) that certain Contribution Agreement dated September 19, 2006, as amended December 29, 2006, among Richard Meruelo, as Trustee of the Richard Meruelo
Living Trust u/d/t dated September 15, 1989, Merco Group — Roosevelt Building, LLC, Sunstone Bella Vista, LLC, Meruelo Maddux Properties, L.P. and Meruelo Maddux Properties, Inc.; (ii) that certain Merger Agreement dated
September 19, 2006, among Richard Meruelo, as Trustee of the Richard Meruelo Living Trust u/d/t dated September 15, 1989, Sante Fe & Washington Market, Inc., Sante Fe & Washington Market, LLC and Meruelo Maddux
Properties, Inc.; and (iii) that certain Merger Agreement dated September 19, 2006, as amended December 29, 2006, among Richard Meruelo, as Trustee of the Richard Meruelo Living Trust u/d/t dated September 15, 1989, Alameda
Produce Market, Inc., Alameda Produce Market, LLC and Meruelo Maddux Properties, Inc. 
 (e) Subject to the terms of the Lock-up Letter, the
transfer of the Shareholder Interests to any subsequent purchaser, in each case upon the occurrence of an Event of Default, (i) does not violate the Organizational Agreements of any Corporation, (ii) does not violate the Rights Agreement
and (iii) does not require the approval or consent of, or filing with any Person, governmental agency or authority other than those filings and conditions that may be required pursuant to Rule 144 promulgated under the Securities Act of 1933,
as amended. 
  

 6 

 (f) The execution, delivery and performance by Assignor of this Assignment does not and will not require
the consent or approval of any person or entity, other than those previously provided to Agent, or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with or the giving of any notice to any
court, agency, department, board, commission or other governmental authority, other than the filing of financing statements. 
 (g) None of
the Shareholder Interests are evidenced by any certificate, instrument, document or other writing other than the Certificates and the Organizational Agreements, as the case may be. The Certificates have been duly authorized and validly issued, and
are fully paid and non-assessable. 
 (h) Assignor is and shall remain the sole, lawful, beneficial and record owner of Collateral owned by
Assignor, free and clear of all liens, restrictions, Adverse Claims, pledges, encumbrances, charges, rights of third parties and rights of set-off or recoupment whatsoever (other than those in favor of Agent hereunder), and Assignor has the full and
complete right, power and authority to grant a security interest in the Collateral in favor of Agent, in accordance with the terms and provisions of this Assignment. The term “Adverse Claims” shall mean, with respect to any item of
property, any and all claims, liens, security interests, charges, options, rights, restrictions on transfer or pledge, covenants and encumbrances of any kind affecting the item of property, including (if applicable) “adverse claims” as
such term is defined in Section 8-102 of the Uniform Commercial Code, other than the liens and security interests created in favor of Agent pursuant to this Assignment. Assignor is not and will not become a party to or otherwise be bound by or
subject to any agreement, other than the Loan Documents, the Lockout Agreement and the Rights Agreement, which restricts in any manner the rights of any present or future holder of the Collateral with respect thereto. No Person has any option, right
of first refusal, right of first offer or other right to acquire all or any portion of the Collateral. 
 (i) This Assignment, together with
the UCC financing statements, and the Certificates and powers delivered to Agent, creates a valid and binding first priority security interest in the Collateral securing the payment and performance of the Obligations, and all filings and other
actions necessary to perfect and protect such security interests have been duly made and taken. Neither Assignor nor any other Person has performed, nor will Assignor perform or permit any other Person to perform, any acts which might prevent Agent
from enforcing any of the terms and conditions of this Assignment or which would limit Agent in any such enforcement. In addition, upon the delivery to Agent of all certificates evidencing or embodying the Shareholder Interests owned by Assignor, in
each case duly indorsed or accompanied by duly executed instruments of assignment or transfer in blank, Agent shall be a “protected purchaser” (as such term is defined in Section 8-303 of the UCC (as hereinafter defined)) of such
Shareholder Interests. 
 (j) All original notes and other documents or instruments evidencing, constituting, guaranteeing or securing any of
the Distributions or any right to receive the Distributions have been endorsed to and delivered to Agent. 
  

 7 

 (k) (A) Assignor’s correct legal name (including, without limitation, punctuation and spacing)
indicated on the public record of Assignor’s jurisdiction, mailing address, principal residence, identity or corporate structure, chief executive office, jurisdiction of organization, organizational identification number, and federal tax
identification number, are as set forth on Exhibit “C” attached hereto and by this reference made a part hereof, (B) Assignor has been using or operating under said name, identity or corporate structure without change for
the time period set forth on Exhibit “C” attached hereto, and (C) in order to perfect the pledge and security interests granted herein against Assignor, a U.C.C. Financing Statement must be filed with the Secretary of
State of the State of California. Assignor covenants and agrees that Assignor shall not change any of the matters addressed by clauses (A), (B), or (C) of this paragraph unless it has given Agent thirty (30) days prior written notice
of any such change and executed at the request of Agent or authorized the execution by Agent or Agent’s counsel of such additional financing statements or other instruments to be filed in such jurisdictions as Agent may deem necessary or
advisable in its sole discretion to prevent any filed financing statement from becoming misleading or losing its perfected status. 
 (l)
Assignor agrees to do such further acts and things, and to execute and deliver such additional conveyances, assignments, agreements, documents, endorsements, assurances and instruments as Agent may reasonably at any time request in connection with
the administration or enforcement of this Assignment or related to the Collateral or any part thereof or in order to better assure and confirm unto Agent its rights, powers and remedies hereunder. Without limiting the generality of the foregoing, at
any time and from time to time, Assignor shall, at the request of Agent, make, execute, acknowledge, and deliver or authorize the execution and delivery of and where appropriate, cause to be recorded and/or filed and from time to time thereafter to
be re-recorded and/or refiled at such time in such offices and places as shall be deemed desirable by Agent all such other and further assignments, security agreements, financing statements, continuation statements, endorsements, assurances,
certificates and other documents as Agent from time to time may require for the better assuring, conveying, assigning and confirming to Agent the Collateral and the rights hereby conveyed or assigned or intended now or hereafter to be conveyed or
assigned, and for carrying out the intention or facilitating the performance of the terms of this Assignment. Upon any failure of Assignor to do so, Agent may make, execute, record, file, rerecord and/or refile, acknowledge and deliver any and all
such further assignments, security agreements, financing statements, continuation statements, endorsements, assurances, instruments, certificates and documents for and in the name of Assignor, and Assignor hereby irrevocably appoints Agent the agent
and attorney-in-fact with full power of substitutions of Assignor so to do. This power is coupled with an interest and is irrevocable. 
 (m)
Exhibit “C” correctly sets forth all names and tradenames that Assignor has used within the last five years, and also correctly sets forth the locations of all of the principal places of business of Assignor over the last five
years. 
 (n) Assignor shall, at any time and from time to time, take such steps as Agent may reasonably request for Agent (1) to obtain
an acknowledgment, in form and substance reasonably satisfactory to Agent, of any bailee having possession of any of the Collateral, stating that the bailee holds possession of such Collateral on behalf of Agent, (2) to obtain
“control” of any investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper (as 

  

 8 

 
such terms are defined by the Uniform Commercial Code as enacted in the State of California (the “UCC”) with corresponding provisions thereof
defining what constitutes “control” for such items of collateral) in each case which are included as Collateral, with any agreements establishing control to be in form and substance reasonably satisfactory to Agent, and (3) otherwise
to insure the continued perfection and priority of the Agent’s security interest in any of the Collateral and of the preservation of its rights therein. If Assignor shall at any time, acquire a “commercial tort claim” (as such term is
defined in the UCC with respect to the Collateral or any portion thereof), Assignor shall promptly notify Agent thereof in writing, providing a reasonable description and summary thereof, and shall execute a supplement to this Assignment in form and
substance acceptable to Agent granting a security interest in such commercial tort claim to Agent. 
 (o) Assignor hereby authorizes Agent,
its counsel or its representative, at any time and from time to time, to file financing statements, amendments and continuations that describe or relate to the Collateral or any portion thereof in such jurisdictions as Agent may deem necessary or
desirable in order to perfect the security interests granted by Assignor under this Assignment or any other Loan Document, and such financing statements may contain, among other items as Agent may deem advisable to include therein, the federal tax
identification number and organizational number of Assignor. 
 (p) The pledge of the security interest contemplated by this Assignment does
not violate and does not require that any filing, registration or other act be taken with respect to any and all laws pertaining to the registration or transfer of securities, including without limitation the Securities Act of 1933, as amended, the
Securities and Exchange Act of 1934, as amended, and any and all rules and regulations promulgated thereunder or any similar federal, state or local law, rule, regulation or orders (all of the foregoing, and any similar laws as from time to time
being in effect, being referred to collectively as the “Applicable Law”) hereafter enacted or analogous in effect, as the same are amended and in effect from time to time (hereinafter referred to collectively as the “Securities
Laws”). The foreclosure by Agent on the Shareholder Interests (or transfer in lieu thereof) is permitted under Applicable Law and does not require that any filing, registration or other act be taken other than those filings and conditions that
may be required pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended. Assignor shall at all times comply with the Securities Laws as the same pertain to all or any portion of the Collateral or any of the transactions
contemplated by this Assignment. For purposes of calculating any holding periods under the Applicable Laws and under the Lock-up Letter, Assignor’s period of ownership of the Shareholder Interests shall be deemed to have commenced on the date
hereof. In the event that Agent or its nominee or designee becomes the owner of the Shareholder Interests as a result of foreclosure or otherwise, Agent or such nominee or designee shall be entitled to the benefit of adding any period of ownership
of the Shareholder Interests by Assignor to the period of ownership of the Shareholder Interests by Agent or such nominee or designee for purposes of calculating any such holding periods of Agent or such nominee or designee such that Agent’s or
such nominee’s or designee’s holding period under the Applicable Laws and the Lock-up Letter with respect to the Shareholder Interests shall be deemed to have commenced on the date hereof. 
  

 9 

 (q) The Certificates shall be personal property for all purposes and shall be a “security” as
defined in, and governed by, Article 8 of the Uniform Commercial Code of the State of California. 
 6. General Covenants. Assignor
covenants and agrees that, so long as this Assignment is continuing: 
 (a) Assignor shall not, without the prior written consent of Agent,
which consent may be withheld by Agent in its sole and absolute discretion, directly or indirectly or by operation of law, sell, transfer, assign, dispose of, pledge, convey, option, mortgage, hypothecate or encumber any of the Collateral.

 (b) Assignor shall at all times defend the Collateral against all claims and demands of all persons at any time claiming any interest in
the Collateral adverse to Agent’s interest in the Collateral as granted hereunder. 
 (c) So long as this Assignment remains in effect,
Assignor shall not modify, amend, cancel, release, surrender, terminate or permit the modification, amendment, cancellation, release, surrender or termination of, any of the Lock-up Letter or Registration Rights Agreement. 
 (d) Assignor shall perform all of its duties, responsibilities and obligations under each of the Organizational Agreements of each Corporation of which
Assignor is a shareholder, the Lock-up Letter and the Rights Agreement. 
 (e) Assignor shall pay all taxes and other charges against the
Collateral, shall not use the Collateral illegally, and shall not suffer to exist any loss, theft, damage or destruction of the Collateral and shall suffer to exist no levy, seizure or attachment of the Collateral. 
 (f) Assignor, at the request of Agent, shall promptly take such actions as Agent may reasonably require to enforce or cause to be enforced the terms of
any of the Organizational Agreements of any Corporation in which Assignor has an ownership interest, the Rights Agreement or any other contract, agreement or instrument included in, giving rise to, creating, establishing, evidencing or relating to
the Collateral or to collect or enforce any claim for payment or other right or privilege assigned to Agent hereunder. 
 (g) If any amounts
are due from any of the Corporations to Assignor, including, without limitation, any amounts in respect of Distributions payable to Assignor in the future, and the obligations to pay or repay such amount is to be evidenced by a separate document or
instrument, then as evidence of such obligations, Assignor shall cause such Corporation to issue Assignor, as the evidence of any obligations of such Corporation to pay Distributions to Assignor in the future, a promissory note bearing the legend
attached hereto as Exhibit “B” and which note shall provide that all payments due under such promissory note are to be paid directly to Agent as required by and applied as provided in this Assignment until the Obligations are
paid in full and the Agent have no further obligation to make any advances under the Loan Agreement or this Assignment is otherwise terminated as provided herein. No other evidence of such obligations shall be executed by such Corporation to
Assignor. 
  

 10 

 (h) Assignor shall promptly deliver to Agent any note or other document or instrument entered into after
the date hereof which evidences, constitutes, guarantees or secures any of the Distributions or any right to receive a Distribution, which notes or other documents and instruments shall be accompanied by such endorsements or assignments as Agent may
require to transfer title to Agent. 
 (i) Anything herein to the contrary notwithstanding, (i) Assignor shall remain liable under each
of the Organizational Agreements of each Corporation in which Assignor is a shareholder and all other contracts, agreements and instruments included in, giving rise to, creating, establishing, evidencing or relating to the Collateral to the extent
set forth therein to perform all of its duties and obligations to the same extent as if this Assignment had not been executed, (ii) the exercise by Agent of any of its rights hereunder shall not release Assignor from any of its duties or
obligations under any of such Organizational Agreements or any such contracts, agreements and instruments, and (iii) neither Agent nor any of the Lenders shall have any obligation or liability under any of such Organizational Agreements or any
such contract, agreement or instrument by reason of this Assignment, nor shall Agent or any of the Lenders be obligated to perform any of the obligations or duties of Assignor thereunder or to take any action to collect or enforce any claim for
payment or other right or privilege assigned to Agent hereunder. 
 7. Substitution, Exchanges, Additional Interest. 
 If Assignor shall at any time be entitled to receive or shall receive any cash, certificate or other property, option or right, upon, in respect of, as an
addition to, or in substitution or exchange for any of the Collateral, whether for value paid by Assignor or otherwise, Assignor agrees that the same shall be deemed to be Collateral and shall be delivered directly to Agent in each case, accompanied
by proper instruments of assignment and powers duly executed by Assignor in such a form as may be required by Agent, to be held by Agent subject to the terms hereof, as further security for the Obligations (except as otherwise provided herein with
respect to the application of the foregoing to the Obligations). If Assignor receives any of the foregoing directly, Assignor agrees to hold such cash or other property in trust for the benefit of Agent, and to surrender such cash or other property
to Agent immediately. All certificates, if any, representing such interests shall be promptly delivered to Agent, together with assignments related thereto, or other instruments appropriate to transfer a certificate representing any such interest,
duly executed in blank. 
 8. Events of Default. An Event of Default shall exist hereunder upon the occurrence of any of the
following: 
 (a) Any warranty, representation or statement made by or on behalf of Assignor in this Assignment proves untrue or misleading in
any material respect when made, deemed to have been made or repeated; 
 (b) Assignor shall fail to duly and fully comply with any covenant,
condition or agreement in Paragraphs 5(h), 6(a), 6(c), 6(g), 6(h), or 7 of this Assignment; 
  

 11 

 (c) Assignor shall fail to, or Assignor shall fail to cause any other Person, to duly and fully comply
with any covenant, condition or agreement of this Assignment (other than those specified in subsection (b) above or any default excluded from any provision of a grace period or cure of defaults contained in any other of the Loan Documents) and
such failure is not cured in the applicable time period provided in the Loan Agreement; 
 (d) The occurrence of an Event of Default under
any of the other Loan Documents; 
 (e) Any amendment to or termination of a financing statement naming Assignor as debtor and Agent as
secured party, or any correction statement with respect thereto, is filed in any jurisdiction by, or caused by, or at the instance of Assignor or by, or caused by, or at the instance of any principal, member, general partner, shareholder or officer
of Assignor without the prior written consent of Agent; or 
 (f) Any amendment to or termination of a financing statement naming Assignor as
debtor and Agent as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by any party other than Agent or Agent’s counsel without the prior written consent of Agent and the effect of such filing is not
nullified to the reasonable satisfaction of Agent within ten (10) days after notice to Assignor thereof. 
 9. Remedies.

 (a) Upon the occurrence of any Event of Default, Agent may take any action deemed by Agent to be necessary or appropriate to the
enforcement of the rights and remedies of Agent under this Assignment and the Loan Documents, including, without limitation, the exercise of its rights and remedies with respect to any or all of the Collateral. The remedies of Agent shall include,
without limitation, all rights and remedies specified in the Loan Documents and this Assignment, all remedies of Agent under applicable general or statutory law, and the remedies of a secured party under the UCC, regardless of whether the UCC has
been enacted or enacted in that form in any other jurisdiction in which such right or remedy is asserted. In addition to such other remedies as may exist from time to time, whether by way of set-off, banker’s lien, consensual security interest
or otherwise, upon the occurrence of an Event of Default, Agent is authorized at any time and from time to time, without notice to or demand upon Assignor (any such notice or demand being expressly waived by Assignor ) to charge any and all deposits
(general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by Agent to or for the credit of or the account of Assignor against any and all of the Obligations, irrespective of whether or not
Agent shall have made any demand for payment and although such Obligations may be unmatured. Any notice required by law, including, but not limited to, notice of the intended disposition of all or any portion of the Collateral, shall be reasonable
and properly given if given in the manner prescribed for the giving of notice herein, and, in the case of any notice of disposition, if given at least ten (10) days prior to such disposition. Agent may require Assignor to assemble the
Collateral and make it available to Agent at any place to be designated by Agent which is reasonably convenient to both parties. It is expressly understood and agreed that Agent shall be entitled to dispose of the Collateral at any public or private
sale or sales, without recourse to judicial proceedings and without either demand, appraisement, advertisement or notice (except as such notice as is 

  

 12 

 
otherwise required under this Assignment) of any kind, all of which are expressly waived, and that Agent shall be entitled to bid and purchase at any such
sale. In the event that Agent is the successful bidder at any public or private sale of any note or other document or instrument evidencing Assignor’s right to receive a Distribution, Agent shall be entitled to credit the amount bid by Agent
against the obligations evidenced by such note, document or instrument rather than the obligations evidenced by the Note. To the extent the Collateral consists of marketable securities, Agent shall not be obligated to sell such securities for the
highest price obtainable, but shall sell them at the market price available on the date of sale. Agent shall not be obligated to make any sale of the Collateral if it shall determine not to do so regardless of the fact that notice of sale of the
Collateral may have been given. Agent may, without notice or publication, adjourn any public sale from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to
which the same was so adjourned. Each such purchaser at any such sale shall hold the Collateral sold absolutely free from claim or right on the part of Assignor. In the event that any consent, approval or authorization of any governmental agency or
commission will be necessary to effectuate any such sale or sales, Assignor shall execute all such applications or other instruments as Agent may deem reasonably necessary to obtain such consent, approval or authorization. Upon the occurrence and
during the continuance of an Event of Default, Agent may notify any account debtor or obligor with respect to the Collateral to make payment directly to Agent, and may demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose or
realize upon the Collateral as Agent may determine whether or not the Obligations or the Collateral are due, and for the purpose of realizing Agent’s rights therein, Agent may receive, open and dispose of mail addressed to Assignor and endorse
notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage of any form of Collateral on behalf and in the name of Assignor, as its attorney-in-fact. In addition, upon the occurrence and during the
continuance of an Event of Default, Assignor hereby irrevocably designates and appoints Agent its true and lawful attorney-in-fact either in the name of Agent or Assignor to (i) sign Assignor’s name on any Collateral, drafts against
account debtors, assignments, any proof of claim in any bankruptcy or other insolvency proceeding involving any account debtor, any notice of lien, claim of lien or assignment or satisfaction of lien, or on any financing statement or continuation
statement under the UCC; (ii) send verifications of accounts receivable to any account debtor; and (iii) in connection with a transfer of the Collateral as described above, sign in Assignor’s name any documents necessary to transfer
title to the Collateral to Agent or any third party. All acts of said attorney-in-fact are hereby ratified and approved and Agent shall not be liable for any mistake of law or fact made in connection therewith. This power of attorney is coupled with
an interest and shall be irrevocable so long as any amounts remain unpaid on any of the Obligations. All remedies of Agent shall be cumulative to the full extent provided by law, all without liability except to account for property actually
received, but the Agent shall have no duty to exercise such rights and shall not be responsible for any failure to do so or delay in so doing. Pursuit by Agent of certain judicial or other remedies shall not abate nor bar other remedies with respect
to the Obligations or to other portions of the Collateral. Agent may exercise its rights to the Collateral without resorting or regard to other collateral or sources of security or reimbursement for the Obligations. In the event that any transfer
tax, deed tax, conveyance tax or similar tax is payable in connection with the foreclosure, conveyance in lieu of foreclosure or otherwise of the Shareholder Interests or other Collateral, Assignor shall pay such amount to Agent upon demand and if
Assignor fails to pay such amount on demand, Agent 

  

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may advance such amount on behalf of Assignor and the amount thereof shall become a part of the Obligations and bear interest at the rate for overdue amounts
as set forth in the Loan Agreement until paid. 
 (b) If Assignor fails to perform any agreement or covenant contained in this Assignment
beyond any applicable period for notice and cure, Agent may itself perform, or cause to be performed, any agreement or covenant of Assignor contained in this Assignment which Assignor shall fail to perform, and the cost of such performance, together
with any expenses, including reasonable attorneys’ fees actually incurred (including attorneys’ fees incurred in any appeal) by Agent in connection therewith, shall be payable by Assignor upon demand and shall constitute a part of the
Obligations and shall bear interest at the rate for overdue amounts as set forth in the Loan Agreement. 
 (c) Whether or not an Event of
Default has occurred and whether or not Agent is the absolute owner of the Collateral, Agent may take such action as Agent may deem necessary to protect the Collateral or its security interest therein, Agent being hereby authorized to pay, purchase,
contest and compromise any encumbrance, charge or lien which in the reasonable judgment of Agent appears to be prior or superior to its security interest, and in exercising any such powers and authority to pay necessary expenses, employ counsel and
pay reasonable attorney’s fees. Any such advances made or expenses incurred by Agent shall be deemed advanced under the Loan Documents, shall increase the indebtedness evidenced and secured thereby, shall be payable upon demand and shall bear
interest at the rate for overdue payments set forth in the Loan Agreement. 
 (d) Any stock or securities and stock powers held by Agent as
Collateral (including stock certificates) hereunder may, at any time, and at the option of Agent, be registered in the name of Agent or its nominee, endorsed or assigned in blank or in the name of any nominee and Agent may deliver any or all of the
Collateral to the issuer or issuers thereof for the purpose of making denominational exchanges or registrations or transfer or for such other purposes in furtherance of this Assignment as Agent may deem desirable. Until the occurrence of an Event of
Default, Assignor shall retain the right to vote any of the Collateral, as applicable, or exercise shareholder rights, as applicable, in a manner not inconsistent with the terms of this Assignment and the other Loan Documents, and Agent hereby
grants to Assignor its proxy to enable Assignor to so vote any of the Collateral or exercise such shareholder rights, as applicable, (except that Assignor shall not have any right to exercise any such power if the exercise thereof would violate or
result in a violation of any of the terms of this Assignment or any of the other Loan Documents). At any time after the occurrence and during the continuance of any Event of Default, Agent or its nominee shall, without notice or demand,
automatically have the sole and exclusive right to give all consents, waivers and ratifications in respect of the Collateral and exercise all voting and other shareholder, management, approval or other rights at any meeting of the shareholders of
the Corporations, (and the right to call such meetings) or otherwise (and to give written consents in lieu of voting thereon), and exercise any and all rights of conversion, exchange, subscription or any of the rights, privileges or options
pertaining to the Collateral and otherwise act with respect thereto and thereunder as if Agent or its nominee were the absolute owner thereof (all of such rights of Assignor ceasing to exist and terminating upon the occurrence of an Event of
Default) including, without limitation, the right to exchange, at its discretion, any and all of the Collateral upon the merger, consolidation, reorganization, 

  

 14 

 
recapitalization or the readjustment of the issuer thereof, all without liability except to account for property actually received and in such manner as
Agent shall determine in its sole and absolute discretion, but Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for the failure to do so or delay in so doing. The exercise by Agent
of any of its rights and remedies under this paragraph shall not be deemed a disposition of collateral under Article 9 of the UCC nor an acceptance by Agent of any of the Collateral in satisfaction of the Obligations. 
 (e) Notwithstanding anything in this Assignment or any other Loan Document to the contrary, any reference in this Assignment or any other Loan Document
to “the continuance of a default” or “the continuance of an Event of Default” or any similar phrase shall not create or be deemed to create any right of Assignor or any other party to cure any default following the expiration of
any applicable grace or notice and cure period. 
 10. Duties of Agent. The powers conferred on Agent hereunder are solely to protect
its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Agent’s duty with reference to the Collateral shall be solely to use slight care in the custody and preservation of the Collateral, which shall
not include any steps necessary to preserve rights against prior parties and to use such care in the custody of Collateral in the possession of Agent as is accorded to other personal property of the same type as the Collateral in the possession of
the Agent. Agent shall have no responsibility or liability for the collection of any Collateral or by reason of any invalidity, lack of value or uncollectability of any of the payments received by it. 
 11. Indemnification. 
 (a) It is
specifically understood and agreed that this Assignment shall not operate to place any responsibility or obligation whatsoever upon the Agent or any of the Lenders, or cause the Agent or any of the Lenders to be, or to be deemed to be, a shareholder
in any of the Corporations and that in accepting this Assignment, the Agent and the Lenders neither assume nor agree to perform at any time whatsoever any obligation or duty of Assignor relating to the Collateral or under any of the Organizational
Agreements or any other mortgage, indenture, contract, agreement or instrument to which the Corporations are a party or to which they are subject, all of which obligations and duties shall be and remain with and upon the Assignor. 
 (b) Assignor agrees to indemnify, defend and hold the Agent and the Lenders harmless from and against any and all claims, expenses, losses and
liabilities growing out of or resulting from this Assignment or acts taken or omitted to be taken by the Agent or the Lenders hereunder or in connection therewith (including, without limitation, enforcement of this Assignment), except claims,
expenses, losses or liabilities resulting from Agent’s or such Lender’s gross negligence or willful misconduct. 
 (c) Assignor
upon demand shall pay to Agent the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and disbursements of counsel actually incurred (including those incurred in any appeal), and of any experts and agents,
which Agent may incur in connection with (i) the administration of this Assignment, (ii) the sale 

  

 15 

 
of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Agent hereunder, or
(iv) the failure by Assignor to perform or observe any of the provisions hereof. 
 12. Security Interest Absolute. All rights of
Agent, and the security interests hereunder, and all of the obligations secured hereby, shall be absolute and unconditional, irrespective of: 
 (a) Any lack of validity or enforceability of the Loan Documents or any other agreement or instrument relating thereto; 
 (b) Any
change in the time (including the extension of the maturity date of the Note), manner or place of payment of, or in any other term of, all or any of the Obligations or any other amendment or waiver of or any consent to any departure from the Loan
Documents; 
 (c) Any exchange, release or nonperfection of any other collateral for the Obligations, or any release or amendment or waiver
of or consent to departure from any of the Loan Documents with respect to all or any part of the Obligations; or 
 (d) Any other
circumstance (other than payment of the Obligations in full) that might otherwise constitute a defense available to, or a discharge of, Assignor or any third party for the Obligations or any part thereof. 
 13. Amendments and Waivers. No amendment or waiver of any provision of this Assignment nor consent to any departure therefrom shall in any event
be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No delay or omission of Agent to exercise any right,
power or remedy accruing upon any Event of Default shall exhaust or impair any such right, power or remedy or shall be construed to be a waiver of any such Event of Default, or acquiescence therein; and every right, power and remedy given by this
Assignment to Agent may be exercised from time to time and as often as may be deemed expedient by Agent. Failure on the part of Agent to complain of any act or failure to act which constitutes an Event of Default, irrespective of how long such
failure continues, shall not constitute a waiver by Agent of Agent’s rights hereunder or impair any rights, powers or remedies consequent on any Event of Default. Assignor hereby waives to the extent permitted by law all rights which Assignor
has or may have under and by virtue of the UCC and any federal, state, county or municipal statute, regulation, ordinance, Constitution or charter, now or hereafter existing, similar in effect thereto providing any right of Assignor to notice and to
a judicial hearing prior to seizure by Agent of any of the Collateral. Assignor hereby waives and renounces for itself, its heirs, successors and assigns, presentment, demand, protest, advertisement or notice of any kind (except for any notice
required by law or the Loan Documents) and all rights to the benefits of any statute of limitations and any moratorium, reinstatement, marshaling, forbearance, valuation, stay, extension, homestead, redemption and appraisement now provided or which
may hereafter be provided by the Constitution and laws of the United States and of any state thereof, both as to itself and in and to all of its property, real and personal, against the enforcement of this Assignment and the collection of any of the
Obligations. 
  

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 14. Continuing Security Interest; Transfer of Note; Release of Collateral. This Assignment shall
create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of the Obligations and the Lenders have no further obligation to make any advances under the Note,
(b) be binding upon Assignor and its permitted heirs, successors and assigns, and (c) inure, together with the rights and remedies of Agent hereunder, to the benefit of the Agent and the Lenders and their respective successors, transferees
and assigns. Upon the indefeasible payment in full of the Obligations and the termination or expiration of any obligation of the Lenders to make further advances under the Note, the security interest granted hereby shall terminate and all rights to
the Collateral shall revert to the Assignor that granted such security interest. Upon any such termination, Agent will, at Assignor’s expense, execute and deliver to Assignor such documents as Assignor shall reasonably request to evidence such
termination. 
 15. Modifications, Etc. Assignor hereby consents and agrees that Agent may at any time and from time to time, without
notice to or further consent from Assignor, either with or without consideration, surrender any property or other security of any kind or nature whatsoever held by it or by any person, firm or corporation on its behalf or for its account, securing
the Obligations; substitute for any Collateral so held by it, other collateral of like kind; agree to modification of the terms of the Loan Documents; extend or renew the Loan Documents for any period; grant releases, compromises and indulgences
with respect to the Loan Documents for any period or to any persons or entities now or hereafter liable thereunder or hereunder; release any guarantor, endorser or any other person or entity liable with respect to the Obligations; or take or fail to
take any action of any type whatsoever; and no such action which Agent shall take or fail to take in connection with the Loan Documents, or any of them, or any security for the payment of the Obligations or for the performance of any obligations or
undertakings of Assignor, nor any course of dealing with Assignor or any other person, shall release Assignor’s obligations hereunder, affect this Assignment in any way or afford Assignor any recourse against Agent. 
 16. Securities Act and Other Limitations. In view of the position of Assignor in relation to the Collateral, or because of other current or future
circumstances, a question may arise under the Securities Laws or the Organizational Agreements of the Corporations, the Lock-up Letter or the Rights Agreement with respect to any disposition of the Collateral permitted hereunder (including, without
limitation, any foreclosure upon the Collateral or transfer in lieu thereof). Assignor recognizes that the Organizational Agreements of the Corporations, the Lock-up Letter and the Rights Agreement may strictly limit transfers of the Shareholder
Interests. Assignor understands that compliance with the Securities Laws, the Organizational Agreements, the Lock-up Letter or the Rights Agreement might very strictly limit the course of conduct of Agent if Agent were to attempt to dispose of all
or any part of the Collateral in accordance with the terms hereof, and might also limit the extent to which or the manner in which any subsequent transferee of any Collateral could dispose of the same. Similarly, there may be other legal
restrictions or limitations affecting the Agent in any attempt to dispose of all or part of the Collateral in accordance with the terms hereof under applicable Blue Sky or other state securities laws or similar Applicable Law analogous in purpose or
effect. Assignor recognizes that in light of the foregoing restrictions and limitations Agent may, with respect to any sale of the Collateral, limit the purchasers to those who will agree, among other things, to acquire such Collateral for their own
account, for investment, and not with a view to the distribution or resale thereof, and those who are able to satisfy any conditions or requirements set forth in the Organizational 

  

 17 

 
Agreements, the Securities Laws, the Lock-up Letter or the Rights Agreement. Assignor and Agent acknowledge and agreed that Agent may be required to
foreclose on and sell the Collateral in parcels and at such time as Agent may reasonably determine or an independent accounting or law firm opines that is necessary to comply with the conditions or requirements set forth in the Organizational
Agreements of the Corporations, the Securities Laws the Lock-up Letter and the Rights Agreement, including, without limitation, by way of a series of sales whereby the Agent forecloses upon only a portion of the Collateral and thereafter sells such
portion of the Collateral in such volume and at such times as Agent may deem or an independent accounting or law firm opines that is necessary to comply with such conditions and restrictions, and following such sale Agent may be required to repeat
such process as many times as may be necessary to comply with such conditions and restrictions until all of the Collateral is foreclosed on and sold. Assignor acknowledges and agrees that in light of the foregoing restrictions and limitations, the
Agent in its sole and absolute discretion may, in accordance with Applicable Law, the Organizational Agreements, the Lock-up Letter and the Rights Agreement, (a) proceed to make such a sale whether or not a registration statement for the
purpose of registering such Collateral or part thereof shall have been filed under the Securities Laws (b) approach and negotiate with a single potential purchaser to effect such sale and (c) sell the Collateral in parcels and at such
times and to such Persons as Agent may reasonably determine is necessary to comply with such conditions and requirements. Assignor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller if such
sale were a public sale without such restrictions. In the event of any such sale, Agent shall incur no responsibility or liability for selling all or any part of the Collateral in accordance with the terms hereof at a price that Agent, in its sole
and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more
than a single purchaser were approached or if all the Collateral were sold at a single sale. Assignor further agrees that any sale or sales by Agent of the Collateral made as provided in this Paragraph 16 shall be commercially reasonable.
Assignor further agrees to provide to Agent any and all materials reasonably necessary under Applicable Law for the Agent to effectuate such sale. The provisions of this paragraph will apply notwithstanding the existence of a public or private
market upon which the quotations or sales prices may exceed substantially the price at which the Agent sells. Agent and the Lenders shall not be liable to Assignor for any loss in value of the Collateral by reason of any delay in the sale of the
Collateral. 
 17. Governing Law; Terms. THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF CALIFORNIA
(OTHER THAN PERFECTION OF A SECURITY INTEREST IN THE CERTIFICATE BY CONTROL THEREOF, WHICH SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE CERTIFICATE IS LOCATED). 
 18. Notices. Each notice, demand, election or request provided for or permitted to be given pursuant to this Assignment (hereinafter in referred to as a “Notice”) must be in writing and shall be
deemed to have been properly given or served if given in the manner prescribed in the Loan Agreement if given to Assignor. 
  

 18 

 19. Counterparts. This Assignment may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Assignment by signing any such counterpart. 
 20. No Unwritten Agreements. THE WRITTEN LOAN 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. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 21. Miscellaneous. Time is of the essence of this Assignment.
Title or captions of paragraphs hereof are for convenience only and neither limit nor amplify the provisions hereof. If, for any circumstances whatsoever, fulfillment of any provision of this Assignment shall involve transcending the limit of
validity presently prescribed by applicable law, the obligation to be fulfilled shall be reduced to the limit of such validity; and if any clause or provision herein operates or would prospectively operate to invalidate this Assignment, in whole or
in part, then such clause or provision only shall be held for naught, as though not herein contained, and the remainder of this Assignment shall remain operative and in full force and effect. 
 22. Lock-Up Letter. Agent agrees to be bound by the restrictions in the Lock-Up Letter. 
 [Remainder of Page Intentionally Left Blank] 
  

 19 

 IN WITNESS WHEREOF, Assignor and Agent have executed this Assignment under seal on the date first
above written. 
  

			
	 ASSIGNOR:
	 	
		
	RICHARD MERUELO AS TRUSTEE OF THE RICHARD MERUELO LIVING TRUST U/D/T DATED SEPTEMBER 15, 1989	 	
		
	 /s/ Richard Meruelo
 Richard Meruelo, as
Trustee of the Richard Meruelo Living Trust U/D/T dated September 15, 1989
	 	 (SEAL)

 [Signatures Continued on Next Page] 

			
	Agent:
	
	 KEYBANK NATIONAL ASSOCIATION,
 as
Agent

		
	By:	 	 /s/ Jason Weaver

	Name:	 	 Jason Weaver
  

	Title:	 	 Senior Vice-President

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