Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

TERM CREDIT AGREEMENT 
 dated as
of July 11, 2022, 
 among 

MONDELĒZ INTERNATIONAL, INC., 

the LENDERS party hereto 
 and

 MIZUHO BANK, LTD., 
 as
Administrative Agent 
  
  

 
 MIZUHO BANK,
LTD., 
 as Joint Lead Arranger and Sole Bookrunner 

TD SECURITIES (USA) LLC, 
 TRUIST
SECURITIES, INC. 
 and 
 U.S.
BANK NATIONAL ASSOCIATION, 
 as Joint Lead Arrangers 
  

 
  

Deal CUSIP: 60920YAY2; Tranche CUSIP: 60920YAZ9 

[CS&M Ref. No. 10402-021] 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I
	  

	 Definitions and Accounting Terms
	  

			
	 SECTION 1.01.
	 	Certain Defined Terms	  	 	1	 
	 SECTION 1.02.
	 	Computation of Time Periods; Terms Generally	  	 	17	 
	 SECTION 1.03.
	 	Accounting Terms	  	 	17	 
	 SECTION 1.04.
	 	Interest Rates; Benchmark Notification	  	 	18	 
	 SECTION 1.05.
	 	Divisions	  	 	18	 
	
	 ARTICLE II
	  

	 Amounts and Terms of the Loans
	  

			
	 SECTION 2.01.
	 	Loans	  	 	19	 
	 SECTION 2.02.
	 	Making the Loans	  	 	19	 
	 SECTION 2.03.
	 	Repayment of Loans	  	 	20	 
	 SECTION 2.04.
	 	Interest on Loans	  	 	21	 
	 SECTION 2.05.
	 	[Reserved]	  	 	21	 
	 SECTION 2.06.
	 	Conversion and Continuation of Loans	  	 	21	 
	 SECTION 2.07.
	 	[Reserved]	  	 	22	 
	 SECTION 2.08.
	 	Alternate Rate of Interest	  	 	22	 
	 SECTION 2.09.
	 	Fees	  	 	24	 
	 SECTION 2.10.
	 	Termination or Reduction of Commitments; Extension of Maturity Date	  	 	24	 
	 SECTION 2.11.
	 	Optional Prepayments of Loans	  	 	25	 
	 SECTION 2.12.
	 	Increased Costs	  	 	26	 
	 SECTION 2.13.
	 	Illegality	  	 	27	 
	 SECTION 2.14.
	 	Payments and Computations	  	 	27	 
	 SECTION 2.15.
	 	Taxes	  	 	28	 
	 SECTION 2.16.
	 	Sharing of Payments, Etc	  	 	31	 
	 SECTION 2.17.
	 	Evidence of Debt	  	 	31	 
	 SECTION 2.18.
	 	[Reserved]	  	 	32	 
	 SECTION 2.19.
	 	Use of Proceeds	  	 	32	 
	 SECTION 2.20.
	 	Defaulting Lenders	  	 	32	 
	
	 ARTICLE III
	  

	 Conditions to Effectiveness and Lending
	  

			
	 SECTION 3.01.
	 	Conditions Precedent to Effectiveness	  	 	32	 
	 SECTION 3.02.
	 	Conditions Precedent to Each Funding	  	 	34	 
	
	 ARTICLE IV
	  

	 Representations and Warranties
	  

			
	 SECTION 4.01.
	 	Representations and Warranties of the Borrower	  	 	34	 
	
	 ARTICLE V
	  

	 Covenants of the Borrower
	  

			
	 SECTION 5.01.
	 	Affirmative Covenants	  	 	36	 
	 SECTION 5.02.
	 	Negative Covenants	  	 	37	 

  
 i 

							
	 ARTICLE VI
	  

	 Events of Default
	  

			
	 SECTION 6.01.
	 	 Events of Default
	  	 	38	 
	 SECTION 6.02.
	 	 Lenders’ Rights upon Event of Default
	  	 	40	 
	
	 ARTICLE VII
	  

	 The Administrative Agent
	  

			
	 SECTION 7.01.
	 	 Authorization and Action
	  	 	40	 
	 SECTION 7.02.
	 	 Administrative Agent’s Reliance, Etc
	  	 	41	 
	 SECTION 7.03.
	 	 The Administrative Agent and Affiliates
	  	 	41	 
	 SECTION 7.04.
	 	 Acknowledgment of Lenders
	  	 	42	 
	 SECTION 7.05.
	 	 Indemnification
	  	 	43	 
	 SECTION 7.06.
	 	 Successor Administrative Agent
	  	 	43	 
	 SECTION 7.07.
	 	 No Other Duties
	  	 	44	 
	 SECTION 7.08.
	 	 Withholding Tax
	  	 	44	 
	 SECTION 7.09.
	 	 Sub-Agents
	  	 	44	 
	 SECTION 7.10.
	 	 Satisfaction Right
	  	 	44	 
	 SECTION 7.11.
	 	 Proofs of Claim
	  	 	45	 
	 SECTION 7.12.
	 	 Lender Representations with Respect to ERISA
	  	 	45	 
	
	 ARTICLE VIII
	  

	 [Reserved]
	  

	
	 ARTICLE IX
	  

	 Miscellaneous
	  

			
	 SECTION 9.01.
	 	 Amendments, Etc
	  	 	46	 
	 SECTION 9.02.
	 	 Notices, Etc
	  	 	47	 
	 SECTION 9.03.
	 	 No Waiver; Remedies
	  	 	48	 
	 SECTION 9.04.
	 	 Costs and Expenses; Breakage; Indemnification; Limitation of Liability
	  	 	49	 
	 SECTION 9.05.
	 	 Right of Set-Off
	  	 	50	 
	 SECTION 9.06.
	 	 Binding Effect; Survival
	  	 	50	 
	 SECTION 9.07.
	 	 Assignments and Participations
	  	 	51	 
	 SECTION 9.08.
	 	 [Reserved]
	  	 	54	 
	 SECTION 9.09.
	 	 Governing Law
	  	 	54	 
	 SECTION 9.10.
	 	 Execution in Counterparts; Electronic Execution
	  	 	54	 
	 SECTION 9.11.
	 	 Jurisdiction, Etc
	  	 	55	 
	 SECTION 9.12.
	 	 Confidentiality
	  	 	56	 
	 SECTION 9.13.
	 	 No Fiduciary Relationship
	  	 	56	 
	 SECTION 9.14.
	 	 Integration
	  	 	57	 
	 SECTION 9.15.
	 	 Severability
	  	 	57	 
	 SECTION 9.16.
	 	 Headings
	  	 	57	 
	 SECTION 9.17.
	 	 Certain Notices
	  	 	57	 
	 SECTION 9.18.
	 	 Acknowledgment and Consent to Bail-In of
Affected Financial Institutions
	  	 	57	 
	 SECTION 9.19.
	 	 Non-Public Information
	  	 	58	 

  
 ii 

 SCHEDULES 
  

					
	 Schedule I
	 	–	  	Lenders and Commitments
	 Schedule II
	 	–	  	Applicable Lending Offices
			
	 EXHIBITS
	 		  	
			
	 Exhibit A
	 	–	  	Form of Note
	 Exhibit B
	 	–	  	Form of Notice of Borrowing
	 Exhibit C
	 	–	  	Form of Assignment and Assumption

  
 iii 

 TERM CREDIT AGREEMENT dated as of July 11, 2022 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, this “Agreement”), among MONDELĒZ INTERNATIONAL, INC., a Virginia corporation (the “Borrower”), the LENDERS party hereto and MIZUHO BANK, LTD., as
administrative agent. 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions and
Accounting Terms 
 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following
meanings: 
 “Adjusted Daily Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR plus
(b) 0.10%; provided that if the Adjusted Daily Simple SOFR shall be less than zero, such rate shall be deemed to be zero. 

“Adjusted Term SOFR” means, with respect to any Term SOFR Loan for any Interest Period, an interest rate per annum equal to
(a) the Term SOFR for such Interest Period plus (b) 0.10%; provided that if the Adjusted Term SOFR shall be less than zero, such rate shall be deemed to be zero. 

“Administrative Agent” means Mizuho Bank, Ltd., in its capacity as administrative agent hereunder, and its successors in
such capacity as provided in Article VII. 
 “Administrative Agent Account” means such account of the Administrative Agent
as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders. 
 “Administrative
Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 
 “Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with the Person specified. 
 “Agents” means the
Administrative Agent, each Joint Lead Arranger and any other Person listed on the cover page hereof as a syndication agent or a documentation agent. 

“Agreement” has the meaning specified in the preamble. 

“Ancillary Document” has the meaning specified in Section 9.10(a). 

“Anti-Corruption Laws” means all laws, rules, and regulations of the United States from time to time concerning or relating
to bribery, money laundering or corruption, including the FCPA, and the U.K. Bribery Act 2010. 
 “Applicable Interest Rate
Margin” means (a) as to any Base Rate Loan, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (b) as to any Term SOFR Loan or 

 
Daily Simple SOFR Loan, the applicable rate per annum set forth below under the caption “Term SOFR/Daily Simple SOFR Spread”, determined by reference to the higher of (i) the
rating of the Borrower’s long-term senior unsecured, non-credit enhanced Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured, non-credit enhanced Debt of the Borrower, the long-term company, issuer or similar rating established by Standard & Poor’s for the Borrower) and (ii) the rating of the Borrower’s long-term
senior unsecured, non-credit enhanced Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured, non-credit enhanced Debt of the
Borrower, the long-term company, issuer or similar rating established by Moody’s for the Borrower), in each case on such date: 
  

					
	 Rating
	  	Base Rate
Spread	 	Term SOFR/Daily
Simple SOFR
Spread
	 A or higher by Standard & Poor’s

A2 or higher by Moody’s
	  	0.000%	 	0.525%
	 A- by Standard & Poor’s

A3 by Moody’s
	  	0.000%	 	0.575%
	 BBB+ by Standard & Poor’s

Baal by Moody’s
	  	0.000%	 	0.625%
	 BBB by Standard & Poor’s

Baa2 by Moody’s
	  	0.000%	 	0.725%
	 Lower than BBB by Standard & Poor’s

Lower than Baa2 by Moody’s
	  	0.000%	 	0.825%

 provided that, if on any date of determination pursuant to clause (a) or (b) above, (x) a rating is available
on such date from only one of Standard & Poor’s and Moody’s but not the other, the Applicable Interest Rate Margin shall be determined by reference to the then available rating, (y) no rating is available from either of
Standard & Poor’s or Moody’s, the Applicable Interest Rate Margin shall be determined by reference to the rating of any other nationally recognized statistical rating organization designated by the Borrower and approved in writing
by the Required Lenders and (z) no rating is available from any of Standard & Poor’s, Moody’s or any other nationally recognized statistical rating organization designated by the Borrower and approved in writing by the
Required Lenders, the Applicable Interest Rate Margin shall be 0.000% per annum as to any Base Rate Loan and 0.825% per annum as to any Term SOFR Loan or Daily Simple SOFR Loan. 

“Applicable Lending Office” means, with respect to each Lender, the office of such Lender specified as its “Applicable
Lending Office” opposite its name on Schedule II hereto or in the Assignment and Assumption pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the
Administrative Agent. 
 “Applicable Ticking Fee Rate” means, for any date, a percentage per annum equal to the percentage
set forth below determined by reference to the higher of (a) the rating of the Borrower’s long-term senior unsecured, non-credit enhanced Debt from Standard & Poor’s (or, if there shall
be no outstanding rated long-term senior unsecured, non-credit enhanced Debt of the Borrower, the long-term company, issuer or similar rating established by Standard & Poor’s for the Borrower)
and (b) the rating of the Borrower’s long-term senior unsecured, non-credit enhanced Debt from Moody’s (or, if there shall be 

  
 2 

 
no outstanding rated long-term senior unsecured, non-credit enhanced Debt of the Borrower, the long-term company, issuer or similar rating established by
Moody’s for the Borrower), in each case on such date: 
  

			
	 Rating
	  	Applicable
Ticking
Fee Rate
	 A or higher by Standard & Poor’s

A2 or higher by Moody’s
	  	0.035%
	 A- by Standard & Poor’s

A3 by Moody’s
	  	0.040%
	 BBB+ by Standard & Poor’s

Baa1 by Moody’s
	  	0.045%
	 BBB by Standard & Poor’s

Baa2 by Moody’s
	  	0.065%
	 Lower than BBB by Standard & Poor’s

Lower than Baa2 by Moody’s
	  	0.090%

 provided that, if on any date of determination, (i) a rating is available on such date from only one of
Standard & Poor’s and Moody’s but not the other, the Applicable Ticking Fee Rate shall be determined by reference to the then available rating, (ii) no rating is available from either of Standard & Poor’s or
Moody’s, the Applicable Ticking Fee Rate shall be determined by reference to the rating of any other nationally recognized statistical rating organization designated by the Borrower and approved in writing by the Required Lenders and
(iii) no rating is available from any of Standard & Poor’s, Moody’s or any other nationally recognized statistical rating organization designated by the Borrower and approved in writing by the Required Lenders, the Applicable
Ticking Fee Rate shall be 0.090% per annum. 
 “Assignment and Assumption” means an assignment and assumption entered into
by a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in substantially the form of Exhibit C hereto. 

“Availability Period” means the period from and including the Effective Date to, but excluding, the earlier of the
Commitment Outside Date and the date of termination of the Commitments. 
 “Available Tenor” means, as of any date of
determination and with respect to the then-current Benchmark, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be
used for determining the length of an Interest Period for any term rate or otherwise for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt,
any tenor for such Benchmark that is then removed from the definition of “Interest Period” pursuant to Section 2.08(b)(iv). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of any Affected Financial Institution. 
 “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law, regulation, rule or requirement for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
 3 

 “Bankruptcy Event” means, with respect to any Person, that such Person has
become the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or
liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment
or has had any order for relief in such proceeding entered in respect thereof; provided that (a) a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person
by a Governmental Authority, provided that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Person (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any agreements made by such Person and (b) a Bankruptcy Event shall not result solely by virtue of, in the case of a solvent Person,
the precautionary appointment of an administrator, trustee, custodian or other similar official by a Governmental Authority under or based on the law of the country where such Person is subject to home jurisdiction supervision if applicable law
requires that such appointment not be publicly disclosed. 
 “Base Rate” means, for any day, a rate per annum equal to the
highest of: 
 (a) the Prime Rate in effect on such day; 

(b) 1/2 of 1% per annum above the NYFRB Rate in effect on such day; and 

(c) the Adjusted Term SOFR for a one-month tenor in effect on such day plus 1% per
annum. 
 If the Base Rate is being used as an alternate rate of interest pursuant to Section 2.08(b) (for the avoidance of doubt,
only until the Benchmark Replacement has been determined pursuant to Section 2.08(b)), then for purposes of clause (c) above the Adjusted Term SOFR shall be deemed to be zero. Any change in the Base Rate due to a change in the Prime Rate,
the NYFRB Rate or the Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR, respectively. 

“Base Rate Loan” means a Loan that bears interest as provided in Section 2.04(a)(i). 

“Benchmark” means, initially, with respect to any Loan, the Relevant Rate for such Loan; provided that if a Benchmark
Transition Event and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such
Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.08(b)(i). 
 “Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1)    the Adjusted Daily Simple SOFR; and 

(2)    the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent
and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a
rate by the Relevant 

  
 4 

 
Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated
syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. 
 If the Benchmark Replacement as
determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and any Note. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment or method for calculating or determining such spread adjustment (which may be a positive or
negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or
then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated
syndicated credit facilities at such time in the United States. 
 “Benchmark Replacement Conforming Changes” means, with
respect to any Benchmark Replacement and/or the use or implementation of any Term SOFR Loan, any technical, administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Business
Day”, the definition of “Interest Period”, the definition of “U.S. Government Securities Business Day”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula,
methodology or convention for applying the successor floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and
implementation of the applicable Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is
reasonably necessary in connection with the administration of this Agreement). 
 “Benchmark Replacement Date” means, with
respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: 

(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”,
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or
indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or 

(2)    in the case of clause (3) of the definition of “Benchmark Transition Event”, the
first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such 

  
 5 

 
Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined by reference to
the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events
with respect to such then-current Benchmark: 
 (1)    a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2)    a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such
component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(3)    a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time
that a Benchmark Replacement Date pursuant to clause (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Note in accordance with
Section 2.08(b) and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Note in accordance with Section 2.08(b). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation. 

  
 6 

 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I
of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975
of the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Borrower” has the meaning
specified in the preamble. 
 “Borrower Agent” means agents of the Borrower acting in connection with, or benefitting
from, this Agreement or the proceeds of any Loan. 
 “Borrowing” means a borrowing consisting of simultaneous Loans of the
same Type and, in the case of Term SOFR Loans, as to which a single Interest Period is in effect, made by each of the Lenders to the Borrower pursuant to Section 2.01. 

“Business Day” means a day of the year on which banks are not required or authorized by law to remain closed in New York
City and, if the applicable Business Day relates to any Term SOFR Loans or Daily Simple SOFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any Term SOFR Loans or Daily Simple SOFR Loans, or any other
dealings of such Term SOFR Loan or Daily Simple SOFR Loan, which is a U.S. Government Securities Business Day. 
 “CME Term SOFR
Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator). 

“Commission” means the United States Securities and Exchange Commission. 

“Commitment” means, as to any Lender, (a) the Dollar amount set forth opposite such Lender’s name on Schedule I
hereto or (b) if such Lender becomes a party hereto pursuant to an Assignment and Assumption, the Dollar amount set forth in such Assignment and Assumption, in each case, as such amount may be reduced pursuant to Section 2.10(a) or
increased or reduced from time to time pursuant to assignments by or to such Lender pursuant to Section 9.07. The aggregate amount of the Commitments on the Effective Date is $2,000,000,000. 

“Commitment Outside Date” means March 11, 2023. 

“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by
or on behalf of the Borrower pursuant to this Agreement or the transactions contemplated therein that is distributed to any Agent or any Lender by means of electronic communications pursuant to Section 9.02, including through Electronic
Systems. 
 “Consolidated Tangible Assets” means the total assets appearing on the most recent available consolidated
balance sheet of the Borrower and its Subsidiaries, less goodwill and other intangible assets and the minority interests of other Persons in such Subsidiaries, all as determined in accordance with GAAP. 

“Continue”, “Continuation” and “Continued” each refers to a continuation of Term SOFR
Loans constituting the same Borrowing as Loans of the same Type for a new Interest Period pursuant to the definition of the term Interest Period and Section 2.06(c). 

  
 7 

 “Convert”, “Conversion” and “Converted”
each refers to a conversion of Loans of one Type into Loans of another Type pursuant to Section 2.06, 2.08 or 2.13, except that no Conversion may be made into Daily Simple SOFR Loans except in accordance with Section 2.08. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Daily Simple SOFR” means, for any day (a “SOFR Rate
Day”), a rate per annum equal to SOFR for the day (such day, a “SOFR Determination Day”) that is five (5) U.S. Government Securities Business Days prior to (a) if such SOFR Rate Day is a U.S. Government Securities
Business Day, such SOFR Rate Day or (b) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the
SOFR Administrator on the SOFR Administrator’s Website. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR
Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect
of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of
calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to
the Borrower. 
 “Daily Simple SOFR Loan” means a Loan that bears
interest as provided in Section 2.04(a)(iii). 
 “Debt” means (a) indebtedness for borrowed money or for the
deferred purchase price of property or services, whether or not evidenced by bonds, debentures, notes or similar instruments, (b) obligations as lessee under leases that, in accordance with GAAP, are recorded as capital leases, and
(c) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of any
other Person of the kinds referred to in clause (a) or (b) above. 
 “Default” means any event specified in
Section 6.01 that would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

“Defaulting Lender” means any Lender that has (a) failed, within two Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans or (ii) pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to the funding (specifically identified in such writing, including by reference to
a particular Default, if any) has not been satisfied, (b) notified the Borrower or the Administrative Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding
obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified in such writing, including by
reference to a particular Default, if any) to funding a Loan cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) failed, within three Business Days after written request by the Administrative
Agent, acting in good faith, to provide certification in written form of an authorized officer of such Lender that it will comply with the terms of this Agreement relating to its 

  
 8 

 
obligations (and is financially able to meet such obligations as of the date of such certification) to fund prospective Loans, provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon the Administrative Agent’s receipt of such certification in form and substance satisfactory to the Administrative Agent, or (d) become, or has a Lender Parent that has become, the subject of a
Bankruptcy Event or a Bail-In Action. 
 “Dollars” and the “$” sign each
means lawful currency of the United States of America. 
 “EEA Financial Institution” means (a) any credit
institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and
Norway. 
 “EEA Resolution Authority” means any public administrative authority or any Person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” has the meaning specified in Section 3.01. 

“Electronic Signature” means an electronic signature, sound, symbol or process attached to, or associated with, a contract
or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Electronic
System” means any electronic system, including email, e-fax, Intralinks®, ClearPar®,
Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Agents or any of their respective Affiliates or any other Person, providing for access to data protected by
passcodes or other security system. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender and
(c) any other Person, other than, in each case, (i) the Borrower or its Subsidiaries, (ii) a Defaulting Lender or (iii) a natural person (or a holding company, investment vehicle, investment vehicle or trust for, or owned and
operated by or for the primary benefit of, a natural person). 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means
any Person that for purposes of Title IV of ERISA is a member of the Borrower’s controlled group, or under common control with the Borrower, within the meaning of Section 414 of the Internal Revenue Code. 

“ERISA Event” means (a) (i) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043 of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation (or any successor) (“PBGC”), or (ii) the
requirements of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2) of such section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event
described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is 

  
 9 

 
reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the
administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of
operations at a facility of the Borrower or any of its ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (e) the conditions set forth in Section 303(k)(1)(A) and (B) of ERISA to the creation of a lien
upon property or rights to property of the Borrower or any of its ERISA Affiliates for failure to make a required payment to a Plan are satisfied; (f) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer
Plan or occurrence of an event described in Section 4041A(a) of ERISA that results in the termination of a Multiemployer Plan; or (g) the termination of a Plan by the PBGC pursuant to Section 4042 of ERISA, or the occurrence of any
event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Plan. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning specified in Section 6.01. 

“Existing Maturity Date” has the meaning specified in Section 2.10(b). 

“Extending Lender” has the meaning specified in Section 2.10(b). 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code as enacted as of the date hereof or any amended or
successor version that is substantively comparable and not materially more onerous to comply with, and, in each case, current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code, and any intergovernmental agreement between the United States and another jurisdiction implementing the foregoing (or any law, regulation or other official administrative interpretation or rules
or practices implementing such or adopted pursuant to an intergovernmental agreement). 
 “FCPA” means the United States
Foreign Corrupt Practices Act of 1977. 
 “Federal Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy”. 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on
such day’s federal funds transactions by depository institutions, as determined in such manner as shall be set forth on the NYFRB Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal
funds rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America.

 “Fee Letter” means the Engagement and Fee Letter, dated the date hereof, between the Borrower and the Administrative
Agent. 
 “Floor” means a rate of interest equal to 0.00%. 

  
 10 

 “Funding Date” means, with respect to any Loan or any Borrowing, the date
on which such Loan, or the Loans comprising such Borrowing, is or are made pursuant to Section 2.01. 
 “GAAP” has
the meaning specified in Section 1.03. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Home Jurisdiction U.S. Withholding Taxes” means withholding for United States federal income taxes and United States
federal back-up withholding taxes. 
 “Initial Lender” means each Person that is a
party hereto on the date hereof and that is set forth on Schedule I hereto. 
 “Interest Period” means, for each Term SOFR
Loan comprising part of the same Borrowing, the period commencing on the date of such Term SOFR Loan, the date of Continuation of such Term SOFR Loan or the date of Conversion of any Loan of another Type into such Term SOFR Loan and ending on the
last day of the period selected by the Borrower pursuant to the provisions hereof. The duration of each such Interest Period shall be one, three or six months, as the Borrower may select, in each case, upon notice received by the Administrative
Agent not later than 11:00 a.m. (New York City time) on the third Business Day prior to the first day of such Interest Period; provided, however, that: 

(a) the Borrower may not select any Interest Period for any Loan that ends after the Maturity Date applicable to such Loan;

 (b) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of
such Interest Period shall be extended to occur on the next succeeding Business Day, provided that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest
Period shall occur on the immediately preceding Business Day; and 
 (c) whenever the first day of any Interest Period occurs
on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest
Period shall end on the last Business Day of such succeeding calendar month. 
 “Internal Revenue Code” means the Internal
Revenue Code of 1986, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
 “Joint
Lead Arrangers” means Mizuho Bank, Ltd., in its capacities as a joint lead arranger and sole bookrunner for the credit facility provided for herein, and TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bank National Association,
each in its capacity as a joint lead arranger for the credit facility provided for herein. 
 “Lender Parent” means, with
respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary. 

  
 11 

 “Lender-Related Person” means the Administrative Agent, the Joint Lead
Arrangers, any other Person listed on the cover page hereof as a syndication agent or a documentation agent, each Lender, each of their respective Affiliates and the respective officers, directors, employees, agents and advisors of any of the
foregoing. 
 “Lenders” means the Initial Lenders and any other Person that shall have become a party hereto pursuant to
an Assignment and Assumption, other than any Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption. 

“Lien” has the meaning specified in Section 5.02(a). 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Major Subsidiary” means any Subsidiary of the Borrower (a) more than 50% of the voting securities of which is owned
directly or indirectly by the Borrower, (b) which is organized and existing under, or has its principal place of business in, the United States or any political subdivision thereof, Canada or any political subdivision thereof, any country which
is a member of the European Union on the date hereof or any political subdivision thereof, the United Kingdom or any political subdivision thereof, or Switzerland, Norway or Australia or any of their respective political subdivisions, and
(c) which has at any time total assets (after intercompany eliminations) exceeding $1,000,000,000. 
 “Margin Stock”
means margin stock, as defined in Regulation U. 
 “Maturity Date” means, with respect to any Loan, the date that is 18
months from the Funding Date with respect to such Loan, subject to the extension thereof pursuant to Section 2.10(b); provided that, in each case, if such date is not a Business Day, the Maturity Date with respect to such Loan shall be
the next preceding Business Day. 
 “Minimum Shareholders’ Equity” means Total Shareholders’ Equity of not less
than $25,000,000,000. 
 “MNPI” means material information concerning the Borrower or any of its Subsidiaries or any of
its or their respective securities that has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD under the Securities and Exchange Act of 1933, as amended, and the Securities and Exchange
Act of 1934, as amended. For purposes of this definition, “material information” means information concerning the Borrower, its Subsidiaries or any of its or their respective securities that could reasonably be expected to be material for
purposes of the United States federal and state securities laws. 
 “Moody’s” means Moody’s Investors Service,
Inc. and any successor thereto. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3)
of ERISA, to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions, such plan being maintained
pursuant to one or more collective bargaining agreements. 
 “Multiple Employer Plan” means a single employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any ERISA Affiliate and at least one Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of
which the Borrower or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 

  
 12 

 “Non-Extending Lender” has the
meaning specified in Section 2.10(b). 
 “Non-U.S. Lender” means any Lender
that is not a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code. 

“Note” means a promissory note of the Borrower payable to any Lender (or its registered assigns), delivered pursuant to a
request made under Section 2.17 in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Loans made by such Lender to the Borrower. 

“Notice of Borrowing” has the meaning specified in Section 2.02(a). 

“NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such date (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the
NYFRB Rate shall be the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided further
that if the NYFRB Rate, determined as set forth above, shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

“NYFRB Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“Obligations” means all obligations of the Borrower now or hereafter existing under this Agreement or the Notes. 

“Other Taxes” has the meaning specified in Section 2.15(b). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight
Eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB Website from time to time, and published on the next
succeeding Business Day by the NYFRB as an overnight bank funding rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

“Participant Register” has the meaning specified in Section 9.07(e). 

“Patriot Act” has the meaning specified in Section 9.17. 

“Payment” has the meaning specified in Section 7.04(b)(i). 

“Payment Notice” has the meaning specified in Section 7.04(b)(ii). 

“PBGC” has the meaning assigned to such term in the definition of “ERISA Event”. 

“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company or other entity, or a Governmental Authority. 

  
 13 

 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the
United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank
prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent in its reasonable discretion, in consultation with the Borrower) or any similar release by the Federal
Reserve Board (as determined by the Administrative Agent in its reasonable discretion, in consultation with the Borrower). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 “Register” has the meaning specified in Section 9.07(d). 

“Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time. 

“Relevant Governmental Body” means the Federal Reserve Board, the NYFRB or a committee officially endorsed or convened by
the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 
 “Relevant Rate” means (a) with
respect to any Term SOFR Loan, the Adjusted Term SOFR and (b) with respect to any Daily Simple SOFR Loan, the Adjusted Daily Simple SOFR. 

“Required Lenders” means, at any time, Lenders having Loans and Commitments representing in the aggregate more than 50% of
the sum of the Loans and Commitments of all Lenders at such time; provided that the Loans and Commitments of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Sanctioned Country” means a country, region or territory which is itself the subject or target of any
Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by (i) Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (ii) the United Nations Security Council, the European Union or Her Majesty’s Treasury of
the United Kingdom or (b) any Person owned or controlled by any such Person or Persons described in the foregoing clause (a). 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “Series” has the meaning specified in Section 2.10(b). 

  
 14 

 “Single Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or
any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

“SOFR” means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator. 

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s Website” means the NYFRB Website or any successor source for the secured overnight financing rate
identified as such by the SOFR Administrator from time to time. 
 “SOFR Rate Day” has the meaning specified in the
definition of “Daily Simple SOFR”. 
 “Standard & Poor’s” means S&P Global
Ratings, a division of S&P Global Inc., and any successor thereto. 
 “Subsidiary” of any Person means any Person of
which (or in which) more than 50% of the outstanding capital stock (or similar equity interests) having voting power to elect a majority of the Board of Directors (or similar governing body) of such Person (irrespective of whether at the time
capital stock (or similar equity interests) of any other class or classes of such Person shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person, by such
Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Taxes”
has the meaning specified in Section 2.15(a). 
 “Term SOFR” means: 

(a)    for any calculation with respect to a Term SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the
applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by
the CME Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the CME Term SOFR
Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three
(3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and 
 (b)    for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities
Business Days prior to such day, as such rate is published by the CME Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate
for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with 

  
 15 

 
respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three
(3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day. 
 “Term SOFR Loan”
means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. 

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 

“Ticking Fee” has the meaning specified in Section 2.09(a). 

“Total Shareholders’ Equity” means total shareholders’ equity, as reflected on the consolidated balance sheet of
the Borrower and its Subsidiaries prepared in accordance with GAAP, excluding (a) accumulated other comprehensive income or losses, (b) the cumulative effects of any changes in accounting principles, including in connection with any
adoption of “mark-to-market” accounting in respect of pension and other retirement plans of the Borrower and its Subsidiaries, and (c) if “mark-to-market” accounting in respect of such pension and other retirement plans is so adopted, any income or losses recognized in connection with the ongoing
application thereof. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on
such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Base Rate, the Adjusted Term SOFR or, if applicable pursuant to Section 2.08, the Adjusted Daily Simple SOFR. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 
 “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday
or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. 

“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any
other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 

  
 16 

 SECTION 1.02. Computation of Time Periods; Terms Generally. In this Agreement in the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply),
and all judgments, orders, writs and decrees, of all Governmental Authorities. Except as otherwise provided herein and unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document
(including this Agreement and the Notes) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable
successor laws), and all references to any statute shall be construed as referring to all rules, regulations, rulings and official interpretations promulgated or issued thereunder, (c) any reference herein to any Person shall be construed to
include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions
thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (e) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. 

SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with accounting
principles generally accepted in the United States of America (subject to the exceptions set forth in this Section 1.03, “GAAP”), except that if there has been a material change in an accounting principle affecting the
definition of an accounting term as compared to that applied in the preparation of the financial statements of the Borrower as of and for the year ended December 31, 2021, then such new accounting principle shall not be used in the
determination of the amount associated with that accounting term. A material change in an accounting principle is one that, in the year of its adoption, changes the amount associated with the relevant accounting term for any quarter in such year by
more than 10%. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to
(a) any election under Accounting Standards Codification 825 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations) to value any Debt of the Borrower or
any of its Subsidiaries at “fair value”, as defined therein, (b) (i) any treatment of Debt in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations) to value any such Debt in a reduced or bifurcated manner as described therein, or (ii) any valuation of Debt
below its full stated principal amount as a result of application of Financial Accounting Standards Board Accounting Standards Update No. 2015-03, it being agreed that Debt shall at all times be valued at
the full stated principal amount thereof and (c) any change in accounting for leases resulting from the implementation of 

  
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Financial Accounting Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent that such change would require the recognition of right-of-use assets and lease liabilities for any lease (or similar arrangement conveying the right to use) that would not be classified as a capital lease under GAAP as in
effect on December 31, 2016. 
 SECTION 1.04. Interest Rates; Benchmark Notification. The Administrative Agent does not warrant
or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily
Simple SOFR or any Benchmark or with respect to any alternative, successor or replacement rate thereof (including any Benchmark Replacement), or any calculation, component definition thereof or rate referenced in the definition thereof, including,
without limitation, (i) any such alternative, successor or replacement rate (including any Benchmark Replacement) implemented pursuant to Section 2.08, upon the occurrence of a Benchmark Transition Event, and (ii) the effect,
implementation or composition of any Benchmark Replacement Conforming Changes pursuant to Section 2.08(b)(ii), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference
rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark
or have the same volume or liquidity as did Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark prior to its discontinuance or unavailability. In addition, the
discontinuation of Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the
reference rate referenced in this Agreement and your other financial instruments, including potentially those that are intended as hedges. The Administrative Agent and its Affiliates and/or other related Persons may engage in transactions that
affect the calculation of Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or any alternative, successor or replacement rate (including any Benchmark Replacement)
and/or any relevant adjustments thereto, in each case, with all determinations of such Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or such alternative, successor
or replacement rate by the Administrative Agent to be conclusive, absent manifest error. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, Term SOFR Reference Rate, Adjusted Term
SOFR, Term SOFR, Daily Simple SOFR, Adjusted Daily Simple SOFR or any Benchmark or any such alternative, successor or replacement rate, in each case pursuant to the terms of this Agreement (as amended, amended and restated, supplemented or otherwise
modified from time to time), and shall have no liability to the Borrower, any Lender or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

SECTION 1.05. Divisions. For all purposes under this Agreement, in connection with any division or plan of division under
Delaware law (or any comparable event under the laws of another jurisdiction): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have
been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its
capital stock (or similar equity interests) at such time. 

  
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 ARTICLE II 

Amounts and Terms of the Loans 

SECTION 2.01. Loans. 

(a) Obligation to Make Loans. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Loans to the
Borrower in Dollars from time to time on any Business Day during the Availability Period in a principal amount at the time each Loan is made not exceeding such Lender’s Commitment immediately prior to such time; provided that all Loans
made pursuant this Section 2.01 shall be made on no more than four Funding Dates. Amounts repaid or prepaid in respect of Loans may not be reborrowed. 

(b) Amount of Borrowings. Each Borrowing shall be in an aggregate amount of no less than $50,000,000 or an integral multiple of
$1,000,000 in excess thereof. 
 (c) Type of Loans. Each Loan shall be made on a Funding Date as part of a Borrowing comprised of
Loans of the same Type made on the same day by the Lenders ratably according to their respective Commitments. 
 SECTION 2.02. Making
the Loans. 
 (a) Notice of Borrowing. Each Borrowing shall be made on notice, given not later than (x) 11:00 a.m. (New York City
time) on the third U.S. Government Securities Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Term SOFR Loans, or (y) 9:00 a.m. (New York City time) on the Business Day of the proposed Borrowing
in the case of a Borrowing consisting of Base Rate Loans, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be in
writing, delivered by email, signed by a duly authorized officer of the Borrower and in substantially the form of Exhibit B hereto, specifying therein in compliance with Section 2.01: 

(i) the date of such Borrowing; 

(ii) the Type of Loans comprising such Borrowing; 

(iii) the aggregate amount of such Borrowing; 

(iv) in the case of a Borrowing consisting of Term SOFR Loans, the initial Interest Period for each such Loan; and 

(v) the location and number of the Borrower’s account to which funds are to be disbursed. 

Notwithstanding anything herein to the contrary, (i) the Borrower may not select Term SOFR Loans for any Borrowing if the obligation of
the Lenders to make Term SOFR Loans shall then be suspended pursuant to Section 2.06(b), 2.08 or 2.13, and (ii) in no event shall the Borrower be permitted to request a Daily Simple SOFR Loan (it being understood and agreed that Adjusted
Daily Simple SOFR shall only apply to the extent provided in Section 2.08(a) and Section 2.08(b)(v)). 
 (b) Funding
Loans. Each Lender shall, before 11:00 a.m. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent Account, in same day funds,
such Lender’s ratable 

  
 19 

 
portion (based on the Lenders’ respective Commitments) of such Borrowing. Promptly after receipt of such funds by the Administrative Agent, the Administrative Agent will make such funds
available in like funds to the Borrower by remitting such funds to the account specified in the applicable Notice of Borrowing. 
 (c)
Irrevocable Notice. Each Notice of Borrowing by the Borrower shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Term SOFR Loans, the Borrower
shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including,
without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Loan to be made by such Lender as part of such
Borrowing when such Loan, as a result of such failure, is not made on such date. 
 (d) Lender’s Ratable Portion. Unless the
Administrative Agent shall have received notice from a Lender prior to the day of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion (based on the Lenders’ respective
Commitments) of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Administrative Agent may,
in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the
Borrower severally agree to repay to the Administrative Agent, forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is
repaid to the Administrative Agent, at: 
 (i) in the case of the Borrower, the higher of (A) the interest rate
applicable at the time to Loans comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount, and 

(ii) in the case of such Lender, the higher of (A) the NYFRB Rate and (B) a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation. 
 If such Lender shall repay to the Administrative Agent such corresponding
amount, such amount so repaid shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement. 
 (e)
Independent Lender Obligations. The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to fund its Loan on the date of such Borrowing, but
no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing. 

SECTION 2.03. Repayment of Loans. The Borrower shall repay to the Administrative Agent, for the account of each Lender, the unpaid
principal amount of each Loan then held by such Lender on the Maturity Date applicable to such Loan. 

  
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 SECTION 2.04. Interest on Loans. 

(a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Loan from the Funding Date applicable to
such Loan until such principal amount shall be paid in full, at the following rates per annum: 
 (i) Base Rate
Loans. During such periods as such Loan is a Base Rate Loan, a rate per annum equal at all times to the sum of (A) the Base Rate in effect from time to time plus (B) the Applicable Interest Rate Margin in effect from time
to time, payable in arrears quarterly on the last Business Day of each March, June, September and December, and on the date such Base Rate Loan shall be Converted or paid in full and on the Maturity Date applicable to such Loan. 

(ii) Term SOFR Loans. During such periods as such Loan is a Term SOFR Loan, a rate per annum equal at all times, during
each Interest Period for such Loan, to the sum of (A) the Adjusted Term SOFR for such Interest Period for such Loan plus (B) the Applicable Interest Rate Margin in effect from time to time, payable in arrears on the last day of such
Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period, and on the date such Term SOFR Loan shall be
Converted or Continued or paid in full and on the Maturity Date applicable to such Loan. 
 (iii) Daily Simple SOFR
Loans. If applicable pursuant to Section 2.08, during such periods as such Loan is a Daily Simple SOFR Loan, a rate per annum equal at all times to the sum of (A) the Adjusted Daily Simple SOFR in effect from time to time plus
(B) the Applicable Interest Rate Margin in effect from time to time, payable in arrears on each date that is on the numerically corresponding day in each calendar month that is one month after the borrowing of, or Conversion to, such Daily
Simple SOFR Loan (or, if there is no such corresponding day in such month, then the last day of such month), and on the date such Daily Simple SOFR Loan shall be paid in full and on the Maturity Date applicable to such Loan. 

(b) Default Interest. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, payable in arrears on the dates referred to in Section 2.04(a)(i), Section 2.04(a)(ii) or
Section 2.04(a)(iii), as applicable, or, if earlier, on demand, at a rate per annum equal at all times to (i) in the case of overdue principal of any Loan, 1% per annum above the rate per annum otherwise required to be paid on such Loan as
provided in Section 2.04(a) or (ii) in the case of any other amount, 1% per annum plus the rate applicable to Base Rate Loans as provided in Section 2.04(a)(i). 

SECTION 2.05. [Reserved]. 

SECTION 2.06. Conversion and Continuation of Loans. 

(a) Conversion upon Absence of Interest Period. If the Borrower shall fail to select the duration of any Interest Period for any Term
SOFR Loan in accordance with the provisions contained in the definition of the term “Interest Period” or to give notice of a Conversion or Continuation under Section 2.06(c), the Administrative Agent will forthwith so notify the
Borrower and the Lenders and such Loan will automatically, on the last day of the then existing Interest Period therefor, Convert to a Base Rate Loan. 

(b) Conversion upon Event of Default. Upon the occurrence and during the continuance of any Event of Default under
Section 6.01(a), the Administrative Agent or the Required Lenders may elect that (i) unless repaid, each Term SOFR Loan be, on the last day of the then existing Interest Period therefor, Converted into a Base Rate Loan and (ii) the
obligation of the Lenders to make, Convert to or Continue Loans as Term SOFR Loans be suspended. 

  
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 (c) Voluntary Conversion and Continuation. Subject to the provisions of Sections
2.06(b), 2.08 and 2.13, the Borrower may (i) Convert, on any Business Day, all of the Loans of one Type constituting the same Borrowing into Loans of another Type or (ii) Continue, on any Business Day, any of the Term SOFR Loans as Loans
constituting the same Borrowing of the same Type for a new Interest Period, in each case, upon notice given by the Borrower to the Administrative Agent by the time that a Notice of Borrowing would be required under Section 2.02 if the Borrower
were requesting a Borrowing of the Type resulting from such Conversion or Continuation to be made on the effective date of such Conversion or Continuation; provided, however, that a Conversion of a Term SOFR Loan into a Base Rate Loan,
or a Continuation of any Term SOFR Loan as a Loan of the same Type for a new Interest Period, in each case, may be made on, and only on, the last day of an Interest Period for such Term SOFR Loan. Each such notice of a Conversion or Continuation
shall be in writing, signed by a duly authorized officer of the Borrower and shall, within the restrictions specified above, specify: 

(i) the date of such Conversion or Continuation; 

(ii) the Loans to be Converted or Continued; and 

(iii) if such Conversion is into, or such Continuation is as, Term SOFR Loans, the duration of the Interest Period for each
such Loan. 
 SECTION 2.07. [Reserved]. 

SECTION 2.08. Alternate Rate of Interest. (a) Subject to Section 2.08(b), if: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the
commencement of any Interest Period for a Term SOFR Loan, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR or Term SOFR (including because the Term SOFR Reference Rate is not available or published on a current
basis) for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the Adjusted Daily Simple SOFR or Daily Simple SOFR; or 

(ii) the Administrative Agent is advised by the Required Lenders in writing (A) prior to the commencement of any Interest
Period for Term SOFR Loans, that the Adjusted Term SOFR for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans for such Interest Period or (B) at any time, that the Adjusted
Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Daily Simple SOFR Loans; 
 then the
Administrative Agent shall give notice thereof (which may be by telephone) to the Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist with respect to the relevant Benchmark, (A) any request to Convert any Base Rate Loan into an affected Term SOFR Loan, or to Continue any affected Term SOFR Loan, and any Notice of Borrowing for an affected
Term SOFR Loan, shall be deemed to be a request for a borrowing of, or a Conversion to, as applicable, (x) a Daily Simple SOFR Loan so long as the Adjusted Daily Simple SOFR is not also the subject of clause (i) or (ii) above or (y) a
Base Rate Loan if the Adjusted Daily Simple SOFR is also the subject of clause (i) or (ii) above, and (B) if any affected Term SOFR Loan is outstanding on the day of the Borrower’s receipt of such notice from the Administrative Agent
with respect to a Relevant Rate applicable to such Loan, then, unless repaid, such affected Term SOFR Loan shall at the end of the then existing Interest Period therefor Convert to, and shall constitute, (1) a Daily Simple SOFR Loan so long as
the Adjusted Daily Simple SOFR is not also the subject to clause (i) or (ii) above or (2) a Base Rate Loan if the Adjusted Daily Simple SOFR is also the subject of clause (i) or (ii) above. 

  
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 (b) (i) Notwithstanding anything to the contrary herein or in any Note, if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of
“Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Note in respect of such Benchmark setting and subsequent Benchmark settings
without any amendment to, or further action or consent of any other party to, this Agreement or the applicable Note and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Note in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth
Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or the applicable Note so long as the Administrative Agent has
not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

(ii) Notwithstanding anything to the contrary herein or in any Note, the Administrative Agent will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any Note, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement or any Note. 
 (iii) The Administrative Agent will promptly notify
the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or
reinstatement of any tenor of a Benchmark pursuant to clause (b)(iv) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or,
if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this Section 2.08, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party to this Agreement or any Note, except, in each case, as expressly required pursuant to this Section 2.08. 

(iv) Notwithstanding anything to the contrary herein or in any Note, at any time (including in connection with the
implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR) and either (x) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (y) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any
tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (x) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of
“Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

  
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 (v) Upon the Borrower’s receipt of notice of the commencement of a
Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of, Conversion to or Continuation of any Term SOFR Loan to be made, Converted or Continued during any Benchmark Unavailability Period and, failing that, the
Borrower will be deemed to have converted any request for a borrowing of, Conversion to or Continuation of any Term SOFR Loan into a request for a borrowing of or Conversion to, as applicable, (x) a Daily Simple SOFR Loan so long as the
Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) a Base Rate Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. Furthermore, if any Term SOFR Loan is outstanding on the
date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to the Relevant Rate applicable to such Term SOFR Loan, then until such time as a Benchmark Replacement for the Benchmark applicable
to such Term SOFR Loan is implemented pursuant to this Section 2.08(b), such Term SOFR Loan shall on the last day of the Interest Period applicable thereto Convert to, and shall constitute, (x) a Daily Simple SOFR Loan so long as the
Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) a Base Rate Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. 

SECTION 2.09. Fees. 

(a) Ticking Fee. The Borrower agrees to pay to the Administrative Agent, in Dollars, for the account of each Lender, a ticking fee (the
“Ticking Fee”), which shall accrue at the Applicable Ticking Fee Rate, on the aggregate daily amount of the Commitment of such Lender from and including the date that is 90 days after the Effective Date to but excluding the date of
the termination of the Commitment of such Lender. Accrued Ticking Fees shall be payable in arrears on the last Business Day of each March, June, September and December of each year, commencing on the first such date to occur after the 90th day after
the Effective Date and ending on the earlier of the Commitment Outside Date and the date of termination of all the Commitments. All Ticking Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). 
 (b) Other Fees. The Borrower shall pay to the Administrative Agent
for its own account or for the accounts of the Lenders, as applicable, such fees, and at such times, as shall have been separately agreed between the Borrower and the Administrative Agent or the Joint Lead Arrangers. 

SECTION 2.10. Termination or Reduction of Commitments; Extension of Maturity Date. 

(a) Termination or Reduction of Commitments. The Borrower shall have the right, upon at least three Business Days’ notice to the
Administrative Agent, to terminate in whole or reduce ratably in part the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of no less than $50,000,000 or the remaining balance if
less than $50,000,000. Unless previously terminated, the Commitments shall automatically terminate on the Commitment Outside Date. The Commitment of each Lender shall be reduced automatically and without further action upon the making by such Lender
of any Loan by an amount equal to the principal amount of such Loan. 
 (b) Extension of Maturity Date. (i) The Borrower may, by
written notice to the Administrative Agent delivered at least 30 days but not more than 60 days prior to the Maturity Date then in effect with respect to Loans borrowed on the same Funding Date (such Loans being referred to as a
“Series” of Loans; and such Maturity Date, the “Existing Maturity Date” with respect to such Series of 

  
 24 

 
Loans), request that each Lender holding such Series of Loans consent to an extension of the Maturity Date applicable to such Loans for an additional
six-month period; provided that not more than one such extension may be requested with respect to any Series of Loans. 

(ii) The Administrative Agent shall promptly notify each Lender holding Loans of the applicable Series of such request, and
each such Lender shall, in its sole discretion, notify the Borrower and the Administrative Agent in writing no later than 20 days prior to the applicable Existing Maturity Date whether such Lender will consent to the requested extension (each such
Lender consenting to the requested extension, an “Extending Lender”). The failure of any Lender to notify the Administrative Agent of its intent to consent to any requested extension shall be deemed a rejection by such Lender of
such request (each Lender rejecting or deemed to have rejected the requested extension, a “Non-Extending Lender”). 

(iii) The Maturity Date applicable to the Extending Lenders with respect to their Loans of the applicable Series shall,
effective as of the applicable Existing Maturity Date (or such earlier date as shall have been agreed to by the Borrower and such Extending Lenders), be extended for an additional six-month period;
provided that no extension of any Maturity Date pursuant to this Section 2.10(b) shall become effective unless, on the date of the effectiveness thereof, (i) the representations and warranties contained in Section 4.01 shall be
true and correct in all material respects (in the case of any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” or by similar language, in all respects) on and as of such date of
effectiveness, as though made on and as of such date, (ii) no Default or Event of Default shall have occurred and be continuing as of such date of effectiveness and (iii) the Administrative Agent shall have received a certificate dated
such date of effectiveness and executed by the Borrower to the effect that the conditions set forth in clauses (i) and (ii) above have been satisfied. It is understood and agreed that (A) subject to any assignment thereof in
accordance with Section 9.07(h) to an Eligible Assignee that is, or upon such assignment becomes, an Extending Lender, the unpaid principal amount of the Loans of the applicable Series held by
Non-Extending Lenders shall be due and payable in full, in accordance with Section 2.03, on the applicable Existing Maturity Date. 

(iv) In connection with any extension of the Maturity Date applicable to any Loan pursuant to this Section 2.10(b), the
Administrative Agent and the Borrower may, without the consent of any Lender, effect such amendments to this Agreement as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to give effect to the provisions of
this Section 2.10(b). 
 SECTION 2.11. Optional Prepayments of Loans. The Borrower may optionally prepay any Loans (a) in
the case of any Term SOFR Loan, upon notice given to the Administrative Agent not later than 11:00 a.m. (New York City time) at least three U.S. Government Securities Business Days prior to the date of the proposed prepayment, (b) if applicable
pursuant to Section 2.08, in the case of any Daily Simple SOFR Loan, upon notice given to the Administrative Agent not later than 11:00 a.m. (New York City time) five U.S. Government Securities Business Days prior to the date of the proposed
prepayment or (c) in the case of any Base Rate Loan, upon notice given to the Administrative Agent not later than 9:00 a.m. (New York City time) on the date of the proposed prepayment, in each case stating the Borrowing to be prepaid and the
proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall prepay the outstanding principal amount of the Loans comprising part of the same Borrowing, in whole or ratably in part, together with
accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal amount of no less than $50,000,000 or the remaining balance if
less than $50,000,000 and (ii) in the event of any such prepayment of a Term SOFR Loan, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 9.04(b). 

  
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 SECTION 2.12. Increased Costs. 

(a) Costs from Change in Law or Authorities. If, due to either (i) the introduction or taking effect after the date hereof of any
law or regulation, or any change after the date hereof in, or in the interpretation, application or administration of, any law or regulation or (ii) the compliance with any guideline, rule, directive or request promulgated after the date hereof
from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining Loans (excluding for purposes of this
Section 2.12 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.15 shall govern), (ii) taxes referred to in Section 2.15(a)(i), 2.15(a)(ii), 2.15(a)(iii), 2.15(a)(iv), 2.15(a)(v) or
2.15(a)(vi) or (iii) any other taxes (other than taxes imposed on a Lender’s loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto)), then the Borrower shall
within 20 Business Days after its receipt of demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for
such increased cost; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable
Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate as to the
amount of such increased cost submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding upon all parties hereto for all purposes, absent manifest error. 

(b) Reduction in Lender’s Rate of Return. In the event that, after the date hereof, the implementation or taking effect of or any
change in any law or regulation, or any guideline, rule, directive or request (whether or not having the force of law) or the interpretation, application or administration thereof by any Governmental Authority charged with the administration
thereof, imposes, modifies or deems applicable any capital adequacy, liquidity or similar requirement (including, without limitation, a request or requirement which affects the manner in which any Lender or its parent company allocates capital
resources to its Commitments and its other obligations hereunder) and as a result thereof, in the sole opinion of such Lender, the rate of return on such Lender’s or its parent company’s capital as a consequence of its obligations
hereunder is reduced to a level below that which such Lender could have achieved but for such circumstances (taking into consideration such Lender’s policies and the policies of such Lender’s parent company with respect to capital
adequacy, liquidity or similar requirements), then in each such case, upon demand from time to time the Borrower shall pay to such Lender, within 20 Business Days after receipt by the Borrower of demand by such Lender (with a copy of such demand to
the Administrative Agent), such additional amount or amounts as shall compensate such Lender for such reduction in rate of return. A certificate of such Lender as to any such additional amount or amounts shall be conclusive and binding for all
purposes, absent manifest error. Except as provided below, in determining any such amount or amounts each Lender may use any reasonable averaging and attribution methods. Notwithstanding the foregoing, each Lender shall take all reasonable actions
to avoid the imposition of, or reduce the amounts of, such increased costs; provided that such actions, in the reasonable judgment of such Lender, will not be otherwise disadvantageous to such Lender and, to the extent possible, each Lender
will calculate such increased costs based upon the capital requirements for its Loan and Commitment hereunder and not upon the average or general capital requirements imposed upon such Lender. 

(c) Dodd-Frank Wall Street Reform and Consumer Protection Act; Basel III. Notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case be deemed to be a
change in law or regulation after the date hereof regardless of the date enacted, adopted or issued. 

  
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 (d) Requests for Compensation. Failure or delay on the part of any Lender to demand
compensation pursuant to this Section 2.12 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.12
for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the circumstances giving rise to such increased costs or reductions and of such Lender’s intention to claim
compensation therefor; provided further that, if the circumstances giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
 SECTION 2.13. Illegality. Notwithstanding any other provision of this
Agreement, if any Lender shall notify the Administrative Agent that the introduction of or any change in, or in the interpretation of, any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is
unlawful, for any Lender or its Applicable Lending Office to perform its obligations hereunder to make Loans (other than, subject to clause (c) of this paragraph, Base Rate Loans) or to fund or maintain any such Loans, (a) each such Loan
of such Lender will automatically, upon such demand, be Converted into a Base Rate Loan, (b) the obligation of the Lenders to make such Loans or to Convert Base Rate Loans into such Loans shall be suspended and (c) if such notice asserts
the illegality of such Lender making or maintaining Base Rate Loans, the interest rate on which is determined by reference to the Adjusted Term SOFR component of the Base Rate, the interest rate on such Base Rate Loans shall, if necessary to avoid
such illegality, be determined by the Administrative Agent without reference to the Adjusted Term SOFR component of the Base Rate, in each case, until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing
such suspension no longer exist, in each case, subject to Section 9.04(b) hereof; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal
and regulatory restrictions) to designate a different Applicable Lending Office if the making of such a designation would allow such Lender or its Applicable Lending Office to continue to perform its obligations to make Loans or to continue to fund
or maintain such Loans, as the case may be, and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. 

SECTION 2.14. Payments and Computations. 

(a) Time and Distribution of Payments. The Borrower shall make each payment hereunder, without
set-off or counterclaim, not later than 11:00 a.m. (New York City time) on the day when due to the Administrative Agent at the Administrative Agent Account in same day funds, except that payments pursuant to
Sections 2.12, 2.15 and 9.04 shall be made directly to the Persons entitled thereto. The Administrative Agent will distribute, in like funds, any such payments received by it for the account of any other Person to the appropriate recipient promptly
following receipt thereof. From and after the effective date of an Assignment and Assumption pursuant to Section 9.07, the Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the Lender assignee
thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. All payments hereunder of principal or interest in respect of
any Loan shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps
to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

  
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 (b) Computation of Interest and Fees. All computations of interest based on the Base
Rate at times when the Base Rate is based on the Prime Rate shall be made by the Administrative Agent on the basis of a year of 365 days (or 366 days in a leap year). All other computations of interest and of Ticking Fees shall be made by the
Administrative Agent on the basis of a year of 360 days. Computations of interest or Ticking Fees shall in each case be made for the actual number of days (including the first day but excluding the last day) occurring in the period for which such
interest or Ticking Fees are payable. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(c) Payment Due Dates. Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or Ticking Fees, as the case may be; provided, however, that if such extension would cause
payment of interest on or principal of Term SOFR Loans to be made in the next following calendar month, such payment shall be made on the immediately preceding U.S. Government Securities Business Day. 

(d) Presumption of Borrower Payment. Unless the Administrative Agent receives notice from the Borrower prior to the date on which any
payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent
may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower has not made such payment in full to the Administrative Agent, each
Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such
amount to the Administrative Agent, at the higher of (i) the NYFRB Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

SECTION 2.15. Taxes. 

(a) Except as required by law, any and all payments by the Borrower hereunder or under any Note shall be made, in accordance with
Section 2.14, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, in each case, imposed by any Governmental Authority (including penalties, interest and
additions to taxes) with respect thereto, excluding, (i) in the case of any Lender and the Administrative Agent, taxes imposed on or measured by its net income, and franchise taxes and branch profits taxes imposed on it, in each case, as a
result of such Lender or the Administrative Agent (as the case may be) being organized under the laws of the taxing jurisdiction, (ii) in the case of any Lender, taxes imposed on or measured by its net income, and franchise taxes and branch
profits taxes imposed on it, in each case, as a result of such Lender having its Applicable Lending Office in the taxing jurisdiction, (iii) in the case of any Lender and the Administrative Agent, taxes imposed on or measured by its net income,
franchise taxes and branch profits taxes imposed on it, and any tax imposed by means of withholding, in each case, to the extent such tax is imposed solely as a result of a present or former connection (other than a connection arising from such
Lender or the Administrative Agent having executed, delivered, enforced, become a party to, performed its obligations, received payments, received or perfected a security interest under, and/or engaged in any other transaction pursuant to this
Agreement or a Note) between such Lender or the Administrative Agent, as the case may be, and the taxing jurisdiction, (iv) in the case of any Lender and the Administrative Agent, any U.S. federal withholding taxes imposed pursuant to FATCA,
(v) in the case of any Lender and the Administrative Agent, any Home Jurisdiction U.S. Withholding Tax to the extent that such tax is imposed with respect to any payments pursuant to any law in effect at the time such Lender or the
Administrative Agent becomes a party hereto (or, if later with respect to an applicable interest in a Loan, the date such applicable interest is acquired) or 

  
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changes its Applicable Lending Office, except (A) to the extent of the additional amounts in respect of such taxes under this Section 2.15 to which such Lender’s assignor (if any)
or such Lender’s prior Applicable Lending Office (if any) was entitled, immediately prior to such assignment or change in its Applicable Lending Office or (B) if such Lender becomes a party hereto pursuant to an Assignment and Assumption
upon the demand of the Borrower, and (vi) taxes attributable to a Lender’s or the Administrative Agent’s, as applicable, failure to comply with Sections 2.15(e) and 2.15(f) (all such taxes, levies, imposts, deductions, charges or
withholdings in respect of payments by the Borrower hereunder or under any Note, other than taxes referred to in this Section 2.15(a)(i), 2.15(a)(ii), 2.15(a)(iii), 2.15(a)(iv), 2.15(a)(v) or 2.15(a)(vi), are referred to herein as
“Taxes”). If any applicable withholding agent shall be required by law to deduct any Taxes or other taxes from or in respect of any sum payable hereunder or under any Note to any Lender or the Administrative Agent, (x) the sum
payable by the Borrower shall be increased as may be necessary so that after all required deductions for Taxes (including deductions for Taxes applicable to additional sums payable under this Section 2.15) have been made, such Lender (or the
Administrative Agent where the Administrative Agent receives payments for its own account) receives an amount equal to the sum it would have received had no such deductions for Taxes been made, (y) the applicable withholding agent shall make
such deductions and (z) the applicable withholding agent shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any present or future stamp, court or documentary taxes, intangible, recording, filing or similar
taxes (other than, for the avoidance of doubt, Taxes, or taxes referred to in Sections 2.15(a)(i) to 2.15(a)(vi)) that arise from any payment made hereunder or from the execution, delivery or registration of, performing under, or otherwise with
respect to, this Agreement or a Note other than any such taxes imposed by reason of an Assignment and Assumption (other than an Assignment and Assumption executed pursuant to Section 9.07(h)) (hereinafter referred to as “Other
Taxes”). 
 (c) The Borrower shall indemnify each Lender and the Administrative Agent for and hold it harmless against the full
amount of Taxes or Other Taxes (including, without limitation, Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.15) payable by such Lender or the Administrative Agent (as the case may be), and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted by the relevant Governmental Authority. This indemnification shall be made within 30 days from the date such
Lender or the Administrative Agent (as the case may be), makes written demand therefor. 
 (d) As soon as practicable after the date of any
payment of Taxes or Other Taxes, the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent. 
 (e) Each Lender, on or prior to the date of its execution and delivery of this
Agreement in the case of each Initial Lender and on the date of the Assignment and Assumption pursuant to which it becomes a Lender in the case of each other Lender, shall provide the Administrative Agent and the Borrower with any form or
certificate that is required by any U.S. federal taxing authority to certify such Lender’s entitlement to any applicable exemption from or reduction in, Home Jurisdiction U.S. Withholding Tax in respect of any payments hereunder or under any
Note (including, if applicable, two executed copies of Internal Revenue Service Forms W-9, W-8BEN,
W-8BEN-E or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service or to the extent a Non-U.S. Lender is not the beneficial owner (for example, where the Non-U.S. Lender is a partnership or participating Lender granting a participation in accordance with the
provisions of Section 9.07(e)), two executed copies of Internal Revenue Service Forms W-8IMY, accompanied by any applicable certification documents from each beneficial owner) and any other documentation
reasonably requested by the Borrower or the 

  
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Administrative Agent. Thereafter, each such Lender shall provide additional forms or certificates (i) to the extent a form or certificate previously provided has become inaccurate or invalid
or has otherwise ceased to be effective or (ii) as requested in writing by the Borrower or the Administrative Agent or, if such Lender no longer qualifies for the applicable exemption from or reduction in, Home Jurisdiction U.S. Withholding
Tax, promptly notify the Administrative Agent and the Borrower of its inability to do so. Unless the Borrower and the Administrative Agent have received forms or other documents from each Lender satisfactory to them indicating that payments
hereunder or under any Note are not subject to Home Jurisdiction U.S. Withholding Taxes or are subject to Home Jurisdiction U.S. Withholding Taxes at a rate reduced by an applicable tax treaty, the Borrower or the Administrative Agent shall withhold
such Home Jurisdiction U.S. Withholding Taxes from such payments at the applicable statutory rate as required by law in the case of payments to or for such Lender and the Borrower shall pay additional amounts to the extent required by paragraph
(a) of this Section 2.15 (subject to the exceptions contained in this Section 2.15). Without limiting the generality of the foregoing, and notwithstanding anything to the contrary, any Lender that is a “United States person”
within the meaning of Section 7701(a)(30) of the Internal Revenue Code shall provide the Administrative Agent, and any such Lender and the Administrative Agent shall provide to the Borrower, on or about the date on which such Person becomes a
party or a Lender under this Agreement (and from time to time thereafter upon reasonable request of the Borrower) executed copies of IRS Form W-9 certifying that such Lender or Administrative Agent, as the
case may be, is exempt from U.S. federal backup withholding tax. 
 (f) If a payment made to a Lender hereunder or under any Note would be
subject to U.S. federal withholding tax imposed pursuant to FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Internal Revenue Code, as
applicable), such Lender shall provide the Administrative Agent and the Borrower, at the time or times prescribed by law and as reasonably requested by the Administrative Agent or the Borrower, such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Administrative Agent or the Borrower as may be necessary for the Administrative Agent or the
Borrower to comply with their obligations under FATCA and to determine whether such Lender has complied with such Lender’s obligations under FATCA and the amount, if any, to deduct and withhold from such payment. Thereafter, each such Lender
shall provide additional documentation (i) to the extent documentation previously provided has become inaccurate or invalid or has otherwise ceased to be effective or (ii) as reasonably requested by the Administrative Agent or the
Borrower. Solely for purposes of this paragraph (f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g) [Reserved]. 
 (h) Any
Lender claiming any additional amounts payable pursuant to this Section 2.15 agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to select or change the jurisdiction of its Applicable
Lending Office if the making of such a selection or change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise materially
economically disadvantageous to such Lender. 
 (i) Each Lender hereby authorizes the Administrative Agent to deliver to the Borrower and
to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to paragraph (e) or (f) of this Section 2.15. 

(j) If any Lender or the Administrative Agent, as the case may be, obtains a refund of any Tax or Other Tax for which payment has been made
pursuant to this Section 2.15, or, in lieu of obtaining such refund, such Lender or the Administrative Agent applies the amount that would otherwise have been 

  
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refunded as a credit against payment of a liability in respect of taxes, which refund or credit in the good faith judgment of such Lender or the Administrative Agent, as the case may be, (and
without any obligation to disclose its tax records) is allocable to such payment made under this Section 2.15, the amount of such refund or credit (together with any interest received thereon and reduced by reasonable out-of-pocket costs incurred in obtaining such refund or credit and by any applicable taxes) promptly shall be paid to the Borrower to the extent payment has been made in full
by the Borrower pursuant to this Section 2.15. 
 SECTION 2.16. Sharing of Payments, Etc. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the principal of or interest on the Loans owing to it in excess of its ratable share of
payments on account of the principal of or interest on the Loans obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders (for cash at face value) such participations in the Loans made by them as shall be necessary to
cause such purchasing Lender to share the excess payment ratably with the Lenders in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided, however, that (a) if all or any
portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together
with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount so recovered and (b) the provisions of this Section 2.16 shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with
the express terms of this Agreement (for the avoidance of doubt, as in effect from time to time), including Sections 2.10(b), 2.13 and 9.07(h), or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans to any Person that is an Eligible Assignee (as such term is defined from time to time). The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.16 may, to the fullest
extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount
of such participation. 
 SECTION 2.17. Evidence of Debt. 

(a) Lender Records; Notes. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Loan owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Loans. The
Borrower shall, upon notice by any Lender to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that a Note by the Borrower is required or appropriate in order for such Lender to evidence (whether for purposes of
pledge, enforcement or otherwise) the Loans owing to, or to be made by, such Lender, promptly execute and deliver to such Lender a Note payable to such Lender (or its registered assigns) in a principal amount up to the Commitment (or, if greater,
the aggregate outstanding principal amount of the Loans) of such Lender. 
 (b) Record of Borrowings, Payables and Payments. The
Register maintained by the Administrative Agent pursuant to Section 9.07(d) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded as follows: 

(i) the date and amount of each Borrowing made hereunder, the Type of Loans comprising such Borrowing and, if appropriate, the
Interest Period applicable thereto; 
 (ii) the terms of each Assignment and Assumption delivered to and accepted by it; 

  
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 (iii) the amount of any principal or interest due and payable or to become
due and payable from the Borrower to each Lender hereunder and the Maturity Date applicable to each Loan; and 
 (iv) the
amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share thereof. 
 (c) Evidence
of Payment Obligations. Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.17(b), and by each Lender in its account or accounts pursuant to Section 2.17(a), shall be prima facie evidence of the
amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error;
provided, however, that, subject to Section 9.07(d), the failure of a Lender to make an entry, or any finding that an entry is incorrect, in such account or accounts shall not limit or otherwise affect the obligations of the
Borrower under this Agreement or any Note. 
 SECTION 2.18. [Reserved]. 

SECTION 2.19. Use of Proceeds. The proceeds of the Loans shall be available (and the Borrower agrees that it shall use such proceeds)
for general corporate purposes of the Borrower and its Subsidiaries. 
 SECTION 2.20. Defaulting Lenders. Notwithstanding any
provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply: 
 (a)
the Ticking Fee shall cease to accrue on the amount of the Commitment of such Defaulting Lender pursuant to Section 2.09(a); and 

(b) the Commitment and Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders or any other
requisite Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or modification of this Agreement pursuant to Section 9.01); provided that any amendment, waiver or modification of a type
described in clause (a), (b) or (c) of the first proviso in Section 9.01 shall require the consent of such Defaulting Lender to the extent otherwise required in accordance with the terms thereof. 

In the event that each of the Administrative Agent and the Borrower agree that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then clauses (a) and (b) above shall cease to apply (it being agreed that such Defaulting Lender shall not be entitled to receive any Ticking Fee that, in accordance with clause (a) above,
shall have ceased to accrue during the period when it was a Defaulting Lender, and all amendments, waivers or modifications effected without its consent in accordance with the provisions of clause (b) above during such period shall be binding
on it). 
 ARTICLE III 

Conditions to Effectiveness and Lending 

SECTION 3.01. Conditions Precedent to Effectiveness. This Agreement and the obligations of the Lenders to make Loans hereunder shall
become effective on and as of the first date (the 

  
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“Effective Date”) on which the following conditions precedent have been satisfied, or waived in accordance with Section 9.01: 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto a counterpart of this Agreement signed on behalf of
such party (which, subject to Section 9.10(b), may include any Electronic Signatures transmitted by emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page). 

(b) On the Effective Date, the following statements shall be true and the Administrative Agent shall have received a certificate signed by a
duly authorized officer of the Borrower, dated the Effective Date, stating that: 
 (i) the representations and warranties
contained in Section 4.01 are correct on and as of the Effective Date, and 
 (ii) no Default or Event of Default has
occurred and is continuing on and as of the Effective Date. 
 (c) The Administrative Agent shall have received the following, in form and
substance satisfactory to the Administrative Agent: 
 (i) A certificate of the Secretary or an Assistant Secretary of the
Borrower, dated as of the Effective Date, certifying the names and true signatures of the officers of the Borrower authorized to sign this Agreement and the other documents to be delivered hereunder and attaching copies of the organizational
documents of the Borrower and a copy of the resolutions of the Board of Directors of the Borrower approving this Agreement and certifying such copies as true, complete and correct. 

(ii) A certificate issued as of a recent date by the Clerk of the State Corporation Commission of the Commonwealth of Virginia
as to the due existence and good standing of the Borrower. 
 (iii) Opinions with respect to this Agreement and the
transactions contemplated thereby of (A) Gibson, Dunn & Crutcher LLP, special New York counsel to the Borrower, (B) Hunton Andrews Kurth LLP, special Virginia counsel to the Borrower, and (C) internal counsel for the
Borrower, in each case, dated the Effective Date, addressed to the Administrative Agent and the Lenders and reasonably satisfactory to the Administrative Agent. 

(iv) A certificate of the chief financial officer or treasurer of the Borrower, dated as of the Effective Date, certifying that
as of March 31, 2022, (A) the aggregate amount of Debt, payment of which is secured by any Lien referred to in clause (iii) of Section 5.02(a), does not exceed $400,000,000, and (B) the aggregate amount of Debt, payment of which
is secured by any Lien referred to in clause (iv) of Section 5.02(a), does not exceed $200,000,000. 
 (d) The Administrative
Agent and the Lenders shall have received payment in full in cash of all fees and expenses due to them pursuant to the Fee Letter (including the reasonable fees and
out-of-pocket disbursements of Cravath, Swaine & Moore LLP, as counsel to the Administrative Agent). 

(e) The Administrative Agent and the Lenders shall have received from the Borrower all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has been reasonably requested by the Administrative Agent and the Lenders. 

  
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 The Administrative Agent shall notify the Borrower and the Initial Lenders of the date which is the
Effective Date upon satisfaction or waiver of all of the conditions precedent set forth in this Section 3.01. For purposes of determining compliance with the conditions specified in this Section 3.01, by its delivery of a signature page
hereto, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders. 

SECTION 3.02. Conditions Precedent to Each Funding. The obligation of each Lender to make a Loan on any Funding Date shall be subject
to the occurrence of the Effective Date and the satisfaction (or waiver in accordance with Section 9.01) of the following conditions precedent: 

(a) On such Funding Date, the following statements shall be true and the acceptance by the Borrower of the proceeds of such Loan shall be a
representation by the Borrower that: 
 (i) the representations and warranties contained in Section 4.01 (except the
representations set forth in the last sentence of subsection (e) and in subsection (f) thereof (other than clause (i) thereof)) are correct on and as of such Funding Date, before and after giving effect to the Borrowing on such
Funding Date and to the application of the proceeds therefrom, as though made on and as of such Funding Date; and 
 (ii)
before and after giving effect to the application of the proceeds of all Borrowings on such Funding Date (together with any other resources of the Borrower applied together therewith), no Default or Event of Default has occurred and is continuing or
would result from such Borrowings. 
 (b) The Administrative Agent shall have received a Notice of Borrowing in accordance with
Section 2.02. 
 (c) The Administrative Agent and the Lenders shall have received payment in full in cash of all fees due to them
pursuant to the Fee Letter on or prior to such Funding Date. 
 ARTICLE IV 

Representations and Warranties 

SECTION 4.01. Representations and Warranties of the Borrower. The Borrower represents and warrants, as to itself and, as applicable,
its Subsidiaries as follows: 
 (a) The Borrower is a corporation duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation. 
 (b) The execution, delivery and performance of this Agreement and the Notes
to be delivered by the Borrower are within the corporate powers of the Borrower, have been duly authorized by all necessary corporate action on the part of the Borrower and do not contravene (i) the charter or
by-laws of the Borrower or (ii) in any material respect, any law, rule, regulation or order of any court or other Governmental Authority or any contractual restriction binding on the Borrower. 

  
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 (c) No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement or the Notes to be delivered by it. 

(d) This Agreement is, and each of the Notes to be delivered by the Borrower when delivered hereunder will be, a legal, valid
and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws affecting
creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(e) (i) As reported in the Borrower’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, the consolidated balance sheet of the Borrower and its Subsidiaries as of December 31, 2021 and the consolidated statements of earnings and cash flows of the Borrower and its Subsidiaries for the fiscal
year then ended present fairly, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at such date and the consolidated results of the operations and cash flows of the Borrower and its Subsidiaries for
the fiscal year ended on such date, all in accordance with GAAP, and (ii) as reported in the Borrower’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, the
consolidated balance sheet of the Borrower and its Subsidiaries as of March 31, 2022 and the consolidated statements of earnings and cash flows of the Borrower and its Subsidiaries for the fiscal quarter then ended present fairly, in all
material respects, the consolidated financial position of the Borrower and its Subsidiaries as at such date and the consolidated results of the operations and cash flows of the Borrower and its Subsidiaries for the fiscal quarter ended on such date,
all in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes. Except as disclosed in the Borrower’s Annual Report on Form
10-K for the fiscal year ended December 31, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022 or in any Current Report on Form 8-K filed with the Commission subsequent to March 31, 2022, but prior to the Effective Date, or any amendment to the foregoing filed with the Commission subsequent to March 31, 2022, but prior to the Effective
Date, since December 31, 2021, there has been no material adverse change in the financial condition or operations of the Borrower and its Subsidiaries, taken as a whole. 

(f) There is no action or proceeding pending or, to the knowledge of the Borrower, threatened against the Borrower or any of
its Subsidiaries before any court or other Governmental Authority or arbitrator (a “Proceeding”) (i) that purports to affect the legality, validity or enforceability of this Agreement or (ii) except for Proceedings
disclosed in the Borrower’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2022, or in any Current Report on Form 8-K filed with the Commission subsequent to March 31, 2022, but prior to the Effective Date, or any amendment to the foregoing filed with the
Commission subsequent to March 31, 2022, but prior to the Effective Date, or, with respect to Proceedings commenced after the date of the most recent such document but prior to the Effective Date, a certificate, if any, delivered to the Lenders
prior to the Effective Date, that may materially adversely affect the financial condition or results of operations of the Borrower and its Subsidiaries taken as a whole. 

(g) None of the proceeds of any Loan will be used, directly or indirectly, for any purpose that would result in a violation of
Regulation U. 

  
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 (h) The Borrower has implemented and maintains in effect policies and
procedures reasonably designed to promote compliance by the Borrower and each of its Subsidiaries and their respective directors, officers, employees and agents (acting in their capacity as such) with the FCPA and other applicable Anti-Corruption
Laws and applicable Sanctions. None of (i) the Borrower or any of its Subsidiaries or (ii) to the knowledge of the Borrower, any Borrower Agent of the Borrower or any director, officer or employee of the Borrower or its Subsidiaries, is a
Sanctioned Person. 
 (i) The Borrower is not an Affected Financial Institution. 

(j) The Borrower is not and is not required to be registered as an “investment company” under the Investment Company
Act of 1940. 
 ARTICLE V 

Covenants of the Borrower 

SECTION 5.01. Affirmative Covenants. Commencing on the Effective Date and for as long as any Loan shall remain unpaid or any Lender
shall have any Commitment hereunder, the Borrower will: 
 (a) Compliance with Laws, Etc. Comply, and cause each Major Subsidiary to
comply, in all material respects, with all applicable laws, rules, regulations and orders (such compliance to include, without limitation, complying with ERISA and paying before the same become delinquent all taxes, assessments and governmental
charges imposed upon it or upon its property except to the extent contested in good faith), noncompliance with which would materially adversely affect the financial condition or operations of the Borrower and its Subsidiaries, taken as a whole. 

(b) Maintenance of Total Shareholders’ Equity. Maintain Total Shareholders’ Equity of not less than the Minimum
Shareholders’ Equity. 
 (c) Reporting Requirements. Furnish to the Lenders: 

(i) as soon as available and in any event within 5 days after the due date for the Borrower to have filed its Quarterly Report
on Form 10-Q with the Commission for the first three quarters of each fiscal year, an unaudited interim condensed consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such quarter
and unaudited interim condensed consolidated statements of earnings and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter and, in the case of such
statement of earnings, for such fiscal quarter, certified by the chief financial officer of the Borrower; 
 (ii) as soon as
available and in any event within 15 days after the due date for the Borrower to have filed its Annual Report on Form 10-K with the Commission for each fiscal year, a copy of the consolidated financial
statements for such year for the Borrower and its Subsidiaries, audited by PricewaterhouseCoopers LLP (or other independent auditors which, as of the date of this Agreement, are one of the “big four” accounting firms); 

(iii) all reports which the Borrower sends to any of its shareholders, and copies of all reports on Form 8-K (or any successor forms adopted by the Commission) which the Borrower files with the Commission; 

  
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 (iv) as soon as possible and in any event within five days after any officer
of the Borrower obtains knowledge of the occurrence of each Default or Event of Default continuing on the date of such statement, a statement of the chief financial officer or treasurer of the Borrower setting forth details of such Default or Event
of Default and the action which the Borrower has taken and proposes to take with respect thereto; and 
 (v) promptly after
such request, (A) such other information respecting the condition or operations, financial or otherwise, of the Borrower or any Major Subsidiary as any Lender through the Administrative Agent may from time to time reasonably request and
(B) all documentation and other information that any Lender may from time to time reasonably request in order to comply with ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act and the Beneficial Ownership Regulation. 
 In lieu of furnishing the Lenders the items referred to in clauses (i), (ii) and
(iii) above, the Borrower may make such items publicly available on the Internet at www.mondelezinternational.com, www.sec.gov or another website identified by the Borrower to the Administrative Agent (which website includes an option to
subscribe to a free service alerting subscribers by email of new Commission filings) or any successor or replacement website thereof, or by similar electronic means. 

(d) Ranking. Cause each Loan at all times to constitute senior Debt of the Borrower ranking equally in right of payment with all
existing and future senior Debt of the Borrower and senior in right of payment to all existing and future subordinated Debt of the Borrower. 

(e) Anti-Corruption Laws and Sanctions. Maintain in effect policies and procedures reasonably designed to promote that no Borrowing
will be made, and not use the proceeds of any Borrowing (or permit the proceeds of any Borrowing to be used), (i) for the purpose of funding payments to any officer or employee of a Governmental Authority or of a Person controlled by a Governmental
Authority, to any Person acting in an official capacity for or on behalf of any Governmental Authority or Person controlled by a Governmental Authority, or to any political party, official of a political party, or candidate for political office, in
each case in violation of the FCPA, (ii) for the purpose of funding payments in violation of other applicable Anti-Corruption Laws, (iii) for the purpose of financing the activities of any Sanctioned Person or, unless authorized by
Sanctions, in any Sanctioned Country or (iv) in any manner that would result in the violation of applicable Sanctions by any party hereto. 

SECTION 5.02. Negative Covenants. Commencing on the Effective Date and for as long as any Loan shall remain unpaid or any Lender shall
have any Commitment hereunder, the Borrower will not: 
 (a) Liens, Etc. Create or suffer to exist, or permit any Major Subsidiary
to create or suffer to exist, any lien, security interest or other charge or encumbrance (other than operating leases and licensed intellectual property), or any other type of preferential arrangement (“Liens”), upon or with respect
to any of its properties, whether now owned or hereafter acquired, or assign, or permit any Major Subsidiary to assign, any right to receive income, in each case to secure or provide for the payment of any Debt of any Person, other than: 

(i) Liens upon or in property acquired or held by it or any Major Subsidiary in the ordinary course of business to secure the
purchase price of such property or to secure indebtedness incurred solely for the purpose of financing the acquisition of such property; 

(ii) Liens existing on property at the time of its acquisition (other than any such Lien created in contemplation of such
acquisition); 

  
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 (iii) Liens existing on the date hereof securing Debt; 

(iv) Liens on property financed through the issuance of industrial revenue bonds in favor of the holders of such bonds or any
agent or trustee therefor; 
 (v) Liens existing on property of any Person acquired by the Borrower or any Major Subsidiary
(other than any such Liens created in contemplation of such acquisition); 
 (vi) Liens securing Debt in an aggregate amount
not in excess of 15% of Consolidated Tangible Assets; 
 (vii) Liens upon or with respect to Margin Stock; 

(viii) Liens in favor of the Borrower or any Major Subsidiary; 

(ix) precautionary Liens provided by the Borrower or any Major Subsidiary in connection with the sale, assignment, transfer or
other disposition of assets by the Borrower or such Major Subsidiary which transaction is determined by the Board of Directors of the Borrower or such Major Subsidiary to constitute a “sale” under accounting principles generally accepted
in the United States; and 
 (x) any extension, renewal or replacement of the Liens referred to in clause (i), (ii),
(iii), (iv) or (v) above, provided that (A) such Lien does not extend to any additional assets (other than a substitution of like assets) and (B) the amount of Debt secured by any such Lien is not increased. 

(b) Mergers, Etc. Consolidate with or merge into, or convey or transfer, or permit one or more of its Subsidiaries to convey or
transfer, the properties and assets of the Borrower and its Subsidiaries substantially as an entirety to, any Person unless (i) immediately before and after giving effect thereto, no Default or Event of Default would exist and (ii) in the
case of any merger or consolidation to which the Borrower is a party, the surviving Person (if not the Borrower) is a corporation organized and existing under the laws of the United States of America or any State thereof or the District of Columbia
and assumes all of the Borrower’s obligations under this Agreement and the Notes, in each case, by the execution and delivery of an instrument or instruments in form and substance reasonably satisfactory to the Administrative Agent. 

ARTICLE VI 
 Events of Default

 SECTION 6.01. Events of Default. Each of the following events shall constitute an “Event of Default”: 

(a) The Borrower shall fail to pay any principal of any Loan when the same becomes due and payable; or the Borrower shall fail to pay
interest on any Loan, or the Borrower shall fail to pay any fees payable under Section 2.09, within 10 days after the same becomes due and payable (or after notice from the Administrative Agent in the case of fees referred to in
Section 2.09(b)); 
 (b) Any representation or warranty made or deemed to have been made by the Borrower herein or by the Borrower (or
any of its officers) in connection with this Agreement shall prove to have been incorrect in any material respect when made or deemed to have been made; 

  
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 (c) The Borrower shall fail to perform or observe (i) any term, covenant or agreement
contained in Section 5.01(b), 5.01(c)(iv) or 5.02(b), (ii) any term, covenant or agreement contained in Section 5.02(a) if such failure shall remain unremedied for 15 days after written notice thereof shall have been given to the Borrower
by the Administrative Agent or any Lender or (iii) any other term, covenant or agreement contained in this Agreement on its part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall
have been given to the Borrower by the Administrative Agent or any Lender; 
 (d) The Borrower or any Major Subsidiary shall fail to pay
any principal of or premium or interest on any Debt which is outstanding in a principal amount of at least $200,000,000 in the aggregate (but excluding Debt arising under this Agreement) of the Borrower or such Major Subsidiary, as the case may be,
when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument
relating to such Debt unless adequate provision for any such payment has been made in form and substance satisfactory to the Required Lenders; or any Debt of the Borrower or any Major Subsidiary which is outstanding in a principal amount of at least
$200,000,000 in the aggregate (but excluding Debt arising under this Agreement) shall be declared to be due and payable, or required to be prepaid (other than by a scheduled required prepayment), redeemed, purchased or defeased, or an offer to
prepay, redeem, purchase or defease such Debt shall be required to be made, in each case, prior to the stated maturity thereof as a result of a breach by the Borrower or such Major Subsidiary, as the case may be, of the agreement or instrument
relating to such Debt unless adequate provision for the payment of such Debt has been made in form and substance satisfactory to the Required Lenders; 

(e) The Borrower or any Major Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any Major Subsidiary seeking to adjudicate it bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property, and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall
remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar
official for it or for any of its property constituting a substantial part of the property of the Borrower and its Subsidiaries taken as a whole) shall occur; or the Borrower or any Major Subsidiary shall take any corporate action to authorize any
of the actions set forth above in this subsection (e); 
 (f) Any judgment or order for the payment of money in excess of $200,000,000
shall be rendered against the Borrower or any Major Subsidiary and there shall be any period of 60 consecutive days during which a stay of enforcement of such unsatisfied judgment or order, by reason of a pending appeal or otherwise, shall not be in
effect; or 
 (g) The Borrower or any ERISA Affiliate shall incur, or shall be reasonably likely to incur, liability as a result of the
occurrence of any ERISA Event that would, individually or in the aggregate, materially adversely affect the financial condition or operations of the Borrower and its Subsidiaries taken as a whole; provided, however, that no Default or
Event of Default under this Section 6.01(g) shall be deemed to have occurred if the Borrower or any ERISA Affiliate shall have made arrangements satisfactory to the PBGC or the Required Lenders to discharge or otherwise satisfy such liability
(including the posting of a bond or other security). 

  
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 SECTION 6.02. Lenders’ Rights upon Event of Default. If an Event
of Default occurs and is continuing, then the Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower: 

(a) declare the obligation of each Lender to make further Loans to be terminated, whereupon the same shall forthwith terminate,
and 
 (b) declare all the Loans then outstanding, all interest thereon and all other amounts payable under this Agreement
and the Notes to be forthwith due and payable, whereupon the Loans then outstanding, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of
which are hereby expressly waived by the Borrower; 
 provided, however, that in the case of an Event of Default under Section 6.01(e)
with respect to the Borrower, (i) the obligation of each Lender to make Loans shall automatically be terminated and (ii) the Loans then outstanding, all such interest and all such amounts shall automatically become and be due and payable,
without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 
 ARTICLE VII 

The Administrative Agent 

SECTION 7.01. Authorization and Action. Each Lender hereby appoints and authorizes the Administrative Agent to take such action and to
exercise such powers and discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto. As to any matters not expressly provided for by
this Agreement (including, without limitation, enforcement or collection of the Notes), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall
be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be
necessary, under the circumstances as provided herein), and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that the Administrative Agent shall not be required to take any action that,
in its opinion, exposes the Administrative Agent to personal liability or that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower as
required by the terms of this Agreement or at the request of the Borrower, and any notice provided pursuant to Section 5.01(c)(iv), but otherwise no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity. Notwithstanding any provision to the contrary contained elsewhere
herein, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein with reference to
any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect
only an administrative relationship between independent contracting parties. 

  
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 SECTION 7.02. Administrative Agent’s Reliance, Etc. Neither the
Administrative Agent nor any of its Affiliates or its or their directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own
gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final and non-appealable judgment. Without limitation of the generality of the foregoing, the Administrative
Agent: 
 (a) may treat the Lender that made any Loan as the holder of the Debt resulting therefrom until the Administrative
Agent receives and accepts an Assignment and Assumption entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in Section 9.07; 

(b) may consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

(c) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties
or representations (whether written or oral) made in or in connection with this Agreement by the Borrower or the contents of any certificate, report or other document delivered thereunder or in connection therewith, and shall not have any duty to
ascertain or to inquire as to the satisfaction of any condition set forth in Article III or elsewhere in this Agreement, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the
Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent; 

(d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement or any Note on the part of the Borrower or to inspect the property (including the books and records) of the Borrower; 

(e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of this Agreement or the Notes or any other instrument or document furnished pursuant hereto; 
 (f) shall be deemed
not to have knowledge of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by the Borrower or a Lender; and 

(g) shall incur no liability under or in respect of this Agreement or the Notes by acting upon any notice, consent, certificate
or other instrument or writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and signed or sent by the proper Person (whether or not such Person in fact meets the
requirements set forth in this Agreement for being the signatory, sender or authenticator thereof), and the Administrative Agent shall be entitled to rely, and shall incur no liability for relying, upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person (whether or not such Person in fact meets the requirements set forth in this Agreement for being the maker thereof), and may act upon any such statement prior to receipt of written
confirmation thereof. 
 SECTION 7.03. The Administrative Agent and Affiliates. With respect to its Commitment and the Loans made by
it, the Administrative Agent shall have the same rights and powers 

  
 41 

 
under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated, include the Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and
generally engage in any kind of business with the Borrower, any of its Subsidiaries and any Person that may do business with or own securities of the Borrower or any of its Subsidiaries, all as if the Administrative Agent were not the Administrative
Agent and without any duty to account therefor to the Lenders. 
 SECTION 7.04. Acknowledgment of Lenders. (a) Each Lender
acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 (b) (i) Each Lender
hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether
as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return
of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in
same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the NYFRB Rate, and
(y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with
respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the
Administrative Agent to any Lender under this Section 7.04(b) shall be conclusive, absent manifest error. 
 (ii) Each
Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the
Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been
made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence
and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in
same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the NYFRB Rate. 

(iii) The Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any
Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay,
discharge or otherwise satisfy any obligations owed by the Borrower. 

  
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 (iv) Each party’s obligations under this Section 7.04(b) shall
survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all obligations under
this Agreement or any Note. 
 SECTION 7.05. Indemnification. The Lenders agree to indemnify the Administrative Agent (to the extent
not reimbursed by the Borrower, and without limiting the obligation of the Borrower to do so), ratably according to the respective pro rata shares (determined, as set forth below, as of the time that the applicable indemnity in respect of
Indemnified Costs is sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or
asserted against the Administrative Agent, any of its sub-agents, each of their respective Affiliates and each of their and their respective Affiliates’ control persons, directors, partners, officers,
employees, representatives, advisers, attorneys and agents, in each case, in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent or any such
sub-agent under this Agreement, in each case, to the extent relating to the Administrative Agent or such sub-agent in its capacity as such (collectively, the
“Indemnified Costs”); provided that no Lender shall be liable for any portion of the Indemnified Costs resulting from the Administrative Agent’s gross negligence or willful misconduct, as determined by a court of
competent jurisdiction in a final and non-appealable judgment. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its pro rata share
(determined, as set forth below, as of the time that the applicable reimbursement is sought) of any out-of-pocket expenses (including counsel fees) incurred by the
Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement (to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower, and without limiting the obligation of the Borrower to do so). In the case of any investigation, litigation or
proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by the Administrative Agent, any Lender, the Borrower or a third party. For purposes of this
Section 7.05, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the aggregate principal amount of the Loans and Commitments at the time (or most recently outstanding and in effect). 

SECTION 7.06. Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the
Lenders and the Borrower and, if the Administrative Agent shall have become a Defaulting Lender under clause (d) of the definition of such term, may be removed at any time by the Required Lenders. Upon the resignation or removal of the
Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent (with the consent of the Borrower so long as no Event of Default shall have occurred and be continuing). If no successor Administrative Agent
shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring
Administrative Agent, then the retiring or removed Administrative Agent may (with the consent of the Borrower so long as no Event of Default shall have occurred and be continuing), on behalf of the Lenders, appoint a successor Administrative Agent,
which shall be (a) a Lender and (b) a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring or
removed Administrative Agent, and the retiring 

  
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or removed Administrative Agent shall be discharged from its duties and obligations under this Agreement; provided that should the Administrative Agent for any reason not appoint a
successor Administrative Agent, which it is under no obligation to do, then the rights, powers, discretion, privileges and duties referred to in this Section 7.06 shall be vested in the Required Lenders until a successor Administrative Agent
has been appointed. After any retiring or removed Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article VII and Sections 2.15 and 9.04 shall inure to its benefit as to any actions taken
or omitted to be taken by it while it was Administrative Agent under this Agreement. 
 SECTION 7.07. No Other Duties.
Notwithstanding anything herein to the contrary, none of the Joint Lead Arrangers nor any other Person listed on the cover page hereof as a syndication agent or a documentation agent shall have any duties or responsibilities under this Agreement
except in its capacity, as applicable, as Administrative Agent or a Lender hereunder. 
 SECTION 7.08. Withholding Tax. To the
extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. Without limiting or expanding the provisions of Section 2.15(a) or 2.15(c), each
Lender shall, and does hereby, indemnify the Administrative Agent against, and shall make payable in respect thereof within 30 days after demand therefor, any and all taxes and any and all related losses, claims, liabilities and expenses (including
fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the
Administrative Agent to properly withhold tax from amounts paid to or for the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender
failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any Note against any amount due
the Administrative Agent under this Section 7.08. The agreements in this Section 7.08 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the
termination of this Agreement and any Notes and the repayment, satisfaction or discharge of all other Obligations. 
 SECTION 7.09. Sub-Agents. The Administrative Agent may perform any of and all its duties and exercise its rights and powers hereunder or under any related agreement or instrument by or through any one or more sub-agents appointed by the Administrative Agent, and the Administrative Agent and any such sub-agent may perform any of and all their duties and exercise their rights and
powers through their respective Affiliates or branches. The exculpatory, indemnity and reimbursement provisions of this Article VII and Section 9.04 shall apply to any such sub-agent and Affiliate,
and their respective directors, officers, employees and agents and shall apply to their respective activities in connection with the syndication of the credit facility provided for herein as well as activities as Administrative Agent. The
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

SECTION 7.10. Satisfaction Right. If any Lender shall fail to make any payment required to be made by it hereunder to or for the
account of the Administrative Agent, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (a) apply any amounts thereafter received by the Administrative Agent for the account of such Lender hereunder
to satisfy such Lender’s obligations in respect of such payment until all such unsatisfied obligations have been discharged or (b) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding
obligations of such Lender pursuant to Section 2.02(d), 2.14(d), 7.05 or 7.08, in each case in such order as shall be determined by the Administrative Agent in its discretion. 

  
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 SECTION 7.11. Proofs of Claim. In case of the pendency of any proceeding under the
Federal Bankruptcy Code or any other judicial proceeding relating to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.09 and 9.04) allowed in such judicial proceeding; and

 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 9.04. 

SECTION 7.12. Lender Representations with Respect to ERISA. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Joint Lead Arrangers and not, for the avoidance of doubt, to or for the benefit of the
Borrower, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, 

  
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 (iii) (A) such Lender is an investment fund managed by a
“Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent and the
Joint Lead Arrangers, in their sole discretion, and such Lender. 
 (b) In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Joint Lead Arrangers and not, for the avoidance of doubt, to or for the benefit of the
Borrower, that the Administrative Agent and the Joint Lead Arrangers are not fiduciaries with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent or the Joint Lead Arrangers under this Agreement or any documents related hereto or thereto). 

ARTICLE VIII 
 [Reserved] 

ARTICLE IX 
 Miscellaneous 

SECTION 9.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders and the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given; provided, however, that no amendment, waiver or consent shall (a) increase the Commitment of any Lender, or change the currency in which Loans are available thereunder, without the prior written consent of such
Lender, (b) reduce the principal of, or the amount or rate of interest on, any Loan of any Lender, or any fee payable to any Lender, without the prior written consent of such Lender, (c) postpone any date fixed for any payment of principal
of, or interest on, any Loan of any Lender, or any fee payable to any Lender, or postpone the scheduled date of expiration of the Commitment of any Lender (including any such postponement of the scheduled date of expiration as a result of any
waiver, amendment or other modification to the definition of the term “Commitment Outside Date”), in each case, without the prior written consent of such Lender, (d) change the percentage set forth in the definition of the term
“Required Lenders” or any other provision of this Agreement specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, in each case,
without the written consent of each Lender, (e) change Section 2.16 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender or (f) amend this Section 9.01 without
the written consent of each Lender; provided further that (i) 

  
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no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the
Administrative Agent under this Agreement, (ii) this Agreement may be amended as set forth in Sections 2.08(b) and 2.10(b) and (iii) any provision of this Agreement may be amended by an agreement in writing entered into by the
Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so long as, in each case under this clause (iii), the Lenders shall have received at least five Business Days’ prior written notice thereof and the
Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment. 

SECTION 9.02. Notices, Etc. 

(a) Addresses. All notices and other communications provided for hereunder shall be in writing and mailed by certified or registered
mail, emailed or delivered by hand or overnight courier service as follows: 
 (i) if to the Borrower: 

Mondelēz International, Inc. 

905 West Fulton Market, Suite 200 

Chicago, Illinois 60607 

Attention: Executive Vice President and Chief Financial Officer 

Email: corporate.secretary@mdlz.com 

with copies to: 

Mondelēz International, Inc. 

905 West Fulton Market, Suite 200 

Chicago, Illinois 60607 

Attention: Treasurer 
 Email:
corporate.secretary@mdlz.com 
 and 

Mondelēz International, Inc. 

905 West Fulton Market, Suite 200 

Chicago, Illinois 60607 

Attention: Assistant Treasurer 

Email: corporate.secretary@mdlz.com 

(ii) if to any Lender, to it at its address (or email) set forth in its Administrative Questionnaire delivered to the Administrative Agent in
connection herewith; 
 (iii) if to the Administrative Agent: 

Mizuho Bank, Ltd. 
 Harborside
Financial Center 
 1800 Plaza 10 

Jersey City, NJ 07311 

Attention: Berta Caballero 

Email: lau_agent@mizuhogroup.com 

  
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 with copies to: 

Email: linda.wu@mizuhogroup.com 

Email: james.fazzari@mizuhogroup.com; 
 or, as
to the Borrower or the Administrative Agent, at such other address (or email) as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address (or email) as shall be designated by such
party in a written notice to the Borrower and the Administrative Agent. 
 Notices and other communications by the Administrative Agent to the Lenders
hereunder may, in addition to email, be delivered or furnished by electronic communications (including Internet and intranet websites and the Electronic System) pursuant to procedures approved by the Administrative Agent; provided that the
foregoing shall not apply to notices under Article II to any Lender if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. 

(b) Effectiveness of Notices. Notices and other communications sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; and, unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender’s receipt
of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment); provided that, if such notice or other communication is not sent
during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor. 
 (c) Electronic Systems. The Borrower agrees that the Agents may, but shall not be obligated to, make any
Communication by posting such Communication on an Electronic System. Any Electronic System used by the Agents is provided “as is” and “as available”. None of the Agents or any of their Affiliates warrants, or shall be deemed to
warrant, the adequacy of any Electronic System and the Agents expressly disclaim liability for errors or omissions in the Communications. None of the Agents or any of their Affiliates is responsible for approving or vetting the representatives or
contacts of any Lender that are added to any Electronic System. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code defects, is made, or shall be deemed to be made, by the Agents or any of their Affiliates in connection with the Communications or
any Electronic System. In no event shall any Agent or any of its Affiliates have any liability to the Borrower, any Lender or any other Person for damages of any kind, including direct or indirect, special, incidental, consequential or punitive
damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or any Agent’s transmission of Communications through an Electronic System, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent or any of its
Affiliates. 
 SECTION 9.03. No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and
no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The rights
and remedies of the Administrative 

  
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Agent and the Lenders provided herein and under the Notes are cumulative and not exclusive of any rights or remedies provided by law. Without limiting the generality of the foregoing, the
execution and delivery of this Agreement or the making of any Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender or any of their respective Affiliates may have had notice or knowledge
of such Default at the time. 
 SECTION 9.04. Costs and Expenses; Breakage; Indemnification; Limitation of Liability. 

(a) Administrative Agent; Enforcement. The Borrower agrees to pay on demand (i) all reasonable costs and expenses of the
Administrative Agent and the Joint Lead Arrangers in connection with the preparation, execution, delivery, administration (excluding any cost or expenses for administration related to the overhead of the Administrative Agent), modification and
amendment of this Agreement and the documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent and the Joint Lead Arrangers with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities under this Agreement (which, insofar as such costs and expenses relate to the
preparation, execution and delivery of this Agreement and the closing hereunder, shall be limited to the reasonable fees and expenses of Cravath, Swaine & Moore LLP), and (ii) all costs and expenses of the Lenders and the
Administrative Agent (including, without limitation, reasonable counsel fees and expenses of the Lenders and the Administrative Agent), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this
Agreement and the other documents to be delivered hereunder. 
 (b) Prepayment of Term SOFR Loans. If any payment of principal of
any Term SOFR Loan is made for any reason other than on the last day of the Interest Period for such Loan or at its maturity, the Borrower shall, upon demand by any Lender (with a copy of such demand to the Administrative Agent), pay to the
Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment, including, without limitation, any loss
(excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Loan. 

(c) Indemnification. The Borrower agrees to indemnify and hold harmless each Agent and each Lender, each of their respective
Affiliates and each of their and their respective Affiliates’ control persons, directors, partners, officers, employees, representatives, advisers, attorneys and agents (each, an “Indemnified Party”) from and against any and
all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel) which may be incurred by or asserted against any Indemnified Party, in each case in connection with or arising out
of, or in connection with the preparation for or defense of, any investigation, litigation, or proceeding (i) relating to this Agreement or any of the other documents delivered hereunder, the Loans or any transaction or proposed transaction
(whether or not consummated) in which any proceeds of any Borrowing are applied or proposed to be applied, directly or indirectly, by the Borrower, whether or not such Indemnified Party is a party to such transaction, or (ii) relating to the
Borrower’s consummation of any transaction or proposed transaction contemplated hereby (whether or not consummated) or entering into this Agreement, or to any actions or omissions of the Borrower, any of its Subsidiaries or Affiliates or any of
its or their respective officers, directors, employees or agents in connection therewith, in each case whether or not an Indemnified Party is a party thereto and whether or not such investigation, litigation or proceeding is brought by the Borrower
or any other Person; provided, however, that the Borrower shall not be required to indemnify an Indemnified Party from or against any portion of such claims, damages, losses, liabilities or expenses that is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Party. This Section 9.04(c) shall not apply with
respect to taxes other than any taxes that represent losses, claims, damages, etc. arising from any non-tax claim. 

  
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 (d) Limitation of Liability. To the extent permitted by applicable law,
(A) each party hereto agrees not to assert, and each hereby waives, any claims, damages, losses or liabilities of any kind, on any theory of liability, against any other party hereto or any of their respective Affiliates or, in the case of the
Borrower, against any Lender-Related Person for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal
requirement) arising out of, in connection with, as a result of, or in any way related to this Agreement or any related document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions
contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith; provided that the foregoing shall not limit the indemnity obligations set forth in
Section 7.05 or 9.04(c) and (B) the Borrower shall not assert, and hereby waives, any claim against any Lender-Related Person, on any theory of liability, for any claims, damages, losses or liabilities of any kind arising from the use by
others of any information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems, including any Electronic Systems, in connection with this
Agreement or any related document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, or the transactions contemplated hereby or thereby. 

SECTION 9.05. Right of Set-Off. Upon (i) the occurrence and during the continuance of any
Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.02 to authorize the Administrative Agent to declare the Loans due and payable pursuant to the provisions of Section 6.02, each
Lender is hereby authorized at any time and from time to time after providing written notice to the Administrative Agent of its intention to do so, to the fullest extent permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or any of its Affiliates to or for the credit or the account of the Borrower against any and all of the obligations of the
Borrower now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender shall promptly notify the Borrower and the Administrative
Agent after any such set-off and application; provided that the failure to give such notice shall not affect the validity of such set-off and application. The
rights of each Lender and its Affiliates under this Section 9.05 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its Affiliates
may have. 
 SECTION 9.06. Binding Effect; Survival. This Agreement shall be binding upon and inure to the benefit of each of the
Borrower, the Administrative Agent and each Lender and their respective successors and assigns, except that the Borrower shall not (except as expressly permitted under Section 5.02(b)) have the right to assign its rights or obligations
hereunder or any interest herein without the prior written consent of each of the Lenders. The agreements and obligations contained in Sections 2.02(c), 2.12, 2.15 and 9.04 and Article VII shall survive the payment in full of principal and interest
hereunder and the termination of the Commitments or this Agreement. 

  
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 SECTION 9.07. Assignments and Participations. 

(a) Assignment of Lender Obligations. Each Lender may assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Loans owing to it), subject to the following: 

(i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this
Agreement; provided that this clause (i) shall not be construed to prohibit the assignment of (A) a constant, and not a varying, percentage of all the assigning Lender’s rights and obligations in respect of its Commitment
without assigning a proportionate part of the assigning Lender’s Loans or (B) a constant, and not a varying, percentage of all the assigning Lender’s rights and obligations in respect of its Loans without assigning a proportionate
part of the assigning Lender’s Commitment; 
 (ii) the amount of the Commitment or Loans of the assigning Lender being
assigned pursuant to each such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall in no event, other than with respect to assignments to other Lenders or Affiliates of Lenders, or an
assignment of the entire Commitment of such Lender or the entire amount of the Loans owing to such Lender, be less than $10,000,000, subject in each case to reduction at the sole discretion of the Borrower, and shall be an integral multiple of
$1,000,000; 
 (iii) each such assignment shall require the prior written consent of (x) the Administrative Agent and
(y) unless an Event of Default under Sections 6.01(a) or 6.01(e) has occurred and is continuing, the Borrower (such consents not to be unreasonably withheld or delayed and such consents by the Borrower shall be deemed to be given if no
objection is received by the assigning Lender and the Administrative Agent from the Borrower within 20 Business Days after written notice of such proposed assignment has been delivered to the Borrower); provided that no consent of the
Administrative Agent or the Borrower shall be required for an assignment to another Lender or an Affiliate of a Lender; 

(iv) the parties to each such assignment shall execute and deliver to the Administrative Agent for its acceptance and recording
in the Register, an Assignment and Assumption, together with a processing and recordation fee of $3,500 (unless such assignment is made to an Affiliate of the assigning Lender); provided that, if such assignment is made pursuant to
Section 9.07(h), the Borrower shall pay or cause to be paid such $3,500 fee; and 
 (v) the assignee, if it shall not be
a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI) will be made available and who may
receive such information in accordance with the assignee’s compliance procedures and applicable law, including Federal, State and foreign securities laws. 

Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Assumption, (x) the assignee
thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Assumption, have the rights and obligations of a Lender hereunder and (y) the assigning Lender
thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Assumption, relinquish its rights (other than those provided under Section 9.04 and, with respect to the period
during which it is a Lender, Sections 2.12 and 2.15) and be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto), other than Sections 7.04(b) and 9.12. 

  
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 (b) Assignment and Assumption. By executing and delivering an Assignment and
Assumption, the assigning Lender thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption, such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the
performance or observance by the Borrower of any of its obligations under this Agreement or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with
copies of the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (iv) such
assignee will, independently and without reliance upon any Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee represents that (A) the source of any funds it is using to acquire the assigning Lender’s interest or to make
any Loan is not and will not be plan assets as defined under the regulations of the Department of Labor of any plan subject to Title I of ERISA or Section 4975 of the Internal Revenue Code or (B) the assignment or Loan is not and will not
be a non-exempt prohibited transaction as defined in Section 406 of ERISA; (vii) such assignee appoints and authorizes the Administrative Agent to take such action and to exercise such powers and
discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto; and (viii) such assignee agrees that it will perform in accordance
with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 
 (c)
Agent’s Acceptance. Upon its receipt of an Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder)
and, if applicable, the processing and recordation fee referred to in this Section, the Administrative Agent shall, if such Assignment and Assumption has been completed and is in substantially the form of Exhibit C hereto, (i) accept such
Assignment and Assumption, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(d) Register. The Administrative Agent, acting for this purpose as a non-fiduciary agent of
the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and
principal and stated interest amounts of the Loans owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the
Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection
by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Sale of
Participation. Each Lender may sell participations to one or more Eligible Assignees in or to all or a portion of its rights and obligations under this Agreement (including, without 

  
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limitation, all or a portion of its Commitment, the Loans owing to it and any Notes held by it), subject to the following: 

(i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment) shall remain unchanged;

 (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; 

(iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement; 
 (iv) each participant shall be entitled
to the benefits of Sections 2.12 and 2.15 (subject to the limitations and requirements of those Sections, including the requirements to provide forms and/or certificates pursuant to Section 2.15(e) or 2.15(f); provided that a participant
shall provide the forms and/or certificates solely to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of this Section; provided further that
this clause (iv) shall be subject to clause (vi) below in all respects; 
 (v) no participant under any such
participation shall have any right to approve any amendment or waiver of any provision of this Agreement, or any consent to any departure by the Borrower therefrom, except to the extent that such amendment, waiver or consent is described in clauses
(a), (b) and (c) of Section 9.01 and affects such participant; and 
 (vi) a participant shall not be entitled to
receive any greater payment under Sections 2.12 and 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such participant, unless the sale of the participation to such participant is made with
the Borrower’s prior written consent (not to be unreasonably withheld or delayed). 
 Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal and stated interest amounts of each
participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of a
Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent that such
disclosure is necessary to establish that such Commitment, Loans or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or Section 163(f) of the
Internal Revenue Code or the United States Treasury Regulations issued thereunder or, if different, under Sections 871(h) or 881(c) of the Internal Revenue Code. 

(f) Disclosure of Information. Any Lender may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that,
prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to the Borrower or any of its Subsidiaries received by it from such
Lender. 

  
 53 

 (g) Security Interest. Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Loans owing to it and any Notes held by it) in favor of any Federal Reserve Bank or central
bank performing similar functions in accordance with applicable law. 
 (h) Replacement of Lenders. In the event that (i) any
Lender shall have delivered a notice pursuant to Section 2.13, (ii) the Borrower shall be required to make additional payments to or for the account of any Lender under Section 2.12 or 2.15, (iii) any Lender (a “Non-Consenting Lender”) shall withhold its consent to any amendment or waiver that requires the consent of all the Lenders or all the affected Lenders and that has been consented to by the Required Lenders,
(iv) any Lender shall become a Defaulting Lender or (v) any Lender shall become a Non-Extending Lender, the Borrower shall have the right, at its own expense, upon notice to such Lender and the
Administrative Agent, (A) except in the case of clause (v), to terminate the Commitment of such Lender or (B) to require such Lender to transfer and assign at par and without recourse (in accordance with and subject to the
restrictions contained in this Section 9.07) all its interests, rights and obligations under this Agreement (or, in the case of clause (v), all its interests, rights and obligations under this Agreement in respect of Loans of the applicable
Series) to one or more Eligible Assignees acceptable to the Borrower and approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed), which shall assume such obligations; provided that (w) in the case
of any replacement of a Non-Consenting Lender, each assignee shall have consented to the relevant amendment or waiver, (x) in the case of any replacement of a
Non-Extending Lender, each assignee shall be deemed, for all purposes hereof, to be an Extending Lender with respect to the applicable extension, (y) no such termination or assignment shall conflict with
any law or any rule, regulation or order of any Governmental Authority and (z) the Borrower or the assignee (or assignees), as the case may be, shall pay to such Lender in immediately available funds on the date of such termination or
assignment the principal of and interest accrued to the date of payment on the Loans made by it hereunder and all other amounts accrued for its account or owed to it hereunder. The Borrower will not have the right to terminate the Commitment of any
Lender, or to require any Lender to assign its rights and interests hereunder, if, prior to such termination or assignment, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such termination or
assignment cease to apply. Each Lender agrees that, if the Borrower elects to replace such Lender in accordance with this Section 9.07(h), it shall promptly execute and deliver to the Administrative Agent an Assignment and Assumption to
evidence the assignment and shall deliver to the Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that the failure of any such Lender to
execute an Assignment and Assumption shall not render such assignment invalid and such assignment shall be recorded in the Register. 

SECTION 9.08. [Reserved]. 

SECTION 9.09. Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the substantive laws
of the State of New York without regard to choice of law doctrines. 
 SECTION 9.10. Execution in Counterparts; Electronic
Execution. (a) This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
 (b) Delivery of an executed counterpart of a signature page to this Agreement, any Notes or any
document, consent, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.02), certificate, request, statement or authorization related to this Agreement and/or the transactions contemplated hereby (the
“Ancillary Documents”) by email or other electronic means shall be 

  
 54 

 
effective as delivery of a manually executed counterpart of this Agreement. The words “execution”, “signed”, “signature”, “delivery” and words of like
import in or relating to any Ancillary Document and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require
the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including in
connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Borrower, electronic images of any Ancillary Document (including with respect to any
signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of any Ancillary Document based solely on the
lack of paper original copies thereof, including with respect to any signature pages thereto. 
 SECTION 9.11. Jurisdiction, Etc.

 (a) Submission to Jurisdiction; Service of Process. Each of the parties hereto hereby irrevocably and unconditionally
submits, for itself and its property, to the jurisdiction of the United States District Court of the Southern District of New York and the Supreme Court of the State of New York sitting in New York County, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any Note, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined exclusively in such United States District Court or, in the event such United States District Court lacks subject matter jurisdiction, such Supreme Court; provided that, notwithstanding
the foregoing, each of the parties hereto shall retain the right to bring any such action or proceeding in the courts of any other jurisdiction in connection with the enforcement of any judgment. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto hereby irrevocably consents to the service of process
in any such action or proceeding in any such court by the mailing thereof by any parties hereto by registered or certified mail, postage prepaid, to such party, at its address specified pursuant to Section 9.02. Nothing in this Agreement or any
Note shall affect any right that any party may otherwise have to serve legal process in any other manner permitted by law. 
 (b)
[Reserved]. 
 (c) Waivers. 

(i) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or the Notes in any court referred to in paragraph (a) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(ii) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF 

  
 55 

 
ACTION BASED UPON OR ARISING UNDER THIS AGREEMENT OR ANY NOTE OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS
BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS
WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 9.11(C) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO, OR ANY OF THE OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS
MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 SECTION 9.12.
Confidentiality. None of the Administrative Agent nor any Lender shall disclose any confidential information relating to the Borrower to any other Person without the consent of the Borrower, other than (a) to the Administrative
Agent’s or such Lender’s Affiliates and its and their officers, directors, employees, agents, advisors, insurers and re-insurers, rating agencies, market data collectors, other service providers,
credit insurance providers, any direct, indirect, actual or prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations under this Agreement and, as contemplated by
Section 9.07(f), to actual or prospective assignees and participants, and then, in each such case, only on a confidential basis; provided, however, that such actual or prospective assignee or participant shall have been made aware
of this Section 9.12 and shall have agreed to be bound by its provisions as if it were a party to this Agreement, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, federal
or foreign authority or examiner regulating banks or banking or other financial institutions, including in connection with the creation of security interests as contemplated by Section 9.07(g) and (d) in connection with enforcing or
administering this Agreement. 
 SECTION 9.13. No Fiduciary Relationship. The Borrower acknowledges and agrees that in connection
with all aspects of the transactions contemplated hereby and any communications in connection therewith (a) no fiduciary, advisory or agency relationship between the Borrower, on the one hand, and any Agent or any Lender, on the other hand, is
intended to be or has been created, by implication or otherwise, in respect of any of the financing transactions contemplated by this Agreement, irrespective of whether any Agent or any Lender has advised or is advising the Borrower or any of its
Subsidiaries on other matters (it being understood and agreed that nothing in this provision will relieve any Agent or any Lender of any advisory or fiduciary responsibilities it may have in connection with other transactions) and no such duty will
be deemed to have arisen in connection with any such transactions or communications and (b) each Agent and each Lender may have economic interests that conflict with those of the Borrower, its equityholders and/or its Affiliates and the
transactions contemplated by this Agreement (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions

  
 56 

 
between the Agents and the Lenders, on the one hand, and the Borrower, on the other. The Borrower acknowledges and agrees that it has consulted its own legal and financial advisors in connection
with the transactions contemplated hereby to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower agrees that it will not
claim that any Agent or Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading thereto. 

SECTION 9.14. Integration. This Agreement and the Notes represent the agreement of the Borrower, the Administrative Agent and the
Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Borrower or any Lender relative to the subject matter hereof not expressly set forth or
referred to herein or in the Notes other than the matters referred to in the Fee Letter and any other fee letters entered into among the Borrower and the Administrative Agent or the Joint Lead Arrangers, if any, and except for any confidentiality
agreements entered into by Lenders in connection with this Agreement or the transactions contemplated hereby. 
 SECTION 9.15.
Severability. To the fullest extent permitted by law, any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality
or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and, to the fullest extent permitted by law, the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction. 
 SECTION 9.16. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.17. Certain Notices. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and/or the Beneficial Ownership Regulation, it is required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act and the Beneficial
Ownership Regulation. 
 SECTION 9.18. Acknowledgment and Consent to Bail-In of Affected
Financial Institutions. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder that may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other

  
 57 

 
instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other documents or agreements relating to the Loans made hereunder; and 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
the applicable Resolution Authority. 
 SECTION 9.19. Non-Public Information. Each Lender
acknowledges that all information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level
information, which may contain MNPI. Each Lender represents to the Borrower and the Administrative Agent that (a) it has developed compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures
and applicable law, including Federal, state and foreign securities laws, and (b) it has identified in its Administrative Questionnaire delivered to the Administrative Agent in connection herewith a credit contact who may receive information
that may contain MNPI in accordance with its compliance procedures and applicable law, including Federal, state and foreign securities laws. 

[Remainder of Page Left Blank Intentionally] 

  
 58 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	MONDELĒZ INTERNATIONAL, INC.
		
	By:	 	 /s/ Vitus Alig

	Name:	 	Vitus Alig
	Title:	 	SVP, Corporate FP&A and Treasurer

  
 [Signature Page to
Mondelēz International, Inc. Term Credit Agreement] 

 
			
	MIZUHO BANK, LTD., as Administrative Agent and a Lender
		
	By:	 	 /s/ Raymond Ventura

	Name:	 	Raymond Ventura
	Title:	 	Managing Director

  
 [Signature Page to
Mondelēz International, Inc. Term Credit Agreement] 

 
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Michael Borowiecki

	Name:	 	Michael Borowiecki
	Title:	 	Authorized Signatory

  
 [Signature Page to
Mondelēz International, Inc. Term Credit Agreement] 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	 /s/ Alysa Trakas

	Name:	 	Alysa Trakas
	Title:	 	Director

  
 [Signature Page to
Mondelēz International, Inc. Term Credit Agreement] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Michael P. Dickman

	Name:	 	Michael P. Dickman
	Title:	 	Senior Vice President

  
 [Signature Page to
Mondelēz International, Inc. Term Credit Agreement]Exhibit
10.8

 

TERM
LOAN AND SECURITY AGREEMENT

 

by
and among

 

STRAWBERRY
FIELDS REALTY LP, 1015 MAGAZINE STREET, LLC, 1155

EASTERN PARKWAY, LLC, 1253 LAKE BARKLEY DRIVE, LLC, 120 LIFE CARE

WAY, LLC, 1621 COIT
ROAD REALTY, LLC, 203 BRUCE COURT, LLC, 253

BRADINGTON DRIVE, LLC, 3090 FIVE POINTS HARTFORD ROAD REALTY, LLC,

3121 GLANZMAN ROAD REALTY,
LLC, 3523 WICKENHAUSER, LLC, 4250 SODOM

HUTCHINGS ROAD REALTY, LLC, 516 WEST FRECH STREET, LLC, 5601 PLUM

CREEK DRIVE REALTY, LLC, 620
WEST STRUB ROAD REALTY, LLC, 727 NORTH

17TH STREET, LLC, 8200 NATIONAL AVENUE REALTY, LLC, LLC, 900 GAGEL

AVENUE, LLC, 911 SOUTH 3RD
STREET, LLC, 9300 BALLARD ROAD, LLC, 945

WEST RUSSELL STREET, LLC, 704 5TH AVENUE EAST, LLC

 

together
with any Person that may from time to time

hereafter become party hereto as a Borrower,

collectively, Borrower,

 

and

 

POPULAR
BANK,

 

as
Agent and Lender

 

Dated
as of March 18, 2022

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS	1
	 	1.1	General
    Terms	1
	 	1.2	Accounting
    Terms	17
	 	1.3	Others
    Defined in Code	17
	 	1.4	Other
    Interpretive Provisions	18
	 	 	 	 
	2.	TERM
    LOAN COMMITMENT; INTEREST; FEES	18
	 	2.1	Term
    Loan	18
	 	2.2	The
    Borrower’s Loan Account	19
	 	2.3	Statements	19
	 	2.4	Interest;
    Benchmark Replacement	20
	 	2.5	Method
    for Making Payments	21
	 	2.6	Term
    of this Agreement	21
	 	2.7	Optional
    Prepayment; Mandatory Prepayment	22
	 	2.8	Limitation
    on Charges	23
	 	2.9	Setoff	23
	 	2.10	Termination
    of Loan	24
	 	2.11	Fees	24
	 	2.12	Late
    Charges	24
	 	 	 	 
	3.	IN CIRCUMSTANCES	24
	 	3.1	Yield
    Protection	24
	 	3.2	Taxes	25
	 	3.3	Lender
    Statements	25
	 	 	 	 
	4.	ATTORNEY-IN-FACT	26
	 	 	 
	5.	EFFECTIVENESS;
    CONDITIONS OF LENDING	26
	 	 	 
	6.	COLLATERAL	29
	 	6.1	Security
    Interest	29
	 	6.2	Preservation
    of Collateral and Perfection of Security Interests Therein	30
	 	6.3	Loss
    of Value of Collateral	30
	 	6.4	Right
    to File Financing Statements	30
	 	6.5	Third
    Party Agreements	30
	 	6.6	All
    Liabilities One Obligation	31
	 	6.7	Commercial
    Tort Claims	31
	 	 	 	 
	7.	REPRESENTATIONS
    AND WARRANTIES	31
	 	7.1	Existence	31
	 	7.2	Authority	31
	 	7.3	Binding
    Effect	32
	 	7.4	Financial
    Data	32
	 	7.5	Collateral	32

 

    	i

    	 

    

 

	 	7.6	Solvency	32
	 	7.7	Principal
    Place of Business	32
	 	7.8	Other
    Names	33
	 	7.9	Tax
    Liabilities	33
	 	7.10	Loans	33
	 	7.11	Margin
    Securities	33
	 	7.12	Subsidiaries	33
	 	7.13	Litigation
    and Proceedings	33
	 	7.14	Other
    Agreements	33
	 	7.15	Compliance
    with Laws and Regulations	33
	 	7.16	Intellectual
    Property	34
	 	7.17	Environmental
    Matters	34
	 	7.18	Disclosure	34
	 	7.19	Real
    Estate Ownership	34
	 	7.20	Perfected
    Security Interests	34
	 	7.21	Offenses
    and Penalties Under the Medicare/Medicaid Programs	35
	 	7.22	Medicaid/Medicare
    and Private Insurance/Managed Care Contracts	35
	 	7.23	Broker’s
    Fees	36
	 	7.24	Investment
    Company Act	36
	 	7.25	Anti-Money
    Laundering Laws	36
	 	7.26	Absence
    of Foreign or Enemy Status	36
	 	7.27	Real
    Estate Leases	36
	 	7.28	Restrictive
    Provisions	36
	 	 	 	 
	8.	AFFIRMATIVE
    COVENANTS	36
	 	8.1	Reports,
    Certificates and Other Information	36
	 	8.2	Inspection;
    Audit Fees	39
	 	8.3	Conduct
    of Business	40
	 	8.4	Claims
    and Taxes	40
	 	8.5	State
    of Formation	40
	 	8.6	Liability
    Insurance	41
	 	8.7	Property
    Insurance	41
	 	8.8	Environmental	42
	 	8.9	Banking
    Relationship	42
	 	8.10	Intellectual
    Property	42
	 	8.11	Change
    of Location; Etc	42
	 	8.12	Health
    Care Related Matters	43
	 	8.13	Other
    Health Care Matters	43
	 	8.14	Single
    Purpose Entity Provisions	44
	 	8.15	Further
    Assurances	44
	 	8.16	Real
    Estate Leases	44
	 	 	 	 
	9.	NEGATIVE
    COVENANTS	45
	 	9.1	Encumbrances	45
	 	9.2	Indebtedness	45
	 	9.3	Consolidations,
    Mergers or Acquisitions	46
	 	9.4	Investments
    or Loans	46

 

    	ii

    	 

    

 

	 	9.5	Guarantees	47
	 	9.6	Disposal
    of Property	47
	 	9.7	Use
    of Proceeds	47
	 	9.8	Loans
    to Officers; Consulting Fees	47
	 	9.9	Dividends
    and Stock Redemptions	48
	 	9.10	Payments
    in Respect of Subordinated Debt	48
	 	9.11	Transactions
    with Affiliates	48
	 	9.12	Change
    in Nature of Business	48
	 	9.13	Other
    Agreements	48
	 	9.14	Real
    Estate Leases; Management Services Agreement	48
	 	9.15	State
    of Formation	49
	 	9.16	Environmental	49
	 	9.17	Financial
    Covenants	49
	 	9.18	Fiscal
    Year	49
	 	9.19	Tax
    Election	49
	 	9.20	Post-Closing
    Obligations.	49
	 	 	 	 
	10.	DEFAULT,
    RIGHTS AND REMEDIES OF THE LENDERS	50
	 	10.1	Event
    of Default	50
	 	10.2	Acceleration	53
	 	10.3	Rights
    and Remedies Generally	54
	 	10.4	Entry
    Upon Premises and Access to Information	54
	 	10.5	Sale
    or Other Disposition of Collateral by the Agent	54
	 	10.6	Waiver
    of Demand	55
	 	10.7	Waiver
    of Notice	55
	 	10.8	Advice
    of Counsel	55
	 	 	 	 
	11.	MISCELLANEOUS	55
	 	11.1	Waiver	55
	 	11.2	Costs
    and Attorneys’ Fees	56
	 	11.3	Expenditures
    by the Agent or Lenders	57
	 	11.4	Custody
    and Preservation of Collateral	58
	 	11.5	Reliance
    by the Agent and Lenders	58
	 	11.6	Assignability;
    Parties	58
	 	11.7	Severability;
    Construction	58
	 	11.8	Application
    of Payments	58
	 	11.9	Marshalling;
    Payments Set Aside	59
	 	11.10	Sections
    and Titles; UCC Termination Statements; Mortgage Releases	59
	 	11.11	Continuing
    Effect; Inconsistency	59
	 	11.12	Notices	59
	 	11.13	Equitable
    Relief	60
	 	11.14	Entire
    Agreement	60
	 	11.15	Participations
    and Assignments	60
	 	11.16	Indemnity	61
	 	11.17	Representations
    and Warranties	61
	 	11.18	Counterparts;
    Facsimile	61
	 	11.19	Limitation
    of Liability of Agent and Lenders	61

 

    	iii

    	 

    

 

	 	11.20	Borrower
    Authorizing Accounting Firm	62
	 	11.21	Confidentiality	62
	 	11.22	Customer
    Identification-USA Patriot Act Notice	63
	 	11.23	SUBMISSION
    TO JURISDICTION	63
	 	11.24	GOVERNING
    LAW	64
	 	11.25	JURY
    TRIAL	64
	 	11.26	JOINT
    AND SEVERAL LIABILITY	64
	 	 	 	 
	12.	AGENCY	66
	 	12.1	Appointment
    and Authorization	66
	 	12.2	Delegation
    of Duties	67
	 	12.3	Exculpation
    of Agent	67
	 	12.4	Reliance
    by Agent	67
	 	12.5	Notice
    of Default	68
	 	12.6	Credit
    Decision	68
	 	12.7	Indemnification	69
	 	12.8	Agent
    in Individual Capacity	69
	 	12.9	Successor
    Agent	69
	 	12.10	Collateral
    Matters; Restriction on Lenders	70
	 	12.11	Agent
    May File Proofs of Claim	71
	 	12.12	Other
    Agents; Arrangers and Managers	71
	 	12.13	Payments
    to the Agent	72
	 	12.14	Defaulting
    Lender	72
	 	12.15	Inspection
    Deliveries	73
	 	12.16	Conflict
    with Financing Agreements	73
	 	12.17	Application
    of Law	73

 

    	iv

    	 

    

 

TERM
LOAN AND SECURITY AGREEMENT

 

This
TERM LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of March 18, 2022 is by and among STRAWBERRY
FIELDS REALTY LP, 1015 MAGAZINE STREET, LLC, 1155 EASTERN PARKWAY, LLC, 1253 LAKE BARKLEY DRIVE, LLC, 120 LIFE CARE WAY, LLC,
1621 COIT ROAD REALTY, LLC, 203 BRUCE COURT, LLC, 253 BRADINGTON DRIVE, LLC, 3090 FIVE POINTS HARTFORD ROAD REALTY, LLC, 3121 GLANZMAN
ROAD REALTY, LLC, 3523 WICKENHAUSER, LLC, 4250 SODOM HUTCHINGS ROAD REALTY, LLC, 516 WEST FRECH STREET, LLC, 5601 PLUM CREEK DRIVE REALTY,
LLC, 620 WEST STRUB ROAD REALTY, LLC, 727 NORTH 17TH STREET, LLC, 8200 NATIONAL AVENUE REALTY, LLC, 900 GAGEL AVENUE, LLC, 911 SOUTH
3RD STREET, LLC, 9300 BALLARD ROAD, LLC, 945 WEST RUSSELL STREET, LLC and 704 5TH AVENUE EAST, LLC (together with any Person
that may from time to time hereafter become party hereto as a Borrower, individually and collectively, the “Borrower”),
POPULAR BANK, a New York banking corporation in its individual capacity as a lender (“Popular Bank”), the other
financial institutions that are or may from time to time become party hereto (together with Popular Bank, the “Lenders”),
and POPULAR BANK, a New York banking corporation in its capacity as administrative agent for the Lenders (together with its successors
and assigns, the “Agent”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower has requested that Lenders provide the Borrower with a term loan; and

 

WHEREAS,
the Lenders are willing to make a term loan to the Borrower, upon the terms and provisions and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, and of any loans or other financial accommodations now
or hereafter made to or for the benefit of the Borrower by the Agent and Lenders, and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereto (intending to be legally bound) hereby agree as follows:

 

1.
DEFINITIONS.

 

1.1
General Terms. When used herein, the following terms shall have the following meanings:

 

“Account
Debtor” means the Person who is obligated on or under an Account.

 

“Accounts”
means “accounts” as defined in the Code, including, without limitation, (i) the third party reimbursable portion of
accounts receivable owing to the Borrower or arising out of the delivery by the Borrower of healthcare, ancillary healthcare or other
professional services and/or the sale or lease of goods related to any of such services (whether such services are supplied by the Borrower
or a third party), (ii) all rights to reimbursement under any agreement with an Account Debtor and (iii) all present and future accounts
receivable and other rights of the Borrower to payment for goods sold or leased or for services rendered, which are not evidenced by
instruments or chattel paper, and whether or not they have been earned by performance.

 

    	 

    	 

    

 

“Adjustment”
means the difference (which may be positive or negative value or zero) between (a) the average Term SOFR Rate for the Interest Periods
contained in the 365 day period immediately prior to the date of notice by the Agent of a Benchmark Transition Event and (b) the average
Daily Simple SOFR for the 365 day period immediately prior to the date of notice by the Agent of a Benchmark Transition Event.

 

“Advance”
means, individually or collectively as the context may require, the Term Loan.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling (including, without limitation, all shareholders,
members, directors, managers, and officers of such Person), controlled by, or under direct or indirect common control with, such Person.
A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct or cause
the direction of the management and policies of such other Person, whether through ownership of voting securities, by contract or otherwise.

 

“Agent”
shall have the meaning set forth in the preamble to this Agreement.

 

“Agreement”
means this Term Loan and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Applicable
Margin” means three hundred fifty (350) basis points.

 

“Applicable
State” means the States of Illinois, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas, as the context so requires.

 

“Assignment
of Leases and Rents” means each certain Assignment of Leases and Rents dated of even date herewith, by the Borrower in favor
of the Agent on behalf of Lenders, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Authorized
Manager/Officer” shall mean a member, manager, director, officer, or authorized representative, in each case as applicable,
of Borrower that has authority to sign and enter into agreements, instruments or other documents on behalf of the Borrower, and that
such signature shall be binding on Borrower, as evidenced by resolution or written consent of the members, managers or directors of Borrower.

 

“Bank
Product Agreements” shall mean those certain agreements entered into from time to time by the Borrower with Popular Bank or
any Affiliate of Popular Bank concerning Bank Products.

 

“Bank
Product Obligations” shall mean all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing
by the Borrower to the Popular Bank or any Affiliate of Popular Bank pursuant to or evidenced by the Bank Product Agreements and irrespective
of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising.

 

    	2

    	 

    

 

“Bank
Products” shall mean any service or facility extended to the Borrower by Popular Bank or any Affiliate of Popular Bank including:
(a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management,
including controlled disbursement, accounts or services, or (g) Hedging Agreements.

 

“Benchmark”
means the Term SOFR Rate. Any reference to “Benchmark” shall include, as applicable,
the published component used in the calculation thereof.

 

“Benchmark
Replacement” means the sum of: (a) Daily Simple SOFR and (b) the Adjustment. If
the Benchmark Replacement would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of
this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Business Day,” the definition of “Interest Period,”
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or
continuation notices, the applicability or removal of any tenor or interest period, the applicability and length of lookback periods,
the applicability of breakage provisions and other technical, administrative or operational matters) that the Agent, decides in its reasonable
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Agent, in such a manner as Agent, decides is reasonably necessary in connection with this Agreement and the other Loan
Documents.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the Benchmark:

 

(1)
a public statement or publication of information by or on behalf of the administrator of the Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all tenors of the Benchmark (or such
component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Benchmark (or such component thereof);

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the New York Federal Reserve Bank, an insolvency official with
jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease
to provide the Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the Benchmark (or such component thereof); or

 

    	3

    	 

    

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or the published
component used in the calculation thereof) announcing that the Benchmark (or such component thereof) is no longer representative.

 

“Blocked
Persons Lists” shall have the meaning ascribed to such term in Section 7.25 hereof.

 

“Board
of Directors” means, as to any Person, the board of directors (or comparable management body such as the managing members or
managers of a limited liability company) of such Person, or any committee thereof duly authorized to act on behalf of the board of directors
(or comparable management body such as the managing members or managers of a limited liability company).

 

“Borrower(s)”
shall have the meaning set forth in the preamble to this Agreement.

 

“Business
Day” means any day of the year that is not a Saturday, Sunday or other day on which commercial banks in New York City or Puerto
Rico are authorized or required by law to remain closed; provided that, when used in connection with the determination of the Term SOFR
Rate, the term “Business Day” means a U.S. Government Securities Business Day.

 

“Capital
Expenditures” shall mean all expenditures (including Capitalized Lease Obligations) which, in accordance with GAAP, would be
required to be capitalized and shown on the consolidated balance sheet of the Borrower, but excluding expenditures made in connection
with the replacement, substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries)
paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the
taking by eminent domain or condemnation of the assets being replaced.

 

“Capital
Lease” shall mean, as to any Person, a lease of any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, by such Person, as lessee, that is, or should be, in accordance with Financial Accounting Standards Board
Statement No. 13, as amended from time to time, or, if such statement is not then in effect, such statement of GAAP as may be applicable,
recorded as a “capital lease” on the financial statements of such Person prepared in accordance with GAAP.

 

“Capital
Securities” shall mean, with respect to any Person, all shares, interests, participations or other equivalents (however designated,
whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the date hereof, including
common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership
or any other equivalent of such ownership interest.

 

“Capitalized
Lease Obligations” shall mean, as to any Person, all rental obligations of such Person, as lessee under a Capital Lease which
are or will be required to be capitalized on the books of such Person.

 

“CERCLA”
means the Comprehensive Environmental Release Compensation and Liability Act, 42 U.S.C. § 9601 et seq., as amended.

 

    	4

    	 

    

 

“Change
of Control” means the occurrence of any of the following events:

 

(i)
Strawberry Fields REIT, LTD fails to own 100% of the Capital Securities of each Real Estate Company;

 

(ii)
Strawberry Fields LP fails to own 100% of the Capital Securities of Strawberry Fields REIT, LTD;

 

(iii)
the failure of Strawberry Fields to be the general partner of Strawberry Fields LP;

 

(iv)
the failure of Moishe Gubin to be a voting member of the Board of Directors of each of Strawberry Fields and Strawberry Fields REIT,
LTD and ;

 

(v)
the failure of Moishe Gubin to be actively involved in the executive management of Borrower; or

 

(iv)
any Person or two or more Persons acting in concert (other than Moishe Gubin), shall have acquired beneficial ownership, directly or
indirectly, in the Capital Securities of Strawberry Fields (or other securities convertible into such Capital Securities) representing
30% or more of the combined voting power of all Capital Securities of Strawberry Fields entitled (without regard to the occurrence of
any contingency) to vote for the election of members of the Board of Directors of Strawberry Fields.

 

“Closing
Date” means March 18, 2022.

 

“Closing
Fee” shall have the meaning ascribed to such term in Section 2.11 hereof.

 

“CME
Term SOFR Reference Rates” means the forward-looking term rates based on the secured overnight financing rate published by
the Relevant Government Body and administered by CME Group Benchmark Administration Limited (or any successor selected or recommended
by the Relevant Government Body).

 

“CMS”
means the Centers for Medicare and Medicaid Services of HHS and any Person succeeding to the functions thereof.

 

“Code”
means the Uniform Commercial Code as adopted in the State of New York; provided, that if by reason of mandatory provisions of
law, the perfection or the effect of perfection or non-perfection of the security interests in any Collateral or the availability of
any remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the date hereof in any other jurisdiction, “Code”
means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection
or effect of perfection or non-perfection or availability of such remedy.

 

“Collateral”
shall have the meaning ascribed to such term in Section 6.1 hereof.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

    	5

    	 

    

 

“Computation
Period” means the last day of each Fiscal Quarter.

 

“Contingent
Liability” and “Contingent Liabilities” shall mean, respectively, each obligation and liability of the Borrower
and all such obligations and liabilities of the Borrower incurred pursuant to any agreement, undertaking or arrangement by which the
Borrower: (a) guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or
otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against
loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner (other than by endorsement of instruments
in the course of collection), including any indebtedness, dividend or other obligation which may be issued or incurred at some future
time; (b) guarantees the payment of dividends or other distributions upon the shares or ownership interest of any other Person; (c) undertakes
or agrees (whether contingently or otherwise): (i) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability
of any other Person or any property or assets constituting security therefor, (ii) to advance or provide funds for the payment or discharge
of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions
or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of any other Person, or
(iii) to make payment to any other Person other than for value received; (d) agrees to lease property or to purchase securities, property
or services from such other Person with the purpose or intent of assuring the owner of such indebtedness or obligation of the ability
of such other Person to make payment of the indebtedness or obligation; (e) to induce the issuance of, or in connection with the issuance
of, any letter of credit for the benefit of such other Person; or (f) undertakes or agrees otherwise to assure a creditor against loss.
The amount of any Contingent Liability shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount
(or maximum permitted principal amount, if larger) of the indebtedness, obligation or other liability guaranteed or supported thereby.

 

“Credit
Termination Date” means the earlier of (i) the Stated Maturity Date, (ii) such other date on which the Term Loan Commitment
shall terminate pursuant to Section 10.2 hereof, and (iii) such other date as is mutually agreed in writing between the Borrower
and the Agent (with the consent of the Required Lenders).

 

“Daily
Simple SOFR” means, for any day, the rate per annum equal to the secured overnight financing rate published by the Relevant
Government Body and quoted as the “United States SOFR Secured Overnight Financing Rate” on the Bloomberg Professional Service
Screen under the ticker “SOFRRATE Index” (or on any successor substitute page or service providing quotations of the secured
overnight financing rate as determined by the Agent from time to time) for the day (such day, an “DSS Interest Determination
Date”) that is two (2) Business Days prior to such day (or if the secured overnight financing rate cannot be ascertained for
any such DSS Interest Rate Determination Date, then the first Business Day preceding such DSS Interest Determination Date for which the
secured overnight financing rate is available, provided that such first preceding Business Day shall not be more than three (3) Business
Days prior to the DSS Interest Determination Date). In no event shall the Daily Simple SOFR Rate with respect to any Advance be less
than 0.01% per annum. Any change in the Daily Simple SOFR Rate shall be effective from and including the date of such change.

 

    	6

    	 

    

 

“Debt
Service Schedule” means a listing of principal and interest payments of Strawberry Fields and its subsidiaries for the applicable
Fiscal Year.

 

“Default”
means an event which through the passage of time or the service of notice or both would (assuming no action is taken to cure the same)
mature into an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed to fund its portion of the Term Loan required to be funded by it hereunder on
the Closing Date, (b) has otherwise failed to pay over to Agent or any other Lender any other amount required to be paid by it hereunder
within one Business Day of the date when due, unless the subject of a good faith dispute or unless such failure has been cured, or (c)
has become the subject of a bankruptcy or insolvency proceeding.

 

“Default
Rate” shall have the meaning ascribed to such term in Section 2.4(c) hereof.

 

“Deposit
Accounts” means any deposit, securities, operating, lockbox, cash collateral and blocked account, together with any funds,
instruments, or other items credited to any such account from time to time, and all interest earned thereon.

 

“EBITDA”
means, with respect to Strawberry Fields and its subsidiaries, the net income of Strawberry Fields and its subsidiaries on a consolidated
basis before nonrecurring items (in accordance with GAAP and as agreed to by the Agent), cash interest, income taxes, depreciation and
amortization all as determined in accordance with GAAP, consistently applied.

 

“Environmental
Indemnity Agreement” means that certain Environmental Indemnity Agreement dated of even date herewith by the Borrower and each
Guarantor in favor of the Agent for the benefit of Lenders, as the same may be amended, reaffirmed, modified or supplemented from time
to time in accordance with the terms and provisions of this Agreement.

 

“Environmental
Laws” means all federal, state and local laws, statutes, rules, regulations, ordinances, programs, permits, guidances, orders
and consent decrees relating to health, safety and environmental matters applicable to the Borrower and its business, assets and property,
including, without limitation, the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., as amended; CERCLA;
the Toxic Substance Act, 15 U.S.C. § 2601 et seq., as amended; the Clean Water Act, 33 U.S.C. § 466 et seq.,
as amended; the Clean Air Act, 42 U.S.C. § 7401 et seq., as amended; state and federal superlien and environmental cleanup
programs; and U. S. Department of Transportation regulations.

 

“Environmental
Notice” means any summons, citation, directive, information request, notice of potential responsibility, notice of violation
or deficiency, order, claim, complaint, investigation, proceeding, judgment, letters or other communication, written or oral to the Borrower
or any officer thereof, actual or threatened, from the United States Environmental Protection Agency or other federal, state or local
agency or authority, or any other entity or individual, public or private, concerning any intentional or unintentional act or omission
which involves Management of Hazardous Substances on or off the property of the Borrower which could result in the Borrower incurring
a material liability or which could have a Material Adverse Effect, or the imposition of any Lien on property, or any alleged violation
of or responsibility under Environmental Laws which could result in the Borrower incurring a material liability or which could have a
Material Adverse Effect, and, after due inquiry and investigation, any knowledge of any facts which could give rise to any of the foregoing.

 

    	7

    	 

    

 

“Equipment”
means “equipment” as defined in the Code that is owned by the Borrower, including, without limitation, any and all of the
Borrower’s machinery, equipment, vehicles, fixtures, furniture, computers, appliances, tools, and other tangible personal property
(other than Inventory), whether located on the Borrower’s premises or located elsewhere, together with any and all accessions,
parts and appurtenances thereto, whether presently owned or hereafter acquired by the Borrower.

 

“Equity
Pledge Agreement” means that certain Pledge Agreements by Pledgor in favor of the Agent for the benefit of Lenders dated as
of the date hereof, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the
terms and provisions of this Agreement.

 

“Event
of Default” shall have the meaning ascribed to such term in Section 10.1 hereof.

 

“Excluded
Swap Obligation” means, with respect to any guarantor of the Liabilities, any Swap Obligation if, and to the extent that, the
applicable guaranty or collateral pledge provided by such Person with respect to the Liabilities becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) by virtue of such Person’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act at the time such applicable guaranty or pledge agreement or similar collateral document becomes
effective with respect to such Swap Obligation, but such exclusion shall only be effective for so long as the applicable guaranty or
collateral pledge would otherwise be so illegal.

 

“Exit
Fee” means, (i) from the Closing Date up through and including the date that is the one (1) year anniversary of the Closing
Date, an amount equal to four percent (4.00%) of the Term Loan Commitment, (ii) from the day after the one (1) year anniversary of the
Closing Date up through and including the date that is the two (2) year anniversary of the Closing Date, an amount equal to three percent
(3.00%) of the Term Loan Commitment, (iii) from the day after the two (2) year anniversary of the Closing Date up through and including
the date that is the three (3) year anniversary of the Closing Date, an amount equal to two percent (2.00%) of the Term Loan Commitment,
(iv) from the day after the three (3) year anniversary of the Closing Date up through and including the date that is the four (4) year
anniversary of the Closing Date, an amount equal to one percent (1.00%) of the Term Loan Commitment, and (v) from the day after the four
(4) year anniversary of the Closing Date to the Credit Termination Date, zero percent (0.00%).

 

“Facility”
means, individually and collectively, (i) Landmark of River City Rehabilitation and Nursing Center, (ii) Landmark of Louisville Rehabilitation
and Nursing Center, (iii) Landmark of Bardstown Rehabilitation and Nursing Center, LLC, (iv) Landmark of Kuttawa, (v) Landmark of Plano
Rehabilitation and Nursing Center, (vi) Landmark of Danville Rehabilitation and Nursing Center, (vii) Columbia Rehabilitation and Nursing
Center, LLC, (viii) Concord Care Center of Toledo, (ix) Alton Rehabilitation and Nursing Center, LLC, (x) Concord Care Center of Cortland,
(xi) Parker Nursing and Rehabilitation Center, (xii) Landmark of Amarillo Rehabilitation and Nursing Center, (xii) Concord Care &
Rehabilitation Center, (xiv) Midwest Rehabilitation and Nursing Center, (xv) LLC dba Integrity Healthcare of Belleville, Midwest Specialty
Hospital, LLC dba Inspire Specialty Hospital, (xvi) Landmark of Midwest City Rehabilitation and Nursing Center, (xvii) Landmark of Iroquois
Park Rehabilitation and Nursing Center, (xviii) Chalet of Niles Nursing and Rehabilitation Center, (xix) Landmark of Des Plaines, (xx)
The Waters of Springfield, and (xxi) Landmark of Elkhorn City Rehabilitation and Nursing Center, LLC, each located on the Real Estate.

 

    	8

    	 

    

 

“Federal
Funds Effective Rate” means, for any day, a fluctuating interest rate per annum equal to the rate for Federal Funds as published
in H.15(519) under the heading “Federal Funds (Effective)” or, if not published by 3:00 p.m., New York City time on such
day (or if such day is not a Business Day, on the immediately preceding Business Day), the rate on such day as published in Composite
Quotations under the heading “Federal Funds/Effective Rate.” In the event that such rate is not published in either H.15(519)
or Composite Quotations by 3:00 p.m. New York City time, on such day (or if such day is not a Business Day, for the immediately preceding
Business Day) the Federal Funds Effective Rate will be the arithmetic mean of the rates as of 9:00 a.m., New York City time on such day
for the last transaction in overnight Dollar federal funds arranged by three leading brokers of federal funds transactions in the City
of New York selected by the Agent.

 

“Financing
Agreements” means the Term Loan Note, the Guaranty, the Mortgage, any Hedging Agreement (if any), any Bank Product Agreement,
the Subordination Agreements, the Equity Pledge Agreement, the Perfection Certificate, and any other instrument, document or agreement
executed or delivered in connection with this Agreement or any of the foregoing, in each case evidencing, securing or relating to the
Term Loan and the Liabilities, whether heretofore, now, or hereafter executed by or on behalf of the Borrower, each Guarantor, each Pledgor,
any Affiliate, or any other Person, and delivered to or in favor of the Agent for the benefit of Lenders, together with all agreements
and documents referred to therein or contemplated thereby, as each may be amended, modified or supplemented from time to time in accordance
with the terms and provisions of this Agreement.

 

“Fiscal
Quarter” means the three (3) month period ending on March 31, June 30, September 30 and December 31 of each calendar year.

 

“Fiscal
Year” means the twelve (12) month period commencing on January 1 and ending on December 31 of each calendar year.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to Term SOFR Rate.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or
any successor authority) that are applicable to the circumstances as of the date of determination.

 

    	9

    	 

    

 

“General
Intangibles” means “general intangibles” as defined in the Code, including, without limitation, any and all general
intangibles, choses in action, causes of action, rights to the payment of money (other than Accounts), and all other intangible personal
property of the Borrower of every kind and nature wherever located and whether currently owned or hereafter acquired by the Borrower
(other than Accounts), including, without limitation, corporate or other business records, inventions, designs, patents, patent applications,
service marks, service mark applications, trademark applications, brand names, tradenames, trademarks and all goodwill symbolized thereby
and relating thereto, tradestyles, trade secrets, registrations, computer software, advertising materials, distributions on certificated
and uncertificated securities, investment property, securities entitlements, goodwill, operational manuals, product formulas for industrial
processes, blueprints, drawings, copyrights, copyright applications, rights and benefits under contracts, licenses, license agreements,
permits, approvals, authorizations which are associated with the operation of the Borrower’s business and granted by any Person,
franchises, customer lists, deposit accounts, tax refunds, tax refund claims, and any letters of credit, guarantee claims, security interests
or other security held by or granted to the Borrower to secure payment by an Account Debtor of any of Borrower’s Accounts, and,
to the maximum extent permitted by applicable law, any recoveries or amounts received in connection with any litigation or settlement
of any litigation.

 

“Government
Accounts” means Accounts on which any federal or state governmental unit or any intermediary for any federal or state governmental
unit is the Account Debtor.

 

“Guarantor(s)”
means, individually and collectively, each guarantor party to a Guaranty Agreement, including, without limitation, Strawberry Fields
REIT, Inc. and Strawberry Fields REIT, LTD.

 

“Guaranty”
means, individually and collectively, those certain Guaranty Agreements, each dated of even date herewith, made by each Guarantor in
favor of the Agent for the benefit of Lenders, as the same may be amended, restated, supplemented or otherwise modified from time to
time in accordance with the terms and provisions of this Agreement.

 

“Hazardous
Substances” means hazardous substances, materials, wastes, and waste constituents and reaction by-products, pesticides, oil
and other petroleum products, and toxic substances, including, without limitation, asbestos and PCBs, as those terms are defined pursuant
to Environmental Laws.

 

“Hedging
Agreement” means any interest rate, currency or commodity swap agreement, cap agreement or collar agreement or any other so-called
“swap” agreement, or similar arrangement entered into at any time (if any) with the intent of protecting against fluctuations
in interest rates, between the Borrower and Popular Bank (or any other Lender approved by Agent) relating to any of the Liabilities,
as the same may be modified, supplemented or amended from time to time in accordance with the terms and provisions of this Agreement.

 

“Hedging
Obligation” shall mean, with respect to any Person, any liability of such Person under any Hedging Agreement.

 

“HHS”
means the United States Department of Health and Human Services and any Person succeeding to the functions thereof.

 

    	10

    	 

    

 

“HIPAA”
means the Health Insurance Portability and Accountability Act of 1996, as the same may be amended, modified or supplemented from time
to time, and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

“HUD”
shall mean the United States Department of Housing and Urban Development.

 

“HUD
Refinancing” shall mean a repayment of the Term Loan with funds provided by HUD or guaranteed by HUD.

 

“Indebtedness”
with respect to any Person means, as of the date of determination thereof, (a) all of such Person’s indebtedness for borrowed money
(including, without limitation, the Liabilities and all subordinated indebtedness), (b) all indebtedness of such Person or any other
Person secured by any Lien with respect to any property or asset owned or held by such Person, regardless whether the indebtedness secured
thereby shall have been assumed by such Person or such Person has become liable for the payment thereof, (c) all obligations or liabilities
created or arising under any conditional sale or other title retention agreement with respect to property used and/or acquired by Borrower
even though the rights and remedies of the seller and/or lender thereunder are limited to repossession of such property, (d) all unfunded
pension fund obligations and liabilities and deferred taxes, (e) all obligations of such Person evidenced by bonds, debentures, notes
or similar instruments, (f) all obligations in respect of letters of credit, whether or not drawn, and bankers’ acceptances issued
for the account of such Person, (g) all guarantees by such Person, or any undertaking by such Person to be liable for, the debts or obligations
of any other Person, and (h) all other indebtedness, liabilities and obligations of such Person, now or hereafter owing, due or payable,
however evidenced, created, incurred or owing and however arising, due or owing to any Person or otherwise which under GAAP should be
reflected on a balance sheet, including without limitation, Capitalized Lease Obligations, Hedging Obligations and Contingent Liabilities.

 

“Indemnified
Parties” shall have the meaning ascribed to such term in Section 11.16 hereof.

 

“Interest
Period” means a period of one (1) month commencing on the first (1st) day of each month, provided that: (i) the initial Interest
Period shall commence on the date of the initial Advance hereunder and shall end on the last day of such Interest Period; (ii) if an
Advance is made on a day that is not the first day of an Interest Period, then the applicable Term SOFR Rate for such Advance shall be
the Term SOFR Rate that was applicable on the first day of the Interest Period during which such Advance is made and such Term SOFR Rate
shall remain in effect until and including the last day of such Interest Period; (iii) if an Interest Period would otherwise expire on
a day that is not a Business Day, such Interest Period shall expire on the immediately succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day;
and (iv) no Interest Period with respect to any Advance shall extend beyond its maturity date.

 

“Inventory”
means “inventory” as defined in the Code, including, without limitation, any and all inventory and goods of the Borrower,
wheresoever located, whether now owned or hereafter acquired by the Borrower, which are held for sale or lease, furnished under any contract
of service or held as raw materials, work-in-process or supplies, and all materials used or consumed in the Borrower’s business,
and shall include such property the sale or other disposition of which has given rise to Accounts and which has been returned to or repossessed
or stopped in transit by the Borrower.

 

    	11

    	 

    

 

“Liabilities”
means any and all of the Borrower’s liabilities, obligations and Indebtedness to the Agent and Lenders of any and every kind and
nature, whether heretofore, now or hereafter owing, arising, due or payable and howsoever evidenced, created, incurred, acquired, or
owing, whether primary, secondary, direct, indirect, contingent, absolute, fixed or otherwise (including, without limitation, payments
of or for principal, interest, fees, costs, expenses, and/or indemnification, and obligations of performance and all Bank Product Obligations)
and whether arising or existing under written agreement, oral agreement, or by operation of law, including, without limitation, all the
Borrower’s Indebtedness, liabilities and obligations to the Agent and Lenders under this Agreement (whether relating to the Term
Loan or otherwise) or the Financing Agreements to which the Borrower is a party (including, without limitation, the Hedging Agreement)
but excluding any Excluded Swap Obligation, and any refinancings, substitutions, extensions, renewals, replacements and modifications
for or of any or all of the foregoing.

 

“Lien”
means any lien, security interest, mortgage, deed of trust, pledge, hypothecation, collateral assignment, or other charge, encumbrance
or preferential arrangement, including, without limitation, the retained security title of a conditional vendor or lessor.

 

“LLC
Division” shall mean, in the event a Borrower or any Guarantor is a limited liability company, (a) the division of any such
Borrower or any Guarantor into two or more newly formed limited liability companies (whether or not such Borrower or such Guarantor is
a surviving entity following any such division) pursuant to Section 18-217 of the Delaware Limited Liability Company Act or any similar
provision under any similar act governing limited liability companies organized under the laws of any other State or Commonwealth or
of the District of Columbia, or (b) the adoption of a plan contemplating, or the filing of any certificate with any applicable governmental
authority that results or may result in, any such division.

 

“Loan”
means the Term Loan.

 

“Loan
Account” shall have the meaning ascribed to such term in Section 2.2 hereof.

 

“Manage”
or “Management” means to generate, handle, manufacture, process, treat, store, use, re-use, refine, recycle, reclaim,
blend or burn for energy recovery, incinerate, accumulate speculatively, transport, transfer, dispose of, release, threaten to release
or abandon Hazardous Substances.

 

    	12

    	 

    

 

“Material
Adverse Change” or “Material Adverse Effect” means either (a) the termination of any Operator or Operators
continued participation in Medicare or Medicaid reimbursement program for any reason with respect to any Facility or Facilities constituting
ten percent (10.00%) or more of the total revenue of all Facilities, or (b) any other change, event, action, condition or effect which,
individually or in the aggregate, either (i) impairs the legality, validity or enforceability of this Agreement or any Financing Agreement,
(ii) impairs the fully perfected first priority status of the Liens granted hereunder and under the Financing Agreements in favor of
the Agent for the benefit of Lenders in the Collateral or the Real Estate or any other assets pledged in favor of Agent for the benefit
of Lenders to secure the Liabilities or any portion thereof (subject only to the Permitted Liens), (iii) materially and adversely affects
the business, property or assets (whether real or personal), operations, performance, or condition (financial or otherwise) of the Borrower
taken as whole or any or all of the Collateral or the Real Estate, or the ability of the Borrower to repay the Liabilities when due or
declared due and perform the Borrower’s obligations under this Agreement and the Financing Agreements to which it is a party, or
(iv) materially and adversely affects the business, property or assets (whether real or personal), operations, performance, or condition
(financial or otherwise) of any of the Guarantors, or the ability of any of the Guarantors to repay the Liabilities when due or declared
due and perform such Guarantor’s obligations under its Guaranty and the Financing Agreements to which it is a party.

 

“Medicaid”
means, collectively, the healthcare assistance program established by Title XIX of the Social Security Act (42 U.S.C. §§ 1396
et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders, guidelines or requirements (whether
or not having the force of law) pertaining to such program, in each case as the same may be amended, supplemented or otherwise modified
from time to time.

 

“Medicaid
Certification” means certification by the Applicable State Medicaid program that the Operator complies with all of the applicable
requirements for participation set forth in the Medicaid Regulations.

 

“Medicaid
Provider Agreement” means an agreement entered into with Applicable State Medicaid program, as applicable under which such
Medicaid program agrees to pay for covered services provided by the Operator to Medicaid beneficiaries in accordance with the terms of
such agreement and the Medicaid Regulations.

 

“Medicaid
Regulations” mean collectively all federal statutes (whether set forth in Title XIX of the Social Security Act or elsewhere)
affecting the health insurance program established by Title XIX of the Social Security Act (42 U.S.C. §§ 1396, et seq.), together
with all applicable provisions of all rules, regulations, manuals, final orders and administrative, reimbursement and other applicable
guidelines of all governmental authorities, including HHS, CMS or the Office of the Inspector General of HHS, any applicable department
or agency of the Applicable State or any Person succeeding to the functions of any of the foregoing (whether or not having the force
of law).

 

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

 

“Medicare
Certification” means certification of CMS or a state agency or entity under contract with CMS that the Operator complies with
all of the applicable requirements for participation set forth in the Medicare Regulations.

 

“Medicare
Provider Agreement” means an agreement entered into with CMS or a state agency under contract with CMS under which CMS agrees
to pay for covered services provided by the Operator to Medicare beneficiaries in accordance with the terms of such agreement and the
Medicare Regulations.

 

    	13

    	 

    

 

“Medicare
Regulations” mean collectively all federal statutes (whether set forth in Title XVIII of the Social Security Act or elsewhere)
affecting the health insurance program for the aged and disabled established by Title XVIII of the Social Security Act (42 U.S.C. §§
1395, et seq.), together with all applicable provisions of all rules, regulations, manuals, final orders and administrative, reimbursement
and other applicable guidelines of all governmental authorities, including HHS, CMS or the Office of the Inspector General of HHS, or
any Person succeeding to the functions of any of the foregoing (whether or not having the force of law).

 

“Mortgage”
means that certain (i) Mortgage, Security Agreement, Financing Statement, Assignment of Rents and Leases and Fixture Filing or (ii) Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Financing Statement made by the applicable Borrower dated of
even date herewith, granting and conveying to the Agent for the benefit of Lenders a first mortgage Lien on the Real Estate, as the same
may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms and provisions of this Agreement.

 

“NOI”
means the net operating income of Strawberry Fields and its subsidiaries on a consolidated basis consisting of rents received minus expenses
incurred plus the sum of cash interest, depreciation and amortization, all as determined in accordance with GAAP, consistently applied.

 

“Non-Direct
Obligations” shall have the meaning ascribed to such term in Section 11.26(f) hereof.

 

“Notice
of Removal” shall have the meaning ascribed to such term in Section 2.7(d) hereof.

 

“Operator”
means, individually and collectively, Landmark of River City Rehabilitation and Nursing Center, LLC, Landmark of Louisville Rehabilitation
and Nursing Center, LLC, Landmark of Bardstown Rehabilitation and Nursing Center, LLC, Landmark of Kuttawa, LLC, Landmark of Plano Rehabilitation
and Nursing Center, LLC, Landmark of Danville Rehabilitation and Nursing Center, LLC, Columbia Rehabilitation and Nursing Center, LLC,
Concord Care Center of Toledo, LLC, Parker Nursing and Rehabilitation Center, LLC, Landmark of Amarillo Rehabilitation and Nursing Center,
LLC, Concord Care & Rehabilitation Center, LLC, Midwest Rehabilitation and Nursing Center, LLC dba Integrity Healthcare of Belleville,
Midwest Specialty Hospital, LLC dba Inspire Specialty Hospital, Landmark of Midwest City Rehabilitation and Nursing Center, LLC, Landmark
of Iroquois Park Rehabilitation and Nursing Center, LLC, Chalet of Niles Nursing and Rehabilitation Center, LLC, Landmark of Des Plaines,
LLC, The Waters of Springfield, LLC and Landmark of Elkhorn City Rehabilitation and Nursing Center, LLC.

 

“Paid
in Full” or “Payment in Full” means (i) the indefeasible payment in full in cash of the Loan and all other
Liabilities and (ii) termination of the Term Loan Commitment.

 

“Patriot
Act” shall have the meaning ascribed to such term in Section 11.22 hereof.

 

“Perfection
Certificate” means that certain Perfection Certificate dated as of the Closing Date executed by the Borrower in favor of Agent.

 

“Permitted
Liens” shall have the meaning ascribed to such term in Section 9.1 hereof.

 

    	14

    	 

    

 

“Person”
means any individual, sole proprietorship, partnership, cooperative, joint venture, trust, limited liability company, unincorporated
organization, association, corporation, institution, entity, party, or government (whether national, federal, state, provincial, county,
city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body or department thereof).

 

“Pledgor(s)”
means each pledgor party under each Equity Pledge Agreement.

 

“Popular
Bank” shall have the meaning set forth in the preamble to this Agreement.

 

“Property”
means any and all real property owned, leased, sub-leased or used at any time by Borrower, including, without limitation, the Real Estate.

 

“Real
Estate” means, individually and collectively, the property located at 1015 Magazine Street, Louisville, KY 40203, 1155 Eastern
Parkway, Louisville, KY 40214, 120 Life Care Way, Bardstown, KY 40004, 1253 Lake Barkley Dr, Kuttawa, KY 42055, 1621 Coit Road, Plano,
TX 75075, 203 Bruce Court, Danville, KY 40422, 253 Bradington Drive, Columbia, IL 62236, 3090 Five Points Hartford, Fowler, OH 44418,
3121 Glanzman Rd., Toledo, OH 43614, 3523 Wickenhauser, Alton, IL 62002, 4250 Sodom Hutchings Rd, Cortland, OH 44410, 516 West Frech
St, Streator, IL 61364, 5601 Plum Creek Drive, Amarillo, TX 79124, 620 W Strub Rd, Sandusky, OH 44870, 727 North 17th St, Belleville,
IL 62226, 8200/8210 National Ave, Midwest City, OK 73110, 900 Gagel Avenue, Louisville, KY 40216, 911 South 3rd St., Niles, MI 49120,
9300 West Ballard, Des Plaines, IL 60016, 704 5th Avenue East, Springfield, TN, 945 West Russell Street, Elkhorn City, KY 41522, which
are leased by Operator from Real Estate Company to operate the Facility.

 

“Real
Estate Company” means each Borrower other than Strawberry Fields LP.

 

“Real
Estate Leases” means those certain lease agreements between each Real Estate Company, as landlord, and each Operator, as tenant,
as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms and provisions
of this Agreement.

 

“Release”
means any actual or threatened spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping
or disposing of Hazardous Substances into the environment, as “environment” is defined in CERCLA.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or, in each case, any successor thereto.

 

“Required
Lenders” means, as of any date of determination, if there are two (2) or more Lenders, Lenders holding sixty-six and two-thirds
percent (66-2/3%) of the sum of the outstanding principal balance of the Term Loan provided, that the commitment of, and the portion
of the Liabilities held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders and any Lender and its Affiliates shall be counted as a single Lender for purposes of making a determination of Required Lenders.

 

    	15

    	 

    

 

“Respond”
or “Response” means any action taken pursuant to Environmental Laws to correct, remove, remediate, cleanup, prevent,
mitigate, monitor, evaluate, investigate or assess the Release of a Hazardous Substance.

 

“Stated
Maturity Date” means the five year anniversary of the Closing Date.

 

“Strawberry
Fields” means Strawberry Fields REIT, Inc., a Maryland corporation.

 

“Strawberry
Fields Debt Service Coverage Ratio” means the ratio of (i) NOI to (ii) the sum of (A) cash interest expense of Strawberry Fields
and its subsidiaries on Indebtedness of Strawberry Fields and its subsidiaries, plus (B) regularly scheduled (but excluding stated maturity)
principal payments of Strawberry Fields and its subsidiaries on a consolidated basis on Indebtedness of Strawberry Fields and its subsidiaries,
plus (C) Capitalized Lease Obligations of Strawberry Fields and its subsidiaries on a consolidated basis, plus (D) any mortgage insurance
premiums paid by Strawberry Fields and its subsidiaries to HUD, each to be paid during such period, all as determined in accordance with
GAAP, consistently applied. The Agent, at its sole discretion, will allow one-time principal balloon payments of Indebtedness to be added
back into the formula when appropriate.

 

“Strawberry
Fields Debt to EBITDA Ratio” means an amount equal to the following for such Computation Period: the ratio of (a) Indebtedness
as defined in subsection (a) of the definition of Indebtedness of Strawberry Fields and its subsidiaries on a consolidated basis for
such period as of such day to (b) EBITDA of Strawberry Fields and its subsidiaries on a consolidated basis for such period ending on
such day.

 

“Strawberry
Fields Equity” means the total dollar value of equity owned by Strawberry Fields in each of its subsidiaries as set forth on
the most recent balance sheet of Strawberry Fields, which is typically shown as shareholders equity on Strawberry Fields’ GAAP
consolidated financials.

 

“Strawberry
Fields LP” means Strawberry Fields Realty LP, a Delaware limited partnership.

 

“Subordinated
Debt” means any and all Indebtedness owing by the Borrower to a third party that has been subordinated to the Liabilities in
writing on terms and conditions satisfactory to the Lender in its sole and absolute determination.

 

“Subordination
Agreement” means any intercreditor and/or subordination agreement in form and substance satisfactory to Agent in its sole discretion
by and among Borrower, a subordinating creditor and Agent, on behalf of the Lenders, pursuant to which subordinated debt is subordinated
to the prior payment and satisfaction of the Liabilities and the Liens securing such subordinated debt, if any, granted by Borrower to
such subordinated creditor are subordinated in any way to the Liabilities and the Liens created hereunder and under any other Financing
Agreement.

 

“Swap
Obligation” means any Hedging Agreement or related obligation that constitutes a “swap” within the meaning of Section
1a(47) of the Commodity Exchange Act.

 

    	16

    	 

    

 

“Taxes”
shall have the meaning ascribed to such term in Section 3.2 hereof.

 

“Term
Loan” shall have the meaning ascribed to such term in Section 2.1(a) hereof.

 

“Term
Loan Commitment” means each Lender’s commitment under Section 2.1 to make their portion of the Term Loan. The
initial amount of each Lender’s Term Loan Commitment is set forth on the “Commitment Schedule” attached hereto as Annex
A, or in an “Assignment and Assumption” agreement or similar agreement pursuant to which such Lender shall have assumed
its Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Loan Commitment is One Hundred and Five
Million and No/100 Dollars ($105,000,000.00).

 

“Term
Loan Note” and “Term Loan Notes” shall have the meanings ascribed to such terms in Section 2.1(b)
hereof.

 

“Term
SOFR Rate” means, for any Interest Period, the rate per annum equal to the CME Term SOFR Reference Rate for 1 month and quoted
as “CME Term SOFR 1 Month” (rounded upwards, if necessary, to the nearest 1/1,000 of 1%) on the Bloomberg Professional Service
Screen under the ticker “SR1M Index” (or on any successor or substitute page or service providing quotations of such CME
Term SOFR Reference Rate as determined by the Agent from time to time) for the day (such day, an “TS Interest Determination
Date”) that is one Business Day prior to the first day of such Interest Period (or if such CME Term SOFR Reference Rate cannot
be ascertained for any such TS Interest Determination Date, then the first Business Day preceding such TS Interest Determination Date
for which such CME Term SOFR Reference Rate is available, provided that such first preceding Business Day shall not be more than three
(3) Business Days prior to such TS Interest Determination Date). In no event shall the Term SOFR Rate with respect to any Advance for
any Interest Period be less than 0.01% per annum.

 

“U.S.
Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

1.2
Accounting Terms. Any accounting terms used in this Agreement which are not specifically defined herein shall have the
meanings customarily given to such terms in accordance with GAAP. If changes in GAAP shall be mandated by the Financial Accounting Standards
Board or shall be recommended by the Borrower’s certified public accountants, and such changes would materially modify the interpretation
or computation of the financial covenants set forth in Section 9.17 hereof at the time of execution hereof, then in such event
such changes shall not be followed in calculating such financial covenant.

 

1.3
Others Defined in Code. All terms contained in this Agreement (and which are not otherwise specifically defined herein)
shall have the meanings provided by the Code to the extent the same are used or defined therein.

 

    	17

    	 

    

 

1.4
Other Interpretive Provisions.

 

(a)
The meanings of defined terms are equally applicable
to the singular and plural forms of the defined terms. Whenever the context so requires, the neuter gender includes the masculine and
feminine, the single number includes the plural, and vice versa.

 

(b)
Section and Schedule references are to this Agreement
unless otherwise specified. The words “hereof”, “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(c)
The term “including” is not limiting, and
means “including, without limitation”.

 

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

 

(e)
Unless otherwise expressly provided herein, (i) references
to agreements (including this Agreement and the other Financing Agreements) and other contractual instruments shall be deemed to include
all subsequent amendments, restatements, supplements and other modifications thereto, but only to the extent such amendments, restatements,
supplements and other modifications are not prohibited by the terms of this Agreement or any Financing Agreement, and (ii) references
to any statute or regulation shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing
or interpreting such statute or regulation.

 

2.
TERM LOAN COMMITMENT; INTEREST; FEES.

 

2.1
Term Loan.

 

(a)
On the terms and subject to the conditions set forth
in this Agreement, and provided there does not then exist a Default or an Event of Default, each Lender shall, immediately following
the execution of this Agreement by the Borrower, Agent and the Lenders, severally and for itself alone, extend in one (1) advance a term
loan (the “Term Loan”) to the Borrower in an aggregate principal amount equal to One Hundred Five Million and No/100
Dollars ($105,000,000.00). Commencing on April 1, 2022, payments (plus interest payments) in the amount sufficient to fully amortize
the Term Loan over twenty (20) years shall be paid by the Borrower in consecutive monthly installments in the amount as set forth on
the schedule below (which schedule may be supplemented by Agent to account for additional monthly payments until the Credit Termination
Date), each payable on the first day of each calendar month and continuing on the first day of each calendar month thereafter through
and including the Credit Termination Date.

 

	Month	 	Monthly
    Payments	 
	Year
    1	 	$	290,003	 
	Year
    2	 	$	301,070	 
	Year
    3	 	$	314,425	 
	Year
    4	 	$	327,417	 
	Year
    5	 	$	340,945	 

 

    	18

    	 

    

 

A
final installment of the aggregate unpaid principal balance of the Term Loan, together with interest accrued thereon, shall be payable
on the Credit Termination Date. Any amounts paid or applied to the principal balance of the Term Loan (whether by mandatory prepayment
or otherwise) may not be reborrowed hereunder. Upon maturity, the outstanding principal balance of the Term Loan shall be immediately
due and payable, together with any remaining accrued interest thereon, to Lenders by Borrower.

 

(b)
The Term Loan shall be evidenced by one or more promissory
notes (hereinafter, as the same may be amended, restated, supplemented or otherwise modified from time to time, and together with any
renewals or extensions thereof or exchanges or substitutions therefor, individually and collectively, the “Term Loan Note”
and also collectively referred to as the “Term Loan Notes”), duly executed and delivered by the Borrower, in form and substance
reasonably acceptable to the Agent, with appropriate insertions, dated the Closing Date, payable to the order of each Lender in the principal
amount of such Lender’s Term Loan Commitment. THE PROVISIONS OF THE TERM LOAN NOTE NOTWITHSTANDING, THE TERM LOAN SHALL BECOME
IMMEDIATELY DUE AND PAYABLE ON THE CREDIT TERMINATION DATE.

 

2.2
The Borrower’s Loan Account. The Agent, on behalf of each Lender, shall maintain a loan account (the “Loan
Account”) on its books for the Borrower in which shall be recorded (a) the Loan made by each Lender to the Borrower pursuant
to this Agreement, (b) all payments made by the Borrower on or with respect to the Loan, and (c) all other appropriate debits and credits
as provided in this Agreement, including, without limitation, all fees, charges, expenses and interest. All entries in the Loan Account
shall be made in accordance with the Lender’s customary accounting practices as in effect from time to time. The Borrower promises
to pay the amount reflected as owing by Borrower under its Loan Account and all of its other obligations hereunder as such amounts become
due or are declared due pursuant to the terms of this Agreement. Notwithstanding the foregoing, the failure so to record any such amount
or any error in so recording any such amount shall not limit or otherwise affect the Borrower’s obligations under this Agreement
or under the Term Loan Note to repay the outstanding principal amount of the Loan together with all interest accruing thereon.

 

2.3
Statements. The Loan to the Borrower, and all other debits and credits provided for in this Agreement, shall be evidenced
by entries made by the Agent in its internal data control systems showing the date, amount and reason for each such debit or credit.
Until such time as the Agent shall have rendered to the Borrower written statements of account as provided herein, the balance in the
Loan Account, as set forth on the Agent’s most recent computer printout, shall be rebuttably presumptive evidence of the amounts
due and owing the Agent and Lenders by the Borrower. From time to time the Agent shall render to the Borrower a statement setting forth
the balance of the Loan Account, including principal, interest, expenses and fees. Each such statement shall be subject to subsequent
adjustment by the Agent but shall, absent manifest errors or omissions, be presumed correct and binding upon the Borrower.

 

    	19

    	 

    

 

2.4
Interest; Benchmark Replacement.

 

(a)
Interest. The Borrower shall jointly and severally
pay interest on the unpaid principal amount of each Advance made by each Lender from the date of such Advance until such principal amount
shall be Paid in Full, at a rate per annum equal to the greater of (i) at all times during each Interest Period for such Advance to the
sum of the Term SOFR Rate for such Interest Period plus the Applicable Margin and (ii) four percent (4.00%), in each case payable
monthly in arrears on the first (1st) day of each month during such periods and on the day such Advance is Paid in Full.

 

(b)
Benchmark Replacement.

 

(i)
Benchmark Transition Event. Notwithstanding anything
to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement
will replace the Benchmark for all purposes hereunder and under any Loan Document in respect of the Benchmark setting at or after 5:00
p.m. (Puerto Rico time) on the fifth (5th) Business Day after the date notice of the Benchmark Replacement is provided to the Borrower
and the Lenders by the Agent without any amendment to, or further action or consent of the Borrower or any other party to, this Agreement
or any other Loan Document.

 

(ii)
Benchmark Replacement Conforming Changes. In
connection with the implementation and administration of the Benchmark Replacement, the Administrative, will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent
of any other party to this Agreement or any other Loan Document.

 

(c)
Notices; Standards for Decisions and Determinations.
The Agent will promptly notify the Borrower and the Lenders of (i) the implementation of the Benchmark Replacement and (ii) the effectiveness
of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Agent pursuant to this
Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its sole discretion and without consent from the Borrower or any other party to this Agreement or any
other Loan Document.

 

(d)
Following the occurrence and during the continuance
of an Event of Default, and notwithstanding any other provisions of this Agreement to the contrary, the Borrower agrees to pay to the
Agent for the benefit of Lenders interest on the outstanding principal balance of the Loan at the per annum rate of three percent (3.00%)
plus the rate otherwise payable hereunder with respect to the Term Loan (the “Default Rate”).

 

(e)
Interest shall be computed on the basis of a year of
three hundred sixty (360) days for the actual number of days elapsed. If any payment of principal of, or interest on, the Term Loan Note
falls due on a day that is not a Business Day, then such due date shall be extended to the next following Business Day, and additional
interest shall accrue and be payable for the period of such extension.

 

    	20

    	 

    

 

2.5
Method for Making Payments. All payments that the Borrower is required to make to the Agent or Lenders under this Agreement
or under any of the other Financing Agreements shall be joint and several and shall be made in immediately available funds not later
than 1:00 p.m. (New York time) on the date of payment at the Agent’s office at Popular Bank, P.O. Box 4601, Oak Park, IL 60303-4601,
or at such other place as the Agent directs in writing from time to time, or, in the Agent’s sole and absolute discretion after
the occurrence and during the continuance of any Event of Default, by appropriate debits to the Loan Account. Borrower hereby irrevocably
authorizes and instructs Agent to direct debit any of Borrower’s operating accounts with Popular Bank for all principal, interest,
fees and expenses due hereunder with respect to the Loan and the Liabilities. Payments made after 1:00 p.m. (New York time) shall be
deemed to have been made on the next succeeding Business Day.

 

2.6
Term of this Agreement. The Borrower shall have the right to terminate this Agreement following prepayment of all of the
Liabilities as provided under Section 2.7 hereof; provided, however, that all of the Lenders’ rights and remedies under
this Agreement and the Liens created under Section 6.1 hereof and under any of the other Financing Agreements, shall survive such
termination until all of the Liabilities have been Paid in Full (including, without limitation, all default interest and all interest
accrued after commencement of any insolvency or bankruptcy proceeding, whether or not the foregoing would be or is allowed or disallowed
in whole or in part in any such insolvency or bankruptcy proceeding), and the Borrower requests in writing that the Term Loan Commitment
be terminated. In addition, the Liabilities may be accelerated as set forth in Section 10.2 hereof. Upon the effective date of
termination, all of the Liabilities shall become immediately due and payable without notice or demand. Notwithstanding any termination,
until all of the Liabilities shall have been indefeasibly paid and satisfied, the Agent, on behalf of the Lenders, shall be entitled
to retain its Liens in and to all existing and future Collateral and the Borrower shall continue to remit collections of Accounts of
the Borrower and proceeds as provided herein.

 

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2.7
Optional Prepayment; Mandatory Prepayment.

 

(a)
The Borrower may, at its option, permanently prepay,
at any time during the term of this Agreement all or any portion of the Term Loan, subject to the following conditions: (i) not less
than ten (10) days prior to the date upon which the Borrower desires to make such prepayment, Borrower shall deliver to the Agent a written
notice of its intention to prepay all or such portion of the Term Loan, which notice shall be irrevocable and state the amount of the
prepayment and the prepayment date, (ii) the Borrower shall jointly and severally pay to the Agent for the benefit of the Lenders applicable
Term SOFR Rate breakage fees, if any, and (iii) Borrower shall jointly and severally pay any amounts due under Section 3 in connection
with such prepayment or due under any Hedging Agreement, including, but not limited to, any penalties resulting from the early termination
of any Hedging Agreement, (iv) Borrower shall pay to Agent the Exit Fee, if applicable, and (v) provided that (1) no Default or Event
of Default shall occur and be continuing, (2) immediately after giving effect to such prepayment, the remaining balance of the Term Loan
shall not exceed sixty-five percent (65%) of the appraised “leased fee” value of the remaining Facility or Facilities as
determined by an appraisal satisfactory to the Agent (which shall be set forth on a new appraisal if such prepayment occurs after the
three year anniversary of the Closing Date), and (3) the amount of the Term Loan which is being prepaid is at least the greater of (x)
one hundred percent (100%) of the amount of the Term Loan which was original allocated to the Facility or Facilities as set forth on
Schedule 2.7(a) being released and (y) 100% of the HUD Refinancing allocated to the Facility or Facilities being refinanced, the
Agent shall release its Lien on the Real Estate and Collateral comprising such Facility or Facilities, and shall also release the Borrowers
that are the owners and operators of such Facility or Facilities from all Liabilities under this Agreement and the other Financing Agreements
to which such Borrower is a party. When the Term Loan is permanently repaid in whole for any reason and at any time (whether by voluntary
prepayment by Borrower, by reason of the occurrence of an Event of Default, upon the maturity of the Term Loan or otherwise) with funds
provided by any Person, the Borrower shall jointly and severally pay to the Agent as compensation for the cost of the Agent making funds
available to the Borrower under this Agreement, an Exit Fee, if applicable. Agent agrees that no Exit Fee will be charged to Borrower
in connection with a HUD Refinancing so long as such HUD Refinancing occurs after the eighteen (18) month anniversary of the Closing
Date.

 

(b)
If at any time following the Closing Date (and provided
the Borrower fails to comply with the financial covenants set forth in Section 9.17 hereof), the Agent elects to appraise the
Real Estate and/or the Facility (the costs of which shall be borne by the Borrower) and the result of such appraisal is such that the
outstanding Term Loan exceeds sixty-five percent (65.00%) of the loan to value on an appraised “leased fee” value basis as
determined by Agent, then within thirty (30) days after completion of such appraisal, the Borrower shall prepay that portion of the Term
Loan necessary to cause such loan to value requirements to be satisfied.

 

(c)
Optional and mandatory prepayments of the Term Loan
shall be applied against installments payable under the Term Loan Note in the inverse order of maturity. Amounts prepaid on account of
the Term Loan may not be reborrowed.

 

(d)
If at any time during the term of this Agreement a Facility
is subject to any litigation or other dispute (including any threat of investigation) or any Operator or Facility loses its operating
license or any material Permit required for the operation of the Facility, in each case as determined by the Agent, then Agent may require
Borrower to remove such Facility from this Agreement and replace it with a new Facility acceptable to the Agent within sixty (60) days
of Agent providing Borrower with written notice thereof (which may be provided via e-mail) (“Notice of Removal”);
provided, that promptly (but no later than three (3) Business Days) upon Notice of Removal, Borrower shall deposit cash in a blocked
account that is pledged in favor of the Agent in an amount equal to the portion of the Term Loan attributable to such Facility as determined
by Agent and in the event such Facility is not replaced within sixty (60) days of the Notice of Removal, Agent shall apply such cash
in the pledged blocked account to pay down such portion of the outstanding balance of the Term Loan. Agent agrees that no Exit Fee shall
be charged in connection with such prepayment. For the avoidance of doubt, with respect to any new Facility, Borrower shall deliver to
Agent such amendments, joinders, certificates, lien searches, appraisals and such other due diligence requirements Agent deems reasonably
necessary at the sole cost and expense of Borrower. This provision shall in no way restrict or limit the Agent’s rights under this
Agreement with respect to the occurrence of any Default or Event of Default.

 

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2.8
Limitation on Charges. It being the intent of the parties that the rate of interest and all other charges to the Borrower
be lawful, if for any reason the payment of a portion of the interest or other charges otherwise required to be paid under this Agreement
would exceed the limit which the Agent and Lenders may lawfully charge the Borrower, then the obligation to pay interest or other charges
shall automatically be reduced to such limit and, if any amounts in excess of such limit shall have been paid, then such amounts shall
at the sole option of the Agent (or otherwise at the direction of the Required Lenders in writing) either be refunded to the Borrower
or credited to the principal amount of the Liabilities (or any combination of the foregoing) so that under no circumstances shall the
interest or other charges required to be paid by the Borrower hereunder exceed the maximum rate allowed by applicable law, and Borrower
shall not have any action against Agent or the Lenders for any damages arising out of the payment or collection of any such excess interest.

 

2.9
Setoff. (a) Borrower agrees that Agent and Lenders have all rights of setoff and banker’s liens provided by applicable
law. The Borrower agrees that, if at any time (i) any amount owing by it under this Agreement or any Financing Agreement is then due
and payable to the Agent or the Lenders, or (ii) an Event of Default shall have occurred and be continuing, then each Lender or the holder
of the Term Loan Note issued hereunder, in its sole discretion, may set off against and apply to the payment of any and all Liabilities,
any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter with such Lender or such holder. Agent
or Lenders will use commercially reasonable best efforts to notify Borrower after exercising their rights of setoff but failure to do
so shall not result in any liability for Agent and/or Lenders.

 

(b)
Without limitation of Section 2.9(a) hereof,
the Borrower agrees that, upon and after the occurrence and during the continuance of any Event of Default, the Agent is hereby authorized,
at any time and from time to time, without prior written notice to the Borrower, (i) to set off against and to appropriate and apply
to the payment of any and all Liabilities any and all amounts which the Agent or Lenders are obligated to pay over to the Borrower (whether
matured or unmatured, and, in the case of deposits, whether general or special, time or demand and however evidenced), and (ii) pending
any such action, to the extent necessary, to deposit such amounts with the Agent for the benefit of Lenders as Collateral to secure such
Liabilities and to dishonor any and all checks and other items drawn against any deposits so held as the Agent in its sole discretion
may elect.

 

(c)
The rights of the Agent and the Lenders under this Section
2.9 are in addition to all other rights and remedies which the Agent and Lenders may otherwise have in equity or at law.

 

(d)
If any Lender shall obtain any payment or other recovery
(whether voluntary, involuntary, by application of offset or otherwise), on account of (i) principal of or interest on the Term Loan
or (ii) other recoveries obtained by all Lenders on account of principal of and interest on the Loan (or such participation) then held
by them, then such Lender shall purchase from the other Lenders such participations in the Loan held by them as shall be necessary to
cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion
of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the
purchase price restored to the extent of such recovery.

 

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2.10
Termination of Loan. The Term Loan and other Liabilities may, at Agent’s and Lender’s (as applicable) sole
option, become immediately due and payable, without presentment of any kind in the event of an Event of Default described in Section
10.1.

 

2.11
Fees. On the Closing Date, as consideration for the Term Loan, the Borrower shall jointly and severally pay to the Agent
for the ratable benefit of Lenders a one-time closing fee in the amount equal to $682,500 in immediately available funds, which such
fee shall be nonrefundable and deemed fully earned as of such date (the “Closing Fee”). The Borrower shall also pay
to the Agent for its sole benefit an annual administrative fee of $10,000, which such fee shall be nonrefundable and deemed fully earned
each year on the annual anniversary of the Closing Date.

 

2.12
Late Charges. In addition to any other rights granted to the Agent and Lenders hereunder, if any installment under the
Term Loan Note is more than ten (10) days past due, then the Agent for the benefit of the Lenders shall have the right to collect a charge
equal to the greater of Ten and No/100 Dollars ($10.00) or five percent (5.00%) of the late payment for the month in which it is late.
This charge is a result of a reasonable endeavor by the Borrower, Agent and the Lenders to estimate the Lenders’ added costs and
damages resulting from the Borrower’s failure to make timely payments under the Term Loan Note; hence the Borrower agrees that
the charge shall be presumed to be the amount of damage sustained by the Agent and Lenders since it is extremely difficult to determine
the actual amount necessary to reimburse the Agent and the Lenders for damages.

 

3.
IN CIRCUMSTANCES.

 

3.1
Yield Protection. If, after the date of this Agreement, the adoption of any law or any governmental or quasi-governmental
rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change therein, or any change in the
interpretation or administration thereof, or the compliance of the Agent and Lenders therewith, or Regulation D of the Board of Governors
of the Federal Reserve System:

 

(a)
subjects the Agent or any Lender to any tax, duty, charge
or withholding on or from payments due from the Borrower (excluding taxation of the overall net income of the Agent or Lenders), or changes
the basis of taxation of payments to the Agent and Lenders in respect of its Loan or other amounts due it hereunder;

 

(b)
imposes, modifies or increases or deems applicable any
reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of,
or credit extended by, the Agent and Lenders;

 

(c)
imposes any other condition the result of which is to
increase the cost to the Agent and Lenders of making, funding or maintaining advances or reduces any amount receivable by the Agent and
Lenders in connection with advances, or requires the Agent or Lenders to make any payment calculated by reference to the amount of advances
held or interest received by it, by an amount deemed material by the Agent;

 

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(d)
affects the amount of capital required or expected to
be maintained by the Agent or Lenders or any corporation controlling the Agent or Lenders and the Agent or such Lender determines the
amount of capital required is increased by or based upon the existence of this Agreement or its obligation to make the Term Loan hereunder
or of commitments of this type;

 

(e)
then, within three (3) Business Days of demand by the
Agent, the Borrower agrees to pay the Agent for the benefit of Lenders that portion of such increased expense incurred (including, in
the case of clause (d), any reduction in the rate of return on capital to an amount below that which it could have achieved but
for such law, rule, regulation, policy, guideline or directive and after taking into account the Agent and Lenders’ policies as
to capital adequacy) or reduction in an amount received which the Agent determines is attributable to making, funding and maintaining
the Term Loan.

 

3.2
Taxes. All payments by the Borrower under this Agreement shall be made free and clear of, and without deduction for, any
present or future excise, income, stamp or other taxes, fees, levies, duties, withholdings or other charges of any nature whatsoever,
now or hereafter imposed by any taxing authority, other than franchise taxes and taxes imposed on or measured by the Agent or a Lender’s
net income or receipts (such non-excluded items being called “Taxes”). If any withholding or deduction from any payment
to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any applicable law, rule or regulation, then the
Borrower shall:

 

(a)
pay directly to the relevant authority the full amount
required to be so withheld or deducted;

 

(b)
promptly forward to the Agent an official receipt or
other documentation satisfactory to the Agent evidencing such payment to such authority; and

 

(c)
pay to the Agent for the benefit of Lenders such additional
amount or amounts as is necessary to ensure that the net amount actually received by the Agent and Lenders will equal the full amount
the Agent and Lenders would have received had no such withholding or deduction been required.

 

Moreover,
if any Taxes are directly asserted against the Agent or Lenders with respect to any payment received by the Agent or Lenders hereunder
with respect to the Liabilities, the Agent or such Lender may pay such Taxes and the Borrower agrees to promptly pay such additional
amounts (including, without limitation, any penalties, interest or expenses) as is necessary in order that the net amount received by
the Agent and Lenders after the payment of such Taxes (including, without limitation, any Taxes on such additional amount) shall equal
the amount the Agent and Lenders would have received had not such Taxes been asserted.

 

3.3
Lender Statements. The Agent shall deliver a written statement to the Borrower as to the amount due, if any, under Section
3.1, hereof. Such written statement shall set forth in reasonable detail the calculations upon which the Agent determined such amount
and shall be final, conclusive and binding on the Borrower in the absence of demonstrable error. Unless otherwise provided herein, the
amount specified in the written statement shall be payable on demand after receipt by the Borrower of the written statement.

 

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4.
ATTORNEY-IN-FACT. The Borrower hereby irrevocably designates, makes, constitutes and appoints the Agent on behalf of Lenders
(and all Persons designated by the Agent in writing to the Borrower) as the Borrower’s true and lawful attorney-in-fact, and authorizes
the Agent on behalf of Lenders, in the Borrower’s or the Agent’s name, after an Event of Default and during the continuance
thereof to do all acts and things which are necessary, in the Agent’s reasonable discretion, to fulfill the Borrower’s obligations
under this Agreement. The Borrower hereby ratifies and approves all acts under such power of attorney and neither Agent, Lenders nor
any other Person acting as Borrower’s attorney hereunder will be liable for any acts or omissions or for any error of judgment
or mistake of fact or law made in good faith except as result of gross negligence or willful misconduct. The appointment of Agent (and
any of the Agent’s officers, employees or agents designated by the Agent) as Borrower’s attorney, and each and every one
of Agent’s rights and powers, being coupled with an interest, are irrevocable until all of the Liabilities have been fully repaid
and this Agreement shall have expired or been terminated in accordance with the terms hereunder.

 

5.
EFFECTIVENESS; CONDITIONS OF LENDING. The Lenders’ obligation to make the Term Loan hereunder is subject to the satisfaction
of each of the following conditions precedent:

 

(a)
Fees and Expenses. The Borrower shall have paid
all fees owed to the Agent and Lenders and reimbursed the Agent for all costs, disbursements, fees and expenses due and payable hereunder
on or before the Closing Date, including, without limitation, the Agent’s counsel fees provided for in Section 11.2(a) hereof.

 

(b)
Documents. The Agent shall have received all
of the following, each duly executed and delivered and dated as of the Closing Date, or such earlier date as shall be satisfactory to
the Agent, each in form and substance reasonably satisfactory to the Agent in its sole determination:

 

(1)
Financing Agreements. This Agreement, the Term
Loan Note, the Equity Pledge Agreement, the Mortgage, the Assignment of Leases and Rents, the Environmental Indemnity Agreement, the
Guaranty, the Perfection Certificate, and such other Financing Agreements as the Agent may reasonably require.

 

(2)
Resolutions; Incumbency and Signatures. Copies
of the resolutions or written consent of members or managers, as applicable, of the Borrower authorizing or ratifying the execution,
delivery and performance by the Borrower of this Agreement, the Financing Agreements to which the Borrower is a party and any other document
provided for herein or therein to be executed by Borrower, certified by an Authorized Manager/Officer. A certificate of an Authorized
Manager/Officer certifying the names of the officers of the Borrower authorized to make a borrowing request on behalf of the Borrower
and sign this Agreement and the Financing Agreements to which the Borrower is a party, together with a sample of the true signature of
each such officer; the Agent and Lenders may conclusively rely on each such certificate until formally advised by a like certificate
of any changes therein.

 

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(3)
Consents. Certified copies of all documents evidencing
any necessary consents and governmental approvals, if any, with respect to this Agreement, the Financing Agreements, and any other documents
provided for herein or therein to be executed by Borrower.

 

(4)
Opinion of Counsel. An opinion from (i) legal
counsel to the Borrower, Pledgors and Guarantors, and (ii) any applicable local counsel.

 

(5)
Title Insurance. A title insurance policy in
the form of ALTA Form Mortgagee Title Insurance Policy shall be issued by an insurer (reasonably acceptable to the Agent) in favor of
Agent on behalf of Lenders for the Real Estate, the title insurance policy shall contain such endorsements as reasonably deemed appropriate
by the Agent that are available in the Applicable State. Copies of all documents of record concerning the Real Estate as identified on
the commitment for the ALTA Policy referred to above.

 

(6)
Constitutive Documents. A certified copy of the
Borrower’s Articles of Organization (or other similar document), together with a good standing certificate and tax lien certificate
from such governmental entity or department. A true, correct and complete copy of the Operating Agreement (or other similar document)
of the Borrower, certified by an Authorized Manager/Officer on behalf of the Borrower, shall also be delivered to the Agent on the Closing
Date.

 

(7)
Financial Condition Certificate. A Financial
Condition Certificate, in form and substance reasonably satisfactory to the Agent, signed by an Authorized Manager/Officer on behalf
of Borrower.

 

(8)
UCC Financing Statements; Termination Statements;
UCC Searches. UCC Financing Statements, as requested by the Agent, naming the Borrower, as debtor, and the Agent on behalf of Lenders,
as secured party, with respect to the Collateral, together with such UCC termination statements necessary to release all Liens (other
than Permitted Liens) and other rights in favor of any Person, if any, in any of the Collateral except the Agent for the benefit of Lenders,
and other documents as the Agent deems necessary or appropriate, shall have been filed in all jurisdictions that the Agent deems necessary
or advisable. UCC tax, lien, pending suit, fixture, bankruptcy and judgment searches for (i) the Borrower (and under any of its trade
or assumed names, if any), (ii) any owner of Capital Securities of the Borrower and (iii) the Guarantors, each dated a date reasonably
near to the Closing Date in all jurisdictions deemed necessary by the Agent, the results of which shall be satisfactory to the Agent
in its sole and absolute determination. UCC Financing Statements, as requested by the Agent, naming the owners of the Capital Securities
of the Borrower, as debtor, and the Agent on behalf of Lenders, as secured party, with respect to the Pledged Collateral (as defined
in the Equity Pledge Agreement).

 

(9)
Survey. An acceptable ALTA plat of survey in
form and substance reasonably satisfactory to the Agent on the Real Estate.

 

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(10)
Insurance Certificates and Endorsements. Certificates
together with corresponding endorsements from the Borrower’s insurance carriers evidencing that all required property, hazard and
liability insurance coverage is in effect, each designating the Agent as “Lender’s Loss Payee” and additional insured,
as applicable, thereunder.

 

(11)
Flood Insurance; Environmental Assessments. A
flood insurance policy, if applicable, concerning the Real Estate, reasonably satisfactory to the Agent, if required by the Flood Disaster
Protection Act of 1973. In addition, a reliance letter regarding an environmental audit and assessment of each parcel of Real Estate
(including, without limitation, a Phase I environmental report on the Real Estate) prepared by an environmental audit firm reasonably
acceptable to the Agent, the results of which shall be reasonably satisfactory to the Agent.

 

(12)
Appraisal. An MAI appraisal prepared by an independent
appraiser of the Real Estate and the Facility, which appraisal shall satisfy the requirements of the Financial Institutions Reform, Recovery
and Enforcement Act, if applicable, and shall evidence compliance with the supervisory loan-to-value limits set forth in the Federal
Deposit Insurance Corporation Improvement Act of 1991, if applicable (including a loan-to-value ratio on a “leased fee” basis
not to exceed sixty-five percent (65.00%)). The appraiser and each appraisal (and the results thereof) shall be subject to a third party
independent review reasonably satisfactory to the Agent.

 

(13)
Real Estate Leases. Fully executed copies of
the Real Estate Leases.

 

(14)
Pay Off Letter(s). Pay off letter(s) and notice
of bond redemptions from any lienholder or debt holder of the Borrower, Guarantor or Pledgor (together with applicable UCC termination
statements) other than with respect to Permitted Liens in form and substance acceptable to Agent.

 

(15)
Site Inspections. The Agent or its representative
shall have conducted an inspection of the Facility, the results of which are reasonably satisfactory to the Agent.

 

(16)
Property Condition Report. Property condition
reports for the Real Estate, the form, substance and results of which will be reasonably satisfactory to Agent.

 

(17)
Equity Certificates. If applicable, the Agent
shall have received an original copy of the equity certificates representing each Pledgor’s ownership interest in Borrower, together
with equity powers executed in blank.

 

(18)
[Reserved].

 

(19)
License; Sub-lease; Management Agreements. Agent
shall have received and reviewed any licenses, sub-leases and/or management agreements.

 

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(20)
No Material Adverse Change. The Agent shall have
received evidence that since December 31, 2021, there has been no Material Adverse Changes in the Borrower or Guarantors.

 

(21)
Other. Such other documents, certificates and
instruments as the Agent may reasonably request.

 

(c)
No Default or Event of Default. Neither a Default
nor an Event of Default shall have occurred or be continuing.

 

(d)
Closing Fee. The Borrower shall have paid the
Agent the Closing Fee.

 

(e)
Field Examinations. At the Agent’s sole
option, the Agent shall have completed its field examinations of the Borrower’s books and records, assets, and operations which
examinations will be reasonably satisfactory to the Agent.

 

(f)
Certificate. The Agent shall have received a
certificate signed on behalf of the Borrower by an Authorized Manager/Officer and dated the Closing Date certifying satisfaction of the
conditions specified in Section 5 hereof.

 

6.
COLLATERAL.

 

6.1
Security Interest. As security for the prompt and complete payment and performance of all of the Liabilities when due or
declared due in accordance with the terms hereof, the Borrower hereby grants, pledges, conveys and transfers to the Agent for the benefit
of Lenders a continuing security interest in and to any and all assets and personal property of the Borrower, of any kind or description,
tangible or intangible, wheresoever located and whether now existing or hereafter arising or acquired, including the following (all of
which property, along with the products and proceeds therefrom, are individually and collectively referred to as the “Collateral”):
(a) all of Borrower’s Accounts, (b) all of the Borrower’s General Intangibles, including, without limitation General Intangibles
related to Accounts and money; (c) all of Borrower’s Deposit Accounts and other deposit accounts (general or special) with, and
credits and other claims against, the Agent, any Lender, or any other financial institution with which the Borrower maintains deposits;
(d) all of the Borrower’s contracts, licenses, chattel paper, instruments, notes, letters of credit, bills of lading, warehouse
receipts, gross receipts, shipping documents, contracts, tax refunds, documents and documents of title, and all of the Borrower’s
Tangible Chattel Paper, Documents, Electronic Chattel Paper, Letter-of-Credit Rights, letters of credit, Software, Supporting Obligations,
Payment Intangibles, and Goods (each as defined in the Code); (e) all of the Borrower’s Inventory and Equipment (each as defined
in the Code) and motor vehicles and trucks; (f) all of the Borrower’s monies, and any and all other property and interests in property
of the Borrower, including, without limitation, Investment Property, Instruments, Security Entitlements, Uncertificated Securities, Certificated
Securities, Chattel Paper, and Financial Assets (each as defined in the Code), now or hereafter coming into the actual possession, custody
or control of the Agent, any Lender or any agent or Affiliate of the Agent or such Lender in any way or for any purpose (whether for
safekeeping, deposit, custody, pledge, transmission, collection or otherwise), and, independent of and in addition to the Agent and Lenders’
rights of setoff the balance of any account or any amount that may be owing from time to time by the Agent and Lenders to the Borrower;
(g) all insurance proceeds of or relating to any of the foregoing property and interests in property, and any key man life insurance
policy covering the life of any officer or employee of Borrower; (h) all proceeds and profits derived from the operation of the Borrower’s
business; (i) all of the other assets and personal property of the Borrower; (j) all of the Borrower’s books and records, computer
printouts, manuals and correspondence relating to any of the foregoing and to the Borrower’s business; (k) all of the Borrower’s
Fixtures (as defined in the Code); and (l) all accessions, improvements and additions to, substitutions for, and replacements, products,
profits and proceeds of any of the foregoing.

 

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6.2
Preservation of Collateral and Perfection of Security Interests Therein. The Borrower agrees that it shall execute and
deliver to the Agent, concurrently with the execution of this Agreement, and at any time or times hereafter at the request of the Agent,
all financing statements (and the Borrower shall jointly and severally pay the cost of filing or recording the same in all public offices
deemed necessary by the Agent) or other instruments and documents as the Agent may reasonably request, in a form satisfactory to the
Agent, to perfect and keep perfected the Liens in the Collateral or to otherwise protect and preserve the Collateral and the Agent’s
Liens therein. If the Borrower fails to do so, the Agent is authorized to sign any such financing statements (or, if no signature is
required in the filing jurisdiction, file such financing statements without the Borrower’s signature) as the Borrower’s agent.
The Borrower further agrees that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement
is sufficient as a financing statement.

 

6.3
Loss of Value of Collateral. The Borrower agrees to immediately notify the Agent of any material loss or depreciation in
the value of the Collateral or any portion thereof.

 

6.4
Right to File Financing Statements. Notwithstanding anything to the contrary contained herein, the Agent may at any time
and from time to time file financing statements, continuation statements and amendments thereto that describe the Collateral in particular,
and which contain any other information required by the Code for the sufficiency or filing office acceptance of any financing statement,
continuation statement or amendment, including whether the Borrower is an organization, the type of organization and any organization
identification number issued to the Borrower. The Borrower agrees to furnish any such information to the Agent promptly upon request.
Any such financing statements, continuation statements or amendments may be signed by the Agent on behalf of the Borrower and may be
filed at any time with or without signature and in any jurisdiction as reasonably determined by the Agent. The Agent agrees to use its
reasonable efforts to notify the Borrower of the Agent taking any such action provided in this Section; provided, however, the Borrower
agrees that the failure of the Agent to so notify the Borrower for any reason shall not in any way invalidate the actions taken by the
Agent pursuant to this Section.

 

6.5
Third Party Agreements. The Borrower shall at any time and from time to time take such steps as the Agent may reasonably
require for the Agent: (i) to obtain an acknowledgment, in form and substance reasonably satisfactory to the Agent, of any third party
having possession of any of the Collateral that the third party holds for the benefit of the Agent on behalf of Lenders, (ii) to obtain
“control” (as defined in the Code) of any Deposit Accounts, with any agreements establishing control to be in form and substance
reasonably satisfactory to the Agent, and (iii) otherwise to ensure the continued perfection and priority of the Agent’s security
interest in any of the Collateral and of the preservation of its rights therein.

 

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6.6
All Liabilities One Obligation. All of Borrower’s Liabilities shall constitute one general obligation secured by
Agent’s Lien on all of the Collateral of Borrower and by all other Liens heretofore, now, or at any time or times granted to Agent
for the benefit of Lenders to secure the Term Loan. Borrower agrees that all of the rights of Agent and Lenders set forth in this Agreement
shall apply to any amendment, restatement or modification of, or supplement to, this Agreement, any supplements or exhibits hereto, or
Financing Agreements, unless otherwise agreed in writing by Agent or Required Lenders.

 

6.7
Commercial Tort Claims. If the Borrower shall at any time hereafter acquire a Commercial Tort Claim (as defined in the
Code), the Borrower shall promptly notify the Agent of same in a writing signed by the Borrower (describing such claim in reasonable
detail) and grant to the Agent for the benefit of Lenders in such writing (at the sole cost and expense of the Borrower) a continuing,
first-priority security interest therein and in the proceeds thereof, with such writing to be in form and substance satisfactory to the
Agent in its sole and absolute determination.

 

7.
REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that as of the date of this Agreement, and continuing
as long as any Liabilities remain outstanding, and (even if there shall be no such Liabilities outstanding) as long as this Agreement
remains in effect:

 

7.1
Existence. The Borrower is a limited liability company duly organized, validly existing and in good standing under the
laws of Applicable State. If and as applicable, the Borrower is duly qualified and in good standing as a foreign company authorized to
do business in each jurisdiction where such qualification is required because of the nature of its activities or properties, except to
the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. The Borrower has all requisite
power to carry on its business as now being conducted and as proposed to be conducted, except to the extent that the failure to do so
would not reasonably be expected to have a Material Adverse Effect. All issued and outstanding Capital Securities of the Borrower are
duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens, and such securities were issued in compliance
with all applicable state and federal laws concerning the issuance of securities. There are no pre-emptive or other outstanding rights,
options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Securities
of the Borrower.

 

7.2
Authority. The execution and delivery by the Borrower of this Agreement and all of the other Financing Agreements to which
Borrower is a party and the performance of its obligations hereunder and thereunder: (i) are within its powers; (ii) are duly authorized
by the members, managers, officers and/or directors, as applicable, of the Borrower; and (iii) are not in contravention of the terms
of its Operating Agreement (or similar document) or of any indenture, agreement or undertaking to which it is a party or by which it
or any of its property is bound. The execution and delivery by the Borrower of this Agreement and all of the other Financing Agreements
to which it is a party and the performance of its obligations hereunder and thereunder: (i) do not require any governmental consent,
registration or approval; (ii) do not contravene any contractual or governmental restriction binding upon it; (iii) will not, except
in favor of Agent, result in the imposition of any Lien upon any property of any Real Estate Company under any existing indenture, mortgage,
deed of trust, loan or credit agreement or other material agreement or instrument to which it is a party or by which it or any of its
property may be bound or affected; and (iv) will not, except in favor of Agent, result in the imposition of any Lien upon any property
of Strawberry Fields LP solely relating to the Facility (including any direct or indirect equity ownership interest in Strawberry Fields
REIT, LTD and Borrower) under any existing indenture, mortgage, deed of trust, loan or credit agreement or other material agreement or
instrument to which it is a party or by which it or any of its property may be bound or affected.

 

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7.3
Binding Effect. This Agreement and all of the other Financing Agreements to which the Borrower is a party are the legal,
valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their respective terms, subject
to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditor’s rights and
remedies generally.

 

7.4
Financial Data. All income statements, balance sheets, cash flow statements, statements of operations and other financial
data which have been or shall hereafter be furnished to the Agent for the purposes of or in connection with this Agreement do and will
as of the date thereof present fairly in all material respects in accordance with GAAP, consistently applied, the financial condition
of the Borrower as of the dates thereof and the results of its operations for the period(s) covered thereby.

 

7.5
Collateral. Except for the Permitted Liens, all of the Borrower’s assets and property (including, without limitation,
the Collateral) are and will continue to be owned by Borrower (except for items of Inventory disposed of in the ordinary course of business),
has been or will be fully paid for, and is free and clear of all Liens. No financing statement or other document similar in effect covering
all or any part of the Collateral is on file in any recording or filing office, other than those identifying the Agent as the secured
creditor. The Borrower has no ownership interest in any real property (other than its interest pursuant to the Real Estate Leases).

 

7.6
Solvency. The Borrower is solvent, is able to pay its debts as they mature or become due, has capital sufficient to carry
on its business and all businesses in which it is about to engage, and now owns assets and property having a value both at fair valuation
and at present fair saleable value on a going concern basis (as determined in a manner and based upon assumptions satisfactory to the
Agent in its reasonable determination) greater than the amount required to pay all of its debts and liabilities, including, without limitation,
all of the Liabilities. The Borrower will not be rendered insolvent by the execution and delivery of this Agreement or any Financing
Agreement, or by completion of the transactions contemplated hereunder or thereunder (including without limitation the making of the
Term Loan contemplated hereunder).

 

7.7
Principal Place of Business. The principal place of business and chief executive office of the Borrower is located at 6101
Nimtz Parkway South Bend, IN 46628. The books and records of the Borrower and all records of account are located at the same such address.

 

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7.8
Other Names. The Borrower has never used, and shall not hereafter use, any other name (including, without limitation, any
tradename, tradestyle, assumed name, division name or any similar name).

 

7.9
Tax Liabilities. The Borrower has filed all federal, and material state and local tax reports and returns required by any
law or regulation to be filed by it, except for extensions duly obtained, and has either duly paid all taxes, duties and charges indicated
due on the basis of such returns and reports, or made adequate provision for the payment thereof (except for those being protested in
good faith), and the assessment of any material amount of additional taxes in excess of those paid and reported is not reasonably expected.

 

7.10
Loans. Except as otherwise permitted by Section 9.2, the Borrower is not obligated on any loans or other Indebtedness.

 

7.11
Margin Securities. The Borrower does not own any margin securities and no part of the Term Loan will be used for the purpose
of purchasing or carrying any margin securities or for the purpose of reducing or retiring any Indebtedness for borrowed money which
was originally incurred to purchase any margin securities or for any other purpose not permitted by Regulation U of the Board of Governors
of the Federal Reserve System.

 

7.12
Subsidiaries. The Real Estate Companies are wholly owned by Strawberry Fields REIT, LTD, a British Virgin Islands company,
which is wholly owned by Strawberry Fields LP. The Real Estate Companies have no subsidiaries.

 

7.13
Litigation and Proceedings. No judgments are outstanding against the Borrower, nor is there as of any such date pending
or, to the best of the Borrower’s knowledge after diligent inquiry, threatened, any litigation, suit, action, contested claim,
or federal, state or municipal governmental proceeding by or against the Borrower or any of its property, in each case, involving an
aggregate amount of Two Hundred Thousand and No/100 Dollars ($200,000.00) or more.

 

7.14
Other Agreements. The Borrower is not in default under or in breach of any material agreement, contract, lease, or commitment
to which it is a party or by which it is bound. The Borrower does not know of any dispute regarding any agreement, contract, instrument,
lease or commitment which could reasonably be expected to have a Material Adverse Effect.

 

7.15
Compliance with Laws and Regulations. The execution and delivery by the Borrower of this Agreement and all of the other
Financing Agreements to which it is a party and the performance of the Borrower’s obligations hereunder and thereunder are not
in contravention of any law, rule or regulation. To the best of Borrower’s knowledge, the Operator has obtained all licenses, authorizations,
approvals and permits necessary in connection with the operation of its business. The Borrower is in compliance with all laws, orders,
rules, regulations and ordinances of all federal, foreign, state and local governmental authorities applicable to it and its business,
operations, property, and assets, except to the extent any such non-compliance could reasonably be expected not to result in a Material
Adverse Effect. To the best of Borrower’s knowledge, no Facility is subject to any proceeding for revocation, suspension or issuance
of a probationary license by the Applicable State Health and Human Services Commission and any Person succeeding to the functions thereof,
and there has not been instituted any Medicaid or Medicare termination action by such commission.

 

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7.16
Intellectual Property. The Borrower does not own or otherwise possess any (a) patents, (b) patent applications, (c) copyrights,
(d) trademarks, (e) trademark applications, (f) trade names, or (g) service marks. To the Borrower’s best knowledge, none of its
intellectual property infringes on the rights of any other Person.

 

7.17
Environmental Matters. (a) The Borrower has not Managed Hazardous Substances on or off its Property other than in compliance
with Environmental Laws, except to the extent any such non-compliance could reasonably be expected to not result in a Material Adverse
Effect; (b) The Borrower has complied in all material respects with Environmental Laws regarding transfer, construction on and operation
of its business and Property, including, but not limited to, notifying authorities, observing restrictions on use, transferring, modifying
or obtaining permits, licenses, approvals and registrations, making required notices, certifications and submissions, complying with
financial liability requirements, Managing Hazardous Substances and Responding to the presence or Release of Hazardous Substances connected
with operation of its business or Property; (c) The Borrower does not have any contingent liability with respect to the Management of
any Hazardous Substance that could reasonably be expected to result in a Material Adverse Effect; (d) During the term of this Agreement,
the Borrower shall not permit others to, Manage, whether on or off Borrower’s Property, Hazardous Substances, except to the extent
such Management does not or is not reasonably likely to result in or create a Material Adverse Effect; (e) The Borrower shall take prompt
action in material compliance with Environmental Laws to Respond to the on-site or off-site Release of Hazardous Substances connected
with operation of its business or Property; and (f) As of the Closing Date, the Borrower has not received any Environmental Notice that
has not been delivered to the Agent in accordance with Section 8.8.

 

7.18
Disclosure. None of the representations or warranties made by the Borrower herein or in any Financing Agreement to which
the Borrower is a party and no other written information provided by the Borrower or its representatives to the Agent or Lenders contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading (provided that with respect to projections, Borrower represents only that they are based on
reasonable assumptions and good faith estimates). The Borrower has disclosed to the Agent all facts of which the Borrower has knowledge
which at any time hereafter might result in a Material Adverse Effect.

 

7.19
Real Estate Ownership. The sole business of the Real Estate Company is to own and lease the Real Estate to Operator and
matters incidental or directly related thereto.

 

7.20
Perfected Security Interests. The Lien in favor of the Agent for the benefit of Lenders provided pursuant to Section
6.1 hereof is a valid and perfected first priority security interest in the Collateral (subject only to the Permitted Liens), and
all filings and other actions necessary to perfect such Lien have been duly taken.

 

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7.21
Offenses and Penalties Under the Medicare/Medicaid Programs. Neither the Operator nor any Affiliate and/or officer of the
Operator or any Affiliate is currently, to the best knowledge of the Borrower, after due inquiry, under investigation or prosecution
for, nor has the Operator or any Affiliate or employee of the Operator or any Affiliate been convicted of: (a) any criminal offense related
to the delivery of an item or service under the Medicare or Medicaid programs; (b) a criminal offense related to neglect or abuse of
patients in connection with the delivery of a health care item or service; (c) fraud, theft, embezzlement or other financial misconduct;
(d) the obstruction of an investigation of any crime referred to in subsections (a) through (c) of this Section; or (e) unlawful manufacture,
distribution, prescription, or dispensing of a controlled substance. Neither the Operator nor any Affiliate and/or officer of the Operator
or any Affiliate has been required to pay any civil money penalty under applicable laws regarding false, fraudulent or impermissible
claims or payments to induce a reduction or limitation of health care services to beneficiaries of any state or federal health care program,
nor, to the best knowledge of the Borrower, after due inquiry, is the Operator nor any Affiliate and/or officer of the Operator or any
Affiliate currently the subject of any investigation or proceeding that may result in such payment. Neither the Operator nor any officer
of the Operator has been excluded from participation in the Medicare, Medicaid, or any program funded under the “Block grants”
to States for Social Services (Title XX) Program.

 

7.22
Medicaid/Medicare and Private Insurance/Managed Care Contracts.

 

(a)
To the best knowledge of the Borrower, the Operator
has:

 

(i)
Obtained and maintains, where appropriate, Medicaid
Certification and Medicare Certification to the extent required for reimbursement under the Medicaid Regulations or the Medicare Regulations,
as the case may be; and

 

(ii)
Entered into and maintains in good standing, where appropriate,
its Medicaid Provider Agreement and its Medicare Provider Agreement to the extent required for reimbursement under Medicaid Regulations
or the Medicare Regulations, as the case may be, and its Private Insurance/Managed Care Contracts.

 

(b)
Neither the Operator nor any of its Affiliates nor any
officer or director of the foregoing has engaged in any of the following: (i) knowingly and willfully making or causing to be made a
false statement or representation of a material fact in any application for any benefit or payment under Medicare or Medicaid; (ii) knowingly
and willfully making or causing to be made any false statement or representation of a material fact for use in determining rights to
any benefit or payment under Medicare or Medicaid; (iii) failing to disclose knowledge by a claimant of the occurrence of any event affecting
the initial or continued right to any benefit or payment under Medicare or Medicaid on its own behalf or on behalf of another, with intent
to secure such benefit or payment fraudulently; (iv) knowingly and willfully soliciting or receiving any remuneration (including any
kickback, bribe or rebate), directly or indirectly, overtly or covertly, in cash or in kind or offering to pay such remuneration: (A)
in return for referring any individual to a Person for the furnishing or arranging for the furnishing of any item or service for which
payment may be made in whole or in party by Medicare or Medicaid; or (B) in return for purchasing, leasing or ordering or arranging for
or recommending the purchasing, leasing or ordering of any good, facility, service or item for which payment may be made in whole in
part by Medicare or Medicaid.

 

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7.23
Broker’s Fees. The Borrower does not have any obligation to any Person in respect of any finder’s, brokers
or similar fee in connection with the Loan or this Agreement.

 

7.24
Investment Company Act. The Borrower is not an “investment company” or a company “controlled” by
an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

 

7.25
Anti-Money Laundering Laws. Borrower represents and warrants to Agent and Lenders that neither the Borrower nor any of
its Affiliates is identified in any list of known or suspected terrorists published by any United States government agency (collectively,
as such lists may be amended or supplemented from time to time, referred to as the “Blocked Persons Lists”) including,
without limitation, (a) the annex to Executive Order 13224 issued on September 23, 2001, and (b) the Specially Designated Nationals List
published by the Office of Foreign Assets Control. Borrower shall comply with the Bank Secrecy Act (31 U.S.C. §§ 5311 et
seq.) and all other anti-money laundering laws and regulations.

 

7.26
Absence of Foreign or Enemy Status. Neither the Borrower nor any Affiliate of the Borrower is an “enemy” or
an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et
seq.), as amended. Neither the Borrower nor any Affiliate of the Borrower is in violation of, nor will the use of any portion of the
Term Loan violate, the Trading with the Enemy Act, as amended, or any executive orders, proclamations or regulations issued pursuant
thereto, including, without limitation, regulations administered by the Office of Foreign Asset Control of the Department of the Treasury
(31 C.F.R. Subtitle B, Chapter V).

 

7.27
Real Estate Leases. The Borrower has delivered true, correct and complete copies of the fully-executed Real Estate Leases
and all material instruments, agreements and documents entered into in connection therewith (including all exhibits and schedules thereto)
to the Agent on the Closing Date.

 

7.28
Restrictive Provisions. No Borrower is a party to any agreement or contract or subject to any restriction contained in
its Articles of Formation or Operating Agreement (or similar organizational documents), that could reasonably be expected to have a Material
Adverse Effect. No Borrower has ongoing financial obligations or liabilities of any kind under or pursuant to any acquisition agreement,
whether for earnout payments, contingent payments, or otherwise.

 

8.
AFFIRMATIVE COVENANTS. The Borrower covenants and agrees that, as long as any Liabilities of the Borrower remain outstanding,
and (even if there shall be no such Liabilities outstanding) as long as this Agreement remains in effect:

 

8.1
Reports, Certificates and Other Information. The Borrower shall deliver to the Agent, and shall cause each Guarantor to
deliver to the Agent (as applicable):

 

(a)
Financial Statements. On or before the one hundred
eightieth (180th) day after each Fiscal Year of Strawberry Fields and its subsidiaries on a consolidated and consolidating basis a copy
of the annual audited financial statements for Strawberry Fields and its subsidiaries on a consolidated and consolidating basis, prepared
by independent certified public accountants selected by Strawberry Fields (and reasonably approved by the Agent), together with, at least,
balance sheets and statements of income and cash flow for such period, prepared in conformity with GAAP, together with a certificate
from such accountants containing a computation of, and showing compliance with, the financial ratios contained in Section 9.17 hereof.

 

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(b)
Interim Reports. (i) On or before the sixtieth
(60th) day after the end of each Fiscal Quarter, a copy of internally prepared financial statements of Strawberry Fields and
its subsidiaries on a consolidated and consolidating basis prepared in accordance with GAAP and in a manner substantially consistent
with the financial statements referred to in Section 8.1(a) hereof signed on behalf of Strawberry Fields and its subsidiaries
by an Authorized Manager/Officer and consisting of, at least, occupancy statistics, an income statement, a balance sheet, and statement
of cash flow as at the close of such Fiscal Quarter and statements of earnings for such Fiscal Quarter and for the period from the beginning
of such Fiscal Year to the close of such Fiscal Quarter, and providing any other detailed information with respect to the Real Estate
as reasonably requested by the Agent, and (ii) On or before the ninetieth (90th) day after the end of each Fiscal Quarter,
a copy of internally prepared financial statements of the Operator on a consolidated and consolidating basis prepared in accordance with
GAAP and consisting of, at least, occupancy statistics, an income statement, a balance sheet, and statement of cash flow as at the close
of such Fiscal Quarter and statements of earnings for such Fiscal Quarter and for the period from the beginning of such Fiscal Year to
the close of such Fiscal Quarter, and providing any other detailed information with respect to the Facility as reasonably requested by
the Agent.

 

(c)
Certificates. Commencing with the Fiscal Quarter
ending June 30, 2022, contemporaneously with the furnishing of each of the interim reports and internally prepared financial statements
delivered pursuant to Section 8.1(b), a duly completed compliance certificate with appropriate insertions, in form and substance
reasonably satisfactory to the Agent and as attached hereto as Exhibit A (a “Compliance Certificate”), dated
the date of such quarterly financial statement or such Fiscal Quarter and signed on behalf of the Borrower by an Authorized Manager/Officer,
which Compliance Certificate shall state that no Default or Event of Default has occurred and is continuing, or, if there is any such
event, describes it and the steps, if any, being taken to cure it. In addition, each Compliance Certificate shall contain a computation
of, and show compliance with, the financial covenants set forth in Section 9.17 hereof. The computation and calculation of the
financial covenants in each Compliance Certificate shall be in form and substance reasonably acceptable to the Agent.

 

(d)
Notice of Default, Regulatory Matters, Litigation
Matters or Adverse Change in Business. Promptly upon learning of the occurrence of any of the following (but in any event within
five (5) calendar days of learning thereof), written notice thereof which describes the same and the steps being taken by the Borrower
with respect thereto: (i) the occurrence of a Default or an Event of Default; (ii) except for actions described in clause (iv) below
the institution or threatened institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental
proceeding in which any injunctive relief is sought or in which money damages in excess of Two Hundred Thousand and No/100 Dollars ($200,000.00)
individually or Two Hundred Thousand and No/100 Dollars ($200,000.00) in the aggregate are sought; (iii) the receipt of any notice from
any governmental agency concerning any material violation or potential material violation of any regulations, rules or laws applicable
to Borrower; (iv) the occurrence of any personal injury or other action that is not covered by insurance (or if presumably covered by
insurance, the applicable insurance company has not confirmed coverage or liability for payment in writing) reasonably likely to give
rise to a tort claim against the Borrower for an amount equal to or in excess of Two Hundred Thousand and No/100 Dollars ($200,000.00);
or (v) any Material Adverse Change.

 

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(e)
Insurance Reports. (i) At any time after an Event
of Default and upon the request of the Agent, a certificate signed by an Authorized Manager/Officer that summarizes the property, casualty,
general liability, business interruption and malpractice insurance policies carried by the Borrower and that certifies that the Agent
for the benefit of Lenders is the named additional insured of all general liability and business interruption insurance policies, as
applicable, and lender’s loss payee of all property, casualty and malpractice insurance policies, as applicable (such certificate
to be in form and substance satisfactory to the Agent), and (ii) written notification of any material change in any such insurance by
the Borrower within five (5) Business Days after receipt of any notice (whether formal or informal) of such change by any of its insurers.

 

(f)
Affiliate Transactions. Upon the Agent’s
reasonable request from time to time, a reasonably detailed description of each of the material transactions between the Borrower and
any of its Affiliates during the time period reasonably requested by the Agent, which shall include, without limitation, the amount of
money either paid or received, as applicable, by the Borrower in such transactions.

 

(g)
Health Care. Furnish to the Agent each of the
following, to the extent applicable: (i) within five (5) Business Days of receipt and within five (5) Business Days of request by Agent,
a copy of any healthcare related licensure and annual or biannual certification survey report and any statement of deficiencies and any
survey (other than the annual or biannual survey) indicating a violation or deficiency, and within the time period required by the particular
agency for submission, a copy of the plan of correction with respect thereof if such plan of correction is required by such agency issuing
the statement of deficiency or notice of violation, and correct or cause to be corrected any such deficiency or violation within the
time period required for cure by such agency, subject to such agency’s normal appeal process, if any such deficiency or violation
is reasonably likely to adversely affect either the right to continue participation in Medicare, Medicaid or other reimbursement programs
for existing patients or the right to admit new Medicare patients, Medicaid patients or other reimbursement program patients or result
in the loss or suspension of Operator’s licenses and permits to operate Operator’s business; (ii) within five (5) Business
Days of the receipt by the Operator, any and all notices disclosing an adverse finding from any licensing, certifying and/or reimbursement
agencies that Operator’s license, Medicare or Medicaid certification or entitlement to payments pursuant to any program of Operator
is being downgraded to a substandard category, revoked, or suspended, or that action is pending or being considered to downgrade to a
substandard category, revoke, or suspend any rights pursuant to the Operator’s license, certification or program; (iii) upon the
Agent’s request, a complete and accurate copy of the annual Medicaid, Medicare and other cost reports for Operator, which will
be prepared by an independent certified public accountant, by an experienced cost report preparer reasonably acceptable to Agent, or
by Borrower, and promptly furnish to Agent any amendments filed with respect to such reports and all responses, audit reports or inquiries
with respect to such reports; and (iv) within thirty (30) days of receipt, a response addressing any other additional reasonable request
by the Agent for information or documents in connection with the foregoing.

 

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(h)
Real Estate Taxes. As paid, evidence of timely
payment (including by way of escrow) of real estate taxes owed on the Real Estate.

 

(i)
Interim Reports. Promptly upon receipt thereof,
copies of any reports submitted to Borrower by the independent accountants in connection with any interim audit of the books of any such
Person and copies of each management control letter provided to Borrower by independent accountants.

 

(j)
Management Letter. Promptly upon receipt thereof,
copies of any management letters and interim and supplemental reports submitted to the Borrower by its independent accountants in connection
with any review of the books of the Borrower made by such accountants.

 

(k)
Strawberry Fields Indebtedness. At any time following
the Closing Date, Borrower shall provide Agent with written notice prior to the incurrence of any additional Indebtedness in excess of
Two Hundred Thousand and No/100 Dollars ($200,000.00) in the aggregate at any time.

 

(l)
Debt Service Schedule. On or before the one hundred
eightieth (180th) day after each Fiscal Year of Strawberry Fields, a copy of the Debt Service Schedule for such Fiscal Year.

 

(m)
Other Information. Such other information, certificates,
schedules, exhibits or documents (financial or otherwise) concerning the Borrower and its operations, business, properties, conditions
or otherwise as the Agent may reasonably request from time to time. The Agent may waive any of the deliverables set forth in this Section
8.1 in its sole and absolute discretion.

 

8.2
Inspection; Audit Fees. Borrower will keep proper books of record and account in accordance with GAAP in which full, true
and correct entries shall be made of all dealings and transactions in relation to its business and activities. The Agent for the benefit
of Lenders, or any Person designated by the Agent in writing from time to time, shall have the right: (a) from time to time after the
Closing Date, to call and visit at the Borrower’s place or places of business (or any other place where the Collateral or any information
relating thereto is kept or located) during ordinary business hours and, prior to any Event of Default, upon reasonable advance notice
(and after any Event of Default, at any time without the requirement of any advance notice), (i) to inspect, audit, check and make copies
of and extracts from the Borrower’s books, records, journals, orders, receipts and any correspondence and other data relating to
its business or to any transactions between the parties hereto, and (ii) to discuss the affairs, finances and business of the Borrower
with any of the Authorized Manager/Officer, and (b) to make such verification concerning the Collateral as the Agent may consider reasonable
under the circumstances. Absent an Event of Default, the Agent is responsible for all reasonable costs, expenses and fees incurred by
Agent in connection with any inspections or audits of the Borrower performed by the Agent under this Section; provided, however, that
upon the occurrence of an Event of Default, Borrower agrees to pay on demand all reasonable costs, expenses and fees incurred by Agent
in connection with any inspections or audits of the Borrower performed by the Agent under this Section. All such amounts incurred by
the Agent hereunder shall bear interest at the Default Rate and shall be additional Liabilities of the Borrower to the Agent and Lenders,
secured by the Collateral, if not promptly paid upon the request of the Agent.

 

    	39

    	 

    

 

8.3
Conduct of Business. The Borrower shall maintain its limited liability company existence or corporate existence, as applicable,
shall maintain in full force and effect all licenses, permits, authorizations, bonds, franchises, leases, patents, trademarks and other
intellectual property, contracts and other rights necessary to the conduct of its business, shall continue in, and limit its operations
to, the same general line of business as that currently conducted and shall comply with all applicable laws, orders, regulations and
ordinances of all federal, foreign, state and local governmental authorities, except to the extent any such non-compliance could not
reasonably be expected to result in a Material Adverse Effect. The Borrower shall keep proper books of record and account in which full
and true entries will be made of all dealings or transactions of or in relation to the business and affairs of the Borrower, in accordance
with GAAP consistently applied. Operator shall maintain, at all times, all licenses and other authorizations, certifications or approvals
required by any federal or state governmental authority with respect to the operation of the Facility and certifications for the Medicaid
and Medicare programs. Without limiting the foregoing, Operator shall conduct the operation of the Facility: (i) to maintain the standard
of care for the patients at the Facility at all times at a level necessary to ensure quality care for the patients in accordance with
customary and prudent industry standards; and (ii) to maintain sufficient Inventory and Equipment of types and quantities at the Facility
to enable the Operator to adequately perform the operation of the Facility.

 

8.4
Claims and Taxes. The Borrower agrees to indemnify and hold the Agent and Lenders harmless from and against any and all
claims, demands, liabilities, losses, damages, penalties, costs and expenses (including, without limitation, reasonable attorneys’
fees) relating to or in any way arising out of the possession, use, operation or control of the Borrower’s property and assets,
including, without limitation, the Collateral. The Borrower agrees to pay or cause to be paid all license fees, bonding premiums and
related taxes and charges and shall jointly and severally pay or cause to be paid all of the Borrower’s real and personal property
taxes, assessments and charges and all of the Borrower’s franchise, income, unemployment, use, excise, old age benefit, withholding,
sales and other taxes and other governmental charges assessed against the Borrower, or payable by the Borrower, at such times and in
such manner as to prevent any penalty from accruing or any Lien from attaching to its property, provided that the Borrower shall have
the right to contest in good faith, by an appropriate proceeding promptly initiated and diligently conducted, the validity, amount or
imposition of any such tax, assessment or charge, and upon such good faith contest to delay or refuse payment thereof, if (a) the Borrower
establishes adequate reserves to cover such contested taxes, assessments or charges, and (b) such contest is not reasonably likely to
have a Material Adverse Effect.

 

8.5
State of Formation. The Applicable State shall remain the Borrower’s state of formation.

 

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8.6
Liability Insurance. The Borrower shall cause the Operator and the Borrower shall maintain, at its expense, general liability
insurance and business interruption insurance in such amounts and with such deductibles as are acceptable to the Agent in its reasonable
determination and shall deliver to the Agent the original (or a certified) copy of each policy of insurance and evidence of the payment
of all premiums therefor. Such policies of insurance shall contain an endorsement showing the Agent for the benefit of Lenders as additional
insured thereunder and providing that the insurance company will give the Agent at least thirty (30) days prior written notice before
any such policy or policies of insurance shall be altered or canceled. .

 

8.7
Property Insurance. The Borrower and/or Operator shall, at its expense, keep and maintain its assets insured against loss
or damage by fire, theft, explosion, spoilage and all other hazards and risks ordinarily insured against by other owners or users of
such properties in similar businesses in an amount at least equal to the full insurable value of all such property. All such policies
of insurance shall be in form and substance reasonably satisfactory to the Agent. The Borrower shall deliver to the Agent the original
(or a certified) copy of each policy of insurance and evidence of payment of all premiums therefor. Such policies of insurance shall
contain an endorsement, in form and substance satisfactory to the Agent, showing the Agent for the benefit of Lenders as “Lender’s
Loss Payee” and all loss payable to the Agent for the benefit of Lenders, as its interests may appear, as provided in this Section
8.7. Such endorsement shall provide that such insurance company will give the Agent at least thirty (30) days prior written notice
before any such policy or policies of insurance shall be altered or canceled and that no act or default of the Borrower or any other
Person shall affect the right of the Agent to recover under such policy or policies of insurance in case of loss or damage. The Borrower
hereby directs all insurers under such policies of insurance to pay all proceeds of insurance policies directly to the Agent and the
Agent shall, in its sole discretion, either apply such proceeds against the Liabilities (in such order as Agent, in its sole discretion,
may determine) or permit the Borrower to use such proceeds to restore or rebuild the damaged property. Upon the occurrence of a Default
or an Event of Default, the Borrower irrevocably makes, constitutes and appoints the Agent on behalf of Lenders (and all officers, employees
or agents designated by the Agent in writing to the Borrower) as the Borrower’s true and lawful attorney-in-fact for the purpose
of making, settling and adjusting claims under all such policies of insurance, endorsing the name of the Borrower on any check, draft,
instrument or other item of payment received by the Borrower or the Agent pursuant to any such policies of insurance and for making all
determinations and decisions with respect to such policies of insurance.

 

UNLESS
THE BORROWER PROVIDES THE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT WITHIN TEN BUSINESS DAYS FOLLOWING
AGENT’S REQUEST, THE AGENT MAY PURCHASE INSURANCE AT THE BORROWER’S EXPENSE TO PROTECT THE AGENT’S AND LENDERS’
INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT BORROWER’S INTERESTS IN THE COLLATERAL. THE COVERAGE PURCHASED
BY THE AGENT MAY NOT PAY ANY CLAIMS THAT THE BORROWER MAKES OR ANY CLAIM THAT IS MADE AGAINST THE BORROWER IN CONNECTION WITH THE COLLATERAL.
THE BORROWER MAY LATER CANCEL ANY SUCH INSURANCE PURCHASED BY THE AGENT, BUT ONLY AFTER PROVIDING THE AGENT WITH EVIDENCE THAT THE BORROWER
HAS OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMENT. IF THE AGENT PURCHASES INSURANCE FOR THE COLLATERAL, THE BORROWER WILL BE RESPONSIBLE
FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AND ANY OTHER CHARGES THAT THE AGENT MAY IMPOSE IN CONNECTION WITH THE PLACEMENT
OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED
TO THE OBLIGATIONS SECURED HEREBY. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF INSURANCE THE INITIAL BORROWER MAY BE ABLE
TO OBTAIN ON ITS OWN.

 

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8.8
Environmental. The Borrower shall promptly notify and furnish Agent with a copy of any and all Environmental Notices which
are received by it. The Borrower shall take prompt and appropriate action in response to any and all such Environmental Notices and shall
promptly furnish Agent with a description of the Borrower’s Response thereto. The Borrower shall (a) obtain and maintain all permits
required under all applicable federal, state, and local Environmental Laws, except as to which the failure to obtain or maintain would
not have a Material Adverse Effect; and (b) keep and maintain the Property and each portion thereof in compliance with, and not cause
or permit the Property or any portion thereof to be in violation of, any Environmental Law, except as to which the failure to comply
with or the violation of which, would not have a Material Adverse Effect.

 

8.9
Banking Relationship. The Borrower shall at all times cause Strawberry Fields REIT, LTD. and its subsidiaries during the
term of this Agreement to maintain not less than 70% of its total cash deposit, checking, operating and all other banking accounts with
Popular Bank and the Borrower shall use Popular Bank as the primary cash management bank for all of the Borrower’s cash management
activities (including, without limitation, to act as the principal depository and remittance agent for the Borrower).

 

8.10
Intellectual Property. If after the Closing Date the Borrower shall own or otherwise possess any material registered patents,
copyrights, trademarks, trade names, or service marks (or file an application to attempt to register any of the foregoing), the Borrower
shall promptly notify the Agent in writing of same and execute and deliver any documents or instruments (at the Borrower’s sole
cost and expense) reasonably required by Agent to perfect a security interest in and lien on any such federally registered intellectual
property in favor of the Agent for the benefit of Lenders and assist in the filing of such documents or instruments with the United States
Patent and Trademark Office and/or United States Copyright Office/Library of Congress or other applicable registrar.

 

8.11
Change of Location; Etc. Any of the Collateral may be moved to another location within the continental United States (other
than as disclosed to the Agent in writing on the Closing Date) so long as: (a) the Borrower provides the Agent with at least thirty (30)
days prior written notice; (b) no Event of Default then exists; and (c) the Borrower provides the Agent with, at Borrower’s sole
cost and expense, such financing statements, bailee and processor letters and other such agreements and documents as the Agent shall
reasonably request. The Borrower shall defend and protect the Collateral against and from all claims and demands of all Persons at any
time claiming any interest therein adverse to the Agent or Lenders. If the Borrower desires to change its jurisdiction of formation or
principal place of business and chief executive office, the Borrower shall notify the Agent thereof in writing no later than thirty (30)
days prior to such change and the Borrower shall provide the Agent with, at Borrower’s sole cost and expense, such financing statements
and other documents as the Agent shall reasonably request in connection with such change. If the Borrower shall decide to change the
location where its books and records are maintained, the Borrower shall notify the Agent thereof in writing no later than thirty (30)
days prior to such change.

 

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8.12
Health Care Related Matters. The Borrower shall cause the Operator to continue to be duly licensed by the Applicable State
to operate a long-term care/skilled nursing facility and provide certain ancillary healthcare services and maintain Medicare and Medicaid
provider status except to the extent that such failure to comply with the foregoing would not cause a Material Adverse Effect. The Operator
shall cause all licenses, permits, certificates of need, reimbursement contracts and programs, and any other agreements necessary for
the use and operation of its business or as may be necessary for participation in Medicaid, Medicare and other applicable reimbursement
programs, to remain in full force and effect. The Operator shall at all times maintain in full force and effect the Medicare Certification,
the Medicaid Certification, the Medicare Provider Agreement and the Medicaid Provider Agreement. The Operator shall comply at all times
with the CMS, except to the extent that such failure to comply would not cause a Material Adverse Effect. The Operator shall take all
necessary steps to protect personally identifiable health information for each patient substantially in accordance with the CMS laws
and regulations.

 

8.13
Other Health Care Matters. Without limiting the generality of any representation or warranty made in this Agreement or
any covenant made in this Agreement, Borrower covenants that:

 

(a)
Funds from Restricted Grants. None of the Real
Estate or the Collateral is subject to, and Borrower shall indemnify and hold the Agent and Lenders harmless from and against, any liability
in respect of amounts received by Borrower or others for the purchase or improvement of the Real Estate or Collateral or any part thereof
under restricted or conditioned grants or donations, including, without limitation, monies received under the Public Health Service Act,
42 U.S.C. Section 291 et seq.

 

(b)
The Licenses: The licenses to operate the Facility
(i) are and shall continue in full force and effect at all times throughout the term of this Agreement and are and shall be free from
restrictions or known conflicts which would materially impair the use or operation of the Facility for its current use, and if any licenses
become provisional, probationary, conditional or restricted in any way (collectively “Restrictions”), Borrower shall
take or cause to be taken prompt action to correct such Restrictions; (ii) may not be, and have not been, and will not be transferred
to any location other than the Real Estate; and (iii) have not been and will not be pledged as collateral security for any other loan
or indebtedness. Borrower shall not do (nor suffer to be done) any of the following:

 

(1)
Rescind, withdraw, revoke, amend, modify, supplement,
or otherwise alter the nature, tenor or scope of the licenses for the Facility without Agent’s prior written consent;

 

(2)
Amend or otherwise change the Facility’s authorized
beds capacity and/or the number of beds approved by the regulators without Agent’s prior written consent; provided, that the Borrower
may increase the number of beds at the Facility without the Agent’s consent but the Borrower will provide two (2) Business Days’
prior written notice to the Agent of such increase; or

 

(3)
Replace, assign or transfer all or any part of the Facility’s
beds to another site or location without Agent’s prior written consent.

 

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8.14
Single Purpose Entity Provisions. The business and purposes of the Real Estate Company are and will continue to be limited
to the following:

 

(i)
to own, hold, lease, operate, manage, maintain, develop
and/or improve the Real Estate;

 

(ii)
to enter into and perform its obligations under the
Financing Agreements;

 

(iii)
to sell, transfer, service, convey, dispose of, pledge,
assign, borrow money against, finance or otherwise deal with the Real Estate to the extent permitted under the Financing Agreements;

 

(iv)
to lease the Real Estate to the Operator; and

 

(v)
to engage in any lawful act or activity and to exercise
any powers permitted to entities of its type pursuant to the laws of its state of organization that are related or incidental to and
necessary, convenient or advisable for the accomplishment of the above-mentioned purposes.

 

The
Real Estate Company shall do all of the following:

 

(i)
not own any asset or property other than (A) a fee interest
in the Real Estate, and (B) incidental personal property necessary for the ownership or operation of the Real Estate;

 

(ii)
maintain its intention to remain solvent and pay its
debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets, to the extent of its assets,
as the same shall become due;

 

(iii)
do or cause to be done all things necessary to observe
organizational formalities of the Real Estate Company and preserve its existence; or

 

(iv)
to the extent of cash flow available from operations,
intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in
light of its contemplated business operations. The Borrower and the Operator shall remain separate entities.

 

8.15
Further Assurances. The Borrower will, at its own cost and expense, cause to be promptly and duly taken, executed, acknowledged
and delivered all such further acts, documents and assurances as may from time to time be necessary or as the Agent may from time to
time request in order to carry out the intent and purposes of this Agreement and the other the Financing Agreements and the transactions
contemplated thereby, including all such actions to establish, create, preserve, protect and perfect a first-priority Lien in favor of
the Agent for the benefit of Lenders on the Collateral (including Collateral acquired after the date hereof), subject to Permitted Liens.

 

8.16
Real Estate Leases. The Real Estate Leases shall not be amended or modified without the consent of Agent.

 

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9.
NEGATIVE COVENANTS. The Borrower covenants and agrees that as long as any Liabilities remain outstanding, and (even if
there shall be no such Liabilities outstanding) as long as this Agreement remains in effect (unless the Required Lenders shall give (or
Agent upon instruction by Required Lenders to give) prior written consent thereto):

 

9.1
Encumbrances. The Real Estate Company shall not create, incur, assume or suffer to exist any Lien of any nature whatsoever
on any of its assets or property, including, without limitation, the Collateral, other than, subject to the terms and provisions of the
applicable Mortgage, the following (“Permitted Liens”): (a) subject to the terms and provisions of the applicable Mortgage,
Liens securing the payment of taxes, either not yet due or the validity of which is being contested in good faith by appropriate proceedings,
and as to which the Real Estate Company shall, if appropriate under GAAP, have set aside on its books and records adequate reserves,
provided, that such contest does not have a material adverse effect on the ability of the Borrower to pay any of the Liabilities, or
the priority or value of the Agent’s Lien in the Collateral; (b) deposits under workmen’s compensation, unemployment insurance,
social security and other similar laws; (c) Liens in favor of the Agent for the benefit of Lenders; (d) subject to the terms and provisions
of the applicable Mortgage, liens imposed by law, such as mechanics’, materialmen’s, landlord’s, warehousemen’s,
carriers’ and other similar liens, securing obligations incurred in the ordinary course of business that are not yet due and payable
or which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established; (e) leases
with precautionary UCC filings (including, but not limited to, equipment leases); (f) customary rights of set-off, revocation, refund
or chargeback under deposit agreements or under the Uniform Commercial Code or common law of banks or other financial institutions where
the Borrower maintain deposits (other than deposits intended as cash collateral) in the ordinary course of business; (g) judgment and
attachment liens not giving rise to an Event of Default; and (h) liens in connection with Indebtedness permitted by Section 9.2(a)(iii)
below. Strawberry Fields LP shall not create, incur, assume or suffer to exist any Lien of any nature whatsoever on any Collateral
related to the Facility or Real Estate Company, including on any direct or indirect equity interest in any Real Estate Company, other
than Permitted Liens.

 

9.2
Indebtedness.

 

(a)
 The Real Estate Company shall not incur, create, assume,
become or be liable in any manner with respect to, or permit to exist, any Indebtedness, except: (i) the Liabilities, (ii) trade obligations
and normal accruals in the ordinary course of business consistent with past practice and not yet due and payable, (iii) Capital Leases
in an aggregate amount not to exceed Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) per Fiscal Year; provided, however,
the Real Estate Company shall be permitted to incur such other Indebtedness identified in subparagraphs (i) through (iii) above provided,
that both immediately before such Indebtedness or after giving effect to any such Indebtedness (1) no Default or Event of Default shall
exist or have occurred or result therefrom (including, without limitation, any Default or Event of Default arising from a breach of the
financial ratios described in Section 9.17), and (2) the Agent shall have been notified not less than 90 days prior to the incurrence
of such Indebtedness.

 

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(b)
Strawberry Fields LP shall not incur, create, assume,
become or be liable in any manner with respect to, or permit to exist, any Indebtedness, provided, however, Strawberry Fields LP shall
be permitted to incur such Indebtedness, provided, that (i) both immediately before the incurrence of such Indebtedness or after giving
effect to any such Indebtedness, no Default or Event of Default arising from a breach of the financial ratios described in Section
9.17 shall exist or have occurred or result therefrom, and (ii) the Agent shall have been notified not less than 15 days prior to
the incurrence of such Indebtedness.

 

9.3
Consolidations, Mergers or Acquisitions. The Real Estate Company shall not be a party to any merger, consolidation, or
exchange of stock, or consummate an LLC Division, or purchase or otherwise acquire all or substantially all of the assets or stock of
any class of, or any other evidence of an equity interest in, or any partnership, limited liability company, or joint venture interest
in, any other Person, or sell, transfer, convey or lease all or any substantial part of its assets or property, or sell or assign, with
or without recourse, any receivables. Strawberry Fields shall not be a party to any merger, consolidation, or exchange of stock, or purchase
or otherwise acquire all or substantially all of the assets or stock of any class of, or any other evidence of an equity interest in,
or any partnership, limited liability company, or joint venture interest in, any other Person, or sell, transfer, convey or lease all
or any substantial part of its assets or property, or sell or assign, with or without recourse, any receivables unless Strawberry Fields
LP shall maintain control after such transaction, and provided, such transaction does not result in a Change of Control. For the avoidance
of doubt, Strawberry Fields LP may convert certain of its limited partnership shares to common stock.

 

9.4
Investments or Loans.

 

(a)
The Real Estate Company shall not make, incur, assume
or permit to exist any loans or advances, or any investments in or to any other Person, except: (a) investments in short-term direct
obligations of the United States Government; (b) investments in negotiable certificates of deposit issued by Popular Bank or by any other
bank satisfactory to the Agent, payable to the order of the Borrower or to bearer; and (c) investments in commercial paper rated at least
A-1 by Standard & Poor’s Corporation or P-1 by Moody’s Investors Service, Inc., or carrying an equivalent rating by a
nationally recognized rating agency if both of the two named rating agencies cease publishing ratings of investments.

 

(b)
Strawberry Fields Realty, LP shall not make, incur,
assume or permit to exist any loans or advances or any investments in or to any other Persons, provided, however, Strawberry Fields LP
shall be permitted to make such advances, loans or investments provided, that both immediately before such contemplated loan, advance
or investment or after giving effect to any such loan, advance or investment, no Default or Event of Default arising from a breach of
the financial ratios described in Section 9.17 shall exist or have occurred or result therefrom.

 

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9.5
Guarantees.

 

(a)
The Real Estate Company shall not guarantee, endorse
or otherwise in any way become or be responsible for obligations of any other Person, whether by agreement to purchase the Indebtedness
of any other Person or through the purchase of goods, supplies or services, or maintenance of working capital or other balance sheet
covenants or conditions, or by way of stock purchase, capital contribution, advance or loan for the purpose of paying or discharging
any Indebtedness or obligation of such other Person or otherwise, except endorsements of negotiable instruments for collection in the
ordinary course of business.

 

(b)
Strawberry Fields LP shall not guarantee, endorse or
otherwise in any way become or be responsible for obligations of any other Person, whether by agreement to purchase the Indebtedness
of any other Person or through the purchase of goods, supplies or services, or maintenance of working capital or other balance sheet
covenants or conditions, or by way of stock purchase, capital contribution, advance or loan for the purpose of paying or discharging
any Indebtedness or obligation of such other Person or otherwise, except endorsements of negotiable instruments for collection in the
ordinary course of business; provided, however, Strawberry Fields LP shall be permitted to do the foregoing, so long as
both immediately before or after giving effect to any such guarantee or endorsement, no Default or Event of Default arising from a breach
of the financial ratios described in Section 9.17 shall exist or have occurred or result therefrom.

 

9.6
Disposal of Property. The Real Estate Company shall not sell, assign, lease, transfer or otherwise dispose of (including,
in each case, by way of an LLC Division) any of its properties, assets and rights to any Person except sales of obsolete Equipment or
Equipment being replaced in the ordinary course of business with other Equipment with a fair market value and orderly liquidation value
equal to or greater than the Equipment being replaced.

 

9.7
Use of Proceeds. The Borrower shall not use the proceeds of the Term Loan for any purpose other than to (i) refinance the
existing Indebtedness of Strawberry Fields REIT, LTD or Borrower and (ii) pay other costs and expenses as reflected on the sources and
uses approved by the Agent on the Closing Date.

 

9.8
Loans to Officers; Consulting Fees. The Real Estate Company shall not (i) pay for advances nor make any loans to its officers,
directors, shareholders, members, managers, or employees or to any other Person; provided, however, the Borrower shall be permitted to
make such advances or loans, provided, that both immediately before such contemplated loan or advance or after giving effect to any such
loan or advance no Default or Event of Default shall exist or have occurred or result therefrom (including, without limitation, any Default
or Event of Default arising from a breach of the financial ratios described in Section 9.17), and (ii) pay any consulting fees
or similar fees to its officers, directors, shareholders, members, managers, employees, or Affiliates or any other Person, whether for
services rendered to the Real Estate Company or otherwise, except in the ordinary course of business.

 

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9.9
Dividends and Stock Redemptions. The Real Estate Company shall not (i) declare, make or pay any dividend or other distribution
(whether in cash, property or rights or obligations) to or for the benefit of any officer, member, manager, shareholder, director, or
any Affiliate; provided, however, that notwithstanding anything herein to the contrary, the Borrower shall be permitted to make such
dividends or distributions, provided, that both immediately before such contemplated dividend or distribution or after giving effect
to any such dividend or distribution, no Default or Event of Default shall exist or have occurred or result therefrom (including, without
limitation, any Default or Event of Default arising from a breach of the financial covenants described in Section 9.17), otherwise any
such payment shall be restricted; provided, further, regardless of a Default or an Event of Default, the Real Estate Company shall be
permitted to make distributions that will be used by Strawberry Fields REIT, Inc. solely to make distributions that are necessary for
Strawberry Fields REIT, Inc. to maintain its REIT status; or (ii) purchase or redeem any of the capital stock or equity interests of
the Real Estate Company or any options or warrants with respect thereto, declare or pay any dividends or distributions thereon, or set
aside any funds for any such purpose.

 

9.10
Payments in Respect of Subordinated Debt. The Real Estate Company shall not make any payment in respect of any Indebtedness
for borrowed money that is subordinated to the Liabilities.

 

9.11
Transactions with Affiliates. Except as contemplated by the Real Estate Leases or to the extent otherwise permitted herein,
the Borrower shall not transfer any cash or property to any Affiliate or enter into any transaction, including, without limitation, the
purchase, lease, sale or exchange of property or the rendering of any service to any Affiliate; provided, that, except as otherwise expressly
restricted under this Agreement, the Borrower may enter into transactions with Affiliates for fair value in the ordinary course of business
pursuant to terms that are no less favorable to the Borrower than the terms upon which such transactions would have been made had such
transactions been made to or with a Person that is not an Affiliate.

 

9.12
Change in Nature of Business. The Borrower shall not make any change in the nature of Borrower’s business carried
on as of the Closing Date.

 

9.13
Other Agreements. The Borrower shall not enter into any agreement containing any provision which would be violated or breached
by the performance of its obligations hereunder or under any Financing Agreement to which Borrower is a party or which would violate
or breach any provision hereof or thereof, or that would or is reasonably likely to adversely affect the Agent’s or Lenders’
interests or rights under this Agreement and the other Financing Agreements to which Borrower is a party or the likelihood that the Liabilities
will be Paid in Full when due, nor shall the Borrower’s Operating Agreement (or similar document) be amended or modified in any
way that would violate or breach any provision hereof or of any Financing Agreement to which Borrower is a party, or that would or is
reasonably likely to adversely affect the Agent’s or Lenders’ interests or rights under this Agreement and the other Financing
Agreements to which Borrower is a party or the likelihood that the Liabilities will be Paid in Full when due; provided, prior to any
amendment or modification of the Borrower’s Operating Agreement (or similar document) the Borrower shall furnish a true, correct
and complete copy of any such proposed amendment or modification to the Agent.

 

9.14
Real Estate Leases; Management Services Agreement. No Person shall materially amend, materially modify, default under,
terminate or supplement the Real Estate Leases or management services agreement, if any, in any manner without the Agent’s prior
written consent. Any consulting or management fees shall not be increased from the percentage then in effect on the Closing Date.

 

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9.15
State of Formation. The Borrower shall not change its state of formation from that of the Applicable State, or its name
as identified in the Preamble hereto.

 

9.16
Environmental. The Borrower shall not permit the Property or any portion thereof to be involved in the use, generation,
manufacture, storage, disposal or transportation of Hazardous Substances except in compliance with all Environmental Laws, or as would
not have a Material Adverse Effect.

 

9.17
Financial Covenants. The Borrower shall not:

 

(a)
Strawberry Fields Debt to EBITDA Ratio. Permit
the Strawberry Fields Debt to EBITDA Ratio to exceed 8.0 to 1.00 for each Computation Period as measured on a trailing twelve month basis
commencing with the Computation Period ending June 30, 2022 and continuing for each subsequent Computation Period.

 

(b)
Strawberry Fields Debt Service Coverage Ratio.
Permit the (i) Strawberry Fields Debt Service Coverage Ratio (before giving effect to payment of any advances or distributions to the
extent permitted herein) to be less than 1.25 to 1.00 and (ii) Strawberry Fields Debt Service Coverage Ratio (after giving effect to
payment of any advances or distributions to the extent permitted herein) to be less than 1.05 to 1.00 for each Computation Period as
measured on a trailing twelve month basis commencing with the Computation Period ending June 30, 2022 and continuing for each subsequent
Computation Period.

 

(c)
Strawberry Fields Equity. Permit the Strawberry
Fields Equity to be less than $20,000,000 for each Computation Period commencing with the Computation Period ending June 30, 2022 and
continuing for each subsequent Computation Period.

 

(d)
Computation. The Borrower acknowledges and agrees
that the calculation and computation of the foregoing financial ratio covenants shall be pursuant to and in accordance with Section
8.1(c) hereof.

 

(e)
Financial Covenant Cure. If the Borrower fails
to satisfy a financial covenant contained herein one time during the term of this Agreement then Borrower shall have a one-time option
to either pay down the Term Loan or place cash in a pledged account in favor of the Agent an amount necessary to cause such financial
covenant to be in compliance. Such one-time payment or placement of cash by the Borrower shall be done not less than 60 days after the
occurrence of such financial covenant default.

 

9.18
Fiscal Year. The Borrower shall not change its Fiscal Year.

 

9.19
Tax Election. The Borrower shall not be permitted to change its tax election with the Internal Revenue Service without
the prior written consent of the Agent, which consent shall not be unreasonably withheld.

 

9.20
Post-Closing Obligations.

 

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(a)
Borrower shall not fail to deliver to Agent within thirty
(30) days following the Closing Date, (i) an additional insured endorsement to the general liability insurance policy of each Borrower
evidencing that Agent has been added as an additional insured thereunder, and (ii) a lender’s loss payable endorsement to the property
insurance policy of each Borrower evidencing that Agent has been added as lender’s loss payable thereunder, in each case in form
and substance satisfactory to Agent.

 

(b)
Borrower shall not fail to deliver to Agent within seven
(7) Business Days following the Closing Date (or such later date as approved by Agent in its sole discretion), general liability and
property insurance accords for each Borrower evidencing the general liability insurance policy and property insurance policy in place
for each Borrower together with the Agent listed as the certificate holder and such other language required by the Agent, in each case
in form and substance satisfactory to the Agent.

 

(c)
Borrower shall not fail to deliver to Agent within ten
(10) Business Days following the Closing Date (or such later date as approved by Agent in its sole discretion), final signed surveys
for the following properties, in each case in form and substance satisfactory to the Agent: (i) 253 Bradington Dr, Columbia, IL, (ii)
516 W Frech St, Streator, IL, (iii) 900 Gagel Ave, Louisville, KY, and (iv) 3090 Five Points Hartford Rd, Fowler, OH.

 

10.
DEFAULT, RIGHTS AND REMEDIES OF THE LENDERS.

 

10.1
Event of Default. Any one or more of the following shall constitute an “Event of Default” under this
Agreement:

 

(a)
the Borrower fails to pay any amount to the Agent or
Lenders under this Agreement or under any other Financing Agreement to which the Borrower is a party within three (3) days after the
date when any such payment is due, declared due or demanded;

 

(b)
the Borrower fails or neglects to perform, keep or observe
any of the covenants, conditions or agreements or required payments set forth in Section 2.5 hereof, Section 8.2 8.5, 8.6,
8.7, 8.9, 8.11, 8.12, 8.13, 8.14, 8.15 or 8.16 hereof or any of the subsections
of Section 9 hereof (subject to Section 9.17(e)) ;

 

(c)
the Borrower fails or neglects to perform, keep or observe
any of the covenants, conditions, promises or agreements contained in this Agreement (other than those specified in Section 10.1(b)
hereof) and such failure or neglect shall continue for a period of thirty (30) calendar days after the earlier of (i) the date that
the Borrower knew or should have known of such failure or nonobservance, or (ii) notice to the Borrower by the Agent;

 

(d)
any representation or warranty heretofore, now or hereafter
made by the Borrower in connection with this Agreement or any of the other Financing Agreements (other than the Perfection Certificate)
to which Borrower is a party is untrue, misleading or incorrect in any material respect, or any schedule, certificate, statement, report,
financial data, notice, or writing furnished at any time by the Borrower to the Agent or Lenders is untrue, misleading or incorrect in
any material respect, on the date as of which the facts set forth therein are stated or certified;

 

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(e)
a judgment, decree or order requiring payment in excess
of Two Hundred Thousand and No/100 Dollars ($200,000.00) shall be rendered against the Borrower and such judgment or order shall remain
unsatisfied or undischarged and in effect for sixty (60) consecutive days without a stay of enforcement or execution, provided that this
clause (e) shall not apply to any judgment for which the Borrower is fully insured (subject to deductibles negotiated between
Borrower and its insurance company) and with respect to which the insurer has admitted liability;

 

(f)
a notice of Lien, levy or assessment is filed or recorded
with respect to any of the assets of the Borrower (including, without limitation, the Collateral), by the United States, or any department,
agency or instrumentality thereof, or by any state, county, municipality or other governmental agency or any taxes or debts owing at
any time or times hereafter to any one or more of them become a Lien, upon any of the assets of the Borrower (including, without limitation,
the Collateral), provided that this clause (f) shall not apply to any Liens, levies, or assessments which the Borrower is contesting
in good faith (provided the Borrower has complied with the provisions of clauses (a) and (b) of Section 8.4 hereof) or which relate
to current taxes not yet due and payable;

 

(g)
any material portion of the Collateral is attached,
seized, subjected to a writ or distress warrant, or is levied upon, or comes within the possession of any receiver, trustee, custodian
or assignee for the benefit of creditors;

 

(h)
a proceeding under any bankruptcy, reorganization, arrangement
of debt, insolvency, readjustment of debt or receivership law or statute is filed against the Borrower or any guarantor of the Liabilities,
including any Guarantor, and such proceeding is not dismissed within sixty (60) days of the date of its filing, or a proceeding under
any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt or receivership law or statute is filed by the
Borrower or any guarantor of the Liabilities, including any Guarantor, or the Borrower or any guarantor of the Liabilities, including
any Guarantor, makes an assignment for the benefit of creditors, or the Borrower or any Guarantor takes any action to authorize any of
the foregoing or any Guarantor shall dissolve or die, as applicable, or be declared legally incompetent (and in the event of death or
incompetence shall not be replaced within sixty (60) days of such death with a Person suitable to the Agent);

 

(i)
the Borrower voluntarily or involuntarily dissolves
or is dissolved, or its existence terminates or is terminated;

 

(j)
the Borrower becomes insolvent or fails generally to
pay its debts as they become due;

 

(k)
the Borrower is enjoined, restrained, or in any way
prevented by the order of any court or any administrative or regulatory agency from conducting all or any material part of its business
affairs;

 

(l)
a breach by the Borrower shall occur under any agreement,
document or instrument (other than an agreement, document or instrument evidencing the lending of money), whether heretofore, now or
hereafter existing between the Borrower and any other Person and the effect of such breach will or could reasonably be expected to have
or create a Material Adverse Effect, subject, however, to any applicable cure periods;

 

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(m)
there shall be instituted in any court criminal proceedings
against the Borrower or Operators, or the Borrower or Operator shall be indicted for any crime, in either case for which forfeiture of
a material amount of its property is a potential penalty, or any governmental enforcement action involving any criminal penalties or
exclusion from any federal or state health care program shall have been imposed against the Borrower or Operator;

 

(n)
any Lien securing the Liabilities shall, in whole or
in part, cease to be a perfected first priority Lien (subject only to the Permitted Liens); this Agreement or any of the Financing Agreements
to which the Borrower is a party, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective
or cease to be the legally valid, binding and enforceable obligations of the Borrower; or the Borrower shall directly or indirectly,
contest in any manner such effectiveness, validity, binding nature or enforceability;

 

(o)
any Guarantor shall revoke or attempt to revoke, terminate
or contest its obligations under the Guaranty, or the Guaranty or any provision thereof, shall cease to be in full force and effect in
accordance with its terms and provisions;

 

(p)
with respect to any Facility or Facilities in the aggregate
constituting ten percent (10.00%) or more of the total revenue of all Facilities, there shall occur with respect to the Operator or the
Facility any Medicare or Medicaid survey deficiencies at Level I, J, K, L or worse (i) which deficiencies are not cured within the amount
of time permitted by the applicable reviewing agency or, if a deficiency is appealed in accordance with governing law, within the time
period after an unsuccessful appeal or (ii) which result in the imposition by any government authority or the Applicable State, survey
agency of sanctions in the form of either a program termination, temporary management, denial of payment for new admission (which is
either not appealed under governing law or continues for thirty (30) days or more or beyond any time period granted after an unsuccessful
appeal) or facility closure;

 

(q)
with respect to any Facility or Facilities in the aggregate
constituting ten percent (10.00%) or more of the total revenue of all Facilities, there shall occur any annual certification or complaint
survey deficiency at Level 4, which deficiency is not cured within the amount of time permitted by the applicable reviewing agency or,
if such deficiency is appealed in accordance with governing law, which continues for thirty (30) days or more beyond any time period
granted after an unsuccessful appeal;

 

(r)
with respect to any Facility or Facilities in the aggregate
constituting ten percent (10.00%) or more of the total revenue of all Facilities, a state or federal regulatory agency shall have revoked
any license, permit, certificate or Medicaid or Medicare qualification pertaining to the Real Estate or the Facility, regardless of whether
such license, permit, certificate or qualification was held by or originally issued for the benefit of Borrower, a tenant or any other
Person;

 

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(s)
the classification is revoked for any Operator or Facility
or Operators or Facilities in the aggregate constituting ten percent (10.00%) or more of the total revenue of all Facilities;

 

(t)
any “event of default” by Borrower under
the terms of the Real Estate Leases, including, but not limited to, Operator’s failure to pay rent under the Real Estate Leases;

 

(u)
any “event of default” by any Borrower or
Guarantor under any bond or under any agreement evidencing any bond debt;

 

(v)
Any subordination provision in any document or instrument
governing subordinated debt, or any subordination provision in any Subordination Agreement, or any subordination provision in any guaranty
by any Person shall cease to be in full force and effect, or any Person (including the holder of any applicable subordinated debt) shall
contest the validity, binding nature or enforceability of any such provision;

 

(w)
any Real Estate Lease or Real Estate Leases constituting
ten percent (10.00%) or more of the total revenue of all Facilities expires or terminates without being replaced in accordance with Section
2.7(d) hereof or renewed;

 

(x)
any material breach of, misrepresentation, noncompliance
with or default of the Perfection Certificate; and/or

 

(y)
a Material Adverse Change or Change of Control shall
occur; provided that subclause (b)(iii) of the definition of Material Adverse Change shall only be an Event of Default if such change,
event, action, condition or effect giving rise to such Material Adverse Change would reasonably be expected to impair the ability of
the Borrower or Guarantor to repay the Liabilities when due or declared due or perform the Borrower’s obligations under this Agreement
and the Financing Agreements to which it is a party or impair the ability of Guarantor to perform the Guarantor’s obligations under
its Guaranty and the Financing Agreements to which it is a party.

 

10.2
Acceleration. Upon the occurrence of any Event of Default described in Section 10.1(g), (h), (i) or
(j), all of the Liabilities shall immediately and automatically, without presentment, demand, protest or notice of any kind (all
of which are hereby expressly waived), be immediately due and payable; and upon the occurrence of any other Event of Default, the Agent
may with the consent of the Required Lenders (or, upon written request of Required Lenders shall) declare the Term Loan Commitment (if
it has not theretofore terminated) to be terminated and any or all of the Liabilities may, at the sole option of the Agent, and without
presentment, demand, protest or notice of any kind (all of which are hereby expressly waived), be declared, and thereupon shall become,
immediately due and payable, whereupon the Term Loan Commitment shall immediately terminate. Notwithstanding the foregoing, Swap Obligations
shall be terminated only as set forth in the respective Hedging Agreement.

 

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10.3
Rights and Remedies Generally. Upon the occurrence and continuation of any Event of Default, the Agent for and on behalf
of the Lenders shall have, in addition to any other rights and remedies contained in this Agreement and in any of the other Financing
Agreements, all of the rights and remedies of a secured party under the Code or other applicable laws, all of which rights and remedies
shall be cumulative, and non-exclusive, to the extent permitted by law, including, without limitation, the right of Agent (with the consent
or at the direction of Required Lenders) to sell, assign, or lease (as applicable) any or all of the Collateral or the Real Estate. Upon
notice to Borrower after an Event of Default, Borrower at its own expense shall assemble all or any part of the Collateral as determined
by Agent and make it available to Agent at the Facility or any location designated by Agent. In such event, Borrower shall, at its sole
cost and expense, store and keep any Collateral so assembled at such location pending further action by Agent and provide such security
guards and maintenance services as shall be necessary to protect and preserve such Collateral. In addition to all such rights and remedies,
the sale, lease or other disposition of the Collateral, or any part thereof, by the Agent (with the consent of or at the direction of
the Required Lenders) after an Event of Default may be for cash, credit or any combination thereof, and the Agent may purchase all or
any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may
set-off the amount of such purchase price against the Liabilities of the Borrower then owing. Any sales of such Collateral may be adjourned
from time to time with or without notice. The Agent may, in its sole discretion, cause the Collateral to remain on the Borrower’s
premises, at the Borrower’s expense, pending sale or other disposition of such Collateral. The Agent shall have the right after
an Event of Default to conduct such sales (with the consent of the Required Lenders) on the Borrower’s premises, at the Borrower’s
expense, or elsewhere, on such occasion or occasions as the Agent may see fit.

 

10.4
Entry Upon Premises and Access to Information. Upon the occurrence and during the continuance of any Event of Default,
the Agent shall have the right to enter upon the premises of the Borrower where the Collateral is located without any obligation to pay
rent to the Borrower, or any other place or places where such Collateral is believed to be located and kept, and remove such Collateral
therefrom to the premises of the Agent or any agent of the Agent, for such time as the Agent may desire, in order to effectively collect
or liquidate such Collateral. Upon the occurrence and during the continuance of any Event of Default, the Agent shall have the right
to obtain access to the Borrower’s data processing equipment, computer hardware and software relating to the Collateral and, subject
to any state or federal privacy laws, including without limitation HIPAA, to use all of the foregoing and the information contained therein
in any manner the Agent deems appropriate. Upon the occurrence and during the continuance of an Event of Default, the Agent shall have
the right to notify post office authorities to change the address for delivery of the Borrower’s mail to an address designated
by the Agent and to receive, open and process all mail addressed to the Borrower.

 

10.5
Sale or Other Disposition of Collateral by the Agent. Any notice required to be given by the Agent of a sale, lease or
other disposition or other intended action by the Agent, with respect to any of the Collateral, which is deposited in the United States
mails, postage prepaid and duly addressed to the Borrower at the address specified in Section 11.12 hereof, at least ten (10)
calendar days prior to such proposed action shall constitute fair and reasonable notice to the Borrower of any such action. The net proceeds
realized by the Agent upon any such sale or other disposition, after deduction for the expense of retaking, holding, preparing for sale,
selling or the like and the attorneys’ and paralegal fees and legal expenses incurred by the Agent in connection therewith, shall
be applied as provided herein toward satisfaction of the Liabilities, including, without limitation, such Liabilities described in Sections
8.2 and 11.2 hereof. The Agent shall account to the Borrower for any surplus realized upon such sale or other disposition,
and the Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any
judgment or decree for any deficiency shall not affect the Agent’s Liens in the Collateral until the Liabilities are fully paid.
The Borrower agrees that the Agent has no obligation to preserve rights to the Collateral against any other Person. If and to the extent
applicable, the Agent for the benefit of Lenders is hereby granted a license or other right to use, without charge, the Borrower’s
labels, patents, copyrights, rights of use of any name, trade secrets, trade names, tradestyles, trademarks, service marks and advertising
matter or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling
any such Collateral, and the Borrower’s rights and benefits under all licenses and franchise agreements, if any, shall inure to
the Agent’s and Lenders’ benefit until the Liabilities of the Borrower are Paid in Full.

 

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10.6
Waiver of Demand. Demand, presentment, protest and notice of nonpayment are hereby waived by the Borrower. The Borrower
also waives the benefit of all valuation, appraisal and exemption laws.

 

10.7
Waiver of Notice. UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE BORROWER HEREBY WAIVES ALL
RIGHTS TO NOTICE AND HEARING OF ANY KIND PRIOR TO THE EXERCISE BY THE AGENT OF ITS RIGHTS TO REPOSSESS THE COLLATERAL WITHOUT JUDICIAL
PROCESS OR TO REPLEVY, ATTACH OR LEVY UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING.

 

10.8
Advice of Counsel. The Borrower acknowledges that it has been advised by its counsel with respect to this transaction and
this Agreement, including, without limitation, all waivers contained herein.

 

11.
MISCELLANEOUS.

 

11.1
Waiver. The Agent’s or Lenders’ failure, at any time or times hereafter, to require strict performance by the
Borrower of any provision of this Agreement shall not waive, affect or diminish any right of the Agent or Lenders’ thereafter to
demand strict compliance and performance therewith. Any suspension or waiver by the Agent and Lenders of an Event of Default under this
Agreement or a default under any of the other Financing Agreements shall not suspend, waive or affect any other Event of Default under
this Agreement or any other default under any of the other Financing Agreements, whether the same is prior or subsequent thereto and
whether of the same or of a different kind or character. None of the undertakings, agreements, warranties, covenants and representations
of the Borrower contained in this Agreement or any of the other Financing Agreements and no Event of Default under this Agreement or
default under any of the other Financing Agreements shall be deemed to have been suspended or waived by the Agent and Lenders unless
such suspension or waiver is in writing signed by an officer of the Agent and Lenders, and directed to the Borrower specifying such suspension
or waiver.

 

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Except
as otherwise specifically set forth herein, no amendment or modification or waiver of, or consent with respect to any covenant, condition
or provision of this Agreement or the other Financing Agreements shall in any event be effective unless the same shall be in writing
and acknowledged by Borrower and either (i) Required Lenders, or (ii) Agent with a certification that consent from the Required Lenders
has been obtained, and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. Notwithstanding anything contained herein to the contrary, no amendment, modification, waiver
or consent shall (a) extend or increase the Term Loan Commitment of any Lender without the written consent of such Lender, as applicable,
(b) extend the date scheduled for payment of any principal (exclusive of mandatory prepayments other than prepayments due on the Stated
Maturity Date) of or interest on the Term Loan or any fees payable hereunder without the written consent of each Lender directly affected
thereby, (c) extend the Stated Maturity Date of the Term Loan without the written consent of all Lenders, (d) reduce the principal amount
of the Term Loan, the rate of interest thereon (including applicable margins and interest rate floors) or any fees payable hereunder,
without the consent of each Lender directly affected thereby (except for any periodic adjustments of interest rates and fees as provided
for in this Agreement), (e) release any party, including, without limitation, a guarantor or borrower from its obligations under any
guaranty at any time hereafter provided or this Agreement as applicable, or all, or substantially all or any material portion of, the
Collateral granted hereunder or under any of the Financing Agreements (except as otherwise specifically permitted or provided in this
Agreement), change the payment application provisions set forth in Section 11.8 or the pro rata sharing provision in Section
2.9(d), the definition of Required Lenders, any provision of this Section 11.1 or reduce the pro rata share required to effect
an amendment, modification, waiver or consent, without, in each case with respect to this subsection (e), the written consent of all
Lenders, (f) waive any material condition set forth in Section 5 without the prior written consent of each Lender directly affected
thereby, (g) amend, modify or waive any covenant set forth in Section 9 without the prior written consent of the Required Lenders,
(h) provide, or otherwise permit, the subordination of any portion of the Term Loan without the prior written consent of the Required
Lenders, or authorize Agent to subordinate its Lien in the Collateral to a third party without the prior written consent of the Required
Lenders; or (i) increase the amount of the aggregate Term Loan Commitment without the prior written consent of the Lenders. No provision
in this Agreement with respect to the timing or application of mandatory prepayments of the Term Loan shall be amended, modified or waived
without the consent of Required Lenders. No provision of Section 12 or other provision of this Agreement affecting Agent as such
shall be amended, modified or waived without the prior written consent of Agent. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except for the matters set
forth in this Section 11.1.

 

11.2
Costs and Attorneys’ Fees.

 

(a)
The Borrower agrees to pay on demand all of the reasonable
out-of-pocket costs and expenses of the Agent (including, without limitation, the reasonable fees and out-of-pocket expenses of the Agent’s
outside counsel, and all UCC filing and lien search fees, and, if applicable, real estate appraisal fees, survey fees, cash flow audit,
recording, field examination and title insurance costs, and any environmental report or analysis) in connection with the structuring,
syndicating, preparation, negotiation, execution, and delivery of: (i) this Agreement, the Financing Agreements and all other instruments,
agreements, certificates or documents provided for herein or delivered or to be delivered hereunder, and (ii) any and all amendments,
modifications, supplements and waivers executed and delivered pursuant hereto or any Financing Agreement or in connection herewith or
therewith. The Borrower further agrees that the Agent, in its sole discretion, may deduct all such unpaid amounts from the aggregate
proceeds of the Loan or debit such amounts from the operating accounts of the Borrower maintained with Popular Bank. The Borrower further
agrees that the Agent, in its sole discretion, may conduct future field exams in its sole and absolute discretion; provided that absent
the occurrence and continuance of an Event of Default, Agent shall be responsible for the costs and expenses incurred for field exams.

 

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(b)
The costs and expenses that the Agent incurs in any
manner or way with respect to the following shall be part of the Liabilities, payable by the Borrower on demand if at any time after
the date of this Agreement the Agent: (i) employs counsel in good faith for advice or other representation (A) with respect to the amendment,
modification or enforcement of this Agreement or the Financing Agreements, or with respect to any Collateral securing the Liabilities
hereunder, (B) to represent the Agent and Lenders in any work-out or any type of restructuring of the Liabilities, or any litigation,
contest, dispute, suit or proceeding or to commence, defend or intervene or to take any other action in or with respect to any litigation,
contest, dispute, suit or proceeding (whether instituted by the Agent, Lenders, the Borrower or any other Person) in any way or respect
relating to this Agreement, the Financing Agreements, the Borrower’s affairs or any Collateral hereunder or (C) to enforce any
of the rights of the Agent or Lenders with respect to the Borrower provided in this Agreement, under any of the Financing Agreements,
or otherwise (whether at law or in equity); (ii) takes any action to protect, preserve, store, ship, appraise, prepare for sale, collect,
sell, liquidate or otherwise dispose of any Collateral in accordance with the terms hereunder; and/or (iii) seeks to enforce or enforces
any of the rights and remedies of the Agent and Lenders with respect to the Borrower. Without limiting the generality of the foregoing,
such expenses, costs, charges and fees include: reasonable fees, costs and expenses of attorneys, accountants and consultants; court
costs and expenses; court reporter fees, costs and expenses; long distance telephone charges; reasonable travel costs; and courier and
telecopier charges.

 

(c)
The Borrower further agrees to pay, and to save the
Agent and Lenders harmless from all liability for, any documentary stamp tax, intangible tax, or other stamp tax or taxes of any kind
which may be payable in connection with or related to the execution or delivery of this Agreement, the Financing Agreements, the borrowings
hereunder, the issuance of the Term Loan Note or of any other instruments, agreements, certificates or documents provided for herein
or delivered or to be delivered hereunder or in connection herewith, provided that the Borrower shall not be liable for Agent’s
or Lenders’ income tax liabilities.

 

(d)
All of the Borrower’s obligations provided for
in this Section 11.2 shall be Liabilities secured by the Collateral and shall survive repayment of the Term Loan or any termination
of this Agreement or any Financing Agreements.

 

11.3
Expenditures by the Agent or Lenders. In the event the Borrower shall fail to pay taxes, insurance, audit fees and expenses,
consulting fees, filing, recording and search fees, assessments, fees, costs or expenses which the Borrower is, under any of the terms
hereof or of any of the other Financing Agreements, required to pay, or fails to keep the Collateral free from other Liens, except as
permitted herein, the Agent may, in its sole discretion, pay or make expenditures for any or all of such purposes, and the amounts so
expended, together with interest thereon at the Default Rate (from the date the obligation or liability of Borrower is charged or incurred
until actually Paid in Full to Agent) and shall be part of the Liabilities of the Borrower, payable on demand and secured by the Collateral.

 

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11.4
Custody and Preservation of Collateral. The Agent shall be deemed to have exercised reasonable care in the custody and
preservation of any of the Collateral in its possession if it takes such action for that purpose as the Borrower shall request in writing,
but failure by the Agent to comply with any such request shall not of itself be deemed a failure to exercise reasonable care, and no
failure by the Agent to preserve or protect any right with respect to such Collateral against prior parties, or to do any act with respect
to the preservation of such Collateral not so requested by the Borrower, shall of itself be deemed a failure to exercise reasonable care
in the custody or preservation of such Collateral.

 

11.5
Reliance by the Agent and Lenders. The Borrower acknowledges that the Agent and Lenders, in entering into this Agreement
and agreeing to make the Loan and otherwise extend credit to the Borrower hereunder, have relied upon the accuracy of the covenants,
agreements, representations and warranties made herein by the Borrower and the information delivered by the Borrower to the Agent and
Lenders in connection herewith (including, without limitation, all financial information and data).

 

11.6
Assignability; Parties. This Agreement may not be assigned by the Borrower (including by way of an LLC Division) without
the prior written consent of the Agent and Required Lenders. Whenever in this Agreement there is reference made to any of the parties
hereto, such reference shall be deemed to include, wherever applicable, a reference to the successors and permitted assigns of the Borrower
and the successors and assigns of the Agent and Lenders.

 

11.7
Severability; Construction. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Agreement. The parties hereto have participated jointly in the negotiation and drafting
of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any of the provisions of this Agreement.

 

11.8
Application of Payments. Notwithstanding any contrary provision contained in this Agreement or in any of the other Financing
Agreements, after the occurrence and during the continuance of an Event of Default the Borrower irrevocably waives the right to direct
the application of any and all payments at any time or times hereafter received by the Agent from the Borrower or with respect to any
of the Collateral, and the Borrower does hereby irrevocably agree that the Agent shall have the continuing exclusive right to apply and
reapply any and all payments received at any time or times hereafter, whether with respect to the Collateral or otherwise, against the
Liabilities in such manner as the Agent may deem advisable, notwithstanding any entry by the Agent upon any of its books and records.

 

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11.9
Marshalling; Payments Set Aside. The Agent shall be under no obligation to marshall any assets in favor of the Borrower
or any other Person or against or in payment of any or all of the Liabilities. To the extent that the Borrower makes a payment or payments
to the Agent for the benefit of Lenders or the Agent enforces its Liens or exercises its rights of setoff, and such payment or payments
or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common
law or equitable cause, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall
be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

11.10
Sections and Titles; UCC Termination Statements; Mortgage Releases. The sections and titles contained in this Agreement
shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.
At such time as all of the Liabilities shall have been Paid in Full and this Agreement shall terminate in accordance with its terms,
the Agent will, upon Borrower’s written request, promptly sign all UCC termination statements, releases of mortgages and such other
releases, as the case may be, reasonably required by the Borrower to evidence the termination of the Liens in the Collateral and on the
Real Estate, as the case may be, in favor of the Agent for the benefit of Lenders and the Agent and Lenders shall return to Borrower
any Collateral in their possession.

 

11.11
Continuing Effect; Inconsistency. This Agreement, the Agent’s Liens in the Collateral, and all of the other Financing
Agreements shall continue in full force and effect so long as any Liabilities shall be owed to the Agent or Lenders, and (even if there
shall be no such Liabilities outstanding) so long as this Agreement has not been terminated as provided in Section 2.6 hereof.
To the extent any terms or provisions contained in any Financing Agreement are inconsistent or conflict with the terms and provisions
of this Agreement, the terms and provisions of this Agreement shall control and govern.

 

11.12
Notices. Except as otherwise expressly provided herein, any notice required or desired to be served, given or delivered
hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered upon the earlier of (a) personal delivery
to the address set forth below and (b) in the case of mailed notice, five (5) calendar days after deposit in the United States mails,
with proper postage for certified mail, return receipt requested, prepaid, or in the case of notice by Federal Express or other reputable
overnight courier service sent for next day delivery, one (1) Business Day after delivery to such courier service; provided, however,
that if any notice is tendered to an addressee and delivery thereof is refused by such addressee, such notice shall be effective upon
such tender unless expressly set forth in such notice. Notices to be provided pursuant to this Agreement shall be as follows: (i) If
to the Agent at: Popular Bank, 85 Broad Street, 10th Floor, New York, New York 10004; Attention: Mark J. Stellwag, Jr.; Telephone
No.: (212) 445-1805; Facsimile No.: (212) 417-6919; with a copy to: Duane Morris LLP, 190 South LaSalle Street, Suite 3700, Chicago,
Illinois 60603; Attention: Michael A. Witt, Esq.; Telephone No.: (312) 499-6716; Facsimile No.: (312) 499-6701; (ii) If to the Borrower
at: c/o Strawberry Fields REIT, INC., 6101 Nimtz Parkway South Bend, IN 46628, with copy to Strawberry Fields REIT, INC, 5683 N Lincoln
Ave Chicago IL 60659; Attention: David M. Gross, Esq.; Telephone No. (773) 747-4100; Facsimile No. (708) 449-2705 and (iii) if to any
Lender at the address set forth on Annex A hereto, or to such other address as each party designates to the other in the manner herein
prescribed. Notices and other communications to the Agent hereunder may be delivered or furnished by electronic communications (including
e-mail) pursuant to procedures approved the Agent. The Agent or the Borrower may, in its discretion, agree to accept notices and other
communication to it hereunder by electronic communications pursuant to procedures approved by it; provided that, approval of such procedures
may be limited to particular notices or communications. Unless the Agent specifies otherwise, notices and other communications sent by
e-mail shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), provided that, if such notice, e-mail
or other communication is not sent during the recipient’s normal business hours, such notice, e-mail or communication shall be
deemed to have been sent at the recipient’s opening of business on the next Business Day.

 

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11.13
Equitable Relief. The Borrower recognizes that, in the event the Borrower fails to perform, observe or discharge any of
its obligations or liabilities under this Agreement, any remedy at law may prove to be inadequate relief to the Agent and Lenders; therefore,
the Borrower agrees that the Agent for the benefit of Lenders, if the Agent so requests, shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving actual damages.

 

11.14
Entire Agreement. This Agreement, together with the Financing Agreements executed in connection herewith, constitutes the
entire agreement among the parties with respect to the subject matter hereof, and supersedes all prior written or oral understandings,
discussions and agreements with respect thereto (including, without limitation, any term sheet or commitment letter). This Agreement
may be amended or modified only by mutual agreement of the parties evidenced in writing and signed by the party to be charged therewith.

 

11.15
Participations and Assignments. The Agent and Lenders shall have the right, without the consent of the Borrower, to sell
participations to one or more banks or other entities in all or any portion of its rights, obligations, and interest under this Agreement
and any of the Financing Agreements. The Agent and Lenders shall have the right with the prior written consent of the Borrower (which
consent shall not be unreasonably conditioned, withheld or delayed) to assign all of a portion of its rights, obligations, and interest
under this Agreement and any of the Financing Agreement; provided that, upon the occurrence of an Event of Default, Borrower’s
prior written consent shall not be required for an assignment. Agent and Lenders may furnish any information concerning the Borrower
in the possession of the Agent and Lenders from time to time to participants (including prospective participants). In connection with
any such participation or assignment, the Borrower will pay to the Agent for its sole benefit any annual administrative fee imposed by
Agent in connection with the Agent’s duties hereunder on behalf of any participant or assignee lender. The Lenders shall have the
right to assign this Agreement and the Loan to any banking regulatory authority.

 

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11.16
Indemnity. The Borrower agrees to defend, protect, indemnify and hold harmless the Agent and each Lender and each and all
of its officers, directors, employees, attorneys and agents (“Indemnified Parties”) from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever
(including, without limitation, the reasonable fees and disbursements of counsel for the Indemnified Parties in connection with any investigative,
administrative or judicial proceeding, whether or not the Indemnified Parties shall be designated by a party thereto), which may be imposed
on, incurred by, or asserted against any Indemnified Party (whether direct, indirect or consequential and whether based on any federal
or state laws or other statutory regulations, including, without limitation, securities, environmental and commercial laws and regulations,
under common law or at equitable cause, or on contract or otherwise) in any manner directly relating to or arising out of this Agreement
or the other Financing Agreements, or any act, event or transaction related or attendant thereto, the making and the management of the
Term Loan (including, without limitation, any liability under federal, state or local environmental laws or regulations) or the use or
intended use of the proceeds of the Term Loan hereunder; provided, that the Borrower shall not have any obligation to any Indemnified
Party hereunder with respect to matters caused by or resulting from the willful misconduct or gross negligence of such Indemnified Party.
To the extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentence may be unenforceable because
it is violative of any law or public policy, the Borrower shall contribute the maximum portion which it is permitted to pay and satisfy
under applicable law, to the payment and satisfaction of all matters incurred by the Indemnified Parties. Any liability, obligation,
loss, damage, penalty, cost or expense incurred by the Indemnified Parties shall be paid to the Indemnified Parties within five (5) days
of demand, together with interest thereon at the Default Rate from the date incurred by the Indemnified Parties until paid by the Borrower,
be added to the Liabilities, and be secured by the Collateral. The provisions of and undertakings and indemnifications set out in this
Section 11.16 shall survive the satisfaction and payment of the Liabilities of the Borrower and the termination of this Agreement.

 

11.17
Representations and Warranties. Notwithstanding anything to the contrary contained herein, each representation or warranty
contained in this Agreement or any of the other Financing Agreements shall survive the execution and delivery of this Agreement and the
other Financing Agreements and the making of the Term Loan and the repayment of the Liabilities hereunder, other than the financial statement
deliveries under Section 8 that relate to a specific date.

 

11.18
Counterparts; Facsimile. This Agreement and any amendment or supplement hereto or any waiver granted in connection herewith
may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. A signature hereto sent
or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes.

 

11.19
Limitation of Liability of Agent and Lenders. It is hereby expressly agreed that:

 

(a)
Agent and each Lender may conclusively rely and shall
be protected in acting or refraining from acting upon any document, instrument, certificate, instruction or signature believed to be
genuine and may assume and shall be protected in assuming that any Person purporting to give any notice or instructions in connection
with any transaction to which this Agreement relates has been duly authorized to do so. Agent and each Lender shall not be obligated
to make any inquiry as to the authority, capacity, existence or identity of any Person purporting to have executed any such document
or instrument or have made any such signature or purporting to give any such notice or instructions;

 

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(b)
Agent and each Lender shall not be liable for any acts,
omissions, errors of judgment or mistakes of fact or law, including, without limitation, acts, omissions, errors or mistakes with respect
to the Collateral, except for those arising out of or in connection with Agent’s or such Lender’s gross negligence or willful
misconduct. Without limiting the generality of the foregoing, Agent and Lenders shall be under no obligation to take any steps necessary
to preserve rights in the Collateral against any other parties, but may do so at its option, and all expenses incurred in connection
therewith shall be payable by Borrower; and

 

(c)
Agent and Lenders shall not be liable for any action
taken in good faith and believed to be authorized or within the rights or powers conferred by this Agreement and the other Financing
Agreements.

 

11.20
Borrower Authorizing Accounting Firm. Borrower shall authorize its accounting firm and/or service bureaus to provide Agent
with such information as is requested by Agent in accordance with this Agreement. Borrower authorizes Agent upon prior written notice
to the Borrower to contact directly any such accounting firm and/or service bureaus to obtain such information.

 

11.21
Confidentiality. Agent and each Lender shall hold all non-public information regarding the Borrower and obtained by Agent
pursuant hereto in accordance with Agent’s or such Lender’s customary procedures for handling information of such nature,
except that disclosure of such information may be made (i) to Agent’s or such Lender’s agents, employees, subsidiaries, Affiliates,
attorneys, auditors, professional consultants, rating agencies, insurance industry associations and portfolio management services, (ii)
to prospective transferees or purchasers of any interest in the Term Loan or Liabilities, and to prospective contractual counterparties
(or the professional advisors thereto) in any Hedging Agreement permitted hereby, provided that any such Persons shall have agreed to
be bound by the provisions of this Section 11.21, (iii) as required by law, subpoena, judicial order or similar order and in connection
with any litigation, investigation or proceeding, (iv) as may be required in connection with the examination, audit or similar investigation
of such Person and (v) to a Person that is a trustee, investment advisor, collateral manager, servicer, noteholder or secured party in
a Securitization (as hereinafter defined) in connection with the administration, servicing and reporting on the assets serving as collateral
for such Securitization. For the purposes of this Section, “Securitization” shall mean a public or private offering by Agent,
any Lender or any of its Affiliates or their respective successors and assigns, of securities which represent an interest in, or which
are collateralized, in whole or in party, by the Term Loan. Confidential information shall not include information that either: (i) is
in the public domain, or becomes part of the public domain after disclosure to such Person through no fault of such Person, or (ii) is
disclosed to such Person by a Person other than the Borrower or an Affiliate of Borrower (or such Borrower’s accountants, attorneys
or other advisors or agents), provided Agent or such Lender does not have actual knowledge that such Person is prohibited from disclosing
such information. The obligations of Agent and Lenders under this Section 11.21 shall supersede and replace the obligations of
Agent or Lenders under any confidentiality agreement in respect of this financing executed and delivered by Agent or Lenders prior to
the date hereof.

 

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11.22
Customer Identification-USA Patriot Act Notice. The Agent and Lenders hereby notify the Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (the “Patriot Act”), the
Agent and Lenders are required to obtain, verify and record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow the Agent and Lenders to identify the Borrower in accordance with
the Patriot Act.

 

11.23
SUBMISSION TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY:

 

(a)
SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER FINANCING AGREEMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT
OF ANY JUDGMENT IN RESPECT HEREOF AND THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK HAVING SITUS
IN THE CITY OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY
THEREOF;

 

(b)
CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT
IN SUCH COURTS AND WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING (i) ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT
IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME, (ii) THE RIGHT TO ASSERT OR IMPOSE ANY CLAIM, NON-COMPULSORY SET-OFF,
COUNTERCLAIM OR CROSS-CLAIM IN RESPECT THEREOF IN SUCH PROCEEDING; PROVIDED, HOWEVER, THIS WAIVER DOES NOT PRECLUDE THE RIGHT TO ASSERT
A DEFENSE IN SUCH ACTION OR PROCEEDING OR TO ASSERT OR IMPOSE ANY CLAIM, COUNTERCLAIM OR CROSS-CLAIM WHICH THE BORROWER WISHES TO PURSUE
IN A SEPARATE PROCEEDING AT ITS SOLE COST AND EXPENSE, AND (iii) ALL STATUTES OF LIMITATIONS WHICH MAY BE RELEVANT THERETO; AND

 

(c)
AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR
PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID,
RETURN RECEIPT REQUESTED, TO THE BORROWER AT ITS ADDRESS SET FORTH ABOVE OR AT SUCH OTHER ADDRESS OF WHICH THE AGENT SHALL HAVE BEEN
NOTIFIED PURSUANT THERETO. THE BORROWER AGREES THAT SUCH SERVICE, TO THE FULLEST EXTENT PERMITTED BY LAW (i) SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE BORROWER IN ANY SUIT, ACTION OR PROCEEDING, AND (ii) SHALL BE TAKEN AND HELD TO BE VALID
PERSONAL SERVICE UPON AND PERSONAL DELIVERY TO THE BORROWER. NOTHING HEREIN SHALL AFFECT THE AGENT’S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW, OR LIMIT THE AGENT’S RIGHT TO BRING PROCEEDINGS AGAINST THE BORROWER OR ITS PROPERTY IN ANY
COURT OR ANY OTHER JURISDICTION. SOLELY TO THE EXTENT PROVIDED BY APPLICABLE LAW, SHOULD THE BORROWER, AFTER BEING SERVED, FAIL TO APPEAR
OR ANSWER TO ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE DELIVERY OR MAILING
THEREOF, THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY THE COURT AGAINST THE BORROWER AS DEMANDED
OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. NOTHING HEREIN SHALL AFFECT THE AGENT’S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW, OR LIMIT THE AGENT’S RIGHT TO BRING PROCEEDINGS AGAINST THE BORROWER OR ITS PROPERTY IN ANY
COURT OR ANY OTHER JURISDICTION.

 

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11.24
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH, AND ENFORCED AND GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER LAWS.

 

11.25
JURY TRIAL. THE BORROWER, THE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND KNOWINGLY WAIVE (TO THE FULLEST EXTENT PERMITTED
BY LAW) ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY COUNTERCLAIM) ARISING OUT OF THIS
AGREEMENT, THE FINANCING AGREEMENTS OR ANY OTHER AGREEMENTS OR TRANSACTIONS RELATED HERETO OR THERETO, INCLUDING, WITHOUT LIMITATION,
ANY ACTION OR PROCEEDING (A) TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY INSTRUMENT, DOCUMENT OR
AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR (B) ARISING FROM ANY DISPUTE OR CONTROVERSY IN
CONNECTION WITH OR RELATED TO THIS AGREEMENT AND THE FINANCING AGREEMENTS. THE AGENT, LENDERS AND THE BORROWER AGREE THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY.

 

11.26
JOINT AND SEVERAL LIABILITY.

 

(a)
Each Borrower acknowledges that it will enjoy significant
benefits from the business conducted by the other Borrower because of, inter alia, their combined ability to bargain with other Persons
including, without limitation, their ability to receive the credit facilities hereunder and other Financing Agreements which would not
have been available to an individual Borrower acting alone. Each Borrower has determined that it is in its best interest to procure the
Term Loan with the credit support of the other Borrower as contemplated by this Agreement and the other Financing Agreements. Each Borrower
has determined that it has and, after giving effect to the transactions contemplated by this Agreement and the other Financing Agreements
(including, without limitation, the inter-Borrower arrangement set forth in this Section) will have, assets having a fair saleable value
in excess of the amount required to pay its probable liability on its existing debts as they fall due for payment and that the sum of
its debts is not and will not then be greater than all of its property at a fair valuation, that such Borrower has, and will have, access
to adequate capital for the conduct of its business and the ability to pay its debts from time to time incurred in connection therewith
as such debts mature and that the value of the benefits to be derived by such Borrower from the access to funds under this Agreement
(including, without limitation, the inter-Borrower arrangement set forth in this Section) is reasonably equivalent to the obligations
undertaken pursuant hereto.

 

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(b)
As used in this Agreement, the term Borrower is defined
collectively to include all Persons constituting Borrower; provided, however, that any references herein to “the
Borrower”, “any Borrower”, “each Borrower” or similar references, shall be construed as a reference to
each individual Person comprising Borrower; provided, further, in case of any question as to which particular Person is
to be deemed a Borrower in any given context for purposes of any term or provision contained in this Agreement, Agent shall reasonably
make such determination in good faith.

 

(c)
The liability and obligations of each Borrower for payment
and performance of the Liabilities to Agent and Lenders under this Agreement and under or pursuant to any of the Financing Agreements
to which any Borrower is a party shall be joint and several. Such joint and several liability of each Borrower shall to the fullest extent
permitted by law remain and exist regardless of whether a Borrower actually receives loans or other extensions of credit hereunder or
the amount of such loans received or the manner in which Agent or any Lender accounts for such loans or other extensions of credit on
its books and records. Each Borrower’s Liabilities with respect to loans made to it and related fees, costs and expenses, and each
Borrower’s Liabilities arising as a result of the joint and several liability of Borrower hereunder, with respect to loans made
to the other Borrower hereunder together with the related fees, costs and expenses, shall be separate and distinct Liabilities, all of
which are primary Liabilities of each Borrower.

 

(d)
Each Borrower’s Liabilities arising as a result
of the joint and several liability of Borrower hereunder with respect to loans or other extensions of credit made to the other Borrower
hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (i) the validity, enforceability, avoidance
or subordination of the Liabilities of the other Borrower or of any promissory note or other document evidencing all of any part of the
Liabilities of the other Borrower, (ii) the absence of any attempt to collect the Liabilities from the other Borrower, any guarantor,
or any other security therefor, or the absence of any other action to enforce the same, (iii) the waiver, consent, extension, forbearance
or granting of any indulgence by Agent or Lenders with respect to any provision of any instrument evidencing the Liabilities of the other
Borrower, or any part thereof, or any other agreement now or hereafter executed by the other Borrower and delivered to Agent and Lenders,
(iv) the failure by Agent to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security
or collateral for the Liabilities of the other Borrower, (v) Agent’s election, in any proceeding instituted under the U.S. Bankruptcy
Code, of the application of Section 1111(b)(2) of the Bankruptcy Code, (vi) any borrowing or grant of a security interest by any other
Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code, (vii) the disallowance of all or any portion of Agent’s
or any Lender’s claims for repayment of the Liabilities of any other Borrower under Section 502 of the Bankruptcy Code, or (viii)
any other circumstance which might constitute a legal or equitable discharge or defense of a guarantor of any other Borrower, other than
that such Liabilities have been Paid in Full. With respect to each Borrower’s Liabilities arising as a result of the joint and
several liability of Borrower hereunder with respect to loans or other extensions of credit made to any other Borrower hereunder, each
such Borrower waives, until the Liabilities shall have been Paid In Full and this Agreement shall have been terminated in accordance
with its terms, any right to enforce any right of subrogation or any remedy which Agent or any Lender now has or may hereafter have against
such Borrower, any endorser or any guarantor of all or any part of the Liabilities, and any benefit of, and any right to participate
in, any security or collateral given to Agent for the benefit of Lenders to secure payment of the Liabilities or any other liability
of a Borrower to Agent and Lenders, whether any such right arises by way of suretyship or otherwise.

 

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(e)
To the extent that applicable law otherwise would render
the full amount of the joint and several obligations of any Borrower hereunder and under the other Financing Agreements invalid or unenforceable,
such Borrower’s obligations hereunder and under the other Financing Agreements shall be limited to the maximum amount which does
not result in such invalidity or unenforceability, provided, however, that each Borrower’s obligations hereunder
and under the other Financing Agreements shall be presumptively valid and enforceable to their fullest extent in accordance with the
terms hereof or thereof, as if this Section were not a part of this Agreement.

 

(f)
Any term or provision of this Agreement or any other
Financing Agreement to the contrary notwithstanding, the maximum aggregate amount of the Liabilities for which any of Borrower (which
Liabilities are not direct borrowings or direct obligations of such Borrower (the “Non-Direct Obligations”)) shall
be liable shall not exceed the maximum amount for which such Borrower can be liable without rendering such Non-Direct Obligations, as
they relate to such Borrower, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer. To the extent that
any Borrower shall be required hereunder to pay a portion of its Non-Direct Obligations which shall exceed the greater of (i) the amount
of the economic benefit actually received by such Borrower from any of the loans evidenced hereby in respect of such Non-Direct Obligations,
and (ii) the amount which such Borrower would otherwise have paid if such Borrower had paid the aggregate amount of the Non-Direct Obligations
of such Borrower (excluding the amount thereof repaid by the other Borrower) in the same proportion as such Borrower’s net worth
at the date of any applicable borrowing hereunder is sought bears to the aggregate net worth of all of Borrower at the date of such applicable
borrowing hereunder is sought, then such Borrower shall be reimbursed by the other Borrower for the amount of such excess, pro rata based
on the respective net worth of each Borrower at the date of such applicable borrowing with respect hereto is sought.

 

12.
AGENCY.

 

12.1
Appointment and Authorization. Each Lender hereby irrevocably (subject to Section 12.9) appoints, designates and
authorizes Agent to take such action on its behalf under the provisions of this Agreement and each other Financing Agreement and to exercise
such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Financing Agreement,
together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in
this Agreement or in any other Financing Agreement, Agent shall not have any duty or responsibility except those expressly set forth
herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Financing Agreement or
otherwise exist against Agent. The duties of Agent shall be mechanical and administrative in nature. Without limiting the generality
of the foregoing sentence, the use of the term “agent” herein and in other Financing Agreements with reference to Agent is
not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties.

 

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12.2
Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Financing Agreement by or through
agents, employees or attorneys-in-fact and shall be entitled to advice of legal counsel and other consultants, independent public accountants
or experts concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent
or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct as finally determined in a non-appealable
judicial proceeding.

 

12.3
Exculpation of Agent. None of Agent nor any of its directors, officers, employees, Affiliates or agents shall (a) be liable
to any Lender or any other Person for any action taken or omitted to be taken by any of them under or in connection with this Agreement
or any other Financing Agreement or the transactions contemplated hereby (except to the extent resulting from its own gross negligence
or willful misconduct in connection with its duties expressly set forth herein as determined by a final, nonappealable judgment by a
court of competent jurisdiction), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation
or warranty made by Borrower or any Affiliate, or any officer thereof, contained in this Agreement or in any other Financing Agreement,
or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection
with, this Agreement or any other Financing Agreement, or the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Financing Agreement (or the creation, perfection or priority of any Lien or security interest therein), or
for any failure of Borrower or any other party to any Financing Agreement to perform its obligations and Liabilities hereunder or thereunder,
or be responsible for or have any duty to ascertain or verify the satisfaction of any conditions specified in this Agreement or any other
Financing Agreement, except receipt of items required to be delivered to Agent. Agent shall not be under any obligation to any Lender
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Financing Agreement, or to inspect the properties, books or records of Borrower or its Affiliates.

 

12.4
Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, electronic mail message, affidavit, letter, telegram, facsimile,
telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including legal counsel to Borrower),
independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action
under this Agreement or any other Financing Agreement unless it shall first receive such advice or concurrence of the Required Lenders
or such other number or percentage of Lenders as shall be required elsewhere in this Agreement as it deems appropriate and, if it so
requests, confirmation from Lenders of their obligation to indemnify Agent against any and all liability and expense which may be incurred
by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Financing Agreement in accordance with a request or consent of the Required Lenders or
such other number or percentage of Lenders as shall be required elsewhere in this Agreement and such request and any action taken or
failure to act pursuant thereto shall be binding upon each Lender. For purposes of determining compliance with the conditions specified
in Section 5, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
Agent shall have received written notice from such Lender prior to the Closing Date specifying its objection thereto.

 

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12.5
Notice of Default. 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 Agent for the account of Lenders,
unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event
of Default and stating that such notice is a “notice of default”. Agent will notify Lenders of its receipt of any such notice.
Agent shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders in accordance
with Section 10.2; provided that unless and until Agent has received any such request, 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 advisable or
in the best interest of Lenders.

 

12.6
Credit Decision. Each Lender acknowledges that Agent has not made any representation or warranty to it, and that no act
by Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of Borrower, shall be deemed
to constitute any representation or warranty by Agent to any Lender as to any matter, including whether Agent has disclosed material
information in its possession. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based on
such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects,
operations, property, financial and other condition and creditworthiness of Borrower, and made its own decision to enter into this Agreement
and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon Agent and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under this Agreement and the other Financing Agreements, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of Borrower. Except for notices, reports and other documents expressly herein required to be furnished to Lenders by Agent, Agent shall
not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations,
property, financial or other condition or creditworthiness of Borrower which may come into the possession of Agent.

 

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12.7
Indemnification. Whether or not the transactions contemplated hereby are consummated, each Lender shall severally indemnify,
defend and hold harmless upon demand Agent and its directors, officers, employees, Affiliates and agents (to the extent not reimbursed
by or on behalf of Borrower and without limiting the obligation of Borrower to do so), according to its applicable pro rata share, from
and against any and all indemnified liabilities, provided, that no Lender shall be liable for any payment to any such Person of
any portion of the indemnified liabilities to the extent determined by a final, non-appealable judgment by a court of competent jurisdiction
to have resulted from the applicable Person’s own gross negligence or willful misconduct. No action taken in accordance with the
directions of Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limitation of the foregoing, each Lender shall reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including, without limitation, attorney costs and Taxes) incurred by Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice
in respect of rights or responsibilities under, this Agreement, any other Financing Agreement, or any document contemplated by or referred
to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. If any indemnity furnished to Agent
for any purpose shall, in the reasonable, good faith opinion of Agent, be insufficient or become impaired, Agent may call for additional
reasonable indemnity and cease, or not commence, to do the acts indemnified against even if so directed by Required Lenders until such
additional reasonable indemnity is furnished. The undertaking in this Section shall survive repayment of the Term Loan and other Liabilities,
cancellation of any promissory notes, any foreclosure under, or modification, release or discharge of, any or all of the Financing Agreements,
termination of this Agreement and the resignation or replacement of Agent.

 

12.8
Agent in Individual Capacity. Popular Bank and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with Borrower and its Affiliates as though Popular Bank were not Agent hereunder and without notice to or consent of
any Lender; provided, however, if Popular Bank acquires equity interests in Borrower or any Affiliate of Borrower and such
equity interests are not publicly traded, Popular Bank will provide written notice to the Lenders. Each Lender acknowledges that, pursuant
to such activities, Popular Bank or its Affiliates may receive information regarding Borrower or its Affiliates (including information
that may be subject to confidentiality obligations in favor of Borrower or such Affiliates) and acknowledge that Agent shall be under
no obligation to provide such information to them. With respect to its portion of the Term Loan, Popular Bank and its Affiliates shall
have the same rights and powers under this Agreement as any other Lender and may exercise the same as though Popular Bank were not Agent,
and the terms “Lender” and “Lenders” include Popular Bank and its Affiliates, to the extent applicable, in their
individual capacities.

 

12.9
Successor Agent. Agent may resign as Agent upon at least thirty (30) days’ notice to Lenders. If Agent resigns under
this Agreement, Required Lenders shall, with (so long as no Default or Event of Default exists) the consent of Borrower (which shall
not be unreasonably withheld, conditioned or delayed), appoint from among Lenders a successor agent for Lenders. Notwithstanding the
immediately foregoing sentence, if no successor agent is appointed prior to the effective date of the resignation of Agent, Agent may
appoint, after consulting with Lenders and Borrower, a successor agent from among Lenders. Upon the acceptance of its appointment as
successor agent hereunder, such successor agent shall succeed to and become vested with all the rights, powers and duties of the retiring
Agent and the term “Agent” or “administrative agent” shall mean such successor agent, and the retiring Agent’s
appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions
of this Section 12.9 and Sections 12.2 and 12.16 shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is
thirty (30) days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless
thereupon become effective and Lenders shall perform all of the duties of Agent hereunder until such time, if any, as Required Lenders
appoint a successor agent as provided for above.

 

    	69

    	 

    

 

12.10
Collateral Matters; Restriction on Lenders.

 

(a)
Each Lender authorizes and directs Agent to enter into
the other Financing Agreements for the benefit of Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by Required Lenders in accordance with the provisions of this Agreement or the other Financing Agreements, and the exercise
by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto,
shall be authorized and binding upon all Lenders. Agent is hereby authorized on behalf of all Lenders, without the necessity of any notice
to or further consent from any Lender, to take any action with respect to any Collateral and any of the other collateral pursuant to
Financing Agreements that may be necessary to perfect and maintain perfected the Liens upon the Collateral and the other collateral pursuant
to the other Financing Agreements. Lenders irrevocably authorize Agent, at its option and in its discretion, (i) to release any Lien
granted to or held by Agent under this Agreement and any other Financing Agreement (x) upon the Term Loan being Paid in Full; (y) constituting
property sold or to be sold or disposed of, financed or refinanced, as part of or in connection with any sale, disposition, financing
or refinancing which is expressly permitted by this Agreement at any time; or (z) subject to Section 12.1, if approved, authorized
or ratified in writing by Required Lenders; or (ii) to subordinate its interest in any Collateral to any holder of a Lien on such Collateral
which is expressly permitted by this Agreement at any time. Upon request by Agent at any time, Lenders will promptly confirm in writing
Agent’s authority to release, or subordinate its interest in, particular types or items of Collateral pursuant to this Section
12.10. Agent and each Lender hereby appoint each other Lender as agent for the purpose of perfecting Agent’s security interest
in assets and Collateral (and other collateral pursuant to other Financing Agreements) which, in accordance with the Uniform Commercial
Code in any applicable jurisdiction, can be perfected by possession or control. Should any Lender (other than Agent) obtain possession
or control of any such assets or Collateral, such Lender shall promptly notify Agent thereof in writing, and, promptly upon Agent’s
written request therefor, shall deliver such assets or Collateral to Agent or in accordance with Agent’s instructions or transfer
control to Agent in accordance with Agent’s instructions. Each Lender agrees that, except as otherwise expressly provided herein,
it will not have any right individually to enforce or seek to enforce this Agreement or any other Financing Agreement or to realize upon
any Collateral for the Liabilities unless instructed in writing to do so by Agent, it being understood and agreed that such rights and
remedies may be exercised only by Agent.

 

(b)
Each Lender agrees that it shall not, without the express
written consent of Agent, and shall, upon the written request of Agent (to the extent it is lawfully entitled to do so), set off against
the Liabilities, any amounts owing by such Lender to Borrower or any deposit accounts of any Borrower now or hereafter maintained with
such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or
cause to be taken, any action, including the commencement of any legal or equitable proceedings to foreclose any loan or otherwise enforce
any security interest in any of the Collateral or to enforce all or any part of this Agreement or the other Financing Agreements. All
enforcement actions under this Agreement and the other Financing Agreements against the Borrower or any third party with respect to the
Liabilities or the Collateral may only be taken by Agent (at the direction of the Required Lenders or as otherwise permitted in this
Agreement) or by its agents at the direction of Agent.

 

    	70

    	 

    

 

12.11
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to Borrower, Agent (irrespective of whether the principal
of the Term Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall
have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)
to file and prove a claim for the whole amount of the
principal and interest owing and unpaid in respect of the Term Loan, and all other Liabilities that are owing and unpaid and to file
such other documents as may be necessary or advisable in order to have the claims of Lenders and Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of Lenders and Agent and their respective agents and attorneys and all other amounts
due Lenders and Agent under this Agreement) allowed in such judicial proceedings; and

 

(b)
to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to Agent and, in
the event that Agent shall consent to the making of such payments directly to Lenders, to pay to Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of Agent and its agents and attorneys, and any other amounts due Agent under this
Agreement.

 

Nothing
contained herein shall be deemed to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of
reorganization, arrangement, affecting the Liabilities or to authorize Agent to vote in respect of the claim of any Lender in any such
proceeding.

 

12.12
Other Agents; Arrangers and Managers. None of Lenders or other Persons identified herein as and if applicable, a “joint
arranger,” “syndication agent,” “documentation agent,” “co-agent,” “book manager,”
“lead manager,” “joint lead lender”, “arranger,” “lead arranger” or “co-arranger”,
if any, shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such
Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of Lenders or other Persons so identified shall
have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely,
on Agent, any of Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

    	71

    	 

    

 

12.13
Payments to the Agent.

 

(a)
If Agent pays an amount to a Lender under this Agreement
in the belief or expectation that a related payment has been or will be received by Agent from Borrower and such related payment is not
received by Agent, then Agent shall be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction
of any kind, together with interest accruing on a daily basis at the Federal Funds Rate (as defined below). If Agent determines at any
time that any amount received by Agent under this Agreement must be returned to Borrower or paid to any other Person pursuant to any
insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Financing Agreement, Agent
will not be required to distribute any portion thereof to any Lender. In addition, each Lender shall repay to Agent on demand any portion
of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to
Borrower or such other Person, without setoff, counterclaim or deduction of any kind.

 

(b)
As used herein, the term “Federal Funds Rate”
means for any day, a fluctuating interest rate equal for each day during such period to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or,
if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent
from three Federal funds brokers of recognized standing selected by Agent; provided, Agent’s determination of such rate shall be
binding and conclusive absent manifest error.

 

12.14
Defaulting Lender. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)
Any amount payable to a Defaulting Lender hereunder
(whether on account of principal, interest, fees or otherwise) shall, in lieu of being distributed to such Defaulting Lender, be retained
by Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined
by Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder, (ii) second, if so determined by
Agent and Borrower, held in such account as cash collateral for future funding obligations (if any) of the Defaulting Lender under this
Agreement, (iii) third, pro rata, to the payment of any amounts owing to Borrower, Agent or the Lenders as a result of any judgment of
a court of competent jurisdiction obtained by Borrower, Agent or any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement, and (iv) fourth, to such Defaulting Lender or as otherwise directed by
a court of competent jurisdiction; provided, that if such payment is (x) a prepayment of the principal amount of the Term Loan and (y)
made at a time when the conditions set forth in Section 5 are satisfied, such payment shall be applied solely to prepay the portion
of the Term Loan of all Lenders that are not Defaulting Lenders pro rata prior to being applied to the prepayment of the portion of the
Term Loan of any Defaulting Lender.

 

    	72

    	 

    

 

(b)
Notwithstanding anything set forth herein to the contrary,
a Defaulting Lender shall not have any voting or consent rights under or with respect to this Agreement or any other Financing Agreement
or constitute a “Lender” (or be included in the calculation of “Required Lenders” hereunder) for any voting or
consent rights under or with respect to this Agreement or any other Financing Agreement except with respect to items which require the
vote or consent of all Lenders or all affected Lenders, and no Defaulting Lender shall have any other right to approve or disapprove
any amendment, waiver, consent or any other action the Lenders or the Required Lenders have taken or may take hereunder (including any
consent to any amendment or waiver pursuant to Section 11.1), provided that any waiver, amendment or modification requiring the
consent of all Lenders or each directly affected Lender which affects such Defaulting Lender differently than other affected Lenders
shall require the consent of such Defaulting Lender.

 

(c)
The failure of any Defaulting Lender to make any portion
of the Term Loan on the Closing Date, advance or any payment required by it hereunder shall not relieve any other Lender of its obligations
to make such Term Loan, advance or payment, but neither any Lender nor Agent shall be responsible for the failure of any Defaulting Lender
to make the Term Loan, advance or make any other payment required hereunder.

 

(d)
At Borrower’s written request, Agent or a Person
reasonably acceptable to Agent shall have the right with Agent’s written consent and in Agent’s sole discretion (but without
no obligation whatsoever on Agent) to purchase from any Defaulting Lender, and each Defaulting Lender agrees that it shall, at Agent’s
written request, promptly sell and assign to Agent or such Person, all of the lending commitments and commitment interests of that Defaulting
Lender for an amount equal to the principal balance of the portion of the Term Loan held by such Defaulting Lender and all accrued interest
and fees with respect thereto through the date of sale, such purchase and sale to be consummated (if at all upon Agent’s election)
pursuant to an executed assignment agreement.

 

12.15
Inspection Deliveries. In the event Agent exercises its right to conduct an inspection of Borrower’s properties,
assets and/or Facilities pursuant to Section 8.2 above, Agent agrees that it will use commercially reasonable efforts to deliver
(at the sole cost and expense of Borrower) copies of any and all written documentation or written information received by the Agent in
connection with such inspection to each Lender; provided, however, that failure of Agent to so deliver any of the foregoing
for any reason shall not impose any liability on Agent whatsoever.

 

12.16
Conflict with Financing Agreements. Notwithstanding anything to the contrary contained in this Agreement, in the event
any provision contained in any of the Financing Agreements conflict with any provision contained in this Agreement, the provisions of
this Agreement shall in all events prevail and control.

 

12.17
Application of Law. Notwithstanding anything to the contrary contained in this Agreement, all rights and remedies of Agent
or any Lender and all of Borrower’s and Guarantors’ obligations under this Agreement shall be subject to applicable Federal
and State laws, rules and regulations pertaining to the operation of nursing facilities; provided, however, this Section 12.17
shall not limit, extinguish or otherwise affect the obligation of the Borrower (and/or the Guarantors’) to pay any and all amounts
owing with respect to the Liabilities hereunder.

 

(Signature
pages follow.)

 

    	73

    	 

    

 

IN
WITNESS WHEREOF, this Term Loan and Security Agreement has been duly executed as of the day and year first above written.

 

	 	BORROWER:
	 	 	 
	 	STRAWBERRY
    FIELDS REALTY, LP
	 	 	 
	 	By:	Strawberry
    Fields REIT, Inc.
	 	 	its
    general partner
	 	 	 
	 	By:	 /s/
    Moishe Gubin
	 	Name:	Moishe
    Gubin
	 	Its:	Authorized
    Signatory
	 	 	 
	 	1015
    MAGAZINE STREET, LLC,
	 	1155
    EASTERN PARKWAY, LLC,
	 	1253
    LAKE BARKLEY DRIVE, LLC,
	 	120
    LIFE CARE WAY, LLC,
	 	1621
    COIT ROAD REALTY, LLC,
	 	203
    BRUCE COURT, LLC,
	 	253
    BRADINGTON DRIVE, LLC,
	 	3090
    FIVE POINTS HARTFORD ROAD REALTY, LLC,
	 	3121
    GLANZMAN ROAD REALTY, LLC,
	 	3523
    WICKENHAUSER, LLC,
	 	4250
    SODOM HUTCHINGS ROAD REALTY, LLC,
	 	516
    WEST FRECH STREET, LLC,
	 	5601
    PLUM CREEK DRIVE REALTY, LLC,
	 	620
    WEST STRUB ROAD REALTY, LLC,
	 	727
    NORTH 17TH STREET, LLC,
	 	8200
    NATIONAL AVENUE REALTY, LLC,
	 	900
    GAGEL AVENUE, LLC,
	 	911
    SOUTH 3RD STREET, LLC,
	 	9300
    BALLARD ROAD, LLC,
	 	945
    WEST RUSSELL STREET, LLC,
	 	704
    5TH AVENUE EAST, LLC

 

	 	By:	Strawberry
    Fields REIT, LTD,
	 	 	its
    sole member
	 	 	 
	 	By:	 /s/
    Moishe Gubin
	 	Name:	Moishe
    Gubin
	 	Its:	Authorized
    Signatory

 

    	Signature Page to Term Loan and Security Agreement
	Page 1 of 3

    	 

    

 

	 	LENDER
    AND AGENT:
	 	 	 
	 	POPULAR
    BANK,
	 	a
    New York banking corporation
	 	 	 
	 	By:	 /s/
    Mark Stellwag
	 	Name:	Mark
    Stellwag, Jr
	 	Title:	Vice
    President

 

    	Signature Page to Term Loan and Security Agreement
	Page 2 of 3

    	 

    

 

	 	LENDER:
	 	 	 
	 	OLD
    NATIONAL BANK
	 	 	 
	 	By:	 
	 	Name:	Marty
    Koutsky
	 	Title:	Senior
    Vice President

 

    	Signature Page to Term Loan and Security Agreement
	Page 3 of 3

    	 

    

 

Exhibit
A

 

FORM
OF COMPLIANCE CERTIFICATE

 

Date:
_____________

 

Pursuant
to the TERM LOAN AND SECURITY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”; capitalized terms used but not defined herein have the meaning ascribed thereto in the Loan Agreement), dated as
of March 18, 2022, by and among STRAWBERRY FIELDS REALTY, LP, 1015 MAGAZINE STREET, LLC, 1155 EASTERN PARKWAY, LLC, 1253 LAKE
BARKLEY DRIVE, LLC, 120 LIFE CARE WAY, LLC, 1621 COIT ROAD REALTY, LLC, 203 BRUCE COURT, LLC, 253 BRADINGTON DRIVE, LLC, 3090 FIVE POINTS
HARTFORD ROAD REALTY, LLC, 3121 GLANZMAN ROAD REALTY, LLC, 3523 WICKENHAUSER, LLC, 4250 SODOM HUTCHINGS ROAD REALTY, LLC, 516 WEST FRECH
STREET, LLC, 5601 PLUM CREEK DRIVE REALTY, LLC, 620 WEST STRUB ROAD REALTY, LLC, 727 NORTH 17TH STREET, LLC, 8200 NATIONAL AVENUE REALTY,
LLC, 900 GAGEL AVENUE, LLC, 911 SOUTH 3RD STREET, LLC, 9300 BALLARD ROAD, LLC, 945 WEST RUSSELL STREET, LLC and 704 5TH AVENUE
EAST, LLC (together with any Person that may from time to time hereafter become party thereto as a Borrower, individually and collectively,
the “Borrower”), POPULAR BANK, a New York banking corporation in its individual capacity as a lender (“Popular
Bank”), those other financial institutions party thereto from time to time (together with Popular Bank, the “Lenders”),
and POPULAR BANK, a New York banking corporation in its capacity as administrative agent for the Lenders (together with its successors
and assigns, the “Agent”), the Borrower confirms to Agent for the benefit of Lenders that no Default or Event of Default
has occurred and is continuing.

 

The
following is a computation of the financial ratio set forth in Section 9.17 of the Loan Agreement:

 

Section
9.17 – Financial Covenants:

 

Calculation
for the above financial ratio in the attached spreadsheet.

 

    	 

    	 

    

 

Annex
A

 

COMMITMENT
SCHEDULE

 

 

	Lender(s)	 	Term
    Loan Commitment	 	 	Percentage
    of Term Loan	 
	Popular
    Bank 
  
Address:
 85 Broad Street, 10th Floor
 New York, New York 10004 
  
Attention: Mark Stellwag,
    Jr.	 	$	60,000,000.00	 	 	 	57.14	%
	Old
    National Bank 
  
Address:
   
8750 W. Bryn Mawr Ave
 Suite 1300 
  
Chicago, IL 60631 
 
    
Attention:	 	$	45,000,000.00	 	 	 	42.86	%
	TOTAL	 	$	105,000,000.00	 	 	 	100	%

 

    	 

    	 

    

 

SCHEDULE
2.7(a)

 

Loan
Allocation

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