During the period for which the interest rate on the Loan is a variable rate, the interest rate will be calculated with the New Index added to the margin (or spread), if any, provided under the promissory note governing the Loan in accordance with the terms of the promissory note.

The new CME Term SOFR Index includes a tenor-spread adjustment with a linear transition during the first year which ends 6/30/2024.

1. 6 month
• ¹In the event the 6-month USD IBOR Cash Fallback, as published by Refinitiv Limited (or a successor administrator), ceases to be published, then the equivalent index will be used, which after the first year will be 6-month CME Term SOFR plus the tenor spread adjustment of 0.428 percent, as described in Regulation ZZ.
• ²As published by CME Group Benchmark Administration, Ltd. (or a successor administrator).
2. 12 month
• ¹In the event the 12-month USD IBOR Cash Fallback, as published by Refinitiv Limited (or a successor administrator), ceases to be published, then the equivalent index will be used, which after the first year will be 12-month CME Term SOFR plus the tenor spread adjustment of 0.715 percent, as described in Regulation ZZ.
• ²As published by CME Group Benchmark Administration, Ltd. (or a successor administrator).

During the period for which the interest rate on the Loan is a variable rate, the index will be based on the Secured Overnight Financing Rate (SOFR) plus a tenor-spread adjustment (which when added together will be the “New Index”. The 6-month CME Term SOFR reference rate as administered by CME Group Benchmark Administration, Ltd. or any successor administrator), referred to as the “6-month CME Term SOFR”; plus .428 percent (i.e., the tenor-spread adjustment).

¹REFINITIV’S USD IBOR CASH FALLBACKS – SELECT > VIEW CUSTOMER RATES

²CME GROUP BENCHMARK ADMINISTRATION - SELECT > DATA > SELECT > TERM SOFR