On March 30, 2023, Ark Restaurants Corp. entered into a Second Amended and Restated Credit Agreement, dated as of March 30, 2023, by and between the Company, as borrower, and Bank Hapoalim B.M., as lender. The 2023 Credit Agreement amends and restates in its entirety that certain Amended and Restated Credit Agreement, dated as of June 1, 2018, by and between the Company and BHBM.

Capitalized terms used and not otherwise defined in this summary of the 2023 Credit Agreement shall have the respective meanings ascribed to such terms in the 2023 Credit Agreement. The 2023 Credit Agreement, among other things, amends the 2018 Credit Agreement primarily to (i) extend the Commitment Termination Date to May 31, 2025, (ii) provide for a revolving credit facility with a commitment amount of $10,000,000 and (iii) remove and replace the interest rate benchmark based on the London interbank offered rate (“LIBOR”) and related LIBOR-based mechanics with an interest rate benchmark based on the secured overnight financing rate (“SOFR”; such interest rate the “Term SOFR Interest Rate”) and related SOFR-based mechanics, and make other conforming changes to reflect the transition from LIBOR to SOFR. Advances under the 2023 Credit Agreement may be made, at the Company's election, at either the Term SOFR Interest Rate or at BHBM's stated prime rate.

Benchmark Rate Advances shall bear interest at a per annum rate equal to the Term SOFR Rate for the applicable interest period plus 3.65%. Prime Rate Advance shall bear interest at a per annum rate equal to the prime rate plus 0.45%. The Company shall pay to BHBM an unused line fee equal to 0.30% per annum on the unused portion of the available revolving commitments.

On March 30, 2023, the Company and BHBM entered into a Second Amended and Restated Security Agreement in favor of BHBM, which amends and restates in its entirety the Amended and Restated Security Agreement, dated as of June 1, 2018, by and between the Company and BHBM. Pursuant to the Second A&R Security Agreement, the Company granted BHBM a security interest in substantially all of its assets to secure its obligations under the 2023 Credit Agreement, the Notes and other Facility Agreements.