Document:

EX-10.13

 Exhibit 10.13 

LOAN AGREEMENT 
 Dated as
of October 6, 2017 
 Between 

CPLV PROPERTY OWNER LLC, 
 as
Borrower 
 and 
 JPMORGAN CHASE
BANK, NATIONAL ASSOCIATION, 
 BARCLAYS BANK PLC, 

GOLDMAN SACHS MORTGAGE COMPANY 

and 
 MORGAN STANLEY BANK, N.A.,

 collectively, as Lender 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	 
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Principles of Construction	  	 	49	 
		
	 ARTICLE II – GENERAL TERMS
	  	 	49	 
	 Section 2.1
	 	Loan Commitment; Disbursement to Borrower	  	 	49	 
	 2.1.1
	 	Agreement to Lend and Borrow	  	 	49	 
	 2.1.2
	 	Single Disbursement to Borrower	  	 	49	 
	 2.1.3
	 	The Note, Mortgage and Loan Documents	  	 	49	 
	 2.1.4
	 	Use of Proceeds	  	 	49	 
	 Section 2.2
	 	Interest Rate	  	 	50	 
	 2.2.1
	 	Interest Rate	  	 	50	 
	 2.2.2
	 	Interest Calculation	  	 	50	 
	 2.2.3
	 	Intentionally Omitted	  	 	50	 
	 2.2.4
	 	Intentionally Omitted	  	 	50	 
	 2.2.5
	 	Default Rate	  	 	50	 
	 2.2.6
	 	Usury Savings	  	 	50	 
	 Section 2.3
	 	Loan Payment	  	 	50	 
	 2.3.1
	 	Monthly Debt Service Payments	  	 	50	 
	 2.3.2
	 	Payments Generally	  	 	51	 
	 2.3.3
	 	Payment on Maturity Date	  	 	51	 
	 2.3.4
	 	Late Payment Charge	  	 	51	 
	 2.3.5
	 	Method and Place of Payment	  	 	51	 
	 Section 2.4
	 	Prepayments	  	 	51	 
	 2.4.1
	 	Voluntary Prepayments	  	 	51	 
	 2.4.2
	 	Mandatory Prepayments	  	 	52	 
	 2.4.3
	 	Prepayments After Event of Default	  	 	52	 
	 2.4.4
	 	Intentionally Omitted	  	 	53	 
	 2.4.5
	 	Intentionally Omitted	  	 	53	 
	 2.4.6
	 	DSCR Cure Action	  	 	53	 
	 Section 2.5
	 	Intentionally Omitted	  	 	53	 
	 Section 2.6
	 	Release of Property	  	 	53	 
	 2.6.1
	 	Release of Property	  	 	53	 
	 Section 2.7
	 	Lockbox Account/Cash Management	  	 	54	 
	 2.7.1
	 	Lockbox Account	  	 	54	 
	 2.7.2
	 	Cash Management Account	  	 	55	 
	 2.7.3
	 	Payments Received under the Cash Management Agreement	  	 	56	 
	 2.7.4
	 	Distributions to Mezzanine Borrowers	  	 	56	 
	 Section 2.8
	 	Withholding Taxes	  	 	56	 

  
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	 ARTICLE III – INTENTIONALLY OMITTED
	  	 	60	 
		
	 ARTICLE IV – REPRESENTATIONS AND WARRANTIES
	  	 	60	 
	 Section 4.1
	  	Borrower Representations	  	 	60	 
	 4.1.1
	  	Organization	  	 	60	 
	 4.1.2
	  	Proceedings	  	 	60	 
	 4.1.3
	  	No Conflicts	  	 	60	 
	 4.1.4
	  	Litigation	  	 	61	 
	 4.1.5
	  	Agreements	  	 	61	 
	 4.1.6
	  	Title	  	 	61	 
	 4.1.7
	  	Solvency	  	 	62	 
	 4.1.8
	  	Full and Accurate Disclosure	  	 	62	 
	 4.1.9
	  	ERISA	  	 	62	 
	 4.1.10
	  	Compliance	  	 	63	 
	 4.1.11
	  	Financial Information	  	 	63	 
	 4.1.12
	  	Condemnation	  	 	64	 
	 4.1.13
	  	Federal Reserve Regulations	  	 	64	 
	 4.1.14
	  	Utilities and Public Access	  	 	64	 
	 4.1.15
	  	Not a Foreign Person	  	 	64	 
	 4.1.16
	  	Separate Lots	  	 	64	 
	 4.1.17
	  	Assessments	  	 	64	 
	 4.1.18
	  	Enforceability	  	 	64	 
	 4.1.19
	  	No Prior Assignment	  	 	65	 
	 4.1.20
	  	Insurance	  	 	65	 
	 4.1.21
	  	Use of Property	  	 	65	 
	 4.1.22
	  	Certificate of Occupancy; Licenses	  	 	65	 
	 4.1.23
	  	Flood Zone	  	 	65	 
	 4.1.24
	  	Physical Condition	  	 	65	 
	 4.1.25
	  	Boundaries	  	 	66	 
	 4.1.26
	  	Leases	  	 	66	 
	 4.1.27
	  	Survey	  	 	66	 
	 4.1.28
	  	Inventory	  	 	66	 
	 4.1.29
	  	Filing and Recording Taxes	  	 	66	 
	 4.1.30
	  	Special Purpose Entity/Separateness	  	 	67	 
	 4.1.31
	  	Management Agreement and CPLV Lease Guaranty	  	 	68	 
	 4.1.32
	  	Illegal Activity	  	 	68	 
	 4.1.33
	  	No Change in Facts or Circumstances; Disclosure	  	 	68	 
	 4.1.34
	  	Investment Company Act	  	 	69	 
	 4.1.35
	  	Embargoed Person	  	 	69	 
	 4.1.36
	  	Principal Place of Business; State of Organization	  	 	69	 
	 4.1.37
	  	Environmental Representations and Warranties	  	 	69	 
	 4.1.38
	  	Lockbox Agreement; Cash Management Account	  	 	70	 
	 4.1.39
	  	Taxes	  	 	70	 
	 4.1.40
	  	Ground Lease	  	 	71	 
	 4.1.41
	  	Gaming Licenses and Operating Permits	  	 	72	 
	 4.1.42
	  	Labor	  	 	74	 
	 4.1.43
	  	CPLV Lease	  	 	75	 

  
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	 4.1.44
	 	Intellectual Property	  	 	75	 
	 4.1.45
	 	Operation of the Property	  	 	76	 
	 4.1.46
	 	Intellectual Property Title and Lien	  	 	76	 
	 4.1.47
	 	REOA	  	 	77	 
	 Section 4.2
	 	Survival of Representations	  	 	78	 
		
	 ARTICLE V – BORROWER COVENANTS
	  	 	78	 
	 Section 5.1
	 	Affirmative Covenants	  	 	78	 
	 5.1.1
	 	Existence; Compliance with Legal Requirements	  	 	78	 
	 5.1.2
	 	Taxes and Other Charges	  	 	79	 
	 5.1.3
	 	Litigation	  	 	80	 
	 5.1.4
	 	Access to Property	  	 	80	 
	 5.1.5
	 	Notice of Material Adverse Change	  	 	80	 
	 5.1.6
	 	Cooperate in Legal Proceedings	  	 	80	 
	 5.1.7
	 	Perform Loan Documents	  	 	81	 
	 5.1.8
	 	Award and Insurance Benefits	  	 	81	 
	 5.1.9
	 	Further Assurances	  	 	81	 
	 5.1.10
	 	Principal Place of Business, State of Organization	  	 	82	 
	 5.1.11
	 	Financial Reporting	  	 	82	 
	 5.1.12
	 	Business and Operations	  	 	86	 
	 5.1.13
	 	Title to the Property	  	 	86	 
	 5.1.14
	 	Costs of Enforcement	  	 	86	 
	 5.1.15
	 	Estoppel Statement	  	 	86	 
	 5.1.16
	 	Loan Proceeds	  	 	87	 
	 5.1.17
	 	Performance by Borrower	  	 	87	 
	 5.1.18
	 	Confirmation of Representations	  	 	87	 
	 5.1.19
	 	Environmental Covenants	  	 	87	 
	 5.1.20
	 	Leasing Matters	  	 	89	 
	 5.1.21
	 	Alterations	  	 	90	 
	 5.1.22
	 	Operation of Property	  	 	95	 
	 5.1.23
	 	Embargoed Person	  	 	97	 
	 5.1.24
	 	Ground Leases	  	 	97	 
	 5.1.25
	 	CPLV Lease, CPLV Lease Documents and CPLV Security Documents	  	 	100	 
	 5.1.26
	 	Transition Period	  	 	101	 
	 5.1.27
	 	IP Collateral	  	 	101	 
	 5.1.28
	 	Payment of Obligations	  	 	102	 
	 5.1.29
	 	No Joint Assessment	  	 	102	 
	 5.1.30
	 	REOA	  	 	103	 
	 5.1.31
	 	ERISA	  	 	104	 
	 5.1.32
	 	Multiemployer Plan Statements	  	 	104	 
	 5.1.33
	 	Taxes	  	 	105	 
	 5.1.34
	 	Required Repairs	  	 	105	 
	 Section 5.2
	 	Negative Covenants	  	 	105	 
	 5.2.1
	 	Operation of Property	  	 	106	 
	 5.2.2
	 	Liens	  	 	106	 
	 5.2.3
	 	Dissolution	  	 	107	 
	 5.2.4
	 	Change In Business	  	 	107	 

  
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	 5.2.5
	 	Debt Cancellation	  	 	107	 
	 5.2.6
	 	Zoning	  	 	107	 
	 5.2.7
	 	No Joint Assessment	  	 	108	 
	 5.2.8
	 	Intentionally Omitted	  	 	108	 
	 5.2.9
	 	ERISA	  	 	108	 
	 5.2.10
	 	Transfers	  	 	109	 
	 5.2.11
	 	CPLV Lease and CPLV Lease Documents	  	 	115	 
	 5.2.12
	 	CPLV Security Documents	  	 	116	 
	 5.2.13
	 	Ground Lease	  	 	117	 
	 5.2.14
	 	REOA	  	 	117	 
		
	 ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION
	  	 	118	 
	 Section 6.1
	 	Insurance	  	 	118	 
	 Section 6.2
	 	Casualty	  	 	125	 
	 Section 6.3
	 	Condemnation	  	 	126	 
	 Section 6.4
	 	Restoration	  	 	127	 
		
	 ARTICLE VII – RESERVE FUNDS
	  	 	133	 
	 Section 7.1
	 	Reserved	  	 	133	 
	 Section 7.2
	 	Tax and Insurance Escrow Fund	  	 	133	 
	 Section 7.3
	 	Replacements and Replacement Reserve	  	 	134	 
	 7.3.1
	 	Replacement Reserve Fund	  	 	134	 
	 7.3.2
	 	Disbursements from Replacement Reserve Account	  	 	134	 
	 7.3.3
	 	Performance of Replacements	  	 	135	 
	 7.3.4
	 	Failure to Make Replacements	  	 	137	 
	 7.3.5
	 	Balance in the Replacement Reserve Account	  	 	138	 
	 Section 7.4
	 	Ground Rent Reserve	  	 	138	 
	 7.4.1
	 	Deposits to Ground Rent Fund	  	 	138	 
	 7.4.2
	 	Release of Ground Rent Reserve Fund	  	 	138	 
	 Section 7.5
	 	Excess Cash Flow Reserve Fund	  	 	139	 
	 7.5.1
	 	Deposits to Excess Cash Flow Reserve Fund	  	 	139	 
	 7.5.2
	 	Release of Excess Cash Flow Reserve Funds	  	 	139	 
	 Section 7.6
	 	Reserve Funds, Generally	  	 	140	 
		
	 ARTICLE VIII – DEFAULTS
	  	 	141	 
	 Section 8.1
	 	Event of Default	  	 	141	 
	 Section 8.2
	 	Remedies	  	 	146	 
	 Section 8.3
	 	Additional Provisions Regarding CPLV Lease	  	 	147	 
	 Section 8.4
	 	Remedies Cumulative; Waivers	  	 	150	 
		
	 ARTICLE IX – SPECIAL PROVISIONS
	  	 	150	 
	 Section 9.1
	 	Securitization	  	 	150	 
	 9.1.1
	 	Sale of Notes and Securitization	  	 	150	 
	 9.1.2
	 	Securitization Costs	  	 	153	 
	 9.1.3
	 	Loan Components; Mezzanine Loans	  	 	153	 
	 Section 9.2
	 	Securitization Indemnification	  	 	156	 
	 Section 9.3
	 	Exculpation	  	 	159	 

  
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	 Section 9.4
	 	Intentionally Omitted	  	 	161	 
	 Section 9.5
	 	Servicer	  	 	162	 
		
	 ARTICLE X – MISCELLANEOUS
	  	 	162	 
	 Section 10.1
	 	Survival	  	 	162	 
	 Section 10.2
	 	Lender’s Discretion	  	 	163	 
	 Section 10.3
	 	Governing Law	  	 	163	 
	 Section 10.4
	 	Modification, Waiver in Writing	  	 	164	 
	 Section 10.5
	 	Delay Not a Waiver	  	 	164	 
	 Section 10.6
	 	Notices	  	 	165	 
	 Section 10.7
	 	Trial by Jury	  	 	166	 
	 Section 10.8
	 	Headings	  	 	166	 
	 Section 10.9
	 	Severability	  	 	166	 
	 Section 10.10
	 	Preferences	  	 	166	 
	 Section 10.11
	 	Waiver of Notice	  	 	167	 
	 Section 10.12
	 	Remedies of Borrower	  	 	167	 
	 Section 10.13
	 	Expenses; Indemnity	  	 	167	 
	 Section 10.14
	 	Schedules Incorporated	  	 	169	 
	 Section 10.15
	 	Offsets, Counterclaims and Defenses	  	 	169	 
	 Section 10.16
	 	No Joint Venture or Partnership; No Third Party; Beneficiaries	  	 	169	 
	 Section 10.17
	 	Publicity	  	 	170	 
	 Section 10.18
	 	Waiver of Marshalling of Assets	  	 	170	 
	 Section 10.19
	 	Waiver of Counterclaim	  	 	170	 
	 Section 10.20
	 	Conflict; Construction of Documents; Reliance	  	 	170	 
	 Section 10.21
	 	Brokers and Financial Advisors	  	 	171	 
	 Section 10.22
	 	Prior Agreements	  	 	171	 
	 Section 10.23
	 	Joint and Several Liability	  	 	171	 
	 Section 10.24
	 	Certain Additional Rights of Lender (VCOC)	  	 	171	 
	 Section 10.25
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	172	 
	 Section 10.26
	 	Counterparts	  	 	173	 
	 Section 10.27
	 	Co-Lenders	  	 	173	 
	 Section 10.28
	 	Gaming Laws	  	 	173	 

 SCHEDULES AND EXHIBITS 
  

					
	 Schedule I
	  	 –
	  	 Rent Roll

			
	 Schedule II
	  	 –
	  	 Required Repairs - Deadlines for Completion

			
	 Schedule III
	  	 –
	  	 Organizational Chart of Borrower

			
	 Schedule 1.1
	  	 –
	  	 Qualified Replacement Manager

			
	 Schedule 1.2
	  	 –
	  	 Collective Bargaining Agreements

			
	 Schedule 4.1.4
	  	 –
	  	 Litigation

  
 -v- 

					
			
	 Schedule 4.1.17
	  	 –
	  	 Assessments

			
	 Schedule 4.1.24
	  	 –
	  	 Physical Condition

			
	 Schedule 4.1.41
	  	 –
	  	 Gaming Licenses

			
	 Schedule 4.1.44
	  	 –
	  	 Intellectual Property

			
	 Schedule 5.1.21
	  	 –
	  	 Pre-approved Alterations

			
	 Exhibit A
	  	 –
	  	 Tax Compliance Certificates

			
	 Exhibit B
	  	 –
	  	 New Hotel Tower

			
	 Exhibit C-1
	  	 –
	  	 Annual Financial Statements of CEOC and CPC

			
	 Exhibit C-2
	  	 –
	  	 Quarterly Financial Statements of CPC

			
	 Exhibit C-3
	  	 –
	  	 Monthly Operating Statement of CPC

			
	 Exhibit C-4
	  	 –
	  	 Annual Financial Statements of CPLV Lease Guarantor

			
	 Exhibit D
	  	 –
	  	 Reserved

			
	 Exhibit E
	  	 –
	  	 O&M Plan

			
	 Exhibit F
	  	 –
	  	 Form of SNDA

			
	 Exhibit G
	  	 –
	  	 New Hotel Tower In Balance Certification Form

  
 -vi- 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of October 6, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time to time,
this “Agreement”), between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together with
its successors and assigns, “JPM Lender”); BARCLAYS BANK PLC, a public company registered in England and Wales, having an address at 745 Seventh Avenue, New York, New York 10019 (together with its successors and assigns,
“Barclays Lender”), GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership, having an address 200 West Street, New York, New York 10282 (together with its successors and assigns, “GS Lender”), and MORGAN
STANLEY BANK, N.A., a national banking association, having an address at 1585 Broadway, New York, New York 10036 (together with its successors and assigns, “MS Lender”) (each of JPM Lender, Barclays Lender, GS Lender, and MS Lender,
together with their respective successors and assigns, each, a “Co-Lender” and collectively, “Lender”) and CPLV PROPERTY OWNER LLC, a Delaware limited liability company, having its principal place of business at c/o
Vici Properties Inc., 8329 West Sunset Road, Suite 210, Las Vegas, Nevada 89113 (“Borrower”). 
 W I T N E S S E T H:

 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; and 

WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other
Loan Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants,
agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION. 

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or
unless the context clearly indicates a contrary intent: 
 “Accrual Period” shall mean (a) the period commencing on the
Closing Date and ending on (and including) October 9, 2017, and (b) thereafter, the period commencing on and including the tenth (10th) day of each calendar month during the term of the Loan and ending on and including the ninth (9th) day of
the following calendar month. 
 “Additional Charges” shall mean any interest, late charges, penalties or other similar
fees or expenses that are added to or imposed on the amount of any Taxes or Other Charges for the non-payment, late payment or non-timely payment thereof. 

 “Additional Insolvency Opinion” shall mean a
non-consolidation opinion letter delivered in connection with the Loan subsequent to the Closing Date reasonably satisfactory in form and substance to Lender and, following a Securitization, satisfactory in
form and substance to the Approved Rating Agencies, and from counsel reasonably acceptable to Lender and, following a Securitization, acceptable to the Approved Rating Agencies. 

“Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by
or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person (provided that CPLV Tenant or any of its Affiliates, on the one hand, and Borrower and any of its Affiliates, on the
other hand, shall not be deemed to be Affiliates solely as a result of their rights and obligations under the CPLV Lease Documents and/or without limiting Borrower’s obligations under this Agreement, including under Section 4.1.30
hereof, as a result of any consolidation of the CPLV Tenant and Borrower for accounting purposes). 
 “Affiliated Manager”
shall mean any Manager Controlling, Controlled by or under common Control with Borrower, Principal or Guarantor, or any Manager in which Borrower, Principal, or Guarantor has, directly or indirectly, a twenty percent (20%) or greater legal,
beneficial or economic interest. 
 “Affiliate Tenant Transferee” shall have the meaning set forth in
Section 5.2.10(c) hereof. 
 “Agent” shall mean Wells Fargo Bank, National Association, or any successor Eligible
Institution acting as Agent under the Cash Management Agreement. 
 “Annual Budget” shall mean the operating budget,
including all planned Capital Expenditures, for the Property prepared by or on behalf of CPLV Tenant in accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period. 

“Approved Rating Agencies” shall mean each of S&P, Moody’s, Fitch and Morningstar or any other nationally-recognized
statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Aspen” shall have the meaning set forth in Section 6.1(b) hereof. 

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation. 

“Bail-in Action” shall have the meaning set forth in Section 10.25
hereof. 
 “Bail-in Legislation” shall have the meaning set forth in
Section 10.25 hereof. 
 “Bankruptcy Action” shall mean with respect to any Person (a) such Person filing
a voluntary petition under the Bankruptcy Code or any other Federal, state, local or foreign bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other Federal, state,
local or foreign bankruptcy or insolvency law or soliciting or causing to be solicited petitioning creditors for any involuntary petition against 

  
 -2- 

 
such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code
or any other Federal, state, local or foreign bankruptcy or insolvency law; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any
portion of the Property (other than in connection with an application by or on behalf of Lender); (e) such Person making an assignment for the benefit of creditors, or admitting in writing in any legal proceeding, its insolvency or inability to pay
its debts as they become due. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. §101,
et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or
creditors’ rights or any other Federal, state, local or foreign bankruptcy or insolvency law. 
 “Borrower” shall have
the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns. 
 “Borrower’s
Knowledge” or “Knowledge” (and words of similar import) shall mean the current actual knowledge, as opposed to constructive or imputed knowledge, of each of John Payne, Edward Pitoniak and Mary E. Higgins, as President and
Chief Operating Officer, Chief Executive Officer and Chief Financial Officer, respectively, of the REIT (and with respect to John Payne and Mary E. Higgins, including, in their capacity as the former Chief Executive Officer and Chief Financial
Officer, respectively, of CEOC immediately prior to the Closing Date), which individuals constitute the primary individuals tasked with the day to day management of the REIT (and thus the Borrower), and shall include any other employees of Borrower
or its Affiliates which shall succeed to such positions or perform comparable responsibilities of such individuals. For the avoidance of doubt, in no event shall any of such individuals have any personal liability by virtue of being named in this
definition or certifying to matters on behalf of Borrower. 
 “Business Day” shall mean any day other than a Saturday,
Sunday or any other day on which national banks in New York, New York, or the place of business of the trustee under a Securitization (or, if no Securitization has occurred, Lender), or any Servicer or the financial institution that maintains any
collection account for or on behalf of any Servicer or any Reserve Funds or the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business. 

“Capital Expenditures” shall mean, for any period, the amount expended for items capitalized under GAAP and the Uniform
System of Accounts (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 

“Captive Insurance Company” shall have the meaning set forth in Section 6.1(e) hereof. 

“Cash Management Account” shall have the meaning set forth in Section 2.7.2 hereof. 

  
 -3- 

 “Cash Management Agreement” shall mean that certain Cash Management Agreement,
dated as of the date hereof, by and among Borrower, Lender, Mezzanine A Administrative Agent, Mezzanine A Collateral Agent, Mezzanine B Administrative Agent, Mezzanine B Collateral Agent, Mezzanine C Administrative Agent, Mezzanine C Collateral
Agent and Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Cash
Sweep Event” shall mean the occurrence of: (a) an Event of Default; (b) a Mezzanine Loan Default, (c) any Bankruptcy Action of Borrower, CPLV Tenant Guarantor or CPLV Tenant; (d) a rejection of the Management Agreement
by Manager following any Bankruptcy Action of Manger or (e) a DSCR Trigger Event. 
 “Cash Sweep Event Cure” shall
mean (a) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the occurrence of a DSCR Trigger Event Cure, (b) if the Cash Sweep Event is caused solely by a Bankruptcy Action of CPLV Tenant Guarantor or CPLV
Tenant, if (x) such Bankruptcy Action is not consented to by Borrower and such Bankruptcy Action is discharged or dismissed in a manner that does not cause a Material Adverse Effect or (y) the entry into of a replacement CPLV Lease in
substantially the same form and substance as the original CPLV Lease or otherwise in form and substance reasonably acceptable to Lender with a CPLV Tenant Transferee pursuant to and in accordance with Section 5.2.10(e)(iv) or a Qualified CPLV
Tenant Transferee in accordance with Sections 5.2.10(e)(vii) or 8.3(b) hereof and, to the extent CEC or a Replacement CEC Sponsor is no longer the guarantor under the CPLV Lease Guaranty, the delivery of a replacement CPLV Lease Guaranty by a
Qualified CPLV Replacement Guarantor, each, in accordance with the terms and conditions hereunder, (c) if the Cash Sweep Event is caused by an Event of Default, the acceptance by Lender of a cure of such Event of Default (which cure Lender is
not obligated to accept and may reject or accept in its sole and absolute discretion, except with respect to an Event of Default that results from a CPLV Lease Default, in which event Lender shall be reasonable in its determination to accept or
reject such cure), (d) if the Cash Sweep Event is caused solely by a Mezzanine Loan Default, the applicable Mezzanine Lender shall have accepted a cure by the applicable Mezzanine Borrower of such Mezzanine Loan Default and (e) if the Cash Sweep
Event is caused solely by a rejection of the Management Agreement by Manager following any Bankruptcy Action of Manager, the entry into of a Replacement Management Agreement with a Qualified Manager in accordance with the terms hereunder;
provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event of Default shall have occurred and be continuing under this Agreement or any of the other
Loan Documents, and (ii) Borrower shall have paid all of Lender’s reasonable out-of-pocket expenses incurred in connection with such Cash Sweep Event Cure
including, reasonable attorney’s fees and expenses. For the avoidance of doubt, in no event shall Borrower have the right to cure a Cash Sweep Event caused solely by a Bankruptcy Action of Borrower, except if such Bankruptcy Action is
involuntary and not consented to by Borrower and Borrower shall not have otherwise colluded with respect to such Bankruptcy Action, so long as no Event of Default has occurred and is continuing, Borrower shall have the same discharged or dismissed
within ninety (90) days of such filing, without any Material Adverse Effect. 
 “Cash Sweep Period” shall mean each
period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of (a) the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the
Loan Documents in accordance with the terms and provisions of the Loan Documents. 

  
 -4- 

 “Casino Components” shall mean, collectively, those portions of the Property
devoted to the operation of casino gaming operations, including (without limitation) those areas devoted to the conduct of gambling or gaming, facilities associated directly with gaming operations including, without limitation, casino support areas
such as surveillance and security areas, cash cages, counting and accounting areas and gaming back-of-the-house areas in each
case, to the extent the operation thereof requires a Gaming License under applicable Gaming Laws. 
 “Casualty” shall have
the meaning set forth in Section 6.2 hereof. 
 “Casualty Consultant” shall have the meaning set forth in
Section 6.4(b)(iii) hereof. 
 “Casualty Retainage” shall have the meaning set forth in
Section 6.4(b)(iv) hereof. 
 “Cause” shall mean, with respect to an Independent Director, (a) acts or
omissions by such Independent Director that constitute systematic and persistent or willful disregard of such Independent Director’s duties, (b) such Independent Director has been indicted or convicted for any crime or crimes of moral
turpitude or dishonesty or for any violation of any Legal Requirements, (c) such Independent Director no longer satisfies the requirements set forth in the definition of “Independent Director”, (d) the fees charged for the services of
such Independent Director are materially in excess of the fees charged by the other providers of Independent Directors listed in the definition of “Independent Director” or (v) any other reason for which the prior written consent of
Lender shall have been obtained. 
 “CEC” shall mean Caesars Entertainment Corporation, a Delaware corporation. 

“CEOC” shall mean CEOC, LLC, a Delaware limited liability company. 

“Closing Date” shall mean the date of the funding of the Loan. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Collateral” shall mean, collectively, whether now or hereafter acquired, (a) the Property, (b) Borrower’s
interest in the IP Collateral, including Borrower’s interest in all IP Licenses, (c) Borrower’s interest in the CPLV Lease and the other CPLV Lease Documents, (d) Borrower’s interest in the REOAs, (e) Borrower’s
interest in all of the Tenant’s Pledged Property (as defined in the CPLV Lease), including any security interest therein and (f) any other asset or property subject to the Lien of the Mortgage, the IP Security Agreement or the Collateral
Assignment of Agreements. 
 “Collateral Assignment of Agreements” shall mean that certain Collateral Assignment of
Security Agreements, dated as of the date hereof, by and between Borrower and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to Borrower’s interest in all of the Collateral
(as defined therein). 

  
 -5- 

 “Collective Bargaining Agreement” shall mean, the agreement set forth on
Schedule 1.2 attached hereto and any collective bargaining agreement or union contract with respect to employees and other laborers at the Property that may be entered into after the date hereof by Borrower or CPLV Tenant or with respect to
which Borrower or CPLV Tenant could reasonably be expected to have any liability, as any of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property
or any part thereof. 
 “Condemnation Proceeds” shall have the meaning set forth in Section 6.4(b). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Section 2.7 Taxes or branch profits Section 2.7 Taxes. 
 “Control” shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise (and Control with respect to a Person (a
“Subject Person”) shall not be deemed absent solely because another Person shall have veto rights with respect to major decisions with respect to such Subject Person). “Controlled” and “Controlling” shall have
correlative meanings. 
 “Covered Rating Agency Information” shall have the meaning set forth in hereof. 

“CPC” shall mean Caesars Palace Corporation and subsidiaries (and any successor entities thereto), provided, that for
all purposes hereunder, including any financial statements of CPC or calculations or amounts with respect to CPC, such items shall only be with respect to the Property and no other assets of CPC. 

“CPLV Existing Intercreditor Agreement” shall mean that certain Intercreditor Agreement, dated as of the date hereof, among
Borrower, Credit Suisse AG, Cayman Island Branch, as Credit Agreement Collateral Agent, each additional Tenant Financing Collateral Agent from time to time party hereto, CPLV Tenant, and Lender, as the same may be amended, restated, replaced or
otherwise modified from time to time in accordance with the terms hereof. 
 “CPLV Intellectual Property” shall have the
meaning set forth in Section 8.2(a) hereof. 
 “CPLV IP Security Agreement” shall mean that certain CPLV IP
Security Agreement, dated as of the date hereof, by CPLV Tenant in favor of Borrower, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

  
 -6- 

 “CPLV Lease” shall mean that certain Lease (CPLV) dated as of the date hereof,
between Borrower, as lessor, and CPLV Tenant, as lessee, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Lease Default” shall have the meaning set forth in Section 8.3(a) hereof. 

“CPLV Lease Documents” shall mean, collectively, the CPLV Lease, the Management Agreement, CPLV Lease Guaranty, the CPLV
Existing Intercreditor Agreement and the Transition Services Agreement. 
 “CPLV Lease Guaranteed Obligations” shall mean,
collectively, all obligations and liabilities of CPLV Tenant guaranteed by CPLV Lease Guarantor as set forth in the CPLV Lease Guaranty. 

“CPLV Lease Guarantor” shall mean, as the context may require, (i) CEC, (ii) upon a Transfer in accordance with the
terms hereof, Replacement CEC Sponsor or (iii) a Qualified CPLV Replacement Guarantor pursuant to and in compliance with the terms hereof. 

“CPLV Lease Guaranty” shall mean that certain Lease Guaranty made by CPLV Lease Guarantor to Borrower pursuant to Article
XVII of the Management Agreement, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Lease Indemnity Agreement” shall mean that certain Indemnity Agreement and Power of Attorney and Related Covenants
(CPLV) made by CPLV Lease Guarantor to Borrower and Lender, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Lease SNDA” shall mean that certain Subordination, Non-Disturbance, Attornment
Agreement (CPLV Lease), dated as of the date hereof, by and among Lender and CPLV Tenant and acknowledged and agreed by Borrower, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms
hereof and the CPLV Lease. 
 “CPLV Rent” shall mean all rent and other amounts due to Borrower under the CPLV Lease but
excluding any amounts that are paid to Borrower to reimburse Borrower for amounts that were (x) paid by Borrower or its Affiliates on behalf of CPLV Tenant under the CPLV Lease, provided that upon request by Lender, Borrower shall provide
evidence of payment of such amounts by Borrower on behalf of CPLV Tenant, or (y) paid by Borrower or its Affiliates to Lender or any Mezzanine Lender or any other Person indemnified by Borrower or its Affiliates under the Loan Documents. 

“CPLV Security Documents” shall mean, collectively, (i) that certain Security Agreement (CPLV Lease) by CPLV Tenant in
favor of Borrower, dated as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof and (ii) the CPLV IP Security Agreement. 

  
 -7- 

 “CPLV Tenant” shall mean, (i) collectively, Desert Palace LLC, a Nevada
limited liability company, Caesars Entertainment Operating Company, Inc. (which shall immediately after the closing of the Loan, merge into CEOC) and CEOC or (ii) if the context requires, a replacement tenant that satisfies the requirements as
required hereunder that assumes all of the obligations, liabilities and rights of CPLV Tenant under the CPLV Lease and CPLV Lease Documents in connection with a Transfer pursuant to and in accordance with a Transfer under Section 5.2.10(e) or
pursuant to Section 8.3 hereof. 
 “CPLV Tenant Lender” shall have the meaning set forth in Section 5.2.10(e)
hereof. 
 “CPLV Tenant Loan” shall have the meaning set forth in Section 5.2.10(e) hereof. 

“CPLV Tenant Loan Intercreditor Agreement” shall have the meaning set forth in Section 5.2.10(e) hereof. 

“CPLV Tenant Party” shall have the meaning set forth in Section 8.2(e) hereof. 

“CPLV Tenant Transferee” shall have the meaning set forth in Section 5.2.10(e) hereof. 

“CPLV Tenant Transferee Requirement” shall have the meaning set forth in Section 5.2.10(e) hereof. 

“CPLV Trademark License Agreement” shall mean that certain Trademark License Agreement, dated as of the date hereof, by and
between Caesars License Company, LLC and Desert Palace LLC, as the same may be amended, restated or otherwise modified from time to time. 

“CPLV Trademark Security Agreement” shall mean that certain Trademark Security Agreement, dated as of the date hereof, by and
among Caesars License Company, LLC, Desert Palace LLC, Borrower and Lender as the same may be amended, restated or otherwise modified from time to time. 

“CPLV Trademark Agreements” shall mean, collectively, the CPLV Trademark License Agreement and the CPLV Trademark Security
Agreement. 
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Agreement and the
Note together with all interest accrued and unpaid thereon and all other sums (including any Yield Maintenance Premium) due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage or any other Loan Document. 

“Debt Service” shall mean, with respect to any particular period of time, the scheduled principal, if any, and interest
payments due under this Agreement and the Note. 
 “Debt Service Coverage Ratio” shall mean a ratio for the applicable
period in which: 
 (a) the numerator is Net Cash Flow for such period as set forth in the statements required hereunder; and

  
 -8- 

 (b) the denominator is the aggregate amount of Debt Service and Mezzanine Debt
Service for such period. 
 “DSCR Cure Deposit Amount” shall have the meaning set forth in Section 2.4.6 hereof.

 “DSCR Cure Fund” shall have the meaning set forth in Section 2.4.6 hereof. 

“DSCR Trigger Event” shall mean, that as of the date of determination, the Debt Service Coverage Ratio based on the trailing
four (4) calendar quarter period immediately preceding the date of such determination is less than the Required DSCR. 
 “DSCR
Trigger Event Cure” shall mean, either (i) the achievement of a Debt Service Coverage Ratio of the Required DSCR or greater for two (2) consecutive calendar quarters based upon the trailing four (4) calendar quarter period
immediately preceding the date of determination, as determined by Lender (which Required DSCR may be achieved by making a voluntary prepayment in accordance with the terms of this Agreement (including the payment of the Yield Maintenance Premium, if
applicable) in an amount necessary to achieve a Debt Service Coverage Ratio equal to or greater than the Required DSCR) or (ii) Borrower shall make a deposit into the DSCR Cure Fund or deliver a Letter of Credit to Lender, in each case, in
accordance with Section 2.4.6 hereof in an amount equal to the DSCR Cure Deposit Amount. 
 “DSCR Trigger Period”
shall mean the period commencing on the occurrence of a DSCR Trigger Event and continuing until the occurrence of a DSCR Trigger Event Cure. 

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” shall mean, with respect to the Loan, a
rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) three percent (3%) above the Interest Rate. 

“Disclosure Documents” shall mean, collectively, any written materials used or provided to any prospective investors and/or
the Rating Agencies in connection with any public offering or private placement in connection with a Securitization (including, without limitation, a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering
circular, term sheet, road show presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each case in preliminary or final form and including any amendments, supplements, exhibits,
annexes and other attachments thereto. 
 “EBITDAR” shall mean, for an applicable period, the net income (loss)
attributable to CPC, determined in accordance with GAAP (“Net Income”); provided, however, that without duplication and in each case to the extent included in calculating Net Income: (i) income tax expense shall be
excluded; (ii) interest expense shall be excluded; (iii) depreciation and amortization expense shall be excluded; (iv) amortization of intangible assets shall be excluded; (v) write-downs and reserves (net of recoveries) shall be
excluded; (vi) reorganization items shall be excluded; (vii) any impairment charges or asset write-offs, non-cash gains, losses, income and expenses resulting from fair value accounting required by
the applicable standard under GAAP 

  
 -9- 

 and related interpretations, and non-cash charges for deferred tax asset
valuation allowances, shall be excluded; (viii) any effect of a change in accounting principles or policies shall be excluded; (ix) any non-cash costs or expense incurred pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement shall be excluded; (x) any nonrecurring gains or losses or income or expense or charge (less all
fees and expenses relating thereto) shall be excluded; and (xi) rent expense shall be excluded; and (xii) the impact of any deferred proceeds resulting from failed sale accounting shall be excluded. 

“EEA Financial Institution” shall have the meaning set forth in Section 10.25. 

“EEA Member Country” shall have the meaning set forth in Section 10.25. 

“EEA Resolution Authority” shall have the meaning set forth in Section 10.25. 

“Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding institution that
is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained
with a federal or state chartered depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “Baa2” and which, in the case of a state chartered depository institution or trust
company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination by federal and state authority. An
Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible Institution”
shall mean either (a) a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short-term unsecured debt obligations or commercial paper of which are rated at least
“A-1+” by S&P and “P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of
Letters of Credit and accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “A+” by S&P and “Aa3” by Moody’s), or (b) Wells Fargo Bank,
National Association, provided that the rating by S&P and the other Approved Rating Agencies for the short term unsecured debt obligations or commercial paper and long term unsecured debt obligations of the same does not decrease below
the ratings set forth in subclause (a) hereof. 
 “Embargoed Person” shall mean any person, entity or
government subject to trade restrictions under U.S. law, including, but not limited to, The USA PATRIOT Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et
seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists,
with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 

“Enforcement Action” shall have the meaning set forth in Section 8.3(a) hereof. 

  
 -10- 

 “Environmental Indemnity” shall mean that certain Environmental Indemnity
Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Law” means any federal, state and local laws, statutes, ordinances, rules, regulations, standards, policies
and other applicable governmental directives or requirements, as well as common law, relating to protection of human health (as relating to exposure to Hazardous Substances) or the environment, relating to the manufacture, use, storage, handling or
Release of Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating to liability for or costs of actual or threatened danger to human health (as relating to exposure to
Hazardous Substances) or the environment. Environmental Law includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local counterparts thereto:
the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation
Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act (as relating to exposure to Hazardous Substances); the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the National Environmental Policy Act; and
the River and Harbors Appropriation Act. Environmental Law also includes, but is not limited to, any applicable federal, state and local laws, statutes, ordinances, rules and regulations addressing similar issues, as well as common law:
(a) conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of the Property; (b) requiring notification or disclosure of Releases of Hazardous Substances or
other environmental condition of the Property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; (c) imposing conditions or requirements in connection with
environmental permits or authorizations; (d) relating to nuisance, trespass or other causes of action related to the presence or Release of Hazardous Substances in, on, under or at the Property; (e) relating to wrongful death or personal
injury resulting from any presence of, Release of or exposure to Hazardous Substances; or (f) relating to property or other damage in connection with the presence, Release of or use of Hazardous Substances at the Property. 

“Environmental Liens” shall have the meaning set forth in Section 5.1.19 hereof. 

“Environmental Report” shall mean that certain Environmental Site Assessment, dated as of February 7/8, 2017, prepared by EHS
Support. 
 “Equipment” shall mean any equipment now owned or leased, or hereafter acquired or leased, by Borrower or CPLV
Tenant, which is used at or in connection with the Improvements or the Property or is located thereon or therein, including (without limitation) all Gaming Equipment, machinery, equipment, furnishings, and electronic data-processing and other office
equipment now owned or hereafter acquired or leased by Borrower or CPLV Tenant and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed
thereon or affixed thereto. For the avoidance of doubt, “Equipment” shall not include any of the foregoing owned or leased by any Tenants under the Leases, guests or by third party operators, except to the extent of any right or interest
of Borrower or CPLV Tenant, as applicable, therein. 

  
 -11- 

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” shall
mean any trade or business (whether or not incorporated) that, together with Borrower or Guarantor, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” shall mean (a) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043(c) of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation (or any successor) (“PBGC”); (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 Borrower, Guarantor or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by
Borrower, Guarantor or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(e) of the Code
or Section 303(k)(1)(A) and (B) of ERISA to the creation of a lien upon property or assets or rights to property or assets of Borrower, Guarantor or any ERISA Affiliate for failure to make a required payment to a Plan are satisfied;
(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; (h) any failure by any Plan to satisfy the minimum funding standards, within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA, whether or not waived; (i) the determination that any
Plan is or is expected to be in “at-risk” status, within the meaning of Section 430 of the Code or Section 303 of ERISA, (j) the receipt by Borrower, Guarantor or any ERISA Affiliate
of any notice concerning the imposition of liability with respect to the withdrawal or partial withdrawal from a Multiemployer Plan or a determination that a Multiemployer Plan is, or is expected to be “insolvent” (within the meaning of
Section 4245 of ERISA), or in “endangered” or “critical status” (within the meaning of Section 432 of the Code or Section 305 of ERISA) or terminated (within the meaning of Section 4041A of ERISA), (k) the
existence with respect to any Plan of a non-exempt Prohibited Transaction, (l) the failure by Borrower, Guarantor or any ERISA Affiliate to pay when due (after expiration of any applicable grace period)
any installment payment with respect to withdrawal liability under Section 4201 of ERISA or (m) with respect to any Foreign Plan, (1) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any
employer or employee contributions required by applicable law or by the terms of such Foreign Plan, (2) the failure to register or loss of good standing with applicable regulatory authorities of any such Foreign Plan required to be registered
or (3) the failure of any Foreign Plan to comply with any material provisions of applicable law and regulations or with the material terms of such Foreign Plan. 

  
 -12- 

 “EU Bail-in Legislation Schedule” shall
have the meaning set forth in Section 10.25 hereof. 
 “Event of Default” shall have the meaning
set forth in Section 8.1(a) hereof. 
 “Excess Cash Flow” shall have the meaning set forth in the Cash Management
Agreement. 
 “Excess Cash Flow Reserve Account” shall have the meaning set forth in Section 7.5 hereof. 

“Excess Cash Flow Reserve Fund” shall have the meaning set forth in Section 7.5 hereof. 

“Exchange Act” shall have the meaning set forth in Section 9.2(a) hereof. 

“Exchange Act Filing” shall mean a filing pursuant to the Exchange Act in connection with or relating to a Securitization.

 “Excluded Taxes” means any of the following Section 2.8 Taxes imposed on or with respect to Lender or required to
be withheld or deducted from a payment to Lender, (a) Section 2.8 Taxes imposed on or measured by net income (however denominated), franchise Section 2.8 Taxes, and branch profits Section 2.8 Taxes, in each case, (i) imposed as a
result of Lender being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Section 2.8 Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) U.S. federal withholding Section 2.8 Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.8 amounts with respect to such Section 2.8 Taxes were payable
either to such Lender’s assignor or participating Lender immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Section 2.8 Taxes attributable to such Lender’s
failure to comply with Section 2.8(e) and (d) any U.S. federal withholding Section 2.8 Taxes imposed under FATCA. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any
amended or successor version described above) or any fiscal or regulatory legislation, rules or practices adopted pursuant to, or in connection with, any intergovernmental agreement, treaty, convention or other understanding among Governmental
Authorities entered into in connection with the implementation of the foregoing. 
 “FF&E” shall mean, collectively,
furnishings, Fixtures and Equipment located in the guest rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, parking facilities, public areas or otherwise in any portion of the Property, including (without limitation) all
beds, chairs, bookcases, tables, carpeting, drapes, couches, luggage carts, luggage racks, bars, 

  
 -13- 

 
bar fixtures, radios, television sets, intercom and paging equipment, electric and electronic equipment, heating, lighting and plumbing fixtures, fire prevention and extinguishing apparatus,
cooling and air-conditioning systems, elevators, escalators, stoves, ranges, refrigerators, laundry machines, tools, machinery, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning
systems, floor cleaning, waxing and polishing equipment, cabinets, lockers, shelving, dishwashers, garbage disposals, washer and dryers, gaming equipment and other casino equipment and all other customary hotel and casino resort equipment and other
tangible property owned by Borrower (if any) or CPLV Tenant, as applicable, or in which Borrower or CPLV Tenant, as applicable, has or shall have an interest, in each case now or hereafter located at the Property and useable in connection with the
present or future operation and occupancy of the Property; provided, however, that FF&E shall not include items owned by any Tenants under the Leases (other than CPLV Tenant), guests or by third party operators. 

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31
during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

“Fixtures” shall all Equipment now owned, or the ownership of which is hereafter acquired, by Borrower or CPLV Tenant, as
applicable, which is so related to the Land and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all
building or construction materials intended for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items
now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning, call and
sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution
control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned
individually or jointly with others, and, if owned jointly, to the extent of Borrower’s or CPLV Tenant’s, as applicable interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water
power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof. 

“Food and Beverage Operations” shall mean all food and beverage operations (including restaurants and banquet space) at the
Property, including, but not limited to Bacchanal Buffet, Mr. Chow, Nobu Restaurant Las Vegas, Mesa Grill, Old Homestead Steakhouse Las Vegas, and Restaurant Guy Savoy. 

“Foreign Benefit Arrangement” shall mean any employee benefit arrangement mandated by
non-U.S. law that is maintained or contributed to by the Borrower or Guarantor. 

  
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 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Plan” shall mean each “employee benefit plan” (within the meaning of Section 3(3) of ERISA) that is
not subject to U.S. law and is maintained or contributed to by the Borrower or Guarantor. 
 “Forum Shops Lease” shall mean
that certain Second Amended and Restated Ground Lease by and between CPLV Tenant (as successor to Caesars Palace Realty LLC) and Forum Shops LLC (as successor to Forum Developers Limited Partnership) (“Forum Shops Lessee”), dated as
of February 7, 2003, as assigned pursuant to that certain Assignment and Assumption of Leasehold dated November 14, 2003, and amended by that certain First Amendment to Second Amended and Restated Ground Lease dated as of September 8,
2015 and that certain Second Amendment to Second Amended and Restated Ground Lease dated as of April 14, 2016, as assigned pursuant to that certain Lease Assignment and Assumption, dated as of the date hereof, from Caesars Palace Realty LLC to
CPLV Tenant, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereunder. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Gaming Authorities” shall mean any of the Nevada Gaming Commission, the Nevada Gaming Control Board,
the Clark County Liquor and Gaming Licensing Board, and any other gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after the Closing Date have, jurisdiction over the gaming activities
at the Property or any successor to such authority or (b) is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws. 

“Gaming Equipment” shall mean all equipment and supplies used in the gaming operations of a casino, including, without
limitation, slot machines, gaming tables, cards, dice, gaming chips, player tracking systems, mobile gaming systems, and all other gaming devices (as defined in NRS 463.0155), cashless wagering systems (as defined in NRS 463.014) and associated
equipment (as defined in NRS 463.0136) which are (a) owned or leased by Borrower or CPLV Tenant and (b) used or useable exclusively in the present or future operation of slot machines, gaming devices, gambling games and live games at the
Property, together with all improvements and/or additions thereto and mobile gaming systems. 
 “Gaming Laws” or
“Gaming Regulations” shall mean the provisions of the Nevada Gaming Control Act, as amended from time to time, all regulations of the Nevada Gaming Commission promulgated thereunder, as amended from time to time, the provisions of
the Clark County Code applicable to the gaming activities at the Property as amended from time to time, and all other rules, regulations, orders, ordinances, regulations and Legal Requirements of any Gaming Authority applicable to gaming activities
at the Property. 

  
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 “Gaming License” shall mean any license, qualification, franchise,
accreditation, approval, registration, permit, finding of suitability or other authorization of a Gaming Authority relating to gaming, the gaming business, the ownership of Gaming Equipment, or the operation of a casino under the Gaming Laws or
required by the Gaming Authorities, in each case, which are necessary or appropriate for the ownership and/or operation of the casino gaming operations at the Property, including the lease of the Property to CPLV Tenant for the gaming activities at
the Property and the Management Agreement or Replacement Management Agreement, as applicable. 
 “Gaming License Default”
shall have the meaning set forth in Section 8.1(a)(xxvii) hereof. 
 “Gaming Proceeding Default”
shall have the meaning set forth in Section 8.1(a)(xxvii) hereof. 
 “Government Lists” means
(1) any list or annex to Presidential Executive Order 13224 issued on September 24, 2001 (“EO13224”), including any list of Persons who are determined to be subject to the provisions of EO13224 or any other similar prohibitions
contained in the rules and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive Orders in respect thereof, (2) the Specially Designated Nationals and Blocked Persons Lists maintained by Office of
Foreign Assets Control (“OFAC”), (3) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC, or (4) any similar lists maintained by the
United States Department of State, the United States Department of Commerce or any other Governmental Authority or pursuant to any Executive Order of the President of the United States of America. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever
for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence including, without limitation, all Gaming Authorities having jurisdiction over the Property (and any operations
conducted therein), CPLV Tenant or Borrower. 
 “Grantor Trust” shall mean a grantor trust as defined in Subpart E, Part I
of Subchapter J of the Code, that holds the Note or a portion thereof. 
 “Ground Lease” shall mean that certain Second
Amended and Restated Operating Lease, dated as of the date hereof, between Borrower and Ground Lessor, as the same may be amended, restated, replaced or otherwise modified from time to time, in accordance with the terms hereunder. 

“Ground Lessor” shall mean Caesars Octavius, LLC, a Delaware limited liability company. 

“Ground Rent” shall have the meaning set forth in Section 7.4.1 hereof. 

“Ground Rent Reserve Account” shall have the meaning set forth in Section 7.4.1 hereof. 

“Ground Rent Reserve Control Agreement” shall mean that certain account control agreement, to be entered into among CPLV
Tenant, Borrower, Lender, the Eligible Institution holding the Ground Rent Reserve Account and the other parties thereto, to be in form and substance reasonably satisfactory to CPLV Tenant, Borrower and Lender, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Ground Rent Reserve Account. 

  
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 “Ground Rent Reserve Fund” shall have the meaning set forth in Section
7.4.1 hereof. 
 “Guarantor” shall mean VICI Properties L.P., a Delaware limited partnership. 

“Guaranty” shall mean that certain Guaranty Agreement, dated as of the date hereof, executed and delivered by Guarantor in
connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hazardous Substances” shall mean any and all substances (whether solid, liquid or gas) defined, listed, or otherwise
classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under applicable Environmental Laws, including but not limited to petroleum and
petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables, explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally occurring or otherwise), but
excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purpose of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Laws. 

“Hotel Components” shall mean, collectively, those portions of the Property devoted to the operation of a hotel and related
facilities, excluding the Casino Component, but including (without limitation) (a) all guest rooms and suites, hotel amenities, restaurants, bars, night clubs, conference centers, meeting, banquet and other public rooms, retail space, spa,
parking spaces and other facilities of the hotel portion of the Property, and (b) any theaters or performing arts spaces in the Property in question. 

“Improvements” shall have the meaning set forth in the granting clause of the Mortgage. 

“Indebtedness” of a Person, at a particular date, shall mean the sum (without duplication) at such date of (a) all
indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred equity); (b) obligations of such Person evidenced by bonds, debentures, notes, or other
similar instruments; (c) indebtedness of such Person for the deferred purchase price of property or services (including trade obligations); (d) obligations of such Person under letters of credit; (e) obligations of such Person under acceptance
facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations of such Person to purchase, to provide funds for payment, to supply funds, to invest in any
Person or entity, or otherwise to assure a creditor against loss; (g) obligations of such Person under PACE Loans and (h) obligations of such Person secured by any Liens, whether or not the obligations have been assumed (other than the
Permitted Encumbrances). 
 “Indemnified Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.

  
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 “Indemnified Parties” shall mean Lender, any Affiliate of Lender that has filed
any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued
in the Securitization, any other co-underwriters, co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of their respective
officers, directors, partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act,
any Servicer of the Loan, any Person in whose name the encumbrance created by the Mortgage is or will have been recorded, any Person who may hold or acquire or will have held a full or partial interest in the Loan including custodians, trustees and
other fiduciaries who hold or have held a full or partial interest in the Loan (but not including investors or prospective investors in the Securities) as well as the respective directors, officers, partners, employees, agents, representatives,
successors and assigns of any and all of the foregoing (including, but not limited to any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Indemnified Taxes” means (a) Section 2.8 Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnifying Person” shall mean each of Borrower and Guarantor. 

“Independent Director” shall mean an individual who has prior experience as an independent director, independent manager or
independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities
Corporation or, if none of those companies is then providing professional Independent Directors, another nationally-recognized company reasonably approved by Lender, in each case that is not an Affiliate of Borrower and that provides professional
Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as Independent Director be, any
of the following: 
 (a) a member (other than a “special member” or “springing member”), partner, equityholder, manager,
director, officer or employee of Borrower or any of its equityholders or Affiliates, including Guarantor (other than serving as an Independent Director of Borrower or an Affiliate of Borrower that does not own a direct or indirect ownership interest
in Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers in the
ordinary course of its business); 
 (b) a creditor, supplier or service provider (including provider of professional services) to Borrower
or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors and other corporate services to Borrower or any of its Affiliates in the ordinary course of its
business); 

  
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 (c) a family member of any such member, partner, equityholder, manager, director, officer,
employee, creditor, supplier or service provider; or 
 (d) a Person that controls (whether directly, indirectly or otherwise) any of (a),
(b) or (c) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (a) by reason of
being the Independent Director of a “special purpose entity” affiliated with Borrower that does not own a direct or indirect ownership interest in Borrower shall be qualified to serve as an Independent Director of the Borrower,
provided that the fees that such individual earns from serving as an Independent Director of affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that
year. For purposes of this paragraph, a “special purpose entity” is an entity, whose organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are
substantially similar to those contained in the definition of Special Purpose Entity of this Agreement. 
 “Individual
Note” shall mean, each of (i) that certain Promissory Note A-1, dated as of the date hereof, in the principal amount of $666,500,000.00, made by Borrower in favor of JPM Lender, as the same may
be amended, restated, replaced, supplemented or otherwise modified from time to time, (ii) that certain Promissory Note A-2, dated as of the date hereof, in the principal amount of $465,000,000.00, made
by Borrower in favor of Barclays Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, (iii) that certain Promissory Note A-3, dated as of the date
hereof, in the principal amount of $209,250,000, made by Borrower in favor of MS Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, and (iv) that certain Promissory Note A-4, dated as of the date hereof, in the principal amount of $209,250,000, made by Borrower in favor of GS Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “Insolvency Opinion” shall mean that certain non-consolidation opinion
letter dated the date hereof delivered by Berger Harris LLP in connection with the Loan. 
 “Insurance Premiums” shall have
the meaning set forth in Section 6.1(b) hereof. 
 “Insurance Proceeds” shall have the meaning set forth in
Section 6.4(b) hereof. 
 “Intellectual Property” shall mean all rights in, to and under any of the following,
as they exist anywhere in the world, including: (a) Trademarks; (b) patents issued by the United States or the equivalent thereof in any other country, industrial designs, and applications for any of the foregoing, including any continuations,
divisionals, continuations in part, renewals, extensions and reissues, and the inventions disclosed or claimed therein; (c) copyrights in published and unpublished works of authorship, whether registered or unregistered in the United States or
any other country, whether as author, assignee, or transferee (including without limitation databases and other compilations of information, computer software, middleware, user interface, source code, object code, algorithms and the like, and user
manuals and other training documentation related thereto), all derivative works, renewals, extensions, restorations, and 

  
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reversions thereof; (d) trade secrets, proprietary confidential information and operational systems, including confidential know-how, processes,
schematics, concepts, ideas, inventions, business methods and processes, marketing plans, research and development, formulae, drawings, prototypes, models, designs, customer and supplier information and lists, databases and other compilations of
information, historical guest lists, mailing lists, computer software and systems (including reservations and other hotel systems) and user manuals and other training documentation related thereto, and other nonpublic, confidential, or proprietary
information; (e) any registrations, applications for registration or issuance, recordings, reissues, renewals, divisions, continuations, and extensions relating to any or all of the foregoing; (f) income, fees, royalties, damages and payments
now and hereafter due and/or payable thereunder and with respect thereto, including, without limitation, damages, claims and payments for past, present or future infringements or other violations thereof relating to any or all of the foregoing;
(g) rights to sue for past, present and future infringements and other violations thereof relating to any or all of the foregoing; and (h) for all of the foregoing, any of which is now owned, acquired or developed after the Closing Date.

 “Interest Rate” shall a rate of 4.36% per annum. 

“IP Collateral” shall mean all of Borrower’s right, title and interest in, to, and under Intellectual Property and IP
Licenses, including any security interest granted in favor of Borrower in the CPLV Intellectual Property. Notwithstanding the foregoing, IP Collateral shall not include any “intent to use” Trademark applications for which an amendment to
allege use or statement of use has not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively, by the
United States Patent and Trademark Office, provided that upon such filing and acceptance, such intent-to-use applications shall be included in the IP Collateral.

 “IP Licenses” shall mean, all licenses of Intellectual Property and covenants not to sue with respect to CPLV
Intellectual Property to which Borrower is a party, and all rights of Borrower in any licenses and covenants to which an IP Owner is a party (regardless of whether such agreements and covenants are contained within an agreement that also covers
other matters, such as development, consulting services or distribution of products) and regardless of whether Borrower or the IP Owner is a licensor or licensee under any such agreement, together with any and all (i) amendments, renewals,
extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future
breaches or violations thereof, and (iii) the right to sue for past, present and future breaches or violations thereof. Notwithstanding the foregoing, IP Licenses shall not include any license of Intellectual Property or covenant not to sue
with respect to Intellectual Property to which Borrower or IP Owner is a party to the extent that a grant of a security interest therein would violate or invalidate such license or covenant or create a right of termination in favor of any other
party thereto after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, provided that if a security interest cannot be granted in such license of Intellectual Property or covenant not to sue with
respect to Intellectual Property, Borrower shall endeavor to provide Lender with the benefits under such license of Intellectual Property and covenant not to sue with respect to Intellectual Property as if such license of Intellectual Property and
covenant not to sue with respect to Intellectual Property had been assigned to Lender. 

  
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 “IP Owner” shall mean CPLV Tenant, Caesars License Company, LLC or any other
Person that owns any Intellectual Property or is a party to any IP License which is used in or held for use in the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property. 

“IP Schedule” shall have the meaning provided in Section 4.1.44 hereof. 

“IP Security Agreement” shall mean that certain Intellectual Property Security Agreement made by Borrower to Lender dated the
date hereof as the same may be amended, restated, replaced or otherwise modified from time to time. 
 “IRS” shall mean the
United States Internal Revenue Service. 
 “Lease” shall mean any lease (other than the CPLV Lease and the Ground Lease),
sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect), including the Forum Shops Lease, pursuant to which any Person is granted a possessory interest in, or right to
use or occupy all or any portion of any space in the Property by or on behalf of Borrower, CPLV Tenant or the lessee under the Forum Shops Lease and (a) every modification, amendment or other agreement relating to such lease, sublease,
subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and
observed by the other party thereto. 
 “Lease Guaranty Claim” shall have the meaning provided in
Section 5.1.25(d) hereof. 
 “Legal Requirements” shall mean, all federal, state, county, municipal and other
governmental statutes, laws, rules, policies, guidance, codes, orders, regulations, ordinances, covenants, conditions, restrictions, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the
construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto (including, without limitation, all Gaming Licenses
and Operating Permits), including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. For the avoidance of doubt,
the term “Legal Requirements” shall include, and be deemed to include, all applicable Gaming Laws and Liquor Laws. 

“Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns and,
for purposes of Sections 2.2.3(f)(iii), and 2.7 and 10.26 its participants. If the beneficial owner of the Loan for U.S. federal income tax purposes is a REMIC or a Grantor Trust, Lender shall mean the REMIC or Grantor Trust, as
applicable. 

  
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 “Letter of Credit” shall mean an irrevocable, unconditional, transferable, clean
sight draft letter of credit reasonably acceptable to Lender (either an evergreen letter of credit or one which does not expire until at least thirty (30) days after the Maturity Date or such earlier date as is thirty (30) days after such
letter of credit is no longer required pursuant to the terms of this Agreement) in favor of Lender and entitling Lender to draw thereon based solely on a statement executed by an officer of Lender stating that it has the right to draw thereon under
this Agreement in a location in the United States reasonably acceptable to Lender, issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution, and upon which letter of credit Lender shall have the right
to draw in full: (a) if Lender has not received at least thirty (30) days prior to the date on which the then outstanding letter of credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the
applicable letter of credit; (b) thirty (30) days prior to the date of termination following receipt of notice from the issuing financial institution that the applicable letter of credit will be terminated (unless a replacement Letter of Credit
is delivered prior to such date in accordance with the terms hereunder); and (c) thirty (30) days after the Lender has given notice to Borrower that the financial institution issuing the applicable letter of credit ceases to either be an
Eligible Institution or meet the rating requirement set forth above (unless a replacement Letter of Credit is delivered prior to such date in accordance with the terms hereunder). Borrower shall not have or be permitted to have any liability or
other obligations under any reimbursement agreement with respect to any Letter of Credit or otherwise in connection with any reimbursement to the Eligible Institution for draws on such Letter of Credit. Any Letters of Credit delivered hereunder
shall be treated as a contribution to Borrower accompanied by the execution and delivery of a contribution agreement with the party to such Letter of Credit and a waiver of subrogation to claims against Borrower. 

“Lien” shall mean, any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien, pledge, hypothecation,
assignment, security interest, PACE Loan, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“Liquor Authority” shall mean any Governmental Authority, whether now or hereafter in existence, or any officer or official
thereof, but only to the extent that such Governmental Authority, or any officer or official thereof, possesses the authority to regulate the sale, distribution and possession of alcoholic beverages at the Property. 

“Liquor Laws” shall mean all applicable federal, state and local statutes, laws, rules and regulations pursuant to which
Liquor Authorities possess regulatory, licensing or permit authority over the sale, distribution and possession of alcoholic beverages. 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgage, the Environmental Indemnity, the CPLV
Lease SNDA, the CPLV Lease Indemnity Agreement, the Subordination of Management Agreement, the Guaranty, the Lockbox Agreement, the Cash Management Agreement, the Collateral Assignment of Agreements, the Transition Services Agreement, the IP
Security Agreement, the Replacement Reserve Control Agreement, the 

  
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 Ground Rent Reserve Control Agreement, the Tax and Insurance Escrow Control Agreement and all other documents
executed and/or delivered by Borrower and/or Guarantor to Lender in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Loan-to-Value Ratio” shall mean, as of the
date of its calculation, the ratio of (a) the outstanding principal amount of the Loan as of the date of such calculation to (b) the fair market value of the Property (for purposes of the REMIC provisions, counting only real property and
excluding any personal property or going-concern value), as determined, in Lender’s reasonable discretion, by any commercially reasonable method permitted to a REMIC Trust. 

“Lockbox Account” shall have the meaning set forth in Section 2.7.1 hereof. 

“Lockbox Agreement” shall mean that certain Clearing Account Agreement, dated as of the date hereof, among Borrower, Lender,
and Lockbox Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Lockbox Account. 

“Lockbox Bank” shall mean the clearing bank which establishes, maintains and holds the Lockbox Account, which shall be an
Eligible Institution. 
 “Major Lease” shall mean any Lease, either individually or when taken together with any other
Lease with the same Tenant or its Affiliates, made with a Tenant that is paying base rent in an amount equal to or exceeding $50,000 per month. 

“Management Agreement” shall mean that certain Management and Lease Support Agreement (CPLV), dated as of the date hereof,
entered into by and between Borrower, Manager, CPLV Tenant and CPLV Lease Guarantor pursuant to which, among other things, Manager is to provide management and other services with respect to the Property, or, if the context requires, a Replacement
Management Agreement with a Qualified Manager entered into in accordance with the terms and provisions of this Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms
hereunder (but for the avoidance of doubt, for purposes hereunder, the Management Agreement shall not include the CPLV Lease Guaranty”) 

“Manager” shall mean CPLV Manager, LLC, or, if the context requires, a Qualified Manager who is managing the Property in
accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 
 “Market
Capitalization” means, with respect to any Person, an amount equal to (i) the total number of issued and outstanding shares of equity interests of such Person on the date of determination multiplied by (ii) the arithmetic mean of
the closing sale price per share of such equity interests as reported in composite transactions for the principal securities exchange on which such equity interests are traded for the thirty (30) consecutive trading days (excluding any such
trading day in which a material suspension or limitation was imposed on trading on such securities exchange) immediately preceding the date of determination. If such equity interests are not so traded, are not so reported or such Person’s
Market Capitalization is otherwise not readily observable, such Person’s “Market Capitalization” for purposes of this Agreement shall be its equity value based on a valuation by a valuation firm that is acceptable to Borrower, CPLV
Tenant and Lender and that is not an Affiliate of either Borrower or CPLV Tenant. 

  
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 “Material Adverse Effect” shall mean any event or condition (which, taken
together with any other existing events or conditions at such time) that has a material adverse effect on (a) the use or operation of the Property as a hotel and casino, or value of the Property or the CPLV Lease, (b) the ability of Borrower to
repay the principal and interest of the Loan as it becomes due or to satisfy any of Borrower’s other material obligations under the Loan Documents, (c) the Guarantor’s ability to perform its obligations under the Guaranty, or
(d) the enforceability or validity of any Loan Document, the perfection or priority of any Lien created under any Loan Document or the rights, interests and remedies of Lender under any Loan Document. 

“Material REOA” shall mean each of (i) that certain Second Amended and Restated Parking Agreement and Grant of
Reciprocal Easements and Declaration, dated as of February 7, 2002 and recorded as Document No. 1516 in Book 20031118 in the official records of Clark County, Nevada, as amended by that certain Assignment and Assumption of Second Amended and
Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants, dated as of November 14, 2003, that certain First Amendment to Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration
of Covenants, dated as of April 29, 2016 and recorded as Instrument No. 20160503-0002965 in the official records of Clark County, Nevada, and that certain Second Amendment to Second Amended and Restated Parking Agreement Grant of Reciprocal
Easements and Declaration of Covenants, dated as of the date hereof, and recorded in the official records of Clark County, Nevada on or about the date hereof, (ii) that certain Declaration of Covenants, Restrictions and Easements, dated as of
May 20, 2011, and recorded as Instrument No. 201105200002942 in the official records of Clark County, Nevada, as amended by that certain First Amendment to the Declaration of Covenants, Restrictions and Easements, dated as of October 11, 2013
and recorded as Instrument No. 201310110002342 in the official records of Clark County, Nevada, and (iii) any other REOA where the termination, loss or material modification of such REOA could reasonably be expected to result in a Material
Adverse Effect. 
 “Maturity Date” shall mean October 10, 2022, or such other date on which the final payment of principal
of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration or otherwise, or such other date on which the final payment of principal of the Note becomes due and payable as
therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 
 “Maximum Legal
Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the
other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 

“Mezzanine A Administrative Agent” shall mean Wilmington Savings Fund Society, FSB. 

  
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 “Mezzanine A Borrower” shall mean CPLV Mezz 1 LLC, a Delaware limited liability
company, together with its successors and permitted assigns. 
 “Mezzanine A Collateral Agent” shall mean Wilmington
Savings Fund Society, FSB. 
 “Mezzanine A Debt Service Payment Amount” shall mean, the “Monthly Debt Service Payment
Amount” as such term is defined in the Mezzanine A Loan Agreement. 
 “Mezzanine A Lender” shall mean, collectively,
the lenders from time to time party to the Mezzanine A Loan Agreement, together with their respective successors and assigns. 

“Mezzanine A Loan” shall mean that certain loan made as of the date hereof by Mezzanine A Lender to Mezzanine A Borrower in
the original principal amount of Two Hundred Million Dollars ($200,000,000.00). 
 “Mezzanine A Loan Agreement” shall mean
that certain Mezzanine A Loan Agreement, dated as of the date hereof, among Mezzanine A Borrower, Mezzanine A Administrative Agent, Mezzanine A Collateral Agent and Mezzanine A Lender, as the same may be amended, restated, replaced, supplemented or
otherwise modified, from time to time. 
 “Mezzanine A Loan Debt” shall mean “Debt” as defined in the Mezzanine A
Loan Agreement. 
 “Mezzanine A Loan Default” shall mean an “Event of Default” under the Mezzanine A Loan. 

“Mezzanine A Loan Documents” shall mean all documents evidencing the Mezzanine A Loan and all documents executed and/or
delivered by Mezzanine A Borrower and/or Guarantor to Mezzanine A Administrative Agent, Mezzanine A Collateral Agent and/or Mezzanine A Lender, as applicable, in connection therewith, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
 “Mezzanine B Administrative Agent” shall mean Wilmington Savings Fund Society,FSB.

 “Mezzanine B Borrower” shall mean CPLV Mezz 2 LLC, a Delaware limited liability company, together with its successors
and permitted assigns. 
 “Mezzanine B Collateral Agent” shall mean Wilmington Savings Fund Society, FSB. 

“Mezzanine B Debt Service Payment Amount” shall mean, the “Monthly Debt Service Payment Amount” as such term is
defined in the Mezzanine B Loan Agreement. 
 “Mezzanine B Lender” shall mean, collectively, the lenders from time to time
party to the Mezzanine B Loan Agreement, together with their respective successors and assigns. 

  
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 “Mezzanine B Loan” shall mean that certain loan made as of the date hereof by
Mezzanine B Lender to Mezzanine B Borrower in the original principal amount of Two Hundred Million Dollars ($200,000,000.00). 

“Mezzanine B Loan Agreement” shall mean that certain Mezzanine B Loan Agreement, dated as of the date hereof, among Mezzanine
B Borrower, Mezzanine B Administrative Agent, Mezzanine B Collateral Agent and Mezzanine B Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified, from time to time. 

“Mezzanine B Loan Debt” shall mean “Debt” as defined in the Mezzanine B Loan Agreement. 

“Mezzanine B Loan Default” shall mean an “Event of Default” under the Mezzanine B Loan. 

“Mezzanine B Loan Documents” shall mean all documents evidencing the Mezzanine B Loan and all documents executed and/or
delivered by Mezzanine B Borrower and/or Guarantor to Mezzanine B Administrative Agent, Mezzanine B Collateral Agent and/or Mezzanine B Lender in connection therewith, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
 “Mezzanine C Administrative Agent” shall mean Wilmington Savings Fund Society, FSB. 

“Mezzanine C Borrower” shall mean CPLV Mezz 3 LLC, a Delaware limited liability company, together with its successors and
permitted assigns. 
 “Mezzanine C Collateral Agent” shall mean Wilmington Savings Fund Society, FSB. 

“Mezzanine C Debt Service Payment Amount” shall mean, the “Monthly Debt Service Payment Amount” as such term is
defined in the Mezzanine C Loan Agreement. 
 “Mezzanine C Equity Conversion” shall mean the exchange of the Mezzanine C
Loan for common stock, par value $0.01 per share, in the REIT in accordance with the terms and provisions of the Mezzanine C Loan Documents. 

“Mezzanine C Lender” shall mean, collectively, the lenders from time to time party to the Mezzanine C Loan Agreement,
together with their respective successors and assigns. 
 “Mezzanine C Loan” shall mean that certain loan made as of the
date hereof by Mezzanine C Lender to Mezzanine C Borrower in the original principal amount of Two Hundred Fifty Million Dollars ($250,000,000.00). 

“Mezzanine C Loan Agreement” shall mean that certain Mezzanine C Loan Agreement, dated as of the date hereof, among Mezzanine
C Borrower, Mezzanine C Administrative Agent, Mezzanine C Collateral Agent and Mezzanine C Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified, from time to time. 

  
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 “Mezzanine C Loan Debt” shall mean “Debt” as defined in the Mezzanine
C Loan Agreement. 
 “Mezzanine C Loan Default” shall mean an “Event of Default” under the Mezzanine C Loan. 

“Mezzanine C Loan Documents” shall mean all documents evidencing the Mezzanine C Loan and all documents executed and/or
delivered by Mezzanine C Borrower and/or Guarantor to Mezzanine C Administrative Agent, Mezzanine C Collateral Agent and/or Mezzanine C Lender in connection therewith, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
 “Mezzanine Borrower” shall mean, collectively, Mezzanine A Borrower, Mezzanine B Borrower
and Mezzanine C Borrower, together with their respective successors and permitted assigns. 
 “Mezzanine Collateral” shall
mean, collectively, the “Collateral” as defined in each of the Mezzanine Loan Agreements. 
 “Mezzanine Debt Service
Amount” shall mean, collectively, the Mezzanine A Debt Service Payment Amount, the Mezzanine B Debt Service Payment Amount and the Mezzanine C Debt Service Payment Amount. 

“Mezzanine Lenders” shall mean, collectively, Mezzanine A Lender, Mezzanine B Lender and Mezzanine C Lender, together with
their respective successors and assigns. 
 “Mezzanine Loan Agreements” shall mean, collectively, the Mezzanine A Loan
Agreement, the Mezzanine B Loan Agreement and the Mezzanine C Loan Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine Loan Default” shall mean either a Mezzanine A Loan Default, a Mezzanine B Loan Default and/or a Mezzanine C Loan
Default. 
 “Mezzanine Loan Documents” shall mean, collectively, the Mezzanine A Loan Documents, the Mezzanine B Loan
Documents and the Mezzanine C Loan Documents, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine Loans” shall mean, collectively, the Mezzanine A Loan, the Mezzanine B Loan and the Mezzanine C Loan, to the
extent each of the same has not been repaid or satisfied, in full. 
 “Minimum Facilities Threshold” shall mean
(i) not less than 2,500 rooms, 100,000 square feet of casino floor containing no less than 1,300 slot machines and 100 gaming tables, (ii) revenue of no less than $75,000,000 per year is derived from high limit VVIP and international gaming
customers, (iii) extensive operated food and beverage outlets, and (iv) at least 1 large entertainment venue, provided, that clause (ii) of this definition may be satisfied if the manager has managed a property that satisfies
the requirements of such clause (ii) within the immediately preceding two (2) years. 

  
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 “Monthly Debt Service Payment Amount” shall mean, on each Payment Date, the
amount of interest which accrues on the Loan for the immediately preceding Accrual Period. 
 “Moody’s” shall mean
Moody’s Investors Service, Inc. 
 “Morningstar” shall mean Morningstar Credit Ratings, LLC, or any of its successors
in interest, assigns, and/or changed entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. 

“Mortgage” shall mean, that certain first priority Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and
Security Agreement and Fixture Filing, dated the date hereof, executed and delivered by Borrower to Lender as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time. 
 “Multiemployer Plan” shall mean a multiemployer plan, as defined in Section 3(37) or
Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower or Guarantor could have any obligation or liability, contingent or otherwise, including any liability on account of any ERISA Affiliate. 

“Multiple Employer Plan” shall mean a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is
maintained for employees of the Borrower, Guarantor or any ERISA Affiliate and at least one Person other than the Borrower, Guarantor and the ERISA Affiliates, or (b) was so maintained, and in respect of which the Borrower or Guarantor could
have liability under Sections 4062-4069 of ERISA in the event such plan has been or were to be terminated including any liability on account of an ERISA Affiliate. 

“Net Cash Flow” shall mean for an applicable period, the amount obtained by subtracting from EBITDAR each of (i) Ground
Rent and (ii) the amount required to be deposited into the Replacement Reserve Fund. 
 “Net Proceeds” shall have the
meaning set forth in Section 6.4(b) hereof. 
 “Net Proceeds Deficiency” shall have the meaning set forth in
Section 6.4(b)(vi) hereof. 
 “New Hotel Tower” shall have the meaning set forth in Section 0 hereof. 

“Note” shall mean, collectively, the Individual Notes. 

“O&M Program” shall have the meaning set forth in Section 5.1.19 hereof. 

“Obligations” shall mean Borrower’s obligation to pay the Debt and perform its obligations under the Note, this
Agreement and the other Loan Documents. 

  
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 “OFAC Searches” shall mean searches which confirm that any Person is not listed
as a designated Person on any lists maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or is not otherwise the subject of any economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by the U.S. Government or by other applicable sanctions authority. 
 “Officer’s Certificate” shall
mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of Borrower or the general partner, managing member or sole member of Borrower, as applicable and executed and delivered in their capacity as such authorized
officer. 
 “Operating Permits” shall have the meaning set forth in Section 4.1.41 hereof. 

“Other Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, and any other charges,
including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof. 

“Other Connection Taxes” means Section 2.8 Taxes imposed as a result of a present or former connection between Lender
and the jurisdiction imposing such Section 2.8 Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Loan or any Loan Document). 

“Other Obligations” shall have the meaning as set forth in the Mortgage. 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar
Section 2.8 Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document,
except any such Section 2.8 Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “PACE
Loan” shall mean (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the
purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property. 

“Participant Register” shall have the meaning set forth in Section 9.1.1(g) hereof. 

“Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several
states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under
(A) the criminal laws against terrorism, (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the USA Patriot Act.
“Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

  
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 “Payment Date” shall mean the tenth (10th) day of each calendar month during the
term of the Loan, or if such date is not a Business Day, the immediately preceding Business Day. 
 “PBGC” shall have the
meaning assigned to that term in the definition of ERISA Event. 
 “Permitted Encumbrances” shall mean, collectively,
(a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes and Other Charges imposed by any Governmental
Authority not yet due or delinquent or that are being contested in good faith and by appropriate proceedings in accordance with this Agreement and the other Loan Documents, (d) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances recorded against the Property from time to time that do not have a Material Adverse Effect,
(e)with respect to the Mezzanine Loans, the Liens and security interests created by the Mezzanine Loan Documents, (f) with respect to CPLV Tenant’s leasehold interest in the Property and its personal property, any liens and security
interests created in connection with any financing or loan to CPLV Tenant or its Affiliates in accordance with the terms and conditions of the CPLV Lease and, as applicable, the terms hereunder, (g) any worker’s, mechanic’s or other
similar Liens on the Property that do not have a Material Adverse Effect, provided, that any such Lien is bonded over or insured or discharged within sixty (60) days of their filing or are being contested in accordance with the Loan
Documents (or which are being contested by CPLV Tenant in accordance with the CPLV Lease and the CPLV Lease SNDA), (h) Liens relating to customary purchase money security interests of sellers of goods that satisfy the conditions set forth in the
definition of Permitted Indebtedness, (i) Liens securing Permitted Equipment Leases, (j) Leases with Tenants, without any option to purchase, in effect on the date of this Agreement or otherwise entered into in accordance with this Agreement
and (k) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole and reasonable discretion, which Permitted Encumbrances in the aggregate do not materially adversely affect the value or use
of the Property or Borrower’s ability to repay the Loan. 
 “Permitted Equipment Leases” shall mean equipment or
personal property financing that is (a) entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business, (b) related to Personal Property which is (i) used in connection with the
operation and maintenance of the Property in the ordinary course of Borrower’s business and (ii)readily replaceable without material interference or interruption to the operation of the Property and (c) which is secured only by the
financed equipment or Personal Property. 
 “Permitted Equipment Transfer” shall mean the Transfer of FF&E and/or
Personal Property that is either being replaced in the ordinary course of business, taking into consideration FF&E and/or Personal Property at the Property as a whole, with Personal Property of equal or better quality or that is no longer
necessary in the ordinary course of business in connection with the operation of the Property, provided such Transfer (taking into account any replacement of such FF&E and/or Personal Property) will not materially and adversely affect the value,
use or operation of the Property. 

  
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 “Permitted Indebtedness” shall have the meaning assigned to that term in clause
(xxiii) of the definition of “Single Purpose Entity.” 
 “Permitted Investments” shall mean any one or more
of the following obligations or securities acquired at a purchase price of not greater than par, including those issued by Servicer, or any certificate administrator under any Securitization or any of their respective Affiliates, payable on demand
or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(i) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States
of America, Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date
of acquisition; provided that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal or
qualification of the then-current rating assigned by each Approved Rating Agency to any Securities as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct or fully guaranteed obligations), U.S.
Department of Housing and Urban Development public housing agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt
obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System consolidated system-wide bonds and notes, Federal Home Loan Banks’ consolidated
debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations (1) rated at least “A-1” by S&P, if such obligations mature in sixty (60) days or less, or rated at least
“AA-”, “A-1+” or “AAAm” by S&P, if such obligations mature in 365 days or less and (2)(A) if it has a term of thirty (30) days or
less, the short-term obligations of which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it has a term of three (3) months
or less, but more than thirty (30) days, the short-term obligations of which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which are rated at least “A1” by Moody’s,
(C) if it has a term of six (6) months or less, but more than three (3) months, the short-term obligations of which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which are rated
at least “Aa3” by Moody’s, and (D) if it has a term of more than six (6) months, the short-term obligations of which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which
are rated “Aaa” by Moody’s; 
 (ii) federal funds, unsecured certificates of deposit, time deposits,
banker’s acceptances, and repurchase agreements having maturities of not more than 90 days of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the short-term debt
obligations of which are rated (a) “A-1+” (or the equivalent) by S&P and, if it has a term in excess of three months, the long-term debt obligations of which are rated “AAA” (or the
equivalent) by S&P, and that (1) is at least “adequately capitalized” (as defined in the regulations of its 

  
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 primary Federal banking regulator) and (2) has Tier 1 capital (as defined in such
regulations) of not less than $1,000,000,000, (b) in one of the following Moody’s rating categories: (1) for maturities less than one month, a long-term rating of “A2” or a short- term rating of
“P-1”, (2) for maturities between one and three months, a long-term rating of “A1” and a short-term rating of “P-1”, (3) for maturities
between three months to six months, a long-term rating of “Aa3” and a short-term rating of “P-1” and (4) for maturities over six months, a long-term rating of “Aaa” and a
short-term rating of “P-1”, or such other ratings as confirmed in a Rating Agency Confirmation and (c) in one of the following DBRS rating categories: (1) for maturities less than three
months, a short term rating by DBRS of R-1 (high) and (2) for maturities greater than three months, a long-term rating by DBRS of AAA; 

(iii) deposits that are fully insured by the Federal Deposit Insurance Corp. (“FDIC”); 

(iv) commercial paper rated (a) “A–1+” (or the equivalent) by S&P and having a maturity of not more than 90
days, (b) in one of the following Moody’s rating categories: (i) for maturities less than one month, a long-term rating of “A2” or a short-term rating of “P-1”, (ii) for
maturities between one and three months, a long-term rating of “A1” and a short-term rating of “P-1”, (iii) for maturities between three months to six months, a long-term rating of
“Aa3” and a short-term rating of “P-1” and (iv) for maturities over six months, a long-term rating of “Aaa” and a short-term rating of
“P-1” and (c) in one of the following DBRS rating categories: (i) for maturities less than six months, a short-term rating by DBRS of R-1(high) and
for maturities greater than six months, a long-term rating by DBRS of AAA; 
 (v) any money market funds that (a) has
substantially all of its assets invested continuously in the types of investments referred to in clause (i) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from S&P and Moody’s;
and 
 (vi) such other investments as to which each Approved Rating Agency shall have delivered a Rating Agency Confirmation.

 Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with the S&P’s “r”
symbol (or any other Approved Rating Agency’s corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of market risk), as well as any mortgage-backed securities and any
security of the type commonly known as “strips”; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change; (iii) shall only include instruments that
qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the Code); and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provides a
yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any),
and move proportionately with that index. No investment shall be made which requires a payment above par for an obligation if the obligation may be prepaid at the option of 

  
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 the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon the option of the
holder thereof on or prior to the earlier of (x) three months from the date of their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder. 

“Permitted Prepayment Date” shall mean the second (2nd) anniversary of the first Payment Date. 

“Permitted Par Prepayment Date” shall mean the Payment Date which is three (3) months prior to the Maturity Date. 

“Permitted Transfer” shall mean any of the following: (a) any transfer, directly as a result of the death of a natural
person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the legal
incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c)    Permitted
Encumbrances, (d) Permitted Indebtedness (e) any Transfer permitted pursuant to Section 5.2.10(d) hereof without the consent of Lender and (f) any Permitted Equipment Transfer. 

“Person” shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Personal Property” shall have the meaning set forth in the granting clause of the Mortgage. 

“Plan” shall mean a Single Employer Plan, a Multiple Employer Plan or a Multiemployer Plan. 

“Plan Asset Regulations” shall have the meaning set forth in Section 5.2.9(b)(i) hereof. 

“Plan Assets” shall mean “plan assets” as defined in the Plan Asset Regulations. 

“Policies” shall have the meaning set forth in Section 6.1(b) hereof. 

“Policy” shall have the meaning set forth in Section 6.1(b) hereof. 

“Prepayment Rate” shall mean the bond equivalent yield (in the secondary market) on the United States Treasury Security that
as of the Prepayment Rate Determination Date has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,”
or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select. 

  
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 “Prepayment Rate Determination Date” shall mean the date which is five
(5) Business Days prior to the date that such prepayment shall be applied in accordance with the terms and provisions of Section 2.4.1 hereof. 

“Principal” shall mean the Special Purpose Entity that is the general partner of Borrower, if Borrower is a limited
partnership, or managing member of Borrower, if Borrower is a limited liability company other than a single-member Delaware limited liability company. For the avoidance of doubt, as of the Closing Date there is no Principal. 

“Priority Waterfall Payments” shall mean the payments described in Section 3.5(b)(i) of the Cash Management
Agreement for payment of the Monthly Debt Service Payment Amount and the Mezzanine Debt Service Amount. 
 “Priority Waterfall
Cessation Event” shall mean (a) the occurrence of any Event of Default (other than a CPLV Lease Default) or (b) the expiration of the applicable cure period for any CPLV Lease Default in accordance with Section 8.3. 

“Prohibited Transaction” has the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the
Code. 
 “Property” shall mean the parcel of real property, the Improvements thereon and all personal property owned by
Borrower (or leased pursuant to a Ground Lease) and encumbered by the Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clauses of the Mortgage and referred to therein as
the “Property”. 
 “Property Revenue” shall mean the net sum of the following, without duplication, over the
applicable time period of measurement: (i) the amount received by CPLV Tenant (and its Subsidiaries) from patrons at the Facility for gaming, less, (A) to the extent otherwise included in the calculation of Property Revenue, refunds and
free promotional play provided pursuant to a rewards, marketing, and/or frequent users program (including rewards granted by Affiliates of CPLV Tenant) and (B) amounts returned to patrons through winnings at the Facility (the net amount
described in this clause (i), “Gaming Revenues”); plus (ii) the gross receipts of CPLV Tenant (and its Subsidiaries) for all goods and merchandise sold, room revenues derived from hotel operations, food and
beverages sold, the charges for all services performed, or any other revenues generated by or otherwise payable to CPLV Tenant (and its Subsidiaries) (including, without limitation, use fees, retail and commercial rent, revenue from rooms,
accommodations, food and beverage, and the proceeds of business interruption insurance) in, at or from the Facility for cash, credit or otherwise (without reserve or deduction for uncollected amounts), but excluding pass-through revenues collected
by Tenant to the extent such amounts are remitted to the applicable third party entitled thereto (the net amounts described in this clause (ii), “Retail Sales”); less (iii) to the extent otherwise included in the
calculation of Property Revenue, the retail value of accommodations, merchandise, food and beverage and other services furnished to guests of CPLV Tenant at the Property without charge or at a reduced charge (and, with respect to a reduced charge,
such reduction in Property Revenue shall be equal to the amount of the reduction of such charge otherwise included in Property Revenue). 

  
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 “Provided Information” shall mean any and all financial and other information
provided to Lender at any time prepared by, at the direction of, Borrower, Mezzanine Borrower, or Guarantor with respect to the Property, any other Collateral, Borrower, Mezzanine Borrower, Guarantor, CPLV Lease Documents, CPLV Trademark Agreements,
CPLV Tenant, CPLV Lease Guarantor and/or Manager. For the avoidance of doubt, any information in the environmental reports, appraisals and property conditions reports that were commissioned by Lender (other than any information in such reports or
appraisals that was provided to Lender by or on behalf of the Borrower) shall not constitute the Provided Information. 
 “Public
Vehicle” shall mean a Person (i) whose securities are listed and traded on the New York Stock Exchange or NASDAQ, AMEX, the Frankfurt Stock Exchange, the London Stock Exchange, Euronext or Luxembourg Stock Exchange and shall include a
majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of its business or (ii) for whom voting equity securities representing sufficient voting power to elect a
majority of such Person’s directors are registered with the Securities and Exchange Commission pursuant to Section 12 of the Exchange Act. 

“Qualified CPLV Replacement Guarantor” means any Person that satisfies the following requirements: 

(a) such Person shall Control or be under common Control with the Qualified CPLV Tenant Transferee; 

(b) such Person shall be solvent and have a Market Capitalization (exclusive of the Property) in an amount of not less than
$4,000,000,000; 
 (c) such Person (i) in the case of a Person with a Market Capitalization of less than $8,000,000,000,
has a Total Leverage Ratio of less than or equal to 6.25:1.00 and a Total Net Leverage Ratio of less than or equal to 5.25:1.00, in each case, immediately before giving effect to the Transfer or (ii) in the case of a Person with a Market
Capitalization greater than or equal to $8,000,000,000.00, has a Total Leverage Ratio of less than or equal to 7.25:1.00 and a Total Net Leverage Ratio of less than or equal to 6.25:1.00, in each case, immediately before giving effect to the
Transfer; and 
 (d) such Person and its equity holders shall satisfy and comply with all customary “know your
customer” requirements of Lender. 
 “Qualified CPLV Tenant Transferee” means any Person that satisfies the following
requirements: 
 (a) such transferee: 

(1) has, collectively with the Qualified CPLV Replacement Guarantor, a Market Capitalization (exclusive of the Property) in an
amount of no less than $4,000,000,000; 
 (2) has or is Controlled by a Person that has demonstrated expertise in owning or
operating real estate or gaming properties; and 

  
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 (3) (x) shall Control CPLV Tenant and (y) shall Control, be Controlled by or
be under common Control with Qualified CPLV Replacement Guarantor; 
 (b) the transferee and any other Affiliates to the
extent required under applicable law are licensed, registered and/or otherwise found suitable by applicable Gaming Authorities and hold all required Gaming Licenses to operate the Property as a casino resort property in accordance with the terms of
this Agreement; 
 (c) the transferee has not been the subject of a material governmental or regulatory investigation which
resulted in a conviction for criminal activity involving moral turpitude or that has not been found liable pursuant to a non-appealable judgment in a civil proceeding for attempting to hinder, delay or defraud
creditors; 
 (d) the transferee has never been convicted of, or pled guilty or no contest to, a Patriot Act Offense and is
not on any Government List; 
 (e) the transferee has not been the subject of a voluntary or involuntary (to the extent the
same has not been discharged) bankruptcy proceeding during the prior five (5) years from such date of determination; 

(f) the transferee is not and, is not Controlled by, an Embargoed Person or a person that has been found
“unsuitable,” for any reason, by any applicable Gaming Authority; and 
 (g) the transferee and its equity holders
shall satisfy and comply with all customary “know your customer” requirements of Lender. 
 “Qualified Manager”
shall mean either (a) Manager or (b) a Qualified Replacement Manager. 
 “Qualified Replacement Manager” shall
mean either (a) an organization which manages (or is under the Control of or common Control of an Affiliate that manages) a casino resort property (other than the Property) that (i) satisfies the Minimum Facilities Threshold, (ii) has
gross revenues of not less than $750,000,000 per year for each of the preceding three (3) years as of the date of determination, and (iii) on the date of determination, is at least of comparable standard of quality as the Property (by way
of example only, and without limitation, as of the Closing Date, each of the following casino resort properties satisfies the requirements of clause (iii) of the foregoing sentence: Bellagio, Aria, Venetian (Las Vegas), Palazzo, Wynn (Las
Vegas), Encore, City of Dreams (Macau), Galaxy Macau, Sands Cotai, Venetian Macau, MGM Grand Macau, Wynn Macau, and Marina Bay Sands (Singapore)), or (b) any management company set forth on Schedule 1.1 hereof or (c) any other
management company approved by Lender, in its reasonable discretion, for which if required by Lender, Borrower shall have obtained a Rating Agency Confirmation from the Approved Rating Agencies with respect to such Manager, provided, in each
case, if such Person is an Affiliate of Borrower, if required by Lender, Borrower shall have obtained an Additional Insolvency Opinion. At the time of appointment, such organization (1) shall not be subject to any Bankruptcy Action,
(2) shall have never been convicted of, or pled guilty or no contest to, a Patriot Act Offense and shall not be listed in any Government List, (3) shall not be, and shall not be Controlled by, an Embargoed 

  
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 Person or a Person that has been found “unsuitable,” for any reason, by any applicable Gaming
Authority, (4) shall have not been the subject of a material governmental or regulatory investigation which resulted in a conviction for criminal activity involving moral turpitude, (5) shall have not been found liable pursuant to a non-appealable judgment in a civil proceeding for attempting to hinder, delay or defraud creditors, and (6) shall have all required licenses and approvals required under applicable law, including all Gaming
Licenses for itself, its officers, directors and Affiliates required to manage and operate the Property in accordance with the terms hereunder and the Replacement Management Agreement (if any). 

“Radius” shall have the meaning set forth in Section 6.1(c) hereof. 

“Rating Agencies” shall mean each of S&P, Moody’s, Fitch and Morningstar or any other nationally recognized
statistical rating agency, which has assigned a rating to the Securities. 
 “Rating Agency Confirmation” shall mean,
collectively, a written affirmation from each of the Approved Rating Agencies that the credit rating of the Securities given by such Approved Rating Agency of such Securities immediately prior to the occurrence of the event with respect to which
such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Approved Rating Agency’s sole and absolute discretion. In
the event that, at any given time, no Approved Rating Agency has elected to consider whether to grant or withhold such an affirmation and Lender does not otherwise have an approval right with respect to such event, then the term Rating Agency
Confirmation shall be deemed instead to require the written reasonable approval of Lender based on its good faith determination of whether the Approved Rating Agencies would issue a Rating Agency Confirmation, provided that the foregoing
shall be inapplicable in any case in which Lender has an independent approval right in respect of the matter at issue pursuant to the terms of this Agreement. 

“Register” shall have the meaning set forth in Section 9.1.1(f) hereof. 

“REIT” shall mean VICI Properties Inc., or any successor thereto by merger or otherwise by operation of law. 

“Release” of any Hazardous Substance shall mean any release, deposit, discharge, emission, leaking, spilling, seeping,
migrating, injecting, pumping, pouring, emptying, escaping, dumping or disposing or other movement of Hazardous Substances into or through the environment. 

“Remediation” shall mean any response, remedial, removal, or corrective action with respect to any Hazardous Substance, any
activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to correct any noncompliance with any Environmental
Laws or with any permits issued pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

  
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 “REMIC Trust” shall mean a “real estate mortgage investment conduit”
within the meaning of Section 860D of the Code that holds the Note or a portion thereof. 
 “Rents” shall mean,
without duplication, all rents (including percentage rents), rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses),
income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other
agreement relating to the Property, including, without limitation, charges for electricity, oil, gas, water, steam, heat, ventilation, air-conditioning and any other energy, telecommunication, telephone,
utility or similar items or time use charges, HVAC equipment charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses or other reimbursables payable to the lessor under any lease, and
other consideration of whatever form or nature, in each case, that are received by or paid to or for the account of or benefit of Borrower, CPLV Tenant or its respective agents or employees from any and all sources arising from or attributable to
the Property, and proceeds, if any, from business interruption or other loss of income or insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars, meeting rooms,
banquet rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant
of the right of the use and occupancy of property or rendering of services by Borrower, CPLV Tenant or any operator or manager of the hotel or the commercial space located in the Improvements or acquired from others (including, without limitation,
from the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food
and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption or other loss of income insurance. 

“REOA” shall mean any declaration of covenants, restrictions, easements, charges and liens, any construction, operation and
reciprocal easement agreement, any covenants, conditions and restrictions or easement agreement or similar agreement to which the Property is, or shall in the future become, bound or to which Borrower is a party or to which it is, or shall in the
future become, bound (including any separate agreement or other agreement between Borrower and one or more other parties to an REOA with respect to such REOA and all covenants, agreements, restrictions and encumbrances contained in any instruments
of record at any time in force affecting Borrower, the Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way
limit the use and enjoyment thereof) affecting the Property or portion thereof, including, without limitation, each Material REOA. 

“Replacement Management Agreement” shall mean, collectively, (a) a management agreement with a Qualified Manager, which
management agreement shall be (i) if Qualified Replacement Manager is an Affiliate of the Qualified CPLV Replacement Guarantor, in substantially the same form and substance as the Management Agreement as of the date hereof or in form and
substance reasonably acceptable to Lender, or (ii) if Qualified Manager is not an Affiliate of the Qualified CPLV Replacement Guarantor, reasonably acceptable to Lender in 

  
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form and substance, (b) subordination of the management agreement (but not any fees, reimbursements or other amounts payable thereunder if the related Replacement Management Agreement is
with a third party manager and not any reimbursements or similar amounts if the related Replacement Management Agreement is with an Affiliate of the Qualified CPLV Replacement Guarantor) substantially in the form then used by Lender (or in such
other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower, CPLV Tenant or Qualified CPLV Tenant Transferee (as applicable) and such Qualified Manager at Borrower’s expense and (c) a transition
services agreement with such Qualified Manager, in form and substance reasonably acceptable to Lender (or if the Qualified Replacement Manager is an Affiliate of the Qualified Replacement Guarantor, a transition services agreement in substantially
the same form and substance as the Transition Services Agreement or otherwise in form and substance reasonably acceptable to Lender). 

“Replacement Reserve Account” shall have the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Control Agreement” shall mean that certain account control agreement, to be entered into among CPLV
Tenant, Borrower, Lender, the Eligible Institution holding the Replacement Reserve Account and the other parties thereto, to be in form and substance reasonably satisfactory to CPLV Tenant, Borrower and Lender, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Replacement Reserve Account. 

“Replacement Reserve Fund” shall have the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Monthly Deposit” shall mean an amount equal to 1/12th of the sum of (a) five percent (5%) of
Property Revenue from guest rooms and Food and Beverage Operations for the calendar year prior to the calendar year in which the applicable deposit to the Replacement Reserve Fund is to be made and (b) two percent (2%) of all other Property
Revenue for the calendar year prior to the calendar year in which the applicable deposit to the Replacement Reserve Fund is to be made, provided that the amount of the Replacement Reserve Monthly Deposit shall be deemed to be $3,186,001 for each of
the initial five Payment Dates following the Closing Date.”. 
 “Replacement Structure” shall have the meaning set
forth in Article XXI of the Management Agreement. 
 “Replacements” shall have the meaning set forth in
Section 7.3.1 hereof. 
 “Required DSCR” shall mean, a Debt Service Coverage Ratio, as reasonably determined by
Lender, equal to (a) prior to the Mezzanine C Equity Conversion, the foreclosure or acceptance of an assignment-in-lieu of foreclosure or the repayment in full of
the Mezzanine C Loan, 1.80 to 1.00, (b) on and after the Mezzanine C Equity Conversion, the foreclosure or acceptance of an assignment-in-lieu of foreclosure or the
repayment in full of the Mezzanine C Loan, 2.18 to 1.00, (c) on and after the foreclosure or acceptance of an assignment-in-lieu of foreclosure or the repayment in full
of the Mezzanine B Loan, 2.58 to 1.00, or (d) on and after the foreclosure or acceptance of an assignment-in-lieu of foreclosure or the repayment in full of the
Mezzanine A Loan, 3.03 to 1.00. 

  
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 “Required Repairs” shall have the meaning set forth in
Section 5.1.34 hereof. 
 “Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Fund, the
Replacement Reserve Fund, the Excess Cash Flow Reserve Fund, the Ground Rent Reserve Fund and any other escrow fund established by the Loan Documents. 

“Restoration” shall mean the repair and restoration of the Property (or the applicable portion thereof, as applicable) after
(i) a Casualty to substantially the same condition as existed immediately before such Casualty, and (ii) a Condemnation, as nearly as possible to the condition as the Property existing immediately prior to such Condemnation (subject to
Legal Requirements and taking into account the taken portion of the Property), in each case, with such other alterations as may be reasonably approved by Lender. 

“Restricted Party” shall mean collectively, (a) Borrower, Mezzanine Borrower, Guarantor, any direct or indirect legal or
beneficial owner of Borrower that is a direct or indirect subsidiary of the REIT and (b) any shareholder, partner, member, non-member manager, any direct or indirect legal or beneficial owner of,
Borrower, Mezzanine Borrower, Guarantor, any Affiliated Manager or any non-member manager but, with respect to clause (b), excluding (x)    any shareholder or owner of any direct or
indirect legal or beneficial interest in the REIT, (y) any shareholders or owners of stock or equity interests in a Public Vehicle or that are otherwise publicly traded on any nationally or internationally recognized stock exchange or
(z) any Public Vehicle. 
 “S&P” shall mean Standard & Poor’s Ratings Services. 

“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of
option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 
 “Satisfactory Search
Results” shall mean the results of credit history check, litigation, lien, bankruptcy, judgment and other similar searches with respect to the applicable transferee and its applicable Affiliates, in each case, (i) revealing no matters
which would have a Material Adverse Effect; and (ii) demonstrating that any transferee is not an Embargoed Person. 

“Section 2.8 Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Securities” shall have the meaning set forth in Section 9.1 hereof. 

“Securities Act” shall have the meaning set forth in Section 9.2 hereof. 

“Securitization” shall have the meaning set forth in Section 9.1 hereof. 

“Servicer” shall have the meaning set forth in Section 9.5 hereof. 

  
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 “Severed Loan Documents” shall have the meaning set forth in
Section 8.2(c) hereof. 
 “Single Employer Plan” shall mean a single employer plan, as defined in
Section 3(41) or Section 4001(a)(15) of ERISA, as applicable, that (a) is maintained for employees of the Borrower, Guarantor or any ERISA Affiliate and no Person other than the Borrower, Guarantor and the ERISA Affiliates, or
(b) was so maintained, and in respect of which the Borrower, the Guarantor or any ERISA Affiliate could have liability under Sections 4062-4069 of ERISA in the event such plan has been or were to be terminated. 

“Special Purpose Entity” shall mean a limited partnership or limited liability company that, since the date of its formation
and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do otherwise from Lender or a permitted administrative agent thereof, or,
while the Loan is securitized, a Rating Agency Confirmation from each of the Approved Rating Agencies, and an Additional Insolvency Opinion, in each case: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, developing, owning,
holding, selling, leasing, transferring, exchanging, managing and operating the Property, entering into and performing its obligations under the Loan Documents with Lender, entering into and performing under and enforcing the CPLV Lease and the
Management Agreement, refinancing the Property in connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (B) in the case of a Principal,
acting as a general partner of the limited partnership that owns the Property or as member of the limited liability company that owns the Property and in each case transacting lawful business that is incident, necessary and appropriate to accomplish
the foregoing; 
 (ii) has not engaged and shall not engage in any business unrelated to (A) in the case of Borrower,
the acquisition, development, leasing, ownership, management or operation, exchange or transfer of the Property, or (B) in the case of Principal, acting as general partner of the limited partnership that owns the Property or acting as a member
of the limited liability company that owns the Property, as applicable; 
 (iii) has not owned and shall not own any real
property other than the Property; 
 (iv) does not have and shall not have any assets other than (A) in the case of
Borrower, the Property and personal property necessary or incidental to its acquisition, development, leasing, management, exchange, transfer, ownership or operation of the Property or (B) in the case of a Principal, its partnership interest in
the limited partnership or the membership interest in the limited liability company that owns the Property and personal property necessary or incidental to its ownership of such interests; 

(v) has not engaged in, sought, consented to or permitted and shall not engage in, seek, consent to or permit (A) any
dissolution, winding up, liquidation, consolidation or merger or (B) any sale or other transfer of all or substantially all of its assets or any sale of assets outside the ordinary course of its business, except as permitted by the Loan
Documents; 

  
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 (vi) shall not cause, consent to or permit any amendment of its limited
partnership agreement, articles of organization, certificate of formation, operating agreement or other formation document or organizational document (as applicable) with respect to the matters set forth in this definition; 

(vii) if such entity is a limited partnership, has and shall have at least one general partner and has and shall have, as its
only general partners, Special Purpose Entities each of which (A) is a corporation or single-member Delaware limited liability company, (B) has two (2) Independent Directors, and (C) holds a direct interest as general partner in
the limited partnership of not less than 0.5%; 
 (viii) reserved; 

(ix) if such entity is a limited liability company (other than a limited liability company meeting all of the requirements
applicable to a single-member limited liability company set forth in this definition of “Special Purpose Entity”), has and shall have at least one (1) member that is a Special Purpose Entity, that is a single-member limited liability
company, that has at least two (2) Independent Directors and that directly owns at least one-half-of-one percent (0.5%) of
the equity of the limited liability company; 
 (x) if such entity is a single-member limited liability company, (A) is
and shall be a Delaware limited liability company, (B) has and shall have at least two (2) Independent Directors serving as managers of such company, (C) shall not take any Bankruptcy Action and shall not cause or permit the members
or managers of such entity to take any Bankruptcy Action, unless two (2) Independent Directors then serving as managers of the company shall have participated consented in writing to such action, and (D) has and shall have either (1) a
member which owns no economic interest in the company, has signed the company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity that is not a
member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last
remaining member of the company; 
 (xi) has not and shall not (and, if such entity is (a) a limited liability company,
has and shall have a limited liability agreement or an operating agreement, as applicable, or (b) a limited partnership, has a limited partnership agreement, that, in each case, provide that such entity shall not) (1) dissolve, merge,
liquidate, consolidate; (2) sell all or substantially all of its assets; (3) amend its organizational documents with respect to the matters set forth in this definition without the consent of Lender; or (4) without the affirmative
vote of two (2) Independent Directors of itself or the consent of a Principal that is a member or general partner in it, take any Bankruptcy Action; 

  
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 (xii) shall at all times intend to remain solvent and intend to pay its debts and
liabilities (including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due, and shall 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; provided, however, that the foregoing shall not require any direct or indirect member, or other interest holder, of
such Person to make any capital contribution for such purpose; 
 (xiii) shall not fail to use commercially reasonable
efforts to correct any known misunderstanding regarding the separate identity of such entity and shall not identify itself as a division of any other Person; 

(xiv) shall maintain its bank accounts, books of account, books and records separate from those of any other Person and, to the
extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that it (A) is required by law or does file consolidated tax returns, (B) only files an information
return or (C) is treated as a disregarded entity for federal or state tax purposes; 
 (xv) has maintained and shall
maintain its own records, books, resolutions and agreements; 
 (xvi) has not commingled and shall not commingle its funds or
assets with those of any other Person and has not participated and shall not participate in any cash management system with any other Person (other than the cash management system established pursuant to the Loan Documents), provided that
funds and assets of Borrower and of its direct or indirect members, partners or other interest-holders may be paid as distributions to their respective equity owners and their respective owners may make capital contributions to Borrower; 

(xvii) has held and shall hold its assets in its own name; 

(xviii) has conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other
than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof,
under such business management services agreement holds itself out as an agent of Borrower; 
 (xix) (A) has maintained and
shall maintain its financial statements, accounting records and other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from those
of any other Person; and (C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP or the Uniform System of Accounts; provided,
however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose
Entity’s liabilities do not constitute obligations of the consolidated entity; 

  
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 (xx) has paid and intends to pay its own liabilities and expenses, including the
salaries of its own employees, only out of its own funds and assets, and has maintained and intends to maintain a sufficient number of employees in light of its contemplated business operations(it being acknowledged that Borrower presently has no
employees), provided, that the foregoing shall not require any direct or indirect member, or other interest holder, of such Person to make any capital contribution for such purpose; 

(xxi) has observed and shall observe all partnership, corporate or limited liability company formalities necessary to maintain
its separate existence, as applicable; 
 (xxii) Reserved; 

(xxiii) shall have no Indebtedness other than (i) the Loan, (ii) liabilities incurred in the ordinary course of
business relating to the ownership and operation of the Property and the routine administration of Borrower (including Permitted Equipment Leases), in amounts not to exceed 2% of the original principal amount of the Loan which liabilities are not
more than sixty (60) days past the date due (unless being contested in accordance with the terms of the Loan Documents) and are not evidenced by a note, and which amounts are normal and reasonable under the circumstances, and (iii) such
other liabilities that are permitted pursuant to this Agreement (the items described in clauses (i), (ii), and (iii), collectively, “Permitted Indebtedness”); 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of
any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets to secure the obligations of any other Person; 

(xxv) has not acquired and shall not acquire obligations or securities of its partners, members or shareholders or any other
owner or Affiliate; 
 (xxvi) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared
with any of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by any
employee of an Affiliate; 
 (xxvii) with respect to Borrower, has maintained and used and shall maintain and use separate
stationery, invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) reserved; 

  
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 (xxix) has held itself out and identified itself and shall hold itself out and
identify itself as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person except for services rendered under a
business management services agreement with an Affiliate, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

(xxx) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person; 
 (xxxi) has not made and shall not make loans
to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such
entity); 
 (xxxii) has not identified and shall not identify its partners, members or shareholders, or any Affiliate of any
of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

(xxxiii) other than capital contributions and distributions permitted under the terms of its organizational documents, has not
entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable
and comparable to those of an arm’s-length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners,
officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its cash flow is insufficient to pay the
Debt; 
 (xxxv) reserved; 

(xxxvi) has not had and shall not have any of its obligations guaranteed by any Affiliate except as provided by the Loan
Documents with respect to the Guaranty and Environmental Indemnity; 
 (xxxvii) has not formed, acquired or held and shall
not form, acquire or hold any subsidiary, except that, if applicable, Principal may acquire and hold its interest in Borrower; 

(xxxviii) has complied and shall comply with all of the terms and provisions contained in its organizational documents
necessary to maintain its separate existence (provided that Borrower and Principal may be entities disregarded as separate from its respective tax owners under applicable tax law); 

  
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 (xxxix) has conducted and shall conduct its business so that each of the
assumptions made about it and each of the facts stated about it in the Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true; and 

(xl) has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts. 

“Starr” shall have the meaning set forth in Section 6.1(b) hereof. 

“State” shall mean, the State or Commonwealth in which the Property or any part thereof is located. 

“Subordination of Management Agreement” shall mean that certain Subordination and
Non-Disturbance Agreement, dated as of the date hereof, among Lender, Borrower, CPLV Tenant and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 “Survey” shall mean a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and
the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 

“Tax Distribution” shall mean, for so long as the Borrower is treated as a partnership or disregarded entity for federal
income tax purposes, distributions no more frequently than quarterly equal to (A) the product of (i) the aggregate amount of net taxable income that has been accrued by the Borrower from the date hereof and (ii) the highest aggregate
U.S. federal, state, and local marginal income tax rate in effect for individuals resident in New York, New York, taking into account the deductibility, if any, of state and local income taxes for federal income tax purposes, minus (B) any Tax
Distributions previously made by the Borrower. 
 “Tax and Insurance Reserve Account” shall have the meaning set forth in
Section 7.2 hereof. 
 “Tax and Insurance Reserve Control Agreement” shall mean that certain
account control agreement, to be entered into among CPLV Tenant, Borrower, Lender, the Eligible Institution holding the Tax and Insurance Reserve Account and the other parties thereto, to be in form and substance reasonably satisfactory to Borrower,
CPLV Tenant and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Tax and Insurance Reserve Account. 

“Tax and Insurance Escrow Fund” shall have the meaning set forth in Section 7.2 hereof. 

“Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter
levied or assessed or imposed against the Property or part thereof. In no event shall any PACE Loan be considered Taxes for purposes of this Agreement. 

“Tenant” means the lessee of all or a portion of the Property under a Lease. 

  
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 “Terrorism Premium Cap” shall have the meaning set forth in
Section 6.1(a) hereof. 
 “Threshold Amount” shall have the meaning set forth in Section 5.1.21
hereof. 
 “Title Insurance Policy” shall mean the mortgagee title insurance policy issued with respect to the Property and
insuring the lien of the Mortgage. 
 “Total Leverage Ratio” shall mean, with respect to any Person and its subsidiaries on
a consolidated basis, on any date, the ratio of (i) the aggregate principal amount of (without duplication) all indebtedness consisting of obligations to pay rent or other amounts under any lease which obligations are classified and accounted
for as capital leases on such Person’s balance sheet under GAAP (“Capital Lease Obligations”), indebtedness for borrowed money, unreimbursed obligations in respect of drawn letters of credit (but excluding contingent
obligations under outstanding letters of credit) and other purchase money indebtedness and guarantees of the foregoing obligations, of such Person and its subsidiaries determined on a consolidated basis on such date in accordance with GAAP to
(ii) EBITDAR. 
 “Total Net Leverage Ratio” shall mean, with respect to any Person and its subsidiaries on a
consolidated basis, on any date, the ratio of (a) (i) the aggregate principal amount of (without duplication) all indebtedness consisting of Capital Lease Obligations or indebtedness for borrowed money, unreimbursed obligations in respect of
drawn letters of credit (but excluding contingent obligations under outstanding letters of credit) and other purchase money indebtedness and guarantees of the foregoing obligations, of such Person and its subsidiaries determined on a consolidated
basis on such date in accordance with GAAP less (ii) the aggregate amount of all cash or cash equivalents of such Person and its subsidiaries that would not appear as “restricted” on a consolidated balance sheet of such person and its
subsidiaries to (b) EBITDAR. 
 “Trademarks” shall mean all rights in, to and under all trademarks, service marks,
trade dress, logos, trade names, assumed names and corporate names, Internet domain names and other source or business identifiers, together with all translations, adaptations, derivations and combinations thereof and including all goodwill
associated therewith, and all applications, registrations and renewals in connection therewith. 
 “Transfer” shall have
the meaning set forth in Section 5.2.10 hereof. 
 “Transition Services Agreement” shall mean Transition of
Management Services Agreement (CPLV), dated as of the date hereof by and among CPLV Tenant, Manager, Borrower Caesars Enterprise Services, LLC and Caesars License Company, LLC, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time, in accordance with the terms hereunder. 
 “TRIPRA” shall have the meaning set forth
in Section 6.1(a) hereof. 
 “UCC” or “Uniform Commercial Code” shall mean the Uniform
Commercial Code as in effect in the State in which the Property is located. 

  
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 “Uncured CPLV Lease Event of Default” shall mean any Tenant Event of Default (as
defined in the CPLV Lease) by CPLV Tenant that is continuing beyond any applicable notice and cure periods provided to CPLV Tenant thereunder, if any. 

“Uniform System of Accounts” shall mean the most recent edition of the Uniform System of Accounts for Hotels as adopted by
the American Hotel and Motel Association. 
 “U.S. Obligations” shall mean
non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of
which its full faith and credit is pledged, or (b) to the extent acceptable to the Approved Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of
the Code. 
 “U.S. Tax Compliance Certificate” shall have the meaning set forth in Section 2.8(e). 

“Write-Down and Conversion Powers” shall have the meaning set forth in Section 10.25. 

“Yield Maintenance Premium” shall mean an amount equal to the greater of (a) one percent (1%) of the outstanding
principal of the Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest to be made with respect to the portion of the Note being prepaid
assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Loan being prepaid (including interest thereon through the end of the related Interest Period) is paid on the
Permitted Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and
deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.

 “Yield Maintenance Default Premium” shall mean an amount equal to the greater of (a)    five percent
(5%) of the outstanding principal balance of the Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest to be made with respect to the
portion of the Note being prepaid assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Loan being prepaid (including interest thereon through the end of the related
Interest Period) is paid on the Permitted Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when
compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the
principal amount being prepaid. 

  
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 Section 1.2 Principles of Construction. (a) All
references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the
context shall indicate otherwise. 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. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

(b) Borrower acknowledges and agrees that, as to any clauses or provisions contained in this Agreement or any of the other Loan
Documents to the effect that Borrower shall use commercially reasonable effort to cause CPLV Tenant to act or to refrain from acting in any manner or other phrases of similar effect, such clause or provision, in each case, shall require that
Borrower has undertaken and exercised in a commercially reasonable manner, its rights under the CPLV Lease to cause CPLV Tenant to so act or to refrain from so acting in such manner. 

ARTICLE II – GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. (a) Subject to and upon the terms and conditions set forth herein, Lender
hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 (b) No Lender is using Plan
Assets to fund the Loan, except under circumstances where a prohibited transaction exemption, granted by the U.S. Department of Labor, applies, all of the conditions of which have been and continue to be satisfied. 

2.1.2 Single Disbursement to Borrower. Borrower may request and receive only one (1) borrowing hereunder in
respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of the Closing Date. 

2.1.3 The Note, Mortgage and Loan Documents. The Loan shall be evidenced by the Note and secured by the Mortgage and the
other Loan Documents. 
 2.1.4 Use of Proceeds. Borrower shall use the proceeds of the Loan to be distributed to the
Holders of the Prepetition Credit Agreement Claims and the Holders of Secured First Lien Notes Claims in accordance with the Third Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, dated January 13, 2017
[Docket No. 6318-1]. 

  
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 Section 2.2 Interest Rate. 

2.2.1 Interest Rate. Interest on the outstanding principal balance of the Loan shall accrue at the Interest Rate or as otherwise
set forth in this Agreement from (and including) the Closing Date to but excluding the Maturity Date. 
 2.2.2 Interest
Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Interest Rate and a
three hundred sixty (360) day year by (c) the outstanding principal balance of the Loan. 
 2.2.3 Intentionally
Omitted. 
 2.2.4 Intentionally Omitted. 

2.2.5 Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal balance of the Loan and, to the extent permitted by applicable law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate,
calculated from the date such Event of Default occurred. 
 2.2.6 Usury Savings. This Agreement, the Note and the other
Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result
of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum
Legal Rate, then the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal (without any Yield Maintenance or other prepayment fee or penalty) and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the
Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full (without any Yield Maintenance or other prepayment fee or penalty) so that the
rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

Section 2.3 Loan Payment. 

2.3.1 Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only
on the outstanding principal balance of the Loan for the initial Accrual Period and (b) on November 10, 2017 and on each Payment Date thereafter up to and including the Maturity Date, the Monthly Debt Service Payment Amount, which payments
shall be applied to accrued and unpaid interest. 

  
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 2.3.2 Payments Generally. For purposes of making payments hereunder, but not
for purposes of calculating Accrual Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of principal due on the
Maturity Date, interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and including the day immediately preceding such Maturity Date. All amounts due under this Agreement and the other Loan Documents shall be
payable without setoff, counterclaim, defense or any other deduction whatsoever. 
 2.3.3 Payment on Maturity Date.
Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. 

2.3.4 Late Payment Charge. Subject to Section 2.7.3 hereof, if any principal, interest or any other sums due under
the Loan Documents are not paid by Borrower on or prior to the date on which it is due (other than the principal amount due on the Maturity Date), Borrower shall pay to Lender within five (5) Business Days of written demand an amount equal to
the lesser of three percent (3%) of such unpaid sum and the Maximum Legal Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent
payment. Any such amount shall be secured by the Mortgage and the other Loan Documents to the extent permitted by applicable law. 
 2.3.5
Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 11:00 a.m., New York City time, on the date when
due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be
deemed to have been paid on the next succeeding Business Day. 
 Section 2.4 Prepayments. 

2.4.1 Voluntary Prepayments. 

(a) Except as otherwise expressly provided in this Section 2.4, Borrower shall not have the right to prepay the Loan in
whole or in part prior to the Maturity Date. 
 (b) On any Business Day after the Permitted Prepayment Date, through the
Maturity Date, Borrower may, at its option, prepay the Debt in full (but not in part, except as expressly set forth in Section 2.4.6 below), provided that (i) Borrower submits a notice to Lender setting forth the projected date of
prepayment, which date shall be no less than thirty (30) days from the date of such notice (which notice may be modified or revoked by Borrower upon not less than two (2) Business Days’ prior written notice to Lender, provided that
Borrower shall pay all of Lender’s reasonable, out-of-pocket costs and expenses incurred in connection with such modification or revocation), and (ii) Borrower
pays to Lender (A) the unpaid principal amount of the Note, (B) all interest accrued and unpaid on the principal balance of the Note (or the amount of the Loan being prepaid as permitted under this 

  
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Agreement) to and including the date of prepayment, (C) all other sums due under the Note, this Agreement and the other Loan Documents (including if such prepayment is made during the
continuance of an Event of Default, all costs and expenses incurred by Lender in connection with the exercise of any rights and remedies in connection with such Event of Default), (D) if such prepayment occurs prior to the Permitted Par Prepayment
Date, the Yield Maintenance Premium, and (E) if such prepayment is not paid on a regularly scheduled Payment Date, interest for the full Accrual Period during which the prepayment occurs. 

(c) Borrower shall have the right to prepay the Debt in full (but not in part) prior to the Permitted Prepayment Date in the
event a CPLV Lease Default has occurred and is continuing, so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof and Borrower otherwise satisfies the conditions set
forth in Section 2.4.1(b) above (except that Borrower shall not be restricted from prepaying the Debt in full prior to the Permitted Prepayment Date). 

2.4.2 Mandatory Prepayments. On the next occurring Payment Date following the date on which Lender actually
receives any Net Proceeds, if Lender is not obligated to make such Net Proceeds available to Borrower or CPLV Tenant for the Restoration of the Property or otherwise remit such Net Proceeds to Borrower or CPLV Tenant pursuant to Section 6.4
hereof, Borrower authorizes Lender, to apply such Net Proceeds as a prepayment of all or a portion of the outstanding principal balance of the Loan together with accrued interest and any other sums due hereunder in an amount equal to one hundred
percent (100%) of such Net Proceeds (collectively, the “Mortgage Mandatory Prepayment Amount”); provided, however, if an Event of Default has occurred and is continuing, Lender may apply such Net Proceeds to the Debt
(until paid in full) in any order or priority in its sole discretion. Other than during the continuance of an Event of Default, no Yield Maintenance or other premium shall be due in connection with any prepayment made pursuant to this Section
2.4.2. Except during the continuance of an Event of Default, any Net Proceeds applied pursuant to this Section 2.4.2 in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (i) first, to the Mezzanine A
Lender, in an amount equal to the Mezzanine A Mandatory Prepayment Amount, to be applied in accordance with the Mezzanine A Loan Documents, (ii) second, to the Mezzanine B Lender, in an amount equal to the Mezzanine B Mandatory Prepayment
Amount, to be applied in accordance with the Mezzanine B Loan Documents, (iii) third, to the Mezzanine C Lender, in an amount equal to the Mezzanine C Mandatory Prepayment Amount, to be applied in accordance with the Mezzanine C Loan Documents
and (iii) fourth, to Borrower. After the occurrence of and during the continuance of an Event of Default, Lender may apply such Net Proceeds to the Debt (until paid in full) in any order or priority in its sole discretion. Any Net Proceeds
remaining after the Debt has been repaid in full shall be disbursed to Mezzanine A Lender to be applied in accordance with the Mezzanine A Loan Agreement. 

2.4.3 Prepayments After Event of Default. If, during the continuance of an Event of Default, payment of all or any
part of the principal amount of the Debt is tendered by Borrower or otherwise recovered by Lender (including, without limitation, through application of any Reserve Funds), such tender or recovery shall (a) include interest at the Default Rate
on the outstanding principal amount of the Loan through the last calendar day of the Accrual Period within which such tender or recovery occurs and (b) be deemed a voluntary prepayment by Borrower and shall in all instances include (i) an
amount equal to the Yield Maintenance Default 

  
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Premium if such tender or recovery occurs prior to the Permitted Prepayment Date or an amount equal to the Yield Maintenance Premium if such tender or recovery occurs on or after the Permitted
Prepayment Date and (ii) all interest which would have accrued on the amount of the Loan to be paid through the end of the related Accrual Period. 

2.4.4 Intentionally Omitted. 

2.4.5 Intentionally Omitted. 

2.4.6 DSCR Cure Action. At any time during a Cash Sweep Period that shall have occurred as a result of a DSCR Trigger
Event, provided no Event of Default has occurred and is continuing, Borrower may (i) deliver a Letter of Credit to Lender in an amount equal to the amount that if applied as a permitted partial prepayment of the outstanding principal balance of
the Loan in accordance with Section 2.4.1 would result in a Debt Service Coverage Ratio equal to or in excess of the Required DSCR (the “DSCR Cure Deposit Amount”) (ii) establish and maintain an escrow fund (the “DSCR
Cure Fund”) in an account controlled by Lender, into which Borrower shall have the right to deposit the an amount equal to the DSCR Cure Deposit Amount, or (iii) after the Permitted Prepayment Date, make a partial prepayment of the
Loan in an amount necessary to achieve a Debt Service Coverage Ratio equal to or greater than the Required DSCR provided that Borrower otherwise satisfies the conditions set forth in Section 2.4.1(b) above. All funds held in the DSCR Cure
Fund shall be treated as a “Reserve Fund” hereunder. If at any time no Event of Default is continuing and a DSCR Trigger Event Cure shall occur (without taking into account any sums on deposit in the DSCR Cure Fund or the Letter of Credit
delivered to Lender), Lender shall, as applicable, return the Letter of Credit or return all of the funds remaining in the DSCR Cure Fund to Borrower. If at any time the Debt has been repaid in full, Lender shall pay funds, if any, remaining in the
DSCR Cure Fund, (A) if any portion of the Mezzanine Loan Debt (other than any contingent liabilities under the Mezzanine Loan Documents) is then outstanding, to Mezzanine Lender or (B) if no portion of the Mezzanine Loan Debt (other than
any contingent liabilities under the Mezzanine Loan Documents) is then outstanding, to Borrower. 
 Section 2.5 Intentionally
Omitted. 
 Section 2.6 Release of Property. Except as set forth in this Section 2.6, no repayment
or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property. 

2.6.1 Release of Property. (a) If Borrower has the right to and has elected to prepay the Loan in accordance with
this Agreement, upon satisfaction of the requirements of Section 2.4 in connection with a prepayment of the Debt in full and this Section 2.6, all of the Property shall be released from the Lien of the Mortgage. 

(b) In connection with the release of the Mortgage, Borrower shall submit to Lender, not less than ten (10) Business Days
prior to the date of the prepayment of the Loan, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and shall be
reasonably satisfactory to Lender. In addition, Borrower shall provide all other 

  
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documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in
compliance with all applicable Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any reasonable out-of-pocket costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release,
(i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, subject to Section 9.5 hereof, the current fee being assessed by such Servicer to effect such release. 

Section 2.7 Lockbox Account/Cash Management. 

2.7.1 Lockbox Account. (a) During the term of the Loan, Borrower shall establish and maintain an account (the
“Lockbox Account”) with Lockbox Bank in trust for the benefit of Lender, which Lockbox Account shall be under the sole dominion and control of Lender. The Lockbox Account shall be entitled “CPLV Property Owner LLC as Borrower
and JPMorgan Chase Bank, National Association, et al., as Lender, pursuant to Loan Agreement dated as of October 6, 2017 – Lockbox Account”. Borrower hereby grants to Lender a first-priority security interest in the Lockbox Account and all
deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Lockbox Account, including, without limitation, filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the
Lockbox Account shall be paid by Borrower. All monies now or hereafter deposited into the Lockbox Account shall be deemed additional security for the Debt. The Lockbox Agreement and Lockbox Account shall remain in effect so long as the Loan remains
outstanding. The Lockbox Account shall at all times be an Eligible Account. The Lockbox Account when established shall be treated as a “deposit account” as such term is defined in
Section 9-102(a) of the Uniform Commercial Code, as amended from time to time. 

(b) Borrower shall, on or prior to the Closing Date, deliver written instructions to CPLV Tenant to deliver all CPLV Rents
payable under the CPLV Lease directly to the Lockbox Account. Borrower shall deposit all amounts received by Borrower from CPLV Tenant into the Lockbox Account within one (1) Business Day after receipt thereof. 

(c) Borrower shall obtain from Lockbox Bank its agreement to transfer to the Cash Management Account in immediately available
funds by federal wire transfer all amounts on deposit in the Lockbox Account (less the reasonable fees of the Lockbox Bank) once every Business Day throughout the term of the Loan, and on each Business Day all funds on deposit in the Lockbox Account
shall be transferred to the Cash Management Account. 
 (d) Upon the occurrence and during the continuance of an Event of
Default, except as set forth in Section 8.3, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in the Lockbox Account to the payment of the Debt in any order in its sole
discretion. 

  
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 (e) Funds on deposit in the Lockbox Account shall not be commingled with other
monies held by Borrower or Lockbox Bank. 
 (f) Borrower shall not further pledge, assign or grant any security interest in
the Lockbox Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the
secured party, to be filed with respect thereto. 
 (g) Borrower shall indemnify Lender and hold Lender harmless from and
against any and all actions, suits, claims, demands, liabilities, losses, damages (excluding any special, indirect, consequential or punitive damages, except to the extent paid to a third party), obligations and actual
out-of-pocket costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Lockbox
Account and/or the Lockbox Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Lockbox Account was established. 

2.7.2 Cash Management Account. (a) During the term of the Loan, Borrower shall establish and maintain a
segregated Eligible Account (the “Cash Management Account”) to be held by Agent in trust and for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Lender. The Cash Management
Account shall be entitled “CPLV Property Owner LLC as Borrower and JPMorgan Chase Bank, National Association et al., as Lender, pursuant to Loan Agreement dated as of October 6, 2017 – Cash Management Account.” Borrower hereby grants
to Lender a first priority security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority
security interest in the Cash Management Account, including, without limitation, filing UCC-1 Financing Statements and continuations thereof. Borrower will not in any way alter or modify the Cash Management
Account and will notify Lender of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account
shall be paid by Borrower. 
 (b) The insufficiency of funds on deposit in the Cash Management Account shall not relieve
Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) Except as otherwise expressly provided in this Agreement or the CPLV Lease SNDA, all funds on deposit in the Cash
Management Account following the occurrence and during the continuance of an Event of Default may be applied by Lender in such order and priority as Lender shall determine. 

(d) Borrower hereby agrees that Lender may establish additional sub-accounts in
connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide notice thereof to Borrower and Borrower hereby agrees to enter into any reasonable amendments to the Cash Management Agreement
for the purpose of reflecting such additional sub-accounts. 

  
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 2.7.3 Payments Received under the Cash Management Agreement. Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly Debt Service Payment Amount
shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant to this Agreement on the dates each such payment is required, regardless of whether any of such amounts are
so applied by Lender, provided that if the Event of Default arises solely from a CPLV Lease Default, prior to a Priority Waterfall Cessation Event, Lender shall apply amounts on deposit in the Cash Management Account to payment of the Priority
Waterfall Payments and remaining in the Cash Management Account after payment of the Priority Waterfall Payments shall be deposited in the Excess Cash Flow Reserve. 

2.7.4 Distributions to Mezzanine Borrowers. All transfers of funds on deposit in the Cash Management Account to the
Mezzanine A Administrative Agent, Mezzanine B Administrative Agent or Mezzanine C Administrative Agent, as applicable, or otherwise to or for the benefit of any Mezzanine Lender, pursuant to this Agreement, the Cash Management Agreement or any of
the other Loan Documents or Mezzanine Loan Documents are intended by Borrower, the Mezzanine Borrowers and the Mezzanine Lenders to constitute, and shall constitute, distributions from Borrower to the applicable Mezzanine Borrower and from one
Mezzanine Borrower to another Mezzanine Borrower, as applicable. No provision of the Loan Documents or the Mezzanine Loan Documents shall create a debtor-creditor relationship between Borrower and any Mezzanine Lender. 

Section 2.8 Withholding Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of
the Borrower under any Loan Document shall be made without deduction or withholding for any Section 2.8 Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Borrower) requires the
deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in
accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority
in accordance with applicable law any Other Taxes. 
 (c) Indemnification by the Borrower. The Borrower shall
indemnify Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or
required to be withheld or deducted from a payment to such 

  
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Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Section 2.8 Taxes by the Borrower to a
Governmental Authority pursuant to this Section 2.8, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender. 
 (e) Status of
Lenders. 
 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the
Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Section 2.8(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the
following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the
United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS 

  
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Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such
tax treaty; 
 (2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit A-I to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or 

(4) to the extent a Foreign Lender is a partnership or is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit A-II or Exhibit A-III, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign
Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit A-IV on behalf of each such direct and
indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed
originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to
permit the Borrower to determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower 

  
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such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as
may be necessary for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

 (f) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it
has received a refund of any Section 2.8 Taxes as to which it has been indemnified pursuant to this Section 2.8 (including by the payment of additional amounts pursuant to this
Section 2.8), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Section 2.8 Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Section 2.8 Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net
after-tax position than the indemnified party would have been in if the Section 2.8 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Section 2.8 Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information
relating to its Section 2.8 Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (g)
Survival. Each party’s obligations under this Section 2.8 shall survive any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan
Document. 

  
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 ARTICLE III – INTENTIONALLY OMITTED 

ARTICLE IV – REPRESENTATIONS AND WARRANTIES 

Section 4.1 Borrower Representations. Borrower represents and warrants as of the date hereof that: 

4.1.1 Organization. Borrower has been duly organized and is validly existing and in good standing with requisite power and
authority to own the Property and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its businesses
and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own or lease, as applicable, the Property and to transact the businesses in which it is now engaged (except to
the extent that the failure to possess such rights, licenses and permits would not reasonably be expected to have a Material Adverse Effect), and the sole business of Borrower is the ownership of the Property. The ownership interests in Borrower are
as set forth on the organizational chart attached hereto as Schedule III. 
 4.1.2 Proceedings. Borrower has
taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and
constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors 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). 

4.1.3 No Conflicts. (a) The execution, delivery and performance of this Agreement and the other Loan Documents by
Borrower will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents,
including Permitted Encumbrances) upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which
Borrower is a party or by which any of the Property or Borrower’s assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having
jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution, delivery
and performance by Borrower of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 

(b) Borrower has obtained all consents and approvals, including all approvals of Governmental Authorities including Gaming
Authorities, if required, in connection with the execution, delivery and performance by Borrower of the Loan Documents (including by Lender and each Mezzanine Lender, subject to the limitations upon the exercise of its rights and remedies under the
Loan Documents pursuant to applicable Gaming Laws), the CPLV 

  
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Lease, the Management Agreement, the CPLV Trademark Agreements, the other CPLV Lease Documents, and the Borrower’s business in which it is now engaged, including the ownership of the
Property, the execution and delivery of the CPLV Lease, any other CPLV Lease Documents to which it is a party, and the Trademark Security Agreement, and in each case, its performance of its obligations thereunder, and shall promptly execute any and
all such instruments and documents, deliver any certificates and do all such other acts or things required by the Gaming Authorities to maintain or keep current such approvals. 

4.1.4 Litigation. Other than as set forth on Schedule 4.1.4 attached hereto, there are no actions,
suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or, to Borrower’s Knowledge, threatened against or affecting Borrower, Guarantor or the Property, which actions, suits or proceedings,
if determined against Borrower, Guarantor or the Property, would reasonably be expected to have a Material Adverse Effect. Other than as set forth on Schedule 4.1.4, to Borrower’s Knowledge, there are no actions, suits or
proceedings at law or in equity by or before any Governmental Authority or other agency now pending or threatened against CPLV Tenant or CPLV Lease Guarantor, which actions, suits or proceedings, if determined against CPLV Tenant or CPLV Lease
Guarantor, would reasonably be expected to have a Material Adverse Effect. 
 4.1.5 Agreements. Borrower is not a
party to any agreement or instrument or subject to any restriction which would reasonably be expected to have a Material Adverse Effect. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property is bound, except to the extent such default would not reasonably be expected to have a Material Adverse Effect.
Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than
(a) Permitted Indebtedness and (b) obligations under the Loan Documents. 
 4.1.6 Title. Borrower has good,
marketable and insurable fee simple and/or leasehold estate title to the real property comprising part of the Property and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such
other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances in the aggregate do not have a Material Adverse Effect. The Mortgage, when properly recorded in the appropriate
records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith and the Collateral Assignment of Agreements, will create (a) a valid, perfected first priority lien on the Property, subject
only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including all of Borrower’s interest in and to the CPLV
Leases, CPLV Lease Documents, CPLV Trademark Agreements and CPLV Security Documents), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the
Loan Documents and the Liens created by the Loan Documents. Except as disclosed in the Title Insurance Policy (and as to which Lender has otherwise received affirmative insurance in the Title Insurance Policy (in form and substance satisfactory to
Lender in all respects) or as otherwise disclosed in writing to 

  
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Lender (and to which such claim has been bonded or insured over such that no exception is taken in the Title Insurance Policy), there are no claims for payment for work, labor or materials
affecting the Property which are or, to Borrower’s Knowledge, may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. 

4.1.7 Solvency. Borrower has (a) not entered into this transaction or executed the Note, this Agreement or any other
Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value
of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and
matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not
believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by
Borrower and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower or any member of Borrower in the last seven (7) years, and neither Borrower nor any member of
Borrower in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower nor any of its members are contemplating either the filing of a
petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no Knowledge of any Person contemplating the filing of any such petition
against it or such members. 
 4.1.8 Full and Accurate Disclosure. No statement of fact made by Borrower
in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading in any material respect. There is no
material fact presently known to Borrower which has not been disclosed to Lender which adversely affects, nor as far as Borrower can foresee, might reasonably be expected to result in a Material Adverse Effect. 

4.1.9 ERISA. 

(a) Generally. Except as would not reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect, (i) each of the Borrower, Guarantor and their ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA, the Code and other applicable law relating to any Plans and the
regulations and published interpretations thereunder, (ii) no ERISA Event has occurred or is reasonably expected to occur (iii) neither Borrower, Guarantor nor any ERISA Affiliate is or was a party to any Multiemployer Plan and
(iv) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit arrangement maintained by Borrower, Guarantor or any ERISA Affiliate or to which Borrower, Guarantor or any ERISA Affiliate has an
obligation to contribute have been accrued in accordance with Statement of Financial Accounting Standards No. 106. 

  
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 (b) Plan Assets; Prohibited Transactions. Neither the Borrower nor the
Guarantor is, and neither shall become an entity deemed to hold Plan Assets. Neither the Borrower nor the Guarantor is a “governmental plan” within the meaning of Section 3(32) of ERISA and transactions by or with Borrower or
Guarantor are not subject to any state or other statute, regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA which is similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”). 
 4.1.10 Compliance.
Except as disclosed in the zoning report delivered to Lender prior to the closing, Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, all Gaming
Laws building and zoning ordinances and codes, except where the failure to so comply would not reasonably be expected to have a Material Adverse Effect. Borrower is not in default or violation in any material respect of (i) any order, writ,
injunction, decree or demand of any Gaming Authority or (ii) any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or to the best of Borrower’s Knowledge, any other Person in
occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in
performance of Borrower’s obligations under any of the Loan Documents. On the Closing Date, the Improvements at the Property were in material compliance with applicable law, except where such
non-compliance would not have a Material Adverse Effect. To Borrower’s Knowledge, Borrower, Guarantor and CPLV Tenant has complied with all federal, state and local laws concerning workers’
compensation, social security, unemployment insurance, worker eligibility, hours of labor, wages, working conditions, harassment, employment discrimination, collective bargaining agreements (including the Collective Bargaining Agreements), employee
benefits, hiring, layoff recall and discharge and all other employer/employee and independent contractor related subjects except where failure to comply would not reasonably be expected to have a Material Adverse Effect. 

4.1.11 Financial Information. All financial data, including, without limitation, the statements of cash flow and income
and operating expense, that have been delivered to Lender in connection with the Loan (a) to Borrower’s Knowledge, are true, complete and correct in all material respects, (b) to Borrower’s Knowledge, accurately represent in all
material respects the financial condition of Borrower, CPLV Tenant and the Property, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared
in accordance with GAAP or the Uniform System of Accounts throughout the periods covered, except as disclosed therein. Except for Permitted Encumbrances, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or
long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a Material Adverse Effect on the Property or the current operation thereof as a hotel and casino,
except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower, or to Borrower’s Knowledge,
CPLV Tenant or the Property from that set forth in said financial statements. 

  
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 4.1.12 Condemnation. No Condemnation or other similar
proceeding has been commenced or, to the best of Borrower’s Knowledge, is threatened or contemplated in writing with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property. 

4.1.13 Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of
purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of
such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14 Utilities and Public Access. Except as set forth in the Title Insurance Policy or the Survey (i) the Property
has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Property for its intended uses, (ii) all public utilities necessary or convenient to the full use and enjoyment of
the Property are located either in the public right-of-way abutting the Property connected so as to serve the Property or in recorded easements serving the Property,
except to the extent there is no material adverse effect on the Property and (iii) all roads necessary for the use of the Property for its current purposes have been completed and, to the extent required by Governmental Authorities, dedicated
to public use and accepted by all Governmental Authorities. 
 4.1.15 Not a Foreign Person. Borrower is not a
“foreign person” within the meaning of §1445(f)(3) of the Code. 
 4.1.16 Separate Lots.
The Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Property. 

4.1.17 Assessments. Except as set forth on Schedule 4.1.17 attached hereto or as set forth in the Title Insurance
Policy, to Borrower’s Knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such
special or other assessments. 
 4.1.18 Enforceability. The Loan Documents are enforceable by Lender (or any subsequent
holder thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. The Loan Documents
are not subject to any right of rescission, set-off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the
exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and
neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim or defense with respect thereto. 

  
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 4.1.19 No Prior Assignment. There are no prior assignments by Borrower of
the CPLV Leases or any portion of the CPLV Rents due and payable or to become due and payable which are presently outstanding. 

4.1.20 Insurance. Borrower has obtained or has caused CPLV Tenant to obtain and Borrower has delivered to
Lender certified copies of the Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such
Policy that would reasonably be expected to have a Material Adverse Effect, and neither Borrower nor, to Borrower’s Knowledge, any other Person, has done, by act or omission, anything which would impair the coverage of any such Policy. 

4.1.21 Use of Property. The Property is used exclusively for hotel and casino purposes and other appurtenant and related
uses, including, without limitation, entertainment venues, retail and food and beverage operations and meeting facilities. 
 4.1.22
Certificate of Occupancy; Licenses. All certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, hospitality licenses, liquor licenses and Gaming Licenses
required for the legal use, occupancy and operation of the Property have been obtained and, to Borrower’s Knowledge are in full force and effect (except for where the failure to obtain such licenses or for such licenses to not be in full force
and effect would not reasonably be expected to have a Material Adverse Effect). The use being made of the Property is in conformity in all material respects with the certificate of occupancy and, to Borrower’s Knowledge, Gaming Licenses issued
for the Property. 
 4.1.23 Flood Zone. None of the Improvements on the Property are located in an area as
identified by the Federal Emergency Management Agency as an area having special flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a)(i) is in full force and effect with respect to the
Property. 
 4.1.24 Physical Condition. Except as set forth on Schedule 4.1.24 hereof or in that
certain Property Condition Assessment, dated as of September 14, 2017 and prepared by EMG (EMG Project # 127491.17R000-001.042), (i) the Property, including, without limitation, all buildings, improvements,
parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural
components, are in good condition, order and repair in all material respects except where the failure to be in good condition, order and repair would not reasonably be expected to have a Material Adverse Effect; (ii) there exists no material
structural or other material defects or damages in the Property, whether latent or otherwise; and (iii) Borrower has not received written notice from any insurance company or bonding company of any defects or inadequacies in the Property, or
any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 

  
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 4.1.25 Boundaries. Except as set forth in the Survey, all of
the improvements which were included in determining the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining properties encroach upon the Property, and no
easements or other encumbrances upon the Property encroach upon any of the Improvements, so as to affect in any material respect, the value or marketability of the Property except those which are insured against by the Title Insurance Policy. 

4.1.26 Leases. The Property is not subject to any Leases other than the CPLV Lease, the Ground Leases, the
Leases entered into by Forum Shops Lessee, as landlord and the Leases described in the rent roll attached hereto as Schedule I and made a part hereof, which rent roll is true, complete and accurate in all material respects with respect to
Leases as of the Closing Date. Borrower is the owner and lessor of landlord’s interest in the CPLV Lease. As of the Closing Date, CPLV Tenant or the lessee under the Forum Shops Lease is the owner of the landlord’s interest in the Leases.
No Person has any possessory interest in the Property or right to occupy the same (other than any short term occupancy by hotel guests) except under and pursuant to the provisions of the CPLV Lease, the Ground Lease and the Leases (including
permitted subleases thereof). There has been no prior sale, transfer or assignment, hypothecation or pledge by Borrower of the CPLV Lease or the CPLV Rent received therein which is outstanding. No Tenant under any Lease has a right or option
pursuant to such Lease to purchase all or any part of the leased premises or the building of which the leased premises are a part. 

4.1.27 Survey. To Borrower’s Knowledge, the Survey for the Property delivered to Lender in connection
with this Agreement does not fail to reflect any material matter affecting the Property or the title thereto. 
 4.1.28 Inventory.
Borrower or CPLV Tenant is the owner of, or leases all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Mortgage) (other than an immaterial portion of such items) located on or at the Property (except for any
Equipment, Fixtures and Personal Property owned by any Tenant), and Borrower shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder. All of the Equipment, Fixtures and Personal Property (including any Personal
Property owned by CPLV Tenant that is subject to the CPLV Security Documents) are sufficient to operate the Property in the manner required hereunder and in the manner in which it is currently operated, except to the extent the same would not
reasonably be expected to have a Material Adverse Effect. The Borrower has not entered into any purchase money indebtedness with respect to any Equipment, Fixtures and Personal Property. To Borrower’s Knowledge, the aggregate amount of all
Equipment, Fixtures and Personal Property at the Property subject to any purchase money indebtedness or participation agreement does not and shall not exceed at any time, an amount equal to two and one-half
percent (2.5%) of the consolidated total assets of CPLV Tenant that are related to the Property or CPLV Tenant’s operation thereon from time to time. 

4.1.29 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of
transfer taxes required to be paid in connection with the Loan and the Loan Documents by any Person under applicable Legal Requirements have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by
any Person under applicable Legal Requirements currently in effect in connection with 

  
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the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have been paid or will be paid
concurrently with the recording of the Mortgage (and sufficient funds have been escrowed with the title company for such payment). 

4.1.30 Special Purpose Entity/Separateness. (a) Until the Debt has been paid in full, Borrower hereby represents,
warrants and covenants that each of Borrower and Principal is, shall be and shall continue to be a Special Purpose Entity. Notwithstanding anything to the contrary contained herein, it is understood and agreed that in no event shall any direct or
indirect member, partner or other interest-holder in Borrower or Principal be required to make any additional capital contributions or loans or otherwise provide funds to Borrower or Principal for any reason, including in order for it to be a
“Special Purpose Entity” hereunder. 
 (b) The representations, warranties and covenants set forth in
Section 4.1.30(a) shall survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 

(c) Any and all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any exhibits
attached thereto, will have been and shall be true and correct in all respects, and Borrower will have complied and will comply with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion. Each Affiliate of
Borrower with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will comply with all such assumptions and facts in each case with respect to it in any such Insolvency Opinion. Borrower covenants
that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein. 

(d) Borrower covenants and agrees that (i) Borrower shall provide Lender with five (5) days’ prior written
notice prior to the removal of an Independent Director of any of Borrower and (ii) no Independent Director shall be removed other than for Cause. 

(e) The Organizational Documents for each Borrower and Principal that is a Delaware limited liability company shall provide
that except for duties to Borrower as set forth in the Organizational Documents (including duties to the member and Borrower’s creditors solely to the extent of their respective economic interests in Borrower, but excluding (i) all other
interests of the member, (ii) the interests of other Affiliates of Borrower, and (iii) the interests of any group of Affiliates of which Borrower is a part), the Independent Directors shall not have any fiduciary duties to the member, any
officer or any other Person bound by the applicable Borrower’s or Principal’s Organizational Documents; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. The
Organizational Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that to the fullest extent permitted by law, including Section 18-1101(e) of the
Delaware limited liability company Act, an Independent Director shall not be liable to Borrower, the member or any other Person bound by the applicable Borrower’s or Principal’s Organizational Documents for breach of contract or breach of
duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in 

  
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willful misconduct. The Organizational Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that all right, power and authority of the Independent
Directors shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in the applicable Borrower’s or Principal’s Organizational Documents. The Organizational Documents for each
Borrower and Principal that is a Delaware limited liability company shall provide that notwithstanding any other provision of the applicable Borrower’s or Principal’s Organizational Documents to the contrary, each Independent Director, in
its capacity as an Independent Director, may only act, vote or otherwise participate in those matters referred to in Section 9(d)(iii) of the applicable Borrower’s or Principal’s Organizational Documents or as otherwise specifically
required by the applicable Organizational Documents, and such Independent Director’s act, vote or other participation shall not be required for the validity of any action taken by the board of directors of such Borrower or Principal unless,
pursuant to the provisions of Section 9(d)(iii) of the applicable Borrower’s or Principal’s Organizational Documents or as otherwise specifically provided in the applicable Organizational Documents, such action would be invalid in the
absence of the affirmative vote or consent of such Independent Director. 
 (f) Any amendment or restatement of any
organizational document of Borrower was accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time. 

(g) Any assignment of limited liability company interests in Borrower, and the admission of the assignee as a member of
Borrower, was accomplished in accordance with, and was permitted by, the limited liability company agreement of Borrower as in effect at such time. 

4.1.31 Management Agreement and CPLV Lease Guaranty. Each of the Management Agreement and the CPLV Lease
Guaranty is in full force and effect and there is no default thereunder by Borrower or to Borrower’s Knowledge, any other party thereto and to Borrower’s Knowledge, no event has occurred that, with the passage of time and/or the giving of
notice would constitute a default thereunder. 
 4.1.32 Illegal Activity. No portion of the Property has
been or will be purchased by Borrower with proceeds of any illegal activity. 
 4.1.33 No Change in Facts or Circumstances;
Disclosure. All information submitted by and on behalf of Borrower to Lender and in all financial statements, rent rolls (including the rent roll attached hereto as Schedule I), reports, certificates and other documents
submitted by or on behalf of Borrower to Lender in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document are, in each case, to Borrower’s
Knowledge, true, complete and correct in all material respects. To Borrower’s Knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or
otherwise misleading in any material respect or that otherwise materially and adversely affects or would be reasonably expected to result in a Material Adverse Effect. To Borrower’s Knowledge, Borrower has disclosed to Lender all material facts
known to Borrower and has not failed to disclose any material fact that could cause any Provided Information or representation or warranty made herein to be materially misleading. 

  
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 4.1.34 Investment Company Act. Borrower is not (a) an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company”
of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other
federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
 4.1.35 Embargoed
Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or
Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the
investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful
activity with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. 

4.1.36 Principal Place of Business; State of Organization. Borrower’s principal place of business as of
the date hereof is the address set forth in the introductory paragraph of this Agreement. Borrower is organized under the laws of the State of Delaware and its organizational identification number is 6362320. 

4.1.37 Environmental Representations and Warranties. Except as otherwise disclosed by the Environmental
Report, to Borrower’s Knowledge, (a) there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are (i) in compliance with Environmental Laws and with permits issued pursuant
thereto (to the extent such permits are required under Environmental Law) in all material respects, and (ii) in amounts not in excess of that necessary to operate the Property for the purposes set forth in the Loan Agreement which will not
result in an environmental condition in, on or under the Property; (b) there are no past, present or threatened Releases of Hazardous Substances in, on, under or from the Property which have not been fully remediated in accordance with Environmental
Law; (c) there is not, and Borrower has no Knowledge of and has not received any written notice or other written communication relating to any existing threat of any Release of Hazardous Substances migrating onto the Property; (d) there is no
past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which has not been remediated in all material respects in accordance with
Environmental Law; (e) there are not, and Borrower has not received any written notice or other written communication from any Person (including but not limited to a Governmental Authority) relating to, any of the following: (i) any Release or
threatened Release of Hazardous Substances at, on or from the Property or the Remediation thereof, (ii) of possible liability of Borrower or any Person pursuant to any Environmental Law arising out of or in connection with Property, (iii) other
environmental conditions in connection with the Property that could reasonably be 

  
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 expected to result in the Borrower incurring material liability under Environmental Law, or (iv) any actual
or potential administrative or judicial proceedings in connection with any of the foregoing; and (f) Borrower has truthfully and fully disclosed to Lender, in writing, any and all material information in Borrower’s possession or otherwise
known or available to Borrower relating to any material environmental conditions in, on, under or from the Properties or any Releases or threatened Releases of Hazardous Substances. 

4.1.38 Lockbox Agreement; Cash Management Account. Borrower hereby represents and warrants to Lender that: 

(a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the
Uniform Commercial Code of the State of New York) in the Lockbox Account and the Cash Management Account in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against
creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed the Lockbox Account and Cash Management Account;

 (b) Each of the Lockbox Account and Cash Management Account constitutes “deposit accounts” and/or
“securities accounts” within the meaning of the Uniform Commercial Code of the State of New York); 
 (c) Pursuant
and subject to the terms hereof and the other applicable Loan Documents, the Lockbox Bank and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of the Lockbox Account
and Cash Management Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general
intangibles, chattel paper, deposit accounts, instruments, documents or securities; and 
 (d) The Lockbox Account and Cash
Management Account are not in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to the Lockbox Bank and Agent complying with instructions with respect to the Lockbox Account and Cash Management
Account from any Person other than Lender. 
 (e) Any amounts or revenues from the Property which are the property of or
payable to Borrower, are subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous financing have been duly terminated prior to the
date hereof. 
 4.1.39 Taxes. Borrower is not subject to U.S. federal income tax on a net income basis. Borrower has
timely filed or caused to be filed all U.S. federal and other material tax returns and reports required to have been filed by it and has timely paid or caused to be paid all U.S. federal and other material Section 2.8 Taxes required to have
been paid by it, except for (a) any such Section 2.8 Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves in accordance with GAAP, and (b) Taxes and
Other Charges, the payment of which shall be governed by Section 5.1.2 and Section 7.2 hereof. 

  
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 4.1.40 Ground Lease. 

Borrower hereby represents and warrants to Lender the following with respect to the Ground Lease: 

(a) The Ground Lease or a memorandum of the Ground Lease has been duly recorded. The Ground Lease permits the interest of
Borrower to be encumbered by a mortgage or the Ground Lessor has approved and consented to the encumbrance of the portion of the Property that is subject to the Ground Lease by the Mortgage. There have not been amendments or modifications to the
terms of the Ground Lease since recordation of the Ground Lease (or a memorandum thereof), with the exception of written instruments which have been recorded or as disclosed to Lender in this Agreement. 

(b) The Ground Lease may not be terminated, surrendered or amended without the prior written consent of Lender; provided
that the Ground Lessor shall not be prevented from exercising its remedies in accordance with the Ground Lease if the obligations of Borrower under the Ground Lease are not performed as provided in the Ground Lease. 

(c) Except for the Permitted Encumbrances and other encumbrances of record, Borrower’s interest in the Ground Lease is not
subject to any Liens or encumbrances superior to, or of equal priority with, the applicable Mortgage other than the Ground Lessor’s related fee interest. 

(d) Borrower’s interest in the Ground Lease is assignable without the consent of the Ground Lessor to Lender, the
purchaser at any foreclosure sale or the transferee under a deed or assignment in lieu of foreclosure in connection with the foreclosure of the Lien of the Mortgage or transfer of Borrower’s leasehold estate by deed or assignment in lieu of
foreclosure, so long as such transferee also acquires concurrently therewith a fee or leasehold interest in the balance of the Property (other than de minimis portions thereof). Thereafter, the Ground Lease is further assignable by such
transferee and its successors and assigns without the consent of the Ground Lessor. 
 (e) As of the date hereof, the Ground
Lease is in full force and effect and no default has occurred on the part of the Borrower under the Ground Lease, nor to Borrower’s knowledge has any default occurred by the Ground Lessor under such Ground Lease (except in each case, any such
default that has been previously cured). There is no existing condition which, but for the passage of time or the giving of notice, could result in a default by the Borrower or Ground Lessor under the terms of such Ground Lease. 

(f) Under the terms of the Ground Lease and the Loan Documents, taken together, any related insurance and condemnation proceeds
that are paid or awarded to Borrower with respect to the leasehold interest will be applied either to the repair or restoration of all or part of the Property, with Lender having the right subject to the terms of the Loan Documents to hold and
disburse the proceeds as the repair or restoration progresses, or to the payment of the outstanding principal balance of the Loan together with any accrued interest thereon. 

  
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 (g) The Ground Lease requires the Ground Lessor to give notice of any default by
Borrower to Lender prior to exercising its remedies thereunder. 
 (h) Lender is permitted the opportunity to cure any
default under the Ground Lease, which is curable after the receipt of notice of the default before the Ground Lessor thereunder may terminate the Ground Lease. 

(i) The Ground Lease has a term which extends not less than thirty (30) years beyond the Maturity Date (including any
unexercised option periods and automatic renewal periods). 
 (j) The Ground Lease requires the Ground Lessor to enter into a
new lease upon termination (prior to expiration of the term thereof) of the Ground Lease for any reason, including rejection or disaffirmation of the Ground Lease in a bankruptcy proceeding. 

4.1.41 Gaming Licenses and Operating Permits. (a) Schedule 4.1.41 contains a correct and complete list of all
Gaming Licenses for the Property and the holder thereof. 
 (b) Borrower or, to Borrower’s Knowledge, CPLV Tenant
possesses all applicable licenses, permits, franchises, authorizations, certificates, approvals and consents with respect to the Property, including, without limitation, all certificates of occupancy, except to the extent the failure to possess such
licenses, permits, franchises, authorizations, certificates, approvals and consents would not reasonably be expected to have a Material Adverse Effect. To Borrower’s Knowledge, CPLV Tenant or its subsidiaries possesses all applicable licenses,
permits, franchises, authorizations, certificates, approvals and consents, including, without limitation, all environmental, liquor, gaming, health and safety licenses of all Governmental Authorities which are material to the conduct of their
business and the use, occupation and operation of the Property, including all Gaming Licenses (collectively, “Operating Permits”) and each such Operating Permit is in full force and effect (unless, in the case of any Operating
Permit, such Operating Permit is no longer necessary or advisable for the conduct of CPLV Tenant’s business in accordance with the terms of the CPLV Lease and hereunder). Each of Borrower and its Affiliates, and to Borrower’s Knowledge,
CPLV Tenant and its Affiliates are in compliance with all such Operating Permits and no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would be reasonably likely to lead to the
revocation, limitation, conditioning or termination of any such Operating Permit or the imposition of any material restriction thereon. 

(c) Borrower and any other Affiliate of Borrower and, to Borrower’s Knowledge, CPLV Tenant and any other Affiliate of CPLV
Tenant which is required to possess a Gaming License under Gaming Regulations, possesses all Gaming Licenses which are material to the conduct of their business and the ownership, use, occupation and operation of the Property or any portion thereof.
Further, Borrower hereby represents and warrants as follows: 

  
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 (i) Each Gaming License held by Borrower or its Affiliates and to the Knowledge
of Borrower, held by CPLV Tenant or its Affiliates, is in full force and effect and has not been amended or otherwise modified, rescinded, revoked or assigned; 

(ii) Borrower and to Borrower’s Knowledge, CPLV Tenant and each of Borrower’s and CPLV Tenant’s respective
Affiliates, directors, members, managers, officers, key personnel and Persons holding an equity or economic interest directly or indirectly in Borrower or CPLV Tenant is in compliance in all material respects with all such Gaming Licenses (to the
extent required by Legal Requirements), and no event (including, without limitation, any material violation of any Legal Requirements) has occurred which would be reasonably likely to lead to the revocation, limitation, conditioning or termination
of any such Gaming Licenses or the imposition of any restriction thereon; 
 (iii) Borrower has no reason to believe that
CPLV Tenant will not be able to maintain in effect all Gaming Licenses necessary for the lawful conduct of their business or operations wherever now conducted and as planned to be conducted, including the ownership and operation of the Casino
Components, pursuant to all applicable Legal Requirements; 
 (iv) Neither Borrower nor to Borrower’s Knowledge, CPLV
Tenant is in default in any material respect under, or in violation in any material respect of, any Gaming License (and no event has occurred, and no condition exists, which, with the giving of notice or passage of time or both, would constitute a
default thereunder or violation thereof that has caused or would reasonably be expected to cause the loss of any Gaming License) (unless, in the case of any Gaming License, such Gaming License is no longer necessary or advisable for the conduct of
Borrower’s or CPLV Tenant’s, as applicable, business); 
 (v) Neither Borrower nor to Borrower’s Knowledge,
CPLV Tenant has received any notice of any violation of Legal Requirements which has caused or would reasonably be expected to cause any Gaming License to be suspended, forfeited, modified in any manner, conditioned, limited, not renewed, rescinded
or revoked (unless, in the case of any Gaming License, such Gaming License is no longer necessary or advisable for the conduct of Borrower’s or CPLV Tenant’s, as applicable, business); 

(vi) No condition exists or event has occurred which would reasonably be expected to result in the suspension, revocation,
impairment, limitation, conditioning, forfeiture, rescission or non-renewal of any Gaming License held by Borrower or its Affiliates or to the Borrower’s Knowledge, held by CPLV Tenant or its Affiliates
(unless, in the case of any Gaming License, such Gaming License is no longer necessary or advisable for the conduct of Borrower’s or CPLV Tenant’s, as applicable, business); and 

(vii) The continuation, validity and effectiveness of all Gaming Licenses will not be adversely affected by the transactions
contemplated by this Agreement. 

  
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 (d) There is no proceeding, investigation or disciplinary action by or before any
Governmental Authority, any Gaming Authority, under any Gaming Law or other Legal Requirement or otherwise with respect to any Gaming License or other Operating Permit (other than any administrative proceedings or investigations in the ordinary
course which are customarily performed by the Gaming Authorities on all Persons with Gaming Licenses that does not seek to refrain, enjoin, prevent or impair the operations of the Casino Component in the manner required hereunder), pending against
Borrower or its Affiliates or to the Borrower’s Knowledge against CPLV Tenant or its Affiliates with respect to the Property or, to Borrower’s Knowledge, threatened against Borrower or CPLV Tenant or, to Borrower’s Knowledge, any of
their respective directors, members, managers, officers, key personnel or Persons holding a direct or indirect equity or economic interest in Borrower or CPLV Tenant. 

(e) There is no proceeding before any Gaming Authority or any other Governmental Authority, under any Gaming Law, Legal
Requirements or otherwise with respect to any Gaming License or other Operating Permit or before any other Governmental Authority) pending against Borrower or its Affiliates or, to Borrower’s knowledge, against CPLV Tenant or its Affiliates or,
to Borrower’s Knowledge, threatened in writing, in each case, either (a) in connection with, or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge, any of the Loan Documents or any of the transactions
contemplated therein, or (b) that could reasonably be expected to have a Material Adverse Effect. 
 (f) Neither the
execution, delivery or performance of any of the Loan Documents (nor the Securitization or any participations in the Loan, or the creation or sale of any of the Mezzanine Loans) will (i) require the consent of any Gaming Authority not
heretofore obtained or (ii) allow or result in the imposition of any material penalty under, or the revocation or termination of, any Gaming License or any material impairment of the rights of the holder of any Gaming License. 

(g) Borrower has obtained all Operating Permits from Gaming Authorities that are required in order to permit the closing of the
Loan and the Mezzanine Loan (if required), or in connection with the CPLV Lease, the other CPLV Lease Documents and the CPLV Trademark Agreements (if required), or to permit the conveyances of the Property to Borrower (effected immediately prior
hereto) and the operation of the Property as currently conducted. 
 4.1.42 Labor. No work stoppage, labor strike,
slowdown or lockout is pending or, to Borrower’s knowledge, threatened by employees and other laborers at the Property. Except as would not otherwise be reasonably expected to have a Material Adverse Effect, (i) there are no pending or, to
the Borrower’s Knowledge, threatened material labor disputes, material grievances or litigations relating to labor matters involving any employees at the Property, including, without limitation, claims alleging violation of any federal, state
or local labor, wage and hour, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints, (ii) Borrower is not and to the Borrower’s Knowledge, CPLV Tenant is not engaged with
respect to the Property, in any material unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act, (iii) as of the Closing Date, Borrower is not a party to, or bound by, any existing collective
bargaining agreement or union contract with respect to employees and other laborers at the Property, (iv) except for those certain Collective Bargaining Agreement set forth on Schedule 1.2 attached 

  
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 hereto, as of the Closing Date, to Borrower’s Knowledge, CPLV Tenant is not a party to, or bound by, any
existing collective bargaining agreement or union contract with respect to employees and other laborers at the Property. As of the Closing Date, there are no material amounts payable by Borrower or to Borrower’s Knowledge, CPLV Tenant to any
employees or former employees under any exit award agreements and retention award agreements. 
 4.1.43 CPLV Lease.
Borrower is the owner and lessor of landlord’s interest in the CPLV Lease. CPLV Tenant is the tenant under the CPLV Lease. The current CPLV Lease is in full force and effect and there are no material defaults thereunder by Borrower or to
Borrower’s Knowledge, any other party thereto and to Borrower’s Knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. The CPLV Lease does not constitute a
financing or convey any interest in the Property other than the leasehold interest (or sub-leasehold interest, as applicable) to CPLV Tenant therein demised thereby. No CPLV Rent has been paid more than one
(1) month in advance of its due date. To Borrower’s Knowledge, all security deposits (if any) are held by CPLV Tenant in accordance with applicable law. All work (if any) to be performed by Borrower under the CPLV Lease as of the date
hereof has been performed as required and has been accepted by CPLV Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to CPLV Tenant has already
been received by CPLV Tenant. There has been no prior sale, transfer or assignment, hypothecation or pledge of Borrower’s interest in the CPLV Lease or of the CPLV Rents received therein which is outstanding. To Borrower’s Knowledge, CPLV
Tenant has not assigned the CPLV Lease (other than to secure the CPLV Tenant Loan) or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. CPLV Tenant has no right or option pursuant to the CPLV Lease or
otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties of Borrower set forth in Article VIII and Article XXXIX of the CPLV Lease are true,
complete in all material respects as of the date hereof. 
 4.1.44 Intellectual Property. To Borrower’s Knowledge,
IP Owner either owns or has a valid enforceable right to use all Intellectual Property, including all Intellectual Property set forth on the IP Schedule, necessary for the current conduct of CPLV Tenant’s business and the operation of the
Property (collectively, the “CPLV Intellectual Property”). To Borrower’s Knowledge, IP Owner is duly qualified under applicable law in each jurisdiction in which it is required to be qualified pursuant to applicable Legal
Requirements in order to act as a licensor or licensee of the aforementioned CPLV Intellectual Property and sublicensor under the applicable IP Licenses. Attached hereto as Schedule 4.1.44 hereof is a complete and accurate list of the
material registrations and pending applications for CPLV Intellectual Property owned by CPLV Tenant, anywhere in the world, and all material IP Licenses necessary for the current conduct of CPLV Tenant’s business and the operation of the
Property, including exclusive IP Licenses to which CPLV Tenant is an exclusive licensee (the “IP Schedule”). There are no actions or proceedings pending against Borrower, or to Borrower’s Knowledge, pending against IP Owner or
threatened by or against Borrower or IP Owner: (x) alleging the infringement, dilution, misappropriation, or other violation of any CPLV Intellectual Property or (y) seeking to limit, cancel, or question the validity or enforceability of
any IP Collateral (including, without limitation, the right to proceeds therefrom and the right to bring an action at law or in equity for any infringement, dilution, or violation of such CPLV Intellectual Property and to collect all

  
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damages, settlements, and proceeds relating to such CPLV Intellectual Property), or IP Owner’s rights or interests therein, or use thereof. To Borrower’s Knowledge, no Person has
interfered with, infringed upon, diluted, misappropriated, or otherwise come into conflict with any CPLV Intellectual Property of IP Owner other than to the extent the same would not reasonably be expected to have a Material Adverse Effect. To
Borrower’s Knowledge, neither the CPLV Intellectual Property owned by IP Owner nor IP Owner’s use of any CPLV Intellectual Property is subject to any outstanding injunction, judgment, order, decree, ruling, or charge. To Borrower’s
Knowledge, IP Owner has made all filings and recordations necessary to adequately effect, reflect, and protect IP Owner’s ownership in, right to use, or its license of CPLV Intellectual Property used or held for the use, ownership, management,
leasing, renovation, financing, development, operation and maintenance of the Property by CPLV Tenant. To Borrower’s Knowledge, (x) all Intellectual Property set forth on the IP Schedule is subsisting, unexpired, has not been abandoned in
any applicable jurisdiction, (y) is valid and enforceable and (z) the use of the IP Collateral in the manner in which it is currently used or intended to be used does not infringe, dilute, misappropriate, or otherwise violate the rights of
any Person in any material respect, other than, in each case of (x) through (z), to the extent the same would not reasonably be expected to have a Material Adverse Effect. 

4.1.45 Operation of the Property. The licenses, permits, and regulatory agreements, approvals and registrations relating
to the Property, including the Gaming Licenses, may not be, and have not been, transferred by Borrower or to Borrower’s Knowledge, by CPLV Tenant, to any location other than the Property; have not been pledged as collateral security for any
other loan or indebtedness that is outstanding as of the Closing Date; and are held by Borrower or to Borrower’s Knowledge, by CPLV Tenant, free from restrictions or known conflicts that would materially impair the use or operation of the
Property as intended, are in full force and effect and in good standing and are not provisional, conditional or probationary in any manner (except in each case, to the extent that the failure to be in full force and effect or good standing would not
reasonably be expected to have a Material Adverse Effect). 
 4.1.46 Intellectual Property Title and Lien. 

(a) To Borrower’s Knowledge, the IP Owner owns and has good and marketable title to the CPLV Intellectual Property listed
as owned by IP Owner on the IP Schedule and its rights under the IP Licenses, free and clear of all Liens whatsoever except the Permitted Encumbrances and the CPLV Trademark Security Agreement. 

(b) The CPLV IP Security Agreement, when properly recorded in the appropriate offices and/or with the applicable Governmental
Authority when required by law, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create a valid, perfected first priority lien in favor of Borrower on the applicable CPLV Intellectual
Property and CPLV Tenant’s rights in, to and under the IP Collateral, subject only to Permitted Encumbrances. 
 (c) The
IP Security Agreement, when properly recorded in the appropriate offices and/or with the applicable Governmental Authority when required by law, together with any Uniform Commercial Code financing statements required to be filed in connection
therewith, will create a valid, perfected first priority lien in favor of Lender on the applicable Intellectual Property and Borrower’s rights in, to and under the IP Collateral, subject only to Permitted Encumbrances. 

  
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 (d) To Borrower’s Knowledge, CPLV Tenant has all requisite consents and
approvals required by the terms of the IP Licenses or as a matter of law to pledge the IP Collateral to Borrower under the CPLV IP Security Agreement and the CPLV Trademark Security Agreement, and for Borrower to pledge to Lender under the IP
Security Agreement. To Borrower’s Knowledge, other than the security interest granted to Borrower under the CPLV IP Security Agreement, the CPLV Trademark Security Agreement and to Lender hereunder and under the IP Security Agreement and
Permitted Encumbrances, IP Owner has not pledged, assigned, sold, or granted a security interest in CPLV Intellectual Property or IP Licenses to any party. Borrower shall and shall cause IP Owner to reasonably cooperate with Lender to permit Lender
to complete all filings, to be executed by Borrower and/or such IP Owner, as may be necessary to protect and evidence Lender’s security interest in the IP Collateral within thirty (30) days from the date hereof, including filing the UCC-l financing statements and required filings with the United States Patent and Trademark Office and the United States Copyright Office. No effective security agreement, financing statement, equivalent security,
or lien instrument or continuation statement authorized by Borrower or, to Borrower’s Knowledge, any IP Owner and listing Borrower or such IP Owner as debtor covering all or any part of the IP Collateral has been filed with any Governmental
Authority, or is of record in any jurisdiction in the United States or in any foreign jurisdiction, except as may have been filed, recorded, or made by an IP Owner in favor of the Borrower in connection with the CPLV IP Security Agreement, and
Borrower and, to Borrower’s Knowledge, IP Owner have not authorized any such filing. 
 4.1.47 REOA. Borrower
hereby represents and warrants to Lender the following with respect to each REOA: 
 (a) Borrower is a party (either directly
or as a successor-in-interest) to the REOA and has not been amended or modified and Borrower’s interest therein has not been assigned pursuant to any assignment
which survives the Closing Date except the assignment to Lender pursuant to the Loan Documents (provided that Borrower has granted Tenant certain rights and obligations, but not a security interest, under the REOAs as set forth in the CPLV Lease);

 (b) to Borrower’s Knowledge, the REOA is in full force and effect and the REOA is in full compliance with all
applicable local, state and federal laws, rules and regulations, except where the failure to be in full force and effect or in compliance with applicable local, state and federal laws, rules and regulations would not reasonably be expected to result
in a Material Adverse Effect, 
 (c) Borrower has not received any notice of default with respect to the REOA, and to
Borrower’s Knowledge, Borrower is not in default under the REOA; 
 (d) Borrower has no Knowledge of any current or
outstanding notices of termination or default given with respect to the REOA; 

  
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 (e) except as disclosed in writing to Lender, neither Borrower nor, to
Borrower’s Knowledge, any other party to the REOA has performed any work pursuant to the REOA, the cost of which Borrower or to Borrower’s Knowledge such other party is or will be entitled to charge in whole or in part to Borrower under
the provisions of the REOA except in the ordinary course of operation in accordance with the REOA; 
 (f) Borrower has not
received notice of any settlements, claims, counterclaims or defenses and, to Borrower’s Knowledge, there are no set-offs, claims, counterclaims or defenses being asserted in writing, if any, required
under the REOA or otherwise known by Borrower for the enforcement of the obligations under the REOA; 
 (g) Borrower has not
requested that a matter be submitted to arbitration under the REOA; and 
 (h) all common charges and other sums due from
Borrower under the REOA have been paid to the extent they are payable to the date hereof. 
 Section 4.2
Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for
so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be
deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

ARTICLE V – BORROWER COVENANTS 

Section 5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of
all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Mortgage encumbering the Property (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower
hereby covenants and agrees with Lender that: 
 5.1.1 Existence; Compliance with Legal Requirements. Borrower shall and
shall use commercially reasonable efforts to cause CPLV Tenant to do or cause to be done all things necessary to preserve, renew and keep in full force and effect in all material respects its existence, rights, licenses, permits and franchises and
comply in all material respects with all Legal Requirements applicable to it and the Property, including, without limitation, building and zoning codes and certificates of occupancy and the procurement of all necessary and required hospitality,
liquor, gaming or innkeeper’s licenses. There shall never be committed by Borrower, and Borrower shall use commercially reasonable efforts to never permit any other Person, including CPLV Tenant, in occupancy of or involved with the operation
or use of the Property to commit any act or omission affording the federal government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in performance of Borrower’s obligations
under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall and shall use commercially reasonable efforts to cause CPLV 

  
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 Tenant to at all times maintain, preserve and protect all franchises and trade names and preserve in all material
respects all the remainder of its property used or useful in the conduct of its business and shall keep the Property in good working order and repair (normal wear and tear and casualty excepted), and from time to time make, or cause to be made, all
reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in the Loan Documents. Borrower shall, or shall cause CPLV Tenant to, keep the Property insured at all times by financially sound
and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. After prior written notice to Lender (except no notice shall be required in the event the
amounts subject to contest at any time shall not exceed $1,000,000, individually or in the aggregate), Borrower, at Borrower’s own expense, may (or may permit CPLV Tenant to, at CPLV Tenant’s own expense) contest by appropriate legal
proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower, CPLV Tenant or the Property or any alleged violation of any Legal
Requirement, provided that any contest by CPLV Tenant shall be conducted in accordance with the CPLV Lease and the CPLV Lease SNDA, provided, further, that, with respect to any contest by Borrower, (i) no Event of Default
has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding
shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(iv) Borrower shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of
the contested Legal Requirement against Borrower, CPLV Tenant or the Property, as applicable; and (vi) Borrower shall furnish such security as may be required in the proceeding, or in the event the amount reasonably determined to be necessary
to cause compliance with such Legal Requirement exceeds $1,000,000, as may be reasonably requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Lender may
apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or the Property
(or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 
 5.1.2 Taxes
and Other Charges. Borrower shall, or shall cause CPLV Tenant to, pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part thereof prior to the date the same shall become delinquent;
provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.2 hereof. Borrower shall, or shall cause CPLV Tenant to,
deliver to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would
otherwise be delinquent if not paid. Borrower shall furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent (provided, however, Borrower is not required to
furnish (or caused to be furnished) such receipts for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 7.2 hereof and 

  
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 Lender has received receipts from the relevant taxing authority). Borrower shall not, and shall not permit CPLV
Tenant to, suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against the Property other than Permitted Encumbrances, and shall promptly pay for all utility services
provided to the Property, subject to the right to contest as set forth in this Section 5.1.2. After prior written notice to Lender (except no notice shall be required in the event the amounts subject to contest at any time shall not exceed
$1,000,000, individually or in the aggregate), Borrower, at Borrower’s own expense, may (or may permit CPLV Tenant, at CPLV Tenant’s cost and expense), contest by appropriate legal proceeding, promptly initiated and conducted in good faith
and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that any contest by CPLV Tenant shall be conducted in accordance with the CPLV Lease and the CPLV Lease SNDA; provided,
further, that, with respect to any contest by Borrower: (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to
which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein
will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which
may be payable in connection therewith; (v) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or in
the event the amount of such Taxes or Other Charges shall reasonably be expected to exceed $1,000,000, as may be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties
thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the Property (or part thereof or
interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Mortgage being primed by any related Lien. 

5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings
pending or threatened against Borrower or Guarantor, or upon Borrower obtaining Knowledge or receipt of notice thereof against CPLV Tenant and/or CPLV Lease Guarantor, which would reasonably be expected to have a Material Adverse Effect. 

5.1.4 Access to Property. Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to, permit
agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice, subject to applicable Gaming Laws, the rights of Tenants under Leases and the rights of any other third
party occupants. 
 5.1.5 Notice of Material Adverse Change. Borrower shall promptly advise Lender of any material
adverse change in Borrower’s, Guarantor’s, CPLV Tenant’s or CPLV Lease Guarantor’s condition, financial or otherwise, of which Borrower has knowledge. 

5.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate in all reasonable respects fully with Lender with respect
to any proceedings before any Governmental Authority which may in any way adversely affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its
election, to participate in any such proceedings. 

  
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 5.1.7 Perform Loan Documents. Borrower shall observe, perform and satisfy
all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower. 

5.1.8 Award and Insurance Benefits. Borrower shall, and shall cause CPLV Tenant to, cooperate with Lender in obtaining for
Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property (other than any portion of any Award or Insurance Proceeds that belong to CPLV Tenant under Sections 14.1 and 15.2 of the CPLV
Lease (excluding, however, any such Award or Insurance Proceeds in respect of Tenant Material Capital Improvements (as defined in the CPLV Lease)), except to the extent Borrower is not required to restore the New Hotel Tower in accordance with
Section 6.4(g) hereof), and Lender shall be reimbursed for any reasonable out-of-pocket expenses incurred in connection therewith (including reasonable
attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation in excess of $50,000,000.00 affecting the Property or any part thereof) out of such Insurance
Proceeds. 
 5.1.9 Further Assurances. Borrower shall and shall use commercially reasonable efforts to cause CPLV Tenant
to, at Borrower’s sole cost and expense: 
 (a) furnish to Lender all instruments, documents, boundary surveys, footing
or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to
the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith; 
 (b) execute and
deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts reasonably necessary, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations
of Borrower under the Loan Documents, as Lender may reasonably require including, without limitation, the execution and delivery of all such writings necessary to transfer any hospitality, liquor or gaming licenses with respect to the Property into
the name of Lender or its designee during the continuance of an Event of Default to the extent such transfer is permitted by applicable law or, to the extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in
obtaining new hospitality, liquor, gaming or other licenses required for the continued operation of the Property and terminating existing licenses, in each case solely at the direction of Lender (provided, that the execution of any such
document shall not increase the liability of Borrower hereunder or decrease the rights of Borrower hereunder, other than to a de minimis extent); and 

  
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 (c) do and execute all and such further lawful and reasonable acts, conveyances
and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time including, without limitation, the execution and delivery
of all such writings necessary to transfer any liquor licenses with respect to the Property into the name of Lender or its designee after the occurrence and during the continuance of an Event of Default to the extent such transfer is permitted by
applicable law or, to the extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in obtaining new hospitality, liquor or other licenses required for the continued operation of the Property and terminating existing
licenses, in each case solely at the direction of Lender (provided, that the execution of any such document shall not increase the liability of Borrower hereunder or decrease the rights of Borrower hereunder, other than to a de minimis
extent). 
 5.1.10 Principal Place of Business, State of Organization. Borrower will not cause or permit any change
to be made in its name, identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36 hereof) or Borrower’s limited liability company or partnership or other structure (except as
permitted pursuant to Section 5.2.10 hereof); provided, that with respect to a change of name only, Borrower shall be permitted to make such change if Borrower shall have first notified Lender in writing of such change at least thirty
(30) days prior to the effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement, and the other Loan
Documents Borrower shall not change its organizational structure (except as expressly permitted pursuant to and in accordance with Section 5.2.10(d) hereof) or place of organization or formation without first obtaining the prior written
consent of Lender, which consent may be given or denied in Lender’s sole discretion. Upon Lender’s request, Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments
which may be necessary to effectively evidence or perfect Lender’s security interest in the Property as a result of such change of principal place of business or place of organization approved in accordance with the foregoing sentence.
Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium or recording, including software, writings,
plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth at the introductory paragraph of this Agreement.
Borrower shall not change in its organizational identification number. 
 5.1.11 Financial Reporting. (a) Borrower
will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis, in accordance with the requirements for a Special Purpose Entity set forth herein in accordance with GAAP, proper and accurate books, records and accounts
reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the ownership of the Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice
(and, in any event, not more than two (2) times in any calendar year unless an Event of Default of Material Adverse Effect is continuing, in which case no such restriction shall apply) to examine such books, records and accounts at the office
of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence and during the continuance of an Event of Default, Borrower shall pay any
reasonable and actual costs and expenses incurred by Lender to examine Borrower’s accounting records, as Lender shall determine to be necessary or appropriate in the protection of Lender’s interest. 

  
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 (b) Borrower will furnish to Lender annually, (i) within one hundred twenty
(120) days following the end of such Fiscal Year of Borrower, a complete copy of Borrower’s annual financial statements audited by a “Big 4” accounting firm or other independent certified public accountant reasonably acceptable
to Lender in accordance with GAAP for each Fiscal Year and containing statements of profit and loss for Borrower and a balance sheet for Borrower (provided, that the requirement under this clause (i) may be satisfied by the delivery to
Lender of the financial statements of the REIT audited by a “Big 4” accounting firm or other independent certified public accountant reasonably acceptable to Lender, in the form delivered to Lender prior to the closing or such other form
reasonably acceptable to Lender, so long as the REIT is a Public Vehicle and such financial statements include a supplemental schedule or note to the financial statements presenting an income statement and balance sheet for such Fiscal Year for the
Borrower and shall indicate that Borrower is a separate legal entity from its parents and Affiliates and indicate that the assets and liabilities of Borrower are not available to satisfy the debts and other obligations of such Affiliates or any
other Person) and (ii) within one hundred twenty (120) days following the end of each Fiscal Year of CEOC and CPC, a complete copy of CEOC and CPC’s annual financial statements audited by a “Big 4” accounting firm or other
independent certified public accountant selected by CEOC and/or CPC and reasonably acceptable to Lender in accordance with GAAP covering the Property for such Fiscal Year and containing statements of profit and loss for CEOC and CPC and a balance
sheet for CEOC and CPC, in each case, in the form attached hereto as Exhibit C-1 or such other form reasonably acceptable to Lender. Such statements shall set forth the financial condition and the
results of operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts representing annual net operating income, net cash flow, gross income, and operating expenses (provided, that the requirement under this
clause (ii) may be satisfied by the delivery to Lender of the financial statements of CEC audited by a “Big 4” accounting firm or other independent certified public accountant reasonably acceptable to Lender, in the form delivered to
Lender prior to the closing or such other form reasonably acceptable to Lender, so long as the CEC is a Public Vehicle and such financial statements include a supplemental schedule or note to the financial statements presenting an income statement
and balance sheet for such Fiscal Year for CEOC and CPC). 
 (c) Borrower will furnish, or cause to be furnished, to Lender
on or before sixty-five (65) days after the end of the first three calendar quarters of each fiscal year the following items: (i) quarterly unaudited financial statements, prepared in accordance with GAAP, for CPC, consisting of an income
statement and a balance sheet for such calendar quarter, in the form attached hereto as Exhibit C-2 or such other form reasonably acceptable to Lender, (ii) a calculation of EBITDAR, (iii) a
rent roll for the subject months in such quarter; (iv) an occupancy report for the subject months in such quarter setting forth the average daily rate and revenue per available room, and (v) PACE reports, accompanied by an Officer’s
Certificate from Borrower stating that such items are true and complete copies of the financial statements and documents delivered by CPLV Tenant to Borrower under the CPLV Lease. In addition, such certificate shall also be accompanied by
(x) an Officer’s Certificate stating that the representations and warranties of Borrower set forth in Section 4.1.30 with respect to subsection (xxiii) of the definition of “Special Purpose Entity” are true and
correct as of the date of such certificate and (y) a calculation reflecting the annual DSCR for the immediately preceding one (1), two (2) and four (4) quarter periods as of the last day of such calendar quarter. 

  
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 (d) Prior to a Securitization, Borrower will furnish, or cause to be furnished,
to Lender, on or before thirty-five (35) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements
prepared for each calendar month, noting gross revenue, net revenue, operating expenses and operating income (not including any contributions to the Replacement Reserve Fund), and other information reasonably necessary and sufficient to fairly
represent the results of operation of operation of CPC during such calendar month and containing a comparison of budgeted income and expenses and the actual income and expenses, in the form attached hereto as Exhibit C-3 or such other form reasonably acceptable to Lender, (ii) a rent roll for the subject month; (iii) an occupancy report for the subject month setting forth the average daily rate and revenue per
available room, and (iv) PACE reports, accompanied by an Officer’s Certificate from Borrower stating that such items are true and complete copies of the financial information delivered by CPLV Tenant to Borrower under the CPLV Lease. 

(e) For each Fiscal Year beginning January 1, 2018 or thereafter, Borrower shall or shall cause CPLV Tenant or Manager to,
submit to Lender an Annual Budget (including the Annual Budget (as defined in the Management Agreement)) not later than sixty (60) days after the commencement of such period or Fiscal Year in form reasonably satisfactory to Lender. To the
extent that Borrower shall have any consent or approval right under the CPLV Lease of the Annual Budget or any line items thereunder, Borrower shall not grant any such consent during the continuance of an Event of Default without the prior approval
of Lender. Borrower shall deliver to Lender, copies of any other operating and/or capital budgets prepared with respect to the Property by Manager or CPLV Tenant which are delivered or required to be delivered to Borrower promptly upon
Borrower’s receipt. 
 (f) Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to,
furnish to Lender, within ten (10) Business Days after request (or as soon thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of CPC or Borrower
as may be reasonably requested by Lender. 
 (g) Borrower shall furnish to Lender, within ten (10) Business Days after
Lender’s request (or as soon thereafter as may be reasonably possible), financial and sales information from CPLV Tenant or any Tenant designated by Lender (to the extent such financial and sales information is required to be provided under the
CPLV Lease or the applicable Lease and same is received by Borrower after request therefor). 
 (h) Borrower will cause
(i) Guarantor to furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Guarantor, financial statements in accordance with GAAP audited by a “Big 4” accounting firm or other
independent certified public accountant reasonably acceptable to Lender, which shall include an annual balance sheet and profit and loss statement of Guarantor, in the form reasonably acceptable to Lender (provided, that the requirement under
this clause (i) may be satisfied by 

  
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 the delivery to Lender of the financial statements of the REIT audited by a “Big 4”
accounting firm or other independent certified public accountant reasonably acceptable to Lender, in the form reasonably required by Lender, so long as the REIT is a Public Vehicle and such financial statements include a supplemental schedule or
note to the financial statements presenting an income statement and balance sheet for such Fiscal Year for the Guarantor) and (ii) CPLV Tenant to cause CPLV Lease Guarantor to furnish to Lender annually, within one hundred twenty
(120) days following the end of each Fiscal Year of CPLV Lease Guarantor, financial statements audited by a “Big 4” accounting firm or other independent certified public accountant, which shall include an annual balance sheet and
profit and loss statement of CPLV Lease Guarantor, in each case, in the form filed attached hereto as Exhibit C-4 or such other form reasonably acceptable to Lender. 

(i) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in
paper form, (ii) on a diskette, and (iii) if requested by Lender and within the capabilities of Borrower’s data systems without change or modification thereto, in electronic form and prepared using Microsoft Word for Windows files
(which files may be prepared using a spreadsheet program and saved as word processing files). Borrower agrees that Lender may disclose information regarding CPC, the Property and Borrower that is provided to Lender pursuant to this Section
5.1.11 in connection with the Securitization to such parties requesting such information in connection with such Securitization, provided that, except for any disclosures necessary in connection with a Securitization of all or any portion
of the Loan, with respect to such information that is non-public and for which Lender has been informed of the confidential nature thereof by Borrower, Lender shall use commercially reasonable efforts to
inform any recipient of such confidential information that it should keep such confidential information confidential and provided that Lender shall not provide copies of or disclose any entertainment contracts with respect to the Property, the
partnership reports or the list of the top accounts at the Property) to any third-party. 
 (j) Borrower shall provide to
Lender written notice of any material Intellectual Property acquired by Borrower (or following receipt of notice of any acquisition of CPLV Intellectual Property by an IP Owner) that is necessary for the use, ownership, management, leasing,
renovation, financing, development, operation and maintenance of the Property after the date hereof, in each case which is the subject of a registration or application (including IP Collateral which was theretofore unregistered and becomes the
subject of a registration or application) or any exclusive IP Licenses under which Borrower (or, following receipt of notice of any license of CPLV Intellectual Property to CPLV Tenant or an IP Owner) is an exclusive licensee, and deliver to Lender
an amendment to the IP Security Agreement and/or such other instrument in form and substance reasonably acceptable to Lender. Borrower shall provide such notice with respect to such Intellectual Property to Lender within thirty-five (35) days
after the end of each calendar year in which the acquisition of such Intellectual Property occurred. Borrower shall execute and deliver to Lender all filings necessary to protect and evidence the Lender’s security interest in such Intellectual
Property and IP Licenses. Further, Borrower authorizes Lender to modify this Agreement by amending the IP Schedule to include any applications or registrations constituting IP Collateral (but the failure to do so modify such IP Schedule shall not be
deemed to affect Lender’s security interest in or lien upon such IP Collateral). 

  
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 5.1.12 Business and Operations. Borrower shall and shall use commercially
reasonable efforts to cause CPLV Tenant to continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower shall and shall
use commercially reasonable efforts to cause CPLV Tenant to qualify to do business and will remain in good standing under the laws of the jurisdiction of its formation as and to the extent the same are required for the ownership, maintenance,
management and operation of the Property. Borrower shall or shall cause CPLV Tenant to at all times during the term of the Loan, continue to own or lease all of Equipment, Fixtures and Personal Property which are necessary to operate the Property in
all material respects in the manner required hereunder and in the manner in which it is currently operated. 
 5.1.13 Title to
the Property. Borrower will warrant and defend (a) the title to the Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the
Mortgage on the Property, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including
reasonable attorneys’ fees and expenses) actually incurred by Lender if an interest in the Property, other than as permitted hereunder, is claimed by another Person. 

5.1.14 Costs of Enforcement. In the event (a) that the Mortgage encumbering the Property is foreclosed in whole or in
part or that the Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage encumbering the Property prior to or subsequent to the Mortgage in which proceeding Lender is
made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors,
Borrower, its successors or assigns, shall be chargeable with and agrees to pay all out-of-pocket costs of collection and defense, including reasonable thirty-party
attorneys’ fees and expenses, incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 

5.1.15 Estoppel Statement. (a) After request by Lender, Borrower shall within ten (10) days furnish Lender with a
statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the Interest Rate of the Note, (iv) the date installments of interest
and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if any, claimed by Borrower, and (vi) that the Note, this Agreement, the Mortgage and the other Loan Documents are valid, legal and binding obligations
(subject to bankruptcy, insolvency or other similar laws and general principles of equity) and have not been modified or if modified, giving particulars of such modification; provided, however, that so long as no Event of Default has
occurred and is continuing, Borrower shall not be required to provide such statement more than one (1) time in any calendar year. 

  
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 (b) Borrower shall request and shall use commercially reasonable efforts to (i)
deliver to Lender upon request estoppel certificates from CPLV Tenant, (ii) deliver to Lender upon request estoppel certificates from Manager and (iii) cause CPLV Tenant to deliver estoppel certificates from each commercial Tenant leasing
space at the Property in form and substance reasonably satisfactory to Lender, provided that Borrower shall not be required to deliver such certificates more frequently than two (2) times in any calendar year. 

5.1.16 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes
set forth in Section 2.1.4 hereof. 
 5.1.17 Performance by Borrower. Borrower shall in a timely manner observe,
perform and fulfill in all material respects, each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver,
supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Lender. 

5.1.18 Confirmation of Representations. Borrower shall deliver, in connection with any Securitization, (a) one (1) or
more Officer’s Certificates certifying as to the accuracy of all representations made by Borrower in the Loan Documents as of the date of the closing of such Securitization in all relevant jurisdictions except (i) to the extent that any
such representation is made as of a specific date in which case such representation is accurate and complete in all material respects as of such specific date, and (ii) to the extent any such representations require qualification on such date,
setting forth such qualifications in reasonable detail, and (b) certificates of the relevant Governmental Authorities in all relevant jurisdictions indicating the good standing and qualification of Borrower and Guarantor as of the date of the
Securitization. 
 5.1.19 Environmental Covenants. (a) Borrower covenants and agrees that: (i) all uses and
operations on or of the Property, by Borrower or any of its Affiliates shall be, and Borrower shall use commercially reasonable efforts to cause all uses and operations of the Property by CPLV Tenant and any other Person to be, in compliance, in all
material respects, with all Environmental Laws and permits issued pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from the Property except for such Releases that are both (x) in compliance, in all
material respects, with all Environmental Laws and with permits issued pursuant thereto (to the extent such permits are required by Environmental Law) and (y) either (A) in amounts not in excess of that necessary to operate the Property for the
purposes set forth in this Agreement which would not reasonably be expected to result in an environmental condition in, on or under the Property or (B) fully disclosed to Lender in writing or in the Environmental Report; (iii) Borrower
shall not, and shall take commercially reasonable measures to ensure that all other Persons, including CPLV Tenant, occupying or operating the Property, shall not store any Hazardous Substances in, on, or under the Property, except those that are
both (x) in compliance in all material respects with all Environmental Laws and with permits issued pursuant thereto (to the extent such permits are required by Environmental Law and (y) either (A) in amounts not in excess of that necessary to
operate the Property for the purposes set forth in this Agreement which would not reasonably be expected to result in an environmental condition in, on or under the Property or (B) fully disclosed to Lender in writing or in the Environmental
Report; (iv) Borrower shall keep, or shall cause to be kept, the Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether 

  
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 due to any act or omission of Borrower or any other Person (the “Environmental Liens”); (v)
Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to subsection (b) below, including but not limited to providing all relevant information and making knowledgeable persons
available for interviews; (vi) Borrower shall, or shall cause CPLV Tenant to, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions in connection with the Property (including
but not limited to sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas), pursuant to any reasonable written request of Lender made in the event that Lender has a
reasonable good-faith basis to believe that an environmental hazard exists on the Property that would reasonably be expected to (i) endanger, in any material respect, CPLV Tenant, any Tenants or other occupants of the Property or their guests
or the general public or (ii) have a Material Adverse Effect (including but not limited to sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas), and share with
Lender the reports and other results thereof, and Lender and other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (vii) Borrower shall, at its sole cost and expense, comply with all reasonable written
requests of Lender made in the event that Lender has a good faith reason to believe that an environmental hazard exists on the Property (including but not limited to a Release of a Hazardous Substance) to (A) reasonably effectuate Remediation
of any such environmental hazard as required pursuant to Environmental Law; (B) comply with applicable Environmental Law related thereto; (C) comply with any applicable directive from any Governmental Authority related thereto; and
(D) take any other reasonable action necessary or appropriate for protection of human health or the environment with regard to such environmental hazard; (viii) Borrower shall not do and shall use commercially reasonable efforts to cause
CPLV Tenant or other user of the Property to not commit any act relating to the manufacture, use, storage, handling, Release or Remediation of Hazardous Substances that materially increases the dangers to human health or the environment, poses an
unreasonable risk of harm to any Person (whether on or off the Property), impairs or may impair in any material respect the value of the Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes
waste, or violates any covenant, condition, agreement or easement applicable to the Property in any material respect; and (ix) Borrower shall notify Lender in writing, promptly upon obtaining actual knowledge of (A) any presence or
Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property (other than any Hazardous Substances which satisfy the conditions set forth in Section 5.1.19(a)(ii)(x) and (y)); (B) any non-compliance with any Environmental Laws related in any way to the Property; (C) any actual or potential Environmental Lien; (D) any required or proposed Remediation of environmental conditions relating
to the Property; and (E) any written notice or other written communication of which Borrower becomes aware from any source whatsoever (including but not limited to a Governmental Authority) relating in any way to either (x) the matters referred
to in items (A) through (D) or (y) any other environmental conditions with respect to the Property that are likely to result in liability of Borrower or any Person holding an interest in the Property pursuant to any Environmental Law,
including any actual or potential administrative or judicial proceedings in connection with the matters referred to in this Section 5.1.19. 

  
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 (b) In the event that Lender has a reasonable good-faith basis to believe that an
environmental hazard exists on the Property that would reasonably be expected to (i) endanger, in any material respect, CPLV Tenant, any Tenants or other occupants of the Property or their guests or the general public or (ii) have a
Material Adverse Effect, upon reasonable notice from Lender, Borrower shall, at Borrower’s expense, promptly cause a qualified engineer or consultant reasonably satisfactory to Lender to conduct an environmental assessment or audit with respect
to such environmental hazard (the scope of which shall be reasonably satisfactory to Lender) which may including taking any samples of soil, groundwater or other water, air, or building materials or any other invasive testing reasonably requested by
Lender and promptly deliver the results of any such assessment, audit, sampling or other testing to Lender; provided, however, if such results are not delivered to Lender within a reasonable period or if Lender has a good faith reason
to believe that an environmental hazard exists on the Property that, in Lender’s reasonable judgment, poses an imminent danger, in any material respect, to any Tenant or other occupant of the Property or their guests or the general public or
may materially and adversely affect the value of the Property, upon reasonable advance notice to Borrower (subject to the rights of CPLV Tenant, Tenants and any other third-party occupants of the Property and compliance with any applicable Gaming
Laws), Lender and any other Person designated by Lender, including but not limited to any receiver, any representative of a governmental entity with relevant jurisdiction, and any environmental consultant, shall have the right, but not the
obligation, to enter upon the Property at all reasonable times to assess any and all aspects of the environmental condition of the Property related to the environmental hazard, including but not limited to conducting any environmental assessment or
audit with respect to such environmental hazard (the scope of which shall be determined in Lender’s reasonable discretion) which may include taking samples of soil, groundwater or other water, air, or building materials, and reasonably
conducting other invasive testing. Borrower shall reasonably cooperate with and provide Lender and any such Person designated by Lender with access to the Property and Borrower shall be permitted to accompany and observe (but not otherwise disrupt
or restrict) Lender or any other Person designated by Lender during such assessment, audit, sampling or testing. 
 (c)
Intentionally Omitted. 
 (d) Borrower hereby represents and warrants that attached hereto as Exhibit E is a true and
complete copy of the Asbestos Operations & Maintenance Plan, dated as of September 19, 2017, prepared by EMG (“O&M Program”), and (b) Borrower has as of the date hereof complied in all material respects with the
O&M Program. Borrower hereby covenants and agrees that, during the term of the Loan, including any extension or renewal thereof, Borrower shall comply in all material respects with the terms and conditions of the O&M Program. 

5.1.20 Leasing Matters. (a) Borrower shall not enter into any Leases other than the CPLV Lease and Borrower shall
enforce its rights in a commercially reasonable manner, the provisions of the CPLV Lease with respect to any leases or subleases at the Property. Borrower shall not and shall use commercially reasonable efforts to not permit CPLV Tenant to enter
into any Leases with respect to the Property, other than as set forth in this Section 5.1.20. 
 (b) Borrower
shall not permit CPLV Tenant to assign or otherwise transfer the CPLV Lease or any interest therein, except in accordance with Section 5.2.10(e) hereof. CPLV Tenant shall be permitted to sublease a portion of the Property pursuant to Leases;
provided that (i) each Lease entered into by CPLV Tenant shall be entered into in accordance with the 

  
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 terms of the CPLV Lease, and (ii) subject to Section 5.1.20(c) below all Leases
executed by Borrower after the date hereof shall provide that they are subordinate to the Mortgage and that the Tenant agrees to attorn to Lender or any purchaser at a sale by foreclosure or power of sale. Notwithstanding anything to the contrary
herein, Borrower shall not permit CPLV Tenant to enter into any Lease for all or substantially all of the Property without the prior written consent of Lender. 

(c) Upon written request from Borrower, Lender shall enter into a subordination,
non-disturbance and attornment agreement with respect to any Major Lease entered into in accordance with the terms hereof after the Closing Date, in the form attached hereto as Exhibit F, attached
hereto or substantially in the form then used by Lender at the time of request (subject to adjustments and modifications reasonably acceptable to Lender arising out of the specific nature and terms of such Major Lease), provided that
(i) CPLV Tenant is not in default under the CPLV Lease and CPLV Lease Guarantor is not in default under the CPLV Lease Guaranty and (ii) Borrower shall reimburse Lender for all reasonable out-of-pocket costs and expenses (including reasonable attorney’s fees) incurred by Lender in connection therewith. 

5.1.21 Alterations. (a) Borrower shall obtain Lender’s prior written consent to any Alterations to any
Improvements (each, an “Alteration” and collectively, “Alterations”), which consent shall not be unreasonably withheld or delayed except with respect to Alterations that would reasonably be expected to have a
Material Adverse Effect. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any Alterations that (i) will not have a Material Adverse Effect and the cost of any individual Alteration project does not
exceed $75,000,000 (the “Threshold Amount”), (ii) any Alterations set forth on Schedule 5.1.21 hereto (the “Pre-Approved Alterations”), (iii) Replacements if there are
sufficient reserves on deposit in the Replacement Reserve Fund to pay for such obligations, (iv) that are Required Repairs, (v) to address any life safety issues to avoid imminent danger to the health or safety of Persons at the Property
or the Property, (vi) are required to comply with Legal Requirements which will not have a Material Adverse Effect and are not subject to contracts with an aggregate remaining cost in excess of the Threshold Amount, or (vii) Alterations
performed in connection with the Restoration of the Property after the occurrence of a Casualty or Condemnation in accordance with the terms and provisions of this Agreement. Lender shall grant or deny any consent required under this
Section 5.1.21 within ten Business Days after the receipt of the applicable request and all documents reasonably necessary in connection therewith. In the event that Lender fails to respond within such ten Business Day period and such
request was marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND
LENDER” and the envelope containing the such notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”, and Borrower has submitted a second request for consent after such ten (10) Business Day period accompanied by all
documents reasonably necessary in connection therewith, which such second notice shall have been marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS
NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the Second Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”, then in the event that Lender 

  
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 shall fail to respond to such second notice within the ten (10) Business Day period, such failure to respond
shall be deemed to be the consent and approval of Lender to the requested item, provided, that Lender requesting additional and/or clarified information, in addition to approving or denying any request (in whole or in part), shall be deemed a
response by Lender for purposes of the foregoing. If the total unpaid amounts due and payable with respect to any alterations to the Improvements at the Property, in the aggregate, shall at any time exceed the Threshold Amount (excluding
(a) such amounts to be paid or reimbursed by Tenants under the Leases, (b) such amounts for Replacements which are reserved and are permitted to be paid or reimbursed from the Replacement Reserve Fund in accordance with the terms hereunder,
(c) any amounts for the construction of the New Hotel Tower pursuant to and in accordance with Section 0 hereof and (d) costs incurred in connection with a Restoration of the Property in accordance with the terms hereunder),
Borrower shall promptly deliver to Lender (or cause CPLV Tenant to deliver) such excess amount as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following
(each, an “Alteration Deposit”): (A) cash, (B) U.S. Obligations, (C) other securities having a rating acceptable to Lender and that, at Lender’s option, the Approved Rating Agencies have provided a Rating Agency
Confirmation with respect to or (D) a Letter of Credit, provided that any such Alteration Deposit made by CPLV Tenant in cash shall be made into (i) an account of Lender or (ii) if the funds are being deposited by CPLV Tenant in an
account in the name of CPLV Tenant held by an Eligible Institution subject to a security interest in favor of Borrower and assigned to Lender and subject to the control of Lender pursuant to a deposit or securities account control agreement in form
and substance reasonably satisfactory to Lender, and such security shall be subject to the terms and conditions of the CPLV Lease SNDA. Subject to Section 0 below and the CPLV Lease SNDA, during the continuance of an Event of Default
(other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof), unless the amounts are being contested by CPLV Tenant pursuant to contest in
good faith and in CPLV Tenant’s prudent business judgment, if amounts are not otherwise paid by CPLV Tenant or Borrower prior to delinquency, upon two (2) Business Days prior notice to CPLV Tenant or Borrower, Lender may apply such
security from time to time at the option of Lender to pay for such Alterations. In the event any Alteration constitutes Material Capital Improvements (as defined in the CPLV Lease), Lender shall have the right, at Borrower’s or CPLV
Tenant’s cost and expense, to engage an engineer or other construction consultant to conduct inspections during the construction of any such Material Capital Improvements. 

(b) Each such Alterations Deposit shall be disbursed from time to time by Lender to Borrower or if directed by Borrower, to
CPLV Tenant for completion of the Alterations at the Property upon the satisfaction of the following conditions: (i) Borrower shall (or shall cause CPLV Tenant to) submit a request for payment to Lender at least 10 days prior to the date on
which Borrower requests that such payment be made, which request for payment shall specify the Alterations for which payment is requested, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event
of Default shall be continuing, and (iii) such request shall be accompanied by (x) an Officer’s Certificate (or a certification from CPLV Tenant) stating that the applicable portion of the Alterations to be funded by the requested
disbursement have been completed in good and workmanlike manner and in accordance in all material respects with all applicable Legal Requirements, (y)(A) if requested by Lender, copies of paid invoices or copies of invoices to be paid, as
applicable, for each contractor that supplied 

  
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 materials or labor in connection with the applicable portion of the Alterations to be funded by
the requested disbursement if such disbursement to the applicable contractor is in excess of $250,000 and (B) if requested by Lender, proofs of payment for each contractor that supplied materials or labor in connection with the applicable
portion of the Alterations to be funded by the requested disbursement if such disbursement to the applicable contractor is in excess of $25,000 and (z) copies of any licenses, permits or other approvals by any Governmental Authority required in
connection with the applicable portion of the Alterations, and (iv) lien waivers (which may be conditioned upon receipt of payment) from any contractors, subcontractors, materialmen, mechanics or other parties providing labor or materials under
contracts or work orders in excess of $250,000. Each Alterations Deposit shall be held by Lender in an account and, until disbursed in accordance with the provisions of this Section 5.1.21, shall constitute additional security for the
Debt and other obligations under the Loan Documents. Upon completion of the Alterations in accordance with the terms hereunder and payment of all costs and expenses in connection therewith for which such Alterations Deposit was made, any remaining
portion of the Alterations Deposit shall be returned to Borrower or CPLV Tenant, as applicable. 
 (c) The Borrower shall
have the right to permit CPLV Tenant to construct a tower of hotel rooms, with related amenities, on the portion of the Property as set forth on Exhibit B (the “New Hotel Tower”), subject to the satisfaction of the following
conditions: 
 (i) if Borrower is constructing the New Hotel Tower, no Event of Default has occurred and is continuing; 

(ii) there is no Uncured CPLV Lease Event of Default at the initial commencement of such New Hotel Tower; 

(iii) the New Hotel Tower and the construction thereof will comply in all material respects with all Legal Requirements,
including zoning and gaming requirements; 
 (iv) Lender shall have received from Borrower or CPLV Tenant, (A) evidence
reasonably satisfactory to Lender that the New Hotel Tower has been legally subdivided from the remainder of the Property (provided, that the New Hotel Tower shall be treated as a part of the Property for all purposes hereunder), and
(B) an amendment to the Mortgage and endorsements to the Lender’s Title Insurance Policy with respect to such subdivision, new tax lot and that the Mortgage shall continue to insure that the Lender has a first priority security interest in
the Property (subject only to Permitted Encumbrances), including the real property upon which the New Hotel Tower is being constructed; 

(v) prior to the construction of the New Hotel Tower, Lender shall have received from Borrower or CPLV Tenant, (A) copies
of all plans and specifications for the New Hotel Tower and if requested, copies of all contracts that have been entered into with contractors and other suppliers of work or materials for the New Hotel Tower, that are then in existence and
(B) any documents required to collaterally assign such plans and specifications, contracts, and all permits, licenses and approvals required or obtained in connection with the construction to Borrower, as landlord and Lender; 

  
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 (vi) the New Hotel Tower shall be constructed in all material respects the same
aesthetic and standard as the other portions of the Property, such that the Property continues to operate as an integrated hotel and resort facility in substantially the same manner and at the same standard, as the Property currently functions and
operates, 
 (vii) prior to commencement of the construction work for the New Hotel Tower or any phase thereof, Lender shall
have received from Borrower or CPLV Tenant, (a) a budget for such phase of construction, (b) the plans and specifications for such phase (if not delivered under clause (v) above and any modifications to the plans and specifications
delivered to Lender pursuant to clause (v) above, (c) copies of all contracts executed by CPLV Tenant (or Borrower) or otherwise in the possession of CPLV Tenant, with a guaranteed maximum price for all hard costs for such phase,
(d) certification from an officer of CPLV Tenant that states (x) all materials installed and work and labor performed from any prior phase of construction of the New Hotel Tower have been paid for in full (other than customary hold-back
amounts in accordance with the terms of the construction contract and certain amounts that are being contested in good faith in accordance with the terms of the Loan Documents), (y) there exist no notices of pendency, stop orders, mechanic’s or
materialman’s liens or any other Liens or encumbrances on the Property (other than Permitted Encumbrance or any ordinary course customary notice of right or notices of commencement or similar notices which do not otherwise create a lien or
encumbrance on the Property) which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the title company issuing the
Title Insurance Policy, and (z) all work for any prior phase has been performed in a good and workmanlike manner and in accordance with all applicable building codes, rules and regulations in all material respects, (e) an “in
balance” certification, in the form attached hereto as Exhibit G, attached hereto or in such other form and substance reasonably satisfactory to Lender that demonstrates that CPLV Tenant has liquidity, in the form of cash, cash
equivalents and/or proceeds from available unfunded loan commitments (including through distributions and contributions to be made to CPLV Tenant in accordance with its organizational documents from CEC and/or any other Affiliates of CPLV Tenant,
including any such Affiliates that may be a borrower or restricted subsidiary under the CPLV Tenant Loan or other corporate credit facility), in an amount sufficient to pay for all hard and soft construction costs for such phase of construction of
the New Hotel Tower and (f) certification from an officer of CPLV Tenant that all conditions required for CPLV Tenant or CEOC to receive the amount required under the CPLV Tenant Loan or other corporate credit facility to comply with clause
(e) of this subsection have been or shall be satisfied prior to each such disbursement or advance thereunder; 
 (viii)
upon commencement of any construction work on the New Hotel Tower, CPLV Tenant will proceed with construction in a diligent manner to complete all construction activities as soon as reasonably practicable, in compliance in all material respects with
all Legal Requirements and in a manner which does not adversely affect the remaining Property, including any operations thereon or any Tenants and guests to the Property (other than de minimis effects of construction, which may include
reasonable noise, dust, modified ingress and egress, so long as Tenant shall minimize all such effects to the extent practicable and shall reasonably cooperate with Borrower and Lender to minimize any adverse effects on the Property and its Tenants
and guests during the construction; 

  
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 (ix) the construction and operation of the New Hotel Tower by CPLV Tenant shall
be in accordance with the CPLV Lease and the terms hereunder, including, Section 6.1 hereof; 
 (x) Borrower shall, or
shall cause CPLV Tenant to, deliver to Lender, a reaffirmation from CPLV Lease Guarantor with respect to its guaranty of the obligations of CPLV Tenant with respect to the New Hotel Tower, including the lien free completion of the New Hotel Tower
and the payment of all costs and expenses in incurred in such construction, as set forth in the CPLV Lease Guaranty; 
 (xi)
upon completion of the New Hotel Tower, the New Hotel Tower will be considered a “Leased Improvement” for all purposes under the CPLV Lease (except as set forth in Section 5.1.8 and except that CPLV Tenant shall be entitled to the
depreciation of such New Hotel Tower for accounting purposes and shall be treated as Tenant’s Property for purposes of the definition of Fair Market Value) and shall be subject to the lien of the Mortgage and Borrower shall deliver to Lender,
(A) if required by Lender, an amendment to the Mortgage, in form and substance reasonably acceptable to Lender, to include the New Hotel Tower as part of the Property and (B) an endorsement to the Title Insurance Policy (to the extent
reasonably available in the applicable State) insuring the Mortgage or an updated Title Insurance Policy or similar coverage where such endorsement is not available, which endorsement or updated Title Insurance Policy insures the rights and benefits
of such New Hotel Tower; 
 (xii) Borrower or CPLV Tenant shall deliver to Lender, an amendment to the Management Agreement
(or Replacement Management Agreement, if applicable), in form and substance reasonably acceptable to Lender, that provides that the New Hotel Tower will be managed by Manager (or Qualified Replacement Manager) under the Management Agreement (or
Replacement Management Agreement, if applicable) in a manner and at a standard, consistent, in all material respects, with the Property, as currently operated; 

(xiii) during construction of the New Hotel Tower, Lender will have the right to engage construction consultants, at the cost
and expense of Borrower or CPLV Tenant, to conduct inspections during the construction of such New Hotel Tower, which inspections shall be conducted during normal business hours upon reasonable prior notice and subject to the rights of Tenants under
Leases and the rights of any other third party occupants; and 
 (xiv) upon final completion of the New Hotel Tower, Borrower
shall, or shall cause CPLV Tenant to, deliver to Lender, (a) a certificate of occupancy for the New Hotel Tower, (b) any other required certificates and/or licenses required by applicable Legal Requirements, including any required Gaming
Licenses and (c) a certification from an officer of CPLV Tenant stating that each person that supplied materials or labor in connection with the New Hotel Tower has been paid in full (subject to any right to contest such amounts in accordance
with the terms hereunder) to be accompanied by lien waivers, invoices or other evidence of payment reasonably satisfactory to Lender, in each case, except for amounts contested in good faith in accordance with terms of this Agreement. 

  
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 5.1.22 Operation of Property. (a) Borrower shall, and shall use
commercially reasonable efforts to cause CPLV Tenant to, cause the Property to be operated, in all material respects, in accordance with the CPLV Lease, the Management Agreement, the CPLV Trademark Agreements and all other CPLV Lease Documents and
in accordance with all applicable Legal Requirements, including Gaming Laws, and all Gaming Licenses and other Operating Permits and in a manner and standard consistent in all material respects with their respective use as of the Closing Date.
Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to maintain, in all material respects, all Operating Permits in full force and effect (unless, in the case of any Operating Permit, such Operating Permit is no longer
necessary or advisable for the conduct of CPLV Tenant’s business in accordance with the terms of the CPLV Lease and hereunder). In the event that the Management Agreement expires or is terminated (without limiting any obligation of Borrower to
obtain Lender’s consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a Replacement Management Agreement with Manager or another
Qualified Replacement Manager, as applicable or upon the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, enter into a Replacement Structure. 

(b) Borrower shall at all times cause the Property to be licensed, operated and branded by Manager as a “Caesars
Palace” property pursuant to the Management Agreement. Without the prior written consent of Lender in its sole discretion, Borrower shall not and shall not permit CPLV Tenant to, (i) rebrand the Property or operate the Property under
another flag or brand or as an unbranded property, or (ii) operate the Property under any name other than “Caesars Palace Las Vegas”. 

(c) Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to, post all required bonds, if any,
with any Gaming Authority as and in the amounts required under all applicable Legal Requirements (and shall, if Lender makes a request therefor, promptly provide Lender with copies of all such bonds). 

(d) Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to make all filings required under the
Gaming Laws, or in connection with any Gaming Licenses or Operating Permits, including in connection with the origination of the Loan and the Mezzanine Loan, and shall deliver copies of such filings as Lender shall reasonably request to Lender,
promptly upon request. Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to, timely pay all fees, investigative fees and costs required by the Gaming Authorities with respect to any such approvals and licenses with
respect to the Property or the operations thereof. Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to, diligently and comprehensively respond to any inquiries and requests from the Gaming Authorities and promptly
file or cause to be filed any additional information required in connection with any required filings as soon as practicable after receipt of requests therefor. 

  
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 (e) Upon the written request of Lender, Borrower shall (i) deliver to Lender
such evidence of compliance (by Borrower) with all Legal Requirements, including Gaming Laws as shall be reasonably requested by Lender and (ii) use commercially reasonable efforts to cause CPLV Tenant to deliver to Lender such evidence of
compliance (by CPLV Tenant and the Property) with all Legal Requirements, including Gaming Laws as shall be reasonably requested by Lender. Borrower shall promptly deliver to Lender any notice of material non-compliance or material violation of any
Legal Requirement, or of any material inquiry or investigation commenced by the Gaming Authorities in connection with the Property, in each case received by Borrower or its Affiliates, and shall use commercially reasonable efforts to cause CPLV
Tenant to deliver such notices to Lender in accordance with the terms of the CPLV Lease. Borrower shall promptly notify Lender if it believes has knowledge of, or has received notice, that any material license, including any Gaming License, is being
or could be revoked or suspended, or that any action is pending, being considered or being, or could be, taken to revoke or suspend any of Borrower’s or CPLV Tenant’s material licenses, including the Gaming Licenses, or to fine, penalize
or impose remedies upon Borrower or CPLV Tenant, or that any action is pending, being considered, or being, or could be, taken to discontinue, suspend, deny, decrease or recoup any payments due, made or coming due to Borrower of CPLV Tenant. 

(f) Borrower shall, or shall cause CPLV Tenant to, cause the Hotel Components to be at all times open for business as a hotel
and the Casino Components to be open for business as a casino, except to the extent necessary to undertake any Alterations or repairs (subject to the provisions of this Agreement with respect to the performance of any such Alterations or repairs) or
any Permitted Operation Interruption (as defined in the CPLV Lease). Borrower shall, or shall use commercially reasonable efforts to cause CPLV Tenant to cause the Property to be at all times operated, managed and maintained, at all times and in the
manner and accordance with the standards required pursuant to the CPLV Lease and all applicable Legal Requirements, including Gaming Laws in all material respects. 

(g) In the event that Borrower shall enter into a Replacement Management Agreement with respect to the Property in accordance
with the terms hereunder, such Management Agreement shall (i) be with a Qualified Manager, (ii) be entered into on an arms’ length basis and on commercially reasonable and market terms and in form and substance reasonably acceptable
to Lender, and (iii) be subject to an assignment and subordination of management agreement (but without subordination of the fees, reimbursements or other amounts payable thereunder if the related Replacement Management Agreement is with a
third party manager and without subordination of the reimbursements and similar amounts if the related Replacement Management Agreement is with an Affiliate of the Qualified CPLV Replacement Guarantor) and
non-disturbance agreement substantially in the form then used by Lender (or of such other form and substance acceptable to Lender), executed by Borrower, CPLV Tenant, Lender and such Qualified Manager at
Borrower’s expense. 
 (h) Borrower shall, and shall use commercially reasonable efforts to cause CPLV Tenant to,
(i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its
material rights thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of which 

  
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it is aware; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Management
Agreement; and (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement in a commercially reasonable manner. 

5.1.23 Embargoed Person. Borrower has performed and shall perform reasonable due diligence to insure that at all times
throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or Guarantor constitute property of, or are beneficially owned, directly
or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or
indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering,
terrorism or terrorism activities, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to
forfeiture or seizure. 
 5.1.24 Ground Leases. 

(a) Borrower shall, or shall cause CPLV Tenant, at its sole cost and expense, promptly and timely perform and observe all the
material terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Ground Lease (including, but not limited to, subject to Section 7.4 below, the payment of all rent, additional rent, percentage
rent and other charges required to be paid under each Ground Lease). 
 (b) If Borrower or Lender receives from Ground Lessor
a notice of default under the Ground Lease, then, subject to the terms of the Ground Lease, Borrower shall grant Lender the right (but not the obligation), to cause the default or defaults under the Ground Lease to be remedied and otherwise exercise
any and all rights of Borrower under the Ground Lease, as may be necessary to prevent or cure any default, and Lender shall have the right to enter all or any portion of the Property that is subject to the Ground Lease at such reasonable times and
in such manner as Lender deems necessary (subject to the terms of the Ground Lease and the rights of the CPLV Tenant under the CPLV Lease and Tenants Leases and any third-party occupants), to prevent or to cure any such default. 

(c) The actions or payments of Lender to cure any default by Borrower under the Ground Lease shall not remove or waive, as
between Borrower and Lender, the default that occurred under this Agreement by virtue of the default by Borrower under the Ground Lease. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, within five
(5) Business Days of demand, with interest on such sum at the rate set forth in this Agreement from the date of such demand to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be
secured by the Mortgage. 

  
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 (d) Borrower shall notify Lender promptly in writing of it becoming aware of the
occurrence of any default by Ground Lessor under the Ground Lease (beyond all applicable notice and cure periods thereunder) or following the receipt by Borrower of any written notice from Ground Lessor under the Ground Lease noting or claiming the
occurrence of any default by Borrower under the Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Borrower under the Ground Lease. Borrower shall promptly deliver
to Lender a copy of any such written notice of default. 
 (e) Within ten (10) days after receipt of written demand by
Lender, Borrower shall use commercially reasonable efforts to obtain from Ground Lessor under the Ground Lease and furnish to Lender the estoppel certificate of Ground Lessor stating the date through which rent has been paid and whether or not there
are any defaults thereunder and specifying the nature of such claimed defaults, if any; provided that Lender shall not make such demand more than once in any twelve (12) month period unless an Event of Default is continuing. 

(f) Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may be reasonably required to permit
Lender to cure any default under the Ground Lease in accordance with the terms of this Agreement or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of
Lender under the Loan Documents with respect to the Property. Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or
otherwise, during the continuance of an Event of Default, any and all acts and to execute any and all documents that are necessary to preserve any rights of Borrower under or with respect to the Ground Lease, including, without limitation, the right
to effectuate any extension or renewal of the Ground Lease, or to preserve any rights of Borrower whatsoever in respect of any part of the Ground Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable),
provided, except in the event of imminent damage to the Property or imminent danger of the termination or loss of the Ground Lease, Lender shall not make or execute any such documents under such power until three (3) days after notice
has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. 
 (g) Notwithstanding
anything to the contrary contained in this Agreement with respect to the Ground Lease: (i) The lien of the Mortgage attaches to all of Borrower’s rights and remedies at any time arising under or pursuant to Subsection 365(h) of the Bankruptcy
Code, 11 U.S.C. Sections 101 et seq., including, without limitation, all of Borrower’s rights, as debtor, to remain in possession of the Property. 

(ii) Borrower shall not, without Lender’s written consent, elect to treat the Ground Lease as terminated under Subsection
365(h)(l) of the Bankruptcy Code. Any such election made without Lender’s prior written consent shall be void. 
 (iii)
As security for the Debt, Borrower unconditionally assigns, transfers and sets over to Lender all of Borrower’s claims and rights to the payment of damages arising from any rejection of the Ground Lease by the lessor under the Bankruptcy Code.
Lender and Borrower shall proceed jointly or in the name of Borrower in respect of any claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute any proofs of
claim, complaints, motions, 

  
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applications, notices and other documents in any case in respect of lessor under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the
foregoing claims, rights and remedies, and shall continue in effect until all of the Debt shall have been satisfied and discharged in full. Any amounts received by Lender or Borrower as damages arising out of the rejection of the Ground Lease as
aforesaid shall be applied to all out-of-pocket costs and expenses of Lender (including, without limitation, reasonable attorney’s fees and costs) incurred in
connection with the exercise of any of its rights or remedies in accordance with the applicable provisions of this Agreement. 

(iv) If, pursuant to Subsection 365(h) of the Bankruptcy Code, Borrower seeks to offset, against the rent reserved in the
Ground Lease, the amount of any damages caused by the nonperformance by the lessor of any of its obligations thereunder after the rejection by lessor of the Ground Lease under the Bankruptcy Code, then Borrower shall not effect any offset of the
amounts so objected to by Lender. If Lender has failed to object as aforesaid within ten (10) days after notice from Borrower in accordance with the first sentence of this subsection, Borrower may proceed to offset the amounts set forth in
Borrower’s notice. 
 (v) If any action, proceeding, motion or notice shall be commenced or filed in respect of any
lessor of all or any part of the Property in connection with any case under the Bankruptcy Code, Lender and Borrower shall cooperatively conduct and control any such litigation with counsel agreed upon between Borrower and Lender in connection with
such litigation. Borrower shall, within five (5) Business Days of written demand, pay to Lender all costs and expenses (including attorneys’ fees and costs) incurred in connection with the cooperative prosecution or conduct of any such
proceedings. All such costs and expenses shall be secured by the Lien of the Mortgage. 
 (vi) Borrower shall, upon obtaining
notice or knowledge, notify Lender of any filing by or against the lessor under the Ground Lease of a petition under the Bankruptcy Code, setting forth any information available to Borrower as to the date of such filing, the court in which such
petition was filed, and the relief sought in such filing. Borrower shall deliver to Lender any and all notices, summonses, pleadings, applications and other documents received by Borrower in connection with any such petition and any proceedings
relating to such petition. 
 (h) If Lender, its nominee, designee, successor, or assignee acquires title and/or rights of
Borrower under the Ground Lease by reason of foreclosure of the Mortgage, deed in lieu of foreclosure or otherwise, such party shall (x) succeed to all of the rights of and benefits accruing to Borrower under the Ground Lease, and (y) be
entitled to exercise all of the rights and benefits accruing to Borrower under the Ground Lease. At such time as Lender shall request, Borrower agrees to execute and deliver and use commercially reasonable efforts to cause any third party to execute
and deliver to Lender such documents as Lender and its counsel may require in order to insure that the provisions of this Section will be validly and legally enforceable and effective against Borrower and all parties claiming by, through, under or
against Borrower. 

  
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 5.1.25 CPLV Lease, CPLV Lease Documents, CPLV Trademark Agreements and CPLV Security
Documents. 
 (a) Borrower shall: (i) promptly perform and/or observe, in all material respects, all of the
covenants and agreements required to be performed and observed by it under the CPLV Lease, the other CPLV Lease Documents and the CPLV Trademark Agreements and do all things necessary to preserve and to keep unimpaired its material rights
thereunder; (ii) promptly after they become aware, notify Lender of any material default under the CPLV Lease and the other CPLV Lease Documents; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital
expenditures plan, material written notice, written report and written estimate received by it under the CPLV Lease and the other CPLV Lease Documents; (iv) promptly deliver to Lender a copy of any proposed amendment or modification to the CPLV
Lease, the other CPLV Lease Documents and the CPLV Trademark Agreements; and (v) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by CPLV Tenant under the CPLV Lease and the
other CPLV Lease Document in a commercially reasonable manner. 
 (b) Borrower represents, covenants and warrants that it is
the express intent of Borrower and CPLV Tenant that (i) the CPLV Lease constitute a “true lease” for all purposes of the Bankruptcy Code (including Section 365(d) and 502(b)(6) thereof) and applicable Legal Requirements (and
knows of no reason why the CPLV Lease would not be such a “true lease”), (ii) the CPLV Lease does not constitute a financing or convey any interest in any Property other than the leasehold interest therein leased thereby and the security
interest in favor of Borrower, as landlord in the Tenant’s Pledged Property (as defined in the CPLV Lease), and (iii) the sole interest of CPLV Tenant in the Property is that of tenant under the CPLV Lease. In the event that it shall be
determined that the CPLV Lease is not a lease under applicable real property laws or under laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of CPLV Tenant in the Property is other than that of tenant
under the CPLV Lease, Borrower hereby covenants and agrees that it shall cause CPLV Tenant’s interest in the Property, however characterized, to continue to be subject and subordinate to the lien of the Mortgage, or Borrower’s fee interest
in the Property, on all the same terms and conditions as contained in the CPLV Lease and the Mortgage. 
 (c) Borrower shall:
(i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the CPLV Security Documents and do all things necessary to preserve and to keep unimpaired its
material rights thereunder; (ii) promptly after they become aware, notify Lender of any material default under the CPLV Security Documents; (iii) promptly deliver to Lender a copy of any written notice received by it under the CPLV
Security Documents; and (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by CPLV Tenant under the CPLV Security Documents in a commercially reasonable manner. 

(d) In the event that Borrower shall exercise any remedy against Lease Guarantor pursuant to the Lease Guaranty or the CPLV
Lease Indemnity Agreement, including, any claim or demand for payment thereunder (“Lease Guaranty Claim”), prior to pursing any enforcement of any claim or judgment against Lease Guarantor, Borrower shall deliver prior

  
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written notice to Lender of such claim or judgment. If Lender has a claim against Lease Guarantor based on the same action, omission, event or occurrence which such Borrower’s claim against
Lease Guarantor is based and Lender commences an action on such claim within thirty (30) days of such notice, Borrower shall not pursue such Lease Guaranty Claim with respect to such action, omission, event or occurrence, except in the event
that the full amount of such Lease Guaranty Claim is paid by Borrower to Lender. In the event that Borrower shall obtain any proceeds from any judgment against Lease Guarantor for any Lease Guaranty Claim (except to the extent that the amount of
such Lease Guaranty Claim was previously paid by Borrower to Lender), Borrower shall hold such amounts in trust for Lender and cause such amounts to be deposited with Lender to be applied by Lender against the applicable monetary obligation of CPLV
Tenant guaranteed by CPLV Lease Guarantor, including, any losses, damages, costs or expenses incurred by Lender from such action, omission, event or occurrence which gave rise to such Lease Guaranty Claim or against the Indemnified Amount (as
defined in the CPLV Lease Indemnity Agreement), as applicable. 
 5.1.26 Transition Period. Borrower shall collaterally
assign to Lender, all of its rights, title and interest, in and to the Transition Services Agreement. Borrower shall not, without Lender’s prior written consent: (i) surrender, terminate, cancel, amend or modify the Transition Services
Agreement; (ii) sell, assign or transfer the Transition Services Agreement; (iii) reduce or consent to the reduction of any of the liabilities or obligations of CPLV Tenant or Manager under the Transition Services Agreement; or
(iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Transition Services Agreement. 

5.1.27 IP Collateral. (a) Borrower agrees that it will not, and shall use commercially reasonable efforts to
cause CPLV Tenant to not, do any act, or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act), whereby any material IP Collateral would be reasonably likely to
become invalidated, abandoned or dedicated to the public. 
 (b) Borrower (either through itself or its licensees or
sublicensees) shall, and shall use commercial reasonable efforts to cause CPLV Tenant to, as to each material Trademark included in the IP Collateral, reasonably maintain the quality of the products and services offered under such Trademark.
Borrower shall not and shall use commercially reasonable efforts to cause CPLV Tenant to not amend, modify or terminate the CPLV Trademark License Agreement or the CPLV Trademark Security Agreement without the prior written consent of Lender. 

(c) If Borrower shall, at any time after the date hereof, obtain any additional rights under CPLV Intellectual Property or IP
Licenses (including any security interests therein), then the provisions of this Agreement shall automatically apply (to the extent permitted under the terms of any such IP License) thereto to the extent of Borrower’s interest therein and any
such Intellectual Property and/or IP Licenses shall automatically constitute IP Collateral and Collateral and shall be subject to the lien and security interest created by the IP Security Agreement, or any other Loan Document without further action
by any party. 

  
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 (d) Borrower shall promptly notify Lender if Borrower knows or has reason to know
that any IP Collateral that is material to the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property is reasonably likely to become inadvertently abandoned or dedicated to the public, or
of any final adverse determination or development (including the institution of, or any such final materially adverse determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office,
or any court or similar office of any other country, but excluding any determinations of Intellectual Property Offices issued in the ordinary course of prosecuting an Intellectual Property application) regarding Borrower’s ownership of such IP
Collateral or, its right to register or maintain the same. 
 (e) If Borrower knows that any IP Collateral has been or is
being misappropriated, diluted, infringed, or otherwise violated by a third party in such a manner that would reasonably be expected to have a Material Adverse Effect on the IP Collateral or Borrower’s interest therein or the condition
(financial or otherwise) or business of Borrower or the condition or ownership of the IP Collateral, then Borrower shall promptly notify Lender and shall take reasonable and appropriate actions to protect Borrower’s rights in such IP
Collateral, such actions to be determined in Borrower’s reasonable business judgment. 
 (f) Upon the occurrence and
during the continuance of any Event of Default, Borrower shall use commercially reasonable efforts to obtain all requisite consents or approvals by the licensor of each IP License to, if necessary, and if permissible under the terms of such IP
License, effect the assignment of Borrower’s right, title, and interest in such IP License to Lender. 
 (g) There shall
be no Liens with respect to, or upon, or no restrictions on the transferability of the IP Collateral, other than the Permitted Encumbrances and as set forth in the IP Licenses. 

5.1.28 Payment of Obligations. Borrower will pay its obligations, including tax liabilities and any obligations under any
employment, incentive, retention, exit or similar agreement, that, if not paid, would reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (b) Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect, and provided that the foregoing shall not require any partners, members, shareholders or other owners of Borrower to make additional capital contributions to Borrower. 

5.1.29 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property
(a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or any other procedure
whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 

  
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 5.1.30 REOA. Borrower hereby covenants and agrees with Lender with respect
to the REOA as follows: 
 (a) Borrower shall, or shall cause CPLV Tenant to, pay all charges and other sums to be paid by
Borrower pursuant to the terms of the REOA as the same shall become due and payable and prior to delinquency. After prior written notice to Lender with respect to a Material REOA, Borrower (or CPLV Tenant pursuant to the CPLV Lease), at its own
expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any charges required to be paid by Borrower pursuant to the
REOA, provided, that (x) any contest by CPLV Tenant shall be subject to the terms and conditions of the CPLV Lease and CPLV Lease SNDA and (y) any contest by Borrower of the Material REOA shall be subject to the following
conditions: (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of the Material REOA and any other instrument to which Borrower is
subject or by which the Property is bound and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) the Property and no part thereof or interest
therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) no Material REOA will be in danger of being terminated; (v) Borrower shall promptly upon final determination thereof pay the amount of any such
charges, together with all costs, interest and penalties which may be payable in connection therewith; and (vi) Borrower shall furnish such security as may be required in the proceeding to insure the payment of any such charges, together with
all interest and penalties thereon; 
 (b) Borrower shall and shall use commercially reasonable efforts to cause CPLV Tenant
to comply, in all material respects, with all of the terms, covenants and conditions on the Borrower’s part to be complied with pursuant to terms of the Material REOA; 

(c) Borrower shall and shall use commercially reasonable efforts to cause CPLV Tenant to take commercially reasonable actions
as may be necessary from time to time to preserve and maintain the Material REOA, in all material respects, in accordance with applicable laws, rules and regulations; 

(d) To the extent Borrower has the rights under the applicable REOA, Borrower shall, and shall use commercially reasonable
efforts to cause CPLV Tenant to, enforce, in a commercially reasonably manner, the material obligations to be performed by the parties to the REOA (other than Borrower); 

(e) Borrower shall promptly furnish to Lender any written notice of default or other material communication delivered to
Borrower in connection with any Material REOA (or any default under any other REOA which may result in a Material Adverse Effect) by any party to the REOA or any third-party other than routine correspondence and invoices; 

(f) Borrower shall not, without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed,
take any action to terminate, surrender, or accept any termination or surrender of, any Material REOA or any other REOA required for the operation of the Property as required hereunder or during an Event of Default (other than a CPLV Lease Default
so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof) (and hereby assigns to Lender any right it may have to take any action to terminate, surrender, or accept any
termination or surrender of, any REOA); 

  
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 (g) Borrower shall not assign (other than to Lender or CPLV Tenant pursuant to
the CPLV Lease) or encumber its rights under the REOA (other than Permitted Encumbrances), provided that Borrower may grant Tenant certain rights and obligations, but not a security interest, under the REOAs as set forth in the CPLV Lease; and 

(h) If Lender, its nominee, designee, successor, or assignee acquires title and/or rights of Borrower under the REOA by reason
of foreclosure of the related Mortgage, deed-in-lieu of foreclosure or otherwise, such party shall (x) succeed to all of the rights of and benefits accruing to
Borrower under the REOA, and (y) be entitled to exercise all of the rights and benefits accruing to Borrower under the REOA. At such time as Lender shall reasonably request, Borrower agrees to execute and deliver to Lender such documents as
Lender and its counsel may reasonably require in order to insure that the provisions of this Section will be validly and legally enforceable and effective against Borrower and all parties claiming by, through, under or against Borrower. 

5.1.31 ERISA. As soon as practicable, and in any event within ten (10) days after Borrower has knowledge of the
occurrence thereof, (i) Borrower shall provide Lender with notice of the occurrence of any ERISA Event (or, to Borrower’s Knowledge, the occurrence with respect to an unaffiliated third-party property manager engaged by Borrower of an
event that would constitute an ERISA Event if it occurred to a Plan, provided that Borrower has an obligation to indemnify such manager in respect of such event) that would reasonably be expected to have a Material Adverse Effect and
(ii) if the employees at the Property are employed by a manager other than the Borrower or an ERISA Affiliate, Borrower shall provide Lender with notice of any ERISA Event, relating to any Multiemployer Plan or plan subject to Title IV of
ERISA, of which it knows or should have known, which could reasonably be expected to result in a Material Adverse Effect including by reason of indemnification or other contractual agreement with such manager. Borrower shall not (i) permit any
ERISA Event to occur and (ii) if the employees at the Property are employed by a manager other than the Borrower or an ERISA Affiliate, incur any liability or obligation with respect to withdrawal or partial withdrawal from a Multiemployer Plan
or termination of a plan subject to Title IV of ERISA, whether by reason of indemnification or other contractual agreement with such manager, if in the case of (i) and (ii) above such event could reasonably be expected to, either individually
or in the aggregate, have a Material Adverse Effect on the Borrower, the Property or the ability to repay the Debt. 
 5.1.32
Multiemployer Plan Statements. (a) With respect to each Multiemployer Plan, for which Borrower or Guarantor has an obligation to make contributions, within the meaning of Section 101(l) of ERISA (a “Contributing
Employer”), within 30 days following the applicable Multiemployer Plan’s year end, if Lender so requests Borrower to do so, Borrower shall request, or cause to be requested, in accordance with Section 101(1)(1) of ERISA, that the
plan sponsor or administrator of the applicable Multiemployer Plan provide: (i) an estimate of the amount of the Contributing Employer’s withdrawal liability under Part 1 of Subtitle E of Title IV of ERISA

  
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if the Contributing Employer were to have completely withdrawn from the applicable Multiemployer Plan on the last day of the plan year preceding the date of the request; and (ii) an
explanation of how such estimated withdrawal liability amount was determined, including the actuarial assumptions and methods used to determine the value of the Multiemployer Plan’s liabilities and assets, the data regarding employer
contributions, unfunded vested benefits, annual changes in the Multiemployer Plan’s unfunded vested benefits and the application of any relevant limitations on the estimated withdrawal liability amount. As soon as available, and in any event
within 10 days after the receipt from the plan sponsor or administrator of the applicable Multiemployer Plan, Borrower shall provide Lender with the information received from the Multiemployer Plan pursuant to the estimated withdrawal liability
request described in the preceding sentence. 
 (b) As reasonably requested by Lender, Borrower shall promptly provide Lender
with a copy of the most recent plan funding notice (if any) issued to each Contributing Employer pursuant to Section 101(f) of ERISA by a plan sponsor or administrator of a Multiemployer Plan. 

(c) To the extent that a member of Borrower holds an equity interest in Borrower with Plan Assets, Borrower will use
commercially reasonable efforts to do, or cause to be done, all things reasonably necessary to ensure that it will not be deemed to hold Plan Assets at any time; provided, that if on any date Borrower determines that it is deemed to hold Plan
Assets, as promptly as practicable following the event but no later than five (5) Business Days after the date of such event, Borrower shall notify Lender in writing of such event. 

5.1.33 Taxes. Borrower will be treated as a partnership or a disregarded entity for U.S. federal income tax purposes. The
Borrower will timely file or cause to be filed for itself all federal income and other material tax returns and reports required to be filed by it and will pay or cause to be paid all federal income and other material taxes and related liabilities
required to be paid by it, except taxes that are being contested in good faith by appropriate proceedings and for which the Borrower sets aside on its books adequate reserves in accordance with GAAP. Borrower will not permit any Liens for
Section 2.8 Taxes to be imposed on or with respect to any of its income or assets, other than Liens for Section 2.8 Taxes not yet due and payable and for which Borrower sets aside on its books adequate reserves in accordance with GAAP.

 5.1.34 Required Repairs. Borrower shall, or shall cause CPLV Tenant to, perform the repairs at the Property, as more
particularly set forth on Schedule II hereto (such repairs hereinafter referred to as “Required Repairs”). Borrower shall use commercially reasonable efforts to cause CPLV Tenant to complete the Required Repairs on or before
the required deadline for each repair as set forth on Schedule II. 
 Section 5.2 Negative
Covenants. From the date hereof until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Mortgage and any other collateral in accordance with the terms of this
Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that it will not do, directly or indirectly, any of the following: 

  
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 5.2.1 Operation of Property. (a) Borrower shall not, without
Lender’s prior written consent: (i) surrender, terminate or cancel, or permit CPLV Tenant to surrender, terminate or cancel the Management Agreement except that the CPLV Tenant Lender shall have the right to replace the Manager in
accordance with a Transfer under Section 5.2.10(e) below, so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement entered into in accordance with the terms hereunder and provided,
further, that any Qualified Manager shall have all the appropriate hospitality, liquor and gaming licenses and be in compliance with all applicable Legal Requirements (including without limitation, Gaming Laws) at or prior to the time such
Replacement Management Agreement is entered into and CPLV Tenant Lender shall take any other actions required to ensure continuous operation of the Property as a hotel and casino; (ii) assign or transfer the Management Agreement or any of its
rights thereunder; (iii) reduce or consent to the reduction of the term of the Management Agreement; (iv) increase or consent to the increase of the amount of any charges under the Management Agreement; or (v) amend or modify the
Management Agreement or otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement; provided, that without Lender’s consent, (x) so long as no Event of
Default is continuing and no Uncured CPLV Lease Event of Default is continuing, Borrower shall have the right to and may permit CPLV Tenant to enter into modifications of the Management Agreement, which shall not (1) increase, in any material
respect, Borrower’s or CPLV Tenant’s obligations or liabilities thereunder, (2) decrease any of Borrower’s, CPLV Tenant’s rights, in any material respect, thereunder, (3) decrease any of Lender’s rights thereunder
(other than to a de minimis extent), (4) decrease, in any material respect, any of Property Manager or any of its Affiliates responsibilities, liabilities or obligations thereunder and (5) otherwise adversely affect Lender in any material
respect or otherwise result in a Material Adverse Effect. Borrower shall promptly deliver to Lender, any modification to the Management Agreement entered into in accordance with this Section 5.2.1 and all reasonable documented out-of-pocket costs and expenses incurred by Lender with respect to such modification, including, but not limited to, its reasonable documented attorneys’ fees shall be
paid by Borrower. 
 (b) Following the occurrence and during the continuance of an Event of Default (other than a CPLV Lease
Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof), Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any
action under or with respect to the Management Agreement without the prior written consent of Lender, which consent may be granted, conditioned or withheld in Lender’s sole discretion. 

5.2.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit
any such action to be taken, except for Permitted Encumbrances. Borrower shall not, and shall not permit CPLV Tenant to, enter into any PACE Loan without the prior written consent of Lender. After prior written notice to Lender (except no notice
shall be required in the event the amounts subject to contest at any time shall not exceed $1,000,000, individually or in the aggregate), Borrower, at Borrower’s own expense, may (or may permit CPLV Tenant, at CPLV Tenant’s cost and
expense), contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Lien, provided that any contest by CPLV Tenant shall be
conducted in accordance with the CPLV Lease; provided, further, that, with respect to 

  
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any contest by Borrower: (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of
any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part
thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Lien, together with all costs, interest and
penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of such contested Lien from the Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or in
the event the amount of such Lien shall reasonably be expected to exceed $1,000,000, as may be reasonably requested by Lender, to insure the payment of any such Lien, together with all interest and penalties thereon. Lender may pay over any such
cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in danger of
being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Mortgage being primed by any related Lien. 

5.2.3 Dissolution. Borrower shall not (a) engage in any dissolution, liquidation or consolidation or merger with or
into any other business entity, (b) engage in any business activity not related to the ownership of the Property, (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of
the properties or assets of Borrower except to the extent permitted by the Loan Documents or (d) modify, amend, in any material respect, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction.

 5.2.4 Change In Business. Borrower shall not enter into any line of business other than the ownership and leasing of
the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. 

5.2.5 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than
termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 

5.2.6 Zoning. Borrower shall not, and shall not permit CPLV Tenant to, initiate or consent to any zoning reclassification
of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property, in each case, in any manner that could result in such use becoming a
non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed;
provided, however, upon prior written notice to Lender, provided, subject to the CPLV Lease SNDA, no Event of Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time
periods set forth in Section 8.3 hereof) is continuing, Borrower may and may permit CPLV Tenant to seek a conditional use permit or similar permit to permit additional uses so long as such action does not change the current zoning of the
Property or the conformance status of the Property under zoning regulations and such use does not adversely affect the current use or value of the Property. 

  
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 5.2.7 No Joint Assessment. Borrower shall not, and shall not permit CPLV to,
suffer, permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be
deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 

5.2.8 Intentionally Omitted. 

5.2.9 ERISA. (a) Neither Borrower nor Guarantor shall engage in any transaction which would cause any obligation, or
action taken or to be taken, hereunder (including but not limited to the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a
statutory or administrative class exemption) prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A) - (D) of the Code or Similar Law. 

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time
throughout the term of the Loan, as requested by Lender in its sole discretion, that (A) neither Borrower nor Guarantor is subject to any state statute regulating investment of, or fiduciary obligations with respect to governmental plans which
is a Similar Law and (B) one or more of the following circumstances is true: 
 (i) Equity interests in each of Borrower
and Guarantor are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101 as modified by Section 3 (42) of ERISA (the “Plan Asset Regulations”); 

(ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in each of Borrower and Guarantor are
held by “benefit plan investors” within the meaning of the Plan Asset Regulations; or 
 (iii) Each of Borrower and
Guarantor qualifies as an “operating company” or a “real estate operating company” within the meaning of the Plan Asset Regulations or another exception to ERISA applies such that each of Borrower’s and Guarantor’s
assets should not constitute Plan Assets; or 
 Borrower and the Guarantor will fund or cause to be funded each Plan established or
maintained by Borrower, the Guarantor, or any ERISA Affiliate, as the case may be, so that there is never a failure to satisfy the minimum funding standards, within the meaning of Sections 412 or 430 of the Internal Revenue Code or Section 302
of ERISA (whether or not such standards are waived). As soon as possible and in any event within ten (10) days after the Borrower knows that any ERISA Event has occurred with respect to any Plan, Lender will be provided with a statement, signed
by an Authorized Representative of Borrower, and/or the Guarantor, describing said ERISA Event and the action which the Borrower and/or the Guarantor proposes to take with respect thereto. 

  
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 5.2.10 Transfers. (a) Borrower acknowledges that Lender has examined
and relied on the experience of Borrower and its stockholders, general partners, members, principals and (if Borrower is a trust) beneficial owners in owning and leasing properties such as the Property in agreeing to make the Loan, and will continue
to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Borrower acknowledges that Lender has a valid interest in
maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Property. 

(b) Without the prior written consent of Lender, and except to the extent otherwise set forth in this
Section 5.2.10, Borrower shall not, and shall not permit any Restricted Party to do any of the following (collectively, a “Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options
with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) the Property or any part thereof or any legal or
beneficial interest therein, (ii) enter into any PACE Loan, (iii) permit a Sale or Pledge of an interest in any Restricted Party, (iv) permit a Sale or Pledge of the CPLV Lease or any interest therein or (v) permit a Sale or
Pledge of any interest in CPLV Tenant or CPLV Tenant’s leasehold interest in the Property other than (A) pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 5.1.20, (B)
Permitted Transfers (including Permitted Encumbrances), (C) pursuant to customary short-term occupancy agreements with the CPLV Tenant or short-term hotel guests, or (D) a Transfer of a portion of the Property to a Governmental Authority in
connection with a Condemnation of such portion of the Property in accordance with Section 6.3 hereof. 
 (c) A
Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a
substantial part of the Property for other than actual occupancy by a space Tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to the CPLV Lease or
any CPLV Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general
partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such
partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is
a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge
of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non-managing membership
interests or the creation or issuance of new non-managing membership interests; (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or
beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the Manager other than in accordance with Section 5.1.22 hereof. 

  
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 (d) Notwithstanding the provisions of this Section 5.2.10(a),
Lender’s consent shall not be required in connection with (i) one or a series of Transfers (except for a Pledge), of (x) not more than forty-nine percent (49%) of the stock, the limited partnership interests or non-managing membership
interests (as the case may be) in a Restricted Party or (y) the indirect equity interests in Mezzanine C Borrower by any Person that owns less than forty-nine percent (49%) of the economic and legal beneficial interests in, and does not
Control, any of Borrower, Principal, any Mezzanine Borrower or Guarantor, (ii) any transfer of any direct or indirect legal or beneficial interests in the REIT, so long as it is a Public Vehicle, (iii) the cancellation, surrender,
disposition, issuance, sale, grant, or Transfer of the operating partnership units of Guarantor, so long as the REIT continues to Control Guarantor and own directly or indirectly not less than 51% of the legal and beneficial interest in Guarantor,
(iv) the pledge of or grant of a security interest the direct or indirect equity interests in Borrower as security for the Mezzanine Loan, (v) the exercise by any Mezzanine Lender of any rights or remedies such Mezzanine Lender may have
under the applicable Mezzanine Loan Documents with respect to the pledge and/or security interest referred to in the foregoing clause (iv), and (vi) the Mezzanine C Equity Conversion; provided, however, that with respect to each
such Transfer (other than under clause (v) or clause (vi) above), (A) after giving effect to such Transfer, (x) REIT shall continue to Control Borrower and Guarantor, (y) REIT shall continue to own, directly or indirectly, at least fifty-one percent (51%) in the aggregate of the legal and beneficial interest in Borrower and (z) Guarantor shall continue to own, directly or indirectly, at least
fifty-one percent (51%) in the aggregate of the legal and beneficial interest in Borrower, (B) as a condition to each such Transfer, Lender shall receive not less than thirty (30) days prior written
notice of such proposed Transfer (except with respect to any Transfer pursuant to clause (i) or clause (iii) to the extent that any such Transfer will not result in the transferee (either itself or collectively with its Affiliates) after
giving effect to such Transfer owning a 10% or greater equity interest (directly or indirectly) in Borrower (that did not own a 10% or greater interest therein as of the Closing Date), clause (ii) if the REIT is a Public Vehicle, clause
(iv) or clause (v) above), (C) the representations set forth in Section 4.1.9 and hereof shall continue to be true and correct after giving effect to any such Transfer and except with respect to any Transfer of a direct or indirect
interest in a Public Vehicle or pursuant to clause (v), transferee and its principals are not an Embargoed Person and the representations set forth in Section 4.1.35 hereof shall continue to be true and correct after giving
effect to any such Transfer; (D) such Transfer shall be at Borrower’s sole cost and expense; (E) if after giving effect to any such Transfer, more than forty-nine percent (49%) in the aggregate of direct interests in Borrower is owned
by any Person and its Affiliates that owned less than forty-nine percent (49%) direct interest in Borrower as of the Closing Date, Borrower shall, no less than ten (10) days prior to the effective date of any such Transfer, deliver to Lender an
Additional Insolvency Opinion reasonably acceptable to Lender and after a Securitization, the Approved Rating Agencies; (F) to the extent that any Transfer (other than any Transfer of shares in a Restricted Party that is a Public Vehicle and
except with respect to any Transfer pursuant to clauses (iv) or (v)) will result in the transferee (either itself or collectively with its Affiliates) after giving effect to such Transfer owning a 10% or greater equity interest (directly or
indirectly) in Borrower (that did not own a 10% or greater interest therein as of the Closing Date), Lender shall (x) have the right to perform any searches and/or reasonably request other 

  
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diligence from Borrower to permit Lender to comply with its then current “know your customer” requirements, including, but not limited to Patriot Act and OFAC searches and
(y) receive Satisfactory Search Results, at Borrower’s cost and expense, as a condition precedent to such Transfer, (G) for so long as the Mezzanine A Loan shall remain outstanding, no such Transfer or encumbrance of any direct
interests in Borrower shall be permitted (other than the pledges and security interests securing the Mezzanine A Loan and any Transfer pursuant to clause (v)); (H) for so long as the Mezzanine B Loan shall remain outstanding, no such Transfer or
encumbrance of any direct interests in Mezzanine A Borrower shall be permitted (other than the pledges and security interests securing the Mezzanine B Loan and any Transfer pursuant to clause (v)), (I) for so long as the Mezzanine C Loan shall
remain outstanding, no such Transfer or encumbrance of any direct interests in Mezzanine C Borrower shall be permitted (other than the pledges and security interests securing the Mezzanine C Loan and any Transfer pursuant to clause (v)), (J) for so
long as the Loan or any Mezzanine Loan shall remain outstanding, neither Borrower nor Mezzanine Borrower shall issue preferred equity interests (except as otherwise permitted pursuant to the Loan Documents, Mezzanine A Loan Documents, Mezzanine B
Loan Documents or Mezzanine C Loan Documents, as applicable), (K) all Transfers must be made in accordance with all Gaming Regulations, including receipt of any required Gaming Licenses and (L) in no event may Borrower effect a Transfer, or
permit or suffer any Transfer, that would result in a Gaming License Default. 
 (e) Without the prior written consent of
Lender, Borrower shall not permit any Transfer (including any Sale or Pledge) of any interest in CPLV Tenant or any interest of CPLV Tenant in the CPLV Lease, except that Lender’s consent shall not be required in connection with: 

(i) one or a series of Transfers of the direct or indirect legal or beneficial interests in CEC, including any acquisition,
merger, amalgamation or consolidation of CEC, shall be permitted, so long as (1) either (x) CEC, an entity that acquires controlling interest in CEC or, in the case of a merger, consolidation or amalgamation of CEC where CEC is not the
surviving entity, the surviving entity (the entity that acquires a controlling interest in CEC or that survives a merger, amalgamation or consolidations with CEC (if CEC is not the survivor), a “Replacement CEC Sponsor”) remains a
Public Vehicle or (y) immediately after giving effect to such Transfer, CEC or the Replacement CEC Sponsor satisfies the requirements of a Qualified CPLV Replacement Guarantor and (2) in the case where after such Transfer, CEC is not a Public
Vehicle, the surviving Public Vehicle or entity that qualifies as a Qualified CPLV Replacement Guarantor pursuant to clause (1)(x) or (1)(y) above, as applicable, delivers a reaffirmation of the CPLV Lease Guaranty, in form and substance reasonably
acceptable to Lender contemporaneous with such Transfer or, if requested by Lender, a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as reasonably acceptable to Lender; 

(ii) one or more encumbrances of CPLV Tenant’s leasehold interest in the Property pursuant to one or more mortgages and/or
pledges of the direct or indirect equity interests in CPLV Tenant, to secure indebtedness of CPLV Tenant and/or its direct or indirect parent entities or Affiliates (each, a “CPLV Tenant Loan”), so long as (x) each such
mortgage or pledge agreement shall provide that any security interest granted under 

  
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such mortgage or pledge agreement with respect to Tenant’s Pledged Property (as defined in the CPLV Lease) shall be subordinate to the lien granted in favor of Borrower and otherwise be in
accordance with the terms and conditions hereunder and the CPLV Lease SNDA and the CPLV Tenant Loan Intercreditor Agreement and (y) the lender of any CPLV Tenant Loan that encumbers Tenant’s Pledged Property (a “CPLV Tenant
Lender”) shall enter into an intercreditor agreement with Lender in the form of the CPLV Existing Intercreditor Agreement (or join the CPLV Existing Intercreditor Agreement), in form and substance reasonably acceptable to Lender (a
“CPLV Tenant Loan Intercreditor Agreement”) as a condition precedent to such CPLV Tenant Loan; 
 (iii) one
or a series of Transfers (except for a Pledge), of not more than forty-nine percent (49%) of the direct or indirect stock, partnership interests or membership interests (as the case may be) in CPLV Tenant; 

(iv) a Transfer of 100% of the direct or indirect legal and beneficial interests in CPLV Tenant and/or the leasehold interest
of CPLV Tenant in the Property (subject to exclusion with respect to items that are not capable of being mortgaged and that, in the aggregate, are de minimis) pursuant to or at any time after a foreclosure (or conveyance in lieu thereof or
pursuant to any other exercise of remedies) of the CPLV Tenant Loan by CPLV Tenant Lender, subject to satisfaction of the following conditions: 

(A) either of the following conditions shall be satisfied (the “CPLV Tenant Transferee Requirement”): 

(1) (x) the proposed transferee that assumes all of the obligations, liabilities and rights of CPLV Tenant under the CPLV
Lease, CPLV Lease Documents and CPLV Trademark Agreements (the “CPLV Tenant Transferee”) shall be a Qualified CPLV Tenant Transferee or a Qualified CPLV Tenant Transferee shall Control and own not less than 51% of the economic and
beneficial interests in CPLV Tenant or such CPLV Tenant Transferee after such Transfer, (y) a replacement lease guarantor that is a Qualified CPLV Replacement Guarantor shall execute a replacement guaranty substantially similar to the CPLV
Lease Guaranty or in such other form and substance as acceptable to Lender and (z) the Property is managed by a Qualified Replacement Manager; or 

(2) (x) a transferee that satisfies the requirements in (b) through (g) in the definition of “Qualified CPLV Tenant
Transferee shall be, or Control and own not less than 51% of the economic and beneficial interests in CPLV Tenant or CPLV Tenant Transferee after such Transfer, (y) the CPLV Lease is guaranteed by CEC (or following any Transfer under Section
5.2.10(e)(i) above, the Replacement CEC Sponsor) and (z) the Property is managed by the Manager under the Management Agreement (or a Qualified Replacement Manager under a Replacement Management Agreement in the event Borrower terminated Manager
in accordance with Section 16.5 of the Management Agreement and the terms hereunder (unless Lender has consented in its sole and absolute discretion to the permanent termination of the Management Agreement))]; and 

  
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 (B) such Transfer shall not diminish any of the rights of Borrower or Lender
under, or other result in any change to the transition services for the benefit of Borrower and Lender, set forth in the Transition Services Agreement or under the Loan Documents; 

(v) prior to any Transfer pursuant to clause (iv) above, a Transfer of all right, title and interest of CPLV Tenant in the
CPLV Lease to an Affiliate of CPLV Tenant that is owned and Controlled by CEC (the “Affiliate Tenant Transferee”), so long as a condition precedent to such Transfer, (A) there is no Uncured CPLV Lease Event of Default,
(B) Affiliate Tenant Transferee shall assume all of the obligations of CPLV Tenant under the CPLV Lease SNDA, the CPLV Security Documents and all other Loan Documents to which CPLV Tenant is a party, in a manner reasonably satisfactory to
Lender in all material respects, including, without limitation, by entering into an assumption agreement in form and substance satisfactory to Lender and Affiliate Tenant Transferee shall execute and deliver to Lender, any modifications or
amendments to such Loan Documents reasonably required by Lender in connection with such Transfer and shall take all such actions to continue the perfected security interest granted to Borrower or Lender under the CPLV Security Documents,
(C) Affiliate Tenant Transferee must be able to satisfy all of the representations, warranties and covenants set forth in the CPLV Lease SNDA, (D) CPLV Lease Guarantor shall deliver a reaffirmation of the CPLV Lease Guaranty, in form and
substance reasonably acceptable to Lender, (E) CPLV Tenant, Affiliate Tenant Transferee and any applicable CPLV Tenant Party shall execute and deliver an assignment and assumption agreement in form and substance reasonably acceptable to Lender
pursuant to which, (x) all rights, title and interest of CPLV Tenant in the CPLV Lease, the Management Agreement, the other CPLV Lease Documents, and the CPLV Trademark Agreements, including all obligations and liabilities thereunder, shall be
assigned to and assumed by the Affiliate Tenant Transferee and (y) all rights, title and interest of CPLV Tenant in its Personal Property and all other assets or property of CPLV Tenant, including by not limited to, all rights and interests to
any CPLV Intellectual Property, and all of Tenant’s Property and Tenant’s Pledged Property (as each such term is defined in the CPLV Lease) shall be assigned to Affiliate Tenant Transferee, (F) Borrower or CPLV Tenant shall deliver to
Lender evidence that all necessary consents, approvals and licenses required to be obtained from the Gaming Authorities in connection with such Transfer and Affiliate Tenant Transferee and necessary to continue the operation of the hotel and casino
at the Property have been obtained, (G) Affiliate Tenant Transferee must not have been the subject of any Bankruptcy Action within seven (7) years prior to the date of the proposed Transfer (other than an involuntary Bankruptcy Action that
was not consented to by such Person and was discharged or dismissed within ninety (90) days of the date such Bankruptcy Action was filed), (H) (x) there shall be no material litigation or regulatory action pending or threatened against the
Affiliate Tenant Transferee which is not reasonably acceptable to Lender and (y) Lender shall have performed searches and/or received other diligence such that Lender is in compliance with Lender’s then current “know your
customer” requirements and Lender shall have received Satisfactory Search Results for Affiliate Tenant Transferee, and (I) Borrower or CPLV Tenant shall pay any and all
out-of-pocket costs incurred in connection with such Transfer (including, without limitation, Lender’s counsel fees and disbursements and all recording fees, title
insurance premiums and similar amounts or taxes in connection with any documents delivered in connection with such Transfer); 

  
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 (vi) one or a series of Transfers (except for a Pledge) of all the direct or
indirect stock, partnership interests or membership interests in CPLV Tenant in connection with a transfer pursuant to Section 22.2(vi) of the CPLV Lease so long as after giving effect to such Transfer, (A) a Person that is a Qualified
CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in CPLV Tenant; (B) the CPLV Lease Guaranteed Obligations shall be guaranteed by (1) CEC (or following any Transfer under Section
5.2.10(e)(i) above, the Replacement CEC Sponsor) so long as it shall satisfy the conditions required to be a Qualified CPLV Replacement Guarantor (other than clause (a) in the definition thereof) and delivers a reaffirmation of the CPLV
Lease Guaranty, in form and substance reasonably acceptable to Lender contemporaneous with such Transfer, (2) a Person that Controls or is under common Control with CPLV Tenant and satisfies the conditions required to be a Qualified CPLV
Replacement Guarantor (other than clause (a) in the definition thereof) pursuant to a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as acceptable to Lender or (3) on a joint and
several basis, CEC (or following any Transfer under Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) together with one or more Persons that Control or is under common Control with CPLV Tenant, that shall together satisfy the
conditions required to be a Qualified CPLV Replacement Guarantor (other than clause (a) in the definition thereof) pursuant to a joinder to the CPLV Lease Guaranty in form and substance reasonably acceptable to Lender and (C) the Property
is managed by the Manager under the Management Agreement (or a Qualified Replacement Manager under a Replacement Management Agreement in the event Borrower terminated Manager in accordance with Section 16.5 of the Management Agreement and the
terms hereunder (unless Lender has consented in its sole and absolute discretion to the permanent termination of the Management Agreement)) (clauses (A) through (C), collectively, the “CEC Substantial Transfer Conditions”); or

 (vii) after a Transfer pursuant to and in accordance with Section 5.2.10(e)(iv) above, the
Transfer of 100% of the direct or indirect legal and beneficial interests in CPLV Tenant and/or the leasehold interest of CPLV Tenant in the Property to a transferee so long as after giving effect to such Transfer, (x) the CPLV Tenant or the
replacement CPLV Tenant shall be a Qualified CPLV Tenant Transferee (except clause (a)(3) thereunder if CEC (or following any Transfer under Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) shall remain as Lease Guarantor) or a
Qualified CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in such CPLV Tenant, (y) the CPLV Lease is guaranteed by, either (A) a Qualified CPLV Replacement Guarantor pursuant to a
replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as acceptable to Lender or (B) solely with respect to the first Transfer of 100% of the direct or indirect legal and beneficial interests
in CPLV Tenant and/or the leasehold interest of CPLV Tenant in the Property after a Transfer pursuant to and in accordance with Section 5.2.10(e)(iv) above, CEC (or following any Transfer under Section 5.2.10(e)(i) above, the
Replacement CEC Sponsor), and (z) the Property is managed by Manager under the Management Agreement or a Qualified Replacement Manager under a Replacement Management Agreement, as applicable, 

  
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 provided, however, that with respect to each such Transfer: (A) immediately after giving
effect to such Transfer, (x) CPLV Tenant shall at all times be Controlled by CEC or the applicable Person that obtains Control and ownership of 51% of the direct or indirect economic and beneficial interests in CPLV Tenant in a Transfer
pursuant to and in accordance with clauses (i), (iv), (vi) or (vii) above, (y) the Property shall at all times be managed by Manager pursuant to the Management Agreement or by a Person that was a Qualified Replacement Manager at the time it
entered into a Replacement Management Agreement pursuant to and in accordance with a Transfer pursuant to and in accordance with this Section 5.2.10(e) and provided that no change in the Manager shall be permitted except as provided in clauses
(iv) or (vii) above or if the Borrower terminates the Manager pursuant to Section 16.5 of the Management Agreement and replaces Manager with a Qualified Replacement Manager under a Replacement Management Agreement) and (z) the CPLV
Lease Guaranty and the CPLV Lease Guarantor shall not be replaced except with a replacement CPLV Lease Guaranty from a Qualified Replacement Guarantor or a Replacement CEC Sponsor in accordance with the terms hereunder pursuant to a Transfer
pursuant to and in accordance with clause (i), (iv), (vi) or (vii) above, (B) Lender shall receive evidence that all necessary consents, approvals and licenses required to be obtained from the Gaming Authorities in connection with such Transfer
and the CPLV Tenant Transferee and any applicable Affiliates and necessary to continue the operation of the hotel and casino at the Property have been obtained, (C) all Transfers must be made in accordance with all Gaming Regulations, and in no
event shall any such Transfer result in a Gaming License Default and (D) Lender shall have the right to perform any searches and/or request other diligence from transferee to permit Lender to comply with its then current “know your
customer” requirements, including, but not limited to Patriot Act and OFAC searches and to the extent that any Transfer (other than any Transfer of shares in a such Person that is a Public Vehicle) will result in the transferee (either itself
or collectively with its affiliates) owning a 10% or greater equity interest (directly or indirectly) in CPLV Tenant (that did not own a 10% or greater interest therein as of the Closing Date), Lender’s receipt of the Satisfactory Search
Results, as a condition precedent to such Transfer. 
 5.2.11 CPLV Lease, CPLV Lease Documents and CPLV Trademark
Agreements. 
 (a) Borrower shall not, without Lender’s prior written consent: (i) surrender, terminate or
cancel the CPLV Lease or any of the other CPLV Lease Documents, including the CPLV Lease Guaranty or the CPLV Trademark Agreements; (ii) sell, assign or transfer the CPLV Lease or any of the other CPLV Lease Documents, including the CPLV Lease
Guaranty or the CPLV Trademark Agreements, or any of its rights thereunder; (iii) reduce or consent to the reduction of the term of the CPLV Lease or any of the other CPLV Lease Documents or the CPLV Trademark Agreements; (iv) reduce or
consent to the reduction of the amount of the rent payable to Borrower under the CPLV Lease or any of the other CPLV Lease Documents; (v) reduce or consent to the reduction of any of the liabilities or obligations of CPLV Lease Guarantor under the
CPLV Lease Guaranty; or (vi) amend or modify the CPLV Trademark Agreements, the CPLV Lease or any of the other CPLV Lease Documents (including the 

  
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CPLV Lease Guaranty) or otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the CPLV Lease or any of the other CPLV Lease Documents
(including the CPLV Lease Guaranty), provided, that Borrower shall be permitted to enter into non-material amendments or modifications to the CPLV Lease, so long as (A) no Event of Default is
continuing and no Uncured CPLV Lease Event of Default is continuing, (B) all reasonable documented out-of-pocket costs and expenses incurred by Lender, including, but
not limited to, its reasonable documented attorneys’ fees shall be paid by Borrower and (C) such amendment or modification of the CPLV Lease shall not (1) increase Borrower’s obligations under the CPLV Lease or decrease CPLV
Tenant’s obligations thereunder (other than in a de minimis amount), (2) diminish Borrower’s rights under the CPLV Lease, (3) diminish or adversely affect any rights of Lender under the CPLV Lease or the Loan Documents,
(4) adversely impact the value of the Property or otherwise result in a Material Adverse Effect, (5) result in the CPLV Lease not constituting a “true lease” and (D) such amendment or modification is otherwise made in
accordance with the terms of the CPLV Lease. Notwithstanding anything to the contrary herein, at any time after a Lease Foreclosure Transaction (as defined in the CPLV Lease), Borrower shall not, without Lender’s prior written consent, amend,
modify, change, supplement, or otherwise alter, the CPLV Lease or any of the obligations thereunder (other than an amendment in connection with such Lease Foreclosure Transaction in accordance with the third to last paragraph of Section 22.2 of
the CPLV Lease and that otherwise complies with the terms of this Section 5.2.11(a)). Borrower shall promptly deliver to Lender, any modification to the CPLV Lease entered into in accordance with this Section 5.2.11. 

(b) Following the occurrence and during the continuance of an Event of Default (other than a CPLV Lease Default so long as
Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof), Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the CPLV
Trademark Agreements, CPLV Lease or any of the other CPLV Lease Documents without the prior written consent of Lender, which consent may be granted, conditioned or withheld in Lender’s sole discretion, except in the event such Event of Default
arises solely from a CPLV Lease Default in connection with the termination of the CPLV Lease in accordance with Section 8.3. 

(c) Borrower shall not at any time during the term of the Loan be or become an Affiliate of CPLV Tenant. 

5.2.12 CPLV Security Documents. 

(a) Borrower shall not, without Lender’s prior written consent: (i) surrender, terminate, cancel, amend or modify the
CPLV Security Documents; (ii) sell, assign or transfer the CPLV Security Documents; (iii) reduce or consent to the reduction of any of the liabilities or obligations of CPLV Tenant under the CPLV Security Documents; or (iv) otherwise
modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the CPLV Security Documents. 

  
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 (b) Following the occurrence and during the continuance of an Event of Default
(other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof but solely to enforce a right or remedy against CPLV Tenant thereunder necessary to
effect a cure of such CPLV Lease Default and to otherwise comply with Borrower’s obligations under the Loan Documents, so long as the same could not reasonably be expected to impair the Collateral or Lender’s security interest therein),
Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the CPLV Security Documents without the prior written consent of Lender, which consent may be granted, conditioned or withheld in
Lender’s sole discretion. 
 5.2.13 Ground Lease. 

(a) Borrower shall not, without Lender’s written consent, not to be unreasonably withheld, conditioned or delayed, fail to
timely exercise any option or right to renew or extend the term of the Ground Lease, and shall give immediate written notice to Lender and shall execute, acknowledge, deliver and record any document requested by Lender to evidence the lien of the
Mortgage on such extended or renewed lease term; provided, however, Borrower shall not be required to exercise any particular such option or right to renew or extend to the extent Borrower shall have received the prior written consent
of Lender (which consent may not be unreasonably withheld, delayed or conditioned) allowing Borrower to forego exercising such option or right to renew or extend. If Borrower shall fail to timely exercise any such option or right as aforesaid,
Lender may exercise the option or right as Borrower’s agent and attorney-in-fact as provided above in Lender’s own name or in the name of and on behalf of a
nominee of Lender, as Lender may determine in the exercise of its sole and absolute discretion. 
 (b) Borrower shall not
waive, excuse, condone or in any way release or discharge the Ground Lessor under the Ground Lease of or from Ground Lessor’s material obligations, covenant and/or conditions under the Ground Lease without the prior written consent of Lender,
not to be unreasonably withheld, conditioned or delayed. 
 (c) Borrower shall not, without Lender’s prior written
consent, not to be unreasonably withheld, conditioned or delayed, surrender, terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend the Ground Lease, other than an expiration of the Ground
Lease pursuant to its terms. Consent to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any
acquisition of Ground Lessor’s interest in the Ground Lease by Borrower or any Affiliate of Borrower shall be accomplished by Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in such Ground Lease, unless
consent to such merger is granted by Lender. 
 5.2.14 REOA. (a) The Borrower hereby covenants and agrees with
Lender with respect to the REOA as follows: 
 (b) Borrower shall not, without Lender’s prior written consent, not to be
unreasonably withheld, conditioned or delayed, vote to materially and adversely amend, modify or supplement, or consent to the material and adverse amendment, modification or supplementation of, the Material REOA or any other REOA to the extent the
same could be 

  
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reasonably expected to result in a Material Adverse Effect, except that (i) Lender shall not unreasonably withhold or delay its consent to any amendment or modification which is not
reasonably likely to have a material adverse effect upon the Borrower, the Property and (ii) no consent shall be required in connection with (x) an amendment solely with respect to the extension of the term of any REOA or (y) entering
into an easement or similar agreement that is contemplated and required to be entered into by Borrower pursuant to the terms of a REOA; 

(c) Borrower shall not, without the prior written consent of Lender, as determined in its reasonable discretion, take (and
hereby assigns to Lender (exercisable during any Event of Default) any right it may have to take) any action to terminate, surrender, vote to accept any termination or surrender of, the REOA; and 

(d) Borrower shall not assign (other than to Lender) or encumber (other than Permitted Encumbrances) its rights under the REOA,
provided that Borrower may grant Tenant certain rights and obligations, but not a security interest, under the REOAs as set forth in the CPLV Lease. 

ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION 

Section 6.1 Insurance. (a) Borrower shall obtain and maintain, or cause to be maintained, insurance
for Borrower and the Property (which shall include the New Hotel Tower upon any commencement of construction thereof) providing at least the following coverages: 

(i) comprehensive all risk “special form” insurance including, but not limited to, loss caused by any type of
windstorm or hail on the Improvements and the Personal Property, (A) in an amount equal to $2,500,000,000 per occurrence, including a $300,000,000 per occurrence loss limit for named storm, in each case on a replacement cost basis (exclusive of
costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all
co-insurance provisions or to be written on a no co-insurance form; (C) providing for no deductible in excess of $10,000,000.00 for all such insurance coverage;
provided however with respect to windstorm and earthquake coverage, providing for a deductible not to exceed 5% of the total insurable value of the Property; and (D) if any of the Improvements or the use of the Property shall at
any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law, demolition costs and increased costs of construction in amounts acceptable to Lender. In addition,
Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to (1) the maximum
amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as is
customarily maintained by prudent owners of properties with a standard of operation and maintenance comparable to the Property and reasonably acceptable to Lender based upon limits which are typically required by institutional lenders originating
comparable loans on similarly situated properties, and (z) earthquake insurance with limits no less than $300,000,000 per occurrence and in the annual aggregate; provided that the insurance pursuant to clauses (y) and
(z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

  
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 (ii) business income or rental loss insurance on terms consistent with the
commercial property insurance policy required under subsection (i) above, (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection
(i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of the Property (as reduced to reflect expenses not incurred during a period of Restoration) for a period of at least
twenty-four (24) months after the date of the Casualty, such insurance being subject to loss limits set forth in Section 6.1.(a)(i) above; and (D) containing an extended period of indemnity endorsement which provides that after the
physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the
date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such business income or rental loss insurance shall be
determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross revenues from the Property for the succeeding twelve (12) month period. Notwithstanding the provisions of
Section 2.7.1 hereof, all proceeds payable to Lender pursuant to this subsection shall be CPLV Rent payable by CPLV Tenant under the CPLV Lease and any excess shall be paid to CPLV Tenant. With respect to amounts applied to rents under the
CPLV Lease such amounts shall be held by Lender and shall be further applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein
contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts
are actually paid out of the proceeds of such business income insurance; 
 (iii) at all times during which structural
construction, structural repairs or alterations are being made with respect to the Improvements (including during construction of the New Hotel Tower), and only if the property and liability coverage forms do not otherwise apply, (A) commercial
general liability and umbrella/excess liability insurance, covering claims related to the structural construction, repairs or alterations being made at the Property which are not covered by or under the terms or provisions of the below mentioned
commercial general liability and umbrella/excess liability insurance policies and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk
completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property and
(4) with an agreed amount endorsement waiving co-insurance provisions; 
 (iv)
comprehensive boiler and machinery insurance in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above; 

  
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 (v) commercial general liability insurance against claims for personal injury,
bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be provided on an “occurrence” basis with a combined limit of not less than $2,000,000.00 in the aggregate and $1,000,000.00 per
occurrence; and (B) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations; (3) independent contractors; (4) contractual liability for all insured contracts (5) liquor
liability and (6) acts of terrorism; 
 (vi) if applicable, commercial automobile liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00; 

(vii) if applicable, worker’s compensation and employee’s liability subject to the worker’s compensation laws of
the applicable state; 
 (viii) umbrella and excess liability insurance, including acts of terrorism, in an amount not less
than $100,000,000 per occurrence on terms generally consistent with the commercial general liability insurance policy required under subsection (v) above and, including coverage for employer liability, liquor liability and
automobile liability, if applicable, which umbrella liability coverage shall apply in excess of such supplemental coverage; 

(ix) insurance against loss or damage by acts of terrorism, either included as part of the property policy or as standalone
coverage, in either case, in amounts and on terms consistent with those required pursuant to Sections 6.1(a)(i) and (ii) above; provided, however, that if the Terrorism Risk Insurance Program Reauthorization
Act of 2015 (“TRIPRA”) or a similar or subsequent statute is not in effect, Borrower shall be required to carry terrorism insurance throughout the term of the Loan as required by the preceding sentence but, in such event, Borrower
shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business income/rental loss insurance (without giving effect to the
cost of terrorism coverage) required hereunder (“Terrorism Premium Cap”) and, if the cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism insurance available with funds equal to
the Terrorism Premium Cap. For so long TRIPRA is in effect and continues to cover both foreign and domestic acts, Lender shall accept terrorism insurance with coverage against acts which are “certified” within the meaning of TRIPRA; and

 (x) Employment Practices Liability, including third party coverage, in an amount not less than $10,000,000.00 with respect
to the Tenant: 
 (xi) Crime coverage in amounts not less than $8,000,000.00 with respect to the Tenant; 

(xii) Reserved; 

  
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 (xiii) upon sixty (60) days written notice, such other reasonable insurance,
including, but not limited to, sinkhole or land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards, in each case, which at the time are commonly insured
against for property similar to the Property located in or around the region in which the Property is located. 
 (b) All
insurance provided for in Section 6.1(a) hereof, shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the reasonable
approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by insurance companies authorized to do business in the State and having a rating of “A: VIII” or better in the
current Best’s Insurance Reports and a claims paying ability rating of “A” or better by S&P and “A2” or better by Moody’s, (if Moody’s rates the Securities and rates the applicable insurance company.
Notwithstanding the foregoing, Borrower shall be permitted to maintain a portion of the property coverage with Aspen Specialty Insurance Company (“Aspen”) and Starr Surplus Lines Insurance Company (“Starr”) on the
property policy in their current participation amounts and positions within the syndicate provided that (x) the respective AM Best rating of either Aspen or Starr as of the date hereof is not withdrawn or downgraded below the date hereof and
(y) at renewal of the current policy term, Borrower shall replace Aspen and Starr with insurance companies meeting the rating requirements set forth hereinabove. In addition, in the event that any of the insurance companies’ ratings fall
below the requirements set forth above, Borrower shall have sixty (60) days within which to replace such insurance company with an insurance company that qualifies under the requirements set forth above. The Policies described in Section
6.1 hereof (other than those strictly limited to liability protection) shall designate Lender as loss payee. Prior to the expiration of the Policies theretofore furnished to Lender, certificates of insurance evidencing the renewal Policies, to
be followed by complete copies of the Policies upon issuance, accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender.
Notwithstanding the foregoing, Borrower shall be permitted to pay the premiums in installments to the insurance company and/or finance the premiums through a premium finance company provided Borrower submits to Lender proof of payment of each and
every installment prior to the date such installments become due and payable. Borrower shall, within three (3) Business Days, forward to Lender a copy of each written notice received by Borrower of any proposed or actual adverse modification,
reduction or cancellation of any of the Policies or of any of the coverages afforded under any of the Policies. 
 (c) Any
blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder or shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with
the provisions of Section 6.1(a) hereof. Further, to the extent the Policies providing terrorism coverage as set forth in Section 6.1(a)(ix) are maintained pursuant to a blanket insurance Policy that covers more than one location
within a one thousand foot radius of the Property (the “Radius”), the limits of such blanket insurance Policy must be sufficient to maintain terrorism coverage as set forth in this Section 6.1 for the Property and any and all
other locations combined within the Radius that are covered by such blanket insurance policy calculated on a total insured value basis unless (i) Borrower delivers to Lender an endorsement to the direct blanket insurance Policy (and any
reinsurance agreements with respect to a Captive Insurance Company shall follow form in this regard), in form and substance acceptable to Lender, 

  
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guaranteeing priority payout privilege over any and all other locations insured by the blanket insurance Policy in the event of a Casualty; or (ii) Borrower provides such terrorism coverage
by a separate Policy insuring only the Property and otherwise in compliance with the provisions of Section 6.1. With regard to any blanket insurance Policy with respect to property-related coverages (other than terrorism), in the event a
catastrophic loss or multiple losses at multiple properties covered by such blanket insurance policy exhaust any per occurrence or aggregate insurance limits under such policy, the Property shall be allocated no less than its pro rata share of the
proceeds with respect to such loss based on the proportion that the limits bear to the total loss born by all the properties affected by such catastrophic loss which are covered under such blanket policy, with no property receiving an allocation
exceeding the loss suffered by such property. 
 (d) All Policies provided for or contemplated by Section 6.1(a)
hereof, (other than those required by Sections 6.1(vii), (x) and (xi) with respect to the Tenant), shall list Borrower as a named insured or additional insured without restrictions (or loss payee with respect
to property-related coverages maintained by the CPLV Tenant) and, with respect to liability policies, except for the Policies referenced in Section 6.1(a)(vi), (vii), (x) and (xi) of this
Agreement, shall list Lender its successors and/or assigns as the additional insured, as its interests may appear, and in the case of property policies, including but not limited to terrorism, boiler and machinery, flood and earthquake insurance,
shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. Nothing herein shall prohibit CPLV Tenant Lender and their respective successors and/or assigns from being
listed as additional insureds and receiving the benefit of a non-contributing mortgage clause (“CPLV Tenant Lender Endorsements”) to the extent required pursuant to the CPLV Tenant Loan and, in
either case, as their interests may appear. In no event shall any CPLV Tenant Lender Endorsements impede or supersede Lender’s right to any proceeds in connection with the Property. 

(e) All property Policies shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply
with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Lender is
concerned; 
 (ii) the Policy shall not be canceled without at least thirty (30) days written notice to Lender, except
ten (10) days’ notice for non-payment of premiums; 
 (iii) the issuers
thereof shall give written notice to Lender if the issuers elect not to renew the Policy prior to its expiration; and 
 (iv)
Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder. 

  
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 (f) If at any time Lender is not in receipt of written evidence that all
insurance required hereunder is in full force and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, the obtaining of
the insurance coverage as required hereunder after five (5) Business Days’ notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower) to
avoid the lapse of any such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the
Mortgage and shall bear interest at the Default Rate. 
 (g) As an alternative to the Policies required to be maintained
pursuant to the preceding provisions of this Section 6.1, Borrower will not be in default under this Section 6.1 if Borrower maintains (or causes to be maintained) Policies which (i) have coverages, deductibles
and/or other related provisions other than those specified above and/or (ii) are provided by insurance companies not meeting the ratings requirements set forth above (any such Policy, a
“Non-Conforming Policy”), provided, that, prior to obtaining such Non- Conforming Policies (or permitting such Non-Conforming Policies to be obtained),
Borrower shall have received (1) Lender’s prior written consent thereto and (2) confirmed that Lender has received a Rating Agency Confirmation with respect to any such Non-Conforming Policy.
Notwithstanding the foregoing, Lender hereby reserves the right to deny its consent to any Non-Conforming Policy regardless of whether or not Lender has consented to the same on any prior occasion. 

(h) Notwithstanding the foregoing rating requirements as set forth in Section 6.1(b), the terrorism coverage
required in Section 6.1(a)(ix) may be written by a non-rated captive insurer owned by CEC (“Captive Insurance Company”), provided the following conditions are met and continue to be
satisfied with respect to such Captive Insurance Company: 
 (i) TRIPRA or a similar or subsequent statute shall be in full
force and effect; 
 (ii) the terrorism Policy issued by such Captive Insurance Company, together with any other terrorism
Policy then in effect issued by one or more insurance companies which shall satisfy the requirements of Section 6.1, provides a limit in compliance with the requirements of Section 6.1(a)(ix) and, as applicable,
Section 6.1(c) above; 
 (iii) except with respect to the deductibles permitted under Section 6.1,
those covered losses under terrorism policies which are not reinsured by the federal government under TRIPRA and paid to the Captive Insurance Company shall be reinsured with a cut-through endorsement by insurance companies which shall be rated
“A:VIII” or better in the current Best’s Insurance Reports and at least “A” with S&P and “A2” with Moody’s, to the extent Moody’s rates the Securities and rates the applicable insurance company; 

(iv) all re-insurance agreements between such Captive Insurance Company and all such re-insurance companies providing the referenced re-insurance shall be subject to reasonable approval of Lender. Lender confirms that it has received and approved such
agreements as of the Closing Date and that any material and adverse changes to such form of re-insurance agreement shall be subject to reasonable approval of Lender; 

  
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 (v) such Captive Insurance Company shall not be subject to a bankruptcy or
similar insolvency proceeding; 
 (vi) such Captive Insurance Company shall be prohibited from conducting other business
unrelated to the operation of the captive (the operation of the captive being the issuance of policies and purchase of reinsurance and other like services in connection with properties in which Tenant, Borrower or Affiliates of Tenant or Borrower
have a management and/or ownership interest and obtaining letters of credit or backstopping or otherwise collateralizing or supporting letters of credit for the purpose of insurance and surety bonds, including for the benefit of its Affiliates);

 (vii) such Captive Insurance Company shall be licensed in any state of the United States of America or such other
jurisdiction reasonably acceptable to Lender and qualified to issue the terrorism Policy in accordance with all applicable Legal Requirements; 

(viii) such Captive Insurance Company shall qualify for the reinsurance and other benefits afforded insurance companies under
TRIPRA in accordance with the regulations as currently constituted; 
 (ix) no law or regulation, or formal written opinion,
statement, or decree binding on a Governmental Authority, shall have been issued by any Governmental Authority providing that any insurance company or program which is similar to such Captive Insurance Company or its program does not qualify for
such benefits; 
 (x) Lender shall have received each of the following, each of which shall be subject to the reasonable
approval of the Lender: 
  

	 	(A)	the organizational documents of such Captive Insurance Company; 

  

	 	(B)	any regulatory agreements of such Captive Insurance Company; 

  

	 	(C)	the license for the State of Nevada or such other jurisdiction as applicable for such Captive Insurance Company; 

  

	 	(D)	the form of the Policy to be used by such Captive Insurance Company to provide the insurance coverage described above; 

  

	 	(E)	a description of the structure and amount of reserves and capitalization of such Captive Insurance Company; 

Lender confirms that it has received and approved the items listed in clauses (A) through (E) above. 

(xi) the organizational documents of such Captive Insurance Company shall not be materially amended without the prior written
consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed; and 

  
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 (xii) except as otherwise expressly set forth above, all such insurance provided
by such Captive Insurance Company to Borrower, with respect to the Property, shall otherwise comply with all other terms and conditions of Section 6.1; 

(xiii) in the event that an official written Interpretive Letter or Interim Guidance (as such terms are used on the official
website of the United States Treasury Department) is published by the United States Treasury Department with respect to TRIPRA binding on a Governmental Authority with respect to Borrower and which provides that any insurance company or program
which is similar to such Captive Insurance Company or its program does not qualify for the benefits under TRIPRA, then Borrower shall be required to procure a terrorism Policy otherwise complying with the above provisions. If any such Interpretive
Letter or Interim Guidance referred to in this paragraph provides (A) for a period during which the Treasury Department will defer or suspend enforcement of the provisions of such Interpretive Letter or Interim Guidance, then Borrower shall
have the right to defer procurement of a replacement terrorism Policy until the expiration of such deferral or suspension period or (B) that existing programs would be exempt from the Interpretive Letter or Interim Guidance, then Borrower shall
not be required to procure a replacement terrorism Policy; and 
 (xiv) in the event that an official written Interpretive
Letter or Interim Guidance (as such terms are used on the official website of the United States Treasury Department) is published by the United States Treasury Department with respect to the TRIPRA which is not binding on a Governmental Authority
with respect to Borrower and which provides that any insurance company or program which is similar to such Captive Insurance Company or its program does not qualify for the benefits under TRIPRA, then Borrower shall have the right to challenge such
official written Interpretive Letter or Interim Guidance, as the case may be, by appropriate proceedings and in the event that such challenge is not successfully concluded within two hundred seventy (270) days after the publication of such
Interpretive Letter or Interim Guidance, then Borrower shall have an additional period of ninety (90) days to procure a terrorism Policy otherwise complying with the provisions of this Section 6.1. In addition, if any Interpretive
Letter or Interim Guidance provides that any insurance company or program which is similar to such Captive Insurance Company or its program does not qualify for the benefits under TRIPRA and provides, further, (A) for a period during which the
Treasury Department will defer or suspend enforcement of the provisions of such Interpretive Letter or Interim Guidance which is greater than two hundred seventy (270) days, then Borrower shall have the right to defer procurement of a
replacement terrorism Policy until the expiration of such deferral or suspension period or (B) that existing programs would be exempt from the Interpretive Letter or Interim Guidance, then Borrower shall not be required to procure a replacement
Terrorism Policy. 
 Section 6.2 Casualty. If the Property shall be damaged or destroyed, in whole or
in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt written notice of such damage to Lender and shall, or shall cause CPLV Tenant to, promptly (but in no event later than two hundred seventy (270) days
after such Casualty or Condemnation, whichever the case may be, occurs, so long as Borrower shall otherwise take all actions to remedy any life safety issues necessary to avoid imminent danger to the health or safety of Persons at the Property or
the Property during such period) commence and diligently prosecute the completion of the Restoration of the Property (or the applicable portion thereof, as applicable) pursuant to 

  
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Section 6.4 hereof to substantially the same condition the Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by Lender and
otherwise in accordance with Section 6.4 hereof. Borrower shall or shall cause CPLV Tenant to pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of
loss if not made promptly by Borrower or CPLV Tenant. In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or
delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than $50,000,000.00 and Borrower shall deliver to Lender all instruments reasonably required by Lender to permit such
participation. 
 Section 6.3 Condemnation. (a) Borrower shall promptly give Lender notice of
the actual or threatened commencement of any proceeding for the Condemnation of the Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and
Borrower shall from time to time deliver to Lender all instruments reasonably requested by it to permit such participation. Borrower shall or shall cause CPLV Tenant to, at its expense, diligently prosecute any such proceedings, and shall consult
with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited
to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced
until any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning
authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any portion of the Property is taken by a condemning authority, Borrower shall or shall cause CPLV Tenant to, promptly
commence and diligently prosecute the Restoration of the Property pursuant to Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof. If the Property is sold, through foreclosure or otherwise, prior
to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan or any portion thereof
is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Mortgage in connection with a Condemnation of a Property (but taking into account any proposed Restoration on the remaining portion the Property),
the Loan-to-Value Ratio is greater than 125% (such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC
Trust), the principal balance of the Loan must be prepaid down by an amount not less than the least of the following amounts: (i) the Condemnation Proceeds, (ii) the fair market value of the released property at the time of the release, or
(iii) an amount such that the Loan-to-Value Ratio (as so determined by Lender) does not increase after the release, unless Lender receives an opinion of counsel that if such amount is not paid, the
Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of the Mortgage. Any such prepayment shall be deemed a voluntary prepayment and shall be subject to
Section 2.4.1 hereof (other than the requirements to prepay the Debt in full and provide thirty (30) days notice to Lender). 

  
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 Section 6.4 Restoration. The following provisions
shall apply in connection with the Restoration of the Property: 
 (a) If the Net Proceeds shall be less than $50,000,000
(the “Casualty/Condemnation Threshold Amount”) and the costs of completing the Restoration shall be less than the Casualty/Condemnation Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower (or if directed by
Borrower, to CPLV Tenant) upon receipt for Restoration in accordance with the terms hereunder, provided that Borrower certifies to Lender in an Officer’s Certificate that (x) subject to the CPLV Lease SNDA, no Event of Default shall
have occurred and be continuing at the time of the disbursement and (y) Borrower will (or will cause CPLV Tenant to) complete the Restoration in compliance with all of the conditions set forth in Section 6.4(b)(i)(A), (C),
(F), (G) (H) and (I) hereof and agrees to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. Borrower shall thereafter
commence and complete such Restoration with due diligence in accordance with the terms of this Agreement. 
 (b) If the Net
Proceeds are equal to or greater than the Casualty/Condemnation Threshold Amount or the costs of completing the Restoration is equal to or greater than Casualty/Condemnation Threshold Amount Lender shall make the Net Proceeds available to Borrower
(or if directed by Borrower, CPLV Tenant) for the Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of this Section 6.4 shall mean: (i) the net
amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i), (iv), (ix) and (x) as a result of such damage or destruction, after deduction of its reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable outside counsel fees), if any, in collecting same (“Insurance Proceeds”), or
(ii) the net amount of the Award, after deduction of Lender’s reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable outside
counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be. 
 (i) The
Net Proceeds shall be made available to Borrower (or if directed by Borrower, CPLV Tenant) for Restoration, provided that each of the following conditions are met: 

(A) no Event of Default shall have occurred and be continuing (or, if Borrower is performing the Restoration on behalf of CPLV
Tenant, to the extent an Uncured CPLV Lease Event of Default shall have occurred and be continuing so long as no Event of Default shall have occurred and be continuing and Borrower shall have agreed to complete the Restoration on behalf of the CPLV
Tenant); 
 (B) intentionally omitted; 

(C) the CPLV Lease and the Forum Shops Lease remains in full force and effect during and after the completion of the
Restoration; 

  
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 (D) Borrower or CPLV Tenant shall commence the Restoration as soon as reasonably
practicable (but in no event later than one hundred eighty (180) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

(E) Lender shall be satisfied in its reasonable discretion that any operating deficits, including all scheduled payments of
principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the
insurance coverage referred to in Section 6.1(a)(ii) hereof, if applicable, or (3) by other funds of Borrower or CPLV Tenant; 

(F) Lender shall be satisfied in its reasonable discretion that the Restoration will be completed on or before the earliest to
occur of (1) the Maturity Date, or (2) the earliest date required for such completion under the terms of the CPLV Lease, the Ground Leases and the Forum Shops Lease; 

(G) the Property and the use thereof after the Restoration will be in compliance in all material respects with and permitted
under all applicable Legal Requirements; 
 (H) the Restoration shall be done and completed by Borrower or CPLV Tenant in an
expeditious and diligent fashion and in compliance in all material respects with all applicable Legal Requirements; 
 (I) in
the case of a Condemnation, such Condemnation does not result in the loss of legal access to the Property or the Improvements; 

(J) intentionally omitted; 

(K) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s
or CPLV Tenant’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s reasonable approval; and 

(L) the Net Proceeds together with any cash or cash equivalent or any Letter of Credit deposited by Borrower or CPLV Tenant
with Lender are sufficient in Lender’s reasonable discretion to cover the cost of the Restoration. 
 (ii) The Net
Proceeds shall be held by Lender in an interest-bearing Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the
Loan Documents. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower (or if directed by Borrower, CPLV Tenant) from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that
(A) all materials installed and work and labor performed in connection with the Restoration have been paid for in full (except to the extent that they are to be paid for out of the requested 

  
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disbursement or are being contested in accordance with the Loan Documents (or which are being contested by CPLV Tenant in accordance with the CPLV Lease and the CPLV Lease SNDA)), and
(B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not either been fully
bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. Notwithstanding the foregoing, any Net Proceeds that relate to
the portion of the Property that is subject to the Ground Lease and is equal to or in excess of $20,000,000 shall be held by a third party escrow agent reasonably acceptable to Lender in accordance with the terms of the Ground Lease. 

(iii) All plans and specifications required in connection with any Restoration in which the Net Proceeds shall equal or exceed
the Casualty/Condemnation Threshold Amount or the costs of completing such Restoration is greater than the Casualty/Condemnation Threshold Amount shall be subject to prior review and acceptance in all respects by Lender and by an independent
consulting engineer selected by Lender (the “Casualty Consultant”), such approval not to be unreasonably withheld, conditioned or delayed. Lender shall have the use of the plans and specifications and all permits, licenses and
approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been engaged, shall be subject to prior
review and reasonable approval by Lender and the Casualty Consultant. All actual, reasonable and out-of-pocket costs and expenses incurred by Lender in connection with
making the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower within five (5) Business Days of demand. Lender
shall grant or deny any consent required for any Restoration under this Section 6.4 within ten Business Days after the receipt of the applicable request and all documents reasonably necessary in connection therewith. In the event that
Lender fails to respond within such ten day period and such request was marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS
OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the such notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”, and Borrower has submitted a second request for consent after such ten
(10) Business Day period accompanied by all documents reasonably necessary in connection therewith, which such second notice shall have been marked in bold lettering with the following language: “LENDER’S RESPONSE IS REQUIRED WITHIN
TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the Second Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY
APPLY”, then in the event that Lender shall fail to respond to such second notice within the ten (10) Business Day period, such failure to respond shall be deemed to be the consent and approval of Lender to the requested item,
provided, that Lender requesting additional and/or clarified information, in addition to approving or denying any request (in whole or in part), shall be deemed a response by Lender for purposes of the foregoing. 

  
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 (iv) In no event shall Lender be obligated to make disbursements of the Net
Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty
Retainage” shall mean an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until such time as the Casualty Consultant certifies to Lender
that fifty percent (50%) of the Restoration has been completed in accordance with the terms hereunder and thereafter, five percent (5%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty
Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower
or CPLV Tenant from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the
provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate governmental and quasi-governmental
authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the
portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or
materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, any contractor, subcontractor or materialman with a
contract in excess of $1,000,000 delivers the lien waivers (which may be conditioned upon receipt of payment) and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or
by the title company issuing the Title Insurance Policy, and Lender receives Lender receives a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender or upon
reasonable request of Lender and if reasonably available in the jurisdiction, an endorsement to the Title Insurance Policy insuring] the continued priority of the lien of the Mortgage and evidence of payment of any premium payable for such
endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or
materialman. 
 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every
calendar month. 
 (vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable
opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty 

  
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 Consultant to be incurred in connection with the completion of the Restoration, Borrower shall or
shall cause CPLV Tenant to deposit the deficiency (the “Net Proceeds Deficiency”) in the form of cash, cash equivalents or a Letter of Credit, with Lender before any further disbursement of the Net Proceeds shall be made. The Net
Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed
pursuant to this Section 6.4(b) shall constitute additional security for the Debt and Other Obligations under the Loan Documents, provided any Net Proceeds Deficiency deposited by CPLV Tenant shall be subject to the terms of the CPLV
Lease SNDA. 
 (vii) The excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds
Deficiency) deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Lender of evidence reasonably
satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall, subject to the CPLV Lease SNDA, be deposited in the Cash Management Account to be disbursed in accordance with this Agreement, unless an
Event of Default shall have occurred and shall be continuing or a Mezzanine Loan Default shall have occurred and be continuing. If no Event of Default is continuing, but one or more Mezzanine Loan Defaults shall have occurred and be continuing, the
Excess Net Proceeds shall be distributed to the senior Mezzanine Lender with respect to which such Mezzanine Loan Default shall have occurred and be continuing to be applied in accordance with the Mezzanine Loan Documents. 

(c) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as
excess Net Proceeds pursuant to Section 6.4(b)(vii) hereof may be retained and applied by Lender toward the payment of the Debt in accordance with Section 2.4.2 hereof, whether or not then due and payable in such order,
priority and proportions as Lender in its sole discretion shall deem proper, or, at the discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. 

(d) In the event of foreclosure of the Mortgage, or other transfer of title to the Property in extinguishment in whole or in
part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or
Lender or other transferee in the event of such other transfer of title, subject to the terms of the CPLV Lease and the CPLV Lease SNDA. 

(e) Notwithstanding anything to the contrary contained in the Ground Lease with respect to the disbursement of Insurance
Proceeds or Condemnation Proceeds, the provisions set forth in this Agreement and the other Loan Documents shall govern and Borrower hereby agrees that compliance with the terms of this Agreement and the other Loan Documents with respect to
disbursement for Restoration shall not create a default under the terms and provisions of the Ground Lease. Borrower shall not grant its consent, approval or waiver with respect to any disbursement of Insurance Proceeds or Condemnation Proceeds in
respect of any 

  
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portion of the Property subject to the Ground Lease (if such disbursement would violate the terms and provisions of this Section 6.4) as may be requested or required in connection
with the terms and provisions of the Ground Lease without first obtaining the written consent, approval, or waiver of Lender. 

(f) With respect to insurance proceeds received by Lender pursuant to Section 6.1(a)(ii) hereof, if Lender has
received evidence satisfactory to Lender or has otherwise determined in its reasonable discretion that a portion of the aggregate insurance proceeds received by Lender as a result of a Casualty or Condemnation was designated by the insurance company
for business income or rental loss pursuant to Section 6.1(a)(ii) hereof, Lender shall disburse such portion of the insurance proceeds to Borrower (so long as there is no Event of Default, or if directed by Borrower, CPLV Tenant so long
as there is no Uncured CPLV Lease Event of Default and Borrower has demonstrated to Lender’s reasonable satisfaction that the remaining Net Proceeds (together with any cash, cash equivalents or Letter of Credit delivered to Lender under this
Section 6.4 with respect to the Restoration) that have been received as a result of a Casualty or Condemnation are sufficient to pay one hundred percent (100%) of the cost of the Restoration in accordance with the terms hereunder. 

(g) Notwithstanding anything to the contrary in this Section 6.4, in the event 75% or less of the New Hotel Tower
is damaged or destroyed by a Casualty (a “Partial Casualty”), Borrower shall use the Net Proceeds from the Casualty of the New Hotel Tower to restore the New Hotel Tower as nearly as possible to the condition the New Hotel Tower was
in immediately prior to such Partial Casualty in accordance with this Section 6.4, including satisfaction of the conditions required for disbursement of the Net Proceeds for such Restoration. In the event more than 75% of the New Hotel
Tower is damaged or destroyed by a Casualty (a “Total Casualty”) and the Net Proceeds are sufficient to restore the New Hotel Tower, Borrower shall use the Net Proceeds to restore the New Hotel Tower as nearly as possible to the
condition the New Hotel Tower was in immediately prior to such Total Casualty in accordance with this Section 6.4. If the Net Proceeds are not sufficient to restore the New Hotel Tower, Borrower shall elect to either (i) restore the
New Hotel Tower as nearly as possible to the condition the New Hotel Tower was in immediately prior to such Total Casualty in accordance with this Section 6.4, or (ii) not restore the New Hotel Tower. If Borrower elects not to
restore the New Hotel Tower, the Net Proceeds from the Casualty of the New Hotel Tower shall be disbursed to CPLV Tenant, provided however, that prior to making such disbursement there shall be sufficient funds on deposit with Lender to cover one
hundred fifteen percent (115%) of (i) if the Casualty that affect the New Hotel Tower also affected other portions of the Property (excluding the New Hotel Tower), the estimated cost (as reasonably determined by the Casualty Consultant) to
restore the remaining portions of the Property (excluding the New Hotel Tower) as nearly as possible to the condition the Property was in as of the Closing Date (with such changes or alterations that are reasonably approved by Landlord) and
(ii) the estimated cost (as reasonably determined by the Casualty Consultant) to restore the portion of the Property where the New Hotel Tower was located to its condition as of the Closing Date (with such changes and alterations as reasonably
approved by the Lender). 
 (h) Notwithstanding anything to the contrary in this Section 6.4, to the extent
Borrower is required to undertake and complete Restoration, Borrower shall have the right to instead cause CPLV Tenant to undertake and complete such Restoration and, in such event, Borrower shall cause CPLV Tenant to comply with this
Section 6.4. 

  
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 ARTICLE VII – RESERVE FUNDS 

Section 7.1 Reserved. 

Section 7.2 Tax and Insurance Escrow Fund. Borrower shall, or shall cause CPLV Tenant to, pay to
Lender or if amounts are being deposited by CPLV Tenant in accordance with the CPLV Lease SNDA, deposit into an account in the name of CPLV Tenant held by an Eligible Institution subject to a security interest in favor of Borrower and assigned to
Lender and subject to the control of Lender pursuant to a Tax and Insurance Reserve Control Agreement, (a) on the Closing Date an initial deposit in the amount of $5,506,224.22 (the “Initial Tax Reserve Deposit”) and
(b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to
accumulate with Lender sufficient funds to pay all such Taxes and Other Charges at least thirty (30) days prior to the incurrence of Additional Charges, and (ii) one- twelfth (1/12) of the Insurance Premiums that Lender reasonably
estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the
expiration of the Policies (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Escrow Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Tax and
Insurance Reserve Account”) provided that, (x) other than with respect to the Initial Tax Reserve Deposit, to the extent that (i) an amount not less than the Initial Tax Reserve Deposit is on deposit in the Tax and Insurance
Escrow Fund, (ii) no Event of Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof) is continuing, (iii) all Taxes and
Other Charges are paid by Borrower or CPLV Tenant on or prior to the incurrence of Additional Charges and (iv) Borrower delivers or causes CPLV Tenant to deliver to Lender, evidence reasonably acceptable to Lender that all Taxes and Other
Charges have been paid on or prior to the incurrence of Additional Charges, neither Borrower nor CPLV Tenant shall be required to deposit amounts required under this Section 7.2 for Taxes and Other Charges for such month. Lender will
apply the Tax and Insurance Escrow Fund to payments of Taxes and Other Charges and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 hereof and under the Mortgage and (y) to the extent that any of the
insurance required to be maintained by Borrower under this Agreement and/or any other Loan Document is effected under a blanket policy reasonably acceptable to Lender insuring substantially all of the real property owned, directly or indirectly, by
CPLV Lease Guarantor, neither Borrower nor CPLV Tenant shall be required to make deposits pursuant to the foregoing with respect to Insurance Premiums. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according
to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes, Other Charges and Insurance Premiums pursuant to
Section 5.1.2 hereof, Lender shall, in its sole discretion, return any excess 

  
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to Borrower or CPLV Tenant or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance
Escrow Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall, or shall cause CPLV Tenant to,
increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the incurrence of Additional Charges with respect to Taxes and Other Charges
and/or thirty (30) days prior to expiration of the Policies, as the case may be. Notwithstanding anything in this Agreement to the contrary, Borrower shall not be in default under the Loan for failure to pay Taxes and Other Charges or Insurance
Premiums if and to the extent there are sufficient Tax and Insurance Escrow Funds on deposit to timely pay Taxes and Other Charges or Insurance Premiums, as applicable. 

Section 7.3 Replacements and Replacement Reserve. 

7.3.1 Replacement Reserve Fund. Borrower shall, or shall cause CPLV Tenant to, pay to Lender or if amounts are being
deposited by CPLV Tenant in accordance with the CPLV CPLV Lease SNDA, deposit into an account in the name of CPLV Tenant held by an Eligible Institution subject to a security interest in favor of Borrower and assigned to Lender and subject to the
control of Lender pursuant to a Replacement Reserve Control Agreement, (a) on the Closing Date an initial deposit in the amount of $3,186,001.00 and (b) on each Payment Date thereafter, the Replacement Reserve Monthly Deposit to be used
for FF&E replacements, repairs and maintenance capital expenditures required to be made to the Property and the improvements (collectively, the “Replacements”). Amounts so deposited shall hereinafter be referred to as the
“Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Replacement Reserve Account”. 

7.3.2 Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the Replacement
Reserve Account to pay Borrower or if directed by Borrower, CPLV Tenant only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower or CPLV Tenant for the
costs of routine maintenance to the Property, replacements of inventory, or for any costs with respect to construction of the New Hotel Tower. 

(b) Lender shall disburse to Borrower (or if Borrower delivers a written notification to Lender that CPLV Tenant has the right
to request and receive disbursements from the Replacement Reserve Account, CPLV Tenant in accordance with the terms of the CPLV Lease SNDA) the Replacement Reserve Funds from the Replacement Reserve Account to pay for the actual costs of
Replacements or to reimburse Borrower or CPLV Tenant therefor from time to time promptly upon satisfaction by Borrower of each of the following conditions: (i) Borrower (or CPLV Tenant, if applicable) shall submit a written request for payment
to Lender at least ten (10) days prior to the date on which Borrower (or CPLV Tenant, if applicable) requests such payment be made and specifies the Replacements to be paid, (ii) on the date such payment is to be made, subject to the CPLV
Lease SNDA, no Event of Default shall exist and remain uncured and (iii) Lender shall have received an Officer’s Certificate (or if the disbursement is being made to CPLV Tenant, a certification from an officer of CPLV Tenant): (A) stating
that all Replacements to be funded by the requested disbursement have been or will be performed 

  
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in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, in all material respects, (B) identifying each Person that supplied
materials or labor in connection with such Replacements to be funded by the requested disbursement, and (C) stating that each such Person has been paid or will be paid the amounts then due and payable to such Person in connection with the
Replacements with the proceeds of such disbursement, such Officer’s Certificate (or if the disbursement is being made to CPLV Tenant, a certification from an officer of CPLV Tenant) to be accompanied by, if reasonably requested by Lender, other
evidence of payment reasonably satisfactory to Lender. Lender shall not be required to make disbursements from the Replacement Reserve Account more frequently than once in any calendar month and the total cost of the requested disbursement shall be
in an amount greater than Twenty-Five Thousand and No/100 Dollars ($25,000.00) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.3.2. In no event shall Lender be obligated to
disburse funds to Borrower from the Replacement Reserve Account if an Event of Default or Mezzanine Loan Default exists (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set
forth in Section 8.3 hereof) or, if a disbursement is being made to CPLV Tenant, an Uncured CPLV Lease Event of Default exists. 

7.3.3 Performance of Replacements. (a) Borrower shall, or shall cause CPLV Tenant to, make Replacements when required
in order to keep the Property in condition and repair consistent with other comparable properties in the same market segment in the metropolitan area in which the Property is located, and to keep the Property or any portion thereof from
deteriorating. Borrower shall, or shall cause CPLV Tenant to, complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement. 

(b) Lender reserves the right, at its option (except in the event Replacements are being made by CPLV Tenant in accordance with
the terms of the CPLV Lease, the CPLV Lease SNDA and the terms hereunder), to approve all contracts or work orders in excess of $2,000,000 with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or
materials in connection with the Replacements, not to be unreasonably withheld, conditioned or delayed. Upon Lender’s request, Borrower shall, or shall cause CPLV Tenant to, assign any contract or subcontract in excess of $2,000,000 to
Borrower, to be collaterally assigned by Borrower to Lender. 
 (c) In the event Lender determines in its good faith
reasonable discretion that any Replacement is not being performed in a workmanlike or timely manner or that any Replacement has not been completed in a workmanlike or timely manner, upon three (3) Business Days written notice to Borrower,
Lender shall have the option to withhold disbursement for such unsatisfactory Replacement and in the event such Replacement shall not be performed in workmanlike and timely manner within ten (10) Business Days of such notice, during an Event of
Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof), Lender may elect to proceed under existing contracts or to contract
with third parties to complete such Replacement and subject to the CPLV Lease SNDA, to apply the Replacement Reserve Fund toward the labor and materials necessary to complete such Replacement, without providing any prior notice to Borrower to
exercise any and all other remedies available to Lender upon an Event of Default hereunder. 

  
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 In order to facilitate Lender’s completion or making of such Replacements pursuant to
Section 7.3.3(c) above, Borrower grants, and shall cause CPLV Tenant to grant to, Lender the right to enter onto the Property (subject to the rights of Tenants under Leases and the rights of third-party occupants and applicable Gaming
Laws) at reasonable times and upon reasonable prior notice to Borrower and perform any and all work and labor necessary to complete or make such Replacements and/or employ watchmen to protect the Property from damage. All sums so expended by Lender,
to the extent the Replacement Reserve Fund are not sufficient, shall be deemed to have been advanced under the Loan to Borrower and secured by the Mortgage. For this purpose Borrower constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete or undertake such Replacements in the name of Borrower. Such power of attorney shall be deemed to be a power
coupled with an interest and cannot be revoked. Borrower empowers said attorney-in-fact as follows: (i) to use any funds in the Replacement Reserve Account for the
purpose of making or completing such Replacements; (ii) to make such additions, changes and corrections to such Replacements as shall be reasonably necessary or desirable to complete such Replacements; (iii) to employ such contractors,
subcontractors, agents, architects and inspectors as shall be reasonably required for such purposes; (iv) to pay, settle or compromise all existing bills and claims which are or may become Liens against the Property, or as may be reasonably
necessary or desirable for the completion of such Replacements, or for clearance of title; (v) to execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (vi) to prosecute
and defend all actions or proceedings in connection with the Property or the rehabilitation and repair of the Property; and (vii) to do any and every act which Borrower might do in its own behalf to fulfill the terms of this
Section 7.3.3. 
 (d) Nothing in this Section 7.3.3 shall: (i) make Lender responsible for
making or completing any Replacements; (ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender to proceed with any Replacements; or (iv) obligate
Lender to demand from Borrower or CPLV Tenant additional sums to make or complete any Replacement. 
 (e) If reasonably
determined to be necessary by Lender in connection with Replacements in excess of $5,000,000, Borrower shall, and shall cause CPLV Tenant to, permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s
engineer, architect, or inspector) or third parties making Replacements pursuant to this Section 7.3.3 to enter onto the Property during normal business hours and upon prior notice to Borrower (subject to the rights of Tenants under
their Leases or other third-party occupants and applicable Gaming Laws) to inspect the progress of any Replacements and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Replacements which are
or may be kept at the Property, and, subject to the CPLV Lease SNDA during an Event of Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in
Section 8.3 hereof), to complete any Replacements made pursuant to this Section 7.3.3. Borrower shall cause all contractors and subcontractors engaged by or on behalf of Borrower to cooperate with Lender or Lender’s
representatives or such other persons described above in connection with inspections described in this Section 7.3.3(e) or the completion of Replacements pursuant to this Section 7.3.3. 

  
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 (f) During a Cash Sweep Period or if an Uncured CPLV Lease Event of Default is
continuing, Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in excess of $5,000,000 from the Replacement Reserve Account in order to verify completion of the Replacements for which
reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and/or may require a copy of a certificate of completion by an independent qualified professional
acceptable to Lender prior to the disbursement of any amounts from the Replacement Reserve Account. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified
professional. 
 (g) The Replacements and all materials, equipment, fixtures, or any other item comprising a part of any
Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for those Liens existing on the date of this Agreement which have been approved in writing by
Lender and Permitted Encumbrances). 
 (h) During a Cash Sweep Period or if an Uncured CPLV Lease Event of Default is
continuing, before each disbursement from the Replacement Reserve Account in excess of $1,000,0000, Lender may require Borrower to provide Lender with a search of title to the Property effective to the date of the disbursement, which search shows
that no mechanic’s or materialmen’s liens or other liens of any nature have been placed against the Property since the date of recordation of the Mortgage and that title to the Property is free and clear of all Liens (other than the lien
of the Mortgage, any other Permitted Encumbrance and any other Liens previously approved in writing by Lender, if any). 

(i) All Replacements shall comply in all material respects with all applicable Legal Requirements of all Governmental
Authorities having jurisdiction over the Property and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters. 

(j) In addition to any insurance required under the Loan Documents, Borrower shall, or shall cause CPLV Tenant to, provide or
cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with a particular Replacement. All such policies shall be
in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall be so endorsed. Certified copies of such policies shall be delivered to
Lender. 
 7.3.4 Failure to Make Replacements. (a) During the continuance of an Event of Default (other than a CPLV
Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof), subject to the CPLV Lease SNDA, Lender may use the Replacement Reserve Fund (or any portion
thereof) for any purpose, including but not limited to completion of the Replacements as provided in Section 7.3.3, or for 

  
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any other repair or replacement to the Property or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to
withdraw and apply the Replacement Reserve Fund shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 

(b) Nothing in this Agreement shall obligate Lender to apply all or any portion of the Replacement Reserve Fund on account of
an Event of Default to payment of the Debt or in any specific order or priority. 
 7.3.5 Balance in the Replacement Reserve
Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents. 

Section 7.4 Ground Rent Reserve. 

7.4.1 Deposits to Ground Rent Fund. Borrower shall, or shall cause CPLV Tenant to, pay to Lender or if amounts are being
deposited by CPLV Tenant in accordance with the CPLV Lease SNDA, deposit into an account in the name of CPLV Tenant held by an Eligible Institution subject to a security interest in favor of Borrower and assigned to Lender and subject to the control
of Lender pursuant to a Ground Rent Reserve Control Agreement, (a) on the Closing Date, an initial deposit in the amount of $2,916,666.67 (the “Initial Ground Rent Reserve Deposit”) and (b) on each Payment Date thereafter,
one-twelfth of the rents (including both base and additional rents) and other charges due under the Ground Lease that Lender reasonably estimates will be payable by the applicable Individual Borrower as lessee
under the Ground Lease (collectively, the “Ground Rent”) during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the
respective due dates; provided that, other than with respect to the Initial Ground Rent Reserve Deposit, to the extent that (i) an amount not less than the Initial Ground Rent Reserve Deposit is on deposit in the Ground Rent Reserve
Account, (ii) no Event of Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure subject to the terms and within the time periods set forth in Section 8.3 hereof) is continuing, and (iii) to the
extent Ground Rent is timely paid by Borrower or CPLV Tenant and Borrower delivers or causes CPLV Tenant to deliver to Lender, evidence reasonably acceptable to Lender that each monthly payment of Ground Rent is paid when due in accordance with the
Ground Lease, Borrower shall not be required to deposit (or to cause CPLV Tenant to deposit) amounts required for the Ground Lease Reserve Fund hereunder for such month. Amounts so deposited shall hereinafter be referred to as the “Ground
Rent Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Rent Reserve Account”. 

7.4.2 Release of Ground Rent Reserve Fund. To the extent Borrower is making any deposits (other than the Initial Ground
Rent Reserves Deposit) in accordance with Section 7.4.1, Lender shall apply amounts in the Ground Rent Reserve Fund to the payment of the Ground Rent on or before the same shall become delinquent. In making any payment relating to the
Ground Rent, Lender may do so according to any bill, statement or estimate procured from the Ground Lessor under the Ground Lease, without inquiry into the accuracy of such bill, statement or estimate. If the amount of Ground Rent Reserve Funds
shall exceed the amounts due for the Ground Rent under the Ground Lease for the immediately succeeding 

  
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twelve (12) months as reasonably determined by Lender, Lender shall, in its sole discretion, return any excess to Borrower or CPLV Tenant or credit such excess against future payments to be
made to the Ground Rent Reserve Fund. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall notify Borrower of such
determination and Borrower shall, or shall cause CPLV Tenant to, increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground
Rent. Notwithstanding anything in this Agreement to the contrary, Borrower shall not be in default under the Loan for failure to pay Ground Rent if and to the extent there are sufficient funds on deposit in the Ground Rent Reserve Account to timely
pay Ground Rent. 
 Section 7.5 Excess Cash Flow Reserve Fund. 

7.5.1 Deposits to Excess Cash Flow Reserve Fund. During a Cash Sweep Period, all Excess Cash Flow in the Cash Management
Account, shall be deposited with Lender and held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are
held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. 
 7.5.2 Release of Excess Cash Flow
Reserve Funds. 
 (a) Upon the occurrence of a Cash Sweep Event Cure, provided no other Cash Sweep Event has occurred, all Excess
Cash Flow Reserve Funds shall be paid (i) if a Mezzanine Loan Default is continuing, to Mezzanine Lenders to be held by Mezzanine Lenders pursuant to the Mezzanine Loan Agreements for the purposes described therein, or (ii) if the
Mezzanine Loans are no longer outstanding or if there does not then exist a Cash Sweep Period and all amounts due and payable to Mezzanine Lenders have been paid, to Borrower. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid
in full shall be paid (x) to the most senior Mezzanine Lender to be held by such Mezzanine Lender pursuant to the applicable Mezzanine Loan Agreement for the same purposes as those described therein or (y) if the Mezzanine Loans are no
longer outstanding, to Borrower. 
 (b) During a Cash Sweep Period, so long as no Event of Default has occurred and is continuing (other than
Event of Default arising solely by a CPLV Lease Default, during any cure period that is continuing pursuant to Section 8.3 hereof), upon written request of Borrower, Lender shall disburse within ten (10) days of Borrower’s request and
no more frequently than quarterly, disbursements to Borrower (i) to be distributed to its equity holders in accordance with its organizational documents for any audit, accounting and other administrative out-of-pocket costs and expenses incurred by Guarantor or the REIT arising in connection with the Property or Borrower’s ownership of the Property in an amount to not to exceed $8,000,000, in the
aggregate for each calendar year and (ii) to be distributed to its equity holders in accordance with its organizational documents in order to make distributions required to be paid to enable the REIT to pay any dividends with respect to
preferred interests that the REIT issued to satisfy the “100 shareholders” REIT qualification requirement under Section 856(a)(5) of the Code (the “REIT Distributions) and payments of the Tax Distribution for income taxes
then due and payable by any direct or indirect owner of Borrower (collectively, the “Sponsor Tax Payments”), provided, that (A) Borrower shall have delivered written notification to Lender of the amount of such

  
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income taxes for the applicable period, (B) Lender shall have received evidence reasonably acceptable to Lender from Borrower setting forth the amounts of the income taxes then due and
payable and (C) such Sponsor Tax Payments, together with all REIT Distributions shall not exceed $2,000,000, in the aggregate, during any calendar quarter, provided, further that in no event shall any amounts distributed pursuant to this
Section 7.5.2(b) exceed $10,000,000, in the aggregate, in any calendar year. 
 Section 7.6 Reserve
Funds, Generally. (a) Borrower grants to Lender a first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the
Debt. Until expended or applied in accordance herewith, all Reserve Funds shall constitute additional security for the Debt. 

(b) Upon the occurrence and during the continuance of an Event of Default, Lender may, in addition to any and all other rights
and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion, provided that in the event the amounts in the Reserve Fund are deposited by CPLV Tenant,
such application shall be subject to the CPLV Lease SNDA. 
 (c) The Reserve Funds shall not constitute trust funds and may
be commingled with other monies held by Lender. The Reserve Funds shall be held in an Eligible Account in Permitted Investments as directed by Lender or Lender’s Servicer. Unless expressly provided for in this Article VII, all interest
on a Reserve Fund shall be added to and become a part of such Reserve Fund and shall be disbursed in the same manner as other monies deposited in such Reserve Fund. Borrower shall, or shall cause CPLV Tenant to, be responsible for payment of any
federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower or CPLV Tenant, as applicable. 

(d) Borrower shall not, and shall use commercially reasonable efforts to not permit CPLV Tenant to, without obtaining the prior
written consent of Lender, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 

(e) Lender and Servicer shall not be liable for any loss sustained on the investment of any funds constituting the Reserve
Funds. Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages (excluding punitive, consequential, indirect, exemplary and special
damages, except to the extent paid to a third party), obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of
the obligations for which the Reserve Funds were established, except to the extent arising from the willful misconduct or gross negligence of Lender or Servicer. 

(f) [Reserved]. 

  
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 (g) Any amount remaining in the Reserve Funds, except with respect to funds
deposited by CPLV Tenant which are subject to the CPLV Lease SNDA, after the Debt has been paid in full shall be (A) if any portion of the Mezzanine A Loan Debt is then outstanding, to Mezzanine A Lender to be held by the Mezzanine A Lender
pursuant to the Mezzanine A Loan Agreement for the same purposes as those described therein, (B) if no portion of the Mezzanine A Loan Debt is then outstanding, but any portion of the Mezzanine B Loan Debt is then outstanding, to Mezzanine B
Lender to be held by the Mezzanine B Lender pursuant to the Mezzanine B Loan Agreement for the same purposes as those described therein, (C) if no portion of the Mezzanine A Loan Debt or the Mezzanine B Loan Debt is then outstanding, but any
portion of the Mezzanine C Loan Debt is then outstanding, to Mezzanine C Lender to be held by the Mezzanine C Lender pursuant to the Mezzanine C Loan Agreement for the same purposes as those described therein, or (D) if neither a the Mezzanine
A Loan Debt nor the Mezzanine B Loan Debt is then outstanding, to Borrower or, if directed by Borrower, to CPLV Tenant. 
 ARTICLE VIII
– DEFAULTS 
 Section 8.1 Event of Default. (a) Each of the following events shall
constitute an event of default hereunder (an “Event of Default”): 
 (i) if (A) any Monthly Debt
Service Payment Amount is not paid on or before the date it is due (subject to Section 2.7.3 hereof), (B) the Debt is not paid in full on the Maturity Date, or (C) any other portion of the Debt not specified in the foregoing clause
(A) or (B) or any other amount payable to Lender pursuant to the Loan Documents is not paid on or prior to the date when the same is due; provided, that with respect to clause (C) only, such failure is continuing for five
(5) Business Days after Lender delivers written notice thereof to Borrower; 
 (ii) if any of the Taxes or Other Charges
are not paid prior to the incurrence of Additional Charges, other than those Taxes or Other Charges being contested by Borrower in accordance with Section 5.1.2 hereof; provided, however that it shall not be an Event
of Default if there are sufficient funds in the Tax and Insurance Escrow Fund to pay such Taxes or Other Charges prior to the incurrence of Additional Charges and Lender is required to use such amounts for the payment of such Taxes or Other Charges
hereunder and Lender fails to make such payment in accordance with this Agreement; 
 (iii) if (x) the Policies are not
kept in full force and effect, except to the extent that such failure is caused solely by the failure to pay insurance premiums if the amount required for payment of the premiums therefor is on deposit in the Tax and Insurance Escrow Fund on the
date that such premiums are due and payable and Lender is required to use such amounts for the payment of insurance premiums in accordance with this Agreement or (y) if certified copies of the Policies are not delivered to Lender upon request,
within five (5) Business Days of such request; 
 (iv) if Borrower Transfers or otherwise encumbers any portion of the
Property or any Transfer of any interest in Borrower or the Property is made, in each case, without Lender’s prior written consent in violation of the provisions of this Agreement or Article 6 of the Mortgage; 

  
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 (v) if any representation or warranty made by Borrower herein or in any other
Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made and
such false or misleading representation or warranty has had or is reasonably expected to result in a Material Adverse Effect; provided, that, if such false or misleading representation or warranty is susceptible of being cured, Borrower shall
have the right to cure such representation or warranty within thirty (30) days of receipt of notice from Lender and with respect to a breach of the representations and warranties contained in Section 4.1.30 of this
Agreement, Borrower shall have satisfied the conditions set forth in clause (xi) below; 
 (vi) if Borrower shall make
an assignment for the benefit of creditors (other than to Lender); 
 (vii) if a receiver, liquidator or trustee shall be
appointed for Borrower or if Borrower shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or
against, consented to, or acquiesced in by, Borrower, or if any proceeding for the dissolution or liquidation of Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary
and not consented to by Borrower upon the same not being discharged, stayed or dismissed within ninety (90) days; 

(viii) if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein
or therein in contravention of the Loan Documents; 
 (ix) if Guarantor shall make an assignment for the benefit of creditors
or if a receiver, liquidator or trustee shall be appointed for Guarantor or if Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any
similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor, or if any proceeding for the dissolution or liquidation of Guarantor shall be instituted; provided, however, if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days; provided, further, however, it shall be at
Lender’s option to determine whether any of the foregoing shall be an Event of Default; 
 (x) if CPLV Tenant or CPLV
Lease Guarantor shall make an assignment for the benefit of creditors or if a receiver, liquidator or trustee shall be appointed for CPLV Tenant or CPLV Lease Guarantor or if CPLV Tenant or CPLV Lease Guarantor shall be adjudicated a bankrupt or
insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall 

  
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be filed by or against, consented to, or acquiesced in by, CPLV Tenant or CPLV Lease Guarantor, or if any proceeding for the dissolution or liquidation of CPLV Tenant or CPLV Lease Guarantor
shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by CPLV Tenant or CPLV Lease Guarantor, as applicable, upon the same not being discharged, stayed or
dismissed within ninety (90) days; provided, further, however, it shall be at Lender’s option to determine whether any of the foregoing shall be an Event of Default; 

(xi) if Borrower breaches any covenant contained in Section 4.1.30 hereof provided, however, that any
such breach shall not constitute an Event of Default (A) if such breach is inadvertent and non-recurring, (B) if such breach is curable, if Borrower shall promptly cure such breach within a cure
period ending on the earlier of (1) ten (10) Business Days after Borrower’s receipt of notice thereof from Lender, and (2) thirty (30) days after Borrower has actual knowledge of such breach, and (C) upon the written request of
Lender, if Borrower promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the opinions rendered in the
Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Lender in its sole discretion; 

(xii) with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or
grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xiii) if any of the assumptions contained in the Insolvency Opinion delivered to Lender in connection with the Loan, or in any
Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect provided, however, that any such breach shall not constitute an Event of Default (A) if such breach
is inadvertent and non-recurring, (B) if such breach is curable, if Borrower shall promptly cure such breach within the earlier of (1) ten (10) Business Days after Borrower’s receipt of a notice
thereof from Lender or (2) thirty (30) days after Borrower has knowledge of such breach, and (C) upon the written request of Lender, if Borrower promptly delivers to Lender an Additional Insolvency Opinion or a modification of the
Insolvency Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification
shall be acceptable to Lender in its sole discretion; 
 (xiv) if a material default by Borrower has occurred and continues
beyond any applicable cure period under the Management Agreement (or any Replacement Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management Agreement (or any Replacement Management Agreement);

 (xv) if Borrower shall continue to be in Default under any of the terms, covenants or conditions of
Section 9.1 hereof, or fails to cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for five (5) Business Days after written notice to Borrower from Lender; 

  
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 (xvi) intentionally omitted; 

(xvii) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or
any other Loan Document not specified in subsections (i) to (    ) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of
money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be
cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same,
such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred twenty (120) days; 

(xviii) if (1) an ERISA Event shall have occurred, (2) a trustee shall be appointed by a United States district court
to administer any Single Employer Plan, (3) the PBGC shall institute proceedings to terminate any Single Employer Plan, (4) Borrower, Guarantor or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it
has incurred or will be assessed withdrawal liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such withdrawal liability or is not contesting such withdrawal liability in a timely and appropriate
manner; (5) Borrower or Guarantor shall hold Plan Assets of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code) or
(6) any other similar event or condition shall occur or exist with respect to a Plan or Multiemployer Plan; and in each case in clauses (1) through (6) above, such event or condition, together with all other such events or conditions, if
any, could, in the sole judgment of the Lender, reasonably be expected to result in a Material Adverse Effect; 
 (xix) with
respect to any term, covenant, condition or provision in any of the other Loan Documents, if there shall be default by Borrower, Guarantor or any of its Affiliates (x) beyond any applicable notice and cure periods contained in such documents,
or (y) if no such notice and cure period is set forth, any other such event shall occur or condition shall exist, arising from any action or omission of Borrower, Guarantor or any of its Affiliates if the effect of such default, event or
condition is to accelerate the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt; 

(xx) a material default by Borrower shall occur under the CPLV Lease or any other CPLV Lease Documents beyond any applicable
cure period under the CPLV Lease or other CPLV Lease Documents; 

  
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 (xxi) if Borrower permits CPLV Tenant to cease to do business as a hotel and
casino at the Property or terminates such business for any reason whatsoever (other than temporary cessation in connection with any continuous and diligent renovation or restoration of the Property following a Casualty or Condemnation or in
connection with a Permitted Operation Interruption (as defined in the CPLV Lease) (other than under clause (iii) thereunder)); 

(xxii) (A) a material breach or default by Borrower under any condition or obligation contained in the Ground Lease is not
cured within any applicable cure period provided therein (provided, however, if such default is a result of the failure to pay Ground Rent, it shall not be an Event of Default if there are sufficient funds in the Ground Rent
Reserve Account to pay such Ground Rent on the date such amounts are due and payable under the Ground Lease and Lender is required to use such amounts for the payment of such Ground Rent hereunder and Lender fails to make such payment in accordance
with this Agreement), (B) there occurs any event or condition that gives the lessor under the Ground Lease a right to terminate or cancel the Ground Lease, (C) the Property subject to the Ground Lease shall be surrendered or the Ground Lease
shall be terminated or cancelled for any reason or under any circumstances whatsoever, or (D) any of the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered, or amended without the
prior written consent of Lender in violation of the terms of the Loan Agreement; 
 (xxiii) (x) any Gaming License required
for the operation of the Casino Component as a casino shall be refused, suspended, revoked, limited, conditioned, modified in a materially adverse manner or canceled or allowed to lapse (any default under clause (x), a “Gaming License
Default”) or (y) any proceeding or disciplinary complaint is formally commenced by any Governmental Authority for the purpose of suspending, revoking or canceling any Gaming License required for the operation of the Casino Component,
or any Governmental Authority shall have appointed a conservator, supervisor or trustee to or for any of the Casino Components (any default under clause (y), a “Gaming Proceeding Default”), in each case, which results in a closure
of the Casino Component or any material portion thereof or in CPLV Tenant being forced to cease operations of a material portion of the Casino Component (e.g., the CPLV Tenant is forced to cease offering table games, slot machines, a race book
and/or sports book); 
 (xxiv) (A) the CPLV Lease, the Management Agreement, the CPLV Lease Guaranty or any other CPLV Lease
Document is amended without the prior written consent of Lender as required pursuant to this Agreement, or (B) if the CPLV Lease, the Management Agreement, the CPLV Lease Guaranty or any other CPLV Lease Document is terminated or cancelled for
any reason or under any circumstances whatsoever, including a rejection or disaffirmation of such CPLV Lease Document in a bankruptcy proceeding, without the prior written consent of Lender as required pursuant to this Agreement (except for a
termination and replacement of such CPLV Lease Document (i) made by CPLV Tenant Lender in connection with a foreclosure of the CPLV Tenant Loan pursuant to and in accordance with the terms hereunder or (ii) by Borrower to cure a CPLV Lease
Default in accordance with Section 8.3 hereof); 

  
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 (xxv) if any material IP Collateral, including any material IP Licenses,
including any rights to the Licensed Trademarks (as defined therein) under the CPLV Trademark License Agreement, are surrendered, terminated or canceled, except with the prior written consent of Lender or if any IP Licenses which constitute IP
Collateral are amended, modified, altered or changed in any material respect without the prior written consent of Lender in violation of the provisions of this Agreement; or 

(xxvi) any Transfer of any interest in CPLV Tenant or CPLV Tenant’s leasehold interest in the Property or the CPLV Lease
without Lender’s prior written consent in violation of the provisions of this Agreement. 
 (b) Upon the occurrence and
during the continuance of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it
pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and the Property, including,
without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and any or all of the Property, including, without
limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other Obligations of Borrower hereunder and under the
other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary
notwithstanding. 
 Section 8.2 Remedies. (a) Upon the occurrence and during the continuance of
an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at
law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the
enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part of the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively,
together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity
or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or
“election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the
Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 

  
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 (b) With respect to Borrower and the Property, nothing contained herein or in any
other Loan Document shall be construed as requiring Lender to resort to the Property for the satisfaction of any of the Debt in any preference or priority, and Lender may seek satisfaction out of the Property, or any part thereof, in its absolute
discretion in respect of the Debt. In addition, upon the occurrence and during the continuance of an Event of Default Lender shall have the right from time to time to partially foreclose the Mortgage in any manner and for any amounts secured by the
Mortgage then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more
scheduled payments of principal and interest, Lender may foreclose the Mortgage to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may
foreclose the Mortgage to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgage as Lender may elect. Notwithstanding one or more partial foreclosures, the Property shall remain
subject to the Mortgage to secure payment of sums secured by the Mortgage and not previously recovered. 
 (c) Upon the
occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed
Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time,
promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower
hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all
that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrower by Lender of Lender’s
intent to exercise its rights under such power and an Event of Default is continuing. Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents
and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as
of the Closing Date. 
 (d) As used in this Section 8.2, a “foreclosure” shall include, without
limitation, any sale by power of sale. 
 Section 8.3 Additional Provisions Regarding CPLV Lease.
(a) Upon the occurrence of an Event of Default hereunder described in clauses (i)(C), (xii), (xvii), (xix), (xxiii), (xxv), (xxvi) or (xxiv) (if such action with respect to such clause
(xxiv) is effectuated without any action or consent by Borrower) above arising from any default or breach by CPLV Tenant, CPLV Lease Guarantor, Manager or any of their respective Affiliates (each, a “CPLV Tenant Party”) under
the CPLV Lease or any of the other CPLV Lease Documents (each of the foregoing and each of the CPLV Lease Bankruptcy Defaults, each, a “CPLV Lease Default”), so long as there is no Material Adverse Effect arising from such CPLV
Lease Default, Lender 

  
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shall not commence any judicial or non-judicial foreclosure proceeding, exercise any power of sale, take a deed or assignment in lieu of foreclosure,
obtain a receiver or take any other enforcement action to take possession or control of the Property or any portion thereof, accelerate the Debt or apply amounts in the Lockbox Account, Cash Management Account or Reserve Funds to the payment of the
Debt (except for Priority Waterfall Payments) or shall not restrict Borrower’s right to make a payment or perform its obligations hereunder as a result of such Event of Default (each, an “Enforcement Action”), unless such Event
of Default shall be continuing for (i) in the case of any CPLV Lease Default which can be cured by the payment of a sum of money, five (5) Business Days after such CPLV Lease Default and (ii) in the case of any other CPLV Lease
Default, thirty (30) days after such CPLV Lease Default, provided, that if such non-monetary CPLV Lease Default cannot actually be cured by Borrower within such thirty (30) day period without
repaying the Loan in full, so long as Borrower shall have commenced to cure such CPLV Lease Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall
be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such CPLV Lease Default , so long as Borrower is thereafter diligently and expeditiously proceeding to cure the same (which for purposes of
this Section 8.3 include Borrower enforcing rights and remedies under the CPLV Lease or seeking a CPLV Replacement Tenant (as defined below) in accordance with the terms hereunder or seeking refinancing sources to repay the Loan in
full), such period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such CPLV Lease Default, such additional period not to exceed 180 days after such Event of Default (or, with respect
to an Event of Default under clause (xvii) above not related to completion of work required hereunder or compliance with Legal Requirements, the lesser of (x) 180 days after such Event of Default, or (y) 210 days following Lender’s
original notice of the Default that resulted in such Event of Default), provided, further, that Lender shall not unreasonably withhold, condition or delay acceptance of a cure of such CPLV Lease Default whether by Borrower, CPLV Tenant
or any other Person and if required to cure such non-monetary CPLV Lease Default that is not susceptible to cure by Borrower, Borrower shall have the right to replace the CPLV Tenant and the Manager so long as (x) the replacement tenant that
assumes all of the obligations, liabilities and rights of CPLV Tenant under the CPLV Lease and CPLV Lease Documents (the “CPLV Replacement Tenant”) shall be a Qualified CPLV Tenant Transferee or a Qualified CPLV Tenant Transferee
shall Control and own not less than 51% of the economic and beneficial interests in such CPLV Replacement Tenant, (y) a replacement lease guarantor that is a Qualified CPLV Replacement Guarantor shall execute a replacement guaranty
substantially similar to the CPLV Lease Guaranty or in such other form and substance as reasonably acceptable to Lender and (z) the Property is managed by a Qualified Replacement Manager, provided that the satisfaction of such clauses
(x) through (z) shall be subject to verification by Lender in its reasonable discretion. Notwithstanding anything to the contrary herein, to the extent that Borrower is required to use commercially reasonable efforts to cause CPLV Tenant to act
or refrain from acting in any manner, including, but not limited to, any actions that result in a CPLV Lease Default, and such failure to use commercially reasonable efforts shall result in an Event of Default, Borrower shall not have the rights to
any additional cure periods as set forth in this Section 8.3(a). Any non-monetary CPLV Lease Default not susceptible to cure by Borrower shall be deemed cured upon entry into a replacement CPLV
Lease in the form substantially similar to the CPLV Lease or in such other form and substance as reasonably acceptable to Lender with a Qualified CPLV Tenant Transferee or an assumption of 

  
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the CPLV Lease by a CPLV Tenant Transferee in connection with a Transfer pursuant to and in accordance with Section 5.2.10(e)(iv) hereof , in each case, in accordance
with the terms hereof, including that (x) a replacement lease guarantor that is a Qualified CPLV Replacement Guarantor shall execute a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as
reasonably acceptable to Lender (except in the event that in connection with a Transfer pursuant to and in accordance with Section 5.2.10(e)(iv) hereof, CEC (or following any Transfer under Section 5.2.10(e)(i),
Replacement CEC Sponsor) shall remain as CPLV Lease Guarantor the CPLV Lease Guaranty) and (y) the Property is managed by a Qualified Manager under the Management Agreement or a Replacement Management Agreement, as applicable, in accordance
with the terms hereunder, provided that the satisfaction of the foregoing shall be subject to verification by Lender in its reasonable discretion. Upon acceptance of a cure by Lender of the applicable CPLV Lease Default pursuant to this
Section 8.3(a), no Event of Default shall be continuing under the Loan Documents on the basis thereof. 
 (b)
Upon the occurrence of an Event of Default hereunder described in clause (x) or clause (xxiv)(B) solely with respect to a rejection of the CPLV Lease Document in a Bankruptcy Action, above (each, a “CPLV Lease Bankruptcy
Default”), Lender shall not commence any Enforcement Action, so long as (1) Borrower is diligently and expeditiously exercising all rights and remedies available under Applicable Law, in accordance with the advice of legal counsel,
including, if applicable, filing any required motions to compel payment of outstanding amounts or motions for relief from the stay, to cause the applicable CPLV Tenant Party to assume or reject the applicable CPLV Lease Documents during the initial
one hundred twenty (120) day (or if extended by the court upon a motion for cause by the applicable CPLV Tenant Party, the two hundred ten (210) day) period after such Bankruptcy Action, (2) (A) within two hundred ten (210) days of
such Bankruptcy Action, the applicable CPLV Tenant Party has assumed the applicable CPLV Lease Documents (“CPLV Lease Assumption Event”), (B) within two hundred ten (210) days of such Bankruptcy Action, the applicable rights,
title and obligations of the CPLV Tenant Party under the applicable CPLV Lease Documents have been assumed and assigned to one or more Persons (a “CPLV Lease Assignment Event”) such that after giving effect to such assignment the
CPLV Lease, CPLV Lease Guaranty and Management Agreement and the obligations and liabilities thereunder have been assumed by a Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable
(collectively, the “CPLV Lease Assignment Conditions”), (C) within ninety (90) days of any CPLV Lease Assignment Event to any Person that does not satisfy the CPLV Lease Assignment Conditions, the Borrower shall repay the Debt
in full in accordance with the terms hereunder or (D) within two hundred seventy (270) days of the Bankruptcy Action, either (A) a replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement shall be entered into with a
Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable, in accordance with the terms and conditions of this Agreement or (B) such Bankruptcy Action is discharged or dismissed and
(3) in the event the CPLV Lease Document has been rejected, (i) CPLV Tenant Lender or Borrower has exercised its rights under the Transition Services Agreement to cause the applicable CPLV Tenant Parties to perform their respective
obligations thereunder until such time as the replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement with a Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and 

  
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Qualified Replacement Manager, as applicable has been entered into by CPLV Tenant Lender or Borrower, in accordance with the terms hereunder and (ii) CPLV Tenant Lender or Borrower, as
applicable is diligently and expeditiously proceeding to obtain all necessary approvals and Gaming Licenses required by the Gaming Authorities for the replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement with a Qualified CPLV Tenant
Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable, provided, further that in the event of a CPLV Lease Assumption Event, until the applicable Bankruptcy Action is discharged or dismissed, the
occurrence of any of the following events shall constitute an Event of Default (with no additional notice or cure period) hereunder: (i) conversion of the Bankruptcy Action into a Chapter 7 proceeding or a liquidation under a liquidating
chapter 11 plan or pursuant to any other liquidation proceeding or process, (ii) a finding by a court of competent jurisdiction that the debtor is administratively insolvent, or a finding by a court of competent jurisdiction that the debtor has
failed to pay when due any material allowed claims with administrative priority in its bankruptcy case that are not subject to a bona fide dispute as to liability or amount or (iii) there is a subsequent rejection of such CPLV Lease Document.
Upon the satisfaction of all of the requirements set forth in this Section 8.3(b) within the periods specified above, as reasonably determined by Lender, no Event of Default shall be continuing on the basis thereof. 

(c) Notwithstanding the foregoing Section 8.3(a) and 8.3(b), Lender shall have the right to exercise and
such foregoing clauses shall not impair or affect any right or remedy of Lender arising from any other Event of Default that does not constitute a CPLV Lease Default. 

Section 8.4 Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this
Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights,
powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of
Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of
Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

ARTICLE IX – SPECIAL PROVISIONS 

Section 9.1 Securitization. 

9.1.1 Sale of Notes and Securitization. (a) Borrower acknowledges and agrees that Lender may sell all or any portion
of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing
ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a “Securitization”).

  
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 (b) At the request of Lender, and to the extent not already required to be
provided by or on behalf of Borrower under this Agreement, Borrower shall use reasonable efforts to provide information (i) with respect to the Property, Borrower, Mezzanine Borrower, Guarantor, CPLV Tenant, CPLV Lease Guarantor and/or Manager,
(ii) that is not in the possession of Lender, (iii) that is reasonably required by Lender and (iv) is in the possession of the Borrower or any of its Affiliates or is reasonably available to Borrower or any of Affiliates (including
any rights under the CPLV Lease or other CPLV Lease Documents), in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors and/or the Rating Agencies in
connection with any such Securitization. Lender shall have the right to provide to prospective investors and the Rating Agencies any information in its possession, including, without limitation, financial statements relating to Borrower, Guarantor,
if any, the Property and any Tenant of the Improvements (provided that Lender shall not provide copies of or disclose any entertainment contracts with respect to the Property, the partnership reports or the list of the top accounts at the Property).
Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Property may be included in a private placement memorandum, prospectus or other disclosure documents. Borrower agrees that each of Borrower, Guarantor
and their respective officers and representatives, shall, at Lender’s request, at Lender’s sole cost and expense, reasonably cooperate with Lender’s efforts to arrange for a Securitization in accordance with the market standards to
which Lender customarily adheres and/or which may be required by prospective investors and/or the Rating Agencies in connection with any such Securitization. Borrower and Guarantor agree to, at Lender’s request, (x) review in connection
with the Securitization, (i) the portions of the Disclosure Documents identified by Lender to be reviewed by Borrower, which portions shall be limited to Provided Information and information related to Borrower, Mezzanine Borrower, Guarantor,
the Property, CPLV Tenant, CPLV Lease Guarantor, Manager, CEC, the CPLV Lease, the Loan Documents, the Mezzanine Loan Documents and/or the CPLV Lease Documents, and (ii) the sections of the Disclosure Documents entitled “Risk
Factors,” “Description of the Mortgages,” “Description of the Mortgage Loans and Mortgaged Property,” “The Manager,” “The Borrower”, “The Mezzanine Borrower”, “Description of the
Guarantor,” “Description of the CPLV Lease and CPLV Tenant,” “Description of the MLSA and CPLV Lease Guarantor”, “Description of the Ground Lease,” “Description of the Intellectual Property,”
“Description of the Mezzanine Loan”, and “Certain Legal Aspects of the Mortgage Loan” (or sections similarly titled or covering similar subject matters, including summary sections), in each case, to the extent such portions or
sections of the Disclosure Documents relate to the Property, Borrower, Mezzanine Borrower, Guarantor, CPLV Tenant, CPLV Lease Guarantor, Manager, CEC, the CPLV Lease, the Loan Documents, the Mezzanine Loan Documents and/or the CPLV Lease Documents
and (y) shall confirm that the factual statements and representations contained in such portions of the Disclosure Document (collectively, the “Covered Disclosure Information”) do not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not materially misleading. 

(c) Borrower agrees, prior to a Securitization, to make upon Lender’s written request, without limitation, all structural
or other changes to the Loan and any one or more Mezzanine Loans (including delivery of one or more new component notes to replace the original Note or the Mezzanine Notes or modify the original Note or the Mezzanine Notes to

  
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reflect multiple components of the Loan or the Mezzanine Loan and such new notes or modified note may have different original principal balances and interest rates), modifications to any
documents evidencing or securing the Loan, and one or more Mezzanine Loans, creation of one or more additional mezzanine loans (including amending Borrower’s organizational structure to provide for one or more additional mezzanine borrowers),
delivery of opinions of counsel acceptable to the Approved Rating Agencies or potential investors and addressing such matters as the Approved Rating Agencies or potential investors may require; provided, however, that in creating such
new notes or modified notes or additional mezzanine notes Borrower shall not be required to modify (i) the aggregate weighted average interest rate payable under the Note and the Mezzanine Notes immediately prior to such reallocation or
modification (provided that the interest rate payable under the Note may change or increase as a result of any application of a prepayment of the Loan in accordance with Section 2.4 hereof or a prepayment of the Mezzanine Loan
under Section 2.4 of the Mezzanine Loan Agreement or following an Event of Default or Mezzanine Loan Default), (ii) the stated maturity of the Note and the Mezzanine Notes, (iii) the aggregate amortization of principal of the Note and the
Mezzanine Notes, (iv) any other material term of the Loan or the Mezzanine Loans taken as a whole which adversely affects Borrower, other than in a de minimis amount, (v) the Loan Documents or the Mezzanine Loan Documents so as to
decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents or Mezzanine Borrower is permitted to perform its obligations under the applicable Mezzanine Loan Documents, (vi) the aggregate
principal balance then outstanding under the Loan and the Mezzanine Loans so as to increase the same, or (vii) the Loan Documents in any manner that would result in the REIT failing to maintain its qualification as a real estate investment
trust within the meaning of Section 856 et seq. of the Code. In connection with the foregoing, Borrower covenants and agrees to modify the Cash Management Agreement to reflect the newly created components and/or mezzanine loans.
All reasonable out-of-pocket costs and expenses incurred by Borrower after the Closing Date in connection with Borrower’s complying with requests made under this
Section 9.1.1(c) (and the costs and expenses of Lender, Servicer and the Rating Agencies in connection therewith) shall be paid by Lender. 

(d) If requested by Lender, Borrower shall provide Lender, promptly upon request, with any financial statements, financial,
statistical or operating information or other information in the possession of Borrower or any of its Affiliates or reasonably available to Borrower or any of its Affiliates, as Lender shall determine reasonably necessary or appropriate (including
items required (or items that would be required if the Securitization were offered publicly) pursuant to Regulation AB under the Securities Act, or the Exchange Act, or any amendment, modification or replacement thereto) or required by any other
legal requirements relating to a securitization similar to the Securitization, in each case, in connection with any private placement memorandum, prospectus or other disclosure documents or materials or any filing pursuant to the Exchange Act in
connection with the Securitization or as shall otherwise be reasonably requested by Lender. 
 (e) Borrower agrees that each
participant pursuant to Section 9.1.3(a) shall be entitled to the benefits of Section 2.2.3(f) and (g) and Section 2.7 (subject to the requirements and limitations therein, including the requirements
under Section 2.7.1(e) (it being understood that the documentation required under Section 2.7(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by
assignment; 

  
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 provided that such participant shall not be entitled to receive any greater payment under
Section 2.2.3(f) or Section 2.7, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change
in a requirement of law or in the interpretation or application thereof, or compliance by such participant or the participating Lender with any request or directive (whether or not having the force of law) issued from any central bank or other
Governmental Authority, in each case after the participant acquired the applicable participation. 
 (f) JPMorgan Chase Bank,
National Association, or an agent appointed by it, in either case acting solely for this purpose as an agent of the Borrower, shall maintain a register for the recordation of the names and addresses of each Lender, and the principal amounts (and
stated interest) of the Loan owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower and each Lender shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
 (g) Each Lender that sells a participation pursuant to Section 9.1.1(a)
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loan or
other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant
or any information relating to a participant’s interest in any Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. 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. 

9.1.2 Securitization Costs. Except as otherwise expressly set forth in this Section 9.1, all reasonable third party
costs and expenses incurred by Lender, Borrower and Guarantors in connection with a Securitization (including without limitation, Borrower’s complying with requests made under this Section 9.1, the fees and expenses of the Rating
Agencies and Lender’s legal fees) shall be paid by Borrower. 
 9.1.3 Loan Components; Mezzanine Loans. (a) Borrower
covenants and agrees that prior to a Securitization of the Loan, upon Lender’s request Borrower shall (i) deliver one or more new notes to replace the original note or modify the original note and other loan documents, as reasonably
required, to reflect additional components of the Loan or allocate spread or principal among or adjust the application of payments among any existing or additional components in Lender’s sole discretion, provided, (A) such new or
modified note shall at all times have the same weighted average spread of the Note immediately prior to such modification (provided, that the interest rate payable under the Note may change or increase as a result of any

  
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application of a prepayment of the Loan in accordance with Section 2.4 hereof or a prepayment of the Mezzanine Loans pursuant to Section 2.4 of the Mezzanine Loan Agreements or
following an Event of Default or a Mezzanine Loan Default) and shall have the same stated maturity date of the original Note, (B) any prepayments of the Loan shall be applied pro rata among such components (except during the existence of an
Event of Default, any Mezzanine Loan Default or any prepayment of the Loan pursuant to Section 2.4.2 hereof) and (C) the aggregate principal balance the new notes or components after the effective date of such modification shall equal
the aggregate outstanding principal balance of the Loan immediately prior to such modification and (ii) modify the Cash Management Agreement and any other Loan Documents to reflect such new components; provided, that such modifications shall
not (a) decrease any rights or increase any obligations of Borrower under the Loan Documents, other than in a de minimis amount, (b) modify the stated maturity of the Note, (c) require any amortization of principal of the Note or
(d) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents. All reasonable out-of-pocket costs and
expenses incurred by Borrower after the Closing Date in connection with Borrower’s complying with requests made under this Section 9.1.3(a) (and the costs and expenses of Lender, Servicer and the Rating Agencies in connection therewith)
shall be paid by Lender. 
 (b) Borrower covenants and agrees that prior to a Securitization, Lender shall have the right to
establish different interest rates and to reallocate the interest rates and principal balances of the Loan and the Mezzanine Loans amongst each other; provided, that (i) in no event shall the weighted average spread of the Loan and the
Mezzanine Loans following any such reallocation or modification change from the initial weighted average interest rate of the Loan and the Mezzanine Loans in effect immediately preceding such reallocation or modification (provided, that the
interest rate payable under the Note may change or increase as a result of any application of a prepayment of the Loan in accordance with Section 2.4 hereof or a prepayment of the Mezzanine Loans pursuant to Section 2.4 of the Mezzanine
Loan Agreements or following an Event of Default or a Mezzanine Loan Default), (ii) the aggregate principal balance the new notes or components after the effective date of such modification shall equal the aggregate outstanding principal balance of
the Loan and the Mezzanine Loans immediately prior to such modification, (iii) Lender shall not convert mortgage debt into mezzanine debt and (iv) no such modification shall (A) decrease any of the rights or increase any of the
obligations of Borrower under the Loan Documents, other than in a de minimis amount, (B) modify the stated maturity of the Note, (C) require any amortization of principal of the Note, (D) decrease the time periods during which
Borrower is permitted to perform its obligations under the Loan Documents or (E) result in the REIT failing to maintain its qualification as a real estate investment trust within the meaning of Section 856 et seq. of the
Code. All reasonable out-of-pocket costs and expenses incurred by Borrower after the Closing Date in connection with Borrower’s complying with requests made under
this Section 9.1.3(b) (and the costs and expenses of Lender, Servicer and the Rating Agencies in connection therewith) shall be paid by Lender. 

(c) Borrower shall execute and deliver such documents as shall reasonably be required by Lender in connection with this
Section 9.1.3, all in form and substance reasonably satisfactory to Lender and the Rating Agencies within ten (10) Business Days following such request by Lender. 

  
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 (d) Borrower covenants and agrees that prior to a Securitization, Lender shall
have the right to create one or more additional mezzanine loans (each, a “New Mezzanine Loan”), to establish different interest rates and to reallocate the amortization, interest rate and principal balances of each of the Loan, the
Mezzanine Loans and any New Mezzanine Loan(s) amongst each other and to require the payment of the Loan, the Mezzanine Loans and any New Mezzanine Loan(s) in such order of priority as may be designated by Lender (so long as the Mezzanine Lenders
shall agree to such modifications); provided, that (1) the Loan and the Mezzanine Loans and any New Mezzanine Loan(s) shall at all times have the same weighted average interest rate of the Loan and the Mezzanine Loans immediately prior
to such creation (provided, that the interest rate payable under the Note may change or increase as a result of any application of a prepayment of the Loan in accordance with Section 2.4 hereof or a prepayment of the Mezzanine Loans
pursuant to Section 2.4 of the Mezzanine Loan Agreements or following an Event of Default or a Mezzanine Loan Default) and the same stated maturity date as the Loan and the Mezzanine Loans and (2) no such reallocation shall (A) increase,
any monetary obligation of Borrower or Mezzanine Borrower under the Loan Documents or the Mezzanine Loan Documents or decrease, any rights of Borrower or any Mezzanine Loan Borrower under the Loan Documents and the Mezzanine Loan Documents, other
than in a de minimis amount, (B) modify the stated maturity of the Note, (C) require any amortization of principal of the Note, (D) decrease the time periods during which Borrower is permitted to perform its obligations under
the Loan Documents or (E) result in the REIT failing to maintain its qualification as a real estate investment trust within the meaning of Section 856 et seq. of the Code. Borrower shall execute and deliver such documents as
shall reasonably be required by Lender as promptly as possible under the circumstances in connection with this Section 9.1.3(d), all in form and substance reasonably satisfactory to Borrower, Lender and the Approved Rating Agencies,
including, without limitation, a promissory note and loan documents (substantially in the same form and substance as the Loan Documents and Mezzanine Loan Documents, as may be modified in accordance with this Section 9.1.3) necessary to
evidence such New Mezzanine Loan, and Borrower shall execute such amendments to the Loan Documents and the Mezzanine Loan Documents as are necessary in connection with the creation of such New Mezzanine Loan. Borrower shall cause the formation of
one or more special purpose, bankruptcy remote entities as required by Lender in order to serve as the borrower under any New Mezzanine Loan or, if available, utilize an upper-tier special purpose vehicle in its structure as such borrower (each, a
“New Mezzanine Borrower”). The applicable organizational documents of Borrower and Mezzanine Borrowers shall be amended and modified as reasonably necessary or required in the formation of any New Mezzanine Borrower, but subject to
the other terms of this Section 9.1.3(d). Further, in connection with any New Mezzanine Loan, Borrower shall deliver to Lender opinions of legal counsel with respect to due execution, authority and enforceability of the loan documents with
respect to the New Mezzanine Loan and the Loan Documents, as amended, in substantially the same form as the opinion delivered on the Closing Date, and an updated Insolvency Opinion for the Loan delivered on the Closing Date and a substantive non-consolidation opinion with respect to any New Mezzanine Loan, each as reasonably acceptable to Lender and/or the Approved Rating Agencies. All reasonable out-of-pocket
costs and expenses incurred by Borrower after the Closing Date in connection with Borrower’s complying with requests made under this Section 9.1.3(d) (and the costs and expenses of Lender, Servicer and the Rating Agencies in connection
therewith) shall be paid by Lender. 

  
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 Section 9.2 Securitization Indemnification. (a) Borrower understands that
certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
“Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service
providers relating to the Securitization. In the event that the Disclosure Document is required to be revised prior to the sale of all Securities, Borrower will cooperate with the holder of the Note in updating the Disclosure Document by providing
all current information in Borrower’s possession or control (including exercising all rights to obtain information from the CPLV Tenant under the CPLV Lease) as may be reasonably requested to keep the Disclosure Document accurate and complete
in all material respects. 
 (b) In connection with the preparation of any Disclosure Document, Borrower shall, if requested
in writing by Lender, confirm that Borrower has examined the Covered Disclosure Information and that such Covered Disclosure Information does not contain any untrue statement of material fact or omit to state a material fact necessary in order to
make the statements made, in light of the circumstances under which they were made, not misleading. The Indemnifying Persons (i) agree to provide, in connection with the Securitization, a certification certifying that the Indemnifying Persons
have carefully examined the Covered Disclosure Information and that, to Borrower’s Knowledge the Covered Disclosure Information does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements made, in the light of the circumstances under which they were made, not misleading (provided that, for the avoidance of doubt, the above qualification to Borrower’s Knowledge with respect to the certification shall not apply or
in way affect the indemnification obligations set forth in clause (ii) below), (ii) indemnify Lender, any Affiliate of Lender that has filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in
connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued in the Securitization, any other co-underwriters, co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors and Affiliates and each Person or
entity who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Indemnified Persons”), for any losses, claims, damages, liabilities, out-of-pocket costs or expenses (including without limitation legal fees and expenses for enforcement of these obligations) (collectively, the “Liabilities”)
to which any such Indemnified Person becomes subject insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Covered Disclosure Information or arise out of or are based upon the omission
to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under which they were made, not misleading
and (iii) agree to reimburse each Indemnified Person for any out-of-pocket legal or other expenses reasonably incurred by such Indemnified Person, within ten
(10) Business Days of written demand, in connection with investigating or defending the Liabilities. The foregoing indemnity will be in addition to any liability which Borrower may otherwise have. Moreover, the indemnification and reimbursement
obligations provided for in clauses (ii) and (iii) above shall be effective, valid and binding obligations of the Indemnifying Persons, whether or not an indemnification 

  
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agreement described above is provided. Notwithstanding anything to the contrary contained herein, the liability of Indemnifying Persons under this clause (b) shall not extend to any
Liabilities (x) pertaining to any misstatements or omissions in any Disclosure Document other than Covered Disclosure Information requested by Lender in writing to be reviewed by Indemnifying Persons, or (y) unless Lender requested in
writing that Indemnifying Persons review such Covered Disclosure Information contained in the Disclosure Document and such Covered Disclosure Information contained untrue statements or omissions constituting Liabilities hereunder and Indemnifying
Persons did not identify such untrue statements or omissions. 
 (c) In connection with Exchange Act Filings, the
Indemnifying Persons jointly and severally agree to indemnify (i) the Indemnified Persons for Liabilities to which any such Indemnified Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement of
any material fact in the Covered Disclosure Information, or the omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information,
in light of the circumstances under which they were made, not misleading and (ii) reimburse each Indemnified Person for any legal or other expenses reasonably incurred by such Indemnified Persons, as they are incurred, in connection with
defending or investigating the Liabilities, provided, however, that the liability of Indemnifying Persons under this clause (c) shall not extend to any Liabilities (x) pertaining to any misstatements or omissions in any Exchange Act Filing
other than Covered Disclosure Information requested by Lender in writing to be reviewed by Indemnifying Persons or (y) unless Lender requested in writing that Indemnifying Persons review such Covered Disclosure Information contained in the
Exchange Act Filing and such Covered Disclosure Information contained untrue statements or omissions constituting Liabilities hereunder and Indemnifying Persons did not identify such untrue statements or omissions. 

(d) Promptly after receipt by an Indemnified Person of notice of any claim or the commencement of any action, the Indemnified
Person shall, if a claim in respect thereof is to be made against any Indemnifying Person, notify such Indemnifying Person in writing of the claim or the commencement of that action; provided, however, that the failure to notify such
Indemnifying Person shall not relieve it from any liability which it may have under the indemnification provisions of this Section 9.2 except to the extent that it has been materially prejudiced by such failure and, provided
further that the failure to notify such Indemnifying Person shall not relieve it from any liability which it may have to an Indemnified Person otherwise than under the provisions of this Section 9.2. If any such claim or action shall
be brought against an Indemnified Person, and it shall notify any Indemnifying Person thereof, such Indemnifying Person shall be entitled to participate therein and, to the extent that it wishes, assume the defense thereof with counsel reasonably
satisfactory to the Indemnified Person. After notice from any Indemnifying Person to the Indemnified Person of its election to assume the defense of such claim or action, such Indemnifying Person shall not be liable to the Indemnified Person for any
legal or other expenses subsequently incurred by the Indemnified Person in connection with the defense thereof except as provided in the following sentence; provided, however, if the defendants in any such action include both an
Indemnifying Person, on the one hand, and one or more Indemnified Persons on the other hand, and an Indemnified Person shall have reasonably concluded that there are any legal defenses available to it and/or

  
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other Indemnified Persons that are different or in addition to those available to the Indemnifying Person, the Indemnified Person or Persons shall have the right to select separate counsel to
assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Person or Persons. The Indemnified Person shall instruct its counsel to maintain reasonably detailed billing records for fees and
disbursements for which such Indemnified Person is seeking reimbursement hereunder and shall submit copies of such detailed billing records to substantiate that such counsel’s fees and disbursements are solely related to the defense of a claim
for which the Indemnifying Person is required hereunder to indemnify such Indemnified Person. No Indemnifying Person shall be liable for the expenses of more than one (1) such separate counsel unless such Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another Indemnified Person. 

(e) Without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), no Indemnifying
Person shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual
or potential party to such claim, action, suit or proceeding) unless the Indemnifying Person shall have given Lender reasonable prior written notice thereof and shall have obtained an unconditional release of each Indemnified Person hereunder from
all liability arising out of such claim, action, suit or proceedings. As long as an Indemnifying Person has complied with its obligations to defend and indemnify hereunder, such Indemnifying Person shall not be liable for any settlement made by any
Indemnified Person without the consent of such Indemnifying Person (which consent shall not be unreasonably withheld or delayed). 

(f) The Indemnifying Persons agree that if any indemnification or reimbursement sought pursuant to this Section 9.2 is
finally judicially determined to be unavailable for any reason or is insufficient to hold any Indemnified Person harmless (with respect only to the Liabilities that are the subject of this Section 9.2), then the Indemnifying Persons, on the
one hand, and such Indemnified Person, on the other hand, shall contribute to the Liabilities for which such indemnification or reimbursement is held unavailable or is insufficient: (x) in such proportion as is appropriate to reflect the
relative benefits to the Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand, from the transactions to which such indemnification or reimbursement relates; or (y) if the allocation provided by clause
(x) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (x) but also the relative faults of the Indemnifying Persons, on the one hand, and all
Indemnified Persons, on the other hand, as well as any other equitable considerations. Notwithstanding the provisions of this Section 9.2, (A) no party found liable for a fraudulent misrepresentation shall be entitled to contribution from any
other party who is not also found liable for such fraudulent misrepresentation, and (B) the Indemnifying Persons agree that in no event shall the amount to be contributed by the Indemnified Persons collectively pursuant to this paragraph exceed
the amount of the fees actually received by the Indemnified Persons in connection with the closing of the Loan. 

  
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 (g) The Indemnifying Persons agree that the indemnification, contribution and
reimbursement obligations set forth in this Section 9.2 shall apply whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings. The Indemnifying Persons further agree that the Indemnified Persons are
intended third party beneficiaries under this Section 9.2. 
 (h) The liabilities and obligations of the Indemnified
Persons and the Indemnifying Persons under this Section 9.2 shall survive the termination of this Agreement and the satisfaction and discharge of the Debt. 

(i) Notwithstanding anything to the contrary contained herein, Borrower shall have no obligation to act as depositor with
respect to the Loan or an issuer or registrant with respect to the Securities issued in any Securitization. 

Section 9.3 Exculpation. Subject to the qualifications below, Lender shall not enforce the
liability and obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except
that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Mortgage and the other Loan
Documents, or in the Property, the CPLV Rents, or any other Collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall
be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgage and the other Loan Documents,
agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgage or the other Loan Documents. The
provisions of this Section shall not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name Borrower as a party defendant in any
action or suit for foreclosure and sale under the Mortgage; (c) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (d) impair the right of
Lender to obtain the appointment of a receiver; (e) impair the enforcement of any assignment of leases contained in the Mortgage; (f) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully
realize the security granted by the Mortgage or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against the Property; or (g) constitute a waiver of the right of Lender to enforce the liability
and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation actually incurred by Lender (including reasonable, out of pocket attorneys’ fees and expenses
reasonably incurred but excluding (x) consequential damages and/or lost profits, and (y) punitive, exemplary or other special damages, except to the extent claimed against or recovered from Lender by any third party which are not a result
of any fraud, gross negligence or willful misconduct by Lender) arising out of or in connection with the following: 
 (i)
fraud or intentional misrepresentation by Borrower or Guarantor in connection with the Loan; 

  
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 (ii) the willful misconduct of Borrower or Guarantor; 

(iii) voluntary material physical waste of the Property by Borrower, Guarantor or any Affiliate thereof (except if the cash
flow from the Property is not sufficient to prevent such material physical waste (so long as such insufficiency does not arise from the intentional misappropriation or conversion of revenues by Borrower, Guarantor or any Affiliates thereof)); 

(iv) the removal or disposal of any portion of the Property by Borrower, Guarantor or any of its Affiliates after an Event of
Default, unless such Personal Property is replaced with property of the same utility and of the same or greater value and such removal or disposal of such Personal Property is in the ordinary course of Borrower’s business; 

(v) the misappropriation or conversion by Borrower, Guarantor or any Affiliate thereof of (A) any Insurance Proceeds paid
by reason of any loss, damage or destruction to the Property, (B) any Awards received in connection with a Condemnation of all or a portion of the Property, (C) any CPLV Rents following an Event of Default, or (D) any CPLV Rents paid
more than one month in advance; 
 (vi) failure to pay charges for labor or materials or other charges or judgments incurred
by or on behalf of Borrower that can create Liens on any portion of the Property (except to the extent such failure occurs solely as a result of Lender applying CPLV Rents to the Debt, or holding CPLV Rents as additional collateral for the Loan,
during the continuance of an Event of Default or a Cash Sweep Period, and such charges or judgments relate to or otherwise arose in respect of work, matters or other actions that commenced prior to the occurrence of such Event of Default or Cash
Sweep Event); 
 (vii) any security deposits, advance deposits or any other deposits collected by Borrower with respect to
the Property which are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases prior to the
occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof; 
 (viii) failure by
Borrower to maintain its status as a Single Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30; 

(ix) if Borrower fails to obtain Lender’s prior written consent to any Indebtedness or voluntary Lien encumbering the
Property (other than a Permitted Encumbrance); 
 (x) any material modification or termination of the CPLV Lease, CPLV Lease
Guaranty or Ground Lease by Borrower without Lender’s consent in violation of the terms hereunder; 
 (xi) any
termination or cancellation of the Management Agreement by Borrower without Lender’s prior written consent in violation of the terms hereunder and Borrower fails to enter into a Replacement Management Agreement in accordance with the terms
hereunder; and/or 

  
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 (xii) if Guarantor, Borrower or any Affiliate of any of the foregoing, in
connection with any enforcement action or exercise or assertion of any right or remedy by or on behalf of Lender under or in connection with the Guaranty, the Note, the Mortgage or any other Loan Document, raises a defense or seeks judicial
intervention or injunctive or other equitable relief of any kind, or asserts in a pleading filed in connection with a judicial proceeding any defense against Lender or any right in connection with any security for the Loan (other than any defense
that is raised in good faith by Borrower or Guarantor). 
 Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan
Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Debt secured by the
Mortgage or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower (i) in the event of: (a) Borrower filing a
voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency
law in which Borrower or Guarantor colludes with, or otherwise solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (c) Borrower filing an answer consenting to or otherwise
acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law (except as may be required to avoid violating Rule 9011 of the Federal
Rules of Bankruptcy Procedure); (d) Borrower consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower (except at the request of Lender); (e) Borrower making an
assignment for the benefit of creditors, or admitting, in writing in any legal proceeding (unless failure to make such admission in any such legal proceeding would be a violation of law and such admission is truthful and made in good faith), its
insolvency or inability to pay its debts as they become due (other than a truthful admission in any legal proceeding regarding its insolvency or inability to pay its debts); (ii) if Borrower fails to maintain its status as a Special Purpose Entity
or comply with any representation, warranty or covenant set forth in Section 4.1.30 hereof and such failure (x) is cited as a factor in the substantive consolidation of the properties or assets of Borrower with those of any other
Person in any action or proceeding under the Bankruptcy Code (unless pursuant to a motion made by Lender) and/or (y) results in the dissolution of Borrower; (iii) if Borrower fails to obtain Lender’s prior written consent to any
Transfer (except a Transfer made by CPLV Tenant, CPLV Lease Guarantor or any of their respective direct or indirect interest holders or any Permitted Transfer), as required by this Agreement or the Mortgage; and/or (iv) Borrower, Guarantor or
any Affiliate of any of the foregoing asserts in writing that the CPLV Lease does not constitute a “true lease” or a single and indivisible lease as the Property demised thereunder or that the CPLV Lease is subject to severance or division
and such CPLV Lease is subsequently severed or divided without the prior written consent of Lender. 
 Section 9.4 Intentionally
Omitted. 

  
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 Section 9.5 Servicer. At the option of Lender, the Loan
may be serviced by a master servicer, primary servicer, special servicer, trustee, certificate administrator and/or operating advisor (any such master servicer, primary servicer, special servicer, trustee, certificate administrator and operating
advisor, together with its agents, nominees or designees, are collectively referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan
Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing
Agreement”) between Lender and Servicer. Borrower shall not be responsible for any set up fees or any other initial costs relating to or arising under the Servicing Agreement, and Borrower shall not be responsible for payment of the regular
monthly master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne by, and not reimbursable to, Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on
demand for (a) interest payable on advances made by Servicer with respect to delinquent debt service payments (to the extent charges are due pursuant to Section 2.3.4 and interest at the Default Rate actually paid by Borrower in
respect of such payments are insufficient to pay the same) or the out-of-pocket expenses paid by Servicer or trustee in respect of the protection and preservation of the
Property (including, without limitation, payments of Taxes and Insurance Premiums) and (b) all costs and expenses, liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees payable by Lender to
Servicer: (i) as a result of an Event of Default under the Loan or the Loan becoming specially serviced, an enforcement, refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” of the Loan Documents or of any insolvency or bankruptcy proceeding; (ii) any liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees that
are due and payable to Servicer under the Servicing Agreement or the trustee, which fees may be due and payable under the Servicing Agreement on a periodic or continuing basis, provided, that any
“work-out” fees shall not exceed 0.5% of each collection of interest and principal received on the Loan), any liquidation fees shall not exceed 0.5% of any liquidation proceeds received on the Loan
and any special servicing fees shall not exceed 0.25% per annum; (iii) the costs of all property inspections and/or appraisals of the Property (or any updates to any existing inspection or appraisal) that Servicer or the trustee may be required
to obtain (other than the cost of regular annual inspections required to be borne by Servicer under the Servicing Agreement); or (iv) any special requests made by Borrower or Guarantor during the term of the Loan including, without limitation,
in connection with a prepayment, assumption or modification of the Loan, provided, that in connection with any individual request for consent under Section 5.1.20, the fees of Servicer for such request shall not exceed $3,000
(plus all out-of-pocket costs and expenses incurred by servicer in connection therewith). 

ARTICLE X – MISCELLANEOUS 

Section 10.1 Survival. This Agreement and all covenants, agreements, representations and warranties
made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is
outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this 

  
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Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and
agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 10.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given
to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. 
 Section 10.3 Governing
Law. (a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW
YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY
INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF
SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

(b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF 

  
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 NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH
COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
 CT CORPORATION SYSTEM 

111 EIGHTH AVENUE, 13TH FLOOR 

NEW YORK NEW YORK 10011 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND
FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

Section 10.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of
any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is
sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other
or future notice or demand in the same, similar or other circumstances. 
 Section 10.5 Delay Not a
Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any
other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power,
remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, 

  
 -164- 

 
the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the
other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 10.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid
delivery service, either commercial or United States Postal Service, with proof of attempted delivery, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a
written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	 If to Lender:
	  	 JPMorgan Chase Bank, National Association
 383
Madison Ave.
 New York, New York 10179
 Attention: Thomas
Nicholas Cassino

		
	 with a copy to:
	  	 JPMorgan Chase Bank, National Association
 383
Madison Ave.
 New York, New York 10179
 Attention: Nancy
Alto

		
	 with a copy to:
	  	 Barclays Bank plc
 745 Seventh Avenue

New York, New York
 Attention: Sabrina Khabie

		
	 with a copy to:
	  	 Morgan Stanley Bank, N.A.
 1585 Broadway, 25th Floor
 New York, New York 10036

Attention: George Kok

		
	 with a copy to:
	  	 Goldman Sachs Mortgage Company
 200 West
Street
 New York, New York 10282
 Attention: Rene
Theriault

		
	 with a copy to:
	  	 Goldman Sachs Mortgage Company
 200 West
Street
 New York, New York 10282
 Attention: General
Counsel

  
 -165- 

			
		
	 with a copy to:
	 	 Cadwalader, Wickersham & Taft LLP
 One World
Financial Center
 New York, New York 10281
 Attention: William
P. McInerney, Esq.

		
	 If to Borrower:
	 	 c/o VICI Properties Inc.
 8329 West Sunset Road,
Suite 210
 Las Vegas, Nevada 89113
 Attention: General
Counsel

		
	 With a copy to:
	 	 Kramer Levin Naftalis & Frankel LLP
 1177
Avenue of the Americas
 New York, New York 10036
 Attention:
Daniel M. Eggermann, Esq.

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case
of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. 

Section 10.7 Trial by Jury. BORROWER AND LENDER EACH HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER AND BORROWER ARE HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER AND LENDER. 

Section 10.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement
are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9 Severability. Wherever 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 to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 Section 10.10
Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a
payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent 

  
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or preferential, set aside 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 payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 10.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever
from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant
to applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not
specifically and expressly provide for the giving of notice by Lender to Borrower. 
 Section 10.12 Remedies of
Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent,
as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking
injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13 Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails
to pay, to reimburse, Lender within ten (10) Business Days of written notice from Lender for all reasonable out-of-pocket costs and expenses (including reasonable out-of-pocket attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the
other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions reasonably requested by Lender as to any
legal matters arising under this Agreement or the other Loan Documents with respect to the Property or the Loan); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this
Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s performance and
compliance with any request made by Borrower or its Affiliates after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and
the other Loan Documents and any other documents or matters requested by Borrower; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and
expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other reasonable similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the
other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this
Agreement, 

  
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the other Loan Documents, the Property, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the
other Loan Documents or with respect to the Property (including, subject to Section 9.5, any fees and expenses reasonably incurred by or payable to Servicer or a trustee in connection with the transfer of the Loan to a special servicer
upon Servicer’s anticipation of a Default or Event of Default, liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees and interest payable on advances made by the Servicer with respect to
delinquent debt service payments or expenses of curing Borrowers’ defaults under the Loan Documents), or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings or any other amounts required under Section 9.5; provided, however, that Borrower shall not be liable for the payment of
any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Lockbox Account or
Cash Management Account, as applicable. 
 (b) Borrower shall indemnify, defend and hold harmless the Indemnified Parties
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, out-of-pocket costs, expenses and
disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not an
Indemnified Party shall be designated a party thereto), that are actually imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any breach by Borrower of its obligations under, or any
material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided,
however, that Borrower shall not have any obligation to any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party or
for (x) any consequential damages and/or lost profits, or (y) punitive, exemplary or other special damages, except to the extent claimed against or recovered from ay Indemnified Party by any third party which are not a result of any fraud,
gross negligence or willful misconduct by such Indemnified Party). To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy,
Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties. If any Indemnified Party shall seek payment from
Borrower pursuant to this Section 10.13(b), Borrower shall be entitled to assume the defense thereof, with counsel reasonably acceptable to Lender, provided that no compromise or settlement shall be entered into without such Indemnified
Party’s reasonable consent. Notwithstanding the foregoing, if any Indemnified Party concludes that there are any legal defenses available to it and/or other Indemnified Parties that are additional from or additional to those available to
Borrower, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Party. 

  
 -168- 

 (c) Borrower covenants and agrees to pay for or, if Borrower fails to pay, to
reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained
from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document (except as expressly set forth in Sections 9.1.1(c), 9.1.3(a), 9.1.3(b) and 9.1.3(d) hereof) and Lender shall be
entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or confirmation. 

(d) Borrower shall indemnify the Lender and each of its respective officers, directors, partners, employees, representatives,
agents and Affiliates against any liabilities, losses, damages , actions, out-of-pocket costs and expenses to which Lender, each of its respective officers, directors,
partners, employees, representatives, agents and Affiliates, actually becomes subject in connection with any indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining the Securities insofar as the liabilities arise
out of or are based upon any untrue statement of any material fact in (i) any Provided Information provided by Lender to the Rating Agencies (or any Provided Information from which information provided to the Rating Agencies was derived), (ii)
any other information that was provided to the Rating Agencies if such information was provided by or on behalf of Borrower to Lender and Lender notified Borrower that it would be provided to the Rating Agencies (clauses (i) and (ii)
collectively, the “Covered Rating Agency Information”) or (iii) arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein or necessary in order to
make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading. 

Section 10.14 Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a
part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 10.15 Offsets,
Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such
documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such
documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

Section 10.16 No Joint Venture or Partnership; No Third Party; Beneficiaries. (a) Borrower and Lender intend that the
relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership,
tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary
or lender. 
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing
contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist 

  
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upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely
and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict
compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion,
Lender deems it advisable or desirable to do so. 
 Section 10.17 Publicity. All news releases, publicity
or advertising by Borrower or its Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, JPMorgan Chase Bank, National Association, Barclays
Bank PLC, Goldman Sachs Mortgage Company, Morgan Stanley Bank, N.A. or any of their Affiliates shall be subject to the prior written approval of Lender, JPMorgan Chase Bank, National Association, Barclays Bank PLC, Goldman Sachs Mortgage Company,
and Morgan Stanley Bank, N.A. in their sole discretion, provided that Borrower and its Affiliates shall be permitted to make any disclosure required by the Exchange Act or any other applicable federal or State securities laws, rules or
regulations without the prior written approval of Lender. All news releases, publicity or advertising by Lender or any of its Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing
evidenced by the Loan Documents, or to Borrower or its Affiliates shall be subject to the prior written approval of Borrower, not to be unreasonably withheld, conditioned or delayed, provided, that (i) any news releases, publicity or
advertising issued in connection with a sale, Securitization or other disposition of the Loan, or any portion thereof or required by applicable law and (ii) any marketing or other advertising in connection with the enforcement of Lender’s
remedies after an Event of Default, shall not require the prior written approval of Borrower. 
 Section 10.18
Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests
in Borrower, and of the Property, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other
matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the
Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 
 Section 10.19
Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents in connection with this Agreement or
the other Loan Documents. 
 Section 10.20 Conflict; Construction of Documents; Reliance. In the
event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the
negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of 

  
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 construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the
Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall
not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s
exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of
Borrower or its Affiliates. 
 Section 10.21 Brokers and Financial Advisors. Borrower hereby
represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender
harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of
CPLV Tenant or any of its Affiliates or Borrower or any of its Affiliates in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the
payment of the Debt. 
 Section 10.22 Prior Agreements. This Agreement and the other Loan Documents
contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are
superseded by the terms of this Agreement and the other Loan Documents. 
 Section 10.23 Joint and Several
Liability. If Borrower consists of more than one (1) Person the obligations and liabilities of each Person shall be joint and several. 

Section 10.24 Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary
contained in this Agreement, Lender shall have: 
 (a) the right to routinely consult with and advise Borrower’s
management regarding the significant business activities and business and financial developments of Borrower; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of
hazardous substances. Consultation meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice; 

(b) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower at any reasonable
times upon reasonable notice; 
 (c) the right, in accordance with the terms of this Agreement, including, without
limitation, Section 5.1.11 hereof, to receive monthly, quarterly and year end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding
indebtedness; and 

  
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 (d) the right, without restricting any other rights of Lender under this
Agreement (including any similar right), to approve any acquisition by Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 

The rights described above in this Section 10.24 may be exercised by any entity which owns and controls, directly or indirectly, substantially all of
the interests in Lender. 
 Section 10.25 Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. (a) Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the respective parties
thereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (i) the application of any Write-Down
and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(ii) the effects of any Bail-in Action on any such liability, including, if applicable:

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

(B) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA 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 Loan Document; or 
 (C) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 (b) As used in this
Section 10.26 the following terms have the following meanings ascribed thereto: (i) “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA
Resolution Authority in respect of any liability of an EEA Financial Institution; (ii) “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule;
(iii) “EEA Financial Institution” means (x) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority; (y) any entity established in
an EEA Member Country which is a parent of an institution described 

  
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in clause (x) of this definition, or (x) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses
(x) or (y) of this definition and is subject to consolidated supervision with its parent; (iv) “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway; (v)
“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; (vi) “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; and (vii) “Write-Down and Conversion Powers” means, 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.

 Section 10.26 Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

Section 10.27 Co-Lenders. (a) Borrower hereby
acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization of the entire Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or
approval is required, Borrower shall be required to obtain the consent and approval of each Co-Lender and all copies of documents, reports, requests and other delivery obligations of Borrower required
hereunder shall be delivered by Borrower to each Co-Lender. 
 (b) Following the
Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for the obligations of the other
Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable Share of the Loan. Notwithstanding anything to the contrary
herein, all indemnities by Borrower and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share. 

(c) Each Co-Lender agrees that it has, independently and without reliance on the other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates and decision to enter into this Agreement and that it will,
independently and without reliance upon the other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or
not taking action under this Agreement or under any other Loan Document. 
 Section 10.28 Gaming
Laws. (a) This Agreement and the other Loan Documents are subject to the Gaming Laws. Lender acknowledges that (i) it may be subject of being called forward by any Gaming Authority or any Liquor Authority, in each of their
discretion, for licensing or a finding of suitability or to file or provide other information, and (ii) all rights, remedies and powers under this Agreement and the other Loan Documents, including with respect to the entry into, ownership
and/or operation of the Property, and the possession or control of Gaming Equipment, alcoholic beverages or a Gaming or Liquor License, shall be subject to any applicable provisions of the Gaming Laws and Liquor Laws and receipt of required
approvals from the requisite Governmental Authorities. 

  
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 (b) Lender agrees to cooperate with each Gaming Authority and each Liquor
Authority in connection with the administration of their regulatory jurisdiction over Borrower, including, without limitation, the provision of such documents or other information as may be requested by any such Gaming Authorities and/or Liquor
Authorities relating to Lender, Borrower, or to the Loan Documents. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	CPLV PROPERTY OWNER LLC, a Delaware     Limited liability company
		
	By:	 	/s/ Mary E. Higgins
		 	Name: Mary E. Higgins
		 	Title: Authorized Officer

 
			
	LENDER:
	
	JPMORGAN CHASE BANK, NATIONAL     ASSOCIATION, a banking association chartered     under the laws of the United States of America
		
	By:	 	/s/ Simon B. Burce
		 	Name: Simon B. Burce
		 	Title: Vice President

 
			
	 LENDER:
  

BARCLAYS BANK PLC

		
	By:	 	/s/ Sabrina khabie
		 	Name: Sabrina khabie
		 	Title: Authorized Signatory

 
			
	LENDER:
	
	GOLDMAN SACHS MORTGAGE COMPANY
		
	By:	 	/s/ [Illegible]
		 	Name:
		 	Title:

 
			
	LENDER:
	
	MORGAN STANLEY BANK, N.A.
		
	By:	 	/s/ Kristin Sansone
		 	Name: Kristin Sansone
		 	Title: Authorized SignatoryEX-10.14

 Exhibit 10.14 

MEZZANINE C LOAN AGREEMENT 

Dated as of October 6, 2017 

among 
 CPLV MEZZ 3 LLC, 

as Borrower 
 Wilmington Savings
Fund Society, FSB, 
 as Administrative Agent and Collateral Agent, 

and 
 THE LENDERS PARTY HERETO
FROM TIME TO TIME 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION.
	  	 	3	 
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Principles of Construction	  	 	42	 
		
	 ARTICLE II – GENERAL TERMS
	  	 	44	 
	 Section 2.1
	 	Loan Commitment; Disbursement to Borrower	  	 	44	 
	 2.1.1
	 	Agreement to Lend and Borrow	  	 	44	 
	 2.1.2
	 	Single Disbursement to Borrower	  	 	44	 
	 2.1.3
	 	Pledge Agreement and Loan Documents; Evidence of Indebtedness	  	 	44	 
	 2.1.4
	 	Use of Proceeds	  	 	45	 
	 2.1.5
	 	Ratable Shares/Pro Rata Treatment of Payments	  	 	45	 
	 Section 2.2
	 	Interest Rate	  	 	45	 
	 2.2.1
	 	Interest Rate	  	 	45	 
	 2.2.2
	 	Interest Calculation	  	 	45	 
	 2.2.3
	 	Intentionally Omitted	  	 	46	 
	 2.2.4
	 	Intentionally Omitted	  	 	46	 
	 2.2.5
	 	Default Rate	  	 	46	 
	 2.2.6
	 	Usury Savings	  	 	46	 
	 Section 2.3
	 	Loan Payment	  	 	46	 
	 2.3.1
	 	Monthly Debt Service Payments	  	 	46	 
	 2.3.2
	 	Payments Generally	  	 	46	 
	 2.3.3
	 	Payment on Maturity Date	  	 	47	 
	 2.3.4
	 	Late Payment Charge	  	 	47	 
	 2.3.5
	 	Method and Place of Payment	  	 	47	 
	 Section 2.4
	 	Prepayments	  	 	47	 
	 2.4.1
	 	Voluntary Prepayments	  	 	47	 
	 2.4.2
	 	Liquidation Events	  	 	48	 
	 2.4.3
	 	Prepayments After Event of Default	  	 	49	 
	 2.4.4
	 	Intentionally Omitted	  	 	49	 
	 2.4.5
	 	Intentionally Omitted	  	 	49	 
	 2.4.6
	 	DSCR Trigger Period	  	 	49	 
	 Section 2.5
	 	Mandatory Conversion	  	 	50	 
	 Section 2.6
	 	Release of Collateral	  	 	51	 
	 2.6.1
	 	Release of Collateral	  	 	51	 
	 Section 2.7
	 	Lockbox Account/Cash Management	  	 	52	 
	 2.7.1
	 	Lockbox Account	  	 	52	 
	 2.7.2
	 	Cash Management Account	  	 	52	 
	 2.7.3
	 	Payments Received under the Cash Management Agreement	  	 	53	 
	 2.7.4
	 	Distributions to Mezzanine Borrowers	  	 	53	 
	 2.7.5
	 	Replacement Lockbox Agreement and Cash Management Agreement	  	 	54	 
	 Section 2.8
	 	Withholding Taxes	  	 	54	 

  
 -i- 

							
	 ARTICLE III – INTENTIONALLY OMITTED
	  	 	58	 
		
	 ARTICLE IV – REPRESENTATIONS AND WARRANTIES
	  	 	58	 
	 Section 4.1
	 	 Borrower Representations
	  	 	58	 
	 4.1.1
	 	 Organization
	  	 	58	 
	 4.1.2
	 	 Proceedings
	  	 	58	 
	 4.1.3
	 	 No Conflicts
	  	 	58	 
	 4.1.4
	 	 Litigation
	  	 	59	 
	 4.1.5
	 	 Agreements
	  	 	59	 
	 4.1.6
	 	 Title
	  	 	60	 
	 4.1.7
	 	 Solvency
	  	 	60	 
	 4.1.8
	 	 Full and Accurate Disclosure
	  	 	60	 
	 4.1.9
	 	 ERISA
	  	 	61	 
	 4.1.10
	 	 Compliance
	  	 	61	 
	 4.1.11
	 	 Financial Information
	  	 	62	 
	 4.1.12
	 	 Condemnation
	  	 	62	 
	 4.1.13
	 	 Federal Reserve Regulations
	  	 	62	 
	 4.1.14
	 	 Intentionally Omitted
	  	 	62	 
	 4.1.15
	 	 Not a Foreign Person
	  	 	62	 
	 4.1.16
	 	 Intentionally Omitted
	  	 	62	 
	 4.1.17
	 	 Intentionally Omitted
	  	 	62	 
	 4.1.18
	 	 Enforceability
	  	 	62	 
	 4.1.19
	 	 No Prior Assignment
	  	 	63	 
	 4.1.20
	 	 Insurance
	  	 	63	 
	 4.1.21
	 	 Intentionally Omitted.
	  	 	63	 
	 4.1.22
	 	 Certificate of Occupancy; Licenses
	  	 	63	 
	 4.1.23
	 	 Intentionally Omitted
	  	 	63	 
	 4.1.24
	 	 Intentionally Omitted
	  	 	63	 
	 4.1.25
	 	 Intentionally Omitted
	  	 	63	 
	 4.1.26
	 	 Leases
	  	 	63	 
	 4.1.27
	 	 Intentionally Omitted
	  	 	64	 
	 4.1.28
	 	 Inventory
	  	 	64	 
	 4.1.29
	 	 Filing and Recording Taxes
	  	 	64	 
	 4.1.30
	 	 Special Purpose Entity/Separateness
	  	 	64	 
	 4.1.31
	 	 Management Agreement and CPLV Lease Guaranty
	  	 	66	 
	 4.1.32
	 	 Illegal Activity
	  	 	66	 
	 4.1.33
	 	 No Change in Facts or Circumstances; Disclosure
	  	 	66	 
	 4.1.34
	 	 Investment Company Act
	  	 	66	 
	 4.1.35
	 	 Embargoed Person
	  	 	67	 
	 4.1.36
	 	 Principal Place of Business; State of Organization
	  	 	67	 
	 4.1.37
	 	 Environmental Representations and Warranties
	  	 	67	 
	 4.1.38
	 	 Lockbox Agreement; Cash Management Account
	  	 	68	 
	 4.1.39
	 	 Taxes
	  	 	68	 
	 4.1.40
	 	 Ground Lease
	  	 	68	 
	 4.1.41
	 	 Gaming Licenses and Operating Permits
	  	 	69	 
	 4.1.42
	 	 Labor
	  	 	72	 
	 4.1.43
	 	 CPLV Lease
	  	 	72	 

  
 -ii- 

							
	 4.1.44
	 	 Intellectual Property
	  	 	73	 
	 4.1.45
	 	 Operation of the Property
	  	 	73	 
	 4.1.46
	 	 Intellectual Property Title and Lien
	  	 	74	 
	 4.1.47
	 	 REOA
	  	 	75	 
	 4.1.48
	 	 Mortgage Loan Representations; Mezzanine Loan Representations
	  	 	75	 
	 4.1.49
	 	 No Contractual Obligations
	  	 	75	 
	 Section 4.2
	 	 Survival of Representations
	  	 	76	 
		
	 ARTICLE V – BORROWER COVENANTS
	  	 	76	 
	 Section 5.1
	 	 Affirmative Covenants
	  	 	76	 
	 5.1.1
	 	 Existence; Compliance with Legal Requirements
	  	 	76	 
	 5.1.2
	 	 Taxes and Other Charges
	  	 	78	 
	 5.1.3
	 	 Litigation
	  	 	79	 
	 5.1.4
	 	 Access to Property
	  	 	79	 
	 5.1.5
	 	 Notice of Material Adverse Change
	  	 	79	 
	 5.1.6
	 	 Cooperate in Legal Proceedings
	  	 	79	 
	 5.1.7
	 	 Perform Loan Documents
	  	 	79	 
	 5.1.8
	 	 Award and Insurance Benefits
	  	 	79	 
	 5.1.9
	 	 Further Assurances
	  	 	80	 
	 5.1.10
	 	 Principal Place of Business, State of Organization
	  	 	80	 
	 5.1.11
	 	 Financial Reporting
	  	 	81	 
	 5.1.12
	 	 Business and Operations
	  	 	84	 
	 5.1.13
	 	 Title to the Collateral and the Property
	  	 	85	 
	 5.1.14
	 	 Costs of Enforcement
	  	 	85	 
	 5.1.15
	 	 Estoppel Statement
	  	 	85	 
	 5.1.16
	 	 Loan Proceeds
	  	 	87	 
	 5.1.17
	 	 Performance by Borrower
	  	 	87	 
	 5.1.18
	 	 Intentionally Omitted
	  	 	87	 
	 5.1.19
	 	 Environmental Covenants
	  	 	87	 
	 5.1.20
	 	 Leasing Matters
	  	 	90	 
	 5.1.21
	 	 Alterations
	  	 	90	 
	 5.1.22
	 	 Operation of Property
	  	 	93	 
	 5.1.23
	 	 Embargoed Person
	  	 	95	 
	 5.1.24
	 	 Ground Leases
	  	 	95	 
	 5.1.25
	 	 CPLV Lease, CPLV Lease Documents and CPLV Security Documents
	  	 	98	 
	 5.1.26
	 	 Transition Period
	  	 	99	 
	 5.1.27
	 	 IP Collateral
	  	 	99	 
	 5.1.28
	 	 Payment of Obligations
	  	 	100	 
	 5.1.29
	 	 No Joint Assessment
	  	 	100	 
	 5.1.30
	 	 REOA
	  	 	101	 
	 5.1.31
	 	 ERISA
	  	 	101	 
	 5.1.32
	 	 Multiemployer Plan Statements
	  	 	101	 
	 5.1.33
	 	 Taxes
	  	 	102	 
	 5.1.34
	 	 Required Repairs
	  	 	102	 
	 5.1.35
	 	 Notices
	  	 	102	 
	 5.1.36
	 	 Special Distributions
	  	 	102	 

  
 -iii- 

							
	 5.1.37
	 	Curing	  	 	102	 
	 5.1.38
	 	Mortgage Borrower and Mezzanine Borrower Covenants	  	 	103	 
	 5.1.39
	 	Mortgage and Mezzanine Reserve Funds	  	 	103	 
	 Section 5.2
	 	Negative Covenants	  	 	104	 
	 5.2.1
	 	Operation of Property	  	 	104	 
	 5.2.2
	 	Liens	  	 	105	 
	 5.2.3
	 	Dissolution	  	 	106	 
	 5.2.4
	 	Change In Business	  	 	106	 
	 5.2.5
	 	Debt Cancellation	  	 	106	 
	 5.2.6
	 	Zoning	  	 	107	 
	 5.2.7
	 	No Joint Assessment	  	 	107	 
	 5.2.8
	 	Intentionally Omitted	  	 	107	 
	 5.2.9
	 	ERISA	  	 	107	 
	 5.2.10
	 	Transfers	  	 	108	 
	 5.2.11
	 	CPLV Lease and CPLV Lease Documents	  	 	115	 
	 5.2.12
	 	CPLV Security Documents	  	 	116	 
	 5.2.13
	 	Ground Lease	  	 	117	 
	 5.2.14
	 	REOA	  	 	117	 
	 5.2.15
	 	Limitation on Securities Issuances	  	 	118	 
	 5.2.16
	 	Limitation on Distributions	  	 	118	 
	 5.2.17
	 	Other Limitations	  	 	118	 
	 5.2.18
	 	Contractual Obligations	  	 	119	 
	 5.2.19
	 	Refinancing	  	 	119	 
	 5.2.20
	 	Affiliate Transactions	  	 	119	 
	 5.2.21
	 	Bankruptcy Related Covenants	  	 	119	 
		
	 ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION
	  	 	120	 
	 Section 6.1
	 	Insurance	  	 	120	 
	 Section 6.2
	 	Casualty	  	 	120	 
	 Section 6.3
	 	Condemnation	  	 	121	 
	 Section 6.4
	 	Restoration	  	 	121	 
		
	 ARTICLE VII – RESERVE FUNDS
	  	 	121	 
	 Section 7.1
	 	Reserved	  	 	121	 
	 Section 7.2
	 	Tax and Insurance Escrow Fund	  	 	121	 
	 Section 7.3
	 	Replacements and Replacement Reserve	  	 	122	 
	 Section 7.4
	 	Ground Rent Reserve	  	 	122	 
	 Section 7.5
	 	Excess Cash Flow Reserve Fund	  	 	123	 
	 Section 7.6
	 	Reserve Funds, Generally	  	 	123	 
		
	 ARTICLE VIII – DEFAULTS
	  	 	125	 
	 Section 8.1
	 	Event of Default	  	 	125	 
	 Section 8.2
	 	Remedies	  	 	131	 
	 Section 8.3
	 	Additional Provisions Regarding CPLV Lease	  	 	132	 
	 Section 8.4
	 	Remedies Cumulative; Waivers	  	 	135	 
	 Section 8.5
	 	Rights of Cure	  	 	135	 

  
 -iv- 

							
	 ARTICLE IX – SPECIAL PROVISIONS
	  	 	136	 
	 Section 9.1
	 	Secondary Market Transactions	  	 	136	 
	 9.1.1
	 	Sale of Loan and Syndications	  	 	136	 
	 9.1.2
	 	Intentionally Omitted	  	 	136	 
	 9.1.3
	 	Loan Components; Mezzanine Loans	  	 	136	 
	 Section 9.2
	 	Intentionally Omitted	  	 	137	 
	 Section 9.3
	 	Exculpation	  	 	137	 
	 Section 9.4
	 	Intentionally Omitted	  	 	141	 
	 Section 9.5
	 	Intentionally Omitted	  	 	141	 
	 Section 9.6
	 	Intentionally Omitted	  	 	142	 
	 Section 9.7
	 	Mortgage Loan and Mezzanine Loan Defaults	  	 	142	 
	 Section 9.8
	 	Discussions with Mortgage Lender	  	 	144	 
	 Section 9.9
	 	Independent Approval Rights	  	 	144	 
	 Section 9.10
	 	Intercreditor Agreement; Co-Lender Agreement	  	 	144	 
		
	 ARTICLE X – MISCELLANEOUS
	  	 	145	 
	 Section 10.1
	 	Survival	  	 	145	 
	 Section 10.2
	 	Agents’ Discretion; Deliveries to Agents	  	 	145	 
	 Section 10.3
	 	Governing Law	  	 	146	 
	 Section 10.4
	 	Modification, Waiver in Writing	  	 	147	 
	 Section 10.5
	 	Delay Not a Waiver	  	 	147	 
	 Section 10.6
	 	Notices	  	 	148	 
	 Section 10.7
	 	Trial by Jury	  	 	148	 
	 Section 10.8
	 	Headings	  	 	149	 
	 Section 10.9
	 	Severability	  	 	149	 
	 Section 10.10
	 	Preferences	  	 	149	 
	 Section 10.11
	 	Waiver of Notice	  	 	149	 
	 Section 10.12
	 	Remedies of Borrower	  	 	149	 
	 Section 10.13
	 	Expenses; Indemnity	  	 	150	 
	 Section 10.14
	 	Schedules and Exhibits Incorporated	  	 	151	 
	 Section 10.15
	 	Offsets, Counterclaims and Defenses	  	 	151	 
	 Section 10.16
	 	No Joint Venture or Partnership; No Third Party; Beneficiaries	  	 	151	 
	 Section 10.17
	 	Publicity	  	 	152	 
	 Section 10.18
	 	Waiver of Marshalling of Assets	  	 	152	 
	 Section 10.19
	 	Waiver of Counterclaim	  	 	152	 
	 Section 10.20
	 	Conflict; Construction of Documents; Reliance	  	 	153	 
	 Section 10.21
	 	Brokers and Financial Advisors	  	 	153	 
	 Section 10.22
	 	Prior Agreements	  	 	153	 
	 Section 10.23
	 	Joint and Several Liability	  	 	153	 
	 Section 10.24
	 	Certain Additional Rights of Lender (VCOC)	  	 	153	 
	 Section 10.25
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	154	 
	 Section 10.26
	 	Counterparts	  	 	155	 
	 Section 10.27
	 	Ratable Share	  	 	155	 
	 Section 10.28
	 	Gaming Laws	  	 	155	 
	 Section 10.29
	 	Lender Representations, Warranties and Acknowledgements	  	 	156	 

  
 -v- 

							
	 ARTICLE XI – ADMINISTRATIVE AGENT AND OTHER AGENTS
	  	 	157	 
	 Section 11.1
	 	Appointment and Authority	  	 	157	 
	 Section 11.2
	 	Reliance	  	 	158	 
	 Section 11.3
	 	Powers	  	 	159	 
	 Section 11.4
	 	Employment of Agents and Counsel	  	 	159	 
	 Section 11.5
	 	General Immunity	  	 	159	 
	 Section 11.6
	 	Exculpatory Provisions	  	 	159	 
	 Section 11.7
	 	Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders	  	 	160	 
	 Section 11.8
	 	Administrative Agent May File Proofs of Claim	  	 	161	 
	 Section 11.9
	 	No Other Duties	  	 	161	 
	 Section 11.10
	 	Successor Administrative Agent	  	 	161	 

 SCHEDULES AND EXHIBITS 
  

					
			
	Schedule I	  	–  	  	Rent Roll
			
	Schedule II	  	–  	  	Required Repairs
			
	Schedule III	  	–  	  	Organizational Chart of Borrower
			
	Schedule IV	  	–  	  	Ratable Share of Lenders
			
	Schedule 1.1	  	–  	  	Qualified Replacement Manager
			
	Schedule 1.2	  	–  	  	Collective Bargaining Agreements
			
	Schedule 4.1.41	  	–  	  	Gaming Licenses
			
	Schedule 5.1.21	  	–  	  	Pre-approved Alterations
			
	Exhibit A	  	–  	  	Tax Compliance Certificates
			
	Exhibit B	  	–  	  	Financial Reporting
			
	Exhibit C	  	–  	  	O&M Plan

  

  
 -vi- 

 MEZZANINE C LOAN AGREEMENT 

THIS MEZZANINE C LOAN AGREEMENT, dated as of October 6, 2017 (as amended, restated, replaced, supplemented or otherwise modified
from time to time, this “Agreement”), among CPLV MEZZ 3 LLC, a Delaware limited liability company, having its principal place of business at c/o VICI Properties Inc., 8329 West Sunset Road, Suite 210, Las Vegas, Nevada 89113
(“Borrower”), WILMINGTON SAVINGS FUND SOCIETY, FSB as Administrative Agent (in such capacity, including any permitted successors thereto, the “Administrative Agent”), and as Collateral Agent (in such capacity,
including any permitted successors thereto, the “Collateral Agent”), and each lender from time to time party hereto (collectively, the “Lenders” and, individually, a “Lender”). 

W I T N E S S E T H: 

WHEREAS, JPMorgan Chase Bank, National Association, a banking association chartered under the laws of the United States of America
(together with its successors and assigns, “JPM Lender”); BARCLAYS BANK PLC, a public company registered in England and Wales (together with its successors and assigns, “Barclays Lender”), GOLDMAN SACHS MORTGAGE
COMPANY, a New York limited partnership (together with its successors and assigns, “GS Lender”), and MORGAN STANLEY BANK, N.A., a national banking association (together with its successors and assigns, “MS Lender”)
(each of JPM Lender, Barclays Lender, GS Lender, and MS Lender, together with their respective successors and assigns, each, a “Co-Mortgage Lender” and collectively, “Mortgage
Lender”) is making a loan in the principal amount of One Billion Five Hundred Fifty Million and No/100 Dollars ($1,550,000,000.00) (the “Mortgage Loan”) to CPLV Property Owner LLC, a Delaware limited liability (together
with its successors and permitted assigns, “Mortgage Borrower”) pursuant to that certain Loan Agreement between Mortgage Borrower and Mortgage Lender, dated of even date herewith (as amended, supplemented or otherwise modified from
time to time, the “Mortgage Loan Agreement”), which Mortgage Loan is evidenced by that certain Promissory Note A-1, dated as of the date hereof, in the original principal amount of
$666,500,000.00, made by Mortgage Borrower in favor of JPM Lender, that certain Promissory Note A-2, dated as of the date hereof, in the original principal amount of $465,000,000.00, made by Mortgage Borrower
in favor of Barclays Lender, that certain Promissory Note A-3, dated as of the date hereof, in the original principal amount of $209,250,000.00, made by Mortgage Borrower in favor of MS Lender and that certain
Promissory Note A-4, dated as of the date hereof, in the original principal amount of $209,250,000.00, made by Mortgage Borrower in favor of GS Lender (as each of the same may hereafter be amended, restated,
replaced, supplemented, split, renewed, extended or otherwise modified from time to time, collectively, the “Mortgage Note”), and secured by, among other things, the lien and security interest of the Fee and Leasehold Deed of Trust,
Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of the date hereof (as the same may hereafter be amended, modified, restated, renewed or replaced, collectively, the “Mortgage”) on, among other things,
the real property and other collateral as more fully described in the Mortgage; 

 WHEREAS, certain lenders (together with their respective successors and assigns,
collectively, “Mezzanine A Lender”), have made a loan in the original principal amount of Two Hundred Million and No/100 Dollars ($200,000,000.00) (the “Mezzanine A Loan”) to CPLV Mezz 1 LLC, a Delaware limited
liability company (“Mezzanine A Borrower”), pursuant to a Mezzanine A Loan Agreement dated as of the date hereof by and among Mezzanine A Borrower, Mezzanine A Lender, Wilmington Savings Fund Society, FSB, as Administrative Agent
(in such capacity, including any permitted successors thereto, the “Mezzanine A Administrative Agent”), Wilmington Savings Fund Society, FSB, as Collateral Agent (in such capacity, including any permitted successors thereto, the
“Mezzanine A Collateral Agent”) (as amended, supplemented or otherwise modified from time to time, the “Mezzanine A Loan Agreement”), and Mezzanine A Borrower has granted the Mezzanine A Collateral Agent (for the
benefit of the Mezzanine A Lender) a first priority pledge and security agreement on, among other things, all of Mezzanine A Borrower’s interest in Mortgage Borrower, together with the other collateral (the “Mezzanine A
Collateral”) as more fully described in the Mezzanine A Loan Documents (as hereinafter defined); 
 WHEREAS, certain lenders
(together with their respective successors and assigns, collectively, “Mezzanine B Lender”), have made a loan in the original principal amount of Two Hundred Million and No/100 Dollars ($200,000,000.00) (the “Mezzanine B
Loan”) to CPLV Mezz 2 LLC, a Delaware limited liability company (“Mezzanine B Borrower”), pursuant to a Mezzanine B Loan Agreement dated as of the date hereof by and among Mezzanine B Borrower, Mezzanine B Lender,
Wilmington Savings Fund Society, FSB, as Administrative Agent (in such capacity, including any permitted successors thereto, the “Mezzanine B Administrative Agent”), Wilmington Savings Fund Society, FSB, as Collateral Agent (in such
capacity, including any permitted successors thereto, the “Mezzanine B Collateral Agent”) (as amended, supplemented or otherwise modified from time to time, the “Mezzanine B Loan Agreement”), and Mezzanine B
Borrower has granted the Mezzanine B Collateral Agent (for the benefit of the Mezzanine B Lender) a first priority pledge and security agreement on, among other things, all of Mezzanine B Borrower’s interest in Mezzanine A Borrower, together
with the other collateral (the “Mezzanine B Collateral”) as more fully described in the Mezzanine B Loan Documents (as hereinafter defined); 

WHEREAS, Borrower is the direct legal and beneficial owner of 100% of the issued and outstanding limited liability company interests in
Mezzanine B Borrower (the “Pledged Company Interests”); 
 WHEREAS, Borrower desires to obtain the Loan (as
hereinafter defined) from Lenders; and 
 WHEREAS, Lenders are willing to make the Loan to Borrower, subject to and in accordance
with the terms of this Agreement and the other Loan Documents (as hereinafter defined); and 
 WHEREAS, as a condition precedent to
the obligations of Lenders to make the Loan to Borrower, Borrower has entered into that certain Mezzanine C Pledge and Security Agreement, dated as of the date hereof, in favor of Collateral Agent (for the benefit of the Lenders) (as amended,
supplemented or otherwise modified from time to time, the “Pledge Agreement”), pursuant to which Borrower has granted to Collateral Agent a first priority security interest in the Collateral (as hereinafter defined) as collateral
security for the Debt (as hereinafter defined). 

  
 -2- 

 NOW THEREFORE, in consideration of the making of the Loan by Lenders and the covenants,
agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION. 

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context
clearly indicates a contrary intent: 
 “Accrual Period” shall mean (a) the period commencing on the Closing Date and
ending on (and including) October 9, 2017, and (b) thereafter, the period commencing on and including the tenth (10th) day of each calendar month during the term of the Loan and ending on and including the ninth (9th) day of the following
calendar month. 
 “Additional Charges” shall mean any interest, late charges, penalties or other similar fees or expenses
that are added to or imposed on the amount of any Taxes or Other Charges for the non-payment, late payment or non-timely payment thereof. 

“Additional Insolvency Opinion” shall mean a non-consolidation opinion letter
delivered in connection with the Loan subsequent to the Closing Date reasonably satisfactory in form and substance to Administrative Agent. 

“Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by
or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person (provided that CPLV Tenant or any of its Affiliates, on the one hand, and Mortgage Borrower, Mezzanine A Borrower,
Mezzanine B Borrower, Borrower and any of their respective Affiliates, on the other hand, shall not be deemed to be Affiliates solely as a result of their rights and obligations under the CPLV Lease Documents and/or without limiting Borrower’s
obligations under this Agreement, including under Section 4.1.30 hereof, as a result of any consolidation of the CPLV Tenant and Borrower, Mezzanine A Borrower, Mezzanine B Borrower and/or Mortgage Borrower for accounting
purposes). 
 “Affiliated Manager” shall mean any Manager Controlling, Controlled by or under common Control with Borrower,
Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Principal, Mortgage Principal, Mezzanine A Principal, Mezzanine B Principal or Guarantor in which Borrower, Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Principal,
Mortgage Principal, Mezzanine A Principal, Mezzanine B Principal or Guarantor has, directly or indirectly, a twenty percent (20%) or greater legal, beneficial or economic interest. 

“Affiliate Tenant Transferee” shall have the meaning set forth in Section 5.2.10(c) hereof. 

  
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 “Annual Budget” shall mean the operating budget, including all planned Capital
Expenditures, for the Property prepared by or on behalf of CPLV Tenant in accordance with Section 5.1.11(e) of the Mortgage Loan Agreement for the applicable Fiscal Year or other period. 

“Approved Rating Agencies” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation. 

“Bail-in Action” shall have the meaning set forth in
Section 10.25 hereof. 
 “Bail-in Legislation” shall have
the meaning set forth in Section 10.25 hereof. 
 “Bankruptcy Action” shall mean with respect to
any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any other Federal, state, local or foreign bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy
Code or any other Federal, state, local or foreign bankruptcy or insolvency law or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or
otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal, state, local or foreign bankruptcy or insolvency law; (d) such Person consenting to or
acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person, any portion of the Collateral, any portion of the Mezzanine A Collateral, any portion of the Mezzanine B Collateral, or
any portion of the Property (other than in connection with an application by or on behalf of Administrative Agent or Collateral Agent); or (e) such Person making an assignment for the benefit of creditors, or admitting in writing in any legal
proceeding, its insolvency or inability to pay its debts as they become due. 
 “Bankruptcy Code” shall mean Title 11
of the United States Code, 11 U.S.C. §101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable
foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal, state, local or foreign bankruptcy or insolvency law. 

“Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted
assigns. 
 “Borrower’s Knowledge” or “Knowledge” (and words of similar import) shall mean the
current actual knowledge, as opposed to constructive or imputed knowledge, of each of John Payne, Edward Pitoniak and Mary E. Higgins, as President and Chief Operating Officer, Chief Executive Officer and Chief Financial Officer, respectively, of
the REIT (and with respect to John Payne and Mary E. Higgins, including, in their capacity as the former Chief Executive Officer and Chief Financial Officer, respectively, of CEOC immediately prior to the Closing Date), which individuals constitute
the primary individuals tasked with the day to day management of the REIT (and thus the Borrower), and shall include any other employees of 

  
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Borrower or its Affiliates which shall succeed to such positions or perform comparable responsibilities of such individuals. For the avoidance of doubt, in no event shall any of such individuals
have any personal liability by virtue of being named in this definition or certifying to matters on behalf of Borrower. 
 “Borrower
Operating Agreement” shall mean that certain Amended and Restated Limited Liability Company Agreement of Borrower, dated as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time in
accordance with this Agreement. 
 “Business Day” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Capital Expenditures” shall mean, for any period, the amount expended for items capitalized under GAAP and the Uniform
System of Accounts (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 

“Cash Management Account” shall have the meaning set forth in Section 2.7.2 hereof. 

“Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among
Mortgage Borrower, Mortgage Lender, Mezzanine Administrative Agents, Mezzanine Collateral Agents, Mezzanine Borrower, and CMA Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Cash Sweep Period” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Casino Components” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Casualty” shall have the meaning set forth in Section 6.2 hereof. 

“Cause” shall mean, with respect to an Independent Director, (a) acts or omissions by such Independent Director that
constitute systematic and persistent or willful disregard of such Independent Director’s duties, (b) such Independent Director has been indicted or convicted for any crime or crimes of moral turpitude or dishonesty or for any violation of
any Legal Requirements, (c) such Independent Director no longer satisfies the requirements set forth in the definition of “Independent Director”, (d) the fees charged for the services of such Independent Director are materially
in excess of the fees charged by the other providers of Independent Directors listed in the definition of “Independent Director” or (v) any other reason for which the prior written consent of Administrative Agent shall have been
obtained. 
 “CEC” shall mean Caesars Entertainment Corporation, a Delaware corporation. 

“CEOC” shall mean CEOC LLC, a Delaware limited liability company. 

“Closing Date” shall mean the date of the funding of the Loan. 

  
 -5- 

 “CMA Agent” shall mean Wells Fargo Bank, National Association, or any
successor Eligible Institution acting as Agent under the Cash Management Agreement. 

“Co-Lender Agreement” means any co-lender
agreement or similar agreement among Administrative Agent, Collateral Agent and Lenders, and any amendments, modifications, exhibits and agreements related thereto. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Collateral” shall mean the “Collateral” (as such term is defined in the Pledge Agreement) and shall include all
amounts on deposit in the Reserve Funds (if any) and any and all other property or collateral in which Collateral Agent (for the benefit of the Lenders) is granted a security interest under any of the Loan Documents, in each case whether existing on
the date hereof or hereafter pledged or assigned to Collateral Agent (for the benefit of the Lenders). 
 “Collective Bargaining
Agreement” shall mean, the agreement set forth on Schedule 1.2 attached hereto and any collective bargaining agreement or union contract with respect to employees and other laborers at the Property that may
be entered into after the date hereof by Mortgage Borrower or CPLV Tenant or with respect to which Mortgage Borrower or CPLV Tenant could reasonably be expected to have any liability, as any of the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Common Stock” means common stock, par value $0.01 per share, of
the REIT. 
 “Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in
lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the
Property or any part thereof. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by
net income (however denominated) or that are franchise Section 2.8 Taxes or branch profits Section 2.8 Taxes. 

“Contractual Obligation” shall mean as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound, or any provision of the foregoing. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management,
policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise (and Control with respect to a Person (a “Subject Person”) shall not be deemed absent solely because another Person shall
have veto rights with respect to major decisions with respect to such Subject Person). “Controlled” and “Controlling” shall have correlative meanings. 

  
 -6- 

 “Conversion Rate” means a number of Common Shares (as defined in
Section 2.5 hereof) per $1.00 of principal amount of the Loan equal to the quotient of (a) 7.16% of the total number of issued and outstanding Common Shares (after giving effect to (i) the mandatory conversion of the
Series A preferred stock of the REIT and (ii) the Mandatory Conversion of the Loan) divided by (b) $250,000,000. 

“CPC” shall mean Caesars Palace Corporation and subsidiaries (and any successor entities thereto), provided, that for all
purposes hereunder, including any financial statements of CPC or calculations or amounts with respect to CPC, such items shall only be with respect to the Property and no other assets of CPC. 

“CPLV Existing Intercreditor Agreement” shall have the meaning set forth in the Mortgage Loan Agreement. 

“CPLV IP Security Agreement” shall mean that certain CPLV IP Security Agreement, dated as of the date hereof, by CPLV Tenant
and IP Owner in favor of Mortgage Borrower, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Intellectual Property” shall have the meaning set forth in Section 8.2(a) hereof. 

“CPLV Lease” shall mean that certain Lease (CPLV) dated as of the date hereof, between Mortgage Borrower, as lessor, and CPLV
Tenant, as lessee, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Lease Default” shall have the meaning set forth in Section 8.3(a) hereof. 

“CPLV Lease Documents” shall mean, collectively, the CPLV Lease, the Management Agreement, CPLV Lease Guaranty, the CPLV
Existing Intercreditor Agreement and the Transition Services Agreement. 
 “CPLV Lease Guaranteed Obligations” shall mean,
collectively, all obligations and liabilities of CPLV Tenant guaranteed by CPLV Lease Guarantor as set forth in the CPLV Lease Guaranty. 

“CPLV Lease Guarantor” shall mean, as the context may require, (i) CEC, (ii) upon a Transfer in accordance with the
terms hereof, Replacement CEC Sponsor or (iii) a Qualified CPLV Replacement Guarantor pursuant to and in compliance with the terms hereof. 

“CPLV Lease Guaranty” shall mean that certain Lease Guaranty made by CPLV Lease Guarantor to Mortgage Borrower (as landlord)
pursuant to Article XVII of the Management Agreement, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof. 

“CPLV Lease SNDA” shall have the meaning set forth in the Mortgage Loan Agreement. 

  
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 “CPLV Rent” shall have the meaning set forth in the Mortgage Loan Agreement.

 “CPLV Security Documents” shall mean, collectively, (i) that certain Security Agreement (CPLV Lease) by CPLV Tenant
in favor of Mortgage Borrower (as landlord), dated as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms hereof and (ii) the CPLV IP Security Agreement. 

“CPLV Tenant” shall mean, (i) collectively, Desert Palace LLC, a Nevada limited liability company, Caesars Entertainment
Operating Company, Inc. (which shall immediately after the closing of the Loan, merge into CEOC) and CEOC or (ii) if the context requires, a replacement tenant that satisfies the requirements as required hereunder that assumes all of the
obligations, liabilities and rights of CPLV Tenant under the CPLV Lease and CPLV Lease Documents in connection with a Transfer pursuant to and in accordance with a Transfer under Section 5.2.10(e) or pursuant to
Section 8.3 hereof. 
 “CPLV Tenant EOD” shall have the meaning set forth in
Section 8.2(e) hereof. 
 “CPLV Tenant Lender” shall have the meaning set forth in
Section 5.2.10(e) hereof. 
 “CPLV Tenant Loan” shall have the meaning set forth in
Section 5.2.10(e) hereof. 
 “CPLV Tenant Loan Intercreditor Agreement” shall have the meaning
set forth in Section 5.2.10(e) hereof. 
 “CPLV Tenant Party” shall have the meaning set forth in
Section 8.2(e) hereof. 
 “CPLV Tenant Transferee” shall have the meaning set forth in
Section 5.2.10(e) hereof. 
 “CPLV Tenant Transferee Requirement” shall have the meaning set
forth in Section 5.2.10(e) hereof. 
 “CPLV Trademark License Agreement” shall mean that certain
Trademark License Agreement, dated as of the date hereof, by and between Caesars License Company, LLC and Desert Palace LLC, as the same may be amended, restated or otherwise modified from time to time. 

“CPLV Trademark Security Agreement” shall mean that certain Trademark Security Agreement, dated as of the date hereof, by and
among Caesars License Company, LLC, Desert Palace LLC, Mortgage Borrower and Lender as the same may be amended, restated or otherwise modified from time to time. 

“Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Agreement together with all interest
accrued and unpaid thereon and all other sums (including the Prepayment Premium) due to Lender in respect of the Loan under this Agreement, the Pledge Agreement or any other Loan Document. 

  
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 “Debt Service” shall mean, with respect to any particular period of time, the
scheduled principal, if any, and interest payments due under this Agreement. 
 “DSCR Cure Deposit Amount” shall have the
meaning set forth in the Mortgage Loan Agreement. 
 “DSCR Cure Fund” shall have the meaning set forth in the Mortgage Loan
Agreement. 
 “DSCR Trigger Period” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” shall mean, with respect to the Loan, a
rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) three percent (3%) above the Interest Rate. 

“EBITDAR” shall mean, for an applicable period, the net income (loss) attributable to CPC, determined in accordance with GAAP
(“Net Income”); provided, however, that without duplication and in each case to the extent included in calculating Net Income: (i) income tax expense shall be excluded; (ii) interest expense shall be excluded;
(iii) depreciation and amortization expense shall be excluded; (iv) amortization of intangible assets shall be excluded; (v) write-downs and reserves (net of recoveries) shall be excluded; (vi) reorganization items shall be
excluded; (vii) any impairment charges or asset write-offs, non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related
interpretations, and non-cash charges for deferred tax asset valuation allowances, shall be excluded; (viii) any effect of a change in accounting principles or policies shall be excluded; (ix) any non-cash costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement shall
be excluded; (x) any nonrecurring gains or losses or income or expense or charge (less all fees and expenses relating thereto) shall be excluded; and (xi) rent expense shall be excluded; and (xii) the impact of any deferred proceeds
resulting from failed sale accounting shall be excluded. 
 “EEA Financial Institution” shall have the meaning set forth in
Section 10.25. 
 “EEA Member Country” shall have the meaning set forth in
Section 10.25. 
 “EEA Resolution Authority” shall have the meaning set forth in
Section 10.25. 
 “Eligible Account” shall mean a separate and identifiable account from all
other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a
segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “Baa2” and which, in the case of a state
chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination
by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 

  
 -9- 

 “Eligible Institution” shall mean either (a) a depository institution or
trust company insured by the Federal Deposit Insurance Corporation, the short-term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P and “P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of Letters of Credit and accounts in which funds are held for more than thirty
(30) days, the long-term unsecured debt obligations of which are rated at least “A+” by S&P and “Aa3” by Moody’s), or (b) Wells Fargo Bank, National Association, provided that the rating by S&P and
the other Approved Rating Agencies for the short term unsecured debt obligations or commercial paper and long term unsecured debt obligations of the same does not decrease below the ratings set forth in subclause (a) hereof. 

“Embargoed Person” shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but
not limited to, The USA PATRIOT Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et seq., The Trading
with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the
investment in Borrower, Mortgage Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 

“Enforcement Action” shall have the meaning set forth in Section 8.3(a) hereof. 

“Environmental Indemnity” shall mean that certain Mezzanine C Environmental Indemnity Agreement, dated as of the date hereof,
executed by Borrower and Guarantor in connection with the Loan for the benefit of Administrative Agent (for the benefit of the Lenders), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Environmental Law” means any federal, state and local laws, statutes, ordinances, rules, regulations, standards, policies
and other applicable governmental directives or requirements, as well as common law, relating to protection of human health (as relating to exposure to Hazardous Substances) or the environment, relating to the manufacture, use, storage, handling or
Release of Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating to liability for or costs of actual or threatened danger to human health (as relating to exposure to
Hazardous Substances) or the environment. Environmental Law includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local counterparts thereto:
the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation
Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act (as relating to exposure to Hazardous Substances); 

  
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the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act. Environmental
Law also includes, but is not limited to, any applicable federal, state and local laws, statutes, ordinances, rules and regulations addressing similar issues, as well as common law: (a) conditioning transfer of property upon a negative
declaration or other approval of a Governmental Authority of the environmental condition of the Property; (b) requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to any
Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; (c) imposing conditions or requirements in connection with environmental permits or authorizations; (d) relating to
nuisance, trespass or other causes of action related to the presence or Release of Hazardous Substances in, on, under or at the Property; (e) relating to wrongful death or personal injury resulting from any presence of, Release of or exposure
to Hazardous Substances; or (f) relating to property or other damage in connection with the presence, Release of or use of Hazardous Substances at the Property. 

“Environmental Liens” shall have the meaning set forth in Section 5.1.19 hereof. 

“Environmental Report” shall mean that certain Environmental Site Assessment, dated as of February 7/8, 2017, prepared by EHS
Support. 
 “Equipment” shall have the meaning set forth in the Mortgage Loan Agreement. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” shall mean any trade or business (whether or not
incorporated) that, together with Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Mortgage Borrower or Guarantor, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” shall mean (a) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043(c) of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation (or any successor) (“PBGC”); (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 Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate in the circumstances described in Section 4062(e) of
ERISA; (e) the withdrawal by Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 430(e) of the Code or Section 303(k)(1)(A) and (B) of ERISA to the creation of a lien upon property or assets or rights to property or assets of Borrower,
Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate for failure to make a required payment to a Plan are satisfied; (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; (h) any 

  
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failure by any Plan to satisfy the minimum funding standards, within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA, whether or not waived; (i) the
determination that any Plan is or is expected to be in “at-risk” status, within the meaning of Section 430 of the Code or Section 303 of ERISA, (j) the receipt by Borrower, Mezzanine B
Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate of any notice concerning the imposition of liability with respect to the withdrawal or partial withdrawal from a Multiemployer Plan or a determination that a
Multiemployer Plan is, or is expected to be “insolvent” (within the meaning of Section 4245 of ERISA), or in “endangered” or “critical status” (within the meaning of Section 432 of the Code or Section 305
of ERISA) or terminated (within the meaning of Section 4041A of ERISA), (k) the existence with respect to any Plan of a non-exempt Prohibited Transaction, (l) the failure by Borrower, Mezzanine B
Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate to pay when due (after expiration of any applicable grace period) any installment payment with respect to withdrawal liability under Section 4201 of ERISA or
(m) with respect to any Foreign Plan, (1) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan,
(2) the failure to register or loss of good standing with applicable regulatory authorities of any such Foreign Plan required to be registered or (3) the failure of any Foreign Plan to comply with any material provisions of applicable law
and regulations or with the material terms of such Foreign Plan. 
 “EU Bail-in
Legislation Schedule” shall have the meaning set forth in Section 10.25 hereof. 
 “Event of
Default” shall have the meaning set forth in Section 8.1(a) hereof. 
 “Excess Cash
Flow” shall have the meaning set forth in the Cash Management Agreement. 
 “Excess Cash Flow Reserve Fund” shall
have the meaning set forth in the Mortgage Loan Agreement. 
 “Excluded Taxes” means any of the following Section 2.8
Taxes imposed on or with respect to Lender or Administrative Agent or required to be withheld or deducted from a payment to Lender or Administrative Agent, (a) Section 2.8 Taxes imposed on or measured by net income (however denominated),
franchise Section 2.8 Taxes, and branch profits Section 2.8 Taxes, in each case, (i) imposed as a result of Lender or Administrative Agent being organized under the laws of, or having its principal office or, in the case of any
Lender, its applicable lending office located in, the jurisdiction imposing such Section 2.8 Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of any Lender, U.S. federal withholding
Section 2.8 Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or
(ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.8 amounts with respect to such Section 2.8 Taxes were payable either to such Lender’s assignor or
participating Lender immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Section 2.8 Taxes attributable to such Lender’s failure to comply with
Section 2.8(e), and (d) any U.S. federal withholding Section 2.8 Taxes imposed under FATCA. 

  
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 “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date
of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant
to Section 1471(b)(1) of the Code (or any amended or successor version described above) or any fiscal or regulatory legislation, rules or practices adopted pursuant to, or in connection with, any intergovernmental agreement, treaty, convention
or other understanding among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“FF&E” shall have the meaning set forth in the Mortgage Loan Agreement 

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31
during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

“Fixtures” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Foreign Benefit Arrangement” shall mean any employee benefit arrangement mandated by
non-U.S. law that is maintained or contributed to by the Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Plan” shall mean each “employee benefit plan” (within the meaning of Section 3(3) of ERISA) that is
not subject to U.S. law and is maintained or contributed to by the Borrower, Mortgage Borrower or Guarantor. 
 “Forum Shops
Lease” shall mean that certain Second Amended and Restated Ground Lease by and between CPLV Tenant (as successor to Caesars Palace Realty LLC), as landlord, and Forum Shops LLC (as successor to Forum Developers Limited Partnership)
(“Forum Shops Lessee”), as tenant, dated as of February 7, 2003, as assigned pursuant to that certain Assignment and Assumption of Leasehold dated November 14, 2003, and amended by that certain First Amendment to Second
Amended and Restated Ground Lease dated as of September 8, 2015 and that certain Second Amendment to Second Amended and Restated Ground Lease dated as of April 14, 2016, as assigned pursuant to that certain Lease Assignment and Assumption,
dated as of the date hereof, from Caesars Palace Realty LLC to CPLV Tenant, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereunder. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 

  
 -13- 

 “Gaming Authorities” shall mean any of the Nevada Gaming Commission, the Nevada
Gaming Control Board, the Clark County Liquor and Gaming Licensing Board, and any other gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after the Closing Date have, jurisdiction
over the gaming activities at the Property or any successor to such authority or (b) is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws. 

“Gaming Equipment” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Gaming Laws” or “Gaming Regulations” shall mean the provisions of the Nevada Gaming Control Act, as amended
from time to time, all regulations of the Nevada Gaming Commission promulgated thereunder, as amended from time to time, the provisions of the Clark County Code applicable to the gaming activities at the Property as amended from time to time, and
all other rules, regulations, orders, ordinances, regulations and Legal Requirements of any Gaming Authority applicable to gaming activities at the Property. 

“Gaming License” shall mean any license, qualification, franchise, accreditation, approval, registration, permit, finding of
suitability or other authorization of a Gaming Authority relating to gaming, the gaming business, the ownership of Gaming Equipment, or the operation of a casino under the Gaming Laws or required by the Gaming Authorities, in each case, which are
necessary or appropriate for the ownership and/or operation of the casino gaming operations at the Property, including the lease of the Property to CPLV Tenant for the gaming activities at the Property and the Management Agreement or Replacement
Management Agreement, as applicable. 
 “Gaming License Default” shall have the meaning set forth in
Section 8.1(a)(xxiv) hereof. 
 “Gaming Proceeding Default” shall have the meaning set forth in
Section 8.1(a)(xxiv) hereof. 
 “Government Lists” means (1) any list or annex to
Presidential Executive Order 13224 issued on September 24, 2001 (“EO13224”), including any list of Persons who are determined to be subject to the provisions of EO13224 or any other similar prohibitions contained in the rules
and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive Orders in respect thereof, (2) the Specially Designated Nationals and Blocked Persons Lists maintained by Office of Foreign Assets Control
(“OFAC”), (3) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC, or (4) any similar lists maintained by the United States
Department of State, the United States Department of Commerce or any other Governmental Authority or pursuant to any Executive Order of the President of the United States of America. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever
for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence including, without limitation, all Gaming Authorities having jurisdiction over the Property (and any operations
conducted therein), the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral, CPLV Tenant, Mortgage Borrower, Mezzanine B Borrower, Mezzanine A Borrower, or Borrower. 

  
 -14- 

 “Grantor Trust” shall mean a grantor trust as defined in Subpart E,
Part I of Subchapter J of the Code, that holds the Debt or a portion thereof. 
 “Ground Lease” shall mean that
certain Second Amended and Restated Operating Lease, dated as of the date hereof between Mortgage Borrower and Ground Lessor, as the same may be amended, restated, replaced or otherwise modified from time to time, in accordance with the terms
hereunder. 
 “Ground Lessor” shall mean Caesars Octavius, LLC, a Delaware limited liability company. 

“Ground Rent” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Ground Rent Reserve Fund” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Guarantor” shall mean VICI Properties L.P., a Delaware limited partnership. 

“Guaranty” shall mean that certain Guaranty Agreement (Mezzanine C), dated as of the date hereof, executed and delivered by
Guarantor in connection with the Loan to Administrative Agent (for the benefit of the Lenders), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hazardous Substances” shall mean any and all substances (whether solid, liquid or gas) defined, listed, or otherwise
classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under applicable Environmental Laws, including but not limited to petroleum and
petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables, explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally occurring or otherwise), but
excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purpose of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Laws. 

“Hotel Components” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Improvements” shall have the meaning set forth in the granting clause of the Mortgage. 

“Indebtedness” of a Person, at a particular date, shall mean the sum (without duplication) at such date of (a) all
indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred equity); (b) obligations of such Person evidenced by bonds, debentures, notes, or
other similar instruments; (c) indebtedness of such Person for the deferred purchase price of property or services (including trade obligations); (d) obligations of such Person under letters of credit; (e) obligations of such Person
under acceptance facilities; (f) all guaranties, endorsements (other 

  
 -15- 

 
than for collection or deposit in the ordinary course of business) and other contingent obligations of such Person to purchase, to provide funds for payment, to supply funds, to invest in any
Person or entity, or otherwise to assure a creditor against loss; (g) obligations of such Person under PACE Loans and (h) obligations of such Person secured by any Liens, whether or not the obligations have been assumed (other than the
Permitted Encumbrances). 
 “Indemnified Liabilities” shall have the meaning set forth in
Section 10.13(b) hereof. 
 “Indemnified Parties” shall mean each Lender, Administrative Agent,
Collateral Agent, and each of their respective Related Parties as well as the respective successors and assigns of any and all of the foregoing (including, but not limited to, any successors by merger, consolidation or acquisition of all or a
substantial portion of Lender’s assets and business). 
 “Indemnified Taxes” means (a) Section 2.8 Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnifying Person” shall mean each of Borrower and Guarantor. 

“Independent Director” shall mean an individual who has prior experience as an independent director, independent manager or
independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities
Corporation or, if none of those companies is then providing professional Independent Directors, another nationally-recognized company reasonably approved by Administrative Agent, in each case that is not an Affiliate of Borrower and that provides
professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as Independent
Director be, any of the following: 
 (a) a member (other than a “special member” or “springing member”), partner,
equityholder, manager, director, officer or employee of Borrower or any of its equityholders or Affiliates, including Guarantor (other than serving as an Independent Director of Borrower or an Affiliate of Borrower that does not own a direct or
indirect ownership interest in Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director is employed by a company
that routinely provides professional Independent Directors or managers in the ordinary course of its business); 
 (b) a creditor, supplier
or service provider (including provider of professional services) to Borrower or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors and other corporate
services to Borrower or any of its Affiliates in the ordinary course of its business); 
 (c) a family member of any such member, partner,
equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 
 (d) a Person that controls (whether
directly, indirectly or otherwise) any of (a), (b) or (c) above. 

  
 -16- 

 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph
(a) by reason of being the Independent Director of a “special purpose entity” affiliated with Borrower that does not own a direct or indirect ownership interest in Borrower shall be qualified to serve as an Independent Director of the
Borrower, provided that the fees that such individual earns from serving as an Independent Director of affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income
for that year. For purposes of this paragraph, a “special purpose entity” is an entity, whose organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that
are substantially similar to those contained in the definition of Special Purpose Entity of this Agreement. 
 “Insolvency
Opinion” shall mean that certain non-consolidation opinion letter dated the date hereof delivered by Berger Harris LLP in connection with the Loan. 

“Insurance Premiums” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Insurance Proceeds” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Intellectual Property” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Intercreditor Agreement” means any intercreditor agreement among the Mezzanine Lenders, as mezzanine lenders, and Mortgage
Lender(s), as mortgage lender(s), and any amendments, modifications, exhibits and agreements related thereto. 
 “Interest
Rate” shall mean a rate of eight and seven hundredths percent (8.07%) per annum. 
 “IP Collateral” shall have the
meaning set forth in the Mortgage Loan Agreement. 
 “IP Licenses” shall have the meaning set forth in the Mortgage Loan
Agreement. 
 “IP Owner” shall mean CPLV Tenant, Caesars License Company, LLC or any other Person that owns any
Intellectual Property or is a party to any IP License which is used in or held for use in the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property. 

“IP Schedule” shall have the meaning provided in Section 4.1.44 hereof. 

“IP Security Agreement” shall mean that certain Intellectual Property Security Agreement made by Mortgage Borrower to
Mortgage Lender dated the date hereof as the same may be amended, restated, replaced or otherwise modified from time to time. 

“IRS” shall mean the United States Internal Revenue Service. 

  
 -17- 

 “Lease” shall mean any lease (other than the CPLV Lease and the Ground Lease),
sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect), including the Forum Shops Lease, pursuant to which any Person is granted a possessory interest in, or right to
use or occupy all or any portion of any space in the Property by or on behalf of Mortgage Borrower, CPLV Tenant or the lessee under the Forum Shops Lease and (a) every modification, amendment or other agreement relating to such lease, sublease,
subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and
observed by the other party thereto. 
 “Legal Requirements” shall mean, all federal, state, county, municipal and other
governmental statutes, laws, rules, policies, guidance, codes, orders, regulations, ordinances, covenants, conditions, restrictions, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part thereof, or the
construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto (including, without limitation, all Gaming Licenses
and Operating Permits), including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, the Mezzanine A Collateral or any part thereof, or the Collateral or any part
thereof, or (b) in any way limit the use and enjoyment thereof. For the avoidance of doubt, the term “Legal Requirements” shall include, and be deemed to include, all applicable Gaming Laws and Liquor Laws. 

“Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns. If
the beneficial owner of the Loan for U.S. federal income tax purposes is a REMIC or a Grantor Trust, Lender shall mean the REMIC or Grantor Trust, as applicable. 

“Letter of Credit” shall mean an irrevocable, unconditional, transferable, clean sight draft letter of credit reasonably
acceptable to Collateral Agent (either an evergreen letter of credit or one which does not expire until at least thirty (30) days after the Maturity Date or such earlier date as is thirty (30) days after such letter of credit is no longer
required pursuant to the terms of this Agreement) in favor of Collateral Agent (for the benefit of the Lender) and entitling Collateral Agent to draw thereon based solely on a statement executed by an officer of Collateral Agent stating that it has
the right to draw thereon under this Agreement in a location in the United States reasonably acceptable to Collateral Agent, issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution, and upon which
letter of credit Collateral Agent shall have the right to draw in full: (a) if Collateral Agent has not received at least thirty (30) days prior to the date on which the then outstanding letter of credit is scheduled to expire, a notice
from the issuing financial institution that it has renewed the applicable letter of credit; (b) thirty (30) days prior to the date of termination following receipt of notice from the issuing financial institution that the applicable letter
of credit will be terminated (unless a replacement Letter of Credit is delivered prior to such date in accordance with the terms hereunder); and (c) thirty (30) days after the Collateral Agent has given notice to Borrower that the
financial institution issuing the applicable letter of credit ceases to either be an Eligible Institution or meet the rating requirement set forth above (unless a replacement Letter of Credit 

  
 -18- 

 
is delivered prior to such date in accordance with the terms hereunder). Borrower shall not have or be permitted to have any liability or other obligations under any reimbursement agreement with
respect to any Letter of Credit or otherwise in connection with any reimbursement to the Eligible Institution for draws on such Letter of Credit. Any Letters of Credit delivered hereunder shall be treated as a contribution to Borrower accompanied by
the execution and delivery of a contribution agreement with the party to such Letter of Credit and a waiver of subrogation in respect of any claims against Borrower. 

“Lien” shall mean, any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien, pledge, hypothecation,
assignment, security interest, PACE Loan, or any other encumbrance, charge or transfer of, on or affecting Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, the Collateral (or any portion thereof or any interest therein), the
Mezzanine B Collateral (or any portion thereof or any interest therein), the Mezzanine A Collateral (or any portion thereof or any interest therein), the Property, any portion thereof or any interest therein, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens
and encumbrances. 
 “Liquidation Event” shall have the meaning set forth in Section 2.4.2(a)
hereof. 
 “Liquor Authority” shall mean any Governmental Authority, whether now or hereafter in existence, or any officer
or official thereof, but only to the extent that such Governmental Authority, or any officer or official thereof, possesses the authority to regulate the sale, distribution and possession of alcoholic beverages at the Property. 

“Liquor Laws” shall mean all applicable federal, state and local statutes, laws, rules and regulations pursuant to which
Liquor Authorities possess regulatory, licensing or permit authority over the sale, distribution and possession of alcoholic beverages. 

“Loan” shall mean the loan made by the Lenders to Borrower pursuant to this Agreement in the original principal amount of Two
Hundred Fifty Million Dollars ($250,000,000.00). 
 “Loan Documents” shall mean, collectively, this Agreement, the Pledge
Agreement, the Environmental Indemnity, the Guaranty, the Cash Management Agreement, and all other agreements, instruments and documents executed and/or delivered by Borrower and/or Guarantor to Administrative Agent or Collateral Agent (for the
benefit of any Lender) or to any Lender in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Lockbox Account” shall have the meaning set forth in Section 2.7.1 hereof. 

“Lockbox Agreement” shall mean that certain Clearing Account Agreement, dated as of the date hereof, among Mortgage Borrower,
Mortgage Lender, and Lockbox Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Lockbox Account. 

  
 -19- 

 “Lockbox Bank” shall mean the clearing bank which establishes, maintains and
holds the Lockbox Account, which shall be an Eligible Institution. 
 “Lockout Period” means the period from and including
the Closing Date through and including the Payment Date in October 2020. 
 “Management Agreement” shall mean that certain
Management and Lease Support Agreement (CPLV), dated as of the date hereof, entered into by and between Mortgage Borrower, Manager, CPLV Tenant and CPLV Lease Guarantor pursuant to which, among other things, Manager is to provide management and
other services with respect to the Property, or, if the context requires, a Replacement Management Agreement with a Qualified Manager entered into in accordance with the terms and provisions of this Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms hereunder (but for the avoidance of doubt, for purposes hereunder, the Management Agreement shall not include the CPLV Lease Guaranty). 

“Manager” shall mean CPLV Manager, LLC, or, if the context requires, a Qualified Manager who is managing the Property in
accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 
 “Mandatory
Conversion” shall have the meaning set forth in Section 2.5 hereof. 
 “Mandatory Conversion
Date” shall have the meaning set forth in Section 2.5 hereof. 
 “Market Capitalization”
means, with respect to any Person, an amount equal to (i) the total number of issued and outstanding shares of equity interests of such Person on the date of determination multiplied by (ii) the arithmetic mean of the closing sale price
per share of such equity interests as reported in composite transactions for the principal securities exchange on which such equity interests are traded for the thirty (30) consecutive trading days (excluding any such trading day in which a
material suspension or limitation was imposed on trading on such securities exchange) immediately preceding the date of determination. If such equity interests are not so traded, are not so reported or such Person’s Market Capitalization is
otherwise not readily observable, such Person’s “Market Capitalization” for purposes of this Agreement shall be its equity value based on a valuation by a valuation firm appointed under the Mortgage Loan Agreement, Mezzanine A Loan
Agreement or Mezzanine B Loan Agreement, or, in the event no such valuation firm is appointed, that is acceptable to Borrower, CPLV Tenant and Administrative Agent and that is not an Affiliate of either Borrower or CPLV Tenant. 

“Material Adverse Effect” shall mean any event or condition (which, taken together with any other existing events or
conditions at such time) that has a material adverse effect on (a) the use or operation of the Property as a hotel and casino, or value of the Property or the CPLV Lease, (b) the capacity of Borrower to own the Collateral, (c) the
ability of Borrower to repay the principal and interest of the Loan as it becomes due or to satisfy any of Borrower’s other material obligations under the Loan Documents, (d) the ability of Mezzanine B Borrower to repay the principal and
interest of the Mezzanine B Loan as it becomes due or to satisfy any of Mezzanine B Borrower’s other material obligations under the Mezzanine B Loan Documents, (e) the ability of Mezzanine A Borrower to repay the principal and interest of
the Mezzanine A Loan 

  
 -20- 

 
as it becomes due or to satisfy any of Mezzanine A Borrower’s other material obligations under the Mezzanine A Loan Documents, (f) the ability of Mortgage Borrower to repay the
principal and interest of the Mortgage Loan as it becomes due or to satisfy any of Mortgage Borrower’s other material obligations under the Mortgage Loan Documents, (g) the Guarantor’s ability to perform its obligations under the
Guaranty, any Mezzanine B Loan Document to which it is a party, any Mezzanine A Loan Document to which it is a party or any Mortgage Loan Document to which it is a party, (h) the enforceability or validity of any Loan Document, the perfection
or priority of any Lien created under any Loan Document or the rights, interests and remedies of Administrative Agent, Collateral Agent and/or any Lender under any Loan Document, (i) the enforceability or validity of any Mezzanine B Loan
Document, the perfection or priority of any Lien created under any Mezzanine B Loan Document or the rights, interests and remedies of Mezzanine B Administrative Agent, Mezzanine B Collateral Agent and/or any Mezzanine B Lender under any Mezzanine B
Loan Document, (j) the enforceability or validity of any Mezzanine A Loan Document, the perfection or priority of any Lien created under any Mezzanine A Loan Document or the rights, interests and remedies of Mezzanine A Administrative Agent,
Mezzanine A Collateral Agent and/or any Mezzanine A Lender under any Mezzanine A Loan Document, or (k) the enforceability or validity of any Mortgage Loan Document, the perfection or priority of any Lien created under any Mortgage Loan Document
or the rights, interests and remedies of Mortgage Lender under any Mortgage Loan Document. 
 “Material REOA” shall mean
each of (i) that certain Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration, dated as of February 7, 2002 and recorded as Document No. 1516 in Book 20031118 in the official records of Clark
County, Nevada, as amended by that certain Assignment and Assumption of Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants, dated as of November 14, 2003, that certain First Amendment to
Second Amended and Restated Parking Agreement and Grant of Reciprocal Easements and Declaration of Covenants, dated as of April 29, 2016 and recorded as Instrument No. 20160503-0002965 in the official records of Clark County, Nevada, and
that certain Second Amendment to Second Amended and Restated Parking Agreement Grant of Reciprocal Easements and Declaration of Covenants, dated as of the date hereof, and recorded in the official records of Clark County, Nevada on or about the date
hereof, (ii) that certain Declaration of Covenants, Restrictions and Easements, dated as of May 20, 2011, and recorded as Instrument No. 201105200002942 in the official records of Clark County, Nevada, as amended by that certain First
Amendment to the Declaration of Covenants, Restrictions and Easements, dated as of October 11, 2013 and recorded as Instrument No. 201310110002342 in the official records of Clark County, Nevada, and (iii) any other REOA where the
termination, loss or material modification of such REOA could reasonably be expected to result in a Material Adverse Effect. 

“Maturity Date” shall mean October 31, 2022, or such other date on which the final payment of principal of the Loan
becomes due and payable as herein provided, whether at such stated maturity date, by declaration of acceleration or otherwise, or such other date on which the final payment of principal of the Loan becomes due and payable as herein provided, whether
at such stated maturity date, by declaration of acceleration, or otherwise. 

  
 -21- 

 “Maximum Legal Rate” shall mean the maximum nonusurious interest rate, if any,
that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by this Agreement and as provided for herein or the other Loan Documents, under the laws of such state or states whose
laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Mezzanine A
Administrative Agent” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine A Borrower” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine A Collateral Agent” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine A Debt Service Payment Amount” shall mean, the “Monthly Debt Service Payment Amount”
as such term is defined in the Mezzanine A Loan Agreement. 
 “Mezzanine A Lender” shall have the
meaning set forth in the recitals to this Agreement. 
 “Mezzanine A Loan” shall have the meaning set
forth in the recitals to this Agreement. 
 “Mezzanine A Loan Agreement” shall have the meaning set
forth in the recitals to this Agreement. 
 “Mezzanine A Loan Debt” shall mean “Debt” as
defined in the Mezzanine A Loan Agreement. 
 “Mezzanine A Loan Default” shall mean an “Event
of Default” under the Mezzanine A Loan that is continuing beyond any applicable standstill period under Section 8.3 of the Mezzanine A Loan Agreement. 

“Mezzanine A Loan Documents” shall mean all documents evidencing the Mezzanine A Loan and all
documents executed and/or delivered by Mezzanine A Borrower and/or Guarantor to Mezzanine A Administrative Agent, Mezzanine A Collateral Agent and/or Mezzanine A Lender, as applicable, in connection therewith, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Mezzanine A Mandatory Prepayment Amount” shall mean the
“Mezzanine A Mandatory Prepayment Amount” as such term is defined in the Mezzanine A Loan Agreement. 

“Mezzanine A Pledge Agreement” shall mean the “Pledge Agreement” as defined in the
Mezzanine A Loan Agreement. 
 “Mezzanine A Principal” shall mean the “Principal” as defined in the
Mezzanine A Loan Agreement. 
 “Mezzanine A Reserve Funds” shall mean the “Reserve Funds” as defined in the
Mezzanine A Loan Agreement. 

  
 -22- 

 “Mezzanine Administrative Agents” shall mean, collectively, the Administrative
Agent, Mezzanine A Administrative Agent and Mezzanine B Administrative Agent, together with their respective successors and assigns. 

“Mezzanine B Administrative Agent” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine B Borrower” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine B Borrower Company Agreement” shall mean, that certain Amended and Restated Limited Liability Company Agreement of
Mezzanine B Borrower, dated as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms of this Agreement. 

“Mezzanine B Collateral Agent” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine B Debt Service Payment Amount” shall mean, the “Monthly Debt Service Payment Amount” as such term is
defined in the Mezzanine B Loan Agreement. 
 “Mezzanine B Lender” shall have the meaning set forth in the recitals to this
Agreement. 
 “Mezzanine B Loan” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine B Loan Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Mezzanine B Loan Debt” shall mean “Debt” as defined in the Mezzanine B Loan Agreement. 

“Mezzanine B Loan Default” shall mean an “Event of Default” under the Mezzanine B Loan that is continuing beyond
any applicable standstill period under Section 8.3 of the Mezzanine B Loan Agreement. 
 “Mezzanine B Loan Documents”
shall mean all documents evidencing the Mezzanine B Loan and all documents executed and/or delivered by Mezzanine B Borrower and/or Guarantor to Mezzanine B Administrative Agent, Mezzanine B Collateral Agent and/or Mezzanine B Lender, as applicable,
in connection therewith, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine B Mandatory Prepayment Amount” shall mean the “Mezzanine B Mandatory Prepayment Amount” as such term is
defined in the Mezzanine B Loan Agreement. 
 “Mezzanine B Pledge Agreement” shall mean the “Pledge Agreement” as
defined in the Mezzanine B Loan Agreement. 

  
 -23- 

 “Mezzanine B Principal” shall mean the “Principal” as defined in the
Mezzanine B Loan Agreement. 
 “Mezzanine B Reserve Funds” shall mean the “Reserve Funds” as defined in the
Mezzanine B Loan Agreement. 
 “Mezzanine B Mandatory Prepayment Amount” shall mean the “Mezzanine B Mandatory
Prepayment Amount” as such term is defined in the Mezzanine B Loan Agreement. 
 “Mezzanine Borrower” shall mean,
collectively, Borrower, Mezzanine A Borrower and Mezzanine B Borrower, together with their respective successors and permitted assigns. 

“Mezzanine C Mandatory Prepayment Amount” shall have the meaning set forth in Section 2.4.2(a)
hereof. 
 “Mezzanine Collateral” shall mean, collectively, the Collateral and the “Collateral” as defined in
each of the other Mezzanine Loan Agreements. 
 “Mezzanine Collateral Agents” shall mean, collectively, the Collateral
Agent, Mezzanine A Collateral Agent and Mezzanine B Collateral Agent, together with their respective successors and assigns. 

“Mezzanine Debt Service Amount” shall mean, collectively, the Monthly Debt Service Payment Amount, the Mezzanine A Debt
Service Payment Amount and the Mezzanine B Debt Service Payment Amount. 
 “Mezzanine Lenders” shall mean, collectively,
the Lenders, Mezzanine A Lender and Mezzanine B Lender, together with their respective successors and assigns. 
 “Mezzanine
Loan Agreements” shall mean, collectively, this Agreement, the Mezzanine A Loan Agreement and the Mezzanine B Loan Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine Loan Documents” shall mean, collectively, the Loan Documents, the Mezzanine A Loan Documents and the
Mezzanine B Loan Documents, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mezzanine Loans” shall mean, collectively, the Loan, the Mezzanine A Loan and the Mezzanine B Loan, to the extent each
of the same has not been repaid or satisfied, in full. 
 “Mezzanine Mandatory Prepayment Amount” shall mean, collectively,
the Mezzanine A Mandatory Prepayment Amount, the Mezzanine B Mandatory Prepayment Amount, and the Mezzanine B Mandatory Prepayment Amount. 

“Minimum Facilities Threshold” shall mean (i) not less than 2,500 rooms, 100,000 square feet of casino floor containing
no less than 1,300 slot machines and 100 gaming tables, (ii) revenue of no less than $75,000,000 per year is derived from high limit VVIP and international gaming customers, (iii) extensive operated food and beverage outlets, and
(iv) at least 1 large entertainment venue, provided, that clause (ii) of this definition may be satisfied if the manager has managed a property that satisfies the requirements of such clause (ii) within the immediately
preceding two (2) years. 

  
 -24- 

 “Monthly Debt Service Payment Amount” shall mean, on each Payment Date, the
amount of interest which accrues on the Loan for the immediately preceding Accrual Period. 
 “Moody’s” shall mean
Moody’s Investors Service, Inc. 
 “Morningstar” shall mean Morningstar Credit Ratings, LLC, or any of its successors
in interest, assigns, and/or changed entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. 

“Mortgage” shall have the meaning set forth in the recitals to this Agreement. 

“Mortgage Borrower” shall have the meaning set forth in the recitals to this Agreement, together its successors and assigns.

 “Mortgage Collateral” shall mean the “Collateral” as defined in the Mortgage Loan Agreement. 

“Mortgage Debt Service” shall mean, “Debt Service” as defined in the Mortgage Loan Agreement. 

“Mortgage Debt Service Amount” shall mean, “Monthly Debt Service Payment Amount” as defined in the Mortgage Loan
Agreement. 
 “Mortgage Lender” shall have the meaning set forth in the recitals to this Agreement, together with its
successors and assigns. 
 “Mortgage Loan” shall have the meaning set forth in the recitals to this Agreement. 

“Mortgage Loan Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Mortgage Loan Debt” shall mean the “Debt”, as defined in the Mortgage Loan Agreement. 

“Mortgage Loan Default” shall mean an “Event of Default” under and as defined in the Mortgage Loan Agreement that
is continuing beyond any applicable standstill period under Section 8.3 of the Mortgage Loan Agreement. 
 “Mortgage Loan
Documents” shall mean, collectively, the “Loan Documents” as defined in the Mortgage Loan Agreement. 
 “Mortgage
Note” shall have the meaning set forth in the recitals to this Agreement. 
 “Mortgage Principal” shall mean the
“Principal” as defined in the Mortgage Loan Agreement. 

  
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 “Mortgage Reserve Funds” shall mean the “Reserve Funds” as defined in
the Mortgage Loan Agreement. 
 “Multiemployer Plan” shall mean a multiemployer plan, as defined in Section 3(37) or
Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower, Mortgage Borrower or Guarantor could have any obligation or liability, contingent or otherwise, including any liability on account of any ERISA Affiliate. 

“Multiple Employer Plan” shall mean a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is
maintained for employees of the Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate and at least one Person other than the Borrower, Mezzanine A Borrower, Guarantor and the ERISA Affiliates, or (b) was so
maintained, and in respect of which the Borrower or Guarantor could have liability under Sections 4062-4069 of ERISA in the event such plan has been or were to be terminated including any liability on account of an ERISA Affiliate. 

“Net Liquidation Proceeds After Debt Service” shall mean, with respect to any Liquidation Event, all amounts actually paid to
or received by or on behalf of Mortgage Borrower, Mezzanine A Borrower or Borrower in connection with such Liquidation Event (and not paid to Mortgage Lender in accordance with the Mortgage Loan Documents, Mezzanine A Administrative Agent in
accordance with the Mezzanine A Loan Documents or Mezzanine B Administrative Agent in accordance with the Mezzanine B Loan Documents), less (a) all reasonable costs incurred by Administrative Agent, Collateral Agent, Lenders, Mezzanine B
Administrative Agent, Mezzanine B Collateral Agent, Mezzanine B Lender, Mezzanine A Administrative Agent, Mezzanine A Collateral Agent, Mezzanine A Lender and/or Mortgage Lender in connection with the collection, recovery and/or settlement thereof,
(b) the costs incurred by Mortgage Borrower in connection with the repair of any unsafe condition and the restoration of all or any portion of the Property made in accordance with the Mortgage Loan Documents, (c) amounts required or
permitted to be deducted therefrom and amounts paid to Mortgage Lender pursuant to the Mortgage Loan Documents, (d) amounts required or permitted to be deducted therefrom and amounts paid to Mezzanine A Administrative Agent pursuant to the
Mezzanine A Loan Documents, (e) amounts required or permitted to be deducted therefrom and amounts paid to Mezzanine B Administrative Agent pursuant to the Mezzanine B Loan Documents, (f) in the case of a foreclosure sale, disposition or
Transfer of the Property in connection with realization thereon pursuant to the Mortgage Loan Documents following and during the continuance of a Mortgage Loan Default, such reasonable and customary costs and expenses of sale or other disposition
(including reasonable attorneys’ fees and brokerage commissions), (g) in the case of a foreclosure sale, such costs and expenses incurred by Mortgage Lender and/or any servicer under the Mortgage Loan Documents as Mortgage Lender shall be
entitled to receive reimbursement for under the terms of the Mortgage Loan Documents, (h) in the case of a foreclosure sale, disposition or Transfer of any Mezzanine A Collateral in connection with realization thereon following a Mezzanine A
Loan Default, such reasonable and customary costs and expenses of sale or other disposition (including attorneys’ fees and brokerage commissions), (i) in the case of a foreclosure sale, disposition or Transfer of any Mezzanine A Collateral in
connection with realization thereon following a Mezzanine A Loan Default, such costs and expenses incurred by Mezzanine A Lender, Mezzanine A Collateral Agent and/or Mezzanine A Administrative Agent under the Mezzanine A Loan Documents as

  
 -26- 

 
Mezzanine A Lender, Mezzanine A Collateral Agent and/or Mezzanine A Administrative Agent shall be entitled to receive reimbursement for under the terms of the Mezzanine A Loan Documents,
(j) in the case of a foreclosure sale, disposition or Transfer of any Mezzanine B Collateral in connection with realization thereon following a Mezzanine B Loan Default, such reasonable and customary costs and expenses of sale or other
disposition (including attorneys’ fees and brokerage commissions), (k) in the case of a foreclosure sale, disposition or Transfer of any Mezzanine B Collateral in connection with realization thereon following a Mezzanine B Loan Default, such
costs and expenses incurred by Mezzanine B Lender, Mezzanine B Collateral Agent and/or Mezzanine B Administrative Agent under the Mezzanine B Loan Documents as Mezzanine B Lender, Mezzanine B Collateral Agent and/or Mezzanine B Administrative Agent
shall be entitled to receive reimbursement for under the terms of the Mezzanine B Loan Documents, and (l) in the case of a refinancing of the Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan, such costs and expenses (including
attorneys’ fees) of such refinancing as shall be reasonably approved by Administrative Agent. 
 “New Hotel Tower”
shall have the meaning set forth in the Mortgage Loan Agreement. 
 “O&M Program” shall have the meaning set forth in
Section 5.1.19 hereof. 
 “Obligations” shall mean Borrower’s obligation to pay the Debt and
perform its obligations under this Agreement and the other Loan Documents. 
 “OFAC Searches” shall mean searches which
confirm that any Person is not listed as a designated Person on any lists maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or is not otherwise the subject of any economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by the U.S. Government or by other applicable sanctions authority. 

“Officer’s Certificate” shall mean a certificate delivered to Administrative Agent by Borrower which is signed by an
authorized officer of Borrower or the general partner, managing member or sole member of Borrower, as applicable and executed and delivered in their capacity as such authorized officer. 

“Operating Permits” shall have the meaning set forth in Section 4.1.41 hereof. 

“Other Charges” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Other Connection Taxes” means Section 2.8 Taxes imposed as a result of a present or former connection between Lender
and the jurisdiction imposing such Section 2.8 Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Loan or any Loan Document). 

“Other Obligations” shall have the meaning as set forth in the Mortgage. 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar
Section 2.8 Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document,
except any such Section 2.8 Taxes that are Other Connection Taxes imposed with respect to an assignment. 

  
 -27- 

 “PACE Loan” shall mean (x) any “Property-Assessed Clean Energy
loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy
sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property. 

“Participant Register” shall have the meaning set forth in Section 9.1.1(f) hereof. 

“Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several
states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under
(A) the criminal laws against terrorism, (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the USA Patriot
Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

“Payment Date” shall mean the tenth (10th) day of each calendar month during the term of the Loan, or if such date is not a
Business Day, the immediately preceding Business Day. 
 “PBGC” shall have the meaning assigned to that term in the
definition of ERISA Event. 
 “Permitted Encumbrances” shall mean, collectively, (a) in the case of the
Collateral, (i) the Liens and security interests created by the Loan Documents, and (ii) Liens, if any, for Taxes and Other Charges imposed by any Governmental Authority not yet due or delinquent or that are being contested in good faith
and by appropriate proceedings in accordance with this Agreement and the other Loan Documents, (b) in the case of the Mezzanine A Collateral, (i) the Liens and security interests created by the Mezzanine A Loan Documents, and
(ii) Liens, if any, for Taxes and Other Charges imposed by any Governmental Authority not yet due or delinquent or that are being contested in good faith and by appropriate proceedings in accordance with the Mezzanine A Loan Documents,
(c) in the case of the Mezzanine B Collateral, (i) the Liens and security interests created by the Mezzanine B Loan Documents, and (ii) Liens, if any, for Taxes and Other Charges imposed by any Governmental Authority not yet due or
delinquent or that are being contested in good faith and by appropriate proceedings in accordance with the Mezzanine B Loan Documents, and (d) in the case of the Property, (i) all Liens, encumbrances and other matters disclosed in the
Title Insurance Policy, (ii) Liens, if any, for Taxes and Other Charges imposed by any Governmental Authority not yet due or delinquent or that are being contested in good faith and by appropriate proceedings in accordance with this Agreement
and the other Loan Documents, (iii) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances
recorded against the Property from time to time that do not have a Material Adverse Effect, (iv) the Liens and security interests created by the Mortgage Loan Documents, (v) with respect to CPLV Tenant’s leasehold interest in the
Property and its personal property, any liens and security interests created in connection with any financing or loan to CPLV Tenant 

  
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or its Affiliates in accordance with the terms and conditions of the CPLV Lease and, as applicable, the terms hereunder, (vi) any worker’s, mechanic’s or other similar Liens on the
Property that do not have a Material Adverse Effect, provided, that any such Lien is bonded over or insured or discharged within sixty (60) days of their filing or are being contested in accordance with the Loan Documents (or which are
being contested by CPLV Tenant in accordance with the CPLV Lease and the CPLV Lease SNDA), (vii) Liens relating to customary purchase money security interests of sellers of goods that satisfy the conditions set forth in the definition of
Permitted Indebtedness in the Mortgage Loan Agreement, (viii) Liens securing Permitted Equipment Leases, (ix) Leases with Tenants, without any option to purchase, in effect on the date of this Agreement or otherwise entered into in
accordance with this Agreement and (x) such other title and survey exceptions as Administrative Agent has approved or may approve in writing in Administrative Agent’s sole and reasonable discretion, which Permitted Encumbrances in the
aggregate do not materially adversely affect the value or use of the Property, the Collateral, the Mezzanine A Collateral, the Mezzanine B Collateral, Mortgage Borrower’s ability to repay the Mortgage Loan, Mezzanine A Borrower’s ability
to repay the Mezzanine A Loan, Mezzanine B Borrower’s ability to repay the Mezzanine B Loan, or Borrower’s ability to repay the Loan. 

“Permitted Equipment Leases” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Permitted Equipment Transfer” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Permitted Indebtedness” shall have the meaning assigned to that term in clause (xxiii) of the definition of
“Single Purpose Entity.” 
 “Permitted Investments” shall have the meaning set forth in the Mortgage Loan
Agreement. 
 “Permitted Transfer” shall mean any of the following: (a) any transfer, directly as a result of the
death of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result
of the legal incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c) Permitted
Encumbrances, (d) with respect to Mortgage Borrower, Permitted Indebtedness (as defined in the Mortgage Loan Agreement), (e) any Transfer permitted pursuant to Section 5.2.10(d) hereof without the consent of
Administrative Agent, and (f) any Permitted Equipment Transfer. 
 “Person” shall mean any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of
any of the foregoing. 

  
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 “Personal Property” shall have the meaning set forth in the granting clause of
the Mortgage. 
 “Plan” shall mean a Single Employer Plan, a Multiple Employer Plan or a Multiemployer Plan. 

“Plan Asset Regulations” shall have the meaning set forth in Section 5.2.9(b)(i) hereof. 

“Plan Assets” shall mean “plan assets” as defined in the Plan Asset Regulations. 

“Pledge” shall mean a voluntary or involuntary pledge, grant of security interest or collateral assignment of a legal or
beneficial interest, whether direct or indirect. 
 “Policies” shall have the meaning set forth in the Mortgage Loan
Agreement. 
 “Policy” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Prepayment Premium” shall mean (a) for any prepayment made during the period from and after the Lockout Period through
and including the Payment Date in November 2021 (the “Fourth Anniversary”), an amount equal to four percent (4%) of the outstanding principal balance of the Loan to be prepaid, and (b) for any prepayment made during the period
from and after the Fourth Anniversary through the Maturity Date, an amount equal to two percent (2%) of the outstanding principal balance of the Loan to be prepaid. 

“Principal” shall mean the Special Purpose Entity that is the general partner of Borrower, if Borrower is a limited
partnership, or managing member of Borrower, if Borrower is a limited liability company other than a single-member Delaware limited liability company. For the avoidance of doubt, as of the Closing Date there is no Principal. 

“Priority Waterfall Payments” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Priority Waterfall Cessation Event” shall mean (a) the occurrence of any Event of Default (other than a CPLV Lease
Default) or (b) the expiration of the applicable cure period for any CPLV Lease Default in accordance with Section 8.3. 

“Prohibited Transaction” has the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the
Code. 
 “Property” shall mean the parcel of real property, the Improvements thereon and all personal property owned by
Mortgage Borrower (or leased pursuant to a Ground Lease) and encumbered by the Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clauses of the Mortgage and referred to
therein as the “Property”. 
 “Provided Information” shall mean any and all financial and other information
provided to Administrative Agent at any time prepared by, or at the direction of, Mortgage Borrower, Borrower, any other Mezzanine Borrower, or Guarantor with respect to the Collateral, any other 

  
 -30- 

 
Mezzanine Collateral, the Property, any other Mortgage Collateral, Mortgage Borrower, Borrower, any other Mezzanine Borrower, Guarantor, CPLV Lease Documents, CPLV Tenant, CPLV Lease Guarantor
and/or Manager. For the avoidance of doubt, any information in the environmental reports, appraisals and property conditions reports that were commissioned by Mortgage Lender or any Lender (other than any information in such reports or appraisals
that was provided to Mortgage Lender or any Lender by or on behalf of the Borrower) shall not constitute Provided Information. 

“Public Vehicle” shall mean a Person (i) whose securities are listed and traded on the New York Stock Exchange or
NASDAQ, AMEX, the Frankfurt Stock Exchange, the London Stock Exchange, Euronext or Luxembourg Stock Exchange and shall include a majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or
substantially all of its business or (ii) for whom voting equity securities representing sufficient voting power to elect a majority of such Person’s directors are registered with the Securities and Exchange Commission pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended. 
 “Qualified CPLV Replacement Guarantor” means any
Person that satisfies the following requirements: 
 (a) such Person shall Control or be under common Control with the
Qualified CPLV Tenant Transferee; 
 (b) such Person shall be solvent and have a Market Capitalization (exclusive of the
Property) in an amount of not less than $4,000,000,000; 
 (c) such Person (i) in the case of a Person with a Market
Capitalization of less than $8,000,000,000, has a Total Leverage Ratio of less than or equal to 6.25:1.00 and a Total Net Leverage Ratio of less than or equal to 5.25:1.00, in each case, immediately before giving effect to the Transfer or
(ii) in the case of a Person with a Market Capitalization greater than or equal to $8,000,000,000.00, has a Total Leverage Ratio of less than or equal to 7.25:1.00 and a Total Net Leverage Ratio of less than or equal to 6.25:1.00, in each case,
immediately before giving effect to the Transfer; and 
 (d) such Person and its equity holders shall satisfy and comply with
all customary “know your customer” requirements of Administrative Agent and Lenders. 
 “Qualified CPLV Tenant
Transferee” means any Person that satisfies the following requirements: 
 (a) such transferee: 

(1) has, collectively with the Qualified CPLV Replacement Guarantor, a Market Capitalization (exclusive of the Property) in an
amount of no less than $4,000,000,000; 
 (2) has or is Controlled by a Person that has demonstrated expertise in owning or
operating real estate or gaming properties; and 

  
 -31- 

 (3) (x) shall Control CPLV Tenant and (y) shall Control, be Controlled by or
be under common Control with Qualified CPLV Replacement Guarantor; 
 (b) the transferee and any other Affiliates to the
extent required under applicable law are licensed, registered and/or otherwise found suitable by applicable Gaming Authorities and hold all required Gaming Licenses to operate the Property as a casino resort property in accordance with the terms of
this Agreement and the Mortgage Loan Agreement; 
 (c) the transferee has not been the subject of a material governmental or
regulatory investigation which resulted in a conviction for criminal activity involving moral turpitude or that has not been found liable pursuant to a non-appealable judgment in a civil proceeding for
attempting to hinder, delay or defraud creditors; 
 (d) the transferee has never been convicted of, or pled guilty or no
contest to, a Patriot Act Offense and is not on any Government List; 
 (e) the transferee has not been the subject of a
voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding during the prior five (5) years from such date of determination; 

(f) the transferee is not and, is not Controlled by, an Embargoed Person or a person that has been found
“unsuitable,” for any reason, by any applicable Gaming Authority; and 
 (g) the transferee and its equity holders
shall satisfy and comply with all customary “know your customer” requirements of Administrative Agent and Lenders. 

“Qualified Manager” shall mean either (a) Manager or (b) a Qualified Replacement Manager. 

“Qualified Replacement Manager” shall mean either (a) an organization which manages (or is under the Control of or
common Control of an Affiliate that manages) a casino resort property (other than the Property) that (i) satisfies the Minimum Facilities Threshold, (ii) has gross revenues of not less than $750,000,000 per year for each of the preceding
three (3) years as of the date of determination, and (iii) on the date of determination, is at least of comparable standard of quality as the Property (by way of example only, and without limitation, as of the Closing Date, each of the
following casino resort properties satisfies the requirements of clause (iii) of the foregoing sentence: Bellagio, Aria, Venetian (Las Vegas), Palazzo, Wynn (Las Vegas), Encore, City of Dreams (Macau), Galaxy Macau, Sands Cotai, Venetian Macau,
MGM Grand Macau, Wynn Macau, and Marina Bay Sands (Singapore)), or (b) any management company set forth on Schedule 1.1 hereof or (c) any other management company approved by Administrative Agent, in its
reasonable discretion, provided, in each case, if such Person is an Affiliate of Mortgage Borrower or Borrower, if required by Administrative Agent, Borrower shall have obtained an Additional Insolvency Opinion. At the time of appointment,
such organization (1) shall not be subject to any Bankruptcy Action, (2) shall have never been convicted of, or pled guilty or no contest to, a Patriot Act Offense and shall not be listed in any Government List, (3) shall not be, and
shall not be Controlled by, an Embargoed Person or a 

  
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Person that has been found “unsuitable,” for any reason, by any applicable Gaming Authority, (4) shall have not been the subject of a material governmental or regulatory
investigation which resulted in a conviction for criminal activity involving moral turpitude, (5) shall have not been found liable pursuant to a non-appealable judgment in a civil proceeding for
attempting to hinder, delay or defraud creditors, and (6) shall have all required licenses and approvals required under applicable law, including all Gaming Licenses for itself, its officers, directors and Affiliates required to manage and
operate the Property in accordance with the terms hereunder and the Replacement Management Agreement (if any). 
 “Ratable
Share”, “Ratable” or “ratably” shall mean, with respect to any Lender, its share of the Loan based on the proportion of the outstanding principal balance advanced or held by such Lender to the total
outstanding principal amount of the Loan. The Ratable Share of each Lender on the date of this Agreement after giving effect to the funding of the Loan on the Closing Date is set forth on Schedule IV attached hereto and made a part hereof.

 “Rating Agencies” shall mean each of S&P, Moody’s, Fitch and Morningstar or any other nationally recognized
statistical rating agency, which has assigned a rating to the Securities. 
 “Rating Agency Confirmation” shall have the
meaning set forth in the Mortgage Loan Agreement. 
 “Register” shall have the meaning set forth in
Section 9.1.1(e) hereof. 
 “REIT” shall mean VICI Properties Inc., a Maryland corporation, or
any successor thereto by merger or otherwise by operation of law. 
 “REIT Articles” shall mean the charter of the REIT, of
which the terms of the Series A preferred stock comprise a part. 
 “Related Parties” means, with respect to any Person,
such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, representatives and advisors of such Person and of such Person’s Affiliates. 

“Release” of any Hazardous Substance shall mean any release, deposit, discharge, emission, leaking, spilling, seeping,
migrating, injecting, pumping, pouring, emptying, escaping, dumping or disposing or other movement of Hazardous Substances into or through the environment. 

“Remediation” shall mean any response, remedial, removal, or corrective action with respect to any Hazardous Substance, any
activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to correct any noncompliance with any Environmental
Laws or with any permits issued pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

  
 -33- 

 “REMIC Trust” shall mean a “real estate mortgage investment conduit”
within the meaning of Section 860D of the Code that holds the Debt or a portion thereof. 
 “Rents” shall have the
meaning set forth in the Mortgage Loan Agreement. 
 “REOA” shall have the meaning set forth in the Mortgage Loan
Agreement. 
 “Replacement Cash Management Account” shall have the meaning set forth in Section 2.7.5 hereof.

 “Replacement Cash Management Agreement” shall have the meaning set forth in Section 2.7.5 hereof. 

“Replacement Management Agreement” shall mean, collectively, (a) a management agreement with a Qualified Manager, which
management agreement shall be (i) if Qualified Replacement Manager is an Affiliate of the Qualified CPLV Replacement Guarantor, in substantially the same form and substance as the Management Agreement as of the date hereof or in form and
substance reasonably acceptable to Administrative Agent, or (ii) if Qualified Manager is not an Affiliate of the Qualified CPLV Replacement Guarantor, reasonably acceptable to Administrative Agent in form and substance, and (b) a
transition services agreement with such Qualified Manager, in form and substance reasonably acceptable to Administrative Agent (or if the Qualified Replacement Manager is an Affiliate of the Qualified Replacement Guarantor, a transition services
agreement in substantially the same form and substance as the Transition Services Agreement or otherwise in form and substance reasonably acceptable to Administrative Agent). 

“Replacement Reserve Fund” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Required Repairs” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Reserve Funds” shall mean any escrow fund established by the Loan Documents. 

“Restoration” shall mean the repair and restoration of the Property (or the applicable portion thereof, as applicable) after
(i) a Casualty to substantially the same condition as existed immediately before such Casualty, and (ii) a Condemnation, as nearly as possible to the condition as the Property existing immediately prior to such Condemnation (subject to
Legal Requirements and taking into account the taken portion of the Property), in each case, with such other alterations as are approved by Mortgage Lender (or following the repayment of the Mortgage Loan in full, as may be reasonably approved by
Mezzanine A Administrative Agent, or following the repayment of the Mezzanine A Loan in full, as may be reasonably approved by Mezzanine B Administrative Agent, or following the repayment of the Mezzanine B Loan in full, as may be reasonably
approved by Administrative Agent). 
 “Restricted Party” shall mean collectively, (a) Mortgage Borrower, Mezzanine
Borrower, Guarantor, any direct or indirect legal or beneficial owner of Borrower that is a direct or indirect subsidiary of the REIT and (b) any shareholder, partner, member, non-member manager, any
direct or indirect legal or beneficial owner of, Mortgage Borrower, Mezzanine 

  
 -34- 

 
Borrower, Guarantor, any Affiliated Manager or any non-member manager but, with respect to clause (b), excluding (x) any shareholder or owner of
any direct or indirect legal or beneficial interest in the REIT, (y) any shareholders or owners of stock or equity interests in a Public Vehicle or that are otherwise publicly traded on any nationally or internationally recognized stock
exchange or (z) any Public Vehicle. 
 “S&P” shall mean Standard & Poor’s Ratings Services. 

“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of
option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 
 “Satisfactory Search
Results” shall mean the results of credit history check, litigation, lien, bankruptcy, judgment and other similar searches with respect to the applicable transferee and its applicable Affiliates, in each case, (i) revealing no matters
which would have a Material Adverse Effect; and (ii) demonstrating that any transferee is not an Embargoed Person. 

“Section 2.8 Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Severed Loan Documents” shall have the meaning set forth in Section 8.2(c) hereof. 

“Single Employer Plan” shall mean a single employer plan, as defined in Section 3(41) or Section 4001(a)(15) of
ERISA, as applicable, that (a) is maintained for employees of the Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any ERISA Affiliate and no Person other than the Borrower, Mezzanine B Borrower, Mezzanine A
Borrower, Mortgage Borrower, Guarantor and the ERISA Affiliates, or (b) was so maintained, and in respect of which the Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, the Guarantor or any ERISA Affiliate could have
liability under Sections 4062-4069 of ERISA in the event such plan has been or were to be terminated. 
 “Special Purpose
Entity” shall mean a limited partnership or limited liability company that, since the date of its formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements
unless it has received either prior consent to do otherwise from Administrative Agent and an Additional Insolvency Opinion, in each case: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring and owning, holding,
selling, transferring, exchanging and managing its equity interest in the Mezzanine B Borrower, entering into and performing its obligations under the Loan Documents with Administrative Agent, Collateral Agent and/or Lenders, refinancing the
Collateral in connection with a permitted repayment of the Loan, acting as the sole member of Mezzanine B Borrower, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (B) in the case of a
Principal, acting as a general partner of the limited partnership that owns the Collateral or as member of the limited liability company that owns the Collateral and in each case transacting lawful business that is incident, necessary and
appropriate to accomplish the foregoing; 

  
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 (ii) has not engaged and shall not engage in any business unrelated to the
activities set forth in clause (i) of this definition; 
 (iii) has not owned and shall not own any property other than
its ownership interest in the Mezzanine B Borrower; 
 (iv) does not have and shall not have any assets other than
(A) in the case of Borrower, the Collateral or (B) in the case of a Principal, its partnership interest in the limited partnership or the membership interest in the limited liability company that owns the Collateral and personal property
necessary or incidental to its ownership of such interests; 
 (v) has not engaged in, sought, consented to or permitted and
shall not engage in, seek, consent to or permit (A) any dissolution, winding up, liquidation, consolidation or merger or (B) any sale or other transfer of all or substantially all of its assets or any sale of assets outside the ordinary
course of its business, except as permitted by the Loan Documents; 
 (vi) shall not cause, consent to or permit any
amendment of its limited partnership agreement, articles of organization, certificate of formation, operating agreement or other formation document or organizational document (as applicable) with respect to the matters set forth in this definition;

 (vii) if such entity is a limited partnership, has and shall have at least one general partner and has and shall have, as
its only general partners, Special Purpose Entities each of which (A) is a corporation or single-member Delaware limited liability company, (B) has two (2) Independent Directors, and (C) holds a direct interest as general partner
in the limited partnership of not less than 0.5%; 
 (viii) reserved; 

(ix) if such entity is a limited liability company (other than a limited liability company meeting all of the requirements
applicable to a single-member limited liability company set forth in this definition of “Special Purpose Entity”), has and shall have at least one (1) member that is a Special Purpose Entity, that is a single-member limited liability
company, that has at least two (2) Independent Directors and that directly owns at least one-half-of-one percent (0.5%) of
the equity of the limited liability company; 
 (x) if such entity is a single-member limited liability company, (A) is
and shall be a Delaware limited liability company, (B) has and shall have at least two (2) Independent Directors serving as managers of such company, (C) shall not take any Bankruptcy Action and shall not cause or permit the members
or managers of such entity to take any Bankruptcy Action, unless two (2) Independent Directors then serving as 

  
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managers of the company shall have participated consented in writing to such action, and (D) has and shall have either (1) a member which owns no economic interest in the company, has
signed the company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity that is not a member of the company, that has signed its limited
liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company; 

(xi) has not and shall not (and, if such entity is (a) a limited liability company, has and shall have a limited liability
agreement or an operating agreement, as applicable, or (b) a limited partnership, has a limited partnership agreement, that, in each case, provide that such entity shall not) (1) dissolve, merge, liquidate, consolidate; (2) sell all
or substantially all of its assets; (3) amend its organizational documents with respect to the matters set forth in this definition without the consent of Administrative Agent; or (4) without the affirmative vote of two
(2) Independent Directors of itself or the consent of a Principal that is a member or general partner in it, take any Bankruptcy Action; 

(xii) shall at all times intend to remain solvent and intend to pay its debts and liabilities (including, a fairly-allocated
portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due, and shall 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; provided, however, that the foregoing shall not require any direct or indirect member, or other interest holder, of such Person to make any capital contribution for
such purpose; 
 (xiii) shall not fail to use commercially reasonable efforts to correct any known misunderstanding regarding
the separate identity of such entity and shall not identify itself as a division of any other Person; 
 (xiv) shall maintain
its bank accounts, books of account, books and records separate from those of any other Person and, to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that
it (A) is required by law or does file consolidated tax returns, (B) only files an information return or (C) is treated as a disregarded entity for federal or state tax purposes; 

(xv) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xvi) has not commingled and shall not commingle its funds or assets with those of any other Person and has not participated
and shall not participate in any cash management system with any other Person (other than the cash management system established pursuant to the Loan Documents), provided that funds and assets of Borrower and of its direct or indirect
members, partners or other interest-holders may be paid as distributions to their respective equity owners and their respective owners may make capital contributions to Borrower; 

  
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 (xvii) has held and shall hold its assets in its own name; 

(xviii) has conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other
than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof,
under such business management services agreement holds itself out as an agent of Borrower; 
 (xix) (A) has maintained
and shall maintain its financial statements, accounting records and other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from
those of any other Person; and (C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP or the Uniform System of Accounts; provided,
however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose
Entity’s liabilities do not constitute obligations of the consolidated entity; 
 (xx) has paid and intends to pay its
own liabilities and expenses, including the salaries of its own employees, only out of its own funds and assets, and has maintained and intends to maintain a sufficient number of employees in light of its contemplated business operations(it being
acknowledged that Borrower presently has no employees), provided, that the foregoing shall not require any direct or indirect member, or other interest holder of such Person to make any capital contribution for such purpose; 

(xxi) has observed and shall observe all partnership, corporate or limited liability company formalities necessary to maintain
its separate existence, as applicable; 
 (xxii) Reserved; 

(xxiii) shall have no Indebtedness other than (i) the Loan and (ii) such other liabilities that are permitted
pursuant to this Agreement (the items described in clauses (i) and (ii), collectively, “Permitted Indebtedness”); 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of
any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets to secure the obligations of any other Person; 

(xxv) has not acquired and shall not acquire obligations or securities of its partners, members or shareholders or any other
owner or Affiliate; 
 (xxvi) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared
with any of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by any
employee of an Affiliate; 

  
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 (xxvii) with respect to Borrower, has maintained and used and shall maintain and
use separate stationery, invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) reserved; 

(xxix) has held itself out and identified itself and shall hold itself out and identify itself as a separate and distinct
entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person except for services rendered under a business management services agreement with
an Affiliate, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

(xxx) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person; 
 (xxxi) has not made and shall not make loans
to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such
entity); 
 (xxxii) has not identified and shall not identify its partners, members or shareholders, or any Affiliate of any
of them, as a division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

(xxxiii) other than capital contributions and distributions permitted under the terms of its organizational documents, has not
entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable
and comparable to those of an arm’s-length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners,
officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its cash flow is insufficient to pay the
Debt; 
 (xxxv) reserved; 

(xxxvi) has not had and shall not have any of its obligations guaranteed by any Affiliate except as provided by the Loan
Documents with respect to the Guaranty and Environmental Indemnity; 

  
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 (xxxvii) has not formed, acquired or held and shall not form, acquire or hold any
subsidiary (other than Mezzanine B Borrower), except that, if applicable, Principal may acquire and hold its interest in Borrower; 

(xxxviii) has complied and shall comply with all of the terms and provisions contained in its organizational documents
necessary to maintain its separate existence (provided that Borrower and Principal may be entities disregarded as separate from its respective tax owners under applicable tax law); 

(xxxix) has conducted and shall conduct its business so that each of the assumptions made about it and each of the facts stated
about it in the Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true; 
 (xl) has not permitted
and shall not permit any Affiliate or constituent party independent access to its bank accounts; and 
 (xli) is, has always
been and shall continue to be duly formed, validly existing, and in good standing in the state of its incorporation or formation and in all other jurisdictions where it is qualified to do business. 

“State” shall mean, the State or Commonwealth in which the Property or any part thereof is located. 

“Tax and Insurance Escrow Fund” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter
levied or assessed or imposed against the Property or part thereof. In no event shall any PACE Loan be considered Taxes for purposes of this Agreement. 

“Tenant” means the lessee of all or a portion of the Property under a Lease. 

“Threshold Amount” shall have the meaning set forth in Section 5.1.21 hereof. 

“Title Insurance Policy” shall have the meaning set forth in the Mortgage Loan Agreement. 

“Total Leverage Ratio” shall mean, with respect to any Person and its subsidiaries on a consolidated basis, on any date, the
ratio of (i) the aggregate principal amount of (without duplication) all indebtedness consisting of obligations to pay rent or other amounts under any lease which obligations are classified and accounted for as capital leases on such
Person’s balance sheet under GAAP (“Capital Lease Obligations”), indebtedness for borrowed money, unreimbursed obligations in respect of drawn letters of credit (but excluding contingent obligations under outstanding letters of
credit) and other purchase money indebtedness and guarantees of the foregoing obligations, of such Person and its subsidiaries determined on a consolidated basis on such date in accordance with GAAP to (ii) EBITDAR. 

  
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 “Total Net Leverage Ratio” shall mean, with respect to any Person and its
subsidiaries on a consolidated basis, on any date, the ratio of (a) (i) the aggregate principal amount of (without duplication) all indebtedness consisting of Capital Lease Obligations or indebtedness for borrowed money, unreimbursed
obligations in respect of drawn letters of credit (but excluding contingent obligations under outstanding letters of credit) and other purchase money indebtedness and guarantees of the foregoing obligations, of such Person and its subsidiaries
determined on a consolidated basis on such date in accordance with GAAP less (ii) the aggregate amount of all cash or cash equivalents of such Person and its subsidiaries that would not appear as “restricted” on a consolidated balance
sheet of such person and its subsidiaries to (b) EBITDAR. 
 “Trademarks” shall have the meaning set forth in the
Mortgage Loan Agreement. 
 “Transfer” shall have the meaning set forth in Section 5.2.10 hereof.

 “Transition Services Agreement” shall mean Transition of Management Services Agreement (CPLV), dated as of the date
hereof by and among CPLV Tenant, Manager, Borrower Caesars Enterprise Services, LLC and Caesars License Company, LLC, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, in accordance with the terms
hereunder. 
 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in
the State of New York; provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection or priority of the security interest in any item or
portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York (“Other UCC State”), “UCC” means the Uniform Commercial Code as in effect in such Other
UCC State for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or priority. 

“UCC Financing Statements” shall mean the UCC financing statements authorized pursuant to the Pledge Agreement and the other
Loan Documents and filed in the applicable filing offices. 
 “UCC Title Insurance Policy” shall mean, with respect to the
Collateral, a UCC title insurance policy in the form acceptable to Administrative Agent issued with respect to the Collateral and insuring the lien of the Pledge Agreement encumbering the Collateral. 

“Uncured CPLV Lease Event of Default” shall mean any Tenant Event of Default (as defined in the CPLV Lease) by CPLV Tenant
that is continuing beyond any applicable notice and cure periods provided to CPLV Tenant thereunder, if any. 
 “Uniform System of
Accounts” shall mean the most recent edition of the Uniform System of Accounts for Hotels as adopted by the American Hotel and Motel Association. 

“U.S. Obligations” shall mean non-redeemable securities evidencing an obligation to
timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Approved
Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

  
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 “U.S. Person” means any Person that is a “United States Person” as
defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” shall have the
meaning set forth in Section 2.8(e). 
 “Write-Down and Conversion Powers” shall have the meaning
set forth in Section 10.25. 
 Section 1.2 Principles of Construction. (a) All references
to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall
indicate otherwise. 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. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

(b) Borrower acknowledges and agrees that, as to any clauses or provisions contained in this Agreement or any of the other Loan Documents to
the effect that Borrower shall use commercially reasonable effort to cause Mortgage Borrower to cause CPLV Tenant to act or to refrain from acting in any manner or other phrases of similar effect, such clause or provision, in each case,
shall require that Borrower has caused Mortgage Borrower to undertake and exercise in a commercially reasonable manner, its rights under the CPLV Lease to cause CPLV Tenant to so act or to refrain from so acting in such manner. Borrower acknowledges
and agrees that, as to any clauses or provisions contained in this Agreement or any of the other Loan Documents to the effect that Borrower shall cause Mortgage Borrower to act or to refrain from acting in any manner or other phrases of similar
effect, such clause or provision, in each case, shall require that Borrower has caused Mezzanine B Borrower to cause Mezzanine A Borrower to cause Mortgage Borrower to so act or to refrain from so acting in such manner. 

(c) All references to the Mortgage Loan Agreement, the Mortgage Note or any other Mortgage Loan Document shall mean the Mortgage Loan
Agreement, the Mortgage Note or such other Mortgage Loan Document as in effect on the date hereof, as each of the same may hereafter be amended, restated, replaced, supplemented or otherwise modified, but only to the extent that Administrative Agent
has consented to the foregoing. With respect to terms defined by cross-reference to the Mortgage Loan Documents, such defined terms shall have the definitions set forth in the Mortgage Loan Documents as of the date hereof, and no modifications to
the Mortgage Loan Documents shall have the effect of changing such definitions for the purposes of this Agreement (except with respect to any modifications required to be entered into by Mortgage Borrower under Section 9.1.1 or 9.1.3 of the
Mortgage Loan Agreement) unless Administrative Agent expressly consents to such modification in writing that such references or definitions, as appearing, incorporated into or used in this Agreement have been revised. All references to the Mezzanine
A Loan Agreement or any other Mezzanine A Loan Document shall mean the Mezzanine A Loan Agreement or such other Mezzanine A Loan Document as in effect 

  
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on the date hereof, as each of the same may hereafter be amended, restated, replaced, supplemented or otherwise modified, but only to the extent that Administrative Agent has consented to the
foregoing. With respect to terms defined by cross-reference to the Mezzanine A Loan Documents, such defined terms shall have the definitions set forth in the Mezzanine A Loan Documents as of the date hereof, and no modifications to the Mezzanine A
Loan Documents shall have the effect of changing such definitions for the purposes of this Agreement (except with respect to any modifications required to be entered into by Mezzanine A Borrower under Section 9.1.1 or 9.1.3 of the Mezzanine A
Loan Agreement) unless Administrative Agent expressly consents to such modification in writing that such references or definitions, as appearing, incorporated into or used in this Agreement have been revised. All references to the Mezzanine B Loan
Agreement or any other Mezzanine B Loan Document shall mean the Mezzanine B Loan Agreement or such other Mezzanine B Loan Document as in effect on the date hereof, as each of the same may hereafter be amended, restated, replaced, supplemented or
otherwise modified, but only to the extent that Administrative Agent has consented to the foregoing. With respect to terms defined by cross-reference to the Mezzanine B Loan Documents, such defined terms shall have the definitions set forth in the
Mezzanine B Loan Documents as of the date hereof, and no modifications to the Mezzanine B Loan Documents shall have the effect of changing such definitions for the purposes of this Agreement (except with respect to any modifications required to be
entered into by Mezzanine B Borrower under Section 9.1.1 or 9.1.3 of the Mezzanine B Loan Agreement) unless Administrative Agent expressly consents to such modification in writing that such references or definitions, as appearing, incorporated
into or used in this Agreement have been revised. 
 (d) Notwithstanding anything stated herein to the contrary, any provisions in this
Agreement cross-referencing provisions of the Mortgage Loan Documents shall be effective notwithstanding the termination of the Mortgage Loan Documents by payment in full of the Mortgage Loan or otherwise. Notwithstanding anything stated herein to
the contrary, any provisions in this Agreement cross-referencing provisions of the Mezzanine A Loan Documents shall be effective notwithstanding the termination of the Mezzanine A Loan Documents by payment in full of the Mezzanine A Loan or
otherwise. Notwithstanding anything stated herein to the contrary, any provisions in this Agreement cross-referencing provisions of the Mezzanine B Loan Documents shall be effective notwithstanding the termination of the Mezzanine B Loan Documents
by payment in full of the Mezzanine B Loan or otherwise. 
 (e) To the extent that any terms, provisions or definitions of any Mortgage Loan
Documents that are incorporated herein by reference are incorporated into the Mortgage Loan Documents by reference to any document or instrument, such terms, provisions or definitions that are incorporated herein by reference shall at all times be
deemed to incorporate each such term, provision and definition of the applicable other document or instrument as the same is set forth in such other document or instrument as of the Closing Date, without regard to any amendments, restatements,
replacements, supplements, waivers or other modifications to or of such other document or instrument occurring after the Closing Date, unless Administrative Agent expressly agrees that such term, provision or definition as appearing, incorporated
into, or used in this Agreement have been revised. To the extent that any terms, provisions or definitions of any Mezzanine A Loan Documents that are incorporated herein by reference are incorporated into the Mezzanine A Loan Documents by reference
to any document or instrument, such terms, provisions or definitions that are incorporated herein by reference shall at all times be deemed to 

  
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incorporate each such term, provision and definition of the applicable other document or instrument as the same is set forth in such other document or instrument as of the Closing Date, without
regard to any amendments, restatements, replacements, supplements, waivers or other modifications to or of such other document or instrument occurring after the Closing Date, unless Administrative Agent expressly agrees that such term, provision or
definition as appearing, incorporated into, or used in this Agreement have been revised. To the extent that any terms, provisions or definitions of any Mezzanine B Loan Documents that are incorporated herein by reference are incorporated into the
Mezzanine B Loan Documents by reference to any document or instrument, such terms, provisions or definitions that are incorporated herein by reference shall at all times be deemed to incorporate each such term, provision and definition of the
applicable other document or instrument as the same is set forth in such other document or instrument as of the Closing Date, without regard to any amendments, restatements, replacements, supplements, waivers or other modifications to or of such
other document or instrument occurring after the Closing Date, unless Administrative Agent expressly agrees that such term, provision or definition as appearing, incorporated into, or used in this Agreement have been revised. 

ARTICLE II – GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. (a) Subject to and upon the terms and conditions set forth herein, Lenders hereby agree
to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 (b) Borrower hereby unconditionally promises to pay to the
order of the Administrative Agent for the ratable benefit of the Lenders, the Loan, or so much thereof as is advanced pursuant to this Agreement, in lawful money of the United States of America, with interest thereon to be computed from the date of
this Agreement at the Interest Rate, and to be paid in accordance with the terms hereof. 
 (c) No Lender is using Plan Assets to fund the
Loan, except under circumstances where a prohibited transaction exemption, granted by the U.S. Department of Labor, applies, all of the conditions of which have been and continue to be satisfied. 

2.1.2 Single Disbursement to Borrower. Borrower may request and receive only one (1) borrowing hereunder in respect of the
Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of the Closing Date. 

2.1.3 Pledge Agreement and Loan Documents; Evidence of Indebtedness. 

(a) The Loan shall be secured by the Pledge Agreement and the other Loan Documents. 

(b) The Loan shall be evidenced by one or more records of account maintained by each Lender and evidenced by one or more entries in the
Register maintained by the 

  
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Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary
course of business. The records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Loan made by the Lenders to the Borrower and the interest and payments thereon. Any
failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the records maintained
by any Lender and the records of the Administrative Agent in respect of such matters, the records of the Administrative Agent shall control in the absence of manifest error. 

(c) Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.1.3(b), and by each
Lender in its records pursuant to Section 2.1.3(b), 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 records, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is
incorrect, in the Register or such records shall not limit or otherwise affect the Obligations of the Borrower under this Agreement and the other Loan Documents. 

2.1.4 Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) make an equity contribution to Mezzanine B
Borrower in order to cause Mezzanine B Borrower to use such amounts for any use permitted pursuant to Section 2.1.4 of the Mezzanine B Loan Agreement, (b) pay costs and expenses incurred in connection with the closing of the Loan, as
approved by Administrative Agent, and (c) distribute the balance, if any, to Borrower. 
 2.1.5 Ratable Shares/Pro Rata Treatment
of Payments. (a) the Loan shall be allocated Ratably among the Lenders according to the amounts of their Ratable Share; (b) each payment or prepayment of principal of the Loan by Borrower (including those made from Net Liquidation
Proceeds After Debt Service) shall be made Ratably for the account of the Lenders; (c) each payment of interest on the Loan by Borrower shall be made for the Ratable account of Lenders and (d) all losses, costs and expenses suffered by the
Administrative Agent, Collateral Agent and/or the Lenders relating to the Loan, in each case, shall be allocated by Administrative Agent pro rata among the Lenders in accordance with their respective Ratable Shares. 

Section 2.2 Interest Rate. 

2.2.1 Interest Rate. Interest on the outstanding principal balance of the Loan shall accrue at the Interest Rate or as otherwise
set forth in this Agreement from (and including) the Closing Date to but excluding the Maturity Date. Notwithstanding the foregoing, no interest shall accrue on the Loan from and after the Closing Date up to and including the Mandatory Conversion
Date. 
 2.2.2 Interest Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by
multiplying (a) the actual number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Interest Rate and a three hundred sixty (360) day year by (c) the outstanding principal balance of the Loan. 

  
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 2.2.3 Intentionally Omitted. 

2.2.4 Intentionally Omitted. 

2.2.5 Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal balance of the Loan and, to the extent permitted by applicable law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate,
calculated from the date such Event of Default occurred. 
 2.2.6 Usury Savings. This Agreement and the other Loan Documents
are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in
excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate,
then the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of
principal (without any Prepayment Premium or other prepayment fee or penalty) and not on account of the interest due hereunder. All sums paid or agreed to be paid to Administrative Agent (for the account of the Lenders) for the use, forbearance, or
detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full (without any Prepayment Premium or other
prepayment fee or penalty) so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

Section 2.3 Loan Payment. 

2.3.1 Monthly Debt Service Payments. Borrower shall pay to Administrative Agent, for the account of the respective Lenders to
which such payment is owed (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan for the initial Accrual Period and (b) on November 10, 2017 and on each Payment Date thereafter up
to and including the Maturity Date, the Monthly Debt Service Payment Amount, which payments shall be applied to accrued and unpaid interest. 

2.3.2 Payments Generally. For purposes of making payments hereunder, but not for purposes of calculating Accrual Periods, if the
day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of principal due on the Maturity Date, interest shall be payable at the
Interest Rate or the Default Rate, as the case may be, through and including the day immediately preceding such Maturity Date. All amounts due under this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense
or any other deduction whatsoever. 

  
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 2.3.3 Payment on Maturity Date. Borrower shall pay to Administrative Agent,
for the account of the respective Lenders to which such payment is owed, on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Pledge Agreement and the
other Loan Documents. 
 2.3.4 Late Payment Charge. Subject to Section 2.7.3 hereof, if any
principal, interest or any other sums due under the Loan Documents are not paid by Borrower on or prior to the date on which it is due (other than the principal amount due on the Maturity Date), Borrower shall pay to Administrative Agent, for the
account of the respective Lenders to which such payment is owed, within five (5) Business Days of written demand an amount equal to the lesser of three percent (3%) of such unpaid sum and the Maximum Legal Rate in order to defray the expense
incurred by Administrative Agent handling and processing such delinquent payment and to compensate Lenders for the loss of the use of such delinquent payment. Any such amount shall be secured by the Pledge Agreement and the other Loan Documents to
the extent permitted by applicable law. 
 2.3.5 Method and Place of Payment. Except as otherwise specifically provided
herein, all payments and prepayments under this Agreement shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, not later than 11:00 a.m., New York City time, on the date when due and
shall be made in lawful money of the United States of America in immediately available funds at Administrative Agent’s office or as otherwise directed by Administrative Agent, and any funds received by Administrative Agent after such time
shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 
 Section 2.4
Prepayments. 
 2.4.1 Voluntary Prepayments. 

(a) Borrower shall be prohibited from prepaying the Loan, in whole or in part, during the Lockout Period except in connection with
Section 2.4.2. 
 (b) After the expiration of the Lockout Period, Borrower may prepay the Debt in full, but not in
part (except as otherwise permitted pursuant to Section 2.4.2), provided that: (i) Mortgage Borrower shall prepay the Mortgage Loan in accordance with Section 2.4.1(b) of the Mortgage Loan Agreement,
(ii) Mezzanine A Borrower shall make a pro rata prepayment of the Mezzanine A Loan in accordance with Section 2.4.1(b) of the Mezzanine A Loan Agreement, (iii) Mezzanine B Borrower shall make a pro rata prepayment of the Mezzanine B
Loan in accordance with Section 2.4.1(b) of the Mezzanine B Loan Agreement and (iv) Borrower pays Administrative Agent, in addition to the outstanding principal amount of the Loan to be prepaid, (A) all interest which would have
accrued on the amount of the Loan to be paid through and including the last day of the Accrual Period related to the Payment Date next occurring following the date of such prepayment, or, if such prepayment occurs on a Payment Date, through and
including the last day of the Accrual Period related to such Payment Date; (B) all other sums then due and payable under this Agreement and the other Loan Documents, including, but not limited to all of Administrative Agent’s, Collateral
Agent’s and Lenders’ costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Administrative Agent, 

  
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Collateral Agent and Lenders in connection with such prepayment; (C) unless such prepayment in full occurs during the three (3) month period prior to the originally-scheduled Maturity
Date, the applicable Prepayment Premium; and (D) Borrower’s submission of a notice to Administrative Agent setting forth the projected date of prepayment, which date shall be no less than ten (10) Business Days from the date of such
notice (which notice may be modified or revoked by Borrower upon not less than two (2) Business Days’ prior written notice to Administrative Agent, provided that Borrower shall pay all of Administrative Agent’s, Collateral
Agent’s and Lenders’ reasonable, out-of-pocket costs and expenses incurred in connection with such modification or revocation). 

(c) Borrower shall have the right to prepay the Debt in full (but not in part) prior to the expiration of the Lockout Period in the event a
CPLV Lease Default has occurred and is continuing, so long as Borrower is proceeding to cure (or cause Mortgage Borrower to cure) subject to the terms and within the time periods set forth in Section 8.3 hereof and Borrower
otherwise satisfies the conditions set forth in Section 2.4.1(b) above (except that Borrower shall not be restricted from prepaying the Debt in full prior to the expiration of the Lockout Period). 

2.4.2 Liquidation Events. (a) In the event of (i) any Casualty to the Property or any material portion thereof,
(ii) any Condemnation of the Property or any material portion thereof, (iii) a Transfer of the Mezzanine B Collateral, Mezzanine A Collateral or the Property in connection with realization thereon by Mezzanine B Collateral Agent, Mezzanine
A Collateral Agent or Mortgage Lender following a Mezzanine B Loan Default, Mezzanine A Loan Default or Mortgage Loan Default, including without limitation a foreclosure sale, (iv) any refinancing of the Property, Mezzanine B Collateral,
Mezzanine A Collateral, Mezzanine B Loan, Mezzanine A Loan or the Mortgage Loan, or (v) the receipt by Mortgage Borrower of any excess proceeds realized under its owner’s title insurance policy after application of such proceeds by
Mortgage Borrower to cure any title defect (each, a “Liquidation Event”), Borrower shall cause the related Net Liquidation Proceeds After Debt Service to be deposited directly with Administrative Agent to be held for the benefit of
Lenders. Provided an Event of Default shall not be continuing, any Net Liquidation Proceeds After Debt Service so deposited pursuant to this Section 2.4.2, shall be (A) first applied by Administrative Agent to the
actual reasonable out of pocket costs of Administrative Agent and Collateral Agent in connection with any prepayment pursuant to this Section 2.4.2 (without duplication of any amounts paid to Administrative Agent in
accordance with Article VI hereof), and then (B) applied by Administrative Agent as a prepayment of the outstanding principal balance of the Loan in an amount equal to one hundred percent (100%) of such Net Liquidation Proceeds After
Debt Service up to the amount of the Loan and interest that would have accrued on such amount through the end of the Accrual Period in which such monthly Payment Date occurs (such amounts in clauses (A) and (B) together, the “Mezzanine
C Mandatory Prepayment Amount”); provided, however, if an Event of Default has occurred and is continuing, Administrative Agent may apply such Net Liquidation Proceeds After Debt Service to the Debt (until paid in full) in any
order or priority in its sole discretion. Except during the continuance of an Event of Default, any Net Liquidation Proceeds After Debt Service in excess of the Mezzanine C Mandatory Prepayment Amount shall be disbursed to Borrower (with such
amounts disbursed to Borrower for the avoidance of doubt not constituting Net Liquidation Proceeds After Debt Service). After the occurrence of and during the continuance of an Event of Default, Administrative Agent may apply such Net Liquidation
Proceeds After Debt Service to the Debt (until paid in full) in any order or priority in its sole discretion. Other during the continuance of an Event of Default, no Prepayment Premium or other premium shall be due in connection with any
prepayment made pursuant to this Section 2.4.2. 

  
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 (b) Borrower shall promptly notify Administrative Agent of any Liquidation Event following
Borrower obtaining knowledge of such event. Borrower shall be deemed to have knowledge of (i) a sale (other than a foreclosure sale) of the Property, Mezzanine A Collateral or Mezzanine B Collateral on the date on which a contract of sale for
such sale is entered into by Mortgage Borrower, Mezzanine A Borrower or Mezzanine B Borrower, and a foreclosure sale, on the date notice of such foreclosure sale is received by Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage
Borrower, and (ii) a refinancing of the Mezzanine B Collateral, Mezzanine A Collateral or the Property, on the date on which a binding commitment or a term sheet in connection with which a rate lock has been executed for such refinancing has
been entered into. The provisions of this Section 2.4.2(b) shall not be construed to contravene in any manner the restrictions and other provisions regarding refinancing of the Mezzanine B Loan, Mezzanine A Loan or Mortgage
Loan or Transfer of the Mezzanine B Collateral, the Mezzanine A Collateral or the Property set forth in this Agreement and the other Loan Documents. 

2.4.3 Prepayments After Event of Default. If, during the continuance of an Event of Default, payment of all or any part of the
principal amount of the Debt is tendered by Borrower or otherwise recovered by Administrative Agent (including, without limitation, through application of any Reserve Funds), such tender or recovery shall (a) include interest at the Default
Rate on the outstanding principal amount of the Loan through the last calendar day of the Accrual Period within which such tender or recovery occurs and (b) be deemed a voluntary prepayment by Borrower and shall in all instances include
(i) an amount equal to the applicable Prepayment Premium and (ii) all interest which would have accrued on the amount of the Loan to be paid through the end of the related Accrual Period. 

2.4.4 Intentionally Omitted.

2.4.5 Intentionally Omitted. 

2.4.6 DSCR Trigger Period. Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in
Section 2.4.6 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents (a) (i) Mortgage Borrower is required to deliver a Letter of Credit to
Mortgage Lender in an amount equal to the DSCR Cure Deposit Amount or maintain the DSCR Cure Fund pursuant to the terms of Section 2.4.6 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan
has been repaid in full, (b) (i) Mezzanine A Borrower is required to deliver a Letter of Credit to Mezzanine A Collateral Agent in an amount equal to the DSCR Cure Deposit Amount or maintain the DSCR Cure Fund pursuant to the terms of
Section 2.4.6 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such requirement, or (ii) the Mezzanine A Loan has been repaid in full, and (c) (i) Mezzanine B Borrower is required to deliver a Letter of
Credit to Mezzanine B Collateral Agent in an amount equal to the DSCR Cure Deposit Amount or maintain the DSCR Cure Fund pursuant to the terms of Section 2.4.6 of the Mezzanine B Loan Agreement, but Mezzanine B Administrative Agent waives such
requirement, or (ii) the Mezzanine B Loan has 

  
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been repaid in full, (A) Administrative Agent shall have the right to require Borrower to deliver a Letter of Credit to Collateral Agent in an amount equal to the DSCR Cure Deposit Amount or
establish and maintain a reserve account that would operate, without duplication, in the same manner as the DSCR Cure Fund pursuant to Section 2.4.6 of the Mortgage Loan Agreement, and (B) the provisions of Section 2.4.6 of the
Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference. 
 Section 2.5 Mandatory
Conversion. 
 (a) General. Notwithstanding anything to the contrary in this Agreement, including, without limitation,
Section 2.4 above, on November 6, 2017 (the “Mandatory Conversion Date”), immediately following the conversion of the Series A preferred stock of the REIT pursuant to the REIT Articles, the full
principal amount of the Loan outstanding on such date shall automatically, without any action on the part of the Borrower, any Lender, the Administrative Agent, the Collateral Agent or any other Person, convert (the “Mandatory
Conversion”) into the number of duly and validly authorized and issued and fully paid and nonassessable shares of Common Stock of the REIT (the “Common Shares”) at the Conversion Rate. For the avoidance of doubt, delivery
of all Common Shares issuable upon the Mandatory Conversion shall be deemed to be the payment and satisfaction in full of all principal of the Loan and no additional consideration shall be due and payable in respect of such satisfaction of the Loan
in full (including, without limitation, any Prepayment Premium or payment of interest). 
 (b) Lender Registration Information. Each
Lender agrees to provide to Borrower such information reasonably requested by the Borrower necessary or desirable to permit the registration of the Common Shares that will be issued in the name of such Lender in accordance with the terms of this
Agreement, no later than five (5) Business Days prior to the Mandatory Conversion Date. Each Lender hereby acknowledges that its failure to provide or delays in its providing such information may prevent or delay the delivery of its Common
Shares as contemplated under this Agreement; provided that no such failure or delay in providing such information shall affect the right of any Lender to receive the Common Shares it is entitled to receive pursuant to the Mandatory Conversion, which
right is absolute and irrevocable. 
 (c) Delivery of Common Shares. 

(i) The Borrower shall deliver, or cause the REIT to deliver, the Common Shares issuable upon the Mandatory Conversion to each
Lender; provided, that (i) no fractional shares of Common Stock shall be issued upon the Mandatory Conversion and (ii) for each Lender, if any, that would otherwise have been entitled to receive a fractional share of Common Stock,
the Borrower shall instead round up to the extent such fractional share would have been greater than one-half of a share or otherwise round down, as applicable, to the nearest whole share the number of Common
Shares to be issued and delivered to such Lender. 
 (ii) As of the close of business on the Mandatory Conversion Date, each
Lender shall be deemed to be the holder of record of its respective Common Shares issuable upon the Mandatory Conversion notwithstanding that the share register of REIT shall then be closed or that certificates or book-entry positions representing
such 

  
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Common Stock shall not then have been actually delivered to such Lender. Prior to the close of business on the Mandatory Conversion Date, the Common Shares issuable in the Mandatory Conversion
will not be deemed to be outstanding and the Lenders will have no rights with respect to such Common Shares, including voting rights and rights to receive any dividends or other distributions on the Common Shares. 

(d) Book-Entry Position. The Borrower, or the transfer agent for the Common Stock (the “Transfer Agent”), shall deliver
or cause the delivery of the Common Shares issuable upon the Mandatory Conversion via book-entry position on the systems of the Transfer Agent. Such delivery will be made as promptly as practicable, but in no event later than three Business Days
following the Mandatory Conversion Date. 
 (e) Satisfaction of the Loan. Borrower’s delivery to the Lenders of the Common Shares
in accordance with this Section 2.5, will be deemed to satisfy in full all Obligations of Borrower in respect of the Loan. 

(f) Taxes. Any issuance and delivery of Common Shares in connection with the Mandatory Conversion shall be made without charge to the
Lenders or the Administrative Agent for any documentary, stamp or any similar issue or transfer tax in respect of the issue thereof, and the Borrower shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in
respect of the issuance or delivery of such Common Shares. Borrower shall not, however, be required to pay any such tax which may be payable in respect of any transfer involved in the issue and delivery of shares of such Common Shares in any name
other than that of the Lender of the applicable portion of the Loan so converted, and, notwithstanding anything herein to the contrary, any such tax shall be payable by such Lender. 

(g) Tax Treatment. Notwithstanding any provision in this Agreement to the contrary, neither Borrower nor REIT shall be entitled to
withhold any amount with respect to the Mandatory Conversion. Neither Borrower nor REIT shall take any action or position with respect to the Mandatory Conversion inconsistent with its treatment as not a realization event for U.S. federal income Tax
purposes. 
 (h) For the avoidance of doubt, in no event shall the Administrative Agent or Collateral Agent have any obligation to take any
action to effectuate the Mandatory Conversion. 
 Section 2.6 Release of Collateral. Except as set forth in this
Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Collateral or the Lien of the Pledge Agreement. 

2.6.1 Release of Collateral. (a) Administrative Agent shall, upon the written request and at the sole expense of Borrower,
upon the earlier of (i) the Mandatory Conversion and (ii) payment in full in cash of all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of
this Agreement and the other Loan Documents, cause Collateral Agent to release the Lien of the Pledge Agreement on the Collateral and return to Borrower all certificates or other documents that constitute or evidence the Collateral. 

  
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 (b) In connection with the release and reconveyance of the Pledge Agreement, Borrower shall
submit to Administrative Agent, not less than ten (10) Business Days prior to the date of the prepayment of the Loan in full, a release of Lien (and related Loan Documents) for the Collateral for execution by Administrative Agent and/or
Collateral Agent, as applicable. Such release shall be in a form appropriate in the jurisdiction in which the Collateral is located and shall be reasonably satisfactory to Administrative Agent. In addition, Borrower shall provide all other
documentation Administrative Agent reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all applicable Legal
Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Administrative Agent, Collateral Agent, and Lenders for any reasonable out-of-pocket costs and expenses Administrative Agent, Collateral Agent, and Lenders incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in
connection with such release, all recording charges, filing fees, taxes or other expenses payable in connection therewith. 

Section 2.7 Lockbox Account/Cash Management. 

2.7.1 Lockbox Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to establish and maintain an
account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Mortgage Lender, which Lockbox Account shall be under the sole dominion and control of Mortgage Lender. The Lockbox Account shall be entitled “CPLV
Property Owner LLC as Borrower and JPMorgan Chase Bank, National Association, et al., as Lender, pursuant to Loan Agreement dated as of October 6, 2017 – Lockbox Account”. Mortgage Lender and its servicer shall have the sole right to
make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Mortgage Borrower. All monies now or hereafter deposited into the Lockbox Account shall be deemed additional
security for the Debt subject to the prior rights of Mortgage Lender as a secured party and any prohibitions contained in the Mortgage Loan Documents. The Lockbox Agreement and Lockbox Account shall remain in effect so long as the Loan remains
outstanding. The Lockbox Account shall at all times be an Eligible Account. The Lockbox Account when established shall be treated as a “deposit account” as such term is defined in
Section 9-102(a) of the Uniform Commercial Code, as amended from time to time. 
 (b) Borrower
shall cause Mortgage Borrower to at all times comply with the provisions of Section 2.7.1 of the Mortgage Loan Agreement. 
 2.7.2
Cash Management Account. (a) During the term of the Loan, so long as the Mortgage Loan remains outstanding, Borrower shall cause Mortgage Borrower to establish and maintain a segregated Eligible Account (the “Cash Management
Account”) to be held by CMA Agent in trust and for the benefit of Mortgage Lender, which Cash Management Account shall be under the sole dominion and control of Mortgage Lender and otherwise established and maintained in accordance with the
terms of the Mortgage Loan Agreement. Borrower will not and will not cause or permit Mortgage Borrower in any way to alter or modify the Cash Management Account and will notify Administrative Agent of the account number thereof. Mortgage Lender and
its servicer shall have the sole and exclusive right to make withdrawals 

  
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from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Mortgage Borrower. Borrower shall direct or cause
Mortgage Borrower to direct that all cash distributions from the Cash Management Account to be paid to Administrative Agent for the benefit of Lenders in accordance with the Cash Management Agreement (including the Net Liquidation Proceeds After
Debt Service) be deposited with Administrative Agent (for the benefit of Lenders). 
 (b) The insufficiency of funds on deposit in the Cash
Management Account and the applicable subaccounts thereof shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and
independent, and not conditioned on any event or circumstance whatsoever. 
 (c) Except as otherwise expressly provided in this Agreement or
the CPLV Lease SNDA, all funds on deposit in the applicable subaccounts of the Cash Management Account following the occurrence and during the continuance of an Event of Default may be applied by Administrative Agent in such order and priority as
Administrative Agent shall determine in its sole and unfettered discretion. 
 2.7.3 Payments Received under the Cash Management
Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the
Monthly Debt Service Payment Amount shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant to this Agreement on the dates each such payment is required, regardless
of whether any of such amounts are so applied by Mortgage Lender, CMA Agent or Administrative Agent, provided that if the Event of Default arises solely from a CPLV Lease Default, prior to a Priority Waterfall Cessation Event, Administrative Agent
shall apply amounts on deposit in the applicable subaccounts of the Cash Management Account to payment of the Priority Waterfall Payments and any amounts remaining in such subaccounts after payment of the Priority Waterfall Payments shall be
deposited in the Excess Cash Flow Reserve. 
 2.7.4 Distributions to Mezzanine Borrowers. All transfers of funds on deposit in
the Cash Management Account to the applicable subaccounts or otherwise to or for the benefit of any Mezzanine Lender, pursuant to this Agreement, the Cash Management Agreement or any of the other Loan Documents, Mortgage Loan Documents, Mezzanine A
Loan Documents or Mezzanine B Loan Documents are intended by Borrower, Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Mortgage Lender and the Mezzanine Lenders to constitute, and shall constitute, distributions from Mortgage Borrower
to Mezzanine A Borrower, from Mezzanine A Borrower to Mezzanine B Borrower, and from Mezzanine B Borrower to Borrower, as applicable. No provision of the Loan Documents, Mezzanine A Loan Documents or the Mezzanine B Loan Documents shall create a
debtor-creditor relationship between Mortgage Borrower and any Mezzanine Lender. 

  
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 2.7.5 Replacement Lockbox Agreement and Cash Management Agreement. If Mortgage
Borrower is no longer required to maintain the Lockbox Account or the Cash Management Account in accordance with the Mortgage Loan Documents, to the extent that 

Mezzanine A Borrower has not established same in accordance with Section 2.7.5 of the Mezzanine A Loan Agreement and Mezzanine B Borrower has not
established same in accordance with Section 2.7.5 of the Mezzanine B Loan Agreement, Borrower shall establish a lockbox account or cash management account (the “Replacement Cash Management Account”) and cash management system
(as applicable) with Administrative Agent and Collateral Agent pursuant to a replacement lockbox account agreement or cash management agreement (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time,
the “Replacement Cash Management Agreement”) (as applicable) in a form reasonably acceptable to Borrower and Administrative Agent, which replacement lockbox account agreement or Replacement Cash Management Agreement shall be
substantially the same as the Lockbox Agreement or Cash Management Agreement (as applicable). 
 Section 2.8 Withholding
Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan
Document shall be made without deduction or withholding for any Section 2.8 Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Borrower or the Administrative Agent) requires the
deduction or withholding of any Section 2.8 Tax from any such payment by the Borrower or Administrative Agent, then the Borrower and Administrative Agent shall be entitled to make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Section 2.8 Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the Lender or Administrative Agent receives an amount equal to the sum it would have received had no such
deduction or withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant
Governmental Authority in accordance with applicable law, or at the option of Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Indemnification by the Borrower. The Borrower shall indemnify Lender and Administrative Agent, within 10 days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or Administrative Agent or required to be withheld or deducted
from a payment to such Lender or Administrative Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error. 
 (d) Evidence of Payments. As soon as practicable after any payment of Section 2.8 Taxes by the Borrower to a
Governmental Authority pursuant to this Section 2.8, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (e) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and Administrative Agent, at the time or times reasonably requested by the Borrower or Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrower or Administrative Agent as will enable the Borrower or Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.8(e)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the event that
the Borrower is a U.S. Borrower, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty; 

  
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 (2) executed originals of IRS Form
W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit A-I to the effect that such Foreign Lender
is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or 
 (4) to the extent a Foreign Lender is a partnership or is not the
beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit A-II or
Exhibit A-III, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the
Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of
Exhibit A-IV on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and Administrative Agent at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by the 

  
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Borrower or Administrative Agent as may be necessary for the Borrower and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with
such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and Administrative Agent in writing of its legal inability to do so. 

(f) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Section 2.8 Taxes as to which it has been indemnified pursuant to this Section 2.8 (including by the payment of additional amounts pursuant to this Section 2.8), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Section 2.8 Taxes giving rise to such refund), net of all out-of-pocket expenses (including Section 2.8 Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount
to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if
the Section 2.8 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Section 2.8 Tax had never been
paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its Section 2.8 Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (g) Indemnification by the Lenders. Each Lender shall severally indemnify Administrative Agent, within ten (10) days
after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of
Borrower to do so), (ii) any Section 2.8 Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.1.1(g) relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Section 2.8 Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Administrative Agent to the Lender from any other source
against any amount due to Administrative Agent under this paragraph (g). 

  
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 (h) Survival. Each party’s obligations under this
Section 2.8 shall survive the resignation or replacement of Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan
Document. 
 ARTICLE III – INTENTIONALLY OMITTED 

ARTICLE IV – REPRESENTATIONS AND WARRANTIES 

Section 4.1 Borrower Representations. Borrower represents and warrants to Administrative Agent, Collateral Agent and
each Lender as of the date hereof that: 
 4.1.1 Organization. Borrower has been duly organized and is validly existing
and in good standing with requisite power and authority to own the Collateral and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in each jurisdiction where it is required to
be so qualified in connection with its businesses and operations. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own the Collateral and to transact the businesses in which
it is now engaged (except to the extent that the failure to possess such rights, licenses and permits would not reasonably be expected to have a Material Adverse Effect), and the sole business of Borrower is the ownership of the Collateral. The
ownership interests in Borrower are as set forth on the organizational chart attached hereto as Schedule III. 

4.1.2 Proceedings. Borrower has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower enforceable against Borrower in
accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors 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). 
 4.1.3 No Conflicts. (a) The execution, delivery and performance
of this Agreement and the other Loan Documents by Borrower will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
(other than pursuant to the Loan Documents, including Permitted Encumbrances) upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement
or other agreement or instrument to which Borrower is a party or by which any of the Collateral or Borrower’s assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of
any Governmental Authority having jurisdiction over Borrower or any of Borrower’s assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the
execution, delivery and performance by Borrower of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 

  
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 (b) Borrower has obtained all consents and approvals, including all approvals of Governmental
Authorities including Gaming Authorities, if required, in connection with the execution, delivery and performance by Borrower of the Loan Documents (including by Mortgage Lender and each Mezzanine Lender, subject to the limitations upon the exercise
of its rights and remedies under the Loan Documents pursuant to applicable Gaming Laws) and the ownership of the Collateral, and in each case, its performance of its obligations thereunder, and shall promptly execute any and all such instruments and
documents, deliver any certificates and do all such other acts or things required by the Gaming Authorities to maintain or keep current such approvals. 

4.1.4 Litigation. Other than as set forth on Schedule 4.1.4 attached hereto, there are no
actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or, to Borrower’s Knowledge, threatened against or affecting Borrower, Mezzanine B Borrower , Mezzanine A Borrower, Mortgage
Borrower, Guarantor, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property, which actions, suits or proceedings, if determined against Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower,
Guarantor, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property, would reasonably be expected to have a Material Adverse Effect. Other than as set forth on Schedule 4.1.4, to Borrower’s Knowledge, there
are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or threatened against CPLV Tenant or CPLV Lease Guarantor, which actions, suits or proceedings, if determined against CPLV
Tenant or CPLV Lease Guarantor, would reasonably be expected to have a Material Adverse Effect. 
 4.1.5 Agreements.
Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be expected to have a Material Adverse Effect. None of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower is in
default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower, Mezzanine B Borrower, Mezzanine A
Borrower, Mortgage Borrower, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property is bound, except to the extent such default would not reasonably be expected to have a Material Adverse Effect. None of Borrower,
Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower has any material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower,
Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property is otherwise bound, other than (a) Permitted Indebtedness, (b) obligations under the Loan
Documents, (c) obligations under the Mezzanine B Loan Documents, (d) obligations under the Mezzanine A Loan Documents and (e) obligations under the Mortgage Loan Documents. 

  
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 4.1.6 Title. The pledgor under the Pledge Agreement is the record and
beneficial owner of, and has good title to, the Collateral pledged thereunder, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the
Loan Documents. The Permitted Encumbrances in the aggregate do not have a Material Adverse Effect. The Pledge Agreement, together with the UCC Financing Statements relating to the Collateral when properly filed in the appropriate records and
Borrower’s delivery of the certificates as set forth in Section 2(b) of the Pledge Agreement to Collateral Agent, will create a valid, perfected first priority security interest in and to the Collateral, all in accordance with the terms
thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. No creditor of Borrower other than Collateral Agent (on behalf
of the Lenders) has in its possession any certificates or other documents that constitute or evidence the Collateral or the possession of which would be required to perfect a security interest in the Collateral. 

4.1.7 Solvency. Borrower has (a) not entered into this transaction or executed this Agreement or any other Loan
Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value
of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and
matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not
believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by
Borrower and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or any member of Borrower, Mezzanine B
Borrower, Mezzanine A Borrower or Mortgage Borrower in the last seven (7) years, and none of Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower nor any member of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or
Mortgage Borrower in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. None of Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage
Borrower nor any of their respective members are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s, Mezzanine B
Borrower’s, Mezzanine A Borrower’s, or Mortgage Borrower’s respective assets or property, and Borrower has no Knowledge of any Person contemplating the filing of any such petition against it, Mezzanine B Borrower, Mezzanine A
Borrower, Mortgage Borrower or such members. 
 4.1.8 Full and Accurate Disclosure. No statement of fact made by Borrower in
this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading in any material respect. There is no
material fact presently known to Borrower which has not been disclosed to Administrative Agent which adversely affects, nor as far as Borrower can foresee, might reasonably be expected to result in a Material Adverse Effect. 

  
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 4.1.9 ERISA.  

(a) Generally. Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect,
(i) each of the Borrower, Guarantor and their ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA, the Code and other applicable law relating to any Plans and the regulations and published
interpretations thereunder, (ii) no ERISA Event has occurred or is reasonably expected to occur (iii) neither Borrower, Guarantor nor any ERISA Affiliate is or was a party to any Multiemployer Plan and (iv) all amounts required by
applicable law with respect to, or by the terms of, any retiree welfare benefit arrangement maintained by Borrower, Guarantor or any ERISA Affiliate or to which Borrower, Guarantor or any ERISA Affiliate has an obligation to contribute have been
accrued in accordance with Statement of Financial Accounting Standards No. 106. 
 (b) Plan Assets; Prohibited Transactions.
Neither the Borrower nor the Guarantor is, and neither shall become an entity deemed to hold Plan Assets. Neither the Borrower nor the Guarantor is a “governmental plan” within the meaning of Section 3(32) of ERISA and transactions by
or with Borrower or Guarantor are not subject to any state or other statute, regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA
which is similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”). 
 4.1.10
Compliance. Except as disclosed in the zoning report delivered to Administrative Agent prior to the closing, Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements, including,
without limitation, all Gaming Laws building and zoning ordinances and codes, except where the failure to so comply would not reasonably be expected to have a Material Adverse Effect. Borrower is not in default or violation in any material respect
of (i) any order, writ, injunction, decree or demand of any Gaming Authority or (ii) any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower, Mezzanine B Borrower, Mezzanine A
Borrower, Mortgage Borrower or to the best of Borrower’s Knowledge, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority
the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. On the Closing Date, the Improvements at the Property were in material compliance
with applicable law, except where such non-compliance would not have a Material Adverse Effect. To Borrower’s Knowledge, Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor
and CPLV Tenant has complied with all federal, state and local laws concerning workers’ compensation, social security, unemployment insurance, worker eligibility, hours of labor, wages, working conditions, harassment, employment discrimination,
collective bargaining agreements (including the Collective Bargaining Agreements), employee benefits, hiring, layoff recall and discharge and all other employer/employee and independent contractor related subjects except where failure to comply
would not reasonably be expected to have a Material Adverse Effect. 

  
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 4.1.11 Financial Information. All financial data, including, without limitation,
the statements of cash flow and income and operating expense, that have been delivered to Administrative Agent in connection with the Loan (a) to Borrower’s Knowledge, are true, complete and correct in all material respects, (b) to
Borrower’s Knowledge, accurately represent in all material respects the financial condition of Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, CPLV Tenant, the Collateral, the Mezzanine B Collateral, Mezzanine A
Collateral and the Property, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP or the Uniform System of
Accounts throughout the periods covered, except as disclosed therein. Except for Permitted Encumbrances, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated
losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a Material Adverse Effect on the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property or the current operation thereof as
a hotel and casino, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower, Mezzanine B
Borrower, Mezzanine A Borrower or Mortgage Borrower, or to Borrower’s Knowledge, CPLV Tenant, or the Property from that set forth in said financial statements. 

4.1.12 Condemnation. No Condemnation or other similar proceeding has been commenced or, to the best of Borrower’s Knowledge,
is threatened or contemplated in writing with respect to all or any portion of the Property or for the relocation of roadways providing access to the Property. 

4.1.13 Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring
any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors,
or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14 Intentionally Omitted. 

4.1.15 Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

 4.1.16 Intentionally Omitted. 

4.1.17 Intentionally Omitted. 

4.1.18 Enforceability. The Loan Documents are enforceable by Administrative Agent and/or Collateral Agent (or any subsequent
holder thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. The Loan 

  
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Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would
the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’
rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim or defense with respect thereto. 

4.1.19 No Prior Assignment. There are no prior assignments by Mortgage Borrower of the CPLV Leases or any portion of the CPLV
Rents due and payable or to become due and payable which are presently outstanding, except in accordance with the Mortgage Loan Documents. There are no prior assignments of the Collateral which are presently outstanding except in accordance with the
Loan Documents. 
 4.1.20 Insurance. Borrower has obtained or has caused Mortgage Borrower to cause CPLV Tenant to obtain and
Borrower has delivered to Administrative Agent certified copies of the Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are currently pending, outstanding or
otherwise remain unsatisfied under any such Policy that would reasonably be expected to have a Material Adverse Effect, and neither Borrower nor Mortgage Borrower, nor, to Borrower’s Knowledge, any other Person, has done, by act or omission,
anything which would impair the coverage of any such Policy. 
 4.1.21 Intentionally Omitted. 

4.1.22 Certificate of Occupancy; Licenses. All certifications, permits, licenses and approvals, including without limitation,
certificates of completion and occupancy permits, hospitality licenses, liquor licenses and Gaming Licenses required for the legal use, occupancy and operation of the Property have been obtained and, to Borrower’s Knowledge, are in full force
and effect (except for where the failure to obtain such licenses or for such licenses to not be in full force and effect would not reasonably be expected to have a Material Adverse Effect). The use being made of the Property is in conformity in all
material respects with the certificate of occupancy and, to Borrower’s Knowledge, Gaming Licenses issued for the Property. 
 4.1.23
Intentionally Omitted. 
 4.1.24 Intentionally Omitted. 

4.1.25 Intentionally Omitted. 

4.1.26 Leases. The Property is not subject to any Leases other than the CPLV Lease, the Ground Leases, the Forum Shops Lease, the
Leases entered into by Forum Shops Lessee, as landlord and the Leases described in the rent roll attached hereto as Schedule I and made a part hereof, which rent roll is true, complete and accurate in all material respects
with respect to Leases as of the Closing Date. Mortgage Borrower is the owner and lessor of landlord’s interest in the CPLV Lease. As of the Closing Date, CPLV Tenant or the lessee under the Forum Shops Lease is the owner of the landlord’s
interest in the Leases. No Person has any possessory interest in the Property or right to occupy the same (other than any short term occupancy by hotel guests) 

  
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except under and pursuant to the provisions of the CPLV Lease, the Ground Lease and the Leases (including permitted subleases thereof). There has been no prior sale, transfer or assignment,
hypothecation or pledge by Mortgage Borrower of the CPLV Lease or the CPLV Rent received therein which is outstanding. No Tenant under any Lease has a right or option pursuant to such Lease to purchase all or any part of the leased premises or the
building of which the leased premises are a part. 
 4.1.27 Intentionally Omitted. 

4.1.28 Inventory. Mortgage Borrower or CPLV Tenant is the owner of, or leases all of the Equipment, Fixtures and Personal
Property (as such terms are defined in the Mortgage) (other than an immaterial portion of such items) located on or at the Property (except for any Equipment, Fixtures and Personal Property owned by any Tenant), and Borrower shall not (and shall not
permit Mortgage Borrower to) lease any Equipment, Fixtures or Personal Property other than as permitted hereunder or under the Mortgage Loan Documents. All of the Equipment, Fixtures and Personal Property (including any Personal Property owned by
CPLV Tenant that is subject to the CPLV Security Documents) are sufficient to operate the Property in the manner required hereunder and in the manner in which it is currently operated, except to the extent the same would not reasonably be expected
to have a Material Adverse Effect. Mortgage Borrower has not entered into any purchase money indebtedness with respect to any Equipment, Fixtures and Personal Property. To Borrower’s Knowledge, the aggregate amount of all Equipment, Fixtures
and Personal Property at the Property subject to any purchase money indebtedness or participation agreement does not and shall not exceed at any time, an amount equal to two and one-half percent (2.5%) of the
consolidated total assets of CPLV Tenant that are related to the Property or CPLV Tenant’s operation thereon from time to time. 

4.1.29 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid in connection with the Loan and the Loan Documents by any Person under applicable Legal Requirements have been paid. All stamp, intangible or other similar tax required to be paid by any Person under applicable Legal
Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Pledge Agreement, have been paid or will be
paid concurrently with the closing of the Loan (and sufficient funds have been escrowed with the title company for such payment). 

4.1.30 Special Purpose Entity/Separateness. (a) Until the Debt has been paid in full, Borrower hereby represents, warrants
and covenants that (i) each of Borrower and Principal is, shall be and shall continue to be a Special Purpose Entity, (ii) each of Mezzanine B Borrower and Mezzanine B Principal is, shall be and shall continue to be a Special Purpose
Entity (as defined in the Mezzanine B Loan Agreement), (iii) each of Mezzanine A Borrower and Mezzanine A Principal is, shall be and shall continue to be a Special Purpose Entity (as defined in the Mezzanine A Loan Agreement) and (iv) each of
Mortgage Borrower and Mortgage Principal is, shall be and shall continue to be a Special Purpose Entity (as defined in the Mortgage Loan Agreement). Notwithstanding anything to the contrary contained herein, it is understood and agreed that in no
event shall any direct or indirect member, partner or other interest-holder in (w) Borrower or Principal be required to make any additional capital 

  
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contributions or loans or otherwise provide funds to Borrower or Principal for any reason, including in order for it to be a “Special Purpose Entity” hereunder, (x) Mezzanine B
Borrower or Mezzanine B Principal be required to make any additional capital contributions or loans or otherwise provide funds to Mezzanine B Borrower or Mezzanine B Principal for any reason, including in order for it to be a “Special Purpose
Entity” hereunder, (y) Mezzanine A Borrower or Mezzanine A Principal be required to make any additional capital contributions or loans or otherwise provide funds to Mezzanine A Borrower or Mezzanine A Principal for any reason, including in
order for it to be a “Special Purpose Entity” hereunder, or (z) Mortgage Borrower or Mortgage Principal be required to make any additional capital contributions or loans or otherwise provide funds to Mortgage Borrower or Mortgage
Principal for any reason, including in order for it to be a “Special Purpose Entity” hereunder. 
 (b) The representations,
warranties and covenants set forth in Section 4.1.30(a) shall survive for so long as any amount remains payable to Administrative Agent, Collateral Agent or the Lenders under this Agreement or any other Loan Document. 

(c) Any and all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any exhibits attached
thereto, will have been and shall be true and correct in all respects, and Borrower will have complied and will comply with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion. Each Affiliate of Borrower with
respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will comply with all such assumptions and facts in each case with respect to it in any such Insolvency Opinion. Borrower covenants that in
connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein. 

(d) Borrower covenants and agrees that (i) Borrower shall provide Administrative Agent with five (5) days’ prior written notice
prior to the removal of an Independent Director of any of Borrower and (ii) no Independent Director shall be removed other than for Cause. 

(e) The Organizational Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that except for
duties to Borrower as set forth in the Organizational Documents (including duties to the member and Borrower’s creditors solely to the extent of their respective economic interests in Borrower, but excluding (i) all other interests of the
member, (ii) the interests of other Affiliates of Borrower, and (iii) the interests of any group of Affiliates of which Borrower is a part), the Independent Directors shall not have any fiduciary duties to the member, any officer or any
other Person bound by the applicable Borrower’s or Principal’s Organizational Documents; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. The Organizational
Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that to the fullest extent permitted by law, including Section 18-1101(e) of the Delaware limited
liability company Act, an Independent Director shall not be liable to Borrower, the member or any other Person bound by the applicable Borrower’s or Principal’s Organizational Documents for breach of contract or breach of duties (including
fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct. The Organizational Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that all right, power and
authority of the Independent Directors shall be limited to the 

  
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extent necessary to exercise those rights and perform those duties specifically set forth in the applicable Borrower’s or Principal’s Organizational Documents. The Organizational
Documents for each Borrower and Principal that is a Delaware limited liability company shall provide that notwithstanding any other provision of the applicable Borrower’s or Principal’s Organizational Documents to the contrary, each
Independent Director, in its capacity as an Independent Director, may only act, vote or otherwise participate in those matters referred to in Section 9(d)(iii) of the applicable Borrower’s or Principal’s Organizational Documents or as
otherwise specifically required by the applicable Organizational Documents, and such Independent Director’s act, vote or other participation shall not be required for the validity of any action taken by the board of directors of such Borrower
or Principal unless, pursuant to the provisions of Section 9(d)(iii) of the applicable Borrower’s or Principal’s Organizational Documents or as otherwise specifically provided in the applicable Organizational Documents, such action
would be invalid in the absence of the affirmative vote or consent of such Independent Director. 
 4.1.31 Management Agreement and
CPLV Lease Guaranty. Each of the Management Agreement and the CPLV Lease Guaranty is in full force and effect and there is no default thereunder by Mortgage Borrower or to Borrower’s Knowledge, any other party thereto and to
Borrower’s Knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. 

4.1.32 Illegal Activity. No portion of the Property, the Mezzanine A Collateral, the Mezzanine B Collateral or the Collateral has
been or will be purchased by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower or Borrower, as applicable, with proceeds of any illegal activity. 

4.1.33 No Change in Facts or Circumstances; Disclosure. All information submitted by and on behalf of Borrower to Administrative
Agent and in all financial statements, rent rolls (including the rent roll attached hereto as Schedule I), reports, certificates and other documents submitted by or on behalf of Borrower to Administrative Agent in
connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are, in each case, to Borrower’s knowledge, true, complete and correct in all material
respects. To Borrower’s Knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that
otherwise materially and adversely affects or would be reasonably expected to result in a Material Adverse Effect. To Borrower’s Knowledge, Borrower has disclosed to Administrative Agent all material facts known to Borrower and has not failed
to disclose any material fact that could cause any Provided Information or representation or warranty made herein to be materially misleading. 

4.1.34 Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of
either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict
or regulate its ability to borrow money. 

  
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 4.1.35 Embargoed Person. As of the date hereof and at all times throughout the term
of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor constitute
property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor,
as applicable, with the result that the investment in Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and
(c) none of the funds of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Mortgage Borrower, Mezzanine A
Borrower, Mezzanine B Borrower, Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. 

4.1.36 Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is
the address set forth in the introductory paragraph of this Agreement. Borrower is organized under the laws of the State of Delaware and its organizational identification number is 6492869. 

4.1.37 Environmental Representations and Warranties. Except as otherwise disclosed by the Environmental Report, to
Borrower’s Knowledge, (a) there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are (i) in compliance with Environmental Laws and with permits issued pursuant thereto (to the
extent such permits are required under Environmental Law) in all material respects, and (ii) in amounts not in excess of that necessary to operate the Property for the purposes set forth in the Loan Agreement which will not result in an
environmental condition in, on or under the Property; (b) there are no past, present or threatened Releases of Hazardous Substances in, on, under or from the Property which have not been fully remediated in accordance with Environmental Law;
(c) there in not, and Borrower has no Knowledge of and has not received any written notice or other communication relating to any existing threat of any Release of Hazardous Substances migrating onto the Property; (d) there is no past
or present non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which has not been remediated in all material respects in accordance with
Environmental Law; (e) there are not, and Borrower has not received, any written notice or other written communication from any Person (including but not limited to a Governmental Authority) relating to any of the following: (i) any
Release or threatened Release of Hazardous Substances at, on or from the Property or the Remediation thereof, (ii) of possible liability of Borrower or any Person pursuant to any Environmental Law arising out of or in connection with the
Property, (iii) other environmental conditions in connection with the Property that could reasonably be expected to result in the Borrower incurring material liability under Environmental Law, or (iv) any actual or potential administrative
or judicial proceedings in connection with any of the foregoing; and (f) Borrower has truthfully and fully disclosed to Administrative Agent, in writing, any and all material information in Borrower’s or Mortgage Borrower’s possession
or otherwise known or available to Borrower relating to any material environmental conditions in, on, under or from the Properties or any Releases or threatened Releases of Hazardous Substances. 

  
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 4.1.38 Lockbox Agreement; Cash Management Account. 

(a) Other than in connection with the Mortgage Loan Documents and except for Permitted Encumbrances, Mortgage Borrower has not sold, pledged,
transferred or otherwise conveyed the Lockbox Account or the Cash Management Account; and 
 (b) Any amounts or revenues from the Property
which are the property of or payable to Mortgage Borrower, are not subject to any cash management system (other than pursuant to the Mortgage Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous
financing have been duly terminated prior to the date hereof. 
 4.1.39 Taxes. Borrower is not subject to U.S. federal income tax on a
net income basis. Borrower has timely filed or caused to be filed all U.S. federal and other material tax returns and reports required to have been filed by it and has timely paid or caused to be paid all U.S. federal and other material
Section 2.8 Taxes required to have been paid by it, except for (a) any such Section 2.8 Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves in
accordance with GAAP, and (b) Taxes and Other Charges, the payment of which shall be governed by Section 5.1.2 and Section 7.2 hereof. 

4.1.40 Ground Lease. 

(a) The Ground Lease or a memorandum of the Ground Lease has been duly recorded. The Ground Lease permits the indirect interest of Borrower in
Mortgage Borrower to be encumbered by the Pledge Agreement. There have not been amendments or modifications to the terms of the Ground Lease since recordation of the Ground Lease (or a memorandum thereof), with the exception of written instruments
which have been recorded or as disclosed to Administrative Agent in this Agreement. 
 (b) The Ground Lease may not be terminated,
surrendered or amended without the prior written consent of Administrative Agent; provided that the Ground Lessor shall not be prevented from exercising its remedies in accordance with the Ground Lease if the obligations of Mortgage Borrower
under the Ground Lease are not performed as provided in the Ground Lease. 
 (c) Except for the Permitted Encumbrances and other encumbrances
of record, Borrower’s indirect interest in the Ground Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the applicable Mortgage other than the Ground Lessor’s related fee interest. 

(d) Borrower’s indirect interest in the Ground Lease is assignable without the consent of the Ground Lessor to Administrative Agent,
Collateral Agent, the purchaser at any foreclosure sale or the transferee under an assignment in lieu of foreclosure in connection with the foreclosure of the Lien of the Pledge Agreement or transfer of Borrower’s ownership interest of
Mezzanine B Borrower by assignment in lieu of foreclosure. Thereafter, such indirect interest in the Ground Lease is further assignable by such transferee and its successors and assigns without the consent of the Ground Lessor. 

  
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 (e) As of the date hereof, the Ground Lease is in full force and effect and no default has
occurred on the part of the Mortgage Borrower under the Ground Lease, nor to Borrower’s knowledge has any default occurred by the Ground Lessor under such Ground Lease (except in each case, any such default that has been previously cured).
There is no existing condition which, but for the passage of time or the giving of notice, could result in a default by the Mortgage Borrower or Ground Lessor under the terms of such Ground Lease. 

(f) Under the terms of the Ground Lease, the Mortgage Loan Documents, the Mezzanine A Loan Documents, Mezzanine B Loan Documents and the Loan
Documents, taken together, any related insurance and condemnation proceeds that are paid or awarded to Mortgage Borrower with respect to the leasehold interest will be applied either to the repair or restoration of all or part of the Property, with
Mortgage Lender having the right subject to the terms of the Mortgage Loan Documents to hold and disburse the proceeds as the repair or restoration progresses, or to the payment of the outstanding principal balance of the Loan, Mezzanine B Loan,
Mezzanine A Loan or Mortgage Loan together with any accrued interest thereon. 
 (g) The Ground Lease requires the Ground Lessor to give
notice of any default by Mortgage Borrower to Mortgage Lender and Administrative Agent prior to exercising its remedies thereunder. 
 (h)
Mortgage Lender is permitted the opportunity to cure any default under the Ground Lease, which is curable after the receipt of notice of the default before the Ground Lessor thereunder may terminate the Ground Lease. 

(i) The Ground Lease has a term which extends not less than thirty (30) years beyond the Maturity Date (including any unexercised option
periods and automatic renewal periods). 
 (j) The Ground Lease requires the Ground Lessor to enter into a new lease upon termination (prior
to expiration of the term thereof) of the Ground Lease for any reason, including rejection or disaffirmation of the Ground Lease in a bankruptcy proceeding. 

4.1.41 Gaming Licenses and Operating Permits. (a) Schedule 4.1.41 contains a correct and complete
list of all Gaming Licenses for the Property and the holder thereof. 
 (b) Mortgage Borrower or, to Borrower’s Knowledge, CPLV Tenant
possesses all applicable licenses, permits, franchises, authorizations, certificates, approvals and consents with respect to the Property, including, without limitation, all certificates of occupancy, except to the extent the failure to possess such
licenses, permits, franchises, authorizations, certificates, approvals and consents would not reasonably be expected to have a Material Adverse Effect. To Borrower’s Knowledge, CPLV Tenant or its subsidiaries possesses all applicable licenses,
permits, franchises, authorizations, certificates, approvals and consents, including, without limitation, all environmental, liquor, gaming, health and safety licenses of all Governmental Authorities which are material to the conduct of their
business and the use, occupation and operation of the Property, including all Gaming Licenses (collectively, “Operating Permits”) 

  
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and each such Operating Permit is in full force and effect (unless, in the case of any Operating Permit, such Operating Permit is no longer necessary or advisable for the conduct of CPLV
Tenant’s business in accordance with the terms of the CPLV Lease and hereunder). Each of Mortgage Borrower and its Affiliates, and to Borrower’s Knowledge, CPLV Tenant and its Affiliates are in compliance with all such Operating Permits
and no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would be reasonably likely to lead to the revocation, limitation, conditioning or termination of any such Operating Permit or the
imposition of any material restriction thereon. 
 (c) Mortgage Borrower and any other Affiliate of Mortgage Borrower and to Borrower’s
Knowledge, CPLV Tenant and any other Affiliate of CPLV Tenant which is required to possess a Gaming License under Gaming Regulations, possesses all Gaming Licenses which are material to the conduct of their business and the ownership, use,
occupation and operation of the Property or any portion thereof. Further, Borrower hereby represents and warrants as follows: 

(i) Each Gaming License held by Mortgage Borrower or its Affiliates and to the Knowledge of Borrower, held by CPLV Tenant or
its Affiliates, is in full force and effect and has not been amended or otherwise modified, rescinded, revoked or assigned; 

(ii) Mortgage Borrower and to Borrower’s Knowledge, CPLV Tenant and each of Mortgage Borrower’s and CPLV
Tenant’s respective Affiliates, directors, members, managers, officers, key personnel and Persons holding an equity or economic interest directly or indirectly in Mortgage Borrower, or CPLV Tenant is in compliance in all material respects with
all such Gaming Licenses (to the extent required by Legal Requirements), and no event (including, without limitation, any material violation of any Legal Requirements) has occurred which would be reasonably likely to lead to the revocation,
limitation, conditioning or termination of any such Gaming Licenses or the imposition of any restriction thereon; 
 (iii)
Borrower has no reason to believe that CPLV Tenant will not be able to maintain in effect all Gaming Licenses necessary for the lawful conduct of their business or operations wherever now conducted and as planned to be conducted, including the
ownership and operation of the Casino Components, pursuant to all applicable Legal Requirements; 
 (iv) Neither Mortgage
Borrower nor to Borrower’s Knowledge, CPLV Tenant is in default in any material respect under, or in violation in any material respect of, any Gaming License (and no event has occurred, and no condition exists, which, with the giving of notice
or passage of time or both, would constitute a default thereunder or violation thereof that has caused or would reasonably be expected to cause the loss of any Gaming License) (unless, in the case of any Gaming License, such Gaming License is no
longer necessary or advisable for the conduct of Mortgage Borrower’s or CPLV Tenant’s, as applicable, business); 

  
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 (v) Neither Mortgage Borrower nor to Borrower’s Knowledge, CPLV Tenant has
received any notice of any violation of Legal Requirements which has caused or would reasonably be expected to cause any Gaming License to be suspended, forfeited, modified in any manner, conditioned, limited, not renewed, rescinded or revoked
(unless, in the case of any Gaming License, such Gaming License is no longer necessary or advisable for the conduct of Mortgage Borrower’s or CPLV Tenant’s, as applicable, business); 

(vi) No condition exists or event has occurred which would reasonably be expected to result in the suspension, revocation,
impairment, limitation, conditioning, forfeiture, rescission or non-renewal of any Gaming License held by Mortgage Borrower or its Affiliates or to the Borrower’s Knowledge, held by CPLV Tenant or its
Affiliates (unless, in the case of any Gaming License, such Gaming License is no longer necessary or advisable for the conduct of Mortgage Borrower’s or CPLV Tenant’s, as applicable, business); and 

(vii) The continuation, validity and effectiveness of all Gaming Licenses will not be adversely affected by the transactions
contemplated by this Agreement. 
 (d) There is no proceeding, investigation or disciplinary action by or before any Governmental Authority,
any Gaming Authority, under any Gaming Law or other Legal Requirement or otherwise with respect to any Gaming License or other Operating Permit (other than any administrative proceedings or investigations in the ordinary course which are customarily
performed by the Gaming Authorities on all Persons with Gaming Licenses that does not seek to refrain, enjoin, prevent or impair the operations of the Casino Component in the manner required hereunder or under the Mortgage Loan Agreement) pending
against Mortgage Borrower or its Affiliates or to the Borrower’s Knowledge against CPLV Tenant or its Affiliates with respect to the Property or, to Borrower’s Knowledge, threatened against Mortgage Borrower or CPLV Tenant or, to
Borrower’s Knowledge, any of their respective directors, members, managers, officers, key personnel or Persons holding a direct or indirect equity or economic interest in Mortgage Borrower or CPLV Tenant. 

(e) There is no proceeding before any Gaming Authority or any other Governmental Authority, under any Gaming Law, Legal Requirements or
otherwise with respect to any Gaming License or other Operating Permit or before any other Governmental Authority pending against Borrower or its Affiliates or, to Borrower’s knowledge, against CPLV Tenant or its Affiliates or, to
Borrower’s Knowledge, threatened in writing, in each case, either (a) in connection with, or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge, any of the Loan Documents or any of the transactions
contemplated therein, or (b) that could reasonably be expected to have a Material Adverse Effect. 
 (f) Neither the execution, delivery
or performance of any of the Mortgage Loan Documents, any of the Mezzanine A Loan Documents, any of the Mezzanine B Loan Documents or any of the Loan Documents (nor the Securitization (as defined in the Mortgage Loan Agreement) of the Mortgage Loan
or any participations in the Loan, Mezzanine A Loan, Mezzanine B Loan or Mortgage Loan, or the creation or sale of any of the Mezzanine Loans) will (i) require the consent of any Gaming Authority not heretofore obtained or (ii) allow or
result in the imposition of any material penalty under, or the revocation or termination of, any Gaming License or any material impairment of the rights of the holder of any Gaming License. 

  
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 (g) Mortgage Borrower has obtained all Operating Permits from Gaming Authorities that are
required in order to permit the closing of the Mortgage Loan, the Loan and the other Mezzanine Loans (if required), or in connection with the CPLV Lease and the other CPLV Lease Documents, or to permit the conveyances of the Property to Mortgage
Borrower (effected immediately prior hereto) and the operation of the Property as currently conducted. 
 4.1.42 Labor. No work
stoppage, labor strike, slowdown or lockout is pending or, to Borrower’s knowledge, threatened by employees and other laborers at the Property. Except as would not otherwise be reasonably expected to have a Material Adverse Effect,
(i) there are no pending or, to the Borrower’s Knowledge, threatened material labor disputes, material grievances or litigations relating to labor matters involving any employees at the Property, including, without limitation, claims
alleging violation of any federal, state or local labor, wage and hour, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints, (ii) Mortgage Borrower is not and to the
Borrower’s Knowledge, CPLV Tenant is not engaged with respect to the Property, in any material unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act, (iii) as of the Closing Date, Mortgage
Borrower is not a party to, or bound by, any existing collective bargaining agreement or union contract with respect to employees and other laborers at the Property, (iv) except for those certain Collective Bargaining Agreement set forth on
Schedule 1.2 attached hereto, as of the Closing Date, to Borrower’s Knowledge, CPLV Tenant is not a party to, or bound by, any existing collective bargaining agreement or union contract with respect to employees and
other laborers at the Property. As of the Closing Date, there are no material amounts payable by Mortgage Borrower or to Borrower’s Knowledge, CPLV Tenant to any employees or former employees under any exit award agreements and retention award
agreements. 
 4.1.43 CPLV Lease. Mortgage Borrower is the owner and lessor of landlord’s interest in the CPLV Lease. CPLV
Tenant is the tenant under the CPLV Lease. The current CPLV Lease is in full force and effect and there are no material defaults thereunder by Mortgage Borrower or to Borrower’s Knowledge, any other party thereto and to Borrower’s
Knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. The CPLV Lease does not constitute a financing or convey any interest in the Property other than the leasehold
interest (or sub-leasehold interest, as applicable) to CPLV Tenant therein demised thereby. No CPLV Rent has been paid more than one (1) month in advance of its due date. To Borrower’s Knowledge, all
security deposits (if any) are held by CPLV Tenant in accordance with applicable law. All work (if any) to be performed by Mortgage Borrower under the CPLV Lease as of the date hereof has been performed as required and has been accepted by CPLV
Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Mortgage Borrower to CPLV Tenant has already been received by CPLV Tenant. There has been no prior sale,
transfer or assignment, hypothecation or pledge of Mortgage Borrower’s interest in the CPLV Lease or of the CPLV Rents received therein which is outstanding other than pursuant to the Mortgage Loan Documents. To Borrower’s Knowledge, CPLV
Tenant has not assigned the CPLV Lease (other than to secure the CPLV Tenant Loan) or sublet all or any portion of the premises demised thereby other than pursuant to a Lease. CPLV Tenant has no right or option pursuant to the CPLV Lease or
otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties of Mortgage Borrower set forth in Article VIII and Article XXXIX of the CPLV Lease
are true, complete in all material respects as of the date hereof. 

  
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 4.1.44 Intellectual Property. To Borrower’s Knowledge, IP Owner either owns or
has valid enforceable right to use all Intellectual Property, including all Intellectual Property set forth on the IP Schedule, necessary for the current conduct of CPLV Tenant’s business and the operation of the Property (collectively, the
“CPLV Intellectual Property”). To Borrower’s Knowledge, IP Owner is duly qualified under applicable law in each jurisdiction in which it is required to be qualified pursuant to applicable Legal Requirements in order to act as a
licensor or licensee of the aforementioned CPLV Intellectual Property and sublicensor under the applicable IP Licenses. Attached hereto as Schedule 4.1.44 hereof is a complete and accurate list of the material registrations
and pending applications for CPLV Intellectual Property owned by CPLV Tenant, anywhere in the world, and all material IP Licenses necessary for the current conduct of CPLV Tenant’s business and the operation of the Property, including exclusive
IP Licenses to which CPLV Tenant is an exclusive licensee (the “IP Schedule”). There are no actions or proceedings pending against Mortgage Borrower, or to Borrower’s Knowledge, pending against IP Owner or threatened by or
against Mortgage Borrower or IP Owner: (x) alleging the infringement, dilution, misappropriation, or other violation of any CPLV Intellectual Property or (y) seeking to limit, cancel, or question the validity or enforceability of any IP
Collateral (including, without limitation, the right to proceeds therefrom and the right to bring an action at law or in equity for any infringement, dilution, or violation of such CPLV Intellectual Property and to collect all damages, settlements,
and proceeds relating to such CPLV Intellectual Property), or IP Owner’s rights or interests therein, or use thereof. To Borrower’s Knowledge, no Person has interfered with, infringed upon, diluted, misappropriated, or otherwise come into
conflict with any CPLV Intellectual Property of IP Owner other than to the extent the same would not reasonably be expected to have a Material Adverse Effect. To Borrower’s Knowledge, neither the CPLV Intellectual Property owned by IP Owner nor
IP Owner’s use of any CPLV Intellectual Property is subject to any outstanding injunction, judgment, order, decree, ruling, or charge. To Borrower’s Knowledge, IP Owner has made all filings and recordations necessary to adequately effect,
reflect, and protect IP Owner’s ownership in, right to use, or its license of CPLV Intellectual Property used or held for the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property by
CPLV Tenant. To Borrower’s Knowledge, (x) all Intellectual Property set forth on the IP Schedule is subsisting, unexpired, has not been abandoned in any applicable jurisdiction, (y) is valid and enforceable and (z) the use of the
IP Collateral in the manner in which it is currently used or intended to be used does not infringe, dilute, misappropriate, or otherwise violate the rights of any Person in any material respect, other than, in each case of (x) through (z), to
the extent the same would not reasonably be expected to have a Material Adverse Effect. 
 4.1.45 Operation of the Property.
The licenses, permits, and regulatory agreements, approvals and registrations relating to the Property, including the Gaming Licenses, may not be, and have not been, transferred by Borrower, Mortgage Borrower or to Borrower’s Knowledge, by CPLV
Tenant, to any location other than the Property; have not been pledged as collateral security for any other loan or indebtedness that is outstanding as of the Closing Date other than the Mortgage Loan; and are held by Mortgage Borrower or to
Borrower’s Knowledge, by CPLV Tenant, free from restrictions or known conflicts that would materially impair the use or operation of the Property as intended, are in full force and effect and in good standing and are not provisional,
conditional or probationary in any manner (except in each case, to the extent that the failure to be in full force and effect or good standing would not reasonably be expected to have a Material Adverse Effect). 

  
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 4.1.46 Intellectual Property Title and Lien. 

(a) To Borrower’s Knowledge, the IP Owners own and have good and marketable title to the CPLV Intellectual Property listed as owned by IP
Owner on the IP Schedule and its rights under the IP Licenses, free and clear of all Liens whatsoever except the Permitted Encumbrances and the CPLV Trademark Security Agreement. 

(b) The CPLV IP Security Agreement, when properly recorded in the appropriate offices and/or with the applicable Governmental Authority when
required by law, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create a valid, perfected first priority lien in favor of Mortgage Borrower on the applicable CPLV Intellectual
Property and CPLV Tenant’s rights in, to and under the IP Collateral, subject only to Permitted Encumbrances. 
 (c) The IP Security
Agreement, when properly recorded in the appropriate offices and/or with the applicable Governmental Authority when required by law, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will
create a valid, perfected first priority lien in favor of Mortgage Lender on the applicable Intellectual Property and Mortgage Borrower’s rights in, to and under the IP Collateral, subject only to Permitted Encumbrances. 

(d) To Borrower’s Knowledge, CPLV Tenant has all requisite consents and approvals required by the terms of the IP Licenses or as a matter
of law to pledge the IP Collateral to Mortgage Borrower under the CPLV IP Security Agreement and the CPLV Trademark Security Agreement, and for Mortgage Borrower to pledge to Mortgage Lender under the IP Security Agreement. To Borrower’s
Knowledge, other than the security interest granted to Mortgage Borrower under the CPLV IP Security Agreement, the CPLV Trademark Security Agreement and to Mortgage Lender under the Mortgage Loan Agreement and under the IP Security Agreement and
Permitted Encumbrances, IP Owner has not pledged, assigned, sold, or granted a security interest in CPLV Intellectual Property or IP Licenses to any party. No effective security agreement, financing statement, equivalent security, or lien instrument
or continuation statement authorized by Mortgage Borrower or to Borrower’s Knowledge, any IP Owner and listing Mortgage Borrower or such IP Owner as debtor covering all or any part of the IP Collateral has been filed with any Governmental
Authority, or is of record in any jurisdiction in the United States or in any foreign jurisdiction, except as may have been filed, recorded, or made by an IP Owner in favor of the Mortgage Borrower in connection with the CPLV IP Security Agreement,
and Mortgage Borrower and, to Borrower’s Knowledge, IP Owner have not authorized any such filing. 

  
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 4.1.47 REOA. 

(a) Mortgage Borrower is a party (either directly or as a
successor-in-interest) to the REOA and has not been amended or modified and Mortgage Borrower’s interest therein has not been assigned pursuant to any assignment
which survives the Closing Date except the assignment to Mortgage Lender pursuant to the Mortgage Loan Documents (provided that Mortgage Borrower has granted CPLV Tenant certain rights and obligations, but not a security interest, under the REOAs as
set forth in the CPLV Lease); 
 (b) to Borrower’s Knowledge, the REOA is in full force and effect and the REOA is in full compliance
with all applicable local, state and federal laws, rules and regulations, except where the failure to be in full force and effect or in compliance with applicable local, state and federal laws, rules and regulations would not reasonably be expected
to result in a Material Adverse Effect; 
 (c) Mortgage Borrower has not received any notice of default with respect to the REOA, and to
Borrower’s Knowledge, Mortgage Borrower is not in default under the REOA; 
 (d) Borrower has no Knowledge of any current or outstanding
notices of termination or default given with respect to the REOA; 
 (e) except as disclosed in writing to Administrative Agent, neither
Mortgage Borrower nor, to Borrower’s Knowledge, any other party to the REOA has performed any work pursuant to the REOA, the cost of which Mortgage Borrower or to Borrower’s Knowledge such other party is or will be entitled to charge in
whole or in part to Mortgage Borrower under the provisions of the REOA except in the ordinary course of operation in accordance with the REOA; 

(f) Mortgage Borrower has not received notice of any settlements, claims, counterclaims or defenses and, to Borrower’s Knowledge, there
are no set-offs, claims, counterclaims or defenses being asserted in writing, if any, required under the REOA or otherwise known by Borrower for the enforcement of the obligations under the REOA; 

(g) Mortgage Borrower has not requested that a matter be submitted to arbitration under the REOA; and 

(h) all common charges and other sums due from Mortgage Borrower under the REOA have been paid to the extent they are payable to the date
hereof. 
 4.1.48 Mortgage Loan Representations; Mezzanine Loan Representations. All of the representations and warranties
contained in the Mortgage Loan Documents are hereby incorporated into this Agreement and deemed made hereunder as and when made thereunder. All of the representations and warranties contained in the Mezzanine A Loan Documents are hereby incorporated
into this Agreement and deemed made hereunder as and when made thereunder. All of the representations and warranties contained in the Mezzanine B Loan Documents are hereby incorporated into this Agreement and deemed made hereunder as and when made
thereunder. 
 4.1.49 No Contractual Obligations. Other than the Loan Documents, the Borrower Operating Agreement and Mezzanine
B Borrower Company Agreement, as of the date of this Agreement, Borrower is not subject to any Contractual Obligations and has not entered into any agreement, instrument or undertaking by which it or its assets are bound (other than certain 

  
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service agreements entered into by Borrower and its Independent Directors prior to the Closing Date and renewals or replacements thereof and such other agreements, instruments or undertakings
that are not material in the aggregate and are immaterial to its activities as a general partner or member of Mezzanine B Borrower), or has incurred any Indebtedness, and prior to the date of this Agreement Borrower has not entered into any
Contractual Obligation, or any agreement, instrument or undertaking by which it or its assets are now bound or now subject to any Indebtedness, other than Permitted Indebtedness. 

Section 4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set
forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Administrative Agent, Collateral Agent or any Lender under this Agreement
or any of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Administrative Agent, Collateral
Agent and Lenders notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 
 ARTICLE V – BORROWER
COVENANTS 
 Section 5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all
obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Pledge Agreement encumbering the Collateral (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents,
Borrower hereby covenants and agrees with Administrative Agent, Collateral Agent and each Lender that: 
 5.1.1 Existence; Compliance
with Legal Requirements. Borrower shall, and shall cause Mortgage Borrower to do and to use commercially reasonable efforts to cause CPLV Tenant to do or cause to be done all things necessary to preserve, renew and keep in full force and
effect in all material respects its existence, rights, licenses, permits and franchises and comply in all material respects with all Legal Requirements applicable to it, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral and the
Property, including, without limitation, building and zoning codes and certificates of occupancy and the procurement of all necessary and required hospitality, liquor, gaming or innkeeper’s licenses. There shall never be committed by Borrower,
Borrower shall never permit Mortgage Borrower to, and Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to never permit any other Person, including CPLV Tenant, in occupancy of or involved with the operation or use of the
Property, to commit any act or omission affording the federal government or any state or local government the right of forfeiture against the Property, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or any part thereof or any
monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to permit or cause Mortgage Borrower to commit, permit or suffer to exist any act or omission affording such right of
forfeiture. Borrower shall, shall cause Mortgage Borrower to, and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to at all times maintain, preserve and protect all franchises and trade names and preserve in
all material respects all the remainder of its property used or useful in the conduct of its business and shall keep the Property in good working order and repair (normal wear and tear and 

  
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casualty excepted), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in
the Loan Documents. Borrower shall and shall cause Mortgage Borrower, or shall cause Mortgage Borrower to cause CPLV Tenant to, keep the Property insured at all times by financially sound and reputable insurers, to such extent and against such
risks, and maintain liability and such other insurance, as is more fully provided in the Mortgage Loan Agreement. After prior written notice to Administrative Agent (except no notice shall be required in the event the amounts subject to contest at
any time shall not exceed $1,000,000, individually or in the aggregate), Borrower, at Borrower’s own expense, may contest or cause Mortgage Borrower (at Mortgage Borrower’s own expense) (or Mortgage Borrower may permit CPLV Tenant to, at
CPLV Tenant’s own expense) to contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower, Mortgage
Borrower, CPLV Tenant, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property or any alleged violation of any Legal Requirement, provided that any contest by CPLV Tenant shall be conducted in accordance
with the CPLV Lease and the CPLV Lease SNDA, provided, further, that, with respect to any contest by Borrower or Mortgage Borrower, (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be
permitted under and be conducted in accordance with the provisions of any instrument to which Borrower or Mortgage Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all
applicable statutes, laws and ordinances; (iii) none of the Property, the Mezzanine A Collateral, the Mezzanine B Collateral nor the Collateral nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated,
cancelled or lost; (iv) Borrower shall, and shall cause Mortgage Borrower to, promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement;
(v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower, Mortgage Borrower, CPLV Tenant, the Collateral, the Mezzanine A Collateral, the Mezzanine B Collateral or the Property, as applicable; and
(vi) Borrower shall furnish or cause Mortgage Borrower to furnish such security as may be required in the proceeding, or in the event the amount reasonably determined to be necessary to cause compliance with such Legal Requirement exceeds
$1,000,000, as may be reasonably requested by Administrative Agent, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith; provided, no such security shall be required to the
extent Mortgage Borrower is required to and does provide such security for the same to Mortgage Lender in accordance with the Mortgage Loan Documents, or Mezzanine A Borrower is required to and does provide such security for the same to Mezzanine A
Administrative Agent in accordance with the Mezzanine A Loan Documents, or Mezzanine B Borrower is required to and does provide such security for the same to Mezzanine B Administrative Agent in accordance with the Mezzanine B Loan Documents.
Administrative Agent may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Administrative Agent, the validity, applicability or violation of such Legal Requirement
is finally established or the Collateral (or any part thereof or interest therein) or the Mezzanine A Collateral (or any part thereof or interest therein) or the Mezzanine B Collateral (or any part thereof or interest therein) or the Property (or
any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

  
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 5.1.2 Taxes and Other Charges. Borrower shall cause Mortgage Borrower to, or shall
cause Mortgage Borrower to cause CPLV Tenant to, pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part thereof prior to the date the same shall become delinquent; provided,
however, Borrower’s obligation to cause Mortgage Borrower to directly pay Taxes shall be suspended for so long as Mortgage Borrower complies with the terms and provisions of Section 7.2 of the Mortgage Loan
Agreement. Either Borrower shall, shall cause Mortgage Borrower to, or shall cause Mortgage Borrower to cause CPLV Tenant to, deliver to Administrative Agent receipts for payment or other evidence satisfactory to Administrative Agent that the Taxes
and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid. Borrower shall furnish to Administrative Agent
receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent (provided, however, Borrower is not required to furnish (or caused to be furnished) such receipts for payment of Taxes in
the event that such Taxes have been paid by Mortgage Lender pursuant to Section 7.2 of the Mortgage Loan Agreement). Borrower shall not, and shall not permit Mortgage Borrower to or cause CPLV Tenant to, suffer and shall
promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against the Property or the Collateral other than Permitted Encumbrances, and shall cause Mortgage Borrower to promptly pay for all
utility services provided to the Property, subject to the right to contest as set forth in this Section 5.1.2. After prior written notice to Administrative Agent (except no notice shall be required in the event the amounts
subject to contest at any time shall not exceed $1,000,000, individually or in the aggregate), Borrower may cause Mortgage Borrower, at Borrower’s or Mortgage Borrower’s own expense, (or may cause Mortgage Borrower to permit CPLV Tenant,
at CPLV Tenant’s cost and expense), to contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges,
provided that any contest by CPLV Tenant shall be conducted in accordance with the CPLV Lease and the CPLV Lease SNDA; provided, further, that, with respect to any contest by Mortgage Borrower: (i) no Event of Default has occurred and
remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Mortgage Borrower or Borrower is subject and shall not constitute a default thereunder and such
proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) none of the Property, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral nor any part thereof or interest therein will be
in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall or shall cause Mortgage Borrower to promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs,
interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the Property; and (vi) Borrower shall or shall cause Mortgage Borrower to
furnish such security as may be required in the proceeding, or in the event the amount of such Taxes or Other Charges shall reasonably be expected to exceed $1,000,000, as may be reasonably requested by Administrative Agent, to insure the payment of
any such Taxes or Other Charges, together with all interest and penalties thereon; provided, no such security shall be required to the extent Mortgage Borrower is required to and does provide such security for the same to Mortgage Lender in
accordance with the Mortgage Loan Documents or Mezzanine A Borrower is required to and does provide such security for the same to Mezzanine A 

  
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Administrative Agent in accordance with the Mezzanine A Loan Documents or Mezzanine B Borrower is required to and does provide such security for the same to Mezzanine B Administrative Agent in
accordance with the Mezzanine B Loan Documents. Administrative Agent may pay over any such cash deposit or part thereof held by Administrative Agent to the claimant entitled thereto at any time when, in the judgment of Administrative Agent, the
entitlement of such claimant is established or the Property, the Mezzanine A Collateral, the Mezzanine B Collateral or the Collateral (or part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or
there shall be any danger of the Lien of the Mortgage or the Pledge Agreement being primed by any related Lien. 
 5.1.3
Litigation. Borrower shall give prompt written notice to Administrative Agent of any litigation or governmental proceedings pending or threatened against Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or
Guarantor, or upon Borrower obtaining Knowledge or receipt of notice thereof against CPLV Tenant and/or CPLV Lease Guarantor, which would reasonably be expected to have a Material Adverse Effect. 

5.1.4 Access to Property. Borrower shall cause Mortgage Borrower to, and shall cause Mortgage Borrower to use commercially
reasonable efforts to cause CPLV Tenant to, permit agents, representatives and employees of Administrative Agent to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice, subject to applicable Gaming Laws, the
rights of Tenants under Leases and the rights of any other third party occupants. 
 5.1.5 Notice of Material Adverse Change.
Borrower shall promptly advise Administrative Agent of any material adverse change in Borrower’s, Mortgage Borrower’s, Mezzanine A Borrower’s, Mezzanine B Borrower’s, Guarantor’s, CPLV Tenant’s or CPLV Lease
Guarantor’s condition, financial or otherwise, of which Borrower has Knowledge. 
 5.1.6 Cooperate in Legal Proceedings.
Borrower shall, and shall cause Mortgage Borrower to, cooperate in all reasonable respects fully with Administrative Agent with respect to any proceedings before any Governmental Authority which may in any way adversely affect the rights of
Administrative Agent, Collateral Agent and/or any Lender hereunder or any rights obtained by Administrative Agent, Collateral Agent and/or any Lender under any of the other Loan Documents and, in connection therewith, permit Administrative Agent, at
its election, to participate in any such proceedings. 
 5.1.7 Perform Loan Documents. Borrower shall observe, perform and
satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower. 

5.1.8 Award and Insurance Benefits. Subject to the terms of the Mortgage Loan Agreement, Borrower shall, shall cause Mortgage
Borrower to and shall cause Mortgage Borrower to cause CPLV Tenant to, cooperate with Administrative Agent in obtaining for Administrative Agent the benefits of any Awards, Insurance Proceeds or Net Liquidation Proceeds After Debt Service lawfully
or equitably payable in connection with the Property (other than (x) any portion of any Award or Insurance Proceeds belong to CPLV Tenant under Section 

  
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14.1 and 15.2 of the CPLV Lease (excluding, however, any such Award or Insurance Proceeds in respect of Tenant Material Capital Improvements (as defined in the CPLV Lease)), except to the extent
Mortgage Borrower is not required to restore the New Hotel Tower in accordance with Section 6.4(g) of the Mortgage Loan Agreement and (y) any portion of any Award or Insurance Proceeds required to be paid to Mortgage Lender under the
Mortgage Loan Agreement, Mezzanine A Administrative Agent under the Mezzanine A Loan Agreement or Mezzanine B Administrative Agent under the Mezzanine B Loan Agreement), and Administrative Agent shall be reimbursed for any reasonable out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the expense of an
appraisal on behalf of Administrative Agent in case of Casualty or Condemnation in excess of $50,000,000.00 affecting the Property or any part thereof if an appraisal is not required under the Mortgage Loan Agreement, Mezzanine A Loan Agreement or
Mezzanine B Loan Agreement) out of such Insurance Proceeds. 
 5.1.9 Further Assurances. Borrower shall, shall cause Mortgage
Borrower to, and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, at Borrower’s sole cost and expense: 

(a) furnish to Administrative Agent all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and
specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are
reasonably requested by Administrative Agent in connection therewith; 
 (b) execute and deliver to Administrative Agent and/or Collateral
Agent such documents, instruments, certificates, assignments and other writings, and do such other acts reasonably necessary, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower
under the Loan Documents, as Administrative Agent and/or Collateral Agent may reasonably require; and 
 (c) do and execute all and such
further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Administrative Agent and/or Collateral Agent shall
reasonably require from time. 
 5.1.10 Principal Place of Business, State of Organization. Borrower will not cause or permit
any change to be made in its or Mezzanine B Borrower’s name, identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36 hereof) or Borrower’s or Mezzanine B
Borrower’s limited liability company or partnership or other structure (except as permitted pursuant to Section 5.2.10 hereof); provided, that with respect to a change of name only, Borrower shall be permitted
to make such change (or permit Mezzanine B Borrower to make such change) if Borrower shall have first notified Administrative Agent in writing of such change at least thirty (30) days prior to the effective date of such change, and shall have
first taken all action required by Administrative Agent for the purpose of perfecting or protecting the lien and security interests of Collateral Agent pursuant to this Agreement and the other Loan Documents. Borrower shall not (and shall not permit
Mezzanine B Borrower to) change its organizational structure (except as expressly permitted 

  
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pursuant to and in accordance with Section 5.2.10(d) hereof) or place of organization or formation without first obtaining the prior written consent of Administrative
Agent, which consent may be given or denied in Administrative Agent’s sole discretion. Upon Administrative Agent’s request, Borrower shall, at Borrower’s sole cost and expense, execute and deliver additional security agreements and
other instruments which may be necessary to effectively evidence or perfect Collateral Agent’s security interest in the Collateral as a result of such change of principal place of business or place of organization approved in accordance with
the foregoing sentence. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium or recording, including
software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth at the introductory paragraph of
this Agreement. Borrower shall not change its organizational identification number. 
 5.1.11 Financial Reporting.
(a) Borrower will keep and maintain or will cause Mortgage Borrower to keep and maintained on a Fiscal Year basis, in accordance with the requirements for a Special Purpose Entity set forth herein in accordance with GAAP, proper and accurate
books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense with respect to the Collateral and in connection with the Mortgage Borrower’s ownership of the Property. Administrative Agent
shall have the right from time to time at all times during normal business hours upon reasonable notice (and, in any event, not more than two (2) times in any calendar year unless an Event of Default or Material Adverse Effect is continuing, in
which case no such restriction shall apply) to examine such books, records and accounts at the office of Borrower, Mortgage Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as
Administrative Agent shall desire. After the occurrence and during the continuance of an Event of Default, Borrower shall pay any reasonable and actual costs and expenses incurred by Administrative Agent to examine Borrower’s or Mortgage
Borrower’s accounting records, as Administrative Agent shall determine to be necessary or appropriate in the protection of Administrative Agent’s or any Lender’s interest. 

(b) Borrower will furnish, and will cause Mortgage Borrower to furnish to Administrative Agent annually, (i) within one hundred twenty
(120) days following the end of such Fiscal Year of Borrower and Mortgage Borrower, a complete copy of Borrower’s and Mortgage Borrower’s annual financial statements audited by a “Big 4” accounting firm or other
independent certified public accountant reasonably acceptable to Administrative Agent in accordance with GAAP for each Fiscal Year and containing statements of profit and loss for Borrower and Mortgage Borrower and a balance sheet for Borrower and
Mortgage Borrower (provided, that the requirement under this clause (i) may be satisfied by the delivery to Administrative Agent of the financial statements of the REIT audited by a “Big 4” accounting firm or other independent
certified public accountant reasonably acceptable to Administrative Agent, in the form delivered to Administrative Agent prior to the closing or such other form reasonably acceptable to Administrative Agent, so long as the REIT is a Public Vehicle
and such financial statements include a supplemental schedule or note to the financial statements presenting an income statement and balance sheet for such Fiscal Year for the Borrower and Mortgage Borrower and shall indicate that each of Borrower
and Mortgage Borrower is a 

  
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separate legal entity from its parents and Affiliates and indicate that neither the assets and liabilities of Borrower or Mortgage Borrower are available to satisfy the debts and other
obligations of such Affiliates or any other Person) and (ii) within one hundred twenty (120) days following the end of each Fiscal Year of CEOC and CPC, a complete copy of CEOC and CPC’s annual financial statements audited by a
“Big 4” accounting firm or other independent certified public accountant selected by CEOC and/or CPC and reasonably acceptable to Administrative Agent in accordance with GAAP covering the Property and Collateral for such Fiscal Year and
containing statements of profit and loss for CEOC and CPC and a balance sheet for CEOC and CPC, in each case, in the form attached hereto as Exhibit B-1 or such other form reasonably
acceptable to Administrative Agent. Such statements shall set forth the financial condition and the results of operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts representing annual net operating
income, net cash flow, gross income, and operating expenses (provided, that the requirement under this clause (ii) may be satisfied by the delivery to Administrative Agent of the financial statements of CEC audited by a “Big 4”
accounting firm or other independent certified public accountant reasonably acceptable to Administrative Agent, in the form delivered to Administrative Agent prior to the closing or such other form reasonably acceptable to Administrative Agent, so
long as the CEC is a Public Vehicle and such financial statements include a supplemental schedule or note to the financial statements presenting an income statement and balance sheet for such Fiscal Year for CEOC and CPC). 

(c) Borrower will, and will cause Mortgage Borrower to furnish, or cause to be furnished, to Administrative Agent on or before sixty-five
(65) days after the end of the first three calendar quarters of each fiscal year the following items: (i) quarterly unaudited financial statements, prepared in accordance with GAAP, for CPC, consisting of an income statement and a balance
sheet for such calendar quarter, (ii) a calculation of EBITDAR, (iii) a rent roll for the subject months in such quarter; (iv) an occupancy report for the subject months in such quarter setting forth the average daily rate and revenue
per available room, and (v) PACE reports, accompanied by an Officer’s Certificate from Borrower stating that such items are the true and complete copies of the financial statements and documents delivered by CPLV Tenant to Mortgage
Borrower under the CPLV Lease. In addition, such certificate shall also be accompanied by (x) an Officer’s Certificate stating that the representations and warranties of Borrower set forth in Section 4.1.30 with
respect to subsection (xxiii) of the definition of “Special Purpose Entity” are true and correct as of the date of such certificate and (y) a calculation reflecting the annual DSCR for the immediately preceding one (1), two
(2) and four (4) quarter periods as of the last day of such calendar quarter. 
 (d) Prior to a Securitization, Borrower will, and
will cause Mortgage Borrower to furnish, or cause to be furnished, to Administrative Agent on or before thirty-five (35) days after the end of each calendar month the following items: (i) monthly and year-to-date operating statements prepared for each calendar month, noting gross revenue, net revenue, operating expenses and operating income (not including any contributions to the Replacement Reserve
Fund), and other information reasonably necessary and sufficient to fairly represent the results of operation of operation of CPC during such calendar month and containing a comparison of budgeted income and expenses and the actual income and
expenses, in the form attached hereto as Exhibit B-3 or such other form reasonably acceptable to Administrative Agent, (ii) a rent roll for the subject month; (iii) an
occupancy report for the subject month setting forth the average daily rate and revenue per available room, and (iv) PACE reports, accompanied by an Officer’s Certificate from Borrower stating that such items are true and complete copies
of the financial information delivered by CPLV Tenant to Mortgage Borrower under the CPLV Lease. 

  
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 (e) For each Fiscal Year beginning January 1, 2018 or thereafter, Borrower shall or shall
cause Mortgage Borrower to cause CPLV Tenant or Manager to, submit to Administrative Agent the Annual Budget submitted to Mortgage Lender under the Mortgage Loan Agreement. To the extent that Mortgage Borrower shall have any consent or approval
right under the CPLV Lease of the Annual Budget or any line items thereunder, Borrower shall not permit Mortgage Borrower to grant any such consent during the continuance of an Event of Default without the prior approval of Administrative Agent.
Borrower shall, or shall cause Mortgage Borrower to, deliver to Administrative Agent, copies of any other operating and/or capital budgets prepared with respect to the Property by Manager or CPLV Tenant which are delivered or required to be
delivered to Borrower or Mortgage Borrower promptly upon Borrower’s receipt. 
 (f) Borrower shall and shall cause Mortgage Borrower to
use commercially reasonable efforts to cause CPLV Tenant to, furnish to Administrative Agent, within ten (10) Business Days after request (or as soon thereafter as may be reasonably possible), such further detailed information with respect to
the operation of the Property, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral and the financial affairs of CPC, Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower or Borrower as may be reasonably requested by
Administrative Agent. 
 (g) Borrower shall, or shall cause Mortgage Borrower to, furnish to Administrative Agent, within ten (10)
Business Days after Administrative Agent’s request (or as soon thereafter as may be reasonably possible), financial and sales information from CPLV Tenant or any Tenant designated by Administrative Agent (to the extent such financial and sales
information is required to be provided under the CPLV Lease or the applicable Lease and same is received by Borrower or Mortgage Borrower after request therefor). 

(h) Borrower will and will cause Mortgage Borrower to cause (i) Guarantor to furnish to Administrative Agent annually, within one hundred
twenty (120) days following the end of each Fiscal Year of Guarantor, financial statements in accordance with GAAP audited by a “Big 4” accounting firm or other independent certified public accountant reasonably acceptable to
Administrative Agent, which shall include an annual balance sheet and profit and loss statement of Guarantor, in the form reasonably acceptable to Administrative Agent (provided, that the requirement under this clause (i) may be
satisfied by the delivery to Administrative Agent of the financial statements of the REIT audited by a “Big 4” accounting firm or other independent certified public accountant reasonably acceptable to Administrative Agent, in the form
reasonably required by Administrative Agent, so long as the REIT is a Public Vehicle and such financial statements include a supplemental schedule or note to the financial statements presenting an income statement and balance sheet for such Fiscal
Year for the Guarantor) and (ii) CPLV Tenant to cause CPLV Lease Guarantor to furnish to Administrative Agent annually, within one hundred twenty (120) days following the end of each Fiscal Year of CPLV Lease Guarantor, financial
statements audited by a “Big 4” accounting firm or other independent certified public accountant, which shall include an annual balance sheet and profit and loss statement of CPLV Lease Guarantor, in each case, in the form attached hereto
as Exhibit B-2 or such other form reasonably acceptable to Administrative Agent. 

  
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 (i) Any reports, statements or other information required to be delivered under this Agreement
shall be delivered (i) in paper form, (ii) on a diskette, and (iii) if requested by Administrative Agent and within the capabilities of Borrower’s or Mortgage Borrower’s data systems without change or modification thereto,
in electronic form and prepared using Microsoft Word for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files).    With respect to any information that is non-public and for which Administrative Agent has been informed of the confidential nature thereof by Borrower, Administrative Agent, Collateral Agent and each Lender shall use commercially reasonable efforts to
inform any recipient of such confidential information that it should keep such confidential information confidential; provided that neither Administrative Agent, Collateral Agent nor any Lender shall provide copies of or disclose any entertainment
contracts with respect to the Property, the partnership reports or the list of the top accounts at the Property) to any third-party. 
 (j)
Borrower shall provide to Administrative Agent written notice of any material Intellectual Property acquired by Mortgage Borrower (or following receipt of notice of any acquisition of CPLV Intellectual Property by an IP Owner) that is necessary for
the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property after the date hereof, in each case which is the subject of a registration or application (including IP Collateral which was
theretofore unregistered and becomes the subject of a registration or application) or any exclusive IP Licenses under which Mortgage Borrower (or, following receipt of notice of any license of CPLV Intellectual Property to CPLV Tenant or an IP
Owner) is an exclusive licensee. Borrower shall provide such notice with respect to such Intellectual Property to Administrative Agent within thirty-five (35) days after the end of each calendar year in which the acquisition of such
Intellectual Property occurred. Further, Borrower authorizes Administrative Agent to modify this Agreement by amending the IP Schedule to include any applications or registrations constituting IP Collateral. 

5.1.12 Business and Operations. Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use
commercially reasonable efforts to cause CPLV Tenant to continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property and the
Collateral. Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to qualify to do business and will remain in good standing under the laws of the jurisdiction
of its formation as and to the extent the same are required for the ownership, maintenance, management and operation of the Property and the Collateral. Borrower shall cause Mortgage Borrower to or shall cause Mortgage Borrower to cause CPLV Tenant
to at all times during the term of the Loan, continue to own or lease all of Equipment, Fixtures and Personal Property which are necessary to operate the Property in all material respects in the manner required hereunder and in the manner in which
it is currently operated. 

  
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 5.1.13 Title to the Collateral and the Property. Borrower will, and shall cause
Mortgage Borrower to, warrant and defend (a) the title to the Property, the Mezzanine A Collateral, the Mezzanine B Collateral and the Collateral and every part thereof, subject only to Liens permitted hereunder (including Permitted
Encumbrances), the Mezzanine B Loan Agreement, the Mezzanine A Loan Agreement and the Mortgage Loan Agreement, (b) the validity and priority of the Lien of the Mortgage on the Property, subject only to Liens permitted hereunder (including
Permitted Encumbrances) and under the Mortgage Loan Agreement, (c) the validity and priority of the Lien of the Mezzanine A Pledge Agreement on the Mezzanine A Collateral, subject only to Liens permitted hereunder (including Permitted
Encumbrances), in each case against the claims of all Persons whomsoever, (d) the validity and priority of the Lien of the Mezzanine B Pledge Agreement on the Mezzanine B Collateral, subject only to Liens permitted hereunder (including
Permitted Encumbrances), in each case against the claims of all Persons whomsoever, and (e) the validity and priority of the Lien of the Pledge Agreement on the Collateral, subject only to Liens permitted hereunder (including Permitted
Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse any Lender, Administrative Agent and/or Collateral Agent for any losses, costs, damages or expenses (including reasonable attorneys’ fees and
expenses) actually incurred by any Lender, Administrative Agent and/or Collateral Agent if an interest in the Property, the Mezzanine A Collateral, the Mezzanine B Collateral and/or the Collateral, other than as permitted hereunder, is claimed by
another Person. 
 5.1.14 Costs of Enforcement. In the event (a) Collateral Agent exercises any of all of its rights or
remedies under the Pledge Agreement or any other Loan Document as and when permitted thereby or (b) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower, Mortgage Borrower or any of their respective
constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all out-of-pocket costs of collection and defense, including reasonable thirty-party attorneys’ fees and expenses, incurred by any Lender, Administrative Agent and/or Collateral Agent or Borrower in
connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 

5.1.15 Estoppel Statement. (a) After request by Administrative Agent, Borrower shall within ten (10) days furnish
Administrative Agent with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the unpaid principal amount of the Loan, (iii) the Interest Rate of the Loan, (iv) the date
installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if any, claimed by Borrower, and (vi) that this Agreement, the Pledge Agreement and the other Loan Documents are valid, legal
and binding obligations (subject to bankruptcy, insolvency or other similar laws and general principles of equity) and have not been modified or if modified, giving particulars of such modification; provided, however, that so long as
no Event of Default has occurred and is continuing, Borrower shall not be required to provide such statement more than two (2) times in any calendar year. 

(b) Borrower shall cause Mortgage Borrower to request and use commercially reasonable efforts to deliver to Administrative Agent any estoppel
certificates requested by Mortgage Lender pursuant to Section 5.1.15(b) of the Mortgage Loan Agreement (with Administrative Agent included as a reliance party therein) or, if no such estoppel certificates have been requested by Mortgage Lender
pursuant to the Mortgage Loan Agreement, by 

  
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Mezzanine A Administrative Agent pursuant to the Mezzanine A Loan Agreement, or by Mezzanine B Administrative Agent pursuant to the Mezzanine B Loan Agreement, in any calendar year,
(i) deliver to Administrative Agent upon request estoppel certificates from CPLV Tenant, (ii) deliver to Administrative Agent upon request estoppel certificates from Manager and (iii) cause CPLV Tenant to deliver estoppel certificates
from each commercial Tenant leasing space at the Property in form and substance reasonably satisfactory to Administrative Agent, provided that in no event shall Borrower be required to cause the delivery of such estoppel certificates to
Mezzanine A Administrative Agent, Mezzanine B Administrative Agent, Administrative Agent and/or Mortgage Lender more frequently than two (2) times in any calendar year. 

(c) After request by Administrative Agent, Borrower shall cause Mortgage Borrower to within ten (10) days furnish Administrative Agent
with a statement, duly acknowledged and certified with respect to the Mortgage Loan, setting forth (i) the original principal amount of the Mortgage Note, (ii) the unpaid principal amount of the Mortgage Note, (iii) the interest rate
of the Mortgage Note, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Mortgage Loan debt, if any, claimed by Mortgage Borrower, and (vi) that the Mortgage Loan
Agreement, the Mortgage and the other Mortgage Loan Documents are valid, legal and binding obligations (subject to bankruptcy, insolvency or other similar laws and general principles of equity) and have not been modified or if modified, giving
particulars of such modification; provided, however, that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to seek such statement more than one (1) time in any calendar year. 

(d) After request by Administrative Agent, Borrower shall cause Mezzanine A Borrower to within ten (10) days furnish Administrative Agent
with a statement, duly acknowledged and certified with respect to the Mezzanine A Loan, setting forth (i) the original principal amount of the Mezzanine A Loan, (ii) the unpaid principal amount of the Mezzanine A Loan, (iii) the
interest rate of the Mezzanine A Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Mezzanine A Loan debt, if any, claimed by Mezzanine A Borrower, and
(vi) that the Mezzanine A Loan Agreement, the Mezzanine A Pledge Agreement and the other Mezzanine A Loan Documents are valid, legal and binding obligations (subject to bankruptcy, insolvency or other similar laws and general principles of
equity) and have not been modified or if modified, giving particulars of such modification; provided, however, that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to seek such statement more than one
(1) time in any calendar year. 
 (e) After request by Administrative Agent, Borrower shall cause Mezzanine B Borrower to within ten
(10) days furnish Administrative Agent with a statement, duly acknowledged and certified with respect to the Mezzanine B Loan, setting forth (i) the original principal amount of the Mezzanine B Loan, (ii) the unpaid principal amount
of the Mezzanine B Loan, (iii) the interest rate of the Mezzanine B Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Mezzanine B Loan debt, if any, claimed
by Mezzanine B Borrower, and (vi) that the Mezzanine B Loan Agreement, the Mezzanine B Pledge Agreement and the other Mezzanine B Loan Documents are valid, legal and binding obligations (subject to bankruptcy, insolvency or other similar laws
and general principles of equity) and have not been modified or if modified, giving particulars of such modification; provided, however, that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to seek such
statement more than one (1) time in any calendar year. 

  
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 5.1.16 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on
the Closing Date only for the purposes set forth in Section 2.1.4 hereof. 
 5.1.17 Performance by
Borrower. Borrower shall in a timely manner observe, perform and fulfill in all material respects, each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and shall not enter
into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Administrative Agent. 

5.1.18 Intentionally Omitted. 

5.1.19 Environmental Covenants. (a) Borrower covenants and agrees that: (i) all uses and operations on or of the
Property, by Borrower, Mortgage Borrower or any of its Affiliates shall be, and Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause all uses and operations of the Property by CPLV Tenant and any other Person to be,
in compliance, in all material respects, with all Environmental Laws and permits issued pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from the Property except for such Releases that are both
(x) in compliance, in all material respects, with all Environmental Laws and with permits issued pursuant thereto (to the extent such permits are required by Environmental Law) and (y) either (A) in amounts not in excess of that necessary
to operate the Property for the purposes set forth in this Agreement which would not reasonably be expected to result in an environmental condition in, on or under the Property or (B) fully disclosed to Administrative Agent in writing or in the
Environmental Report; (iii) Borrower shall not permit Mortgage Borrower to store, and shall cause Mortgage Borrower to take commercially reasonable measures to ensure that all other Persons, including CPLV Tenant, occupying or operating the
Property shall not store, any Hazardous Substances in, on, or under the Property, except those that are both (x) in compliance in all material respects with all Environmental Laws and with permits issued pursuant thereto (to the extent such
permits are required by Environmental Law and (y) either (A) in amounts not in excess of that necessary to operate the Property for the purposes set forth in this Agreement which would not reasonably be expected to result in an environmental
condition in, on or under the Property or (B) fully disclosed to Administrative Agent in writing or in the Environmental Report; (iv) Borrower shall, and shall cause Mortgage Borrower to, keep, or shall cause to be kept, the Property free
and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of Borrower, Mortgage Borrower or any other Person (the “Environmental Liens”); (v) Borrower shall, and
shall cause Mortgage Borrower to, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to subsection (b) below, including but not limited to providing all relevant information and making
knowledgeable persons available for interviews; (vi) Borrower shall, or shall cause Mortgage Borrower to cause CPLV Tenant to, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental
conditions in connection with the Property (including but 

  
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not limited to sampling, testing and analysis of soil, water, air, building materials and other materials and substances whether solid, liquid or gas), pursuant to any reasonable written request
of Administrative Agent made in the event that Administrative Agent has a reasonable good-faith basis to believe that an environmental hazard exists on the Property that would reasonably be expected to (i) endanger, in any material respect,
CPLV Tenant, any Tenants or other occupants of the Property or their guests or the general public or (ii) have a Material Adverse Effect (including but not limited to sampling, testing and analysis of soil, water, air, building materials and
other materials and substances whether solid, liquid or gas), and share with Administrative Agent the reports and other results thereof, and Administrative Agent and other Indemnified Parties shall be entitled to rely on such reports and other
results thereof; (vii) Borrower shall, and shall cause Mortgage Borrower to, at its sole cost and expense, comply with all reasonable written requests of Administrative Agent made in the event that Administrative Agent has a good faith reason
to believe that an environmental hazard exists on the Property (including but not limited to a Release of a Hazardous Substance) to (A) reasonably effectuate Remediation of any such environmental hazard as required pursuant to Environmental
Law; (B) comply with applicable Environmental Law related thereto; (C) comply with any applicable directive from any Governmental Authority related thereto; and (D) take any other reasonable action necessary or appropriate for
protection of human health or the environment with regard to such environmental hazard; (viii) Borrower shall not do, and shall cause Mortgage Borrower not to do, and shall cause Mortgage Borrower to use commercially reasonable efforts to cause
CPLV Tenant or other user of the Property to not commit any act relating to the manufacture, use, storage, handling, Release or Remediation of Hazardous Substances that materially increases the dangers to human health or the environment, poses an
unreasonable risk of harm to any Person (whether on or off the Property), impairs or may impair in any material respect the value of the Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes
waste, or violates any covenant, condition, agreement or easement applicable to the Property in any material respect; and (ix) Borrower shall notify Administrative Agent in writing, promptly upon obtaining actual knowledge of (A) any
presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property (other than any Hazardous Substances which satisfy the conditions set forth in
Section 5.1.19(a)(ii)(x) and (y); (B) any non-compliance with any Environmental Laws related in any way to the Property; (C) any actual or potential Environmental
Lien; (D) any required or proposed Remediation of environmental conditions relating to the Property; and (E) any written notice or other written communication of which Borrower becomes aware from any source whatsoever (including but not
limited to a Governmental Authority) relating in any way to either (x) the matters referred to in items (A) through (D) or (y) any other environmental conditions with respect to the Property that are likely to result in liability of
Mortgage Borrower, Borrower or any Person holding an interest in the Property pursuant to any Environmental Law, including any actual or potential administrative or judicial proceedings in connection with the matters referred to in this
Section 5.1.19. 
 (b) In the event that Administrative Agent has a reasonable good-faith basis to believe that an
environmental hazard exists on the Property that would reasonably be expected to (i) endanger, in any material respect, CPLV Tenant, any Tenants or other occupants of the Property or their guests or the general public or (ii) have a
Material Adverse Effect, upon reasonable notice from Administrative Agent, Borrower shall or shall cause Mortgage Borrower to, at Borrower’s expense, promptly cause a qualified engineer or consultant reasonably

  
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satisfactory to Administrative Agent to conduct an environmental assessment or audit with respect to such environmental hazard (the scope of which shall be reasonably satisfactory to
Administrative Agent) which may include taking any samples of soil, groundwater or other water, air, or building materials or any other invasive testing reasonably requested by Administrative Agent and promptly deliver the results of any such
assessment, audit, sampling or other testing to Administrative Agent ; provided, however, if such results are not delivered to Administrative Agent within a reasonable period or if Administrative Agent has a good faith reason to
believe that an environmental hazard exists on the Property that, in Administrative Agent’s reasonable judgment, poses an imminent danger, in any material respect, to any Tenant or other occupant of the Property or their guests or the general
public or may materially and adversely affect the value of the Property, upon reasonable advance notice to Borrower (subject to the rights of CPLV Tenant, Tenants and any other third-party occupants of the Property and compliance with any applicable
Gaming Laws), Administrative Agent and any other Person designated by Administrative Agent, including but not limited to any receiver, any representative of a governmental entity with relevant jurisdiction, and any environmental consultant, shall
have the right, but not the obligation, to enter upon the Property at all reasonable times to assess any and all aspects of the environmental condition of the Property related to the environmental hazard, including but not limited to conducting any
environmental assessment or audit with respect to such environmental hazard (the scope of which shall be determined in Administrative Agent’s reasonable discretion) which may include taking samples of soil, groundwater or other water, air, or
building materials, and reasonably conducting other invasive testing. Borrower shall reasonably cooperate with and provide Administrative Agent and any such Person designated by Administrative Agent with access to the Property and Borrower shall be
permitted to accompany and observe (but not otherwise disrupt or restrict) Administrative Agent or any other Person designated by Administrative Agent during such assessment, audit, sampling or testing. 

(c) Intentionally Omitted. 
 (d)
Borrower hereby represents and warrants that attached hereto as Exhibit C is a true and complete copy of the Asbestos Operations & Maintenance Plan, dated as of September 19, 2017, prepared by EMG
(“O&M Program”), and (b) Borrower has as of the date hereof complied, and has caused Mortgage Borrower to comply, in all material respects with the O&M Program. Borrower hereby covenants and agrees that, during the term
of the Loan, including any extension or renewal thereof, Borrower shall, and shall cause Mortgage Borrower to, comply in all material respects with the terms and conditions of the O&M Program. 

(e) Borrower hereby covenants to cause Mortgage Borrower to perform, or cause to be performed, the Focused Indoor Air Quality Assessment at
Caesars Palace, Las Vegas, Nevada, as described in the September 6, 2017 proposal from EHS Support (“IAQ Assessment”). Borrower covenants to provide the results of the IAQ Assessment to Administrative Agent within three
(3) Business Days of Borrower’s receipt of the results. To the extent one of more of the sampling results from the IAQ Assessment exceed the applicable vapor intrusion screening levels as recommended by the US EPA OSWER Technical Guide for
Assessing and Mitigating the Vapor Intrusion Pathway from Subsurface Vapor Sources to Indoor Air (US EPA 2015), Borrower covenants to cause Mortgage Borrower to perform any recommended or appropriate human health evaluations and/or vapor mitigation.

  
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 5.1.20 Leasing Matters. (a) Borrower shall not permit Mortgage Borrower to
enter into any Leases other than the CPLV Lease and Borrower shall cause Mortgage Borrower to enforce its rights in a commercially reasonable manner, the provisions of the CPLV Lease with respect to any leases or subleases at the Property. Borrower
shall not permit Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to not permit CPLV Tenant to enter into any Leases with respect to the Property, other than as set forth in this
Section 5.1.20. 
 (b) Borrower shall not permit Mortgage Borrower to permit CPLV Tenant to assign or otherwise
transfer the CPLV Lease or any interest therein, except in accordance with Section 5.2.10(e) hereof. CPLV Tenant shall be permitted to sublease a portion of the Property pursuant to Leases; provided that
(i) each Lease entered into by CPLV Tenant shall be entered into in accordance with the terms of the CPLV Lease, and (ii) subject to Section 5.1.20(c) of the Mortgage Loan Agreement, all Leases executed by
Borrower after the date hereof shall provide that they are subordinate to the Mortgage and that the Tenant agrees to attorn to Mortgage Lender or any purchaser at a sale by foreclosure or power of sale. Notwithstanding anything to the contrary
herein, Borrower shall not permit Mortgage Borrower to permit CPLV Tenant to enter into any Lease for all or substantially all of the Property without the prior written consent of Administrative Agent. 

5.1.21 Alterations. (a) Borrower shall cause Mortgage Borrower to obtain Mortgage Lender’s prior written consent to any
alterations to any Improvements (each, an “Alteration” and collectively, “Alterations”) as and when required pursuant to Section 5.1.21 of the Mortgage Loan Agreement. Following the repayment of the Mortgage
Loan, Mezzanine A Loan and Mezzanine B Loan in full, Borrower shall obtain Administrative Agent’s prior written consent to any Alterations, which consent shall not be unreasonably withheld or delayed except with respect to Alterations that
would reasonably be expected to have a Material Adverse Effect. Notwithstanding the foregoing, Administrative Agent’s consent shall not be required in connection with any Alterations that (i) will not have a Material Adverse Effect and the
cost of any individual Alteration project does not exceed $75,000,000 (the “Threshold Amount”), (ii) any Alterations set forth on Schedule 5.1.21 hereto (the
“Pre-Approved Alterations”), (iii) Replacements if there are sufficient reserves on deposit in the Replacement Reserve Fund to pay for such obligations, (iv) that are Required
Repairs, (v) to address any life safety issues to avoid imminent danger to the health or safety of Persons at the Property or the Property, (vi) are required to comply with Legal Requirements which will not have a Material Adverse Effect
and are not subject to contracts with an aggregate remaining cost in excess of the Threshold Amount, or (vii) Alterations performed in connection with the Restoration of the Property after the occurrence of a Casualty or Condemnation in
accordance with the terms and provisions of the Mortgage Loan Agreement. Administrative Agent shall grant or deny any consent required under this Section 5.1.21 within ten (10) Business Days after the receipt of the
applicable request and all documents reasonably necessary in connection therewith. In the event that Administrative Agent fails to respond within such ten (10) Business Day period and such request was marked in bold lettering with the following
language: “ADMINISTRATIVE AGENT’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT AMONG THE UNDERSIGNED, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDERS PARTY
THERETO” and the envelope containing the such notice shall have been marked 

  
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“PRIORITY-DEEMED APPROVAL MAY APPLY”, and Borrower has submitted a second request for consent after such ten (10) Business Day period accompanied by all documents reasonably
necessary in connection therewith, which such second notice shall have been marked in bold lettering with the following language: “ADMINISTRATIVE AGENT’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE
PURSUANT TO THE TERMS OF A LOAN AGREEMENT AMONG THE UNDERSIGNED, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDERS PARTY THERETO” and the envelope containing the Second Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY
APPLY”, then in the event that Administrative Agent shall fail to respond to such second notice within the ten (10) Business Day period, such failure to respond shall be deemed to be the consent and approval of Administrative Agent to the
requested item, provided, that Administrative Agent requesting additional and/or clarified information, in addition to approving or denying any request (in whole or in part), shall be deemed a response by Administrative Agent for purposes of
the foregoing. If the total unpaid amounts due and payable with respect to any alterations to the Improvements at the Property, in the aggregate, shall at any time exceed the Threshold Amount (excluding (1) such amounts to be paid or reimbursed
by Tenants under the Leases, (2) such amounts for Replacements which are reserved and are permitted to be paid or reimbursed from the Replacement Reserve Fund in accordance with the terms of the Mortgage Loan Agreement, (3) any amounts for
the construction of the New Hotel Tower pursuant to and in accordance with Section 5.1.21(c) hereof and (4) costs incurred in connection with a Restoration of the Property in accordance with the terms hereunder),
Borrower shall promptly deliver to Administrative Agent (or cause Mortgage Borrower to cause CPLV Tenant to deliver) such excess amount as security for the payment of such amounts and as additional security for Borrower’s obligations under the
Loan Documents any of the following (each, an “Alteration Deposit”): (A) cash, (B) U.S. Obligations, (C) other securities having a rating acceptable to Administrative Agent or (D) a Letter of Credit, provided
that any such Alteration Deposit made by CPLV Tenant in cash shall be made into (i) an account of Mortgage Lender or (ii) if the funds are being deposited by CPLV Tenant in an account in the name of CPLV Tenant held by an Eligible
Institution subject to a security interest in favor of Mortgage Borrower and assigned to Mortgage Lender and subject to the control of Mortgage Lender pursuant to a deposit or securities account control agreement in form and substance reasonably
satisfactory to Mortgage Lender, and such security shall be subject to the terms and conditions of the CPLV Lease SNDA. Subject to Section 5.1.21(b) below and the CPLV Lease SNDA, during the continuance of an Event of
Default (other than a CPLV Lease Default so long as Borrower is proceeding to cure (or cause to be cured) subject to the terms and within the time periods set forth in Section 8.3 hereof), unless the amounts are being
contested by CPLV Tenant pursuant to contest in good faith and in CPLV Tenant’s prudent business judgment, if amounts are not otherwise paid by CPLV Tenant, Mortgage Borrower or Borrower prior to delinquency, upon two (2) Business Days
prior notice to CPLV Tenant, Mortgage Borrower or Borrower, Administrative Agent may apply such security from time to time at the option of Administrative Agent to pay for such Alterations. Notwithstanding any of the foregoing to the contrary, no
such security and/or Alterations Deposit shall be required to the extent Mortgage Borrower is required to and does provide such security and/or Alterations Deposit (as defined in the Mortgage Loan Agreement) for the same to Mortgage Lender in
accordance with the Mortgage Loan Documents or Mezzanine A Borrower is required to and does provide such security and/or Alterations Deposit (as defined in the Mezzanine A Loan Agreement) for the same to Mezzanine A

  
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Administrative Agent in accordance with the Mezzanine A Loan Documents or Mezzanine B Borrower is required to and does provide such security and/or Alterations Deposit (as defined in the
Mezzanine B Loan Agreement) for the same to Mezzanine B Administrative Agent in accordance with the Mezzanine B Loan Documents. In the event any Alteration constitutes Material Capital Improvements (as defined in the CPLV Lease) and no consultant or
engineer shall have been engaged by the Mortgage Lender pursuant to Section 5.1.21(a) of the Mortgage Loan Agreement, by Mezzanine A Administrative Agent pursuant to Section 5.1.21(a) of the Mezzanine A Loan Agreement or by Mezzanine B
Administrative Agent pursuant to Section 5.1.21(a) of the Mezzanine B Loan Agreement, Administrative Agent shall have the right, at Borrower’s, Mortgage Borrower’s or CPLV Tenant’s cost and expense, to engage an engineer or other
construction consultant to conduct inspections during the construction of any such Material Capital Improvements. 
 (b) Each such
Alterations Deposit provided to Administrative Agent shall be disbursed from time to time by Administrative Agent to Borrower or if directed by Borrower, to CPLV Tenant for completion of the Alterations at the Property upon the satisfaction of the
following conditions: (i) Borrower shall (or shall cause Mortgage Borrower to cause CPLV Tenant to) submit a request for payment to Administrative Agent at least 10 days prior to the date on which Borrower requests that such payment be made,
which request for payment shall specify the Alterations for which payment is requested, (ii) on the date such request is received by Administrative Agent and on the date such payment is to be made, no Event of Default shall be continuing, and
(iii) such request shall be accompanied by (x) an Officer’s Certificate (or a certification from CPLV Tenant) stating that the applicable portion of the Alterations to be funded by the requested disbursement have been completed
in good and workmanlike manner and in accordance in all material respects with all applicable Legal Requirements, (y)(A) if requested by Administrative Agent, copies of paid invoices or copies of invoices to be paid, as applicable, for each
contractor that supplied materials or labor in connection with the applicable portion of the Alterations to be funded by the requested disbursement if such disbursement to the applicable contractor is in excess of $250,000 and (B) if requested
by Administrative Agent, proofs of payment for each contractor that supplied materials or labor in connection with the applicable portion of the Alterations to be funded by the requested disbursement if such disbursement to the applicable contractor
is in excess of $25,000 and (z) copies of any licenses, permits or other approvals by any Governmental Authority required in connection with the applicable portion of the Alterations, and (iv) lien waivers (which may be conditioned up
receipt of payment) from any contractors, subcontractors, materialmen, mechanics or other parties providing labor or materials under contracts or work orders in excess of $250,000. Each Alterations Deposit (to the extent required to be delivered to
Administrative Agent hereunder) shall be held by Administrative Agent in an account and, until disbursed in accordance with the provisions of this Section 5.1.21, shall constitute additional security for the Debt and other
obligations under the Loan Documents. Upon completion of the Alterations in accordance with the terms hereunder and payment of all costs and expenses in connection therewith for which such Alterations Deposit was made, any remaining portion of the
Alterations Deposit shall be returned to Borrower or CPLV Tenant, as applicable. 
 (c) The Borrower shall have the right to permit Mortgage
Borrower to permit CPLV Tenant to construct the New Hotel Tower, subject to the satisfaction of the conditions set forth in Section 5.1.21(c) of the Mortgage Loan Agreement. 

  
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 5.1.22 Operation of Property. (a) Borrower shall, shall cause Mortgage
Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, cause the Property to be operated, in all material respects, in accordance with the CPLV Lease, the Management Agreement and all other CPLV
Lease Documents and in accordance with all applicable Legal Requirements, including Gaming Laws, and all Gaming Licenses and other Operating Permits and in a manner and standard consistent in all material respects with their respective use as of the
Closing Date. Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to maintain, in all material respects, all Operating Permits in full force and effect
(unless, in the case of any Operating Permit, such Operating Permit is no longer necessary or advisable for the conduct of CPLV Tenant’s business in accordance with the terms of the CPLV Lease and hereunder). In the event that the Management
Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Administrative Agent’s consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this
Agreement), Borrower shall cause Mortgage Borrower to promptly enter into a Replacement Management Agreement with Manager or another Qualified Replacement Manager, as applicable, or upon the prior written consent of Administrative Agent, not to be
unreasonably withheld, conditioned or delayed, enter into a Replacement Structure. 
 (b) Borrower shall, and shall cause Mortgage Borrower
to, at all times cause the Property to be licensed, operated and branded by Manager as a “Caesars Palace” property pursuant to the Management Agreement. Without the prior written consent of Administrative Agent in its sole discretion,
Borrower shall not, shall not permit Mortgage Borrower to and shall not permit Mortgage Borrower to permit CPLV Tenant to, (i) rebrand the Property or operate the Property under another flag or brand or as an unbranded property, or
(ii) operate the Property under any name other than “Caesars Palace Las Vegas”. 
 (c) Borrower shall, shall cause Mortgage
Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, post all required bonds, if any, with any Gaming Authority as and in the amounts required under all applicable Legal Requirements (and
shall, if Administrative Agent makes a request therefor, promptly provide Administrative Agent with copies of all such bonds). 
 (d)
Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to make all filings required under the Gaming Laws, or in connection with any Gaming Licenses or Operating
Permits, including in connection with the origination of the Loan, the Mortgage Loan and the other Mezzanine Loans, and shall deliver copies of such filings as Administrative Agent shall reasonably request to Administrative Agent, promptly upon
request. Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, timely pay all fees, investigative fees and costs required by the Gaming Authorities with
respect to any such approvals and licenses with respect to the Property or the operations thereof. Borrower shall, shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to,
diligently and comprehensively respond to any inquiries and requests from the Gaming Authorities and promptly file or cause to be filed any additional information required in connection with any required filings as soon as practicable after receipt
of requests therefor. 

  
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 (e) Upon the written request of Administrative Agent, Borrower shall (i) deliver to
Administrative Agent such evidence of compliance (by Mortgage Borrower, Borrower and the Collateral) with all Legal Requirements, including Gaming Laws as shall be reasonably requested by Administrative Agent and (ii) cause Mortgage Borrower to
use commercially reasonable efforts to cause CPLV Tenant to deliver to Administrative Agent such evidence of compliance (by CPLV Tenant and the Property) with all Legal Requirements, including Gaming Laws as shall be reasonably requested by
Administrative Agent. Borrower shall promptly deliver to Administrative Agent any notice of material non-compliance or material violation of any Legal Requirement, or of any material inquiry or investigation
commenced by the Gaming Authorities in connection with the Property, in each case received by Mortgage Borrower or its Affiliates, and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to deliver such notices
to Lender in accordance with the terms of the CPLV Lease. Borrower shall promptly notify Administrative Agent if it believes has knowledge of, or has received notice, that any material license, including any Gaming License, is being or could be
revoked or suspended, or that any action is pending, being considered or being, or could be, taken to revoke or suspend any of Borrower’s, Mezzanine B Borrower’s, Mezzanine A Borrower’s, Mortgage Borrower’s or CPLV Tenant’s
material licenses, including the Gaming Licenses, or to fine, penalize or impose remedies upon Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or CPLV Tenant, or that any action is pending, being considered, or being, or
could be, taken to discontinue, suspend, deny, decrease or recoup any payments due, made or coming due to Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or CPLV Tenant. 

(f) Borrower shall cause Mortgage Borrower, or shall cause Mortgage Borrower to cause CPLV Tenant to, cause the Hotel Components to be at all
times open for business as a hotel and the Casino Components to be open for business as a casino, except to the extent necessary to undertake any Alterations or repairs (subject to the provisions of this Agreement with respect to the performance of
any such Alterations or repairs) or any Permitted Operation Interruption (as defined in the CPLV Lease). Borrower shall cause Mortgage Borrower to, or shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to,
cause the Property to be at all times operated, managed and maintained, at all times and in the manner and accordance with the standards required pursuant to the CPLV Lease and all applicable Legal Requirements, including Gaming Laws in all material
respects. 
 (g) In the event that Mortgage Borrower shall enter into a Replacement Management Agreement with respect to the Property in
accordance with the terms hereunder, such Management Agreement shall (i) be with a Qualified Manager, and (ii) be entered into on an arms’ length basis and on commercially reasonable and market terms and in form and substance
reasonably acceptable to Administrative Agent. 
 (h) Borrower shall cause Mortgage Borrower to, and shall cause Mortgage Borrower to use
commercially reasonable efforts to cause CPLV Tenant to, (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Management Agreement and do all
things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Administrative Agent of any material default under the Management Agreement of which it is aware; (iii) promptly deliver to
Administrative Agent a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Management Agreement; and (iv) enforce the performance and observance of all of the
covenants and agreements required to be performed and/or observed by Manager under the Management Agreement in a commercially reasonable manner. 

  
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 5.1.23 Embargoed Person. Borrower has performed and shall perform reasonable due
diligence to insure that at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, Mezzanine B Borrower, Mezzanine A
Borrower, Mortgage Borrower or Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, Mezzanine B Borrower,
Mezzanine A Borrower, Mortgage Borrower or Guarantor, as applicable, with the result that the investment in Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor, as applicable (whether directly or indirectly), is
prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful
activity, including money laundering, terrorism or terrorism activities, with the result that the investment in Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor, as applicable (whether directly or indirectly), is
prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to forfeiture or seizure. 
 5.1.24
Ground Leases. 
 (a) Borrower shall cause Mortgage Borrower to, or shall cause Mortgage Borrower to cause CPLV Tenant to, at its
sole cost and expense, promptly and timely perform and observe all the material terms, covenants and conditions required to be performed and observed by Mortgage Borrower as lessee under the Ground Lease (including, but not limited to, subject to
Section 7.4 below, the payment of all rent, additional rent, percentage rent and other charges required to be paid under each Ground Lease). 

(b) If Mortgage Borrower or Administrative Agent receives from Ground Lessor a notice of default under the Ground Lease, then, subject to the
terms of the Ground Lease and the Mortgage Loan Documents, Borrower shall cause Mortgage Borrower to grant Administrative Agent the right (but not the obligation), to cause the default or defaults under the Ground Lease to be remedied and otherwise
exercise any and all rights of Mortgage Borrower under the Ground Lease, as may be necessary to prevent or cure any default, and Administrative Agent shall have the right to enter all or any portion of the Property that is subject to the Ground
Lease at such reasonable times and in such manner as Administrative Agent deems necessary (subject to the terms of the Ground Lease and the rights of the CPLV Tenant under the CPLV Lease and Tenants Leases and any third-party occupants), to prevent
or to cure any such default. 
 (c) The actions or payments of Administrative Agent to cure any default by Mortgage Borrower under the Ground
Lease shall not remove or waive, as between Borrower and Administrative Agent, the default that occurred under this Agreement by virtue of the default by Mortgage Borrower under the Ground Lease. All sums expended by Administrative Agent to cure any
such default shall be paid by Borrower to Administrative Agent, within five (5) Business Days of demand, with interest on such sum at the rate set forth in this Agreement from the date of such demand to and including the date the reimbursement
payment is made to Administrative Agent. All such indebtedness shall be deemed to be secured by the Pledge Agreement. 

  
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 (d) Borrower shall notify Administrative Agent promptly in writing of it becoming aware of the
occurrence of any default by Ground Lessor under the Ground Lease (beyond all applicable notice and cure periods thereunder) or following the receipt by Borrower or Mortgage Borrower of any written notice from Ground Lessor under the Ground Lease
noting or claiming the occurrence of any default by Mortgage Borrower under the Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Mortgage Borrower under the
Ground Lease. Borrower shall promptly deliver to Administrative Agent a copy of any such written notice of default. 
 (e) Within ten
(10) days after receipt of written demand by Administrative Agent, Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to obtain from Ground Lessor under the Ground Lease and furnish to Administrative Agent the
estoppel certificate of Ground Lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any; provided that Administrative Agent shall
not make such demand more than once in any twelve (12) month period unless an Event of Default is continuing. 
 (f) Borrower shall, or
shall cause Mortgage Borrower to, promptly execute, acknowledge and deliver to Administrative Agent such instruments as may be reasonably required to permit Administrative Agent to cure any default under the Ground Lease in accordance with the terms
of this Agreement or permit Administrative Agent to take such other action required to enable Administrative Agent to cure or remedy the matter in default and preserve the security interest of Collateral Agent under the Loan Documents with respect
to the Property. Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, during the continuance of an Event of
Default, any and all acts and to execute any and all documents that are necessary to preserve any rights of Mortgage Borrower under or with respect to the Ground Lease, including, without limitation, the right to effectuate any extension or renewal
of the Ground Lease, or to preserve any rights of Mortgage Borrower whatsoever in respect of any part of the Ground Lease (and the above powers granted to Administrative Agent are coupled with an interest and shall be irrevocable), provided,
except in the event of imminent damage to the Property or imminent danger of the termination or loss of the Ground Lease, Administrative Agent shall not make or execute any such documents under such power until three (3) days after notice has
been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. 
 (g) Notwithstanding anything to the
contrary contained in this Agreement with respect to the Ground Lease: 
 (i) [Reserved]. 

(ii) Borrower shall not permit Mortgage Borrower to, without Administrative Agent’s written consent, elect to treat the
Ground Lease as terminated under Subsection 365(h)(l) of the Bankruptcy Code. Any such election made without Administrative Agent’s prior written consent shall be void. 

  
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 (iii) As security for the Debt, Borrower unconditionally assigns, transfers and
sets over to Lender all of Borrower’s claims and rights, if any (which, for the avoidance of doubt, are separate and distinct from Mortgage Borrower’s claims and rights, which claims and rights of Mortgage Borrower are assigned,
transferred, and set over to Mortgage Lender pursuant to the terms of the Mortgage Loan Agreement), to the payment of damages arising from any rejection of the Ground Lease by the lessor under the Bankruptcy Code. Administrative Agent and Borrower
shall proceed jointly or in the name of Borrower in respect of any claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute any proofs of claim, complaints,
motions, applications, notices and other documents in any case in respect of lessor under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall
continue in effect until all of the Debt shall have been satisfied and discharged in full. Any amounts received by Administrative Agent or Borrower as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied to all out-of-pocket costs and expenses of Administrative Agent (including, without limitation, reasonable attorney’s fees and costs) incurred in connection with the
exercise of any of its rights or remedies in accordance with the applicable provisions of this Agreement. 
 (iv) If,
pursuant to Subsection 365(h) of the Bankruptcy Code, Mortgage Borrower seeks to offset, against the rent reserved in the Ground Lease, the amount of any damages caused by the nonperformance by the lessor of any of its obligations
thereunder after the rejection by lessor of the Ground Lease under the Bankruptcy Code, then Mortgage Borrower shall not effectuate any offset of the amounts so objected to by Administrative Agent. If Administrative Agent has failed to object as
aforesaid within ten (10) days after notice from Mortgage Borrower in accordance with the first sentence of this subsection, Borrower may proceed to offset the amounts set forth in Mortgage Borrower’s notice. 

(v) If any action, proceeding, motion or notice shall be commenced or filed in respect of any lessor of all or any part of the
Property in connection with any case under the Bankruptcy Code, to the extent involving Borrower, as opposed to Mortgage Borrower, Administrative Agent and Borrower shall cooperatively conduct and control any such litigation with counsel agreed upon
between Borrower and Administrative Agent in connection with such litigation. Borrower shall, within five (5) Business Days of written demand, pay to Administrative Agent all costs and expenses (including attorneys’ fees and costs)
incurred in connection with the cooperative prosecution or conduct of any such proceedings. All such costs and expenses shall be secured by the Lien of the Pledge Agreement. 

  
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 (vi) Borrower shall or shall cause Mortgage Borrower to, upon obtaining notice or
knowledge, notify Administrative Agent of any filing by or against the lessor under the Ground Lease of a petition under the Bankruptcy Code, setting forth any information available to Borrower as to the date of such filing, the court in which such
petition was filed, and the relief sought in such filing. Borrower shall deliver to Administrative Agent any and all notices, summonses, pleadings, applications and other documents received by Borrower or Mortgage Borrower in connection with any
such petition and any proceedings relating to such petition. 
 (h) If Administrative Agent, its nominee, designee, successor, or assignee
acquires title and/or rights of Borrower’s indirect interest in the Ground Lease by reason of foreclosure of the Lien of the Pledge Agreement, assignment in lieu of foreclosure or otherwise, such party shall (x) succeed to all of the
rights of and benefits accruing to Borrower under the Ground Lease, and (y) be entitled to exercise all of the rights and benefits accruing to Borrower under the Ground Lease. At such time as Administrative Agent shall request, Borrower agrees
to execute and deliver and use commercially reasonable efforts to cause any third party to execute and deliver to Administrative Agent such documents as Administrative Agent and its counsel may require in order to insure that the provisions of this
Section will be validly and legally enforceable and effective against Borrower and all parties claiming by, through, under or against Borrower. 

5.1.25 CPLV Lease, CPLV Lease Documents and CPLV Security Documents. 

(a) Borrower shall cause Mortgage Borrower to: (i) promptly perform and/or observe, in all material respects, all of the covenants and
agreements required to be performed and observed by it under the CPLV Lease and the other CPLV Lease Documents and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly after they become aware,
notify Administrative Agent of any material default under the CPLV Lease and the other CPLV Lease Documents; (iii) promptly deliver to Administrative Agent a copy of each financial statement, business plan, capital expenditures plan, material
written notice, written report and written estimate received by it under the CPLV Lease and the other CPLV Lease Documents; (iv) promptly deliver to Administrative Agent a copy of any proposed amendment or modification to the CPLV Lease and the
other CPLV Lease Documents; and (v) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by CPLV Tenant under the CPLV Lease and the other CPLV Lease Document in a commercially
reasonable manner. 
 (b) Borrower represents, covenants and warrants that it is the express intent of Mortgage Borrower and CPLV Tenant that
(i) the CPLV Lease constitute a “true lease” for all purposes of the Bankruptcy Code (including Section 365(d) and 502(b)(6) thereof) and applicable Legal Requirements (and knows of no reason why the CPLV Lease would not be such
a “true lease”), (ii) the CPLV Lease does not constitute a financing or convey any interest in any Property other than the leasehold interest therein leased thereby and the security interest in favor of Mortgage Borrower, as landlord in
the Tenant’s Pledged Property (as defined in the CPLV Lease), and (iii) the sole interest of CPLV Tenant in the Property is that of tenant under the CPLV Lease. In the event that it shall be determined that the CPLV Lease is not a lease
under applicable real property laws or under laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of CPLV Tenant in the Property is other than that of tenant under the CPLV Lease, Borrower hereby
covenants and agrees that it shall cause Mortgage Borrower to cause CPLV Tenant’s interest in the Property, however characterized, to continue to be subject and subordinate to the lien of the Mortgage, or Mortgage Borrower’s fee interest
in the Property, on all the same terms and conditions as contained in the CPLV Lease and the Mortgage. 

  
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 (c) Borrower shall cause Mortgage Borrower to: (i) promptly perform and/or observe, in all
material respects, all of the covenants and agreements required to be performed and observed by it under the CPLV Security Documents and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly
after they become aware, notify Administrative Agent of any material default under the CPLV Security Documents; (iii) promptly deliver to Administrative Agent a copy of any written notice received by it under the CPLV Security Documents; and
(iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by CPLV Tenant under the CPLV Security Documents in a commercially reasonable manner. 

5.1.26 Transition Period. Borrower shall not, without Administrative Agent’s prior written consent, permit Mortgage Borrower
to: (i) surrender, terminate, cancel, amend or modify the Transition Services Agreement; (ii) sell, assign or transfer the Transition Services Agreement; (iii) reduce or consent to the reduction of any of the liabilities or
obligations of CPLV Tenant or Manager under the Transition Services Agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Transition Services Agreement. 

5.1.27 IP Collateral. (a) Borrower agrees that it will not and shall not permit Mortgage Borrower to, and shall cause
Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to not, do any act, or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act),
whereby any material IP Collateral would be reasonably likely to become invalidated, abandoned or dedicated to the public. 
 (b) Borrower
(either through itself or its licensees or sublicensees) shall, and shall cause Mortgage Borrower to and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, as to each material Trademark included in the IP
Collateral, reasonably maintain the quality of the products and services offered under such Trademark. Borrower shall cause Mortgage Borrower to, and shall cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to, not
amend, modify or terminate the CPLV Trademark License Agreement or the CPLV Trademark Security Agreement without the prior written consent of Administrative Agent. 

(c) If Borrower or Mortgage Borrower shall, at any time after the date hereof, obtain any additional rights under CPLV Intellectual Property or
IP Licenses (including any security interests therein), then the provisions of this Agreement and the Mortgage Loan Agreement shall automatically apply (to the extent permitted under the terms of any such IP License) thereto to the extent of
Mortgage Borrower’s interest therein and any such Intellectual Property and/or IP Licenses shall automatically constitute IP Collateral and Collateral and shall be subject to the lien and security interest created by the IP Security Agreement,
and any other Mortgage Loan Document without further action by any party. 

  
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 (d) Borrower shall promptly notify Administrative Agent if Borrower knows or has reason to know
that any IP Collateral that is material to the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property is reasonably likely to become inadvertently abandoned or dedicated to the public, or
of any final adverse determination or development (including the institution of, or any such final materially adverse determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office,
or any court or similar office of any other country, but excluding any determinations of Intellectual Property Offices issued in the ordinary course of prosecuting an Intellectual Property application) regarding Mortgage Borrower’s ownership of
such IP Collateral or, its right to register or maintain the same. 
 (e) If Borrower knows that any IP Collateral has been or is being
misappropriated, diluted, infringed, or otherwise violated by a third party in such a manner that would reasonably be expected to have a Material Adverse Effect on the IP Collateral or Mortgage Borrower’s interest therein or the condition
(financial or otherwise) or business of Borrower, Mortgage Borrower or the condition or ownership of the IP Collateral, then Borrower shall promptly notify Administrative Agent and shall cause Mortgage Borrower to take reasonable and appropriate
actions to protect Mortgage Borrower’s rights in such IP Collateral, such actions to be determined in Borrower’s reasonable business judgment. 

(f) Reserved. 
 (g) There shall be
no Liens with respect to, or upon, or no restrictions on the transferability of the IP Collateral, other than the Permitted Encumbrances and as set forth in the IP Licenses. 

5.1.28 Payment of Obligations. Borrower will pay its obligations, including tax liabilities and any obligations under any
employment, incentive, retention, exit or similar agreement, that, if not paid, would reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (b) Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect, and provided that the foregoing shall not require any partners, members, shareholders or other owners of Borrower to make additional capital contributions to Borrower. 

5.1.29 No Joint Assessment. Borrower shall not and shall not permit Mortgage Borrower to suffer, permit or initiate the joint
assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or
any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 

  
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 5.1.30 REOA. Borrower shall cause Mortgage Borrower to comply with
Section 5.1.30 of the Mortgage Loan Agreement. 
 5.1.31 ERISA. As soon as practicable, and in any event within ten
(10) days after Borrower has knowledge of the occurrence thereof, (i) Borrower shall provide Administrative Agent with notice of the occurrence of any ERISA Event (or, to Borrower’s Knowledge, the occurrence with respect to an
unaffiliated third-party property manager engaged by Borrower of an event that would constitute an ERISA Event if it occurred to a Plan, provided that Borrower has an obligation to indemnify such manager in respect of such event) that would
reasonably be expected to have a Material Adverse Effect and (ii) if the employees at the Property are employed by a manager other than the Borrower or an ERISA Affiliate, Borrower shall provide Administrative Agent with notice of any ERISA
Event, relating to any Multiemployer Plan or plan subject to Title IV of ERISA, of which it knows or should have known, which could reasonably be expected to result in a Material Adverse Effect including by reason of indemnification or other
contractual agreement with such manager. Borrower shall not (i) permit any ERISA Event to occur and (ii) if the employees at the Property are employed by a manager other than the Borrower or an ERISA Affiliate, incur any liability or
obligation with respect to withdrawal or partial withdrawal from a Multiemployer Plan or termination of a plan subject to Title IV of ERISA, whether by reason of indemnification or other contractual agreement with such manager, if in the case of
(i) and (ii) above such event could reasonably be expected to, either individually or in the aggregate, have a Material Adverse Effect on the Borrower, the Property or the ability to repay the Debt. 

5.1.32 Multiemployer Plan Statements. (a) With respect to each Multiemployer Plan, for which Borrower, Mezzanine B Borrower,
Mezzanine A Borrower, Mortgage Borrower or Guarantor has an obligation to make contributions, within the meaning of Section 101(l) of ERISA (a “Contributing Employer”), within 30 days following the applicable Multiemployer
Plan’s year end, if Administrative Agent so requests Borrower to do so, Borrower shall request, or cause to be requested, in accordance with Section 101(1)(1) of ERISA, that the plan sponsor or administrator of the applicable Multiemployer
Plan provide: (i) an estimate of the amount of the Contributing Employer’s withdrawal liability under Part 1 of Subtitle E of Title IV of ERISA if the Contributing Employer were to have completely withdrawn from the
applicable Multiemployer Plan on the last day of the plan year preceding the date of the request; and (ii) an explanation of how such estimated withdrawal liability amount was determined, including the actuarial assumptions and methods used to
determine the value of the Multiemployer Plan’s liabilities and assets, the data regarding employer contributions, unfunded vested benefits, annual changes in the Multiemployer Plan’s unfunded vested benefits and the application of any
relevant limitations on the estimated withdrawal liability amount. As soon as available, and in any event within 10 days after the receipt from the plan sponsor or administrator of the applicable Multiemployer Plan, Borrower shall provide
Administrative Agent with the information received from the Multiemployer Plan pursuant to the estimated withdrawal liability request described in the preceding sentence. 

(b) As reasonably requested by Administrative Agent, Borrower shall promptly provide Administrative Agent with a copy of the most recent plan
funding notice (if any) issued to each Contributing Employer pursuant to Section 101(f) of ERISA by a plan sponsor or administrator of a Multiemployer Plan. 

  
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 (c) To the extent that a member of Borrower holds an equity interest in Borrower with Plan
Assets, Borrower will use commercially reasonable efforts to do, or cause to be done, all things reasonably necessary to ensure that it will not be deemed to hold Plan Assets at any time; provided, that if on any date Borrower determines that
it is deemed to hold Plan Assets, as promptly as practicable following the event but no later than five (5) Business Days after the date of such event, Borrower shall notify Administrative Agent in writing of such event. 

5.1.33 Taxes. Borrower will be treated as a partnership or a disregarded entity for U.S. federal income tax purposes. Borrower
will timely file or cause to be filed for itself all federal income and other material tax returns and reports required to be filed by it and will pay or cause to be paid all federal income and other material taxes and related liabilities required
to be paid by it, except taxes that are being contested in good faith by appropriate proceedings and for which the Borrower sets aside on its books adequate reserves in accordance with GAAP. Borrower will not permit any Liens for Section 2.8
Taxes to be imposed on or with respect to any of its income or assets, other than Liens for Section 2.8 Taxes not yet due and payable and for which Borrower sets aside on its books adequate reserves in accordance with GAAP. 

5.1.34 Required Repairs. Borrower shall cause Mortgage Borrower to, or shall cause Mortgage Borrower to cause CPLV Tenant to,
perform the repairs at the Property, as more particularly set forth on Schedule II hereto (such repairs hereinafter referred to as “Required Repairs”). Borrower shall cause Mortgage Borrower to, or shall
cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule II. 

5.1.35 Notices. Borrower shall give notice, or cause notice to be given to Administrative Agent, promptly upon the occurrence of:

 (a) any Event of Default, Mezzanine B Loan Default, Mezzanine A Loan Default or Mortgage Loan Default, in each case, of which it has
Knowledge; and 
 (b) any event of default under any Contractual Obligation of Borrower, or, to the 

Knowledge of Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor that would reasonably be expected to have a
Material Adverse Effect. 
 5.1.36 Special Distributions. On each date on which amounts are required to be paid to
Administrative Agent under any of the Loan Documents, Borrower shall exercise its rights under the Mezzanine B Borrower Company Agreement to cause Mezzanine B Borrower to make to Borrower a distribution in an aggregate amount such that
Administrative Agent shall receive the amount required to be paid to Administrative Agent on such date. 
 5.1.37 Curing. From
and after a Mezzanine B Loan Default, after three (3) Business Days’ notice to Borrower (except in an emergency when no notice shall be required) Administrative Agent shall have the right, but shall not have the obligation, to exercise
Borrower’s rights under the Mezzanine B Borrower Company Agreement (a) to cure a monetary Mezzanine B Loan Default and (b) to satisfy any Liens, claims or judgments against the Mezzanine B Collateral (except for Liens permitted by the
Mezzanine B Loan Documents), in the case of either (a) or (b), unless Borrower or Mezzanine B Borrower shall be diligently pursuing remedies to cure to Administrative Agent’s sole satisfaction. Borrower shall reimburse Administrative Agent
on demand for any and all costs incurred by Administrative Agent in connection with curing any such Mezzanine B Loan Default or satisfying any Liens, claims or judgments against the Mezzanine B Collateral. 

  
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 5.1.38 Mortgage Borrower and Mezzanine Borrower Covenants. (a) Borrower shall cause
Mortgage Borrower to comply with all obligations with which Mortgage Borrower has covenanted to comply under the Mortgage Loan Agreement and all other Mortgage Loan Documents (including, without limitation, those certain affirmative and negative
covenants set forth in Article V of the Mortgage Loan Agreement) whether the Mortgage Loan has been repaid or the related Mortgage Loan Document has been otherwise terminated, unless otherwise consented to in writing by Administrative Agent. 

(b) Borrower shall cause Mezzanine B Borrower to cause Mezzanine A Borrower to comply with all obligations with which Mezzanine A Borrower has
covenanted to comply under the Mezzanine A Loan Agreement and all other Mezzanine A Loan Documents (including, without limitation, those certain affirmative and negative covenants set forth in Article V of the Mezzanine A Loan Agreement) whether the
Mezzanine A Loan has been repaid or the related Mezzanine A Loan Document has been otherwise terminated, unless otherwise consented to in writing by Administrative Agent. 

(c) Borrower shall cause Mezzanine B Borrower to comply with all obligations with which Mezzanine B Borrower has covenanted to comply under the
Mezzanine B Loan Agreement and all other Mezzanine B Loan Documents (including, without limitation, those certain affirmative and negative covenants set forth in Article V of the Mezzanine B Loan Agreement) whether the Mezzanine B Loan has been
repaid or the related Mezzanine B Loan Document has been otherwise terminated, unless otherwise consented to in writing by Administrative Agent. 

5.1.39 Mortgage and Mezzanine Reserve Funds. (a) Borrower shall cause Mortgage Borrower to cause CPLV Tenant to deposit and
maintain each of the Mortgage Reserve Funds as more particularly set forth in Article VII of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto. 

(b) Borrower shall cause Mezzanine B Borrower to cause Mezzanine A Borrower to deposit and maintain each of the Mezzanine A Reserve Funds as
more particularly set forth in, and to the extent required pursuant to, Article VII of the Mezzanine A Loan Agreement and to perform and comply with all the terms and provisions relating thereto. 

(c) Borrower shall cause Mezzanine B Borrower to deposit and maintain each of the Mezzanine B Reserve Funds as more particularly set forth in,
and to the extent required pursuant to, Article VII of the Mezzanine B Loan Agreement and to perform and comply with all the terms and provisions relating thereto. 

  
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 Section 5.2 Negative Covenants. From the date hereof until payment and
performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Collateral in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with Administrative
Agent, Collateral Agent and each Lender that it will not do, directly or indirectly, any of the following: 
 5.2.1 Operation of
Property. (a) Borrower shall not cause or permit Mortgage Borrower to, without Mortgage Lender’s prior written consent: (i) surrender, terminate or cancel, or permit CPLV Tenant to surrender, terminate or cancel the Management
Agreement except that the CPLV Tenant Lender shall have the right to replace the Manager in accordance with a Transfer under Section 5.2.10(e) below, so long as the replacement manager is a Qualified Manager pursuant to a
Replacement Management Agreement entered into in accordance with the terms hereunder and provided, further, that any Qualified Manager shall have all the appropriate hospitality, liquor and gaming licenses and be in compliance with all
applicable Legal Requirements (including without limitation, Gaming Laws) at or prior to the time such Replacement Management Agreement is entered into and CPLV Tenant Lender shall take any other actions required to ensure continuous operation of
the Property as a hotel and casino; (ii) assign or transfer the Management Agreement or any of its rights thereunder; (iii) reduce or consent to the reduction of the term of the Management Agreement; (iv) increase or consent to the
increase of the amount of any charges under the Management Agreement; or (v) amend or modify the Management Agreement or otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the
Management Agreement; provided, that without Mortgage Lender’s consent, (x) so long as no Event of Default is continuing and no Uncured CPLV Lease Event of Default is continuing, Mortgage Borrower shall have the right to and may
permit CPLV Tenant to enter into modifications of the Management Agreement, which shall not (1) increase, in any material respect, Mortgage Borrower’s or CPLV Tenant’s obligations or liabilities thereunder, (2) decrease any of
Mortgage Borrower’s or CPLV Tenant’s rights, in any material respect, thereunder, (3) decrease any of Mortgage Lender’s rights thereunder (other than to a de minimis extent), (4) decrease, in any material respect, any of
Property Manager or any of its Affiliates responsibilities, liabilities or obligations thereunder and (5) otherwise adversely affect Mortgage Lender in any material respect or otherwise result in a Material Adverse Effect. Borrower shall
promptly deliver to Administrative Agent, any modification to the Management Agreement entered into in accordance with this Section 5.2.1 and all reasonable documented out-of-pocket costs and expenses incurred by Administrative Agent with respect to such modification, including, but not limited to, its reasonable documented attorneys’ fees shall be paid by Borrower.

 (b) Following the occurrence and during the continuance of an Event of Default (other than a CPLV Lease Default so long as Borrower is
proceeding to cure (or causing to be cured) subject to the terms and within the time periods set forth in Section 8.3 hereof), Borrower shall not permit Mortgage Borrower to exercise any rights, make any decisions, grant
any approvals or otherwise take any action under or with respect to the Management Agreement without the prior written consent of Administrative Agent, which consent may be granted, conditioned or withheld in Administrative Agent’s sole
discretion. 

  
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 5.2.2 Liens. 

(a) Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Collateral or permit any such action to be
taken, except for Permitted Encumbrances. Borrower shall not, and shall not permit Mortgage Borrower or CPLV Tenant to, enter into any PACE Loan without the prior written consent of Administrative Agent. 

(b) Borrower shall obtain Administrative Agent’s consent for any Lien for which either (i) Mortgage Borrower is required to obtain
Mortgage Lender’s consent under any Mortgage Loan Document, (ii) Mezzanine A Borrower is required to obtain Mezzanine A Administrative Agent’s consent any Mezzanine A Loan Document or (iii) Mezzanine B Borrower is required to
obtain Mezzanine B Administrative Agent’s consent any Mezzanine B Loan Document. Borrower shall not permit or cause Mortgage Borrower to create, incur, assume or suffer to exist any Lien on any portion of the Property, the Mezzanine A
Collateral, the Mezzanine B Collateral or the Collateral or permit any such action to be taken, except for Permitted Encumbrances. After prior written notice to Administrative Agent (except no notice shall be required in the event the amounts
subject to contest at any time shall not exceed $1,000,000, individually or in the aggregate), Borrower, at Borrower’s own expense, may cause Mortgage Borrower to (or may cause Mortgage Borrower to permit CPLV Tenant, at CPLV Tenant’s cost
and expense), contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Lien, provided that any contest by CPLV Tenant shall be
conducted in accordance with the CPLV Lease; provided, further, that, with respect to any contest by Borrower or Mortgage Borrower: (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and
be conducted in accordance with the provisions of any other instrument to which Borrower or Mortgage Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes,
laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall cause Mortgage Borrower to promptly upon final
determination thereof pay the amount of any such Lien, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of such contested Lien from the Property; and
(vi) Borrower or Mortgage Borrower shall furnish such security as may be required in the proceeding, or in the event the amount of such Lien shall reasonably be expected to exceed $1,000,000, as may be reasonably requested by Administrative
Agent, to insure the payment of any such Lien, together with all interest and penalties thereon; provided, no such security shall be required to the extent Mortgage Borrower is required to and does provide such security for the same to Mortgage
Lender in accordance with the Mortgage Loan Documents or Mezzanine A Borrower is required to and does provide such security for the same to Mezzanine A Administrative Agent in accordance with the Mezzanine A Loan Documents or Mezzanine B Borrower is
required to and does provide such security for the same to Mezzanine B Administrative Agent in accordance with the Mezzanine B Loan Documents. Administrative Agent may pay over any such cash deposit or part thereof held by Administrative Agent to
the claimant entitled thereto at any time when, in the judgment of Administrative Agent, the entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in danger of being sold, forfeited, terminated,
cancelled or lost or there shall be any danger of the Lien of the Mortgage being primed by any related Lien. 

  
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 5.2.3 Dissolution. Borrower shall not (a) engage in any dissolution,
liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership of the Collateral, (c) transfer, lease or sell, in one transaction or any combination of
transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent permitted by the Loan Documents, (d) modify, amend, in any material respect, waive or terminate its organizational documents or
its qualification and good standing in any jurisdiction, (e) cause or permit Mezzanine B Borrower to (i) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which Mezzanine B Borrower would be
dissolved, wound up or liquidated in whole or in part, or (ii) modify, amend, in any material respect, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction, (f) cause or permit
Mezzanine B Borrower to cause or permit Mezzanine A Borrower to (i) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which Mezzanine A Borrower would be dissolved, wound up or liquidated in whole or
in part, or (ii) modify, amend, in any material respect, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction or (g) cause or permit Mortgage Borrower to (i) dissolve, wind up or
liquidate or take any action, or omit to take an action, as a result of which Mortgage Borrower would be dissolved, wound up or liquidated in whole or in part, or (ii) modify, amend, in any material respect, waive or terminate its
organizational documents or its qualification and good standing in any jurisdiction. 
 5.2.4 Change In Business. Borrower
shall not enter into any line of business other than the ownership of the Collateral, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the
continuance of its present business. Borrower shall not permit Mezzanine B Borrower to enter into any line of business other than the ownership of the Mezzanine B Collateral, or make any material change in the scope or nature of its business
objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Borrower shall not permit Mezzanine B Borrower to permit Mezzanine A Borrower to enter into any line of business other
than the ownership of the Mezzanine A Collateral, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business.
Borrower shall not permit Mortgage Borrower to enter into any line of business other than the ownership and leasing of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake
or participate in activities other than the continuance of its present business. 
 5.2.5 Debt Cancellation. Borrower shall not
cancel or otherwise forgive or release any claim or debt owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. Borrower shall not permit or cause Mezzanine B Borrower to cancel or
otherwise forgive or release any claim or debt owed to Mezzanine B Borrower by any Person, except for adequate consideration and in the ordinary course of Mezzanine B Borrower’s business. Borrower shall not permit or cause Mezzanine B Borrower
to cause or permit Mezzanine A Borrower to cancel or otherwise forgive or release any claim or debt owed to Mezzanine A Borrower by any Person, except for adequate consideration and in the ordinary course of Mezzanine A Borrower’s business.
Borrower shall not permit or cause Mortgage Borrower to cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Mortgage Borrower by any Person, except for adequate consideration and
in the ordinary course of Mortgage Borrower’s business. 

  
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 5.2.6 Zoning. Borrower shall not permit Mortgage Borrower to, and shall not permit
Mortgage Borrower to permit CPLV Tenant to, initiate or consent to any zoning reclassification of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property, in each
case, in any manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of
Administrative Agent, not to be unreasonably withheld, conditioned or delayed; provided, however, upon prior written notice to Administrative Agent, provided, subject to the CPLV Lease SNDA, no Event of Default (other than a CPLV Lease
Default so long as Borrower is proceeding to cure (or causing to be cured) subject to the terms and within the time periods set forth in Section 8.3 hereof) is continuing, Borrower may permit Mortgage Borrower to (and
Mortgage Borrower may permit CPLV Tenant to) seek a conditional use permit or similar permit to permit additional uses so long as such action does not change the current zoning of the Property or the conformance status of the Property under zoning
regulations and such use does not adversely affect the current use or value of the Property. 
 5.2.7 No Joint Assessment.
Borrower shall not permit Mortgage Borrower to, and shall not permit Mortgage Borrower to permit CPLV to, suffer, permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the
Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property
shall be assessed or levied or charged to such real property portion of the Property. 
 5.2.8 Intentionally Omitted. 

5.2.9 ERISA. (a) None of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower nor Guarantor shall engage
in any transaction which would cause any obligation, or action taken or to be taken, hereunder (including but not limited to the exercise by Administrative Agent or Collateral Agent of any of its respective rights under this Agreement or the other
Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)—(D) of the Code or Similar
Law. 
 (b) Borrower further covenants and agrees to deliver to Administrative Agent such certifications or other evidence from time to time
throughout the term of the Loan, as requested by Administrative Agent in its sole discretion, that (A) none of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower nor Guarantor is subject to any state statute regulating
investment of, or fiduciary obligations with respect to governmental plans which is a Similar Law and (B) one or more of the following circumstances is true: 

(i) Equity interests in each of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower and Guarantor are
publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101 as modified by Section 3 (42) of ERISA (the “Plan Asset Regulations”); 

  
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 (ii) Less than twenty-five percent (25%) of each outstanding class of equity
interests in each of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower and Guarantor are held by “benefit plan investors” within the meaning of the Plan Asset Regulations; or 

(iii) Each of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower and Guarantor qualifies as an
“operating company” or a “real estate operating company” within the meaning of the Plan Asset Regulations or another exception to ERISA applies such that each of Mortgage Borrower’s, Mezzanine A Borrower’s,
Borrower’s and Guarantor’s assets should not constitute Plan Assets; or 
 Mortgage Borrower, Mezzanine A Borrower, Mezzanine B
Borrower, Borrower and the Guarantor will fund or cause to be funded each Plan established or maintained by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower, the Guarantor, or any ERISA Affiliate, as the case may be, so that
there is never a failure to satisfy the minimum funding standards, within the meaning of Sections 412 or 430 of the Internal Revenue Code or Section 302 of ERISA (whether or not such standards are waived). As soon as possible and in any
event within ten (10) days after the Borrower knows that any ERISA Event has occurred with respect to any Plan, Administrative Agent will be provided with a statement, signed by an Authorized Representative of Mortgage Borrower, Mezzanine A
Borrower, Mezzanine B Borrower, Borrower, and/or Guarantor, describing said ERISA Event and the action which Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower and/or Guarantor proposes to take with respect thereto. 

5.2.10 Transfers. (a) Borrower acknowledges that each Lender has examined and relied on the experience of Borrower and its
stockholders, general partners, members, principals and (if Borrower is a trust) beneficial owners in owning collateral such as the Collateral in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Collateral as
a means of maintaining the value of the Collateral as security for repayment of the Debt and the performance of the Other Obligations. Borrower acknowledges that each Lender has a valid interest in maintaining the value of the Collateral so as to
ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, each Lender can recover the Debt by a sale of the Property. 

(b) Without the prior written consent of Administrative Agent, and except to the extent otherwise set forth in this
Section 5.2.10, Borrower shall not, and shall not permit any Restricted Party to do any of the following (collectively, a “Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge,
assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) the Property, the Mezzanine A
Collateral, the Mezzanine B Collateral, the Collateral or any part thereof or any legal or beneficial interest therein, (ii) enter into any PACE Loan, (iii) permit a Sale or Pledge of an interest in any Restricted Party, (iv) permit a
Sale or Pledge of the CPLV Lease or any interest therein or (v) permit a Sale or Pledge of any interest in CPLV Tenant or CPLV Tenant’s leasehold interest in the Property other than (A) pursuant to Leases of space in the Improvements
to Tenants in accordance with the provisions of Section 5.1.20, (B) Permitted Transfers (including Permitted Encumbrances), (C) pursuant to customary short-term occupancy 

  
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 agreements with the CPLV Tenant or short-term hotel guests, or (D) a Transfer of a portion
of the Property to a Governmental Authority in connection with a Condemnation of such portion of the Property in accordance with Section 6.3 hereof. 

(c) A Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell the Collateral or
any part thereof, Mezzanine B Borrower Mezzanine B Borrower agrees to sell the Mezzanine B Collateral or any part thereof, Mezzanine A Borrower Mezzanine A Borrower agrees to sell the Mezzanine A Collateral or any part thereof, or Mortgage Borrower
agrees to sell the Property or any part thereof, in each case, for a price to be paid in installments; (ii) an agreement by Mortgage Borrower leasing all or a substantial part of the Property for other than actual occupancy by a space Tenant
thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Mortgage Borrower’s right, title and interest in and to the CPLV Lease or any CPLV Rents; (iii) if a Restricted Party is a corporation, any
merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change,
removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests
or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change,
removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing
member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non-managing membership interests or the creation or issuance of new
non-managing membership interests; (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the
creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the Manager other than in accordance with Section 5.1.22 hereof. 

(d) Notwithstanding the provisions of this Section 5.2.10(a), Administrative Agent’s consent shall not be
required in connection with (i) one or a series of Transfers (except for a Pledge) of (x) not more than forty-nine percent (49%) of the stock, the limited partnership interests or non-managing
membership interests (as the case may be) in a Restricted Party or (y) the indirect equity interests in Borrower by any Person that owns less than forty-nine percent (49%) of the economic and legal beneficial interests in, and does not Control,
any of Mortgage Borrower, Mortgage Principal, Principal, any Mezzanine Borrower or Guarantor, (ii) any transfer of any direct or indirect legal or beneficial interests in the REIT, so long as it is a Public Vehicle, (iii) the cancellation,
surrender, disposition, issuance, sale, grant, or Transfer of the operating partnership units of Guarantor, so long as the REIT continues to Control Guarantor and own directly or indirectly not less than 51% of the legal and beneficial interest in
Guarantor, (iv) the pledge of or grant of a security interest in the direct or indirect equity interests in Mortgage Borrower as security for the Loan or the other Mezzanine Loans, (v) the exercise by any Mezzanine Collateral Agent (on
behalf of the applicable Mezzanine Lender) of any rights or remedies such Mezzanine Collateral Agent may have under the applicable Mezzanine Loan Documents with respect to the pledge and/or security interest referred to in the foregoing
clause (iv), and (vi) the Mandatory Conversion; provided, however, that with respect to each 

  
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such Transfer (other than under clause (v) or clause (vi) above), (A) after giving effect to such Transfer, (x) REIT shall continue to Control Mortgage Borrower, Borrower and
Guarantor, (y) REIT shall continue to own, directly or indirectly, at least fifty-one percent (51%) in the aggregate of the legal and beneficial interest in Mortgage Borrower, Mezzanine A Borrower,
Mezzanine B Borrower and Borrower and (z) Guarantor shall continue to own, directly or indirectly, at least fifty-one percent (51%) in the aggregate of the legal and beneficial interest in Mortgage
Borrower, Mezzanine A Borrower, Mezzanine B Borrower and Borrower; (B) as a condition to each such Transfer, Administrative Agent shall receive not less than thirty (30) days prior written notice of such proposed Transfer (except with
respect to any Transfer pursuant to clause (i) or clause (iii) to the extent that any such Transfer will not result in the transferee (either itself or collectively with its Affiliates) after giving effect to such Transfer owning a 10% or
greater equity interest (directly or indirectly) in Borrower (that did not own a 10% or greater interest therein as of the Closing Date), clause (ii) if the REIT is a Public Vehicle, clause (iv) or clause (v) above); (C) the
representations set forth in Section 4.1.9 hereof shall continue to be true and correct after giving effect to any such Transfer and except with respect to any Transfer of a direct or indirect interest in a Public Vehicle
or pursuant to clause (v), transferee and its principals are not an Embargoed Person and the representations set forth in Section 4.1.35 hereof shall continue to be true and correct after giving effect to any such Transfer;
(D) such Transfer shall be at Borrower’s sole cost and expense; (E) if after giving effect to any such Transfer, more than forty-nine percent (49%) in the aggregate of direct interests in Borrower is owned by any Person and its
Affiliates that owned less than forty-nine percent (49%) direct interest in Borrower as of the Closing Date, Borrower shall, no less than ten (10) days prior to the effective date of any such Transfer, deliver to Administrative Agent an
Additional Insolvency Opinion reasonably acceptable to Administrative Agent; (F) to the extent that any Transfer (other than any Transfer of shares in a Restricted Party that is a Public Vehicle and except with respect to any Transfer pursuant
to clauses (iv) or (v)) will result in the transferee (either itself or collectively with its Affiliates) after giving effect to such Transfer owning a 10% or greater equity interest (directly or indirectly) in Borrower (that did not own a 10%
or greater interest therein as of the Closing Date), Administrative Agent shall (x) have the right to perform any searches and/or reasonably request other diligence from Borrower to permit Administrative Agent and each Lender to comply with its
then current “know your customer” requirements, including, but not limited to Patriot Act and OFAC searches and (y) receive Satisfactory Search Results, at Borrower’s cost and expense, as a condition precedent to such Transfer;
(G) for so long as the Loan shall remain outstanding, no such Transfer or encumbrance of any direct interests in Mezzanine B Borrower shall be permitted (other than the pledges and security interests securing the Loan and any Transfer pursuant
to clause (v)); (H) for so long as the Mezzanine A Loan shall remain outstanding, no such Transfer or encumbrance of any direct interests in Mortgage Borrower shall be permitted (other than the pledges and security interests securing the
Mezzanine A Loan and any Transfer pursuant to clause (v)); (I) for so long as the Mezzanine B Loan shall remain outstanding, no such Transfer or encumbrance of any direct interests in Mezzanine A Borrower shall be permitted (other than the pledges
and security interests securing the Mezzanine B Loan and any Transfer pursuant to clause (v)); (J) for so long as the Loan, the Mortgage Loan or any other Mezzanine Loan shall remain outstanding, neither Mortgage Borrower nor Mezzanine Borrower
shall issue preferred equity interests (except as otherwise permitted pursuant to the Mortgage Loan Documents, Loan Documents, Mezzanine A Loan Documents, or Mezzanine B Loan Documents, as applicable); (K) all Transfers must be made in
accordance with all Gaming Regulations, including receipt of any required Gaming Licenses; and (L) in no event may Borrower effect a Transfer, or permit or suffer any Transfer, that would result in a Gaming License Default. 

  
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 (e) Without the prior written consent of Administrative Agent, Borrower shall not and shall not
cause or permit Mortgage Borrower to permit any Transfer (including any Sale or Pledge) of any interest in CPLV Tenant or any interest of CPLV Tenant in the CPLV Lease, except that Administrative Agent’s consent shall not be required, in
connection with: 
 (i) one or a series of Transfers of the direct or indirect legal or beneficial interests in CEC,
including any acquisition, merger, amalgamation or consolidation of CEC, shall be permitted, so long as (1) either (x) CEC, an entity that acquires a controlling interest in CEC or, in the case of a merger, consolidation or amalgamation of CEC
where CEC is not the surviving entity, the surviving entity (the entity that acquires a controlling interest in CEC or that survives a merger, amalgamation or consolidation with CEC (if CEC is not the survivor), a “Replacement CEC
Sponsor”) remains a Public Vehicle or (y) immediately after giving effect to such Transfer, CEC or the Replacement CEC Sponsor satisfies the requirements of a Qualified CPLV Replacement Guarantor and (2) in the case where after
such Transfer, CEC is not a Public Vehicle, the surviving Public Vehicle or entity that qualifies as a Qualified CPLV Replacement Guarantor pursuant to clause (1)(x) or (1)(y) above, as applicable, delivers a reaffirmation of the CPLV Lease
Guaranty, in form and substance reasonably acceptable to Administrative Agent contemporaneous with such Transfer or, if requested by Administrative Agent, a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form
and substance as reasonably acceptable to Administrative Agent; 
 (ii) one or more encumbrances of CPLV Tenant’s
leasehold interest in the Property pursuant to one or more mortgages and/or pledges of the direct or indirect equity interests in CPLV Tenant, to secure indebtedness of CPLV Tenant and/or its direct or indirect parent entities or Affiliates (each, a
“CPLV Tenant Loan”), so long as (x) each such mortgage or pledge agreement shall provide that any security interest granted under such mortgage or pledge agreement with respect to Tenant’s Pledged Property (as defined in
the CPLV Lease) shall be subordinate to the lien granted in favor of Mortgage Borrower and otherwise be in accordance with the terms and conditions hereunder and the CPLV Lease SNDA and the CPLV Tenant Loan Intercreditor Agreement and (y) the
lender of any CPLV Tenant Loan that encumbers Tenant’s Pledged Property (a “CPLV Tenant Lender”) shall enter into an intercreditor agreement with Mortgage Lender (or join an existing intercreditor agreement with Mortgage
Lender), in form and substance reasonably acceptable to Mortgage Lender (a “CPLV Tenant Loan Intercreditor Agreement”) as a condition precedent to such CPLV Tenant Loan; 

(iii) one or a series of Transfers (except for a Pledge), of not more than forty-nine percent (49%) of the direct or indirect
stock, partnership interests or membership interests (as the case may be) in CPLV Tenant; 

  
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 (iv) a Transfer of 100% of the direct or indirect legal and beneficial interests in CPLV Tenant
and/or the leasehold interest of CPLV Tenant in the Property (subject to exclusion with respect to items that are not capable of being mortgaged and that, in the aggregate, are de minimis) pursuant to or at any time after a foreclosure (or
conveyance in lieu thereof or pursuant to any other exercise of remedies) of the CPLV Tenant Loan by CPLV Tenant Lender, subject to satisfaction of the following conditions: 

(A) either of the following conditions shall be satisfied (the “CPLV Tenant Transferee Requirement”): 

(1) (x) the proposed transferee that assumes all of the obligations, liabilities and rights of CPLV Tenant under the CPLV
Lease and CPLV Lease Documents (the “CPLV Tenant Transferee”) shall be a Qualified CPLV Tenant Transferee or a Qualified CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in CPLV
Tenant or such CPLV Tenant Transferee after such Transfer, (y) a replacement lease guarantor that is a Qualified CPLV Replacement Guarantor shall execute a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other
form and substance as acceptable to Administrative Agent and (z) the Property is managed by a Qualified Replacement Manager; or 

(2) (x) a transferee that satisfies the requirements in (b) through (g) in the definition of “Qualified CPLV
Tenant Transferee” shall be, or Control and own not less than 51% of the economic and beneficial interests in CPLV Tenant or CPLV Tenant Transferee after such Transfer, (y) the CPLV Lease is guaranteed by CEC (or following any Transfer
under Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) and (z) the Property is managed by the Manager under the Management Agreement (or a Qualified Replacement Manager under a Replacement Management Agreement
in the event Mortgage Borrower terminated Manager in accordance with Section 16.5 of the Management Agreement and the terms hereunder (unless Administrative Agent has consented in its sole and absolute discretion to the permanent termination of
the Management Agreement)); and 
 (B) such Transfer shall not diminish any of the rights of Mortgage Borrower or Mortgage
Lender under, or other result in any change to the transition services for the benefit of Mortgage Borrower and Mortgage Lender, set forth in the Transition Services Agreement or under the Mortgage Loan Documents; 

(v) prior to any Transfer pursuant to clause (iv) above, a Transfer of all right, title and interest of CPLV Tenant
in the CPLV Lease to an Affiliate of CPLV Tenant that is owned and Controlled by CEC (the “Affiliate Tenant Transferee”), so long as a condition precedent to such Transfer, (A) there is no Uncured CPLV Lease Event of Default,
(B) Affiliate Tenant Transferee shall assume all of the obligations of CPLV Tenant under the CPLV Lease SNDA, the CPLV Security Documents and all other Mortgage Loan Documents and/or Loan Documents to which CPLV Tenant is a party, in 

  
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a manner reasonably satisfactory to Mortgage Lender and/or Administrative Agent, as applicable, in all material respects, including, without limitation, by entering into an assumption agreement
in form and substance satisfactory to Mortgage Lender and Administrative Agent and Affiliate Tenant Transferee shall execute and deliver to Mortgage Lender and/or Administrative Agent, as applicable, any modifications or amendments to such Mortgage
Loan Documents and/or Loan Documents reasonably required by Mortgage Lender and/or Administrative Agent, as applicable, in connection with such Transfer and shall take all such actions to continue the perfected security interest granted to Mortgage
Borrower or Mortgage Lender under the CPLV Security Documents, (C) Affiliate Tenant Transferee must be able to satisfy all of the representations, warranties and covenants set forth in the CPLV Lease SNDA, (D) CPLV Lease Guarantor shall
deliver a reaffirmation of the CPLV Lease Guaranty, in form and substance reasonably acceptable to Administrative Agent, (E) CPLV Tenant, Affiliate Tenant Transferee and any applicable CPLV Tenant Party shall execute and deliver an assignment
and assumption agreement in form and substance reasonably acceptable to Administrative Agent pursuant to which, (x) all rights, title and interest of CPLV Tenant and in the CPLV Lease, the Management Agreement and the other CPLV Lease
Documents, including all obligations and liabilities thereunder, shall be assigned to and assumed by the Affiliate Tenant Transferee and (y) all rights, title and interest of CPLV Tenant in its Personal Property and all other assets or property
of CPLV Tenant, including by not limited to, all rights and interests to any CPLV Intellectual Property, and all of Tenant’s Property and Tenant’s Pledged Property (as each such term is defined in the CPLV Lease) shall be assigned to
Affiliate Tenant Transferee, (F) Borrower or CPLV Tenant shall deliver to Lender evidence that all necessary consents, approvals and licenses required to be obtained from the Gaming Authorities in connection with such Transfer and Affiliate
Tenant Transferee and necessary to continue the operation of the hotel and casino at the Property have been obtained, (G) Affiliate Tenant Transferee must not have been the subject of any Bankruptcy Action within seven (7) years prior to
the date of the proposed Transfer (other than an involuntary Bankruptcy Action that was not consented to by such Person and was discharged or dismissed within ninety (90) days of the date such Bankruptcy Action was filed), (H) (x) there
shall be no material litigation or regulatory action pending or threatened against the Affiliate Tenant Transferee which is not reasonably acceptable to Lender and (y) Administrative Agent and each Lender shall have performed searches and/or
received other diligence such that Administrative Agent and each Lender is in compliance with its then current “know your customer” requirements and Administrative Agent shall have received Satisfactory Search Results for Affiliate Tenant
Transferee, and (I) Borrower or CPLV Tenant shall pay all any and all out-of-pocket costs incurred in connection with such Transfer (including, without limitation,
Administrative Agent’s counsel fees and disbursements and all recording fees, title insurance premiums and similar amounts or taxes in connection with any documents delivered in connection with such Transfer); 

  
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 (vi) one or a series of Transfers (except for a Pledge) of all the direct or
indirect stock, partnership interests or membership interests in CPLV Tenant in connection with a transfer pursuant to Section 22.2(vi) of the CPLV Lease so long as after giving effect to such Transfer, (A) a Person that is a Qualified
CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in CPLV Tenant (B) the CPLV Lease Guaranteed Obligations shall be guaranteed by (1) CEC (or following any Transfer under
Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) so long as it shall satisfy the conditions required to be a Qualified CPLV Replacement Guarantor (other than clause (a) in the definition thereof) and delivers a
reaffirmation of the CPLV Lease Guaranty, in form and substance reasonably acceptable to Administrative Agent contemporaneous with such Transfer, (2) a Person that Controls or is under common Control with CPLV Tenant and satisfies the
conditions required to be a Qualified CPLV Replacement Guarantor (other than clause (a) in the definition thereof) pursuant to a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as
acceptable to Lender or (3) on a joint and several basis, CEC (or following any Transfer under Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) together with one or more Persons that Control or is under common
Control with CPLV Tenant, that shall together satisfy the conditions required to be a Qualified CPLV Replacement Guarantor (other than clause (a) in the definition thereof) pursuant to a joinder to the CPLV Lease Guaranty in form and substance
reasonably acceptable to Administrative Agent and (C) the Property is managed by the Manager under the Management Agreement (or a Qualified Replacement Manager under a Replacement Management Agreement in the event Mortgage Borrower terminated
Manager in accordance with Section 16.5 of the Management Agreement and the terms hereunder (unless Administrative Agent has consented in its sole and absolute discretion to the permanent termination of the Management Agreement)) (clauses
(A) through (C), collectively, the “CEC Substantial Transfer Conditions”); or 
 (vii) after a Transfer
pursuant to and in accordance with Section 5.2.10(e)(iv) above, the Transfer of 100% of the direct or indirect legal and beneficial interests in CPLV Tenant and/or the leasehold interest of CPLV Tenant in the Property to a
transferee so long as after giving effect to such Transfer, (x) the CPLV Tenant or the replacement CPLV Tenant shall be a Qualified CPLV Tenant Transferee (except clause (a)(3) thereunder if CEC (or following any Transfer under
Section 5.2.10(e)(i) above, the Replacement CEC Sponsor) shall remain as Lease Guarantor) or a Qualified CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in such CPLV
Tenant, (y) the CPLV Lease is guaranteed by, either (A) a Qualified CPLV Replacement Guarantor pursuant to a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as acceptable to
Administrative Agent or (B) solely with respect to the first Transfer of 100% of the direct or indirect legal and beneficial interests in CPLV Tenant and/or the leasehold interest of CPLV Tenant in the Property after a Transfer pursuant to and
in accordance with Section 5.2.10(e)(iv) above, CEC (or following any Transfer under Section 5.2.10(e)(i) above, the Replacement CEC Sponsor), and (z) the Property is managed by Manager under
the Management Agreement or a Qualified Replacement Manager under a Replacement Management Agreement, as applicable, 
 provided, however,
that with respect to each such Transfer: (A) immediately after giving effect to such Transfer, (x) CPLV Tenant shall at all times be Controlled by CEC or the applicable Person that obtains Control and ownership of 51% of the direct or
indirect economic and beneficial interests in CPLV Tenant in a Transfer pursuant to and in accordance with clauses (i), (iv), (vi) or (vii) above, (y) the Property shall at all times be managed by Manager pursuant to the 

  
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 Management Agreement or by a Person that was a Qualified Replacement Manager at the time it entered into a
Replacement Management Agreement pursuant to and in accordance with a Transfer pursuant to and in accordance with this Section 5.2.10(e) and provided that no change in the Manager shall be permitted except as provided in
clauses (iv) or (vii) above or if the Mortgage Borrower terminates the Manager pursuant to Section 16.5 of the Management Agreement and replaces Manager with a Qualified Replacement Manager under a Replacement Management Agreement) and
(z) the CPLV Lease Guaranty and the CPLV Lease Guarantor shall not be replaced except with a replacement CPLV Lease Guaranty from a Qualified Replacement Guarantor or a Replacement CEC Sponsor in accordance with the terms hereunder pursuant to
a Transfer pursuant to and in accordance with clause (i), (iv), (vi) or (vii) above, (B) Administrative Agent shall receive evidence that all necessary consents, approvals and licenses required to be obtained from the Gaming Authorities in
connection with such Transfer and the CPLV Tenant Transferee and any applicable Affiliates and necessary to continue the operation of the hotel and casino at the Property have been obtained, (C) all Transfers must be made in accordance with all
Gaming Regulations, and in no event shall any such Transfer result in a Gaming License Default and (D) Administrative Agent and each Lender shall have the right to perform any searches and/or request other diligence from transferee to
permit Administrative Agent and each Lender to comply with its then current “know your customer” requirements, including, but not limited to Patriot Act and OFAC searches and to the extent that any Transfer (other than any Transfer of
shares in a such Person that is a Public Vehicle) will result in the transferee (either itself or collectively with its affiliates) owning a 10% or greater equity interest (directly or indirectly) in CPLV Tenant (that did not own a 10% or greater
interest therein as of the Closing Date), Administrative Agent’s receipt of the Satisfactory Search Results, as a condition precedent to such Transfer. 

5.2.11 CPLV Lease and CPLV Lease Documents. 

(a) Borrower shall not permit Mortgage Borrower to, without Administrative Agent’s prior written consent: (i) surrender, terminate or
cancel the CPLV Lease or any of the other CPLV Lease Documents, including the CPLV Lease Guaranty; (ii) sell, assign or transfer the CPLV Lease or any of the other CPLV Lease Documents, including the CPLV Lease Guaranty, or any of its rights
thereunder; (iii) reduce or consent to the reduction of the term of the CPLV Lease or any of the other CPLV Lease Documents; (iv) reduce or consent to the reduction of the amount of the rent payable to Borrower under the CPLV Lease or any
of the other CPLV Lease Documents; (v) reduce or consent to the reduction of any of the liabilities or obligations of CPLV Lease Guarantor under the CPLV Lease Guaranty; or (vi) amend or modify the CPLV Lease or any of the other CPLV Lease
Documents (including the CPLV Lease Guaranty) or otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the CPLV Lease or any of the other CPLV Lease Documents (including the CPLV Lease
Guaranty), provided, that Mortgage Borrower shall be permitted to enter into non-material amendments or modifications to the CPLV Lease, so long as (A) no Event of Default is continuing and no
Uncured CPLV Lease Event of Default is continuing, (B) all reasonable documented out-of-pocket costs and expenses incurred by Administrative Agent, including, but
not limited to, its reasonable documented attorneys’ fees shall be paid by Borrower and (C) such amendment or modification of the CPLV Lease shall not (1) increase Mortgage Borrower’s obligations under the CPLV Lease or decrease
CPLV Tenant’s obligations thereunder (other than in a de minimis amount), (2) diminish Mortgage Borrower’s rights under the CPLV Lease, 

  
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(3) diminish or adversely affect any rights of Administrative Agent under the CPLV Lease or the Loan Documents, (4) adversely impact the value of the Collateral, the Mezzanine B
Collateral, the Mezzanine A Collateral, the Property or otherwise result in a Material Adverse Effect, (5) result in the CPLV Lease not constituting a “true lease” and (D) such amendment or modification is otherwise made in
accordance with the terms of the CPLV Lease. Borrower shall promptly deliver to Administrative Agent, any modification to the CPLV Lease entered into in accordance with this Section 5.2.11. 

(b) Following the occurrence and during the continuance of an Event of Default (other than a CPLV Lease Default so long as Borrower is
proceeding to cure (or causing to be cured) subject to the terms and within the time periods set forth in Section 8.3 hereof), Borrower shall not, and shall not permit Mortgage Borrower to, exercise any rights, make any
decisions, grant any approvals or otherwise take any action under the CPLV Lease or any of the other CPLV Lease Documents without the prior written consent of Administrative Agent, which consent may be granted, conditioned or withheld in
Administrative Agent’s sole discretion, except in the event such Event of Default arises solely from a CPLV Lease Default in connection with the termination of the CPLV Lease in accordance with Section 8.3. 

(c) Borrower shall not at any time during the term of the Loan be or become an Affiliate of CPLV Tenant. 

5.2.12 CPLV Security Documents. 

(a) Borrower shall not permit Mortgage Borrower to, without Administrative Agent’s prior written consent: (i) surrender, terminate,
cancel, amend or modify the CPLV Security Documents; (ii) sell, assign or transfer the CPLV Security Documents; (iii) reduce or consent to the reduction of any of the liabilities or obligations of CPLV Tenant under the CPLV Security
Documents; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the CPLV Security Documents. 

(b) Following the occurrence and during the continuance of an Event of Default (other than a CPLV Lease Default so long as Borrower is
proceeding to cure (or causing to be cured) subject to the terms and within the time periods set forth in Section 8.3 hereof but solely to enforce a right or remedy against CPLV Tenant thereunder necessary to effect a cure
of such CPLV Lease Default and to otherwise comply with Borrower’s obligations under the Loan Documents, so long as the same could not reasonably be expected to impair the Collateral or Collateral Agent’s security interest therein),
Borrower shall not and shall not permit Mortgage Borrower to exercise any rights, make any decisions, grant any approvals or otherwise take any action under the CPLV Security Documents without the prior written consent of Administrative Agent, which
consent may be granted, conditioned or withheld in Administrative Agent’s sole discretion. 

  
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 5.2.13 Ground Lease. 

(a) Borrower shall not, and shall not permit Mortgage Borrower to, without Administrative Agent’s written consent, not to be unreasonably
withheld, conditioned or delayed, fail to timely exercise any option or right to renew or extend the term of the Ground 
 Lease, and shall
give immediate written notice to Administrative Agent and shall execute, acknowledge, deliver and record any document requested by Administrative Agent to evidence the lien of the Mortgage on such extended or renewed lease term; provided,
however, Borrower shall not be required to cause Mortgage Borrower to exercise any particular such option or right to renew or extend to the extent Borrower shall have received the prior written consent of Administrative Agent (which consent
may not be unreasonably withheld, delayed or conditioned) allowing Borrower to allow Mortgage Borrower to forego exercising such option or right to renew or extend. If Borrower shall fail to cause Mortgage Borrower to timely exercise any such
option or right as aforesaid, Administrative Agent may exercise the option or right as Mortgage Borrower’s agent and attorney-in-fact as provided above in
Administrative Agent’s own name or in the name of and on behalf of a nominee of Administrative Agent, as Administrative Agent may determine in the exercise of its sole and absolute discretion. 

(b) Borrower shall not permit Mortgage Borrower to waive, excuse, condone or in any way release or discharge the Ground Lessor under the Ground
Lease of or from Ground Lessor’s material obligations, covenant and/or conditions under the Ground Lease without the prior written consent of Administrative Agent, not to be unreasonably withheld, conditioned or delayed. 

(c) Borrower shall not permit Mortgage Borrower to, without Lender’s prior written consent, not to be unreasonably withheld, conditioned
or delayed, surrender, terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend the Ground Lease, other than an expiration of the Ground Lease pursuant to its terms. Consent to one amendment,
change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of Ground Lessor’s interest in the Ground
Lease by Mortgage Borrower or any Affiliate of Mortgage Borrower shall be accomplished by Mortgage Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in such Ground Lease, unless consent to such merger is granted
by Administrative Agent. 
 5.2.14 REOA. (a) The Borrower hereby covenants and agrees with respect to the REOA as follows: 

(b) Borrower shall not, without Lender’s prior written consent, not to be unreasonably withheld, conditioned or delayed, permit Mortgage
Borrower to vote to materially and adversely amend, modify or supplement, or consent to the material and adverse amendment, modification or supplementation of, the Material REOA or any other REOA to the extent the same could be reasonably expected
to result in a Material Adverse Effect except that (i) Administrative Agent shall not unreasonably withhold or delay its consent to any amendment or modification which is not reasonably likely to have a material adverse effect upon the
Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, the Collateral, the Mezzanine B Collateral, the Mezzanine A Collateral or the Property and (ii) no consent shall be required in connection with (x) an amendment
solely with respect to the extension of the term of any REOA or (y) entering into an easement or similar agreement that is contemplated and required to be entered into by Mortgage Borrower pursuant to the terms of a REOA; 

  
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 (c) Borrower shall not permit Mortgage Borrower to, without the prior written consent of
Administrative Agent, as determined in its reasonable discretion, take (and hereby assigns to Administrative Agent (exercisable during any Event of Default) any right it may have to take) any action to terminate, surrender, vote to accept any
termination or surrender of, the REOA; and 
 (d) Borrower shall not permit Mortgage Borrower to assign (other than to Mortgage Lender) or
encumber (other than Permitted Encumbrances) its rights under the REOA, provided that Mortgage Borrower may grant CPLV Tenant certain rights and obligations, but not a security interest, under the REOAs as set forth in the CPLV Lease. 

5.2.15 Limitation on Securities Issuances. None of Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower shall issue
any limited liability company interests, partnership interests, capital stock interests or other securities other than those that have been issued as of the date hereof. 

5.2.16 Limitation on Distributions. Following the occurrence and during the continuance of an Event of Default (other than a CPLV
Lease Default prior to a Priority Waterfall Cessation Event), Borrower shall not make any distributions to its constituent members. 

5.2.17 Other Limitations. Prior to the payment in full of the Debt, Borrower shall not, and shall not permit Mortgage Borrower
to, without the prior written consent of Administrative Agent (which may be furnished or withheld at its sole and absolute discretion), give its consent or approval to any of the following actions or items: 

(a) except as permitted herein (i) any refinance of the Mortgage Loan, (ii) any prepayment in full of the Mortgage Loan,
(iii) any Transfer of the Property or any portion thereof, (iv) any refinance of the Mezzanine A Loan, (v) any prepayment in full of the Mezzanine A Loan, (vi) any Transfer of the Mezzanine A Collateral or any portion thereof,
(vii) any refinance of the Mezzanine B Loan, (viii) any prepayment in full of the Mezzanine B Loan, (ix) any Transfer of the Mezzanine B Collateral or any portion thereof; 

(b) except as permitted herein or expressly permitted pursuant to the Mortgage Loan Documents, Mezzanine A Loan Documents or Mezzanine B Loan
Documents, creating, incurring, assuming or suffering to exist any additional Liens on any portion of the Property, Mezzanine A Collateral or Mezzanine B Collateral except for Permitted Encumbrances; 

(c) any modification, amendment, consolidation, spread, restatement, waiver or termination of any of the Mortgage Loan Documents (other than a
termination that is effected pursuant to the provisions of the Mortgage Loan Documents and does not otherwise violate the terms of this Agreement or the other Loan Documents) or any of the Mezzanine A Loan Documents (other than a termination that is
effected pursuant to the provisions of the Mezzanine A Loan Documents and does not otherwise violate the terms of this Agreement or the other Loan Documents) or any of the Mezzanine B Loan Documents (other than a termination that is effected
pursuant to the provisions of the Mezzanine B Loan Documents and does not otherwise violate the terms of this Agreement or the other Loan Documents); 

  
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 (d) the distribution to the partners, members or shareholders of Mortgage Borrower, Mezzanine A
Borrower or Mezzanine B Borrower of property other than cash; 
 (e) except as otherwise expressly permitted herein or pursuant to the
Mortgage Loan Agreement, Mezzanine A Loan Agreement or Mezzanine B Loan Agreement, any material change in the method of conduct of the business of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower, such consent to be given in
the sole discretion of Administrative Agent; and 
 (f) except as required by the Mortgage Loan Documents, any determination to restore the
Property after a Casualty or Condemnation. 
 5.2.18 Contractual Obligations. Other than the Loan Documents, the Borrower
Operating Agreement and the Mezzanine B Borrower Company Agreement, neither Borrower nor any of its assets shall be subject to any Contractual Obligations, and Borrower shall not enter into any agreement, instrument or undertaking by which it or its
assets are bound, except for such liabilities, not material in the aggregate, that are incidental to its activities as a limited partner, member or shareholder, as applicable, of Mezzanine B Borrower. 

5.2.19 Refinancing. Borrower shall not consent to or permit a refinancing of the Mortgage Loan, Mezzanine A Loan or Mezzanine B
Loan (other than in connection with the simultaneous refinancing or payment in full of the Loan, in its entirety and in accordance with the terms and provisions of the Loan Documents, the Mezzanine B Loan Documents, the Mezzanine A Loan Documents
and the Mortgage Loan Documents, as applicable), unless it obtains the prior consent of Administrative Agent, which consent may be given or withheld by Administrative Agent in its sole discretion. 

5.2.20 Affiliate Transactions. Except as contemplated by the Loan Documents (including, without limitation, the Guaranty), other
than in connection with the Loan Documents and agreements contemplated under the Loan Documents, Borrower may not enter into or be a party to, and will not enter into or be a party to, any transaction with its partners, members, shareholders or
Affiliates except in the ordinary course of its business and on terms which are commercially reasonable and are no less favorable to it than would be obtained in a comparable arm’s length transaction with an unrelated third party. 

5.2.21 Bankruptcy Related Covenants. (a) To the extent permitted by applicable Legal Requirements, Borrower shall not, nor shall
cause Mortgage Borrower to, seek substantive consolidation of any of the foregoing into the bankrupt estate of Guarantor in connection with a proceeding under the Bankruptcy Code or under federal, state or foreign insolvency law involving Guarantor.

 (b) To the extent permitted by applicable Legal Requirements, Borrower shall not, nor shall cause Mezzanine B Borrower to, cause or permit
Mortgage Borrower, Mezzanine A Borrower, Guarantor, any other Restricted Party, or any Affiliate of the foregoing to, contest, oppose or object to any motion made by Administrative Agent to obtain relief from the automatic stay or seek to reinstate
the automatic stay in connection with a proceeding under the Bankruptcy Code or under any other federal, state or foreign insolvency law involving Guarantor. 

  
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 (c) To the extent permitted by applicable Legal Requirements, Borrower shall not, nor shall cause
Mezzanine B Borrower to, cause or permit Mortgage Borrower, Mezzanine A Borrower, Guarantor, any other Restricted Party, or any Affiliate of the foregoing to, provide, originate, acquire an interest in or solicit (in writing) or accept from
Guarantor or any Affiliate of Guarantor, or any other Restricted Party, any debtor-in-possession financing on behalf of Guarantor in the event that Guarantor is the
subject of a proceeding under the Bankruptcy Code or under federal, state or foreign insolvency law involving Guarantor. 
 ARTICLE VI
– INSURANCE; CASUALTY; CONDEMNATION 
 Section 6.1 Insurance. (a) Borrower shall cause Mortgage Borrower to
maintain at all times during the term of the Loan the insurance required under Section 6.1 of the Mortgage Loan Agreement, including, without limitation, meeting all insurer requirements thereunder. In addition, Borrower shall cause
Administrative Agent and Borrower to each be named as an additional insured under the insurance policies described in Section 6.1(a)(v), (vii) and (viii) of the Mortgage Loan Agreement. In addition, Borrower shall cause Administrative
Agent to be named as a loss payee together with Mortgage Lender, as their interest may appear, under the insurance policies, required under Sections 6.1(a)(i), (ii), (iii), (iv), (ix) and (x) of the Mortgage Loan Agreement. Borrower shall also
cause all insurance policies required under this Section 6.1 to provide for at least thirty (30) days’ prior notice to Administrative Agent in the event of policy cancellation or material changes. Borrower shall provide Administrative
Agent with evidence of all such insurance required hereunder simultaneously with Mortgage Borrower’s provision of such evidence to Mortgage Lender. 

(b) If at any time Administrative Agent is not in receipt of written evidence that all insurance required hereunder is in full force and
effect, Administrative Agent shall have the right, without notice to Borrower, to take such action as Administrative Agent reasonably deems necessary to protect its interest in the Property, including, without limitation, the obtaining of the
insurance coverage as required hereunder after five (5) Business Days’ notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Administrative Agent deems necessary (regardless of prior notice to
Borrower) to avoid the lapse of any such coverage. All premiums incurred by Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Administrative Agent upon demand
and, until paid, shall be secured by the Pledge Agreement and shall bear interest at the Default Rate. 
 Section 6.2
Casualty. If the Property shall sustain a Casualty, Borrower shall give prompt written notice of such Casualty to Administrative Agent and if required pursuant to the Mortgage Loan Agreement shall cause Mortgage Borrower to, or shall
cause Mortgage Borrower to cause CPLV Tenant to, promptly in accordance with the terms of the Mortgage Loan Agreement commence and diligently prosecute to completion the repair and restoration of the Property (or the applicable portion thereof, as
applicable) to substantially the same condition the Property was in immediately prior to such Casualty with such alterations as may be reasonably approved by Mortgage Lender and otherwise in accordance with Section 6.4 of the Mortgage Loan
Agreement. 

  
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 Section 6.3 Condemnation. Borrower shall promptly give Administrative Agent
notice of the actual or threatened commencement of any proceeding for the Condemnation of the Property and shall cause Mortgage Borrower to deliver to Administrative Agent copies of any and all papers served in connection with such proceedings.
Administrative Agent may participate in any such proceedings, and Borrower shall from time to time deliver to Administrative Agent all instruments reasonably requested by it to permit such participation. Borrower shall cause Mortgage Borrower
(directly or by causing CPLV Tenant to), at its expense, to diligently prosecute any such proceedings, and shall consult with Administrative Agent, its attorneys and experts, and cooperate with them in the carrying on or defense of any such
proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall
continue to pay the Debt at the time and in the manner provided for its payment in this Agreement and the Debt shall not be reduced until any Net Liquidation Proceeds After Debt Service shall have been actually received and applied by Administrative
Agent, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Administrative Agent shall not be limited to the interest paid on the Net Liquidation Proceeds After Debt Service by the condemning authority but shall
be entitled to receive out of the Award interest at the rate or rates provided herein. If any portion of the Property is taken by a condemning authority, Borrower shall cause Mortgage Borrower to (directly or by causing CPLV Tenant to), promptly
commence and diligently prosecute the Restoration of the Property pursuant to Section 6.4 of the Mortgage Loan Agreement and otherwise comply with the provisions of Section 6.4 of the Mortgage Loan Agreement. 

Section 6.4 Restoration. Borrower shall, or shall cause Mortgage Borrower, to, deliver to Administrative Agent all reports,
plans, specifications, documents and other materials that are delivered to Mortgage Lender under Section 6.4 of the Mortgage Loan Agreement and to otherwise comply in all respects with Section 6.4 of the Mortgage Loan Agreement in
connection with a restoration of the Property after a Casualty or Condemnation. 
 ARTICLE VII – RESERVE FUNDS 

Section 7.1 Reserved.  

Section 7.2 Tax and Insurance Escrow Fund. Borrower shall cause Mortgage Borrower to comply with all the terms and
conditions set forth in Section 7.2 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the
Tax and Insurance Escrow Fund pursuant to the terms of Section 7.2 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan
Agreement to maintain the Tax and Insurance Escrow Fund (other than as expressly contemplated under the terms of the Mortgage Loan Agreement) or (iii) the Mortgage Loan has been repaid in full, (2) (i) Mezzanine A Borrower is required to
maintain the Tax and Insurance Escrow Fund pursuant to the terms of Section 7.2 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative 

  
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 Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the
Mezzanine A Loan Agreement to maintain the Tax and Insurance Escrow Fund (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, and (3) (i) Mezzanine B
Borrower is required to maintain the Tax and Insurance Escrow Fund pursuant to the terms of Section 7.2 of the Mezzanine B Loan Agreement, but Mezzanine B Administrative Agent waives such requirement, (ii) Mezzanine B Borrower is no longer
required pursuant to the terms of the Mezzanine B Loan Agreement to maintain the Tax and Insurance Escrow Fund (other than as expressly contemplated under the terms of the Mezzanine B Loan Agreement) or (iii) the Mezzanine B Loan has been
repaid in full then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Tax and Insurance Escrow Fund pursuant to Section 7.2 of the
Mortgage Loan Agreement, and (B) the provisions of Section 7.2 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference. 

Section 7.3 Replacements and Replacement Reserve. Borrower shall cause Mortgage Borrower to comply with all the terms and
conditions set forth in Section 7.3 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the
Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to
maintain the Replacement Reserve Fund or (iii) the Mortgage Loan has been repaid in full, (2) (i) Mezzanine A Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mezzanine A Loan
Agreement, but Mezzanine A Administrative Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the Mezzanine A Loan Agreement to maintain the Replacement Reserve Fund (other than as expressly
contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, and (3) (i) Mezzanine B Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of
Section 7.3 of the Mezzanine B Loan Agreement, but Mezzanine B Administrative Agent waives such requirement, (ii) Mezzanine B Borrower is no longer required pursuant to the terms of the Mezzanine B Loan Agreement to maintain the
Replacement Reserve Fund (other than as expressly contemplated under the terms of the Mezzanine B Loan Agreement) or (iii) the Mezzanine B Loan has been repaid in full then (A) Administrative Agent shall have the right to require Borrower
to establish and maintain a reserve account that would operate in the same manner as the Replacement Reserve Fund pursuant to Section 7.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.3 of the Mortgage Loan
Agreement and all related definitions shall be incorporated herein by reference. 
 Section 7.4 Ground Rent Reserve.
Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the
Loan Documents, (1) (i) Mortgage Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer
required pursuant to the terms of the Mortgage Loan Agreement to maintain the Ground Rent Reserve 

  
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 Fund (other than as expressly contemplated under the terms of the Mortgage Loan Agreement) or (iii) the
Mortgage Loan has been repaid in full, (2) (i) Mezzanine A Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such
requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the Mezzanine A Loan Agreement to maintain the Ground Rent Reserve (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or
(iii) the Mezzanine A Loan has been repaid in full, and (3) (i) Mezzanine B Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mezzanine B Loan Agreement, but Mezzanine B Administrative
Agent waives such requirement, (ii) Mezzanine B Borrower is no longer required pursuant to the terms of the Mezzanine B Loan Agreement to maintain the Ground Rent Reserve (other than as expressly contemplated under the terms of the Mezzanine B
Loan Agreement) or (iii) the Mezzanine B Loan has been repaid in full, then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Ground
Rent Reserve Fund pursuant to Section 7.4 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.4 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference. 

Section 7.5 Excess Cash Flow Reserve Fund. Borrower shall cause Mortgage Borrower to comply with all the terms and
conditions set forth in Section 7.5 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the
Excess Cash Flow Reserve Fund pursuant to the terms of Section 7.5 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan
Agreement to maintain the Excess Cash Flow Reserve Fund (other than as expressly contemplated under the terms of the Mortgage Loan Agreement) or (iii) the Mortgage Loan has been repaid in full, (2) (i) Mezzanine A Borrower is required to
maintain the Excess Cash Flow Reserve Fund pursuant to the terms of Section 7.5 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to
the terms of the Mezzanine A Loan Agreement to maintain the Excess Cash Flow Reserve Fund (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, and (3)
(i) Mezzanine B Borrower is required to maintain the Excess Cash Flow Reserve Fund pursuant to the terms of Section 7.5 of the Mezzanine B Loan Agreement, but Mezzanine B Administrative Agent waives such requirement, (ii) Mezzanine B
Borrower is no longer required pursuant to the terms of the Mezzanine B Loan Agreement to maintain the Excess Cash Flow Reserve Fund (other than as expressly contemplated under the terms of the Mezzanine B Loan Agreement) or (iii) the Mezzanine
B Loan has been repaid in full, then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Excess Cash Flow Reserve Fund pursuant to
Section 7.5 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.5 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference. 

Section 7.6 Reserve Funds, Generally. (a) Borrower grants to Collateral Agent a first-priority perfected security
interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, all Reserve Funds shall constitute
additional security for the Debt. 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default, Administrative Agent
may, in addition to any and all other rights and remedies available to Administrative Agent, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion. 

(c) The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Administrative Agent. The Reserve Funds
shall be held in an Eligible Account in Permitted Investments as directed by Administrative Agent. Unless expressly provided for in this Article VII, all interest on a Reserve Fund shall be added to and become a part of
such Reserve Fund and shall be disbursed in the same manner as other monies deposited in such Reserve Fund. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve
Funds credited or paid to Borrower. 
 (d) Borrower shall not, shall not permit Mortgage Borrower to and shall cause Mortgage Borrower to use
commercially reasonable efforts to not permit CPLV Tenant to, without obtaining the prior written consent of Administrative Agent, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit
any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Collateral Agent as the secured party, to be filed with respect thereto. 

(e) None of Administrative Agent, Collateral Agent nor any of their respective Related Parties shall be liable for any loss sustained on the
investment of any funds constituting the Reserve Funds. Borrower shall indemnify Administrative Agent, Collateral Agent and each of their respective Related Parties and hold Administrative Agent, Collateral Agent and each of their respective Related
Parties harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages (excluding punitive, consequential, indirect, exemplary and special damages, except to the extent paid to a third party), obligations and
costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established, except
to the extent arising from the willful misconduct or gross negligence of Administrative Agent or Collateral Agent. 
 (f) [Reserved]. 

(g) Any amount remaining in the Reserve Funds after the Debt has been paid in full shall be distributed to Borrower or, if directed by
Borrower, to CPLV Tenant. 

  
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 ARTICLE VIII – DEFAULTS 

Section 8.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an
“Event of Default”): 
 (i) if (A) any Monthly Debt Service Payment Amount is not paid on or before the
date it is due (subject to Section 2.7.3 hereof), (B) the Debt is not paid in full on the Maturity Date, or (C) any other portion of the Debt not specified in the foregoing clause (A) or (B) or any other
amount payable to Lender pursuant to the Loan Documents is not paid on or prior to the date when the same is due; provided, that with respect to clause (C) only, such failure is continuing for five (5) Business Days after
Administrative Agent delivers written notice thereof to Borrower; 
 (ii) if any of the Taxes or Other Charges are not paid
prior to the incurrence of Additional Charges, other than those Taxes or Other Charges being contested in accordance with Section 5.1.2 hereof; provided, however that it shall not be an Event of Default if
there are sufficient funds in the Tax and Insurance Escrow Fund to pay such Taxes or Other Charges prior to the incurrence of Additional Charges and Mortgage Lender (or Administrative Agent, if applicable) is required to use such amounts for the
payment of such Taxes or Other Charges under the Mortgage Loan Agreement or hereunder, as applicable, and Mortgage Lender (or Administrative Agent, if applicable) fails to make such payment in accordance with the Mortgage Loan Agreement or this
Agreement, as applicable; 
 (iii) if (x) the Policies are not kept in full force and effect, except to the extent that
such failure is caused solely by the failure to pay insurance premiums if the amount required for payment of the premiums therefor is on deposit in the Tax and Insurance Escrow Fund on the date that such premiums are due and payable and Mortgage
Lender (or Administrative Agent, if applicable) is required to use such amounts for the payment of insurance premiums in accordance with the Mortgage Loan Agreement or this Agreement, as applicable or (y) if certified copies of the Policies are
not delivered to Administrative Agent upon request, within five (5) Business Days of such request; 
 (iv) if Borrower
Transfers or otherwise encumbers any portion of the Collateral or any Transfer of any interest in Borrower or the Collateral is made, in each case, without Administrative Agent’s prior written consent in violation of the provisions of this
Agreement or the Pledge Agreement, if Mezzanine B Borrower Transfers or otherwise encumbers any portion of the Mezzanine B Collateral or any Transfer of any interest in Mezzanine B Borrower or the Mezzanine B Collateral is made, in each case,
without Administrative Agent’s prior written consent in violation of the provisions of this Agreement or the Mezzanine B Loan Documents, if Mezzanine A Borrower Transfers or otherwise encumbers any portion of the Mezzanine A Collateral or any
Transfer of any interest in Mezzanine A Borrower or the Mezzanine A Collateral is made, in each case, without Administrative Agent’s prior written consent in violation of the provisions of this Agreement or the Mezzanine A Loan Documents, or if
Mortgage Borrower Transfers or otherwise encumbers any portion of the Property, or any Transfer of any interest in Mortgage Borrower or the Property is made, in each case, without Administrative Agent’s and Mortgage Lender’s prior written
consent in violation of the provisions of this Agreement and the Mortgage Loan Agreement or Article 6 of the Mortgage; 

  
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 (v) if any representation or warranty made by Borrower herein or in any other
Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Administrative Agent shall have been false or misleading in any material respect as of the date the representation or warranty
was made and such false or misleading representation or warranty has had or is reasonably expected to result in a Material Adverse Effect; provided, that, if such false or misleading representation or warranty is susceptible of being cured,
Borrower shall have the right to cure such representation or warranty within thirty (30) days of receipt of notice from Administrative Agent and with respect to a breach of the representations and warranties contained in
Section 4.1.30 of this Agreement, Borrower shall have satisfied the conditions set forth in clause (xi) below; 

(vi) if Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower shall make an assignment for the benefit of
creditors (other than to Administrative Agent or Lenders); 
 (vii) if a receiver, liquidator or trustee shall be appointed
for Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower or if Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower, or if
any proceeding for the dissolution or liquidation of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was
involuntary and not consented to by Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower upon the same not being discharged, stayed or dismissed within ninety (90) days; 

(viii) if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein
or therein in contravention of the Loan Documents; 
 (ix) if Guarantor shall make an assignment for the benefit of creditors
or if a receiver, liquidator or trustee shall be appointed for Guarantor or if Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any
similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor, or if any proceeding for the dissolution or liquidation of Guarantor shall be instituted; provided, however, if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days; provided, further, however, it shall be at
Administrative Agent’s option to determine whether any of the foregoing shall be an Event of Default; 

  
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 (x) if CPLV Tenant or CPLV Lease Guarantor shall make an assignment for the
benefit of creditors or if a receiver, liquidator or trustee shall be appointed for CPLV Tenant or CPLV Lease Guarantor or if CPLV Tenant or CPLV Lease Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, CPLV Tenant or CPLV Lease Guarantor, or if any proceeding for the dissolution or
liquidation of CPLV Tenant or CPLV Lease Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by CPLV Tenant or CPLV Lease Guarantor, as
applicable, upon the same not being discharged, stayed or dismissed within ninety (90) days; provided, further, however, it shall be at Administrative Agent’s option to determine whether any of the foregoing shall be
an Event of Default; 
 (xi) if Borrower breaches any covenant contained in Section 4.1.30 hereof
provided however, that any such breach shall not constitute an Event of Default (A) if such breach is inadvertent and non-recurring, (B) if such breach is curable, if Borrower shall
promptly cure such breach within a cure period ending on the earlier of (1) ten (10) Business Days after Borrower’s receipt of notice thereof from Administrative Agent, and (2) thirty (30) days after Borrower has actual knowledge of
such breach, and (C) upon the written request of Administrative Agent, if Borrower promptly delivers to Administrative Agent an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such
breach shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Administrative Agent in its sole
discretion; 
 (xii) with respect to any term, covenant or provision set forth herein which specifically contains a notice
requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xiii) if any of the assumptions contained in the Insolvency Opinion delivered to Administrative Agent in connection with the
Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect provided, however, that any such breach shall not constitute an Event of Default
(A) if such breach is inadvertent and non-recurring, (B) if such breach is curable, if Borrower shall promptly cure such breach within the earlier of (1) ten (10) Business Days after
Borrower’s receipt of a notice thereof from Administrative Agent or (2) thirty (30) days after Borrower has knowledge of such breach, and (C) upon the written request of Administrative Agent, if Borrower promptly delivers to
Administrative Agent an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which
opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Administrative Agent in its sole discretion; 

  
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 (xiv) if a material default by Mortgage Borrower has occurred and continues
beyond any applicable cure period under the Management Agreement (or any Replacement Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management Agreement (or any Replacement Management Agreement);

 (xv) if Borrower shall continue to be in Default under any of the terms, covenants or conditions of
Section 9.1 hereof, for five (5) Business Days after written notice to Borrower from Administrative Agent; 

(xvi) Borrower’s failure to deliver or cause to be delivered the shares of Common Stock of the REIT necessary to
effectuate the Mandatory Conversion in accordance with Section 2.5 hereof; 
 (xvii) the Liens
created pursuant to the Pledge Agreement shall cease to be a fully perfected enforceable first priority security interest subject only to Permitted Encumbrances; 

(xviii) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or
any other Loan Document not specified in subsections (i) to (xvii) above, for ten (10) days after notice to Borrower from Administrative Agent, in the case of any Default which can be cured by the payment
of a sum of money, or for thirty (30) days after notice from Administrative Agent in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of
cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and
expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred
twenty (120) days; 
 (xix) if (1) an ERISA Event shall have occurred, (2) a trustee shall be appointed by a
United States district court to administer any Single Employer Plan, (3) the PBGC shall institute proceedings to terminate any Single Employer Plan, (4) Mortgage Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Borrower, Guarantor or
any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed withdrawal liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such
withdrawal liability or is not contesting such withdrawal liability in a timely and appropriate manner; (5) Mortgage Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Borrower or Guarantor shall hold Plan Assets of an employee benefit plan
(as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code) or (6) any other similar event or condition shall occur or exist with respect to a Plan or
Multiemployer Plan; and in each case in clauses (1) through (6) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the Administrative Agent, reasonably be expected to result
in a Material Adverse Effect; 

  
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 (xx) with respect to any term, covenant, condition or provision in any of the
other Loan Documents, if there shall be a default by Borrower, Guarantor or any of their Affiliates (x) beyond any applicable notice and cure periods contained in such documents, or (y) if no such notice and cure period is set forth, any
other such event shall occur or condition shall exist, arising from any action or omission of Borrower, Guarantor or any of their Affiliates if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt
or to permit Administrative Agent to accelerate the maturity of all or any portion of the Debt; 
 (xxi) a material default
by Mortgage Borrower shall occur under the CPLV Lease or any other CPLV Lease Documents beyond any applicable cure period under the CPLV Lease or other CPLV Lease Documents; 

(xxii) if Mortgage Borrower permits CPLV Tenant to cease to do business as a hotel and casino at the Property or terminates
such business for any reason whatsoever (other than temporary cessation in connection with any continuous and diligent renovation or restoration of the Property following a Casualty or Condemnation or in connection with a Permitted Operation
Interruption (as defined in the CPLV Lease) (other than under clause (iii) thereunder)); 
 (xxiii) (A) a material
breach or default by Mortgage Borrower under any condition or obligation contained in the Ground Lease is not cured within any applicable cure period provided therein (provided, however, if such default is a result of the failure to
pay Ground Rent, it shall not be an Event of Default if there are sufficient funds in the Ground Rent Reserve Account to pay such Ground Rent on the date such amounts are due and payable under the Ground Lease and Administrative Agent or Mortgage
Lender, as applicable, is required to use such amounts for the payment of such Ground Rent hereunder and Administrative Agent or Mortgage Lender, as applicable, fails to make such payment in accordance with this Agreement or the Mortgage Loan
Agreement, as applicable), (B) there occurs any event or condition that gives the lessor under the Ground Lease a right to terminate or cancel the Ground Lease, (C) the Property subject to the Ground Lease shall be surrendered or the
Ground Lease shall be terminated or cancelled for any reason or under any circumstances whatsoever, or (D) any of the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered, or amended
without the prior written consent of Administrative Agent in violation of the terms of this Agreement; 
 (xxiv) (x) any
Gaming License required for the operation of the Casino Component as a casino shall be refused, suspended, revoked, limited, conditioned, or modified in a materially adverse manner or canceled or allowed to lapse (any default under clause (x),
a “Gaming License Default”) or (y) any proceeding or disciplinary complaint is formally commenced by any Governmental Authority for the purpose of suspending, revoking or canceling any Gaming License required for the operation
of the Casino Component, or any Governmental Authority shall have appointed a conservator, supervisor or trustee to or for any of the Casino Components (any default under clause (y), a “Gaming Proceeding Default”), in each
case, which results in a closure of the Casino Component or any material portion thereof or in CPLV Tenant being forced to cease operations of a material portion of the Casino Component (e.g., the CPLV Tenant is forced to cease offering table games,
slot machines, a race book and/or sports book); 

  
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 (xxv) (A) the CPLV Lease, the Management Agreement, the CPLV Lease Guaranty
or any other CPLV Lease Document is amended without the prior written consent of Administrative Agent as required pursuant to this Agreement, or (B) if the CPLV Lease, the Management Agreement, the CPLV Lease Guaranty or any other CPLV Lease
Document is terminated or cancelled for any reason or under any circumstances whatsoever, including a rejection or disaffirmation of such CPLV Lease Document in a bankruptcy proceeding, without the prior written consent of Administrative Agent as
required pursuant to this Agreement (except for a termination and replacement of such CPLV Lease Document (i) made by CPLV Tenant Lender in connection with a foreclosure of the CPLV Tenant Loan pursuant to and in accordance with the terms
hereunder or (ii) by Borrower to cure (or cause a cure of) a CPLV Lease Default in accordance with Section 8.3 hereof); 

(xxvi) if any material IP Collateral, including any material IP Licenses, including any rights to the Licensed Trademarks (as
defined therein) under the CPLV Trademark License Agreement, are surrendered, terminated or canceled, except with the prior written consent of Administrative Agent or if any IP Licenses which constitute IP Collateral are amended, modified, altered
or changed in any material respect without the prior written consent of Administrative Agent in violation of the provisions of this Agreement; 

(xxvii) any Transfer of any interest in CPLV Tenant or CPLV Tenant’s leasehold interest in the Property or the CPLV Lease
without Administrative Agent’s prior written consent in violation of the provisions of this Agreement; 
 (xxviii) a
Mortgage Loan Default shall occur; 
 (xxix) a Mezzanine A Loan Default shall occur; or 

(xxx) a Mezzanine B Loan Default shall occur. 

(b) Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in
clauses (vi), (vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity,
Administrative Agent and/or Collateral Agent may take such action, without notice or demand, that Administrative Agent and/or Collateral Agent deems advisable to protect and enforce its rights against Borrower and the Collateral, including, without
limitation, declaring the Debt to be immediately due and payable, and Administrative Agent and/or Collateral Agent may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and any or all of the
Collateral and may exercise all the rights and remedies of a secured party under the Uniform Commercial Code, as adopted and enacted by the State or States where any of the Collateral is located or where Borrower is organized, against Borrower,
including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other Obligations of
Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other
Loan Document to the contrary notwithstanding. 

  
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 Section 8.2 Remedies. (a) Upon the occurrence and during the continuance
of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Administrative Agent and/or Collateral Agent against Borrower under this Agreement or any of the other Loan Documents executed and
delivered by, or applicable to, Borrower or at law or in equity may be exercised by Administrative Agent and/or Collateral Agent at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether
or not Administrative Agent and/or Collateral Agent shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part of the Collateral. Any
such actions taken by Administrative Agent and/or Collateral Agent shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Administrative Agent and/or
Collateral Agent may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Administrative Agent and/or Collateral Agent permitted by law, equity or
contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) neither Administrative Agent nor Collateral Agent is subject to any
“one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Administrative Agent and/or Collateral Agent shall remain in full force and effect until Collateral
Agent has exhausted all of its remedies against the Collateral and the Pledge Agreement has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been indefeasibly paid in full. 

(b) With respect to Borrower and the Collateral, nothing contained herein or in any other Loan Document shall be construed as requiring
Collateral Agent to resort to any portion of the Collateral for the satisfaction of any of the Debt in any preference or priority, and Collateral Agent may seek satisfaction out of the Collateral, or any part thereof, in its absolute discretion in
respect of the Debt. In addition, upon the occurrence and during the continuance of an Event of Default, Collateral Agent shall have the right from time to time to partially foreclose upon the Collateral in any manner and for any amounts secured by
the Pledge Agreement then due and payable as determined by Collateral Agent in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment
of one or more scheduled payments of principal and interest, Collateral Agent may foreclose upon the Pledge Agreement to recover such delinquent payments or (ii) in the event Administrative Agent elects to accelerate less than the entire
outstanding principal balance of the Loan, Collateral Agent may foreclose upon the Pledge Agreement to recover so much of the principal balance of the Loan as Administrative Agent may accelerate and such other sums secured by the Pledge Agreement as
Administrative Agent may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Pledge Agreement to secure payment of sums secured by the Pledge Agreement and not previously recovered. 

  
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 (c) Upon the occurrence and during the continuance of an Event of Default, Administrative Agent
shall have the right from time to time to sever the Loan Documents into one or more separate notes, pledges and other security documents (the “Severed Loan Documents”) in such denominations as Administrative Agent shall determine in
its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder, and shall make any corresponding adjustments to the Register to reflect the same. Borrower shall execute and deliver to Administrative Agent
from time to time, promptly after the request of Administrative Agent, a severance agreement and such other documents as Administrative Agent shall request in order to effect the severance described in the preceding sentence, all in form and
substance reasonably satisfactory to Administrative Agent. Borrower hereby absolutely and irrevocably appoints Administrative Agent as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents
necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Administrative Agent shall not make or execute any such documents under such power
until three (3) days after notice has been given to Borrower by Administrative Agent of Administrative Agent’s intent to exercise its rights under such power and an Event of Default is continuing. Borrower shall be obligated to pay any
costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan
Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. 

(d) As used in this Section 8.2, a “foreclosure” shall include, without limitation, any sale by power of
sale and any disposition of any of the Collateral under Chapter 6 of Article 9 of the UCC. 
 Section 8.3 Additional Provisions
Regarding CPLV Lease. (a) Upon the occurrence of an Event of Default hereunder described in clauses (i)(C), (xii), (xviii), (xx), (xxiv), (xxv) (if such action with respect to
such clause (xxv) is effectuated without any action or consent by Borrower), (xxvi), or (xxvii) of Section 8.1(a) above arising from any default or breach by CPLV Tenant, CPLV Lease Guarantor,
Manager or any of their respective Affiliates (each, a “CPLV Tenant Party”) under the CPLV Lease or any of the other CPLV Lease Documents (each of the foregoing and each of the CPLV Lease Bankruptcy Defaults, each, a “CPLV
Lease Default”), so long as there is no Material Adverse Effect arising from such CPLV Lease Default, neither Administrative Agent nor Collateral Agent, as applicable, shall commence any foreclosure proceeding, exercise any power of sale,
take an assignment in lieu of foreclosure, obtain a receiver or take any other enforcement action to take possession or control of the Collateral or any portion thereof, accelerate the Debt or apply amounts in the Lockbox Account, Cash Management
Account or Reserve Funds to the payment of the Debt (except for Priority Waterfall Payments) or shall not restrict Borrower’s right to make a payment or perform its obligations hereunder as a result of such Event of Default (each, an
“Enforcement Action”), unless such Event of Default shall be continuing for (i) in the case of any CPLV Lease Default which can be cured by the payment of a sum of money, five (5) Business Days after such CPLV Lease
Default and (ii) in the case of any other CPLV Lease Default, thirty (30) days after such CPLV Lease Default, provided, that if such non-monetary CPLV Lease Default cannot actually be cured by
Borrower within such thirty (30) day period without repaying the Loan in full, so long as Borrower shall have commenced (or caused Mortgage Borrower to commence) to cure such CPLV Lease Default within such thirty (30) day period and
thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such 

  
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time as is reasonably necessary for Borrower (or Mortgage Borrower) in the exercise of due diligence to cure such CPLV Lease Default, so long as Borrower (or Mortgage Borrower) is thereafter
diligently and expeditiously proceeding to cure the same (which for the purposes of this Section 8.3 include Borrower causing Mortgage Borrower to enforce rights and remedies under the CPLV Lease or to seek a CPLV
Replacement Tenant (as defined below) in accordance with the terms hereunder or seeking refinancing sources to repay the Loan in full), such period shall be extended for such time as is reasonably necessary for Borrower (or Mortgage Borrower) in the
exercise of due diligence to cure such CPLV Lease Default, such additional period not to exceed one hundred eighty (180) days after such Event of Default (or, with respect to an Event of Default under clause (xviii) above not
related to completion of work required hereunder or compliance with Legal Requirements, the lesser of (x) 180 days after such Event of Default, or (y) 210 days following Administrative Agent’s original notice of the Default that resulted in
such Event of Default), provided, further, that Administrative Agent shall not unreasonably withhold, condition or delay acceptance of a cure of such CPLV Lease Default whether by Borrower, Mortgage Borrower, CPLV Tenant or any other
Person and if required to cure such non-monetary CPLV Lease Default that is not susceptible to cure by Borrower (or Mortgage Borrower), Borrower shall have the right to cause Mortgage Borrower to replace the
CPLV Tenant and the Manager so long as (x) the replacement tenant that assumes all of the obligations, liabilities and rights of CPLV Tenant under the CPLV Lease and CPLV Lease Documents (the “CPLV Replacement Tenant”) shall be
a Qualified CPLV Tenant Transferee or a Qualified CPLV Tenant Transferee shall Control and own not less than 51% of the economic and beneficial interests in such CPLV Replacement Tenant, (y) a replacement lease guarantor that is a Qualified
CPLV Replacement Guarantor shall execute a replacement guaranty substantially similar to the CPLV Lease Guaranty or in such other form and substance as reasonably acceptable to Administrative Agent and (z) the Property is managed by a Qualified
Replacement Manager, provided that the satisfaction of such clauses (x) through (z) shall be subject to verification by Administrative Agent in its reasonable discretion. Notwithstanding anything to the contrary herein, to the extent that
Borrower is required to cause Mortgage Borrower to use commercially reasonable efforts to cause CPLV Tenant to act or refrain from acting in any manner, including, but not limited to, any actions that result in a CPLV Lease Default, and such failure
to use commercially reasonable efforts shall result in an Event of Default, Borrower shall not have the rights to any additional cure periods as set forth in this Section 8.3(a). Any
non-monetary CPLV Lease Default not susceptible to cure by Borrower shall be deemed cured upon entry into a replacement CPLV Lease in the form substantially similar to the CPLV Lease or in such other form and
substance as reasonably acceptable to Administrative Agent with a Qualified CPLV Tenant Transferee or an assumption of the CPLV Lease by a CPLV Tenant Transferee in connection with a Transfer pursuant to and in accordance with
Section 5.2.10(e)(iv) hereof, in each case, in accordance with the terms hereof, including that (x) a replacement lease guarantor that is a Qualified CPLV Replacement Guarantor shall execute a replacement guaranty
substantially similar to the CPLV Lease Guaranty or in such other form and substance as reasonably acceptable to Administrative Agent (except in the event that in connection with a Transfer pursuant to and in accordance with
Section 5.2.10(e)(iv) hereof, CEC (or following any Transfer under Section 5.2.10(e)(i), Replacement CEC Sponsor) shall remain as CPLV Lease Guarantor under the CPLV Lease Guaranty) and
(y) the Property is managed by a Qualified Manager under the Management Agreement or a Replacement Management Agreement, as applicable, in accordance with the terms hereunder, provided that the satisfaction of the foregoing shall be subject to
verification by Administrative Agent in its reasonable discretion. Upon acceptance of a cure by Administrative Agent of the applicable CPLV Lease Default pursuant to this Section 8.3(a), no Event of Default shall be
continuing under the Loan Documents on the basis thereof. 

  
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 (b) Upon the occurrence of an Event of Default hereunder described in
clause (x) or clause (xxv)(B) solely with respect to a rejection of the CPLV Lease Document in a Bankruptcy Action, above, (each, a “CPLV Lease Bankruptcy Default”), Collateral Agent shall not
commence any Enforcement Action, so long as (1) Borrower is (or is causing Mortgage Borrower to) diligently and expeditiously exercising all rights and remedies available under Applicable Law, in accordance with the advice of legal counsel,
including, if applicable, filing any required motions to compel payment of outstanding amounts or motions for relief from the stay, to cause the applicable CPLV Tenant Party to assume or reject the applicable CPLV Lease Documents during the initial
one hundred twenty (120) day (or if extended by the court upon a motion for cause by the applicable CPLV Tenant Party, the two hundred ten (210) day) period after such Bankruptcy Action, (2)(A) within two hundred ten (210) days of
such Bankruptcy Action, the applicable CPLV Tenant Party has assumed the applicable CPLV Lease Documents (“CPLV Lease Assumption Event”), (B) within two hundred ten (210) days of such Bankruptcy Action, the applicable rights,
title and obligations of the CPLV Tenant Party under the applicable CPLV Lease Documents have been assumed and assigned to one or more Persons (a “CPLV Lease Assignment Event”) such that after giving effect to such assignment the
CPLV Lease, CPLV Lease Guaranty and Management Agreement and the obligations and liabilities thereunder have been assumed by a Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable
(collectively, the “CPLV Lease Assignment Conditions”), (C) within ninety (90) days of any CPLV Lease Assignment Event to any Person that does not satisfy the CPLV Lease Assignment Conditions, the Borrower shall repay the Debt
in full in accordance with the terms hereunder or (D) within two hundred seventy (270) days of the Bankruptcy Action, either (A) a replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement shall be entered into with a
Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable, in accordance with the terms and conditions of this Agreement or (B) such Bankruptcy Action is discharged or dismissed and
(3) in the event the CPLV Lease Document has been rejected, (i) CPLV Tenant Lender or Borrower has exercised its rights under the Transition Services Agreement to cause the applicable CPLV Tenant Parties to perform their respective
obligations thereunder until such time as the replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement with a Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable has
been entered into by CPLV Tenant Lender or Borrower, in accordance with the terms hereunder and (ii) CPLV Tenant Lender or Borrower, as applicable is diligently and expeditiously proceeding to obtain all necessary approvals and Gaming Licenses
required by the Gaming Authorities for the replacement CPLV Lease, CPLV Lease Guaranty and Management Agreement with a Qualified CPLV Tenant Transferee, Qualified CPLV Replacement Guarantor and Qualified Replacement Manager, as applicable, provided,
further that in the event of a CPLV Lease Assumption Event, until the applicable Bankruptcy Action is discharged or dismissed, the occurrence of any of the following events shall constitute an Event of Default (with no additional notice or cure
period) hereunder: (i) conversion of the Bankruptcy Action into a Chapter 7 proceeding or a liquidation under a liquidating chapter 11 plan or pursuant to any other 

  
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liquidation proceeding or process, (ii) a finding by a court of competent jurisdiction that the debtor is administratively insolvent, or a finding by a court of competent jurisdiction that
the debtor has failed to pay when due any material allowed claims with administrative priority in its bankruptcy case that are not subject to a bona fide dispute as to liability or amount or (iii) there is a subsequent rejection of such CPLV
Lease Document. Upon the satisfaction of all of the requirements set forth in this Section 8.3(b) within the periods specified above, as reasonably determined by Administrative Agent, no Event of Default shall be continuing
on the basis thereof. 
 (c) Notwithstanding the foregoing Section 8.3(a) and 8.3(b), Administrative Agent
and/or Collateral Agent shall have the right to exercise and such foregoing clauses shall not impair or affect any right or remedy of Administrative Agent and/or Collateral Agent arising from any other Event of Default that does not constitute a
CPLV Lease Default. 
 Section 8.4 Remedies Cumulative; Waivers. The rights, powers and remedies of Administrative Agent
under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Administrative Agent or Collateral Agent may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in
equity or otherwise. Administrative Agent’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Administrative Agent may determine in Administrative Agent’s sole discretion.
No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to
time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or
power consequent thereon. 
 Section 8.5 Rights of Cure. Upon the occurrence and during the continuance of an Event of
Default (and with respect to any CPLV Lease Default only, after the expiration of the applicable cure period for such CPLV Lease Default in accordance with Section 8.3), Administrative Agent may, but without any obligation
to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner
and to such extent as Administrative Agent may deem necessary. During the continuance of such an Event of Default, Administrative Agent is authorized to enter upon the Property (subject to the rights of Tenants under their Leases and the rights of
CPLV Tenant under the CPLV Lease) for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to
the extent permitted by law), with interest as provided in this Section 8.5, shall constitute a portion of the Debt and shall be due and payable to Administrative Agent upon demand. All such costs and expenses incurred by
Administrative Agent and/or Collateral Agent in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period commencing five
(5) Business Days after written demand of Borrower to pay such cost or expense until the date of payment to Administrative Agent. Upon the occurrence and during the continuance of a Mortgage Loan Default, Mezzanine A Loan 

  
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Default or Mezzanine B Loan Default, Administrative Agent may, but without any obligation to do so and without notice to or demand on Borrower, Mezzanine B Borrower, Mezzanine A Borrower or
Mortgage Borrower and without releasing Mortgage Borrower, Mezzanine A Loan Default or Mezzanine B Borrower from any obligation under the Mortgage Loan Documents, Mezzanine A Loan Documents or Mezzanine B Loan Documents, as applicable, or being
deemed to have cured any Mortgage Loan Default, Mezzanine A Loan Default or Mezzanine B Loan Default, make, do or perform any obligation of Mortgage Borrower under Mortgage Loan Documents, of Mezzanine A Borrower under Mezzanine A Loan Documents or
of Mezzanine B Borrower under Mezzanine B Loan Documents, as applicable, in such manner and to such extent as Administrative Agent may deem necessary. All such costs and expenses incurred by Administrative Agent, Collateral Agent or any Lender in
remedying such Mortgage Loan Default, Mezzanine A Loan Default, Mezzanine B Loan Default or such failed payment or act shall bear interest at the Default Rate, for the period commencing five (5) Business Days after written demand of Borrower to
pay such cost or expense until the date of payment to Administrative Agent. All such costs and expenses incurred by Administrative Agent and/or Collateral Agent together with interest thereon calculated at the Default Rate shall be deemed to
constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Administrative Agent and/or Collateral Agent under the Loan Documents and shall be immediately due and payable upon demand by Administrative
Agent therefor. 
 ARTICLE IX – SPECIAL PROVISIONS 

Section 9.1 Secondary Market Transactions. 

9.1.1 Sale of Loan and Syndications. (a) No Lender may sell any portion of the Loan or the Loan Documents, or issue one or
more participations therein or consummate any other transfer or assignment of the Loan on or prior to the Mandatory Conversion Date. 
 (b)
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s office a register for the recordation of the names and addresses of each Lender, and the principal amounts (and
stated interest) of the Loan owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and Borrower, Administrative Agent, Collateral
Agent, and each Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower,
Administrative Agent, Collateral Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

9.1.2 Intentionally Omitted. 

9.1.3 Loan Components; Mezzanine Loans. (a) Borrower covenants and agrees that upon Administrative Agent’s request
Borrower shall (i) deliver one or more new notes to replace any original note or modify any original note and other loan documents, as reasonably required, to reflect additional components of the Loan or allocate spread or principal among or
adjust the application of payments among any existing or additional components in Administrative Agent’s sole discretion, provided, (A) such new or modified note shall at all 

  
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times have the same weighted average spread of the Loan immediately prior to such modification and shall have the same stated maturity date of the Loan, (B) any prepayments of the Loan shall
be applied pro rata among such components (except during the existence of an Event of Default) and (C) the aggregate principal balance the new notes or components after the effective date of such modification shall equal the aggregate
outstanding principal balance of the Loan immediately prior to such modification and (ii) modify the Cash Management Agreement and any other Loan Documents to reflect such new components; provided, that such modifications shall not
(a) decrease any rights or increase any obligations of Borrower under the Loan Documents, other than in a de minimis amount, (b) modify the stated maturity of the Loan, (c) require any amortization of principal of the Loan or
(d) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents. All reasonable out-of-pocket costs and
expenses incurred by Borrower after the Closing Date in connection with Borrower’s complying with requests made under this Section 9.1.3(a) (and the costs and expenses of Lender, Administrative Agent and Collateral
Agent in connection therewith) shall be paid by Lender. 
 (b) Intentionally Omitted. 

(c) Borrower shall execute and deliver such documents as shall reasonably be required by Administrative Agent in connection with this
Section 9.1.3, all in form and substance reasonably satisfactory to Administrative Agent within ten (10) Business Days following such request by Administrative Agent. 

Section 9.2 Intentionally Omitted .

Section 9.3 Exculpation. Subject to the qualifications below, neither Collateral Agent nor Administrative Agent shall
enforce the liability and obligation of Borrower to perform and observe the obligations contained in this Agreement, the Pledge Agreement or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against
Borrower, except that Collateral Agent or Administrative Agent, as applicable, may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Collateral Agent or Administrative Agent, as
applicable, to enforce and realize upon its or the Lenders’ interest under this Agreement, the Pledge Agreement and the other Loan Documents, or in the Collateral or any other collateral given to Collateral Agent pursuant to the Loan Documents;
provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Collateral and in any other
collateral given to Collateral Agent, and each Lender, Collateral Agent and Administrative Agent, by accepting this Agreement, the Pledge Agreement and the other Loan Documents, as applicable, agrees that it shall not sue for, seek or demand any
deficiency judgment against Borrower in any such action or proceeding under or by reason of or under or in connection with this Agreement, the Pledge Agreement or the other Loan Documents. The provisions of this Section shall not, however,
(a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Collateral Agent or Administrative Agent, as applicable, to name Borrower as a party defendant in
any action or suit for foreclosure and sale under the Pledge Agreement; (c) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of Collateral Agent or Administrative 

  
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Agent, as applicable, thereunder; (d) impair the right of Collateral Agent or Administrative Agent, as applicable, to obtain the appointment of a receiver, custodian, sequestrator or other
similar designee; (e) intentionally omitted; (f) constitute a prohibition against Collateral Agent or Administrative Agent, as applicable, to seek a deficiency judgment against Borrower in order to fully realize the security granted by the
Pledge Agreement or to commence any other appropriate action or proceeding in order for Collateral Agent to exercise its remedies against the Collateral; or (g) constitute a waiver of the right of Collateral Agent or Administrative Agent, as
applicable, to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation actually incurred by Collateral Agent and/or Administrative
Agent, as applicable, or any Lender (including reasonable, out of pocket attorneys’ fees and expenses reasonably incurred but excluding (x) consequential damages and/or lost profits, and (y) punitive, exemplary or other special
damages, except to the extent claimed against or recovered from Collateral Agent or Administrative Agent or a Lender, as applicable, by any third party which are not a result of any fraud, gross negligence or willful misconduct by Collateral Agent
or Administrative Agent or a Lender, as applicable) arising out of or in connection with the following: 
 (i) fraud or
intentional misrepresentation by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor in connection with the Loan; 

(ii) the willful misconduct of Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or Guarantor; 

(iii) voluntary material physical waste of the Property by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower,
Borrower, Guarantor or any Affiliate thereof (except if the cash flow from the Property is not sufficient to prevent such material physical waste (so long as such insufficiency does not arise from the intentional misappropriation or conversion of
revenues by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower, Guarantor or any Affiliates thereof)); 

(iv) the removal or disposal of any portion of the Property by Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower,
Borrower, Guarantor or any of its Affiliates after an Event of Default, unless such Personal Property is replaced with property of the same utility and of the same or greater value and such removal or disposal of such Personal Property is in the
ordinary course of Mortgage Borrower’s business; 
 (v) the misappropriation or conversion by Mortgage Borrower,
Mezzanine A Borrower, Mezzanine B Borrower, Borrower, Guarantor or any Affiliate thereof of (A) any Insurance Proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards received in connection with a
Condemnation of all or a portion of the Property, (C) any CPLV Rents following an Event of Default, (D) any CPLV Rents paid more than one month in advance, or (E) any Net Liquidation Proceeds After Debt Service received by Borrower,
Mezzanine B Borrower, Mezzanine A Borrower, or Mortgage Borrower; 

  
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 (vi) failure to pay or cause to be paid charges for labor or materials or other
charges or judgments incurred by or on behalf of Mortgage Borrower that can create Liens on any portion of the Property (except to the extent such failure occurs solely as a result of Mortgage Lender or Administrative Agent, as applicable, applying
CPLV Rents to the Mortgage Debt or the Debt, as applicable, or holding CPLV Rents as additional collateral for the Mortgage Loan or Loan, during the continuance of an Event of Default, Mortgage Loan Default or a Cash Sweep Period, as applicable, and
such charges or judgments relate to or otherwise arose in respect of work, matters or other actions that commenced prior to the occurrence of such Event of Default, Mortgage Loan Default or Cash Sweep Event); 

(vii) any security deposits, advance deposits or any other deposits collected by Mortgage Borrower with respect to the Property
which are not delivered to Mortgage Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases prior to the
occurrence of the Mortgage Loan Default that gave rise to such foreclosure or action in lieu thereof; 
 (viii) failure by
Borrower to maintain its status as a Single Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30, failure by Mezzanine B Borrower to maintain its status as a Single Purpose
Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30 of the Mezzanine B Loan Agreement, failure by Mezzanine A Borrower to maintain its status as a Single Purpose Entity or comply with any representation,
warranty or covenant set forth in Section 4.1.30 of the Mezzanine A Loan Agreement, or failure by Mortgage Borrower to maintain its status as a Single Purpose Entity or comply with any representation, warranty or covenant set forth in
Section 4.1.30 of the Mortgage Loan Agreement; 
 (ix) if Borrower fails to obtain Administrative Agent’s prior
written consent to any Indebtedness or voluntary Lien encumbering the Collateral (other than a Permitted Encumbrance); 
 (x)
any material modification or termination of the CPLV Lease, CPLV Lease Guaranty or Ground Lease by Borrower, Mezzanine B Borrower, Mezzanine A Borrower, or Mortgage Borrower without Administrative Agent’s consent in violation of the terms
hereunder; 
 (xi) any termination or cancellation of the Management Agreement by Borrower, Mezzanine B Borrower, Mezzanine A
Borrower, or Mortgage Borrower without Administrative Agent’s, Mezzanine B Administrative Agent’s, Mezzanine A Administrative Agent’s and/or Mortgage Lender’s prior written consent in violation of the terms hereunder, the
Mezzanine B Loan Agreement, the Mezzanine A Loan Agreement or the Mortgage Loan Agreement, and Mortgage Borrower fails to enter into a Replacement Management Agreement in accordance with the terms hereunder and the Mortgage Loan Agreement; 

(xii) if Guarantor, Mortgage Borrower, Mezzanine A Borrower, Mezzanine B Borrower, Borrower or any Affiliate of any of the
foregoing, in connection with any enforcement action or exercise or assertion of any right or remedy by or on behalf of Administrative Agent and/or Collateral Agent under or in connection with the Guaranty,

  
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the Pledge Agreement or any other Loan Document, raises a defense or seeks judicial intervention or injunctive or other equitable relief of any kind, or asserts in a pleading filed in connection
with a judicial proceeding any defense against any Lender, Administrative Agent and/or Collateral Agent or any right in connection with any security for the Loan (other than any defense that is raised in good faith by Mortgage Borrower, Mezzanine A
Borrower, Mezzanine B Borrower, Borrower or Guarantor); and/or 
 (xiii) (A) any obligation of Borrower, Mezzanine B
Borrower, Mezzanine A Borrower, Mortgage Borrower, Guarantor or any Affiliate of any of them (each, a “Borrower Party” and collectively the “Borrower Parties”) to indemnify any Person that, immediately prior
to any acquisition of title to the Collateral pursuant to a UCC foreclosure sale, a UCC strict foreclosure, an assignment in lieu of foreclosure or other enforcement action under the Loan Documents (collectively, an “Equity Collateral
Enforcement Action”; and the date on which an Equity Collateral Enforcement Action is consummated, an “Equity Collateral Transfer Date”), was an Affiliate of any Borrower Party, to the extent such obligation continues to be
the obligation of the transferee at such Equity Collateral Enforcement Action and is not expressly waived in writing by the Persons covered by such indemnification obligation, and (B) any obligation of any Borrower Party accruing prior to, on
or after the Equity Collateral Transfer Date to pay (1) legal fees to legal counsel engaged by any Borrower Party prior to the Equity Collateral Transfer Date incurred in objecting to, resisting or otherwise impeding exercise of Administrative
Agent’s and/or Collateral Agent’s rights and remedies under the Loan Documents, Mezzanine B Administrative Agent’s and/or Mezzanine B Collateral Agent’s rights and remedies under the Mezzanine B Loan Documents, Mezzanine A
Administrative Agent’s and/or Mezzanine A Collateral Agent’s rights and remedies under the Mezzanine A Loan Documents, or Mortgage Lender’s rights and remedies under the Mortgage Loan Documents, (2) amounts due under any contract
between any Borrower Party, on the one hand, and any Affiliate of any Borrower Party, on the other hand (unless such contract is assumed in writing by the Person acquiring the Collateral on or after the Equity Collateral Transfer Date), and/or
(3) any income tax or indemnity liability of any Borrower Party to any other Borrower Party. 
 Notwithstanding anything to the contrary in this
Agreement or any of the Loan Documents, (A) neither Administrative Agent nor Lender shall be deemed to have waived any right which Administrative Agent or Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the
Bankruptcy Code to file a claim for the full amount of the Debt secured by the Pledge Agreement or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt
shall be fully recourse to Borrower (i) in the event of: (a) Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or
insolvency law; (b) the filing of an involuntary petition against Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which Borrower,
Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor colludes with, or otherwise solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower, Mezzanine B Borrower, Mezzanine A Borrower
or Mortgage Borrower from any Person; (c) Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage 

  
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Borrower filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or
state bankruptcy or insolvency law (except as may be required to avoid violating Rule 9011 of the Federal Rules of Bankruptcy Procedure); (d) Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower consenting to or acquiescing
in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, any portion of the Collateral, any portion of the Mezzanine B Collateral,
any portion of the Mezzanine A Collateral or any portion of the Property (except at the request of Administrative Agent, Mezzanine B Administrative Agent, Mezzanine A Administrative Agent or Mortgage Lender); (e) Borrower, Mezzanine B Borrower,
Mezzanine A Borrower or Mortgage Borrower making an assignment for the benefit of creditors, or admitting, in writing in any legal proceeding (unless failure to make such admission in any such legal proceeding would be a violation of law and such
admission is truthful and made in good faith), its insolvency or inability to pay its debts as they become due (other than a truthful admission in any legal proceeding regarding its insolvency or inability to pay its debts); (ii) if Borrower,
Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower fails to maintain its status as a Special Purpose Entity or comply with any representation, warranty or covenant set forth in Section 4.1.30 hereof,
Section 4.1.30 of the Mezzanine B Loan Agreement, Section 4.1.30 of the Mezzanine A Loan Agreement or Section 4.1.30 of the Mortgage Loan Agreement, as applicable, and such failure (x) is cited as a factor in the substantive
consolidation of the properties or assets of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower with those of any other Person in any action or proceeding under the Bankruptcy Code (unless pursuant to a motion made by
Administrative Agent, Mezzanine B Administrative Agent, Mezzanine A Administrative Agent or Mortgage Lender) or (y) results in the dissolution of Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower; (iii) if Borrower
fails to obtain Administrative Agent’s prior written consent to any Transfer (except a Transfer made by CPLV Tenant, CPLV Lease Guarantor or any of their respective direct or indirect interest holders or any Permitted Transfer), as required by
this Agreement or the Pledge Agreement; (iv) Mortgage Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Borrower, Guarantor or any Affiliate of any of the foregoing asserts in writing that the CPLV Lease does not constitute a “true
lease” or a single and indivisible lease as the Property demised thereunder or that the CPLV Lease is subject to severance or division and such CPLV Lease is subsequently severed or divided without the prior written consent of Administrative
Agent; (v) if Mezzanine B Borrower shall opt out of or seek in any manner or to any extent to opt out of Article 8 of the UCC or cause the Collateral not to be treated as “securities” governed by and within the meaning of Article 8 of
the UCC; (vi) if any Borrower Party causes Mezzanine B Borrower to amend or otherwise modify its organizational documents in order to amend or repeal its election to be governed by Article 8 of the UCC; and/or (vii) if any Borrower Party
causes any termination or cancellation of the limited liability company membership certificate evidencing Borrower’s one hundred percent (100%) ownership interest in Mezzanine B Borrower as delivered to Collateral Agent on the date hereof in
connection with the Pledge Agreement. 
 Section 9.4 Intentionally Omitted. 

Section 9.5 Intentionally Omitted 

  
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 Section 9.6 Intentionally Omitted. 

Section 9.7 Mortgage Loan and Mezzanine Loan Defaults. 

(a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its
obligations hereunder, if there shall occur any Mortgage Loan Default, Mezzanine A Loan Default or Mezzanine B Loan Default, Borrower hereby expressly agrees that Administrative Agent shall have the immediate right, without notice to or demand on
Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower, but shall be under no obligation: (i) to pay all or any part of the Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan, as applicable, and any other sums, that are then
due and payable and to perform any act or take any action on behalf of Mortgage Borrower, Mezzanine A Borrower or Mezzanine B Borrower, as applicable, as may be appropriate, to cause all of the terms, covenants and conditions of the Mortgage Loan
Documents on the part of Mortgage Borrower, or the Mezzanine A Loan Documents on the part of Mezzanine A Borrower or the Mezzanine B Loan Documents on the part of Mezzanine B Borrower, as applicable, to be performed or observed thereunder to be
promptly performed or observed; and (ii) to pay any other amounts and take any other action as Administrative Agent, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Administrative
Agent, Collateral Agent and/or Lender in the Loan and/or the Collateral. Administrative Agent shall have no obligation to complete any cure or attempted cure undertaken or commenced by Administrative Agent. All sums so paid and the costs and
expenses incurred by Administrative Agent in exercising rights under this Section 9.7 (including, without limitation, reasonable attorneys’ and other professional fees and disbursements), with interest at the Default
Rate, for the period from the date of demand by Administrative Agent to Borrower for such payments to the date of payment to Administrative Agent, shall constitute a portion of the Debt, shall be secured by the Pledge Agreement and shall be due and
payable to Administrative Agent within two (2) Business Days following demand therefor. 
 (b) Borrower hereby grants, and shall cause
Mortgage Borrower to grant, Administrative Agent and any Person designated by Lender the right to enter upon the Property at any time for the purpose of carrying out the rights granted to Administrative Agent under this
Section 9.7. Borrower shall not, and shall not cause or permit Mortgage Borrower or any other Person to impede, interfere with, hinder or delay, any effort or action on the part of Administrative Agent to cure any default
or asserted default under the Mortgage Loan, or to otherwise protect or preserve Administrative Agent’s, Collateral Agent’s and/or Lender’s interests in the Loan, the Mezzanine A Collateral, the Mezzanine B Collateral and the
Collateral in accordance with the provisions of this Agreement and the other Loan Documents. 
 (c) Borrower hereby indemnifies each of
Collateral Agent, Administrative Agent and Lender and each of their respective Related Parties from and against all out-of-pocket liabilities, obligations, losses,
damages, penalties, assessments, actions, or causes of action, judgments, suits, claims, demands, costs, expenses (including, without limitation, reasonable attorneys’ and other professional fees, whether or not suit is brought, and settlement
costs), and disbursements of any kind or nature whatsoever (except in each case (x) consequential damages and/or lost profits or (y) punitive, exemplary or other special damages except to the extent claimed against or recovered from
Collateral Agent, Administrative Agent, Lender or any of their respective 

  
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Related Parties, as applicable, by any third party which are not a result of any fraud, gross negligence or willful misconduct by such indemnified party) actually imposed on, incurred by or
asserted against Administrative Agent, Collateral Agent and/or Lender or any of their respective Related Parties as a result of the foregoing actions; provided, however, that Borrower shall not be liable for the payment of any such costs and
expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Administrative Agent, Collateral Agent, any Lender and/or any of their respective Related Parties. Administrative Agent shall have
no obligation to Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or any other party to make any such payment or performance. Borrower shall not impede, interfere with, hinder or delay, and shall cause Mortgage Borrower to not
impede, interfere with, hinder or delay, any effort or action on the part of Administrative Agent to cure any default or asserted default under the Mortgage Loan, or to otherwise protect or preserve Administrative Agent’s, Collateral
Agent’s and/or Lender’s interests in the Loan and the Collateral following a default or asserted default under the Mortgage Loan. 

(d) If Administrative Agent shall receive a copy of any notice of default under the Mortgage Loan Documents sent by Mortgage Lender to Mortgage
Borrower, under the Mezzanine A Loan Documents sent by Mezzanine A Administrative Agent to Mezzanine A Borrower or under the Mezzanine B Loan Documents sent by Mezzanine B Administrative Agent to Mezzanine B Borrower such notice shall constitute
full protection to Administrative Agent for any action taken or omitted to be taken by Administrative Agent, in good faith, in reliance thereon. As a material inducement to Lender’s making the Loan, Borrower hereby absolutely and
unconditionally releases and waives all claims against Administrative Agent, Collateral Agent and/or Lender arising out of Administrative Agent’s exercise of its rights and remedies provided in this Section 9.7 other
than claims arising out of the gross negligence or willful misconduct of Administrative Agent, Collateral Agent, or any Lender. In the event that Administrative Agent makes any payment in respect of the Mortgage Loan, Mezzanine A Loan or Mezzanine B
Loan, Administrative Agent shall be subrogated to all of the rights of Mortgage Lender under the Mortgage Loan Documents against the Property and the Mortgage Borrower, and of Mezzanine A Administrative Agent and/or Mezzanine A Collateral Agent
under the Mezzanine A Collateral and the Mezzanine A Borrower and of Mezzanine B Administrative Agent and/or Mezzanine B Collateral Agent under the Mezzanine B Collateral and the Mezzanine B Borrower, as applicable, in addition to all other rights
it may have under the Loan Documents. 
 (e) Any Mortgage Loan Default, Mezzanine A Loan Default or Mezzanine B Loan Default which is cured
by Administrative Agent in accordance with the terms hereof shall constitute an immediate Event of Default under this Agreement without any notice, grace or cure period otherwise applicable under this Agreement. 

(f) In the event that Administrative Agent makes any payment in respect of the Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan,
Administrative Agent shall be subrogated to all of the rights of Mortgage Lender under the Mortgage Loan Documents against the Property and Mortgage Borrower and of Mezzanine A Administrative Agent and/or Mezzanine A Collateral Agent under the
Mezzanine A Collateral and the Mezzanine A Borrower and of Mezzanine B Administrative Agent and/or Mezzanine B Collateral Agent under the Mezzanine B Collateral and the Mezzanine B Borrower, as applicable, in addition to all other rights
Administrative Agent, Collateral Agent and/or Lender may have under the Loan Documents or applicable law. 

  
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 Section 9.8 Discussions with Mortgage Lender. In connection with the exercise
of its respective rights set forth in the Loan Documents, Administrative Agent and Collateral Agent shall have the right at any time to discuss the Property, the Collateral, the Mezzanine B Collateral, the Mezzanine B Loan, the Mezzanine A
Collateral, the Mezzanine A Loan, the Mortgage Loan, the Loan or any other matter directly with Mezzanine B Administrative Agent, Mezzanine A Administrative Agent, Mortgage Lender or Mortgage Lender’s, Mezzanine A Administrative Agent’s or
Mezzanine B Administrative Agent’s consultants, agents or representatives without notice to or permission from Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower, or Guarantor, nor shall Administrative Agent or Collateral
Agent have any obligation to disclose such discussions or the contents thereof with Borrower, Mezzanine B Borrower, Mezzanine A Borrower, Mortgage Borrower or Guarantor. 

Section 9.9 Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by
Mortgage Lender, Mezzanine A Administrative Agent or Mezzanine B Administrative Agent, such consent or approval shall not be binding or controlling on Administrative Agent except to the extent otherwise expressly stated herein. Borrower hereby
acknowledges and agrees that (i) the risks of Mortgage Lender, Mezzanine A Lender and Mezzanine B Lender in making the Mortgage Loan, Mezzanine A Loan and Mezzanine B Loan, respectively, are different from the risks of Lender in making the
Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, Mezzanine A Administrative Agent, Mezzanine B Administrative Agent and Administrative Agent may reasonably reach
different conclusions, and (iii) subject to the express terms of this Agreement, Administrative Agent has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view.
Further, the denial by Administrative Agent of a requested consent or approval shall not create any liability or other obligation of Administrative Agent if the denial of such consent or approval results directly or indirectly in a default under the
Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan, and Borrower hereby waives, to the extent permitted by applicable law, any claim of liability against Administrative Agent arising from any such denial. 

Section 9.10 Intercreditor Agreement; Co-Lender Agreement. (a) Borrower hereby
acknowledges and agrees that any Intercreditor Agreement entered into among Mezzanine Lender and Mortgage Lender will be solely for the benefit of Mezzanine Lender and Mortgage Lender, and that neither Borrower, any other Mezzanine Borrower,
Mortgage Borrower nor any of their Affiliates shall (x) be intended third-party beneficiaries of any of the provisions therein, (y) have any rights thereunder and (z) be entitled to rely on any of the provisions contained therein.
Borrower’s obligations hereunder are and will be independent of such Intercreditor Agreement and shall remain unmodified by the terms and provisions thereof. None of Administrative Agent, Collateral Agent, Mezzanine Lender or Mortgage Lender
shall have any obligation to disclose to Borrower or any of its Affiliates the contents of the Intercreditor Agreement. Borrower acknowledges that with respect to certain approvals, calculations and other decisions hereunder, the Intercreditor
Agreement may require Administrative Agent, Collateral Agent and/or any Lender to consult with or receive the approval of Mortgage Lender prior to providing its own approval or determination regarding the same but such consultation shall in no way
modify the standard required for Administrative Agent’s approval as between Borrower and Administrative Agent as set forth in the Loan Documents. Administrative Agent, Collateral Agent and each Lender acknowledge that Borrower is not a party to
the Intercreditor Agreement and shall not have any obligations under such Intercreditor Agreement. 

  
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 (b) Borrower hereby acknowledges and agrees that any
Co-Lender Agreement pursuant to which, among other things, Lenders shall agree upon rights of Lenders as among themselves and the manner in which Administrative Agent and Collateral Agent shall administer the
Loan and exercise their respective rights hereunder (including, without limitation, their rights to approve or consent to any actions or to exercise their discretion in accordance with the terms of the Loan Documents), will be solely for the benefit
of the Lenders, and that neither Borrower, any other Mezzanine Borrower, Mortgage Borrower nor any of their Affiliates shall (x) be intended third-party beneficiaries of any of the provisions therein, (y) have any rights thereunder and
(z) be entitled to rely on any of the provisions contained therein. None of Administrative Agent, Collateral Agent, or Lender shall have any obligation to disclose to Borrower or any of its Affiliates the contents of any Co-Lender Agreement. Borrower’s obligations hereunder are and will be independent of such Co-Lender Agreement and shall remain unmodified by the terms and provisions
thereof. 
 ARTICLE X – MISCELLANEOUS 

Section 10.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall survive the making by Lender of the Loan, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in
the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this
Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Administrative Agent, Collateral Agent and/or Lender, as applicable. 

Section 10.2 Agents’ Discretion; Deliveries to Agents. Whenever pursuant to this Agreement,
Administrative Agent exercises any right given to it to approve or disapprove or grant any consent or any arrangement or term is to be satisfactory to Administrative Agent, the decision of Administrative Agent to approve or disapprove or grant
consent or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be made in the sole discretion of Administrative Agent. Whenever any notice, financial statement or
other delivery is required to be made by the Borrower to the Administrative Agent or the Collateral Agent, the Borrower hereby acknowledges that such delivery shall be made for the benefit of, and for distribution by the Administrative Agent and/or
the Collateral Agent, as applicable, to each of the Lenders and the Borrower hereby authorizes the Administrative Agent and the Collateral Agent to provide any such delivery to each of the Lenders in whichever means reasonably deemed appropriate by
the Administrative Agent and/or the Collateral Agent, as applicable. 

  
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 Section 10.3 Governing Law. (a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF
NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, ANY NOTE AND THE OTHER LOAN
DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS
AGREEMENT, ANY NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, ANY NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST ADMINISTRATIVE AGENT, COLLATERAL AGENT, LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT ADMINISTRATIVE AGENT’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY
OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY OBJECTIONS WHICH BORROWER MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY
DESIGNATE AND APPOINT: 
 CT Corporation System 

111 Eighth Avenue, 13th Floor 

New York New York 10011 
 AS
ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON BORROWER’S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF
PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR 

  
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 PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO ADMINISTRATIVE AGENT OF ANY
CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND
ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

Section 10.4 Modification, Waiver in Writing. (a) No modification, amendment, extension, discharge, termination or waiver
of any provision of this Agreement or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and
then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future
notice or demand in the same, similar or other circumstances. 
 (b) Notwithstanding anything contained in this Agreement or any other Loan
Document, (x) this Agreement and each Loan Document may be amended, supplemented and waived with the consent of the Administrative Agent, the Collateral Agent and the Borrower without the need to obtain the consent of any other Person if such
amendment, supplement or waiver is delivered in order (i) to cure ambiguities, omissions, mistakes or defects or (ii) to cause such Loan Document or other document to be consistent with this Agreement and the other Loan Documents and
(y) if following the date hereof, the Administrative Agent and the Borrower shall have jointly identified an ambiguity, inconsistency, obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of
the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Documents if, solely in the
case of clause (y), the same is not objected to in writing by the Lenders within five (5) Business Days following receipt of notice thereof. 

Section 10.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Administrative Agent or Collateral Agent
in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder or under any other Loan Document, or any other instrument given as security therefor, shall operate as
or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment
after the due date of any amount payable under this Agreement or any other Loan Document, Administrative Agent shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement or
the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

  
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 Section 10.6 Notices. All notices, consents, approvals and requests required
or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or
(b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto,
as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

 

			
	If to Administrative	  	
	Agent:	  	Wilmington Savings Fund Society, FSB
		  	500 Delaware Avenue
		  	Wilmington, DE 19801
		  	Attention: Patrick J. Healy
		  	
	with a copy to:	  	Stroock & Stroock & Lavan LLP
		  	180 Maiden Lane
		  	New York, NY 10038
		  	Attention: Alex Cota, Esq.
		  	
		  	and
		  	
		  	Gibson, Dunn & Crutcher LLP
		  	200 Park Avenue
		  	New York, NY 10166-0193
		  	Attention: Matthew Kidd
		  	
	If to Borrower:	  	c/o VICI Properties Inc.
		  	8329 West Sunset Road, Suite 210
		  	Las Vegas, Nevada 89113
		  	Attention: General Counsel
		  	
	With a copy to:	  	Kramer Levin Naftalis & Frankel LLP
		  	1177 Avenue of the Americas
		  	New York, New York 10036
		  	Attention: Daniel M. Eggermann, Esq.
		  	

  
  
  

 
 A notice shall be deemed to have been given: in the case of hand delivery, at the time of
delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. 

Section 10.7 Trial by Jury. BORROWER, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDER EACH HEREBY UNCONDITIONALLY AND
IRREVOCABLY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM,

  
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COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND
LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND BORROWER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS
PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER, ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDER. 

Section 10.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein
for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 10.9
Severability. Wherever 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 to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 10.10 Preferences. Administrative Agent shall have the continuing and exclusive right to apply or reverse and
reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Administrative Agent, which payment or proceeds or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside 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 payment or proceeds
received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Administrative Agent. 

Section 10.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Administrative
Agent except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Administrative Agent to Borrower and except with respect to matters for which Borrower is not,
pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Administrative Agent with respect to any matter for which this Agreement or the other Loan
Documents do not specifically and expressly provide for the giving of notice by Administrative Agent to Borrower. 
 Section 10.12
Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender
or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an
action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

  
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 Section 10.13 Expenses; Indemnity. (a) Borrower covenants and agrees to
pay or, if Borrower fails to pay, to reimburse, Administrative Agent within ten (10) Business Days of written notice from Administrative Agent for all reasonable
out-of-pocket costs and expenses (including reasonable out-of-pocket attorneys’ fees
and expenses) incurred by Lender, Administrative Agent or Collateral Agent in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions
contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions reasonably requested by Administrative Agent as to any legal matters arising under this Agreement or the
other Loan Documents with respect to the Collateral or the Loan); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on
its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Administrative Agent’s, Collateral Agent’s and Lender’s
performance and compliance with any request made by Borrower or its Affiliates after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this
Agreement and the other Loan Documents and any other documents or matters requested by Borrower; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording
fees and expenses, the cost of the UCC Title Insurance Policy, and fees and expenses of counsel for providing to Administrative Agent all required legal opinions, and other reasonable similar expenses incurred in creating and perfecting the Lien in
favor of Collateral Agent pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in
each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, the Collateral, or any other security given for the Loan; (viii) enforcing any obligations of or collecting any payments due from Borrower
under this Agreement, the other Loan Documents or with respect to the Collateral or the Property, or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; and (ix) the annual agency fee payable to Administrative Agent and Collateral Agent pursuant to a separate fee letter between Borrower and
Administrative Agent and Collateral Agent; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses enumerated in clauses (i) through (viii) to the extent the same arise by reason of the
gross negligence or willful misconduct of the person seeking such payment as determined by a court of competent jurisdiction by a final and non-appealable order. Any cost and expenses due and payable to
Administrative Agent may be paid from any amounts in the applicable subaccounts of the Cash Management Account, as applicable. 
 (b)
Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, out-of-pocket costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel in connection with any investigative,
administrative or judicial proceeding commenced or 

  
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threatened, whether or not an Indemnified Party shall be designated a party thereto), that are actually imposed on, incurred by, or asserted against any Indemnified Party in any manner relating
to or arising out of (i) this Agreement and the other Loan Documents, (ii) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or
(iii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to any Indemnified Party hereunder to the
extent that such Indemnified Liabilities arise from the gross negligence or willful misconduct of such Indemnified Party as determined by a court of competent jurisdiction by a final and non-appealable order
or for (x) any consequential damages and/or lost profits, or (y) punitive, exemplary or other special damages, except to the extent claimed against or recovered from any Indemnified Party by any third party which are not a result of any
fraud, gross negligence or willful misconduct by such Indemnified Party). To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public
policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties. If any Indemnified Party shall seek
payment from Borrower pursuant to this Section 10.13(b), Borrower shall be entitled to assume the defense thereof, with counsel reasonably acceptable to Administrative Agent, provided that no compromise or settlement shall
be entered into without such Indemnified Party’s reasonable consent. Notwithstanding the foregoing, if any Indemnified Party concludes that there are any legal defenses available to it and/or other Indemnified Parties that are additional from
or additional to those available to Borrower, such Indemnified Party shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Party. 

Section 10.14 Schedules and Exhibits Incorporated. The Schedules and Exhibits annexed hereto are hereby incorporated herein
as a part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 10.15 Offsets, Counterclaims and
Defenses. Any assignee of Lender’s interest in and to this Agreement and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may
otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to
interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

Section 10.16 No Joint Venture or Partnership; No Third Party; Beneficiaries. (a) Borrower and Lender intend that the
relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership,
tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary
or lender. 

  
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 (b) This Agreement and the other Loan Documents are solely for the benefit of Administrative
Agent, Collateral Agent, Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Administrative Agent, Collateral Agent, Lender and Borrower any right to insist upon or
to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of each Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of such Lender and no
other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that such Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no
other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by each Lender if, in such Lender’s sole discretion, such Lender deems it advisable or
desirable to do so. 
 Section 10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates
through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, Wilmington Savings Fund Society, FSB or any of their Affiliates shall be subject to the prior
written approval of Administrative Agent (for itself and on behalf of Lender) in its sole discretion, provided that Borrower and its Affiliates shall be permitted to make any disclosure required by any applicable federal or State securities
laws, rules or regulations without the prior written approval of Administrative Agent. All news releases, publicity or advertising by Lender, Administrative Agent or any of their respective Affiliates through any media intended to reach the general
public which refers to the Loan Documents or the financing evidenced by the Loan Documents, or to Borrower or its Affiliates shall be subject to the prior written approval of Borrower, not to be unreasonably withheld, conditioned or delayed,
provided, that (i) any news releases, publicity or advertising issued in connection with a sale or other disposition of the Loan, or any portion thereof or required by applicable law and (ii) any marketing or other advertising
in connection with the enforcement of Administrative Agent’s and/or Collateral Agent’s remedies after an Event of Default, shall not require the prior written approval of Borrower. 

Section 10.18 Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its
successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Collateral, and agrees not to assert any right under any laws pertaining to the
marshalling of assets, the sale in inverse order of alienation, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Collateral Agent under the Loan Documents to a sale of the
Collateral for the collection of the Debt without any prior or different resort for collection or of the right of Collateral Agent to the payment of the Debt out of the net proceeds of the Collateral in preference to every other claimant whatsoever.

 Section 10.19 Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a
compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents in connection with this Agreement or the other Loan Documents. 

  
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 Section 10.20 Conflict; Construction of Documents; Reliance. In the event of
any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the
negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan,
Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender, Administrative Agent, Collateral Agent or any parent, subsidiary or
Affiliate of any of the foregoing. Neither Administrative Agent nor Collateral Agent shall be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or
instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender, Collateral Agent or Administrative Agent of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably
waives the right to raise any defense or take any action on the basis of the foregoing with respect to Administrative Agent’s or Collateral Agent’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the
business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 

Section 10.21 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors,
brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower hereby agrees to indemnify, defend and hold Lender, Administrative Agent and Collateral Agent and their
respective Related Parties harmless from and against any and all claims, liabilities, costs and expenses of any kind (including attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on
behalf of CPLV Tenant or any of its Affiliates or Borrower or any of its Affiliates in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination
of this Agreement and the payment of the Debt. 
 Section 10.22 Prior Agreements. This Agreement and the other Loan
Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are
superseded by the terms of this Agreement and the other Loan Documents. 
 Section 10.23 Joint and Several Liability. If
Borrower consists of more than one (1) Person the obligations and liabilities of each Person shall be joint and several. 

Section 10.24 Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this
Agreement, at all times and from time to time until the Debt has been indefeasibly repaid in full, each Lender shall have: 
 (a) the right
to routinely consult with and advise Borrower’s, Mezzanine B Borrower’s, Mezzanine A Borrower’s and Mortgage Borrower’s management regarding the significant business activities and business and financial developments of Borrower,
Mezzanine B Borrower, Mezzanine A Borrower and Mortgage Borrower; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances. Consultation meetings
should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice; 

  
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 (b) the right, in accordance with the terms of this Agreement, to examine the books and records
of Borrower, Mezzanine B Borrower, Mezzanine A Borrower and Mortgage Borrower at any reasonable times upon reasonable notice; 
 (c) the
right, in accordance with the terms of this Agreement, including, without limitation, Section 5.1.11 hereof, to receive monthly, quarterly and year-end financial reports, including
balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; and 

(d) the right, without restricting any other rights of Administrative Agent under this Agreement (including any similar right), to approve any
acquisition by Borrower, Mezzanine B Borrower, Mezzanine A Borrower or Mortgage Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 

Section 10.25 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
(a) Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the respective parties thereto, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(i) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (ii) the effects of any
Bail-in Action on any such liability, including, if applicable: 
 (A) a reduction in
full or in part or cancellation of any such liability; 
 (B) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA 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 Loan Document; or 

(C) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any
EEA Resolution Authority. 
 (b) As used in this Section 10.26 the following terms have the following meanings
ascribed thereto: (i) “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA

  
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Financial Institution; (ii) “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule; (iii) “EEA Financial Institution” means (x) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority; (y) any entity
established in an EEA Member Country which is a parent of an institution described in clause (x) of this definition, or (x) any financial institution established in an EEA Member Country which is a subsidiary of an institution
described in clauses (x) or (y) of this definition and is subject to consolidated supervision with its parent; (iv) “EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway; (v) “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; (vi) “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; and (vii) “Write-Down and Conversion Powers” means, 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. 
 Section 10.26 Counterparts. This Agreement may
be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

Section 10.27 Ratable Share. (a) The liabilities of Lenders shall be several and not joint, (b) no Lender shall
be responsible for the obligations of any other Lender, and (c) each Lender shall be liable to Borrower only for its respective Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and
obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Lender in accordance with its Ratable Share. 

Section 10.28 Gaming Laws 

(a) This Agreement and the other Loan Documents are subject to the Gaming Laws. Each Lender, Administrative Agent, and Collateral Agent
acknowledges that (i) it may be subject of being called forward by any Gaming Authority or any Liquor Authority, in each of their discretion, for licensing or a finding of suitability or to file or provide other information, and (ii) all
rights, remedies and powers under this Agreement and the other Loan Documents, including with respect to the entry into, ownership and/or operation of the Property, and the possession or control of Gaming Equipment, alcoholic beverages or a Gaming
or Liquor License, shall be subject to any applicable provisions of the Gaming Laws and Liquor Laws and receipt of required approvals from the requisite Governmental Authorities. 

(b) Each Lender, Administrative Agent, and Collateral Agent agrees to cooperate with each Gaming Authority and each Liquor Authority in
connection with the administration of their regulatory jurisdiction over Mortgage Borrower, including, without limitation, the provision of such documents or other information as may be requested by any such Gaming Authorities and/or Liquor
Authorities relating to Lender, Administrative Agent, Collateral Agent, Borrower, or to the Loan Documents. 

  
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 Section 10.29 Lender Representations, Warranties and Acknowledgements. 

Each Lender represents and warrants to the Borrower, Administrative Agent and Collateral Agent as of the date hereof that: 

(a) No Public Sale or Distribution. Each Lender is acquiring its Ratable Share of the Loan and the Common Shares for its own account,
for investment purposes, and not with a view to or for sale in connection with any distribution thereof in violation of applicable federal or state securities laws, and such Lender does not have a present arrangement or agreement to effect any
distribution of its Ratable Share of the Loan or the Common Shares to or through any person or entity. 
 (b) Accredited Investor
Status. Each Lender is either (A) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, (B) an “institutional accredited investor” within the meaning of Rule 501(a)(1), (2), (3)
or (7) under the Securities Act, or (C) a non-U.S. person (within the meaning of Regulation S under the Securities Act) outside of the United States. By reason of its own business and financial
experience, each Lender has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of its respective investments in its Ratable Share of the Loan and the Common Shares
and has the capacity to protect its own interests in connection with the receipt by it of the Common Shares in satisfaction of such Lender’s Ratable Share of the Loan as contemplated hereby and is able to bear the economic risk of the loss of
such investment. 
 (c) Reliance on Exemptions. Each Lender understands that its Ratable Share of the Loan and the Common Shares are
being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that REIT is relying in part upon the truth and accuracy of, and such Lender’s compliance
with, the representations, warranties, agreements, acknowledgments and understandings of such Lender set forth herein in order to determine the availability of such exemptions and the eligibility of such Lender to acquire its Ratable Share of the
Loan and the Common Shares. 
 (d) Information. Each Lender acknowledges that neither REIT, the Borrower, Administrative Agent,
Collateral Agent nor any person representing REIT or the Borrower has made any representation to it with respect to REIT or the offering of the Loan and the Common Shares. Such Lender and its advisors, if any, have been furnished with all materials
relating to the business, finances and operations of REIT and its Subsidiaries and materials relating to the offer and sale of the Loan and the Common Shares hereunder which have been requested by such Lender. Such Lender and its advisors, if any,
have been afforded the opportunity to ask questions of REIT. Such Lender understands that its investment in its Ratable Share of the Loan and the Common Shares hereunder involves a high degree of risk and acknowledges that it is able to afford a
complete loss of such investment. Such Lender has independently evaluated the merits of its decision to acquire its Ratable Share of the Loan and the Common Shares 

  
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hereunder, and such Lender confirms that it has not relied on the advice of any other Lender’s business and/or legal counsel in making such decision. Such Lender understands that nothing in
this Agreement or any other materials presented by or on behalf of REIT or its Subsidiaries to the Lender in connection with the acquisition of its Ratable Share of the Loan and the Common Shares hereunder constitutes legal, tax or investment
advice. Such Lender has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of its Ratable Share of the Loan and the Common Shares hereunder. The
foregoing provisions shall not be deemed to be a waiver of any of the rights that a Lender may have under this Agreement. 
 (e) No
Governmental Review. (e)    Each Lender understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Loan and the
Common Shares or the fairness or suitability of the investment in the Loan and the Common Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Loan or the Common Shares. 

(f) Transfer or Resale of the Loan and the Common Shares. (f)    Each Lender understands that: neither the Loan nor
the Common Shares have been registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless subsequently registered thereunder or pursuant to an exemption from such
registration. 
 (g) Legends (g) . Such Lender understands that each certificate representing Common Shares shall bear any legend as
required by the “blue sky” laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such Common Shares): 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES BLUE SKY
LAWS (“BLUE SKY LAW”) AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE BLUE SKY LAW OR UNLESS SUCH SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION IS EXEMPT FROM
REGISTRATION THEREUNDER (AND BASED UPON AN OPINION OF COUNSEL IF REIT SO REQUESTS). 
 ARTICLE XI – ADMINISTRATIVE AGENT AND OTHER
AGENTS 
 Section 11.1 Appointment and Authority. (a) Wilmington Savings Fund Society, FSB is hereby appointed as
Administrative Agent hereunder and under each other Loan Document, and each Lender originally named herein or who hereafter becomes a Lender hereunder hereby irrevocably authorizes Administrative Agent to act as agent for the Lenders and to take
such actions as the Lenders are obligated or entitled to take under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein (including in its role as “Collateral Agent”),
together with such other powers as are reasonably incidental thereto. In addition Administrative Agent shall have the power to issue and is hereby authorized by the Lenders to issue all of the Lenders’ consents and approvals and waivers
hereunder, as directed by the Lenders in connection therewith if and to the extent such 

  
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Lenders have the right to so direct hereunder. Administrative Agent shall not have a fiduciary relationship with respect to any Lender by reason of this Agreement. In performing its functions and
duties under this Agreement, Administrative Agent shall act solely as agent of the Lenders and does not assume, and shall not be deemed to have assumed, any obligations toward or relationship of agency or trust with or for Borrower. It is understood
and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent and/or the Collateral 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 as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

(b) Wilmington Savings Fund Society, FSB shall also act as the “Collateral Agent” under the Loan Documents, and each of the Lenders
hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral, together with such powers and discretion as are reasonably
incidental thereto. 
 Section 11.2 Reliance. The Administrative Agent and the Collateral Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent and the Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to
have been made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent and the Collateral Agent may consult with legal counsel, independent accountants and other experts selected by it, and shall not be
liable to the Lenders for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Lenders acknowledge and agree that all acts (with respect to the exercise of any rights or the granting of
any consent, waiver or approval on behalf of the Lenders) of Administrative Agent and/or Collateral Agent, as agents for the Lenders, shall be deemed legally conclusive and binding; and Borrower or any applicable third party (including any court)
shall be entitled to rely on any and all acts of Administrative Agent and Collateral Agent with respect to the exercise of any rights or the granting of any consent, waiver or approval on behalf of the Lenders in all circumstances where an action by
a Lender is required or permitted pursuant to this Agreement or the provisions of any other Loan Document or by applicable laws without the right or necessity of making any inquiry of such Lender as to the authority of Administrative Agent or
Collateral Agent with respect to such matter. In no event shall any of the foregoing limit the rights or obligations of any Lender with respect to any other Lender pursuant to this Article XI. 

  
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 Section 11.3 Powers. Administrative Agent and Collateral Agent shall each have
and may exercise all powers that the Lenders have under the Loan Documents and shall exercise such powers on behalf of the Lenders, as applicable. All rights of action (including the right to file proof of claims) under this Agreement or any of the
other Loan Documents may be enforced by the Administrative Agent or Collateral Agent, as applicable, without the possession of any promissory notes or the production thereof in any trial or other proceedings relating thereto.    

 Section 11.4 Employment of Agents and Counsel. Each of Collateral Agent and Administrative Agent may undertake any of
its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, sub-agents, and
attorneys-in-fact and shall not be liable to the Lenders, except as to money or securities received by them or their authorized agents, for the default or misconduct of
any such sub-agents or attorneys-in-fact. Each of Collateral Agent and Administrative Agent shall be entitled to advice of
counsel concerning all matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any
employees, sub-agents or attorneys-in-fact except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent and/or the Collateral Agent acted with gross negligence or willful misconduct in the selection of such employee,
sub-agent or attorney-in-fact. 

Section 11.5 General Immunity. Neither Administrative Agent nor Collateral Agent nor any of their respective Related
Parties shall be liable to Borrower or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith, except for its or their own gross negligence, illegal
acts, fraud, willful misconduct or material default of its obligations hereunder. 
 Section 11.6 Exculpatory Provisions.
Each Lender and Borrower acknowledges and agrees that neither the Administrative Agent nor the Collateral Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder
shall be administrative in nature. Without limiting the generality of the foregoing, each Lender hereby further acknowledges and agrees that neither the Administrative Agent nor the Collateral Agent: 

(a) shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 (b) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Lenders (or such number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), provided that neither the Administrative Agent nor the Collateral Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent and/or the
Collateral Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any state or federal bankruptcy or insolvency laws; and

  
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 (c) shall, except as expressly set forth herein and in the other Loan Documents,
have any duty or responsibility to disclose, nor shall be liable for the failure to disclose, any information relating to any Borrower Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative
Agent and/or the Collateral Agent or any of its Affiliates in any capacity. 
 Neither the Administrative Agent, the Collateral Agent nor
any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent or the Collateral Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby
(i) with the consent or at the request of the Lenders (or such number or percentage of the Lenders as shall be necessary, or as the Administrative Agent and/or Collateral Agent shall believe in good faith shall be necessary) or (ii) in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. Any such action taken or failure to act pursuant to the
foregoing shall be binding on all Lenders. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is
given to the Administrative Agent and the Collateral Agent by a Borrower Party or a Lender. 
 Neither the Administrative Agent, the
Collateral Agent nor any of their respective Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with
this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Loan Documents, or (v) the value or the sufficiency of any Collateral. 

Section 11.7 Non-Reliance on Administrative Agent, Collateral Agent and Other
Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender or any of their respective Related Parties and based on such 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 the Administrative Agent, the Collateral Agent or
any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

  
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 Section 11.8 Administrative Agent May File Proofs of Claim. 

In case of the pendency of any proceeding under any state or federal bankruptcy or insolvency laws or any other judicial proceeding relative to
any Borrower Party, 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, 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 Loan and all other Obligations arising under the Loan Documents 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, the Administrative Agent and the Collateral Agent and their
respective agents and counsel and all other amounts due the Lenders, the Administrative Agent and the Collateral Agent under Section 10.13) 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 the Collateral Agent and their respective agents and counsel, and any other amounts due the Administrative Agent or the Collateral Agent under
Section 10.13. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of
any Lender in any such proceeding. 
 Section 11.9 No Other Duties. Anything herein to the contrary notwithstanding,
neither Administrative Agent nor Collateral Agent shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or Collateral Agent
hereunder. 
 Section 11.10 Successor Administrative Agent. Each of Collateral Agent and Administrative Agent may resign
from the performance of all its functions and duties hereunder at any time, by giving at least thirty (30) days prior written notice to Lenders and Borrower. Such resignation shall take effect on the date set forth in such notice or as
otherwise provided below and the retiring Administrative Agent and/or Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. Additionally, if Administrative Agent is grossly negligent or
commits illegal acts, fraud or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable order, the Lenders may remove Administrative Agent from its role as
Administrative Agent and Collateral Agent for the Lenders in accordance with the terms of the Co-Lender Agreement, which removal shall be effective upon receipt by the Administrative Agent and/or the
Collateral Agent, as applicable, of written notice from the Lenders of such removal. Upon resignation by or replacement of the Administrative Agent and/or Collateral Agent, the Lenders shall appoint a successor Administrative Agent and/or Collateral
Agent in accordance with the terms of the Co-Lender Agreement. Upon the acceptance of any appointment as an Administrative Agent and/or Collateral Agent hereunder by a successor Administrative Agent and/or
Collateral Agent, such successor Administrative Agent and/or Collateral Agent shall thereupon succeed to and become 

  
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vested with all the rights, powers, privileges and duties of Administrative Agent and/or Collateral Agent, as applicable. After any retiring Administrative Agent’s and/or Collateral
Agent’s resignation hereunder as an Administrative Agent and/or Collateral Agent, as applicable, the provisions of this Article XI and Section 10.13 (with respect to or relating to any events arising or occurring prior
to such resignation)shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an Administrative Agent and/or Collateral Agent hereunder and under the other Loan Documents. The new
Administrative Agent and/or Collateral Agent shall promptly deliver to Borrower a copy of the designation, acceptance and assumption executed by the new Administrative Agent and/or Collateral Agent. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

					
	 CPLV MEZZ 3 LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Mary E. Higgins
		 	Name: Mary E. Higgins
		 	Title: Authorized Officer
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Administrative Agent 
		
	By:	 	/s/ Geoffrey J. Lewis
		 	Name: Geoffrey J. Lewis
		 	Title: Vice President
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Collateral Agent 
		
	By:	 	/s/ Geoffrey J. Lewis
		 	Name: Geoffrey J. Lewis
		 	Title: Vice President

 [SIGNATURES CONTINUE]

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