Document:

Second Amended and Restated Security Agreement

 Exhibit 10.54 
 SECOND AMENDED AND RESTATED SECURITY AGREEMENT 
 This SECOND AMENDED AND RESTATED SECURITY AGREEMENT
dated as of February 28, 2006 is made by ELDORADO CAPITAL CORP., a Nevada corporation, together with each other Person who may become a party hereto pursuant to Section 22 of this Agreement (each a “Grantor” and collectively
“Grantors”), jointly and severally, in favor of Bank of America, N.A., as Administrative Agent for the ratable benefit of the Banks that are party to the Loan Agreement referred to below, and the Secured Party referred to below, with
reference to the following facts: 
 RECITALS 
 A. Pursuant to the Third Amended and Restated Loan Agreement dated as of February 28, 2006 among Eldorado Resorts LLC, a Nevada limited liability company (“Borrower”), each lender from time to time
party hereto (collectively, the “Banks” and individually, a “Bank”), and Bank of America, N.A., as Issuing Bank and Administrative Agent (as originally executed or as it may from time to time be supplemented, modified, amended,
restated or extended, the “Loan Agreement”), certain credit facilities are being made available to Borrower. 
 B. Pursuant to the
Second Amended and Restated Guaranty of even date herewith made by the Grantors in favor of Secured Party (as originally executed or as it may from time to time be supplemented, modified, amended, restated or extended, the “Guaranty”),
Grantors have guaranteed, among other obligations, the obligations of Borrower under the Loan Agreement and the other Loan Documents. 
 C.
As a condition of the availability of the credit facilities under the Loan Agreement, Grantors are required to enter into this Agreement to amend and restate the Amended and Restated Security Agreement dated as of June 29, 2001, entered into by
Grantors in connection with the Existing Loan Agreement and to grant security interests to Secured Party as herein provided to secure their obligations under the Guaranty. 
 D. Each Grantor expects to realize direct and indirect benefits from the execution of this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in order
to induce Secured Party to extend the aforementioned credit facilities, and for other good and valuable consideration, the receipt and adequacy of which hereby is acknowledged, each Grantor hereby represents, warrants, covenants, agrees, assigns and
grants as follows: 
 1. Definitions. This Agreement is the Subsidiary Security Agreement referred to in the Loan Agreement and is one
of the “Loan Documents” referred to in the Loan Agreement. Terms defined in the Loan Agreement and not otherwise defined in this Agreement shall have the meanings defined for those terms in the Loan Agreement. Terms defined in the Nevada
Commercial Code and not otherwise defined in this Agreement or in the Loan Agreement shall have the meanings defined for those terms in the Nevada 

  

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Commercial Code. In addition, as used in this Agreement, the following terms shall have the meanings respectively set forth after each: 
 “Agreement” means this Second Amended and Restated Security Agreement, and any extensions, modifications, renewals,
restatements, supplements or amendments hereof, including, without limitation, any documents or agreements by which additional Grantors become party hereto. 
 “Collateral” means and includes all present and future right, title and interest of Grantors, or any one or more of them,
in or to any Property or assets whatsoever, and all rights and powers of Grantors, or any one or more of them, to transfer any interest in or to any Property or assets whatsoever, including, without limitation, any and all of the following
Property: 
 (a) All present and future accounts, accounts receivable, agreements, contracts, leases, contract rights, payment
intangibles, rights to payment, instruments, documents, chattel paper (whether tangible or electronic), security agreements, guaranties, letters of credit, letter-of-credit rights, undertakings, surety bonds, insurance policies (whether or not
required by the terms of the Loan Documents), notes and drafts, and all forms of obligations owing to any Grantor or in which any Grantor may have any interest, however created or arising, and whether or not earned by performance; 
 (b) All present and future general intangibles, all tax refunds of every kind and nature to which any Grantor now or hereafter may become
entitled, however arising, all other refunds, and all deposits, reserves, loans, royalties, cost savings, deferred payments, goodwill, choses in action, commercial tort claims, liquidated damages, rights to indemnification, trade secrets, computer
programs, software, customer lists, trademarks (including any applications therefor), trade names, service marks, patents (including any applications therefor), licenses, copyrights (including any applications therefor), technology, processes,
proprietary information and insurance proceeds of which any Grantor is a beneficiary; 
 (c) Whether characterized as
accounts, general intangibles or otherwise, and subject to the provisions of the other Loan Documents, all rents (including, without limitation, prepaid rents, fixed, additional and contingent rents), issues, profits, receipts, earnings, revenue,
income, security deposits, occupancy charges, hotel room charges, cabana charges, casino revenues, show ticket revenues, food and beverage revenues, room service revenues, merchandise sales revenues, parking, maintenance, common area, tax,
insurance, utility and service charges and contributions, green fees, cart rental fees, instruction fees, membership charges, restaurant, snack bar and pro shop revenues; 
 (d) All present and future deposit accounts of any Grantor, including, without limitation, any demand, time, savings, passbook or
like account maintained by any Grantor with any bank, savings and loan association, credit union or like organization, and all money, Cash and Cash Equivalents of any Grantor, whether or not deposited in any such deposit account; 
  

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 (e) All present and future books and records, including, without limitation, books
of account and ledgers of every kind and nature, all electronically recorded data relating to any Grantor or its business, all receptacles and containers for such records, and all files and correspondence; 
 (f) All present and future goods, including, without limitation, all consumer goods, farm products, inventory, equipment, gaming
devices and associated equipment as defined in Nevada Revised Statutes Chapter 463, machinery, tools, molds, dies, furniture, furnishings, fixtures, trade fixtures, motor vehicles and all other goods used in connection with or in the conduct of
any Grantor’s business; 
 (g) All present and future inventory and merchandise, including, without limitation,
all present and future goods held for sale or lease or to be furnished under a contract of service, all raw materials, work in process and finished goods, all packing materials, supplies and containers relating to or used in connection with any of
the foregoing, and all bills of lading, warehouse receipts or documents of title relating to any of the foregoing; 
 (h) All
present and future stocks, investment property, bonds, debentures, securities (whether certificated or uncertificated), security entitlements, securities accounts, commodity contracts, commodity accounts, subscription rights, options, warrants,
puts, calls, certificates, partnership interests, limited liability company membership or other equity interests, joint venture interests, certificates of deposit, Investments and/or brokerage accounts and all rights, preferences, privileges,
dividends, distributions, redemption payments, or liquidation payments with respect thereto; 
 (i) All present and future
accessions, appurtenances, components, repairs, repair parts, spare parts, replacements, substitutions, additions, issue and/or improvements to or of or with respect to any of the foregoing; 
 (j) All other tangible and intangible Property of any Grantor; 
 (k) All rights, remedies, powers and/or privileges of any Grantor with respect to any of the foregoing; and 
 (l) Any and all proceeds and products of any of the foregoing, including, without limitation, all money, accounts, payment
intangibles, general intangibles, deposit accounts, promissory notes, documents, instruments, certificates of deposit, chattel paper, investment property, letter-of-credit rights, goods, insurance proceeds, and any other tangible or intangible
property. 
  

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 “Secured Obligations” means any and all present and future Obligations
of any type or nature of any Grantor arising under or relating to the Guaranty, whether due or to become due, matured or unmatured, liquidated or unliquidated, or contingent or noncontingent, including obligations of performance as well as
obligations of payment, and including interest that accrues after the commencement of any bankruptcy or insolvency proceeding by or against Borrower, any Grantor or any other Person. 
 “Secured Party” means the Administrative Agent (for itself and in its capacity as Administrative Agent), the Issuing
Bank, the Banks, any party to an Approved Swap Agreement that is an Affiliate of a Bank, and each of them, and any one or more of them. Subject to the terms of the Loan Agreement, any right, remedy, privilege or power of Secured Party may be
exercised by the Administrative Agent, or by the Majority Banks, or by any Bank acting with the consent of the Majority Banks. 
 2.
Further Assurances. At any time and from time to time at the request of Secured Party, each Grantor shall execute and deliver to Secured Party all such financing statements and other instruments and documents in form and substance
satisfactory to Secured Party as shall be necessary or desirable to fully perfect, when filed and/or recorded, Secured Party’s security interests granted pursuant to Section 3 of this Agreement. At any time and from time to time, Secured
Party shall be entitled to file and/or record any or all such financing statements, instruments and documents held by it, and any or all such further financing statements, documents and instruments, and to take all such other actions, as Secured
Party may deem appropriate to perfect and to maintain perfected the security interests granted in Section 3 of this Agreement. Before and after the occurrence of any Event of Default, at Secured Party’s request, each Grantor shall execute
and deliver all such further financing statements, instruments and documents, and shall do all such further acts and things, as may be deemed necessary or desirable by Secured Party to create and perfect, and to continue and preserve, an
indefeasible security interest in the Collateral in favor of Secured Party, or the priority thereof. With respect to any Collateral consisting of certificated securities, investment property, letter-of-credit rights, chattel paper, deposit accounts,
instruments, documents, certificates of title or the like, as to which Secured Party’s security interest need be perfected by, or the priority thereof need be assured by, possession or control of such Collateral, Grantors will upon demand of
Secured Party deliver possession or control of the same to Secured Party. With respect to any Collateral consisting of securities, instruments, partnership, membership or joint venture interests, investment property or the like, Grantors hereby
consent and agree that the issuers of, or obligors on, any such Collateral, or any registrar or transfer agent or trustee for any such Collateral, shall be entitled to accept the provisions of this Agreement as conclusive evidence of the right of
Secured Party to effect any transfer or exercise any right hereunder or with respect to any such Collateral, notwithstanding any other notice or direction to the contrary heretofore or hereafter given by any Grantor or any other Person to such
issuers or such obligors or to any such registrar or transfer agent or trustee. 
 3. Security Agreement. For valuable consideration,
each Grantor hereby assigns and pledges to Secured Party, and grants to Secured Party a security interest in, all presently existing and hereafter acquired Collateral, as security for the timely payment and performance of the Secured Obligations,
and each of them. This Agreement is a continuing and irrevocable agreement and all the 

  

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rights, powers, privileges and remedies hereunder shall apply to any and all Secured Obligations, including those arising under successive transactions which
shall either continue the Secured Obligations, increase or decrease them, or from time to time create new Secured Obligations after all or any prior Secured Obligations have been satisfied, and notwithstanding the bankruptcy of any Grantor or any
other Person or any other event or proceeding affecting any Person. 
 4. Grantors’ Representations, Warranties and Agreements.
Except as otherwise disclosed to Secured Party in writing concurrently herewith, Grantors represent, warrant and agree that: (a) each Grantor will pay, prior to delinquency, all taxes, charges, Liens and assessments against the
Collateral, except such as are expressly permitted by the Loan Agreement or are timely contested in good faith and such Grantor has established and maintains adequate reserves for the payment of the same, and upon such Grantor’s failure
to pay or so contest such taxes, charges, Liens and assessments, Secured Party at its option may pay any of them, and Secured Party shall be the sole judge of the legality or validity thereof and the amount necessary to discharge the same;
(b) the Collateral will not be used for any unlawful purpose or in violation of any Law, regulation or ordinance, nor used in any way that will void or impair any insurance required to be carried in connection therewith; (c) each Grantor
will, to the extent consistent with good business practice, keep the Collateral in reasonably good repair, working order and condition, and from time to time make all needful and proper repairs, renewals, replacements, additions and improvements
thereto and, as appropriate and applicable, will otherwise deal with the Collateral in all such ways as are considered good practice by owners of like Property; (d) each Grantor will take all reasonable steps to preserve and protect the
Collateral; (e) each Grantor will maintain, with responsible insurance companies, insurance covering the Collateral against such insurable losses as is required by the Loan Agreement and as is consistent with sound business practice, and will
cause Secured Party to be designated as an additional insured and loss payee with respect to such insurance, will obtain the written agreement of the insurers that such insurance shall not be cancelled, terminated or materially modified to the
detriment of Secured Party without at least 30 days prior written notice to Secured Party, and will furnish copies of such insurance policies or certificates to Secured Party promptly upon request therefor; (f) each Grantor will promptly notify
Secured Party in writing in the event of any substantial or material damage to the Collateral from any source whatsoever, and, except for the disposition of collections and other proceeds of the Collateral permitted by Section 6 hereof,
Grantors will not remove or permit to be removed any part of the Collateral from its place of business without the prior written consent of Secured Party, except for such items of the Collateral as are removed in the ordinary course of
business or in connection with any transaction or disposition otherwise permitted by the Loan Documents; (g) in the event any Grantor changes its name or its address as either are set forth herein or in the Loan Agreement, such Grantor will
notify Secured Party of such name and/or address change promptly, but in any event, within thirty days; and (h) other than as permitted under the Loan Agreement, Grantors have full title to the Collateral, free and clear of any Lien, security
interest, encumbrance or claim. 
 5. Secured Party’s Rights Re Collateral. At any time (whether or not an Event of Default has
occurred), without notice or demand and at the expense of Grantors, Secured Party may, to the extent it may be necessary or desirable to protect the security hereunder, but Secured Party shall not be obligated to: (a) enter upon any premises on
which Collateral is situated and examine the 

  

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same or (b) perform any obligation of any Grantor under this Agreement or any obligation of any other Person under the Loan Documents. At any time and from
time to time, at the expense of Grantors, Secured Party may, to the extent it may be necessary or desirable to protect the security hereunder, but Secured Party shall not be obligated to: (i) notify obligors on the Collateral that the
Collateral has been assigned to Secured Party; (ii) at any time and from time to time request from obligors on the Collateral, in the name of any Grantor or in the name of Secured Party, information concerning the Collateral and the amounts
owing thereon; and (iii) cause the Collateral to be registered in the name of Secured Party, as legal owner. Each Grantor shall maintain books and records pertaining to the Collateral in such detail, form and scope as Secured Party shall
reasonably require consistent with Secured Party’s interests hereunder. Each Grantor shall at any time at Secured Party’s request mark the Collateral and/or such Grantor’s ledger cards, books of account and other records relating to
the Collateral with appropriate notations satisfactory to Secured Party disclosing that they are subject to Secured Party’s security interests. Secured Party shall at all reasonable times on reasonable notice have full access to and the right
to audit any and all of any Grantor’s books and records pertaining to the Collateral, and to confirm and verify the value of the Collateral and to do whatever else Secured Party reasonably may deem necessary or desirable to protect its
interests; provided, however, that any such action which involves communicating with customers of any Grantor shall be carried out by Secured Party through such Grantor’s independent auditors unless Secured Party shall then have
the right directly to notify obligors on the Collateral as provided in Section 9. Secured Party shall be under no duty or obligation whatsoever to take any action to preserve any rights of or against any prior or other parties in connection
with the Collateral, to exercise any voting rights or managerial rights with respect to any Collateral, whether or not an Event of Default shall have occurred, or to make or give any presentments, demands for performance, notices of non-performance,
protests, notices of protests, notices of dishonor or notices of any other nature whatsoever in connection with the Collateral or the Secured Obligations. Secured Party shall be under no duty or obligation whatsoever to take any action to protect or
preserve the Collateral or any rights of any Grantor therein, or to make collections or enforce payment thereon, or to participate in any foreclosure or other proceeding in connection therewith. 
 6. Collections on the Collateral. Except as otherwise provided in any Loan Document, Grantors shall have the right to use and to continue
to make collections on and receive dividends and other proceeds of all of the Collateral in the ordinary course of business so long as no Event of Default shall have occurred and be continuing. Upon the occurrence and during the continuance of an
Event of Default, at the option of Secured Party, except as prohibited by applicable Law Grantors’ rights to make collections on and receive dividends and other proceeds of the Collateral and to use or dispose of such collections and proceeds
shall terminate, and any and all dividends, proceeds and collections, including all partial or total prepayments, then held or thereafter received on or on account of the Collateral will be held or received by Grantors in trust for Secured Party and
immediately delivered in kind to Secured Party. Any remittance received by any Grantor from any Person shall be presumed to relate to the Collateral and to be subject to Secured Party’s security interests. Upon the occurrence and during the
continuance of an Event of Default, Secured Party shall have the right at all times to receive, receipt for, endorse, assign, deposit and deliver, in the name of Secured Party or in the name of the appropriate Grantor, any and all checks, notes,
drafts and other instruments for the payment of money constituting proceeds of or otherwise relating to the Collateral; and each Grantor hereby authorizes Secured Party to affix, by facsimile signature or otherwise, the general 

  

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or special endorsement of it, in such manner as Secured Party shall deem advisable, to any such instrument in the event the same has been delivered to or
obtained by Secured Party without appropriate endorsement, and Secured Party and any collecting bank are hereby authorized to consider such endorsement to be a sufficient, valid and effective endorsement by the appropriate Grantor, to the same
extent as though it were manually executed by the duly authorized officer of the appropriate Grantor, regardless of by whom or under what circumstances or by what authority such facsimile signature or other endorsement actually is affixed, without
duty of inquiry or responsibility as to such matters, and each Grantor hereby expressly waives demand, presentment, protest and notice of protest or dishonor and all other notices of every kind and nature with respect to any such instrument.

 7. Possession of Collateral by Secured Party. All the Collateral now, heretofore or hereafter delivered to Secured Party shall be
held by Secured Party in its possession, custody and control. Any or all of the Collateral delivered to Secured Party may be held in an interest bearing or non-interest bearing account, in Secured Party’s sole and absolute discretion, and
Secured Party may, in its discretion, apply any such interest to payment of the Secured Obligations. Nothing herein shall obligate Secured Party to invest any Collateral or obtain any particular return thereon. Upon the occurrence and during the
continuance of an Event of Default, whenever any of the Collateral is in Secured Party’s possession, custody or control, Secured Party may use, operate and consume the Collateral, whether for the purpose of preserving and/or protecting the
Collateral, or for the purpose of performing any of Grantors’ obligations with respect thereto, or otherwise. Secured Party may at any time deliver or redeliver the Collateral or any part thereof to Grantors, and the receipt of any of the same
by any Grantor shall be complete and full acquittance for the Collateral so delivered, and Secured Party thereafter shall be discharged from any liability or responsibility therefor. So long as Secured Party exercises reasonable care with respect to
any Collateral in its possession, custody or control, Secured Party shall have no liability for any loss of or damage to such Collateral, and in no event shall Secured Party have liability for any diminution in value of Collateral occasioned by
economic or market conditions or events. Secured Party shall be deemed to have exercised reasonable care within the meaning of the preceding sentence if the Collateral in the possession, custody or control of Secured Party is accorded treatment
substantially equal to that which Secured Party accords its own property, it being understood that Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
tenders or other matters relating to any Collateral, whether or not Secured Party has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any Person with respect to any Collateral.

 8. Events of Default. There shall be an Event of Default hereunder upon the occurrence and during the continuance of an Event of
Default under the Loan Agreement. 
 9. Rights Upon Event of Default. Upon the occurrence and during the continuance of an Event of
Default, Secured Party shall have, in any jurisdiction where enforcement hereof is sought, in addition to all other rights and remedies that Secured Party may have under applicable Law or in equity or under this Agreement (including, without
limitation, all rights set forth in Section 6 hereof) or under any other Loan Document, all rights and remedies of a secured party under the Uniform Commercial Code as enacted in any jurisdiction, and, in addition, the following rights and
remedies, all of which may be exercised with or without notice to Grantors and 

  

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without affecting the Obligations of any Grantor hereunder or under any other Loan Document, or the enforceability of the Liens and security interests
created hereby: (a) to foreclose the Liens and security interests created hereunder or under any other agreement relating to any Collateral by any available judicial procedure or without judicial process; (b) to enter any premises
where any Collateral may be located for the purpose of securing, protecting, inventorying, appraising, inspecting, repairing, preserving, storing, preparing, processing, taking possession of or removing the same; (c) to sell, assign, lease or
otherwise dispose of any Collateral or any part thereof, either at public or private sale or at any broker’s board, in lot or in bulk, for cash, on credit or otherwise, with or without representations or warranties and upon such terms as shall
be acceptable to Secured Party; (d) to notify obligors on the Collateral that the Collateral has been assigned to Secured Party and that all payments thereon are to be made directly and exclusively to Secured Party; (e) to collect by legal
proceedings or otherwise all dividends, distributions, interest, principal or other sums now or hereafter payable upon or on account of the Collateral; (f) to enter into any extension, reorganization, deposit, merger or consolidation agreement,
or any other agreement relating to or affecting the Collateral, and in connection therewith Secured Party may deposit or surrender control of the Collateral and/or accept other Property in exchange for the Collateral; (g) to settle, compromise
or release, on terms acceptable to Secured Party, in whole or in part, any amounts owing on the Collateral and/or any disputes with respect thereto; (h) to extend the time of payment, make allowances and adjustments and issue credits in
connection with the Collateral in the name of Secured Party or in the name of any Grantor; (i) to enforce payment and prosecute any action or proceeding with respect to any or all of the Collateral and take or bring, in the name of Secured
Party or in the name of any Grantor, any and all steps, actions, suits or proceedings deemed by Secured Party necessary or desirable to effect collection of or to realize upon the Collateral, including any judicial or nonjudicial foreclosure
thereof or thereon, and each Grantor specifically consents to any nonjudicial foreclosure of any or all of the Collateral or any other action taken by Secured Party which may release any obligor from personal liability on any of the Collateral, and
each Grantor waives any right not expressly provided for in this Agreement to receive notice of any public or private judicial or nonjudicial sale or foreclosure of any security or any of the Collateral; and any money or other property received by
Secured Party in exchange for or on account of the Collateral, whether representing collections or proceeds of Collateral, and whether resulting from voluntary payments or foreclosure proceedings or other legal action taken by Secured Party or
Grantors may be applied by Secured Party without notice to Grantors to the Secured Obligations in such order and manner as Secured Party in its sole discretion shall determine; (j) to insure, process and preserve the Collateral; (k) to
exercise all rights, remedies, powers or privileges provided under any of the Loan Documents; (l) to remove, from any premises where the same may be located, the Collateral and any and all documents, instruments, files and records, and any
receptacles and cabinets containing the same, relating to the Collateral, and Secured Party may, at the cost and expense of each Grantor, use such of its supplies, equipment, facilities and space at its places of business as may be necessary or
appropriate to properly administer, process, store, control, prepare for sale or disposition and/or sell or dispose of the Collateral or to properly administer and control the handling of collections and realizations thereon, and Secured Party shall
be deemed to have a rent-free tenancy of any premises of any Grantor for such purposes and for such periods of time as reasonably required by Secured Party; (m) to receive, open and dispose of all mail addressed to any Grantor and notify postal
authorities to change the address for delivery thereof to such address as Secured Party may designate; provided that Secured Party 

  

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agrees that it will promptly deliver over to the appropriate Grantor such opened mail as does not relate to the Collateral; and (n) to exercise all
other rights, powers, privileges and remedies of an owner of the Collateral; all at Secured Party’s sole option and as Secured Party in its sole discretion may deem advisable. Grantors will, at Secured Party’s request, assemble the
Collateral and make it available to Secured Party at places which Secured Party may designate, whether at the premises of Grantors or elsewhere, and will make available to Secured Party, free of cost, all premises, equipment and facilities of
Grantors for the purpose of Secured Party’s taking possession of the Collateral or storing same or removing or putting the Collateral in salable form or selling or disposing of same. 
 Upon the occurrence and during the continuance of an Event of Default, Secured Party also shall have the right, without notice or demand, either in
person, by agent or by a receiver to be appointed by a court (and Grantors hereby expressly consent upon the occurrence and during the continuance of an Event of Default to the appointment of such a receiver), and without regard to the adequacy of
any security for the Secured Obligations, to take possession of the Collateral or any part thereof and to collect and receive the rents, issues, profits, income and proceeds thereof. Taking possession of the Collateral shall not cure or waive any
Event of Default or notice thereof or invalidate any act done pursuant to such notice. The rights, remedies and powers of any receiver appointed by a court shall be as ordered by said court. 
 Any public or private sale or other disposition of the Collateral may be held at any office of Secured Party, or at Grantors’ places of business, or
at any other place permitted by applicable Law, and without the necessity of the Collateral’s being within the view of prospective purchasers. Secured Party may direct the order and manner of sale of the Collateral, or portions thereof, as it
in its sole and absolute discretion may determine, and each Grantor expressly waives any right to direct the order and manner of sale of any Collateral. Secured Party or any Person on Secured Party’s behalf may bid and purchase at any such sale
or other disposition. The net cash proceeds resulting from the collection, liquidation, sale, lease or other disposition of the Collateral shall be applied, first, to the expenses (including reasonable attorneys’ fees and disbursements) of
retaking, holding, storing, processing and preparing for sale or lease, selling, leasing, collecting, liquidating and the like, and then to the satisfaction of the Secured Obligations in such order as shall be determined by Secured Party in its sole
and absolute discretion. Grantors and any other Person then obligated therefor shall pay to Secured Party on demand any deficiency with regard thereto which may remain after such sale, disposition, collection or liquidation of the Collateral.

 Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market,
Secured Party will send or otherwise make available to the Grantor thereof reasonable notice of the time and place of any public sale thereof or of the time on or after which any private sale thereof is to be made. The requirement of sending
reasonable notice conclusively shall be met if such notice is mailed, first class mail, postage prepaid, to Borrower at its address set forth in the Loan Agreement, or delivered or otherwise sent to such Grantor, at least five (5) days before
the date of the sale. Each Grantor expressly waives any right to receive notice of any public or private sale of any Collateral or other security for the Secured Obligations except as expressly provided for in this paragraph. 
  

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 With respect to any Collateral consisting of securities, partnership interests, membership interests,
joint venture interests, Investments or the like, and whether or not any of such Collateral has been effectively registered under the Securities Act of 1933, as amended, or other applicable Laws, Secured Party may, in its sole and absolute
discretion, sell all or any part of such Collateral at private sale in such manner and under such circumstances as Secured Party may deem necessary or advisable in order that the sale may be lawfully conducted. Without limiting the foregoing,
Secured Party may (i) approach and negotiate with a limited number of potential purchasers, and (ii) restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing such Collateral for their
own account for investment and not with a view to the distribution or resale thereof. In the event that any such Collateral is sold at private sale, each Grantor agrees that if such Collateral is sold for a price which Secured Party in good faith
believes to be reasonable under the circumstances then existing, then (a) the sale shall be deemed to be commercially reasonable in all respects, (b) Grantors shall not be entitled to a credit against the Secured Obligations in an amount
in excess of the purchase price, and (c) Secured Party shall not incur any liability or responsibility to Grantors in connection therewith, notwithstanding the possibility that a substantially higher price might have been realized at a public
sale. Grantors recognize that a ready market may not exist for such Collateral if it is not regularly traded on a recognized securities exchange, and that a sale by Secured Party of any such Collateral for an amount substantially less than a pro
rata share of the fair market value of the issuer’s assets minus liabilities may be commercially reasonable in view of the difficulties that may be encountered in attempting to sell a large amount of such Collateral or Collateral that is
privately traded. 
 Upon consummation of any sale of Collateral hereunder, Secured Party shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the Collateral so sold absolutely free from any claim or right upon the part of any Grantor or any other Person except a third
party lienholder permitted under the Loan Documents, and each Grantor hereby waives (to the extent permitted by applicable Laws) all rights of redemption, stay and appraisal which it now has or may at any time in the future have under any rule of
Law or statute now existing or hereafter enacted. If the sale of all or any part of the Collateral is made on credit or for future delivery, Secured Party shall not be required to apply any portion of the sale price to the Secured Obligations until
such amount actually is received by Secured Party, and any Collateral so sold may be retained by Secured Party until the sale price is paid in full by the purchaser or purchasers thereof. Secured Party shall not incur any liability in case any such
purchaser or purchasers shall fail to pay for the Collateral so sold, and, in case of any such failure, the Collateral may be sold again. 
 10. Voting Rights; Dividends; etc. With respect to any Collateral consisting of securities, partnership interests, membership interests, joint venture interests, Investments or the like (referred to collectively and individually in
this Section 10 and in Section 11 as the “Investment Collateral”), so long as no Event of Default occurs and remains continuing: 
 10.1 Voting Rights. Grantors shall be entitled to exercise any and all voting and other consensual rights pertaining to the Investment Collateral, or any part thereof, for any purpose not inconsistent with the
terms of this Agreement, the Loan Agreement, or the other Loan Documents; provided, however, that Grantors shall not exercise, or shall refrain from exercising, any such right if it would result in a Default. 
  

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 10.2 Dividend and Distribution Rights. Except as otherwise provided in any Loan
Document, Grantors shall be entitled to receive and to retain and use any and all dividends or distributions paid in respect of the Investment Collateral; provided, however, that any and all such dividends or distributions received in
the form of capital stock, certificated securities, warrants, options or rights to acquire capital stock or certificated securities forthwith shall be, and the certificates representing such capital stock or certificated securities, if any,
forthwith shall be delivered to Secured Party to hold as pledged Collateral and shall, if received by any Grantor, be received in trust for the benefit of Secured Party, be segregated from the other Property of such Grantor, and forthwith be
delivered to Secured Party as pledged Collateral in the same form as so received (with any necessary endorsements). 
 11. Rights During
Event of Default. With respect to any Investment Collateral, so long as an Event of Default has occurred and is continuing: 
 11.1 Voting, Dividend, and Distribution Rights. At the option of Secured Party, all rights of Grantors to exercise the voting and other consensual rights which they would otherwise be entitled to exercise pursuant to
Section 10.1 above, and to receive the dividends and distributions which they would otherwise be authorized to receive and retain pursuant to Section 10.2 above, shall cease, and all such rights thereupon shall become vested in Secured
Party which thereupon shall have the sole right to exercise such voting and other consensual rights and to receive and to hold as pledged Collateral such dividends and distributions. 
 12. Dividends and Distributions Held in Trust. All dividends and other distributions which are received by Grantors contrary to the provisions of
this Agreement shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Grantors, and forthwith shall be paid over to Secured Party as pledged Collateral in the same form as so received (with any necessary
endorsements). 
 12.1 Irrevocable Proxy. Each Grantor does hereby revoke all previous proxies with regard to the
Investment Collateral and appoint Secured Party as its proxyholder to attend and vote at any and all meetings of the shareholders or other equity holders of the Persons that issued the Investment Collateral and any adjournments thereof, held on or
after the date of the giving of this proxy and prior to the termination of this proxy, and to execute any and all written consents of shareholders or equity holders of such Persons executed on or after the date of the giving of this proxy and prior
to the termination of this proxy, with the same effect as if such Grantor had personally attended the meetings or had personally voted its shares or other interests or had personally signed the written consents; provided, however, that
the proxyholder shall have rights hereunder only upon the occurrence and during the continuance of an Event of Default. Each Grantor hereby authorizes Secured Party to substitute another Person as the proxyholder and, upon the occurrence and during
the continuance of any Event of Default, hereby 

  

 -11- 

 
authorizes the proxyholder to file this proxy and any substitution instrument with the secretary or other appropriate official of the appropriate Person.
This proxy is coupled with an interest and is irrevocable until such time as all Secured Obligations have been paid and performed in full and no portion of the Commitment remains outstanding under the Loan Agreement. 
 13. Attorney-in-Fact. Each Grantor hereby irrevocably nominates and appoints Secured Party as its attorney-in-fact for the following
purposes: (a) to do all acts and things which Secured Party may deem necessary or advisable to perfect and continue perfected the security interests created by this Agreement and, upon the occurrence and during the continuance of an Event
of Default, to preserve, process, develop, maintain and protect the Collateral; (b) upon the occurrence and during the continuance of an Event of Default, to do any and every act which any Grantor is obligated to do under this Agreement, at the
expense of the Grantor so obligated and without any obligation to do so; (c) to prepare, sign, file and/or record, for any Grantor, in the name of such Grantor, any financing statement, application for registration, or like paper, and to take
any other action deemed by Secured Party necessary or desirable in order to perfect or maintain perfected the security interests granted hereby; and (d) upon the occurrence and during the continuance of an Event of Default, to execute any and
all papers and instruments and do all other things necessary or desirable to preserve and protect the Collateral and to protect Secured Party’s security interests therein; provided, however, that Secured Party shall be under no
obligation whatsoever to take any of the foregoing actions, and, absent bad faith or actual malice, Secured Party shall have no liability or responsibility for any act taken or omission with respect thereto. 
 14. Costs and Expenses. Grantors jointly and severally agree to pay to Secured Party all costs and expenses (including, without limitation,
reasonable attorneys’ fees and disbursements) incurred by Secured Party in the enforcement or attempted enforcement of this Agreement, whether or not an action is filed in connection therewith, and in connection with any waiver or amendment of
any term or provision hereof. All advances, charges, costs and expenses, including reasonable attorneys’ fees and disbursements, incurred or paid by Secured Party in exercising any right, privilege, power or remedy conferred by this
Agreement (including, without limitation, the right to perform any Secured Obligation of any Grantor under the Loan Documents), or in the enforcement or attempted enforcement thereof, shall be secured hereby and shall become a part of the
Secured Obligations and shall be paid to Secured Party by Grantors, immediately upon demand, together with interest thereon at the Default Rate. 
 15. Statute of Limitations and Other Laws. Until the Secured Obligations shall have been paid and performed in full, the power of sale and all other rights, privileges, powers and remedies granted to Secured Party hereunder shall
continue to exist and may be exercised by Secured Party at any time and from time to time irrespective of the fact that any of the Secured Obligations may have become barred by any statute of limitations. Each Grantor expressly waives the benefit of
any and all statutes of limitation, and any and all Laws providing for exemption of property from execution or for valuation and appraisal upon foreclosure, to the maximum extent permitted by applicable Law. 
 16. Other Agreements. Nothing herein shall in any way modify or limit the effect of terms or conditions set forth in any other security or other
agreement executed by any Grantor or in connection with the Secured Obligations, but each and every term and 

  

 -12- 

 
condition hereof shall be in addition thereto. All provisions contained in the Loan Agreement or any other Loan Document that apply to Loan Documents
generally are fully applicable to this Agreement and are incorporated herein by this reference. 
 17. Understandings With Respect to
Waivers and Consents. Each Grantor warrants and agrees that each of the waivers and consents set forth herein are made after consultation with legal counsel and with full knowledge of their significance and consequences, with the understanding
that events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which such Grantor otherwise may have against Secured Party or others, or against Collateral, and that, under the circumstances, the
waivers and consents herein given are reasonable and not contrary to public policy or Law. If any of the waivers or consents herein are determined to be contrary to any applicable Law or public policy, such waivers and consents shall be effective to
the maximum extent permitted by Law. 
 18. Release of Grantors. This Agreement and all Secured Obligations of Grantors hereunder
shall be released when all Secured Obligations have been paid in full in cash or otherwise performed in full and when no portion of the Commitments remain outstanding. Upon such release of Grantors’ Secured Obligations hereunder, Secured Party
shall return any pledged Collateral to Grantors, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file all instruments and documents, and do all other acts and things, reasonably required for the
return of the Collateral to Grantors, or to the Person or Persons legally entitled thereto, and to evidence or document the release of Secured Party’s interests arising under this Agreement, all as reasonably requested by, and at the sole
expense of, Grantors. 
 19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original and all of which, taken together, shall constitute one and the same agreement. 
 20. Additional Powers and Authorization.
Secured Party has been appointed as the Secured Party hereunder pursuant to the Loan Agreement and shall be entitled to the benefits of the Loan Agreement and the other Loan Documents. Notwithstanding anything contained herein to the contrary,
Secured Party may employ agents, trustees, or attorneys-in-fact and may vest any of them with any Property (including, without limitation, any Collateral pledged hereunder), title, right or power deemed necessary for the purposes of such
appointment. 
 21. Financing Statement Property Description. To perfect the security interests granted under this Agreement, each
Grantor expressly authorizes Secured Party to file one or more financing statements naming such Grantor as debtor in any jurisdiction deemed appropriate by Secured Party containing a Collateral description “all assets of the debtor”,
“all personal property of the debtor” or other words to that effect. 
 22. Additional Grantors. From time to time following
the Restatement Date, additional Persons may become parties hereto, as additional Grantors, by executing and delivering to Secured Party an Instrument of Joinder substantially in the form of Exhibit A attached hereto, accompanied by such
documentation as Secured Party may require in connection therewith, wherein such additional 

  

 -13- 

 
Grantors agree to become a party hereto and to be bound hereby. Upon delivery of such Instrument of Joinder to and acceptance thereof by Secured Party,
notice of which acceptance is hereby waived by Grantors, each such additional Grantor shall be as fully a party hereto as if such Grantor were an original signatory hereof. Each Grantor expressly agrees that its Secured Obligations and the Liens
upon its Property granted herein shall not be affected or diminished by the addition or release of additional Grantors hereunder, nor by any election of Secured Party not to cause any other Person to become an additional Grantor hereunder. This
Agreement shall be fully effective as to any Grantor who is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 
 23. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 24. Arbitration Reference. 
 (a) Mandatory Arbitration. Any controversy or claim between or among the parties hereto, including but not limited to those arising out of or relating to this Agreement, the other Loan Documents or any agreements or instruments
relating hereto or delivered in connection herewith and any claim based on or arising from an alleged tort, shall at the request of any party be determined by arbitration. The arbitration shall be conducted in accordance with the United States
Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law provision in this Agreement, and under the Commercial Rules of the American Arbitration Association (“AAA”). Except to the extent waived by any party, the arbitrators
shall give effect to statutes of limitation in determining any claim. Any controversy concerning whether an issue is arbitrable shall be determined by the arbitrators. Judgment upon the arbitration award may be entered in any court having
jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to
arbitration if any other party contests such action for judicial relief. 
 (b) Real Property Collateral.
Notwithstanding the provisions of subparagraph (a), no controversy or claim shall be submitted to arbitration without the consent of all parties if, at the time of the proposed submission, such controversy or claim arises from or relates to an
obligation to Secured Party which is secured by real property collateral. 
  

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 (c) Provisional Remedies, Self-Help and Foreclosure. No provision of this section
shall limit the right of any party to this Agreement to exercise self-help remedies such as setoff, to foreclose against or sell any real or personal property collateral or security or to obtain provisional or ancillary remedies from a court of
competent jurisdiction before, after, or during the pendency of any arbitration or other proceeding. The exercise of a remedy does not waive the right of either party to resort to arbitration or reference. At the Majority Banks’ option,
foreclosure under a deed of trust or mortgage may be accomplished either by exercise of power of sale under the deed of trust or mortgage or by judicial foreclosure. 
 25. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEVADA WITHOUT REFERENCE TO THE CONFLICT OF LAWS OR CHOICE OF LAW PRINCIPLES THEREOF.

 [Signature Page Follows] 
  

 -15- 

 IN WITNESS WHEREOF, each Grantor has executed this Agreement by its duly authorized officers as of the
date first written above. 
  

			
	“Grantors”
	
	 ELDORADO CAPITAL CORP.,
 a Nevada
corporation

		
	By:	 	/s/ Donald L. Carano
	Name:	 	Donald L. Carano
	Title:	 	President

  

			
	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST WRITTEN ABOVE:
	
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	/s/ Chris M. Levine
	Name:	 	Chris M. Levine
	Title:	 	Assistant Vice President

 [Signature page – 
 Second Amended and Restated Security 
 Agreement (Guarantor)] 
  

 -16- 

 EXHIBIT A 
 TO 
 SECOND AMENDED AND RESTATED SECURITY AGREEMENT 
 INSTRUMENT OF JOINDER 
 THIS INSTRUMENT OF JOINDER (“Joinder”) is
executed as of                     ,     , by          
                             , a               
                                             (“Joining
Party”), and delivered to Bank of America, N.A., as Administrative Agent, pursuant to the Second Amended and Restated Security Agreement dated as of February 28, 2006 made by each Grantor party thereto in favor of the Secured Party (as
defined therein) (as amended, extended, renewed, supplemented or otherwise modified from time to time, the “Agreement”). Terms used but not defined in this Joinder shall have the meanings defined for those terms in the Agreement.

 RECITALS 
 a) The
Agreement was made by the Grantors in favor of the Administrative Agent, the Issuing Bank and the Banks that are parties to that certain Third Amended and Restated Loan Agreement dated as of February 28, 2006, by and among the Eldorado Resorts,
LLC (“Borrower”), the Banks party thereto from time to time, and the Administrative Agent (as amended, extended, renewed, supplement, modified or extended from time to time, the “Loan Agreement”). 
 b) Joining Party has become a Significant Subsidiary that is required pursuant to Section 5.12 of the Loan Agreement to become a Grantor
under the terms and conditions of the Agreement. 
 c) Joining Party expects to realize direct and indirect benefits as a result of the
availability to the Borrower of the credit facilities under the Loan Agreement. 
 NOW THEREFORE, Joining Party agrees as follows: 
 AGREEMENT 
 1. By this Joinder,
Joining Party becomes a party to the Agreement as an additional joint and several “Grantor,” and grants a security interest in favor of the Secured Party in and to the Collateral described therein to secure the Secured Obligations
heretofore or hereafter incurred. Joining Party agrees and acknowledges that, upon its execution of this Joinder, Joining Party shall be bound by all terms, conditions, and duties applicable to a Grantor under the Agreement. 
  

 -17- 

 2. The effective date of this Joinder is
                    ,     . 
  

			
	“Joining Party”

			
	  	 	 ,

			
	a  	 	  

			
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

			
	ACKNOWLEDGED:
	
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

 -18-Third Amended and Restated Deed of Trust

 Exhibit 10.55 
 Recording requested by, and 
 when recorded return to: 
 Sheppard, Mullin, Richter & Hampton LLP 
 333 South Hope Street, 48th Floor 
 Los Angeles, California 90071 
 Attention: William M. Scott IV,
Esquire 
 INSTRUCTIONS TO COUNTY RECORDER: 
 Index this document
as 
 (1) a deed of trust and 
 (2) a fixture filing 

 

 THIRD AMENDED AND RESTATED DEED
OF TRUST, ASSIGNMENT OF RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 
 This Third Amended and Restated Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (as amended, restated, extended, supplemented
or otherwise modified from time to time, the “Deed of Trust”), dated as of February 28, 2006, is executed by Eldorado Resorts LLC, a Nevada limited liability company, as trustor (“Trustor”) and C.S.& Y.
Associates, a general partnership, as additional trustor (“Additional Trustor”), in favor of First American Title Company of Nevada, as trustee (“Trustee”), for the benefit of BANK OF AMERICA, N.A., as Administrative Agent for
the Banks and Issuing Bank party to the Loan Agreement described below, as beneficiary (“Beneficiary”), whose address is 901 Main Street, 14th Floor, Mail Code: TX1-492-14-11, Dallas, TX 75202-3714, Attention: Chris Levine. 
 RECITALS 
 A. On or about
July 31, 1996 Trustor executed and delivered a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of July 31, 1996 in favor of Beneficiary, recorded July 30, 1996 with the Washoe County Recorder as
document number 2016431 (the “Main Hotel Deed of Trust”) for the purpose, inter alia, of securing the obligations of the Trustor under a Loan Agreement dated as of July 31, 1996 among Trustor, the Banks therein named and
Beneficiary, as Administrative Agent (the “Original Loan Agreement”). 
 B. On or about July 31, 1996 Trustor executed and
delivered a Construction Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of July 31, 1996 in favor of Beneficiary, recorded September 5, 1996 with the Washoe County Recorder as document number 2027812
(the “Daniels Deed of Trust”) for the purpose, inter alia, of securing the obligations of the Trustor under the Original Loan Agreement. 
 C. On or about August 21, 1996 Trustor and Additional Trustor executed and delivered an Amended and Restated Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of August 21,
1996 in favor of Beneficiary, recorded September 5, 1996 with the Washoe County Recorder as document number 2027811 (the “Amended and Restated Deed of Trust”) for the purpose, inter alia, of securing the obligations of the
Trustor under the Original Loan Agreement. 
  

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 D. On or about June 29, 2001, Trustor and Additional Trustor executed and delivered a Second Amended
and Restated Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of June 29, 2001 in favor of Beneficiary, recorded July 20, 2001 with the Washoe County Recorder as document number 2576748 (the “Second
Amended and Restated Deed of Trust”) for the purpose, inter alia, of (i) securing the obligations of the Trustor under the Second Amended and Restated Loan Agreement dated as of June 29, 2001 with Beneficiary, as Administrative
Agent and sole initial Bank (the “Existing Loan Agreement”), which Existing Loan Agreement amended and restated the Original Loan Agreement in its entirety, and (ii) amending and restating the Main Hotel Deed of Trust, the Daniels
Deed of Trust and the Amended and Restated Deed of Trust. 
 E. Trustor is entering into a Third Amended and Restated Loan Agreement dated as
of an even date herewith, with the lenders party thereto from time to time (collectively, the “Banks” and individually, a “Bank”), and Beneficiary, as Issuing Bank and Administrative Agent for the Banks and Issuing Bank (as
amended, restated, extended, supplemented or otherwise modified from time to time, the “Loan Agreement”), which Loan Agreement shall amend and restate the Existing Loan Agreement in its entirety. 
 F. It is a condition precedent to the extension of credit facilities under the Loan Agreement that this Deed of Trust be executed to amend and restate
the Second Amended and Restated Deed of Trust. 
 NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, including the
indebtedness herein recited and the trust herein created, the receipt and adequacy of which are hereby acknowledged, Trustor and Additional Trustor hereby amend and restate the Second Amended and Restated Deed of Trust and hereby irrevocably GRANT,
BARGAIN, SELL, TRANSFER, SET OVER, CONVEY AND ASSIGN to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Beneficiary, under and subject to the terms and conditions hereinafter set forth, all rights, titles, interests, estates,
powers and privileges that Trustor and Additional Trustor now have or may hereafter acquire in or to the Collateral which consists of Real Estate or Real Property and grant a security interest to Beneficiary under Article 9 of the Uniform
Commercial Code - Secured Transactions, as enacted in the State of Nevada, in the Collateral which consists of Personal Property, however, it is specifically provided that any interest which is granted in the Rents, defined by Section 1.1
below, shall be subordinate to the absolute assignment which is granted under Article III of this Deed of Trust. 
 FOR
THE PURPOSE OF SECURING: 
 (a) the payment of the Loans and all indebtedness evidenced by, and the performance of each and
every obligation, covenant and agreement of Trustor contained in (i) the Loan Agreement, other than those liabilities contained in the indemnity in favor of Beneficiary set forth in Section 11.15 of the Loan Agreement entitled
“Hazardous Materials Indemnity”, which indemnity shall be and is unsecured and is not subject to the lien of this Deed of Trust on the Premises; (ii) the “Loan Documents” referred to in the Loan Agreement (except to the
extent that such Loan Documents recite that they are not secured hereby); (iii) those certain Notes in the aggregate principal amount of $30,000,000, made by Trustor payable to the order of the Banks that are party to the Loan Agreement (the
“Notes”) and any renewal, extension, substitution or modification thereof, together with interest on such indebtedness according to the terms of the Notes; (iv) the reimbursement obligations of Trustor with respect to each Letter of
Credit issued under the Loan Agreement pursuant to a subfacility providing for the issuance of not more than $3,000,000 in such Letters of Credit at any time outstanding; and (v) the obligations of Trustor under any and all Approved Swap
Agreements (as such term is defined in the Loan Agreement); 
  

 -2- 

 (b) the payment by Trustor of all sums advanced by or on behalf of Trustee or Beneficiary
to protect the Collateral, with interest thereon as provided herein; 
 (c) the performance by Trustor of each and every
obligation, covenant and agreement of Trustor contained herein; 
 (d) the payment by Trustor of all other sums, with interest
thereon, which may hereafter be loaned to Trustor, or its successors or assigns, by Beneficiary, or its successors or assigns, when evidenced by a promissory note or notes or other document(s) reciting that they are secured by this Deed of Trust;

 (e) the performance by Trustor of every obligation, covenant and agreement of Trustor contained in any agreement now or
hereafter executed by Trustor with or in favor of Beneficiary which recites that the obligations thereunder are secured by this Deed of Trust; 
 (f) the payment by Trustor of all sums, with interest thereon as herein provided, that may become due and payable to or for the benefit of Beneficiary or Trustee pursuant to the terms of this Deed of Trust;

 (g) the expenses and costs incurred or paid by Beneficiary in the preservation and enforcement of the rights and remedies
of Beneficiary and the duties and liabilities of Trustor hereunder, including, but not by way of limitation, attorneys’ fees, court costs, witness fees, expert witness fees, collection costs, and costs and expenses paid by Beneficiary in
performing for Trustor’s account any obligation of said Trustor; and 
 (h) the performance of each and every obligation
of Trustor now or hereafter arising out of or pertaining to any extensions, modifications, renewals or replacements of or substitutions for any of the documents and instruments described in clauses (a) through (g) above; 
 provided that, notwithstanding the foregoing or any other provision of this Deed of Trust, the lien of this Deed of Trust on the Additional Trustor’s right,
title and interest in and to the Real Estate and the Personal Property shall not secure the principal amount of any loans or advances under the Notes (other than the Protective Advances defined below) to the extent that such loans and advances are,
when aggregated with the principal amount of all other loans and advances then outstanding under the Notes, in excess of the Maximum Advances (defined below). 
 As used above, the following terms have the meanings set forth after each: 
 “Groundlease”
means that certain Lease dated July 21, 1972 between Additional Trustor, as lessor, and Trustor, as lessee, as amended by an Addendum dated March 20, 1973, an Amendment to Lease dated January 1, 1978, an Amendment to Lease dated
January 31, 1985 and a Third Amendment to Lease dated December 24, 1987, as in effect on the date hereof. 
 “Maximum
Advances” means, as of each date of determination, the greatest of: 
 (i) $150,000,000; or 
  

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 (ii) 60% of the amount of the fair market value of the Real Property determined by an
M.A.I. appraiser selected by Trustor and Additional Trustor in the manner set forth in the Third Amendment to Lease executed in connection with the Groundlease (it being understood that such amount may rise as such appraisals are conducted from time
to time, but shall never decrease on the basis of the issuance of new appraisals showing lower values). 
 “Protective
Advances” means advances of the types described in paragraphs (b) and (g) above, including without limitation advances made by Beneficiary to pay (i) premiums for insurance on the Real Property or the Personal Property,
(ii) taxes or assessments having priority over this Deed of Trust, (iii) any indebtedness secured by any lien or claim having priority over this Deed of Trust or (iv) any other expenses reasonably required to protect the security of
this Deed of Trust and the collateral referred to herein. 
 Trustor and Additional Trustor agree that, promptly and in any event within five business days
following the request of Beneficiary from time to time, they shall execute and deliver to Beneficiary, a statement in recordable form and otherwise in form and substance acceptable to Beneficiary stating the amount of any Appraisal above, provided
that the failure to do so will not effect or limit the amount secured hereby. 
 Beneficiary agrees that, promptly following
the submission of any written request by Trustor or Additional Trustor (with such requests limited to not more than one in any calendar month by each of Trustor and Additional Trustor, unless more frequent requests are provided for by applicable
law), Beneficiary shall deliver a statement to Trustor and/or Additional Trustor, as appropriate, setting forth the amount of the principal indebtedness evidenced by the Notes, provided that Beneficiary shall have no liability for, and the
security of this Deed of Trust shall not be affected by, any failure to respond to any such request or any error in any response. 
 TO PROTECT THE PREMISES AND THE SECURITY GRANTED BY THIS DEED OF TRUST, TRUSTOR AND ADDITIONAL TRUSTOR HEREBY COVENANT AND AGREE AS FOLLOWS: 
 ARTICLE 1. 
 DEFINITIONS 
 1.1 Collateral. For purposes of this Deed of Trust, the term “Collateral” means and includes all of the following: 
 (a) Real Estate. All of the real property which is particularly described by Exhibit “A”, attached hereto and
incorporated by reference herein (hereinafter the “Land”), easements, hereditaments, rights of way, privileges, liberties, appendages and appurtenances now or hereafter belonging in anywise appertaining to the Land (including, without
limitation, all rights relating to storm and sanitary sewer, water, gas, electric, railway and telephone services); all gas, oil, minerals, coal and other substances of any kind or character underlying the Land to the extent owned by Trustor and/or
Additional Trustor; all estate, claim, demand, right, title or interest of the Trustor and/or Additional Trustor in and to any street, road, highway, or alley (vacated or otherwise) adjoining the Land or any part thereof; all strips and gores
belonging, adjacent or pertaining to the Land to the extent of Trustor’s and/or Additional Trustor’s right, title or interest therein; and any after-acquired title to any of the foregoing (all of the foregoing is herein referred to
collectively as the “Real Estate”); 
 (b) Improvements and Fixtures. All of Trustor’s and/or Additional
Trustor’s right, title and interest in and to all buildings, structures, replacements, furnishings, fixtures, fittings and other improvements and property of every kind and character now or 

  

 -4- 

 
hereafter owned or leased by the Trustor and/or Additional Trustor, and located or erected on the Real Estate, together with all buildings or construction
materials, equipment, appliances, machinery, plant equipment, fittings, apparatus, fixtures and other articles of any kind or nature whatsoever now or hereafter owned or leased by the Trustor and/or Additional Trustor and found on, affixed to or
attached to the Real Estate, including (without limitation) all motors, boilers, engines and devices for the operation of pumps, and all heating, electrical, lighting, power, plumbing, air conditioning, refrigeration and ventilation equipment (all
of the foregoing is herein referred to collectively as the “Improvements”); 
 (c) Personal Property. All
gaming devices and associated equipment, building materials, goods, construction material, appliances (including stoves, refrigerators, water fountains and coolers, fans, heaters, incinerators, compactors, dishwashers, clothes washers and dryers,
water heaters and similar equipment), supplies, blinds, window shades, carpeting, floor coverings, elevators, office equipment, growing plants, fire sprinklers and alarms, control devices, equipment (including motor vehicles and all window cleaning,
building cleaning, swimming pool, recreational, monitoring, garbage, air conditioning, pest control and other equipment), tools, furnishings, furniture, light fixtures, non-structural additions to the Real Estate, and all other tangible property of
any kind or character now or hereafter owned by the Trustor and/or Additional Trustor and used or useful in connection with the Real Estate, any construction undertaken on the Real Estate or any trade, business or other activity (whether or not
engaged in for profit) for which the Real Estate is used, the maintenance of the Real Estate or the convenience of any guests, licensees or invitees of the Trustor and/or Additional Trustor, all regardless of whether located on the Real Estate or
located elsewhere for purposes of fabrication, storage or otherwise (all of the foregoing is herein referred to collectively as the “Goods”); 
 (d) Intangibles. All option rights, purchase contracts, and books and records of the Trustor and/or Additional Trustor relating to the Real Estate or the Improvements, and all contract rights of the Trustor
and/or Additional Trustor with respect to the operation and/or maintenance of the Real Estate or the Improvements (all of the foregoing is herein referred to collectively as the “Intangibles”); 
 (e) Rents. All rents, issues, profits, royalties, avails, and other benefits derived or owned by the Trustor and/or Additional
Trustor or indirectly from the Real Estate or the Improvements or any business activity conducted thereon (all of the foregoing is herein collectively called the “Rents”); 
 (f) Leases. All rights of the Trustor and/or Additional Trustor under all leases, licenses, occupancy agreements, concessions or
other arrangements, whether written or oral, whereby any person, other than the Trustor, agrees to pay money or any consideration for the use, possession or occupancy of, or any estate in, the Real Estate or the Improvements or any part thereof, and
all rents, income, profits, benefits, avails, advantages and claims against guarantors under any thereof (all of the foregoing is herein referred to collectively as the “Leases”). The Leases include, but are not necessarily limited that
certain Lease executed by the State of Nevada, acting by and through its Department of Highways, as Lessor, and Trustor, as Lessee, recorded October 3, 1978 in the Official Records of Washoe County, Nevada, as Document No. 561788;

 (g) All the estate, interest, right, title, other claim or demand, both in law and in equity, including claims or demands
with respect to the proceeds of insurance in effect with respect thereto, which Trustor and/or Additional Trustor now has or may 

  

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hereafter acquire in the Premises, and any and all awards made for the taking by eminent domain, or by any proceeding or purchase in lieu thereof, of the
whole or any part of the Collateral, including without limitation any award resulting from a change of grade of streets and any award for severance damages; and 
 (h) Other Property. All other property or rights of the Trustor and/or Additional Trustor of any kind or character related to the
Real Estate or the Improvements, including, without limitation, goodwill, trademarks, servicemarks, tradenames, accounts, instruments, chattel paper, money and any general intangibles not specifically included in the Intangibles and all proceeds
(including insurance proceeds, but subject to the limitations on the use of such proceeds set forth herein) and products of any of the foregoing (all of the foregoing is herein referred to collectively as the “Other Property”). (All of the
Real Estate, the Improvements, the Leases and any other property which is real property under applicable law, is sometimes referred to collectively herein as the “Premises” and is sometimes referred to collectively herein as the “Real
Property”, all of the Goods, Intangibles and Other Property which is personal property under applicable law is sometimes collectively referred to herein as the “Personal Property”.) 
 1.2 Notes. All capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to the same in the Loan Agreement.

 ARTICLE 2. 
 COVENANTS AND
AGREEMENTS OF TRUSTOR AND ADDITIONAL TRUSTOR 
 2.1 Payment of Secured Obligations. Trustor shall pay when due the principal,
interest, premium, if any, and all other amounts due to Beneficiary as provided in the Loan Agreement, the Notes and the other Loan Documents; the principal of and interest on any amount advanced in the future and secured by this Deed of Trust; and
the principal of and interest on any other amount secured by this Deed of Trust and all charges, fees and other amounts as provided in the Loan Agreement and the other Loan Documents. 
 2.2 Maintenance, Repair, Alterations. Trustor shall maintain and preserve the Collateral in good condition and repair and in a prudent and
businesslike manner; Trustor, except upon the prior written consent of Beneficiary, shall not remove, demolish or substantially alter any of the Improvements, other than to make repairs in the ordinary course of business of a non-structural nature
which serve to preserve or increase the value of the Premises; Trustor shall complete promptly and in a good and workmanlike manner any Improvement which may be now or hereafter constructed on the Premises and promptly restore in like manner any
Improvement which may be damaged or destroyed thereon from any cause whatsoever, and pay when due all claims for labor performed and materials furnished therefor; Trustor shall comply with all laws, ordinances, rules, regulations, covenants,
conditions, restrictions and orders of any governmental authority now or hereafter affecting the conduct or operation of Trustor’s business or the Collateral or any part thereof or requiring any alteration or improvement to be made thereon;
Trustor shall not commit, suffer or permit any act to be done in, upon or to the Collateral or any part thereof in violation of any such laws, ordinances, rules, regulations or orders, or any covenant, condition or restriction now or hereafter
affecting the Premises; Trustor shall not commit or permit any waste or deterioration of the Collateral, and shall keep and maintain abutting grounds, sidewalks, roads, parking and landscape areas in good and neat order and repair; Trustor shall not
take (or fail to take) any action, which if taken (or not so taken) would increase in any way the risk of fire or other hazard occurring to or affecting the Premises or which otherwise would impair the security of Beneficiary in the Collateral;
Trustor shall comply with the provisions of all leases, if any, constituting a portion of the Collateral; Trustor shall not abandon the Collateral or any portion thereof or leave the Premises unprotected, unguarded, vacant or deserted; 

  

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except as otherwise expressly permitted under the Loan Agreement and except for Permitted Encumbrances, Trustor shall not initiate, join in or consent to any
change in any zoning ordinance, general plan, specific plan, private restrictive covenant or other public or private restriction limiting the uses which may be made of the Premises by Trustor or by the owner thereof without the prior written consent
of Beneficiary; Trustor shall secure and maintain in full force all permits necessary for the use, occupancy and operation of the Collateral; except as otherwise prohibited or restricted by the Loan Documents, or any of them, Trustor shall do any
and all other acts which may be reasonably necessary to protect or preserve the value of the Collateral and the rights of Trustee and Beneficiary with respect thereto. 
 Trustor and Additional Trustor hereby agree that Beneficiary may conduct from time to time, through representatives of its own choice, on-site inspections and observations of (1) the maintenance and repair of the
Collateral, including a review of all maintenance and repair programs and practices and all reports and records, including the records of expenditures, relating thereto, and (2) such other facilities, practices and records of Trustor relating
to the Premises as Beneficiary deems to be necessary or appropriate in order to monitor Trustor’s compliance with the provisions of this Section. 
 2.3 Required Insurance. 
 2.3.1 Trustor shall at all times provide, maintain, keep in
full force and effect or cause to be provided, maintained, and kept in full force and effect, at no expense to Trustee or Beneficiary, policies of insurance in form, amounts and with companies required by the Loan Agreement. 
 2.3.2 All policies of insurance required by the terms of this Deed of Trust shall have attached thereto a lender’s loss payable
endorsement for the benefit of Beneficiary and shall name Beneficiary as an additional insured, all in such form and substance as required by the Loan Agreement. 
 2.3.3 Trustor shall also provide from time to time at the written request of Beneficiary satisfactory evidence of the insurable value of
the Premises. Such evidence may be in the form of an insurance appraisal or valuation report prepared by an insurance company, agent or broker, professional appraiser, architect, engineer or contractor reasonably approved by Beneficiary. Trustor
shall bear the cost, if any, of such insurance appraisal or valuation report. Trustor shall not be required to deliver such evidence of insurable value more often than once in any two calendar year period. 
 2.4 Delivery of Policies, Payment of Premiums. At Beneficiary’s option, Trustor shall furnish Beneficiary with an original of all policies of
insurance required under Section 2.3 and/or a certificate of insurance for each required policy setting forth the coverage, the limits of liability, the deductibles, if any, the name of the carrier, the policy number, and the period of
coverage, which certificates shall be executed by authorized officials of the companies issuing such insurance, or by agents or attorneys-in-fact authorized to issue said certificates (in which event each such certificate shall be accompanied by a
notarized affidavit, agency agreement or power of attorney evidencing the authority of the signatory to issue such certificate on behalf of the insurer named therein). If Beneficiary consents, Trustor may provide any of the required insurance
through blanket policies carried by Trustor and covering more than one location, or by policies procured by a tenant or other party holding under Trustor; provided, however, all such policies shall be in form, substance and amounts and issued by
companies reasonably satisfactory to Beneficiary. As soon as practicable, but in any event prior to the expiration of each required policy, Trustor shall deliver to Beneficiary evidence satisfactory to Beneficiary of the payment of premium and the
renewal or replacement of such policy continuing insurance in form as required by this Deed of Trust. All such policies shall contain a provision that, notwithstanding any contrary agreement between Trustor and the insurance company, such policies
will not be cancelled, allowed to lapse without renewal, surrendered or materially amended (which term shall include any reduction in the scope or limits of coverage) 

  

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without at least thirty (30) days’ prior written notice to Beneficiary. If Trustor fails to provide, maintain, keep in force or deliver to
Beneficiary the policies of insurance required by this Deed of Trust or by any of the Loan Documents, Beneficiary may (but shall have no obligation to) procure such insurance, or single interest insurance for such risks covering Beneficiary’s
interests, and Trustor shall pay all premiums therefor promptly upon demand by Beneficiary; and until such payment is made by Trustor, the amount of all such premiums, together with interest thereon at the Default Rate, as that term is defined under
the Loan Agreement, shall be secured by this Deed of Trust. 
 2.5 Casualties. Trustor shall give prompt written notice to Beneficiary
upon the occurrence of any casualty to or in connection with the Collateral or any part thereof, whether or not covered by insurance. In the event of such casualty (which, in the case of casualties occurring prior to the occurrence of an Event of
Default, are in excess of $250,000 and thereafter, all casualties of any size or amount), the gross insurance proceeds less all expenses (including attorneys’ fees) incurred in the collection of such proceeds shall, subject to the provisions of
the Loan Agreement, be payable to Beneficiary, and Trustor and Additional Trustor hereby authorize and direct any affected insurance company to make payment of such proceeds in such a case directly to Beneficiary. If Trustor and/or Additional
Trustor receive any proceeds of insurance resulting from such casualty, Trustor and/or Additional Trustor shall promptly pay over such proceeds to Beneficiary. Beneficiary is hereby authorized and empowered by Trustor and Additional Trustor at
Beneficiary’s option and in Beneficiary’s sole discretion, as attorney-in-fact for Trustor and Additional Trustor, to make proof of loss, to appear in and prosecute any action arising from any policy or policies of insurance, and upon the
occurrence of an Event of Default hereunder or under the Loan Agreement, to settle, adjust or compromise any claim for loss, damage or destruction under any policy or policies of insurance. Trustor and Additional Trustor shall not settle, adjust or
compromise any claim for loss, damage or destruction of the Collateral or any part thereof under any policy or policies of insurance without the prior written consent of Beneficiary to such settlement, adjustment or compromise (which consent shall
not be unreasonably withheld). In the event of any damage to or destruction of the Premises, all insurance proceeds shall, at the option of Beneficiary, be applied upon any indebtedness or obligation of Trustor secured hereby, and in such order as
Beneficiary may determine notwithstanding that said indebtedness or the performance of said obligation may not then be due. Except as provided in the Loan Agreement, nothing herein contained shall be deemed to excuse Trustor from repairing or
maintaining the Collateral as provided in Section 2.2 hereof or restoring all damage or destruction to the Collateral, regardless of whether or not there are insurance proceeds available to Trustor or whether any such proceeds are sufficient in
amount, and the application or release by Beneficiary of any insurance proceeds shall not cure or waive any default or notice of default under this Deed of Trust or invalidate any act done pursuant to such notice. 
 2.6 Assignment of Policies Upon Foreclosure. In the event of foreclosure of this Deed of Trust or other transfer of title or assignment of the
Collateral in extinguishment, in whole or in part, of the debt secured hereby, all right, title and interest of Trustor and Additional Trustor in and to all policies of insurance required by Section 2.3 hereof and any unearned premiums paid
thereon shall, without further act, be assigned to and shall inure to the benefit of and pass to the successor in interest to Trustor and Additional Trustor or the purchaser or grantee of the Collateral, and Trustor and Additional Trustor hereby
appoint Beneficiary their lawful attorney-in-fact to execute an assignment thereof and any other document necessary to effect such transfer. 
 2.7 Indemnification; Subrogation; Waiver of Offset. 
 2.7.1 If Beneficiary is made a party to any litigation
concerning this Deed of Trust, any of the Loan Documents, the Collateral or any part thereof or interest therein, or the occupancy of the Premises by Trustor or any tenant of Trustor, then Trustor shall indemnify, defend and hold Beneficiary
harmless from all liability to any third party by reason of said litigation, 

  

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including all reasonable attorneys’ fees and expenses incurred by Beneficiary as a result of any such litigation, whether or not any such litigation is
prosecuted to judgment. Beneficiary may employ an attorney or attorneys to protect its rights hereunder, and in the event of such employment, Trustor shall pay Beneficiary reasonable attorneys’ fees and expenses incurred by such Beneficiary,
whether or not an action is actually commenced against Trustor by reason of its breach. Neither this paragraph nor any other provision of this Deed of Trust shall be deemed to include or create any obligation or liability of Trustor to Beneficiary
which constitutes an obligation or liability of Trustor to Beneficiary under the indemnity in favor of Beneficiary set forth in Section 11.15 of the Loan Agreement entitled “Hazardous Materials Indemnity”, which indemnity shall be and
is unsecured and is not subject to the lien of this Deed of Trust on the Premises. 
 2.7.2 Trustor and Additional Trustor
waive any and all right to claim or recover against Beneficiary, its officers, employees, agents and representatives, for loss of or damage to Trustor and/or Additional Trustor, the Collateral, Trustor’s and/or Additional Trustor’s
property or the property of others under Trustor’s and/or Additional Trustor’s control from any cause insured against or required to be insured against by the provisions of this Deed of Trust; provided, however, that this waiver of
subrogation shall not be effective with respect to any policy of insurance permitted or required by this Deed of Trust if (i) such policy prohibits such waiver of subrogation, or if coverage thereunder would be reduced as a result of such
waiver of subrogation and (ii) Trustor is unable to obtain from a carrier issuing such insurance a policy that, by special endorsement or otherwise, permits such a waiver of subrogation. 
 2.7.3 Except as otherwise specifically provided herein, all amounts payable by Trustor pursuant to this Deed of Trust shall be paid
without notice, demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction, and the obligations and liabilities of Trustor hereunder shall in no way be released, discharged or otherwise
affected (except as expressly provided herein) by reason of: (i) any damage to or destruction of or any condemnation or similar taking of the Collateral or any part thereof; (ii) any restriction or prevention of or interference by any
third party with any use of the Collateral or any part thereof; (iii) any title defect or encumbrance or any eviction from the Premises or any part thereof by title paramount or otherwise; (iv) any bankruptcy, insolvency, reorganization,
composition, adjustment, dissolution, liquidation or other like proceeding relating to Beneficiary, or any action taken with respect to this Deed of Trust by any trustee or receiver of Beneficiary, or by any court, in any such proceeding;
(v) any claim which Trustor has or might have against Beneficiary; (vi) any default or failure on the part of Beneficiary to perform or comply with any of the terms hereof or of any other agreement with Trustor; or (vii) any other
occurrence whatsoever, whether similar or dissimilar to the foregoing; whether or not Trustor shall have notice or knowledge of any of the foregoing. Except as expressly provided herein, Trustor waives all rights now or hereafter conferred by
statute or otherwise to any abatement, suspension, deferment, diminution or reduction of any sum secured hereby and payable by Trustor. 
 2.8 Taxes and Impositions. 
 2.8.1 Subject to Trustor’s rights to contest provided in the Loan
Agreement, Trustor shall pay, or cause to be paid at least ten (10) days prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, including without
limitation non-governmental levies or assessments such as maintenance charges, levies or charges resulting from covenants, conditions and restrictions affecting the Collateral, which are assessed or imposed upon the Collateral, or upon Trustor as
owner or operator of the Premises, or become due and payable, and which create, may create or appear to create a lien upon the Collateral, or any part thereof, or upon any personal property, equipment or other facility used in the operation or
maintenance thereof (all the above collectively hereinafter referred to as “Impositions”); provided, however, that if, by law, any such Imposition is payable, or may at the option of the taxpayer be paid, 

  

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in installments, Trustor may pay the same or cause it to be paid, together with any accrued interest on the unpaid balance of such Imposition, in
installments as the same become due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest. 
 2.8.2 Subject to Trustor’s rights to contest provided in the Loan Agreement, if at any time after the date hereof there shall be
assessed or imposed (i) a tax or assessment on the Collateral in lieu of or in addition to the Impositions payable by Trustor pursuant to paragraph 2.8.1 hereof, or (ii) a license fee, tax or assessment imposed on Beneficiary and
measured by or based in whole or in part upon the amount of the outstanding obligations secured hereby, then all such taxes, assessments or fees shall be deemed to be included within the term “Impositions” as defined in
paragraph 2.8.1 hereof, and Trustor shall pay and discharge the same as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency, Beneficiary may at its option declare all
obligations secured hereby together with all accrued interest thereon, immediately due and payable. Anything to the contrary herein notwithstanding, Trustor shall have no obligation to pay any franchise, estate, inheritance, income, excess profits
or similar tax levied on Beneficiary or on the obligations secured hereby. 
 2.8.3 Subject to Trustor’s rights to
contest provided in the Loan Agreement, and upon request by Beneficiary, Trustor shall deliver to Beneficiary, within thirty (30) days after the date upon which any such Imposition is due and payable by Trustor or as soon thereafter as the same
becomes available, official receipts of the appropriate taxing authority, or other proof satisfactory to Beneficiary, evidencing the payment thereof. 
 2.9 Utilities. Trustor shall promptly pay all gas, electricity, water, sewer and other utility charges which are incurred for the benefit of the Collateral or which may become a lien against the Collateral and
all other assessments and other charges of a similar nature, public or private, relating to the Collateral or any portion thereof, regardless of whether or not any such charge is or may become a lien thereon. 
 2.10 Defense of Actions and Costs. Trustor, at no cost or expense to Beneficiary or Trustee, shall appear in and defend any action or proceeding
purporting to affect the security hereof, the other Loan Documents, any additional or other security for the obligations secured hereby, the interest of Beneficiary, or the rights, powers or duties of Beneficiary or Trustee hereunder. If Beneficiary
and Trustee, or either of them, elects to become a party to such action or proceeding, or is made a party thereto or to any other action or proceeding, of whatever kind or nature, concerning the Loan Agreement, this Deed of Trust, any of the Loan
Documents, the Collateral or any part thereof or interest therein, or the occupancy thereof, Trustor shall indemnify, defend and hold Trustee and Beneficiary harmless from all liability, damage, cost and expense incurred by Trustee and Beneficiary,
or either of them, by reason of said action or proceeding (including, without limitation, Trustee’s fees and expenses, the fees of attorneys for Trustee and for Beneficiary, and other expenses, of whatever kind or nature, incurred by Trustee or
Beneficiary, or either of them, as a result of such action or proceeding), whether or not such action or proceeding is prosecuted to judgment or decision. Immediately upon demand therefor by Trustee or Beneficiary, Trustor shall pay thereto an
amount equal to Trustor’s liability to such person under this Section, together with interest thereon from date of expenditure at the Default Rate; and until paid, such sums shall be secured hereby. 
 2.11 Actions by Beneficiary to Preserve Collateral. If Trustor fails to make any payment or to do any act as and in the manner provided in any of
the Loan Documents, Beneficiary, and Trustee, and each of them, each in its own discretion, without obligation so to do, without releasing Trustor from any obligation, upon notice reasonable under the circumstances (which notice may be written or
oral), may make or do the same in such manner and to such extent as either may reasonably deem necessary to protect the security 

  

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hereof. In connection therewith (without limiting their general and other powers, whether conferred herein, in another Loan Document or by law), Beneficiary
and Trustee, and each of them, each shall have and are hereby given the right, but not the obligation: (i) to enter upon the Premises and take possession of the Collateral; (ii) to make additions, alterations, repairs and improvements to
the Collateral which they or either of them may consider necessary or proper to keep the Collateral in good condition and repair; (iii) to appear and participate in any action or proceeding affecting or which may affect the security hereof or
the rights or powers of Beneficiary or Trustee; (iv) to pay, purchase, contest or compromise any encumbrance, claim, charge, lien or debt which in the judgment of either may affect or appears to affect the security of this Deed of Trust or to
be prior or superior hereto; and (v) in exercising such powers, to pay necessary expenses, including employment of counsel or other necessary or desirable consultants. Trustor shall, immediately upon demand therefor by Beneficiary, pay to
Beneficiary an amount equal to all costs and expenses incurred by it in connection with the exercise by Beneficiary of the foregoing rights, including, without limitation, costs of evidence of title, court costs, appraisals, surveys and
receiver’s, Trustee’s and attorneys’ fees, costs and expenses (including, without limitation, the fees and expenses of attorneys for Trustee), whether or not an action is actually commenced in connection therewith, together with
interest thereon from the date of such expenditures until Beneficiary has been repaid such amount at the Default Rate and, until paid, said sums shall be secured hereby. 
 2.12 Transfer of Collateral by Trustor and/or Additional Trustor. Except as otherwise provided in the Loan Agreement, Trustor shall not sell, assign, encumber, lease as a whole or otherwise transfer or convey
all or any part of the Premises or any interest therein without the prior written consent of Beneficiary, except for transfers or conveyances of personal property in the ordinary course of business and otherwise permitted by the Loan Agreement. With
the prior written consent of Beneficiary (which consent shall not be unreasonably withheld or delayed, or in any event withheld for a reason other than the financial status of the proposed transferee or the fact that such transferee or its
affiliates has previously defaulted in any material respect in any obligation owed to Beneficiary or any of the Banks) Additional Trustor may sell, assign, convey or otherwise transfer all or any part of the Premises or any interest therein to any
financially responsible person or entity, provided that in any event (i) each sale, assignment, conveyance or transfer is made expressly subject to this Deed of Trust, (ii) such sale, assignment, conveyance or transfer complies with
all applicable laws and regulations, including those promulgated by any applicable gaming authorities, and (iii) Additional Trustor shall not enter into any transaction calling for the granting of a lien or other encumbrance on the Premises or
any portion thereof (as opposed to an outright sale or conveyance) unless the holder of such lien or encumbrance has entered into a subordination of such lien or encumbrance in favor of Beneficiary which is in form and substance satisfactory to
Beneficiary. Notwithstanding the foregoing, without obtaining the prior written consent of Beneficiary, the partners, shareholders or other constituent members of Additional Trustor shall have the right to sell, transfer or otherwise convey their
partnership interests, shares or other equity ownership interests in Additional Trustor. 
 2.13 Survival of Warranties. Trustor shall
fully and faithfully satisfy and perform the obligations of Trustor contained in the Loan Documents, each agreement of Trustor and Additional Trustor incorporated by reference therein or herein and each agreement the performance of which is secured
hereby, and any modification or amendment thereof. All representations, warranties and covenants of Trustor contained in any such agreement between Trustor and Beneficiary shall survive the execution and delivery hereof and shall remain continuing
obligations, warranties and representations of Trustor during any time when any portion of the obligations secured hereby remain outstanding. 
 2.14 Condemnation and Other Awards. Immediately upon its obtaining knowledge of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of the Collateral or
any part thereof, or if the same be taken or damaged by reason of any public improvement or condemnation proceeding, or in any other manner, or should 

  

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Trustor and/or Additional Trustor receive any notice or other information regarding such proceeding, action, taking or damage, Trustor and Additional Trustor
shall promptly notify Trustee and Beneficiary of such fact. Trustor shall then, if requested by Beneficiary, file or defend its rights thereunder and prosecute the same with due diligence to its final disposition and shall cause any award or
settlement to be paid over to Beneficiary for disposition pursuant to the terms of this Deed of Trust. Subject to the Loan Agreement, at Beneficiary’s option, Beneficiary or Trustor may be the nominal party in such proceeding but in any event
Beneficiary shall be entitled, without regard to the adequacy of its security, to participate in and to control the same and to be represented therein by counsel of its choice, and Trustor will deliver, or cause to be delivered, to Beneficiary such
instruments as may be requested by it from time to time to permit such participation. If the Collateral or any part thereof is taken or diminished in value, or if a consent settlement is entered, by or under threat of such proceeding, all
compensation, awards, damages, rights of action, proceeds and settlements payable to Trustor and/or Additional Trustor by virtue of its interest in the Collateral shall be and hereby are assigned, transferred and set over unto Beneficiary to be held
by it, in trust, subject to the lien and security interest of this Deed of Trust. All such proceeds shall be first applied to reimburse Trustee and Beneficiary for all costs and expenses, including reasonable attorneys’ fees, incurred in
connection with the collection of such award or settlement. The balance of such award or settlement shall, at the option of Beneficiary, be applied upon any indebtedness or obligation of Trustor secured hereby, and in such order as Beneficiary may
determine notwithstanding that said indebtedness or the performance of said obligation may not then be due. Application or release of such proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate
any act done pursuant to such notice. 
 2.15 Additional Security. No other security now existing, or hereafter taken, to secure the
obligations secured hereby nor the liability of any maker, surety, guarantor or endorser with respect to such obligations, or any of them, shall be impaired or affected by the execution of this Deed of Trust; and all additional security shall be
taken, considered and held as cumulative. The taking of additional security, execution of partial releases of the security, or any extension of the time of payment of the indebtedness shall not diminish the force, effect or lien of this Deed of
Trust and shall not affect or impair the liability of any maker, surety, guarantor or endorser for the payment of said indebtedness. In the event Beneficiary at any time holds additional security for any of the obligations secured hereby, it may
enforce the sale thereof or otherwise realize upon the same, at its option, either before, concurrently, or after a sale is made hereunder. 
 2.16 Inspections. Beneficiary, Trustee and the agents, representatives or workers of each of them, are authorized, upon notice reasonable under the circumstances (which may be written or oral), to enter at any reasonable time upon or
in any part of the Premises for the purpose of inspecting the same and for the purpose of performing any of the acts it is authorized to perform hereunder or under the terms of any of the Loan Documents. Neither Beneficiary nor Trustee shall, during
the course of any such inspection, unreasonably interfere with the construction of any work or improvement then under construction. 
 2.17
Liens. Trustor shall pay and promptly discharge, at Trustor’s cost and expense, all liens, encumbrances and charges upon the Collateral, or any part thereof or interest therein other than Permitted Encumbrances; provided that the
existence of any mechanic’s, laborer’s, materialman’s, supplier’s or vendor’s lien or right thereto shall not constitute a violation of this Section if payment is not yet due under the contract which is the foundation
thereof and if such contract does not postpone payment for more than forty-five (45) days after the performance thereof. Nothing contained herein shall prohibit Trustor from exercising any right or rights Trustor may have under the Loan
Agreement to contest any such lien. Subject to Trustor’s right to contest any such lien as aforesaid, if Trustor shall fail to remove and discharge any such lien, encumbrance or charge, then, in addition to any other right or 

  

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remedy of Beneficiary, Beneficiary may, but shall not be obligated to, discharge the same, without inquiring into the validity of such lien, encumbrance or
charge nor into the existence of any defense or offset thereto, either by paying the amount claimed to be due, or by procuring the discharge of such lien, encumbrance or charge by depositing in a court a bond or the amount claimed or otherwise
giving security for such claim, or in such manner as is or may be prescribed by law. Trustor shall, immediately upon demand therefor by Beneficiary, pay to Beneficiary an amount equal to all costs and expenses incurred by Beneficiary in connection
with the exercise by Beneficiary of the foregoing right to discharge any such lien, encumbrance or charge, together with interest thereon from the date of such expenditure at the Default Rate, and until paid, such sums shall be secured hereby.

 2.18 Beneficiary’s Powers. Without affecting the liability of any other person liable for the payment of any obligation herein
mentioned, and without affecting the lien or charge of this Deed of Trust upon any portion of the Collateral not then or theretofore released as security for the full amount of all unpaid obligations, Beneficiary may, from time to time and without
notice (i) release any person so liable, (ii) extend the maturity or alter any of the terms of any such obligation (provided, however, that the consent of Trustor shall be required with respect to the extension or alteration of any unpaid
obligation of Trustor to Beneficiary), (iii) grant other indulgences, (iv) release or reconvey, or cause to be released or reconveyed at any time at Beneficiary’s option any parcel, portion or all of the Collateral, (v) take or
release any other or additional security for any obligation herein mentioned, or (vi) make compositions or other arrangements with debtors in relation thereto. By accepting payment or performance of any obligation secured by this Deed of Trust
after the payment or performance thereof is due or after the filing of a notice of default and election to sell, Beneficiary shall not have thereby waived its right to require prompt payment or performance, when due, of all other obligations secured
hereby, or to declare a default for failure so to pay or perform, or to proceed with the sale under any notice of default and election to sell theretofore given by Beneficiary, or with respect to any unpaid balance of the indebtedness secured
hereby. The acceptance by Beneficiary of any sum in an amount less than the sum then due shall not constitute a waiver of the obligation of Trustor to pay the entire sum then due. Trustor’s failure to pay the entire sum then due shall continue
to be a default, notwithstanding the acceptance of partial payment, and, until the entire sum then due shall have been paid, Beneficiary or Trustee shall at all times be entitled to declare a default and to exercise all the remedies herein
conferred, and the right to proceed with a sale under any notice of default and election to sell shall in no way be impaired, whether or not such amounts are received prior or subsequent to such notice. No delay or omission of Trustee or Beneficiary
in the exercise of any right or power hereunder shall impair such right or power or any other right or power nor shall the same be construed to be a waiver of any default or any acquiescence therein. 
 2.19 Other Instruments. Subject to Trustor’s right to contest as provided in the Loan Agreement, Trustor shall punctually pay all amounts due
and payable, and shall promptly and faithfully perform or observe each and every other obligation or condition to be performed or observed under, each deed of trust, mortgage or other lien or encumbrance, lease, sublease, declaration, covenant,
condition, restriction, license, order or other instrument or agreement which affects or appears to affect the Collateral, whether at law or in equity. 
 ARTICLE 3. 
 ASSIGNMENT OF RENTS, ISSUES AND PROFITS 
 3.1 Assignment of Rents, Issues and Profits. Trustor and Additional Trustor hereby absolutely and irrevocably assign and transfer to Beneficiary
all of their right, title and interest in and to all rents, issues, profits, royalties, income and other proceeds and similar benefits derived from the Collateral (collectively, the “Rents”), and hereby give to and confer upon Beneficiary
the right, power and authority to collect such Rents. Trustor and Additional Trustor irrevocably appoint Beneficiary their true and lawful attorney-in-fact, at the option of Beneficiary, at any time and from time to time, upon the occurrence of an
Event of Default, to 

  

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demand, receive and enforce payment, to give receipts, releases and satisfactions, and to sue, in its name or in the name of Trustor and Additional Trustor,
for all Rents, and apply the same to the obligations secured hereby; provided, however, Trustor and Additional Trustor shall have the right to collect Rents (but not more than one month in advance unless the written approval of Beneficiary has first
been obtained), and to retain and enjoy the same, so long as an Event of Default shall not have occurred hereunder and be continuing. The assignment of the Rents in this Article 3 is intended to be an absolute assignment from Trustor and
Additional Trustor to Beneficiary and not merely the passing of a security interest. 
 3.2 Collection Upon Default. Upon the
occurrence of an Event of Default hereunder, Beneficiary may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the obligations hereby secured, enter
upon and take possession of the Collateral, or any part thereof, and, with or without taking possession of the Collateral or any part thereof, in its own name sue for or otherwise collect such Rents (including those past due and unpaid, and all
prepaid Rents and all other monies which may have been or may hereafter be deposited with Trustor by any lessee or tenant of Trustor to secure the payment of any Rent or for any services thereafter to be rendered by Trustor for any other obligation
of any tenant to Trustor arising under any lease, and Trustor agrees that, upon the occurrence of any Event of Default hereunder, Trustor shall promptly deliver all Rents and other monies to Beneficiary), and Beneficiary may apply the same, less
costs and expenses of operation and collection, including, without limitation, reasonable attorneys’ fees, whether or not suit is brought or prosecuted to judgment, upon any indebtedness or obligation of Trustor secured hereby, and in such
order as Beneficiary may determine notwithstanding that said indebtedness or the performance of said obligation may not then be due. The collection of Rents, or the entering upon and taking possession of the Collateral, or the application thereof as
aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default or be deemed or construed to make Beneficiary a mortgagee-in-possession of the
Collateral or any portion thereof. 
 3.3 Further Assignments. Upon demand of Beneficiary, Trustor shall, from time to time hereafter,
execute and deliver to Beneficiary recordable assignments of Trustor’s interest in any or all leases, subleases, contracts, rights, licenses and permits now or hereafter affecting the Collateral or any portion thereof. Such assignments shall be
made by instruments in form and substance satisfactory to Beneficiary; provided, however, that no such assignment shall be construed as imposing upon Beneficiary any obligation with respect thereto. Beneficiary may, at its option, exercise its
rights hereunder or under any such specific assignment and such exercise shall not constitute a waiver of any right hereunder or under any such specific assignment. 
 Trustor and Additional Trustor by execution of this Deed of Trust unconditionally covenant and agree that this Deed of Trust shall be an
encumbrance lien against the Collateral senior and paramount to all right, title and interest of Trustor and Additional Trustor now owned or hereafter acquired as set forth in that certain Lease wherein Additional Trustor is Lessor and Trustor is
Lessee dated July 21, 1972, as amended by Addendum to Lease dated March 20, 1973, as further amended by Amendment to Lease dated January 1, 1978, as further amended by amendment to Lease dated January 31, 1985, and as further
amended by Third Amendment to Lease dated December 24, 1987, together with all further and subsequent amendments relating thereto, including, but not limited to, all rights of reverter therein contained. 
  

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 ARTICLE 4. 
 REMEDIES UPON DEFAULT 
 4.1 Events of Default. Any of the following events shall be deemed an event
of default (“Event of Default”) hereunder: 
 4.1.1 Trustor shall fail to pay any amount owing under this Deed of
Trust or any of the Notes when due; or 
 4.1.2 Trustor shall fail to observe or perform any other obligation contained in
this Deed of Trust, and such failure is not cured within 30 days after Beneficiary gives Trustor notice of such failure; or 
 4.1.3 The occurrence of an “Event of Default” under the Loan Agreement; or 
 4.1.4 A default under any
other document or agreement secured hereby, subject to any applicable cure period. 
 4.2 Acceleration Upon Default; Additional
Remedies. Upon the occurrence of an Event of Default, Beneficiary may, at its option, declare all indebtedness and obligations secured hereby to be immediately due and payable without any presentment, demand, protest or further notice of any
kind; and whether or not Beneficiary exercises said option, Beneficiary may: 
 4.2.1 Either in person or by agent, with or
without bringing any action or proceeding, or by a receiver appointed by a court and without regard to the adequacy of its security, enter upon and take possession of the Collateral, or any part thereof, in its own name or in the name of Trustee,
and do any act which it deems necessary or desirable to preserve the value, marketability or rentability of the Collateral, or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking
possession of the Collateral, sue for or otherwise collect the Rents, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection including without limitation attorneys’ fees, upon any
indebtedness secured hereby, all in such order as Beneficiary may determine. The entering upon the Premises and taking possession of the Collateral, the collection of such Rents and the application thereof as aforesaid, shall not cure or waive any
default or notice of default hereunder or invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession by Trustee, Beneficiary or a receiver of all or any portion of the
Premises or the collection, receipt and application of any of the Rents, the Trustee or Beneficiary shall be entitled to exercise every right provided for in any of the Loan Documents or by law upon occurrence of any Event of Default, including the
right to exercise the power of sale; 
 4.2.2 Commence an action to foreclose this Deed of Trust as a mortgage, appoint a
receiver, or specifically enforce any of the covenants hereof; 
 4.2.3 Deliver to Trustee a written declaration of default
and demand for sale, and a written notice of default and election to cause Trustor’s interest in the Collateral to be sold, which notice the Trustee or Beneficiary shall cause to be duly filed for record in the Official Records of the County in
which the Collateral is located; or 
 4.2.4 Exercise all other rights and remedies provided herein, in any Loan Document or
other document or agreement now or hereafter securing all or any portion of the obligations secured hereby, or provided by law. 
  

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 4.3 Foreclosure By Power of Sale. 
 4.3.1 Upon the occurrence of an Event of Default as defined by Section 4.1 hereof, then Trustee, its successors and assigns, on
demand by Beneficiary, shall sell the real property in order to accomplish the objects of this Trust in the manner set forth by Subsections 4.3.2 through 4.3.5 below. 
 4.3.2 Upon receipt of notice from Beneficiary, Trustee shall cause to be recorded, published and delivered to Trustor and Additional
Trustor such Notice of Default and Election to Sell as is then required by Chapter 107 of the Nevada Revised Statutes. Trustee shall, without demand on Trustor or Additional Trustor, after lapse of such time as may then be required by law and
after recordation of such Notice of Default and Election to Sell first give notice of the time and place of such sale, in the manner provided by the laws of the State of Nevada for the sale of real property under execution, and may from time to time
postpone such sale by such advertisement as it may deem reasonable, or without further advertisement, by proclamation made to the persons assembled at the time and place previously appointed and advertised for such sale, and on the day of sale so
advertised, or to which such sale may have been postponed, the Trustee may sell the property so advertised, at public auction, at the time and place specified in the notice, either in the county in which the property, or any part thereof, to be
sold, is situated, or at the principal office of the Trustee located in Washoe County, in its discretion, to the highest cash bidder. The Beneficiary or the holder or holders of the Notes, Loan Agreement or other Loan Documents secured hereby may
bid and purchase at such sale. Beneficiary may, after recording the Notice of Default and Election to Sell, give or withdraw the same or any proceedings thereunder, and shall thereupon be restored to their former position and have and enjoy the same
rights as though such notice had not been recorded after Notice of Sale having been given as required by law, sell the Real Property at the time and place of sale fixed by it in said Notice of Sale, either as a whole, or in separate lots or parcels
or items and in such order as Beneficiary may direct Trustee so to do, at public auction to the highest bidder for cash in lawful money of the United States payable at the time of sale. Trustee shall deliver to such purchaser or purchasers thereof
its good and sufficient deed or deeds conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matter or fact shall be conclusive proof of the truthfulness thereof. Any person,
including, without limitation, Trustor, Additional Trustor, Trustee or Beneficiary, may purchase at such sale, and Trustor hereby covenants to warrant and defend the title of such purchaser or purchasers. 
 4.3.3 After deducting all costs, fees and expenses of Beneficiary and Trustee, including costs of evidence of title in connection with
sale, Beneficiary shall apply the proceeds of sale in the following priority, to payment of (i) first, all amounts expended under the terms hereof, not then repaid, with accrued interest at the Default Rate; (ii) second, all other amounts
then secured hereby; and (iii) the remainder, if any, to the person or persons legally entitled thereto. 
 4.3.4 In the
event of a sale of the Premises conveyed or transferred in trust, or any part thereof, and the execution of a deed or deeds therefor under such trust, the recital therein of default, and of the recording notice of breach and election of sale, and of
the elapsing of the 3-month period, and of the giving of notice of sale, and of a demand by Beneficiary that such sale should be made, shall be conclusive proof of such default, recording, election, elapsing of time, and of the due giving of such
notice and that the sale was regularly and validly made on due and proper demand by Beneficiary; and any such deed or deeds with such recitals therein shall be effectual and conclusive against Trustor and Additional Trustor, their respective
successors and assigns, and all other persons; and the receipt for the purchase money recited or contained in any deed executed to the purchaser as aforesaid shall be sufficient discharge to such purchaser from all obligation to see to the property
application of the purchase money, according to the trusts aforesaid. 
 4.3.5 A sale of less than the whole of the Real
Property or any defective or irregular sale made hereunder shall not exhaust the power of sale provided for herein; and subsequent sales may be made hereunder until all obligations secured hereby have been satisfied, or the entire Collateral sold,
without defect or irregularity. 
  

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 4.4 Uniform Commercial Code Remedies. Upon the occurrence of an Event of Default, Beneficiary
shall have all rights and remedies made available to a secured party under the Uniform Commercial Code. In addition to those rights and remedies which are generally made available to a secured party under the Uniform Commercial Code, Beneficiary
shall have the following rights and remedies: 
 (a) Beneficiary may notify the Trustor and/or Additional Trustor, under any
account which is included within the Personal Property, to make payment under such account directly to Beneficiary. 
 (b)
Beneficiary may require Trustor and/or Additional Trustor to assemble the Personal Property and to make it available to Beneficiary at the location of the Real Property, provided that Additional Trustor shall have the obligation to assemble
only that portion of the Personal Property, if any, which is its own property. Trustor, Additional Trustor and Beneficiary agree that such location shall be deemed to be reasonably convenient to each of them. 
 (c) Any other remedy provided by this Deed of Trust, with respect to the Personal Property, which is authorized or permitted under the
Uniform Commercial Code. 
 Without limiting the generality of the foregoing, to the extent that this Deed of Trust covers both real and personal property,
Beneficiary may, in the sole discretion of Beneficiary, either alternatively, concurrently, or consecutively in any order: 
 (a) Proceed as to both the real and personal property in accordance with Beneficiary’s rights and remedies in respect to the Real Property; or 
 (b) Proceed as to the Real Property in accordance with Beneficiary’s rights and remedies in respect to the real property and proceed
as to the personal property in accordance with Beneficiary’s rights and remedies in respect to the personal property. 
 Beneficiary
may, in the sole discretion of Beneficiary, appoint Trustee as the agent of Beneficiary for the purpose of disposition of the Personal Property in accordance with the Uniform Commercial Code. 
 If Beneficiary should elect to proceed as to both the Real Property and Personal Property collateral in accordance with Beneficiary’s rights and
remedies in respect to real property: 
 (a) All the Real Property and all the Personal Property may be sold, in the manner
and at the time and place provided in this Deed of Trust, in one lot, or in separate lots consisting of any combination or combinations of Real Property and Personal Property, as the Beneficiary may elect, in the sole discretion of Beneficiary.

 (b) Trustor and Additional Trustor acknowledge and agree that a disposition of the Personal Property Collateral in
accordance with Beneficiary’s rights and remedies in respect to Real Property, as hereinafter provided, is a commercially reasonable disposition of the Collateral. 
 4.5 Appointment of Receiver. If an Event of Default in this Deed of Trust shall have occurred and be continuing, Beneficiary, as a matter of right and without notice to Trustor or Additional Trustor or anyone
claiming under Trustor, and without regard to the then 

  

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value of the Collateral or the interest of Trustor therein, shall have the right to apply to any court having jurisdiction to appoint a receiver or receivers
of the Collateral, in a manner consistent with applicable law. Any such receiver or receivers shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Beneficiary in case of entry as provided
herein and shall continue as Beneficiary in case of entry as provided herein and shall continue as such and exercise all such powers until the date of confirmation of sale of the Collateral unless such receivership is sooner terminated. 

4.6 Application of Funds After Default. Except as otherwise herein provided, upon the occurrence of an Event of Default hereunder, Beneficiary
may, but shall be under no obligation to, at any time without notice, apply any or all sums or amounts received and held by Beneficiary to pay insurance premiums, Impositions, or either of them, or as rents or income of the Premises, or as insurance
or condemnation proceeds, and all other sums or amounts received by Beneficiary from or on account of Trustor or Additional Trustor or the Premises, or otherwise, upon any indebtedness or obligation of the Trustor secured hereby, in such manner and
order as Beneficiary may elect, notwithstanding that said indebtedness of the performance of said obligation may not yet be due. The receipt, use or application of any such sum or amount shall not be construed to affect the maturity of any
indebtedness secured by this Deed of Trust, or any of the rights or powers of Beneficiary or Trustee under the terms of the Loan Documents, or any of the obligations of Trustor or any guarantor under the Loan Documents; or to cure or waive any
default or notice of default under any of the Loan Documents; or to invalidate any act of Trustee or Beneficiary. 
 4.7 Costs of
Enforcement. If any Event of Default occurs, Beneficiary and Trustee, and each of them, may employ an attorney or attorneys to protect their rights hereunder. Trustor promises to pay to Beneficiary, on demand, the fees and expenses of such
attorneys and all other costs of enforcing the obligations secured hereby, including, without limitation, recording fees, the expense of a trustee’s sale guarantee, Trustee’s fees and expenses, receivers’ fees and expenses, and all
other expenses, of whatever kind or nature, incurred by Beneficiary and Trustee, and each of them, in connection with the enforcement of the obligations secured hereby, whether or not such enforcement includes the filing of a lawsuit. Until paid,
such sums shall be secured hereby and shall bear interest, from date of expenditure, at the Default Rate. 
 4.8 Remedies Not
Exclusive. Trustee and Beneficiary, and each of them, shall be entitled to enforce payment and performance of any indebtedness or obligation secured hereby and to exercise all rights and powers under this Deed of Trust or under any Loan Document
or other agreement or any law now or hereafter in force, notwithstanding some or all of the said indebtedness and obligations secured hereby may now or hereafter be otherwise secured, whether by guaranty, mortgage, deed of trust, pledge, lien,
assignment or otherwise. Neither the acceptance of this Deed of Trust nor its enforcement whether by court action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner affect Trustee’s or
Beneficiary’s right to realize upon or enforce any other security now or hereafter held by Trustee or Beneficiary, it being agreed that Trustee and Beneficiary, and each of them, shall be entitled to enforce this Deed of Trust and any other
security for the obligation hereby secured now or hereafter held by Beneficiary or Trustee in such order and manner as they may in their absolute discretion determine. No remedy herein conferred upon or reserved to Trustee or Beneficiary is intended
to be exclusive of any other remedy herein, or granted to Beneficiary under any other agreement, or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder, or granted to Beneficiary
under any other agreement, or now or hereafter existing at law or in equity or by statute. Every power or remedy given by any of the Loan Documents to the Trustee or Beneficiary or to which either of them may be otherwise entitled may be exercised,
concurrently or independently, from time to time and as often as may be deemed expedient by the Trustee 

  

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or Beneficiary, and either of them may pursue inconsistent remedies. Trustor and Additional Trustor may be joined in any action brought by Beneficiary to
foreclose under or otherwise enforce this Deed of Trust. 
 4.9 Deficiency. Trustor agrees to pay any deficiency arising from any
cause after application of the proceeds of the sale of the Collateral. Additional Trustor shall have the right to cure any default hereunder within the times and in the manner set forth herein and in the Loan Documents, but shall not be liable for
any deficiency arising hereunder. 
 4.10 Request for Notice. Trustor and Additional Trustor hereby request that a copy of any notice
of default and that a copy of any notice of sale hereunder be mailed to them at 345 North Virginia Street, Reno, Nevada 89501. 
 ARTICLE 5.

 MISCELLANEOUS 
 5.1
Amendments. This instrument cannot be waived, changed, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of any waiver, change, discharge or termination is sought. A copy of
said instrument shall be sent by said party to all other parties in the manner specified below. 
 5.2 Trustor Waiver of Rights.
Trustor and Additional Trustor waive, to the extent permitted by law, (i) the benefit of all laws now existing or that may hereafter be enacted providing for any appraisement before sale of any portion of the Collateral, and, whether now
existing or hereafter arising or created, (ii) all rights of valuation, appraisement, stay of execution, notice of election to mature or declare due the whole of the secured indebtedness and marshaling in the event of foreclosure of the liens
hereby created, and (iii) all rights and remedies which Trustor and Additional Trustor may have or be able to assert by reason of the laws of the State of Nevada pertaining to the rights and remedies of sureties. 
 5.3 Rights of Beneficiary. Additional Trustor authorizes Beneficiary to perform any or all of the following acts at any time in its sole
discretion, all without notice to Additional Trustor and without affecting Additional Trustor’s obligations under this Deed of Trust, and except to the extent otherwise expressly set forth in this Deed of Trust: 
 (a) Beneficiary may alter any terms of the Loan Documents, including renewing, compromising, extending or accelerating, or otherwise
changing the time for payment of, or increasing or decreasing the rate of interest on, the Loans or Letters of Credit referred to in the Loan Agreement. 
 (b) Beneficiary may take and hold security for the Loan Documents, accept additional or substituted security for either, and subordinate, exchange, enforce, waive, release, compromise, fail to perfect and sell or
otherwise dispose of any such security. 
 (c) Beneficiary may direct the order and manner of any sale of all or any part of
any security now or later to be held for the Loan Documents, and Beneficiary may also bid at any such sale. 
 (d) Beneficiary
may apply any payments or recoveries from Trustor, Additional Trustor or any other source, and any proceeds of any security, to Trustor’s obligations under the Loan Documents in such manner, order and priority as Beneficiary may elect, whether
or not those obligations are guarantied by this Deed of Trust or secured at the time of the application. 
  

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 (e) Beneficiary may release Trustor of its liability under the Loan Documents or any part
of it. 
 (f) Beneficiary may substitute, add or release any one or more guarantors or endorsers. 
 (g) In addition to that contemplated by the Loan Documents, Beneficiary may extend other credit to Trustor, and may take and hold security
for the credit so extended, all without affecting Additional Trustor’s liability under this Deed of Trust. 
 Additional Trustor expressly agrees that
until all obligations and indebtedness of Trustor under the Loan Documents are paid and performed in full and each and every term, covenant and condition of this Deed of Trust is fully performed, Additional Trustor shall not be released by or
because of: 
 (h) Any act or event which might otherwise discharge, reduce, limit or modify Additional Trustor’s
obligations under this Deed of Trust; 
 (i) Any waiver, extension, modification, forbearance, delay or other act or omission
of Beneficiary, or its failure to proceed promptly or otherwise as against Trustor, Additional Trustor or any security; 
 (j)
Any action, omission or circumstance which might increase the likelihood that Additional Trustor may be called upon to perform under this Deed of Trust or which might affect the rights or remedies of Additional Trustor as against Trustor; or

 (k) Any dealings occurring at any time between Trustor and Beneficiary, whether relating to the Loan Documents or
otherwise. 
 Additional Trustor hereby expressly waives and surrenders any defense to its liability under this Deed of Trust based upon any
of the foregoing acts, omissions, agreements, waivers or matters. It is the purpose and intent of this Deed of Trust that the obligations of Additional Trustor under it shall be absolute and unconditional under any and all circumstances. 

5.4 Additional Trustor’s Waivers. Additional Trustor waives: 
 (a) All statutes of limitations as a defense to any action or proceeding brought against Additional Trustor by Beneficiary, to the fullest
extent permitted by law; 
 (b) Any right it may have to require Beneficiary to proceed against Trustor, proceed against or
exhaust any security held from Trustor, or pursue any other remedy in Beneficiary’s power to pursue; 
 (c) Any defense
based on any claim that Additional Trustor’s obligations exceed or are more burdensome than those of Trustor; 
 (d) Any
defense based on: (i) any legal disability of Trustor, (ii) any release, discharge, modification, impairment or limitation of the liability of Trustor to Beneficiary from any cause, whether consented to by Beneficiary or arising by
operation of law or from any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships (“Insolvency Proceeding”) and (iii) any rejection or disaffirmance of the
Loan Documents, or any part of it, or any security held for it, in any such Insolvency Proceeding; 
  

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 (e) Any defense based on any action taken or omitted by Beneficiary in any Insolvency
Proceeding involving Trustor, including any election to have Beneficiary’s claim allowed as being secured, partially secured or unsecured, any extension of credit by Beneficiary to Trustor in any Insolvency Proceeding, and the taking and
holding by Beneficiary of any security for any such extension of credit; 
 (f) All presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of dishonor, notices of acceptance of this Deed of Trust and of the existence, creation, or incurring of new or additional indebtedness, and demands and notices of every kind except
for any demand or notice by Beneficiary to Additional Trustor expressly provided for herein; and 
 (g) Any defense based on
or arising out of any defense that Trustor may have to the payment or performance of the Loan Documents. 
 5.5 Waivers of Subrogation and
Other Rights. Upon a default by Trustor, Beneficiary in its sole discretion, without prior notice to or consent of Additional Trustor, may elect to: (i) foreclose either judicially or nonjudicially against any real or personal property
security it may hold for the Loan Documents, (ii) accept a transfer of any such security in lieu of foreclosure, (iii) compromise or adjust the obligations under the Loan Documents or any part of thereof or make any other accommodation
with Trustor or Additional Trustor, or (iv) exercise any other remedy against Trustor or any security. No such action by Beneficiary shall release or limit the liability of Additional Trustor, who shall remain liable under this Deed of Trust
after the action, even if the effect of the action is to deprive Additional Trustor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Trustor for any sums paid to Beneficiary, whether contractual or
arising by operation of law or otherwise. Additional Trustor expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by Beneficiary or any third
party after any foreclosure or transfer in lieu of foreclosure of any security for the Loan Documents. 
 5.6 Revival and
Reinstatement. If Beneficiary is required to pay, return or restore to Trustor or any other person any amounts previously paid with respect to the Loan Documents because of any Insolvency Proceeding of Trustor, any stop notice or any other
reason, the obligations of Additional Trustor shall be reinstated and revived and the rights of Beneficiary shall continue with regard to such amounts, all as though they had never been paid. 
 5.7 Information Regarding Trustor and the Property. Before signing this Deed of Trust, Additional Trustor investigated the financial condition and
business operations of Trustor, the present and former condition, uses and ownership of the Real Property, and such other matters as Additional Trustor deemed appropriate to assure itself of Trustor’s ability to discharge its obligations under
the Loan Documents. Additional Trustor assumes full responsibility for that due diligence, as well as for keeping informed of all matters which may affect Trustor’s ability to pay and perform its obligations to Beneficiary. Beneficiary has no
duty to disclose to Additional Trustor any information which Beneficiary may have or receive about Trustor’s financial condition or business operations, the condition or uses of the Real Property, or any other circumstances bearing on
Trustor’s ability to perform. 
 5.8 Prepayments of Rents. Subject to the absolute assignment of Rents set forth in Article III,
for so long as the license set forth therein is in effect, Additional Trustor is not prohibited from receiving any payments required to be paid by Trustor to Additional Trustor under the Groundlease, provided that (i) no such payment
shall be made more that one month prior to the date when due and (ii) any payment made in violation of clause (i) shall be held in trust by Additional Trustor for the benefit of Beneficiary. 
  

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 5.9 Statements by Trustor. Trustor and Additional Trustor shall, within ten (10) days after
notice thereof from Beneficiary, deliver to Beneficiary a written statement setting forth the amounts then unpaid and secured by this Deed of Trust and stating whether any offset or defense exists against such amounts. 
 5.10 Beneficiary Statements. For any statement or accounting requested by Trustor or Additional Trustor or any other person or for any other
document or instrument furnished to Trustor by Beneficiary, Beneficiary may charge the maximum amount permitted by law at the time of the request therefor, or if there be no such maximum, then in accordance with Beneficiary’s customary charges
therefor or the actual cost to Beneficiary therefor, whichever is greater. 
 5.11 Reconveyance by Trustee. Upon written request of
Beneficiary stating that all sums and obligations secured hereby have been paid and fully performed, and upon surrender by Beneficiary of this Deed of Trust and the Note to Trustee for cancellation and retention and upon payment by Trustor of
Trustee’s fees and the costs and expenses of executing and recording any requested reconveyance, Trustee shall reconvey to Trustor and Additional Trustor, or to the person or persons legally entitled thereto, without warranty, any portion of
the Real Property then held hereunder. The recitals in any such reconveyance of any matter or fact shall be conclusive proof of the truthfulness thereof. The grantee in any such reconveyance may be described as “the person or persons legally
entitled thereto.” 
 5.12 Notices. Whenever Beneficiary, Trustor, Additional Trustor or Trustee shall desire to give or serve
any notice, demand, request or other communication with respect to this Deed of Trust, each such notice, demand, request or other communication shall be in writing (except as otherwise expressly permitted herein) and shall be delivered by personal
service or mailed by United States mail, as certified mail, postage prepaid, return receipt requested, addressed to the addressee at its address set forth on Exhibit B, affixed hereto and by this reference incorporated herein and made a part
hereof. Any party may at any time change its address for such notices by delivering or mailing to the other parties hereto, as aforesaid, a notice of such change. Except as otherwise provided herein, if any notice, request or other communication is
given by certified mail as aforesaid, it shall be effective on the third day after the same is deposited in the United States mails, postage prepaid; or if given by personal delivery, when delivered (provided, however, that nonreceipt of any notice,
request or other communication as a result of a change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such notice, request or other communication). 
 5.13 Acceptance by Trustee. Trustee accepts this Trust when this Deed of Trust, duly executed and acknowledged, is made a public record as
provided by law. 
 5.14 Captions. The captions or headings at the beginning of Articles, Sections and Subsections hereof are for the
convenience of the parties, are not a part of this Deed of Trust, and shall not be used in construing it. 
 5.15 Invalidity of Certain
Provisions. Every provision of this Deed of Trust is intended to be severable. In the event any term or provision hereof is declared to be illegal, invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction, such
illegality, invalidity or unenforceability shall not affect the balance of the terms and provisions hereof, which terms and provisions shall remain binding and enforceable. If the lien of this Deed of Trust is invalid or unenforceable as to any part
of the debt, or if the lien is invalid or unenforceable as to any part of the Collateral, the unsecured or partially secured portion of the debt shall be completely paid prior to the payment of the remaining and secured or partially secured portion
of the debt, and all payments made on the debt, whether voluntary or under foreclosure or other enforcement action or procedure, shall be considered to have been first paid on and applied to the full payment of that portion of the debt which is not
secured or fully secured by the lien of this Deed of Trust. 
  

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 5.16 Subrogation. To the extent that proceeds of the Notes are used, either directly or
indirectly, to pay any outstanding lien, charge or prior encumbrance against the Collateral, Beneficiary shall be subrogated to any and all rights and liens held by any owner or holder of such outstanding liens, charges and prior encumbrances,
irrespective of whether said liens, charges or encumbrances are released. 
 5.17 Mandatory Arbitration. Any controversy or claim by
Trustor or Additional Trustor, including but not limited to those arising out of or relating to this Deed of Trust and any claim based on or arising from an alleged tort, shall at the request of Beneficiary be determined by arbitration. The
arbitration shall be conducted in accordance with the United States Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law provision in this Agreement, and under the Commercial Rules of the American Arbitration Association
(“AAA”). Except as otherwise waived herein, the arbitrators shall give effect to statutes of limitation in determining any claim. Any controversy concerning whether an issue is arbitrable shall be determined by the arbitrators. Judgment
upon the arbitration award may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party,
including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. 
 5.18 Governing Law. This Deed of Trust shall be governed by and construed in accordance with the laws of the State of Nevada. 
 5.19 Statute of Limitations. Except insofar as now or hereafter prohibited by law, the right to plead, use or assert any statute of limitations as a plea or defense or bar of any kind, or for any purpose, to any debt, demand or
obligation secured or to be secured hereby, or to any complaint or other pleading or proceeding filed, instituted or maintained for the purpose of enforcing this Deed of Trust or any rights hereunder, is hereby waived by Trustor. 
 5.20 Interpretation. In this Deed of Trust the singular shall include the plural and the masculine shall include the feminine and neuter and vice
versa, if the context so requires; and the word “person” shall include corporation, partnership or other form of association. 
 5.21 Trust Irrevocable; Not Offset. The trust created hereby is irrevocable by Trustor and Additional Trustor. No offset or claim that Trustor and/or Additional Trustor now or may in the future have against Beneficiary shall relieve
Trustor and/or Additional Trustor from paying the indebtedness or performing any other obligation contained herein or secured hereby. 
 5.22
Corrections. Trustor and Additional Trustor shall, upon request of Beneficiary, promptly correct any defect, error or omission which may be discovered in the contents hereof or in the execution or acknowledgement hereof, and will execute,
acknowledge and deliver such further instruments and do such further acts as may be necessary or as may be reasonably requested by Beneficiary to carry out more effectively the purposes hereof, to subject to the lien and security interest hereby
created any of Trustor’s properties, rights or interest covered or intended to be covered hereby, or to perfect and maintain such lien and security interest. 
 5.23 Further Assurances. Trustor, Additional Trustor, Beneficiary and Trustee agree to do or cause to be done such further acts and things and to execute and deliver or to caused to be executed and delivered
such additional assignments, agreements, powers and instruments, as any of them may reasonably require or deem advisable to keep valid and effective the charges and lien hereof, to carry 

  

 -23- 

 
into effect the purposes of this Deed of Trust or to better assure and confirm unto any of them their rights, powers and remedies hereunder; and, upon
request by Beneficiary, shall supply evidence of fulfillment of each of the covenants herein contained concerning which a request for such evidence has been made. 
 5.24 Execution of Instruments by Trustee. At any time, and from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed of Trust and the
Agreement secured hereby for endorsement, and without affecting the personal liability of any person for payment of the indebtedness or the performance of any other obligation secured hereby or the effect of this Deed of Trust upon the remainder of
said Collateral, Trustee may (i) reconvey any part of the Real Property, (ii) consent in writing to the making of any map or plat thereof, (iii) join in granting any easement thereon, or (iv) join in any extension agreement,
agreement subordinating the lien or charge hereof, or other agreement or instrument relating hereto or to the Collateral or any portion thereof. 
 5.25 Appointment of Successor Trustee. Trustee or any successor acting hereunder may resign and thereupon be discharged of the trusts hereunder upon thirty (30) days’ written notice to Beneficiary. Regardless of whether
such resignation occurs, Beneficiary may, from time to time, substitute a successor or successors to any Trustee named herein or acting hereunder in accordance with any statutory procedure for such substitution; or if Beneficiary, in its sole
discretion, so elects, Beneficiary may substitute such successor or successors by recording, in the office of the recorder of the county or counties where the Property is situated, an instrument executed by Beneficiary, and containing the name of
the original Trustor, Additional Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed of Trust is recorded and the name and address of the new Trustee, which instrument shall be conclusive proof of proper substitution of
such successor Trustee or Trustees, who shall, without conveyance from the predecessor Trustee, succeed to all its title, estate, rights, powers and duties hereunder. 
 5.26 Successors and Assigns. This Deed of Trust applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns, except that
the provisions of Section 5.29 are personal to Additional Trustor and its general partners, and may not be assigned. Any assignment in violation of this Section shall be void. 
 5.27 Fixture Filing. This deed of trust is being recorded as a fixture filing and covers goods which are, and goods which become, fixtures on the
Premises. 
 5.28 Limitation on Maturity. Notwithstanding any other provision of this Deed of Trust to the contrary, Beneficiary shall
not enter into any agreement providing for an extension of the maturity of the Notes to a date which is later than June 30, 2027. 
 5.29 No Personal Obligations of Additional Trustor. It is agreed that neither Additional Trustor, nor any partners, shareholders, directors, officers, employees, trustees, beneficiaries, or successors and assigns of Additional
Trustor as the owners of the fee interest in Parcel 2 shall have any personal liability with respect to this Deed of Trust or the obligations secured hereby. As against Additional Trustor and such partners, shareholders, directors, officers,
employees, trustees, beneficiaries, successors and assigns, Beneficiary’s recourse under this Deed of Trust shall be limited to the Real Estate, the Real Property and the Personal Property (if any is owned by Additional Trustor) described
herein, provided, however, that the foregoing provisions of this paragraph shall not (a) constitute a waiver of any obligation evidenced by this Deed of Trust, (b) limit the right of Beneficiary to name Additional Trustor as
a party defendant in any action or suit for judicial foreclosure and sale under this Deed of Trust so long as no judgment in the nature of a deficiency judgment shall be enforced against Additional Trustor except to the extent of such Real Estate,
Real Property or Personal Property, (c) constitute a waiver by Beneficiary of any rights to reimbursement for actual, or out-of-pocket, losses, costs or expenses, 

  

 -24- 

 
or any other remedy at law or equity, against Additional Trustor by reason of (i) fraudulent acts or omissions of Additional Trustor, or
(ii) willful misapplication by Additional Trustor of any insurance proceeds, condemnation awards or tenant security deposits, or of any rental or other income required by this Deed of Trust to be paid to the Beneficiary, or (d) in any
manner limit the recourse of Beneficiary to Trustor. 
 5.30 Reconveyances. By acceptance of this Deed of Trust, Beneficiary agrees
that, prior to the date upon which the principal obligations evidenced by the Notes are due (whether at the final maturity thereof or by acceleration), it shall not release or reconvey all or any material portion of the real property described on
Exhibit A as Parcels 1 or 3, without the prior written consent of Trustor and Additional Trustor. Without the prior written consent of Additional Trustor, Trustor shall not request or receive any release or reconveyance of any portion of Parcels 1
or 3, unless Parcel 2 is also released or reconveyed. 
 5.31 The Groundlease. Trustor and Additional Trustor represent and warrant
that the Groundlease has not been amended since March 25, 1994 and agree that the Beneficiary shall be entitled to continue to rely upon the Ground Lessor Estoppel Certificate dated as March 25, 1994 and delivered in connection with the
original loan agreement. 
 [Signature Pages Follow] 
  

 -25- 

 IN WITNESS WHEREOF, Trustor and Additional Trustor have caused this Deed of Trust to be executed by their
duly authorized representatives as of the day and year first above written. 
  

					
	“Trustor”:
	
	 ELDORADO RESORTS LLC,
 a Nevada limited
liability company

		
	By:	 	/s/ Donald L. Carano
		 	Donald L. Carano, Chief Executive Officer, President and Presiding Manager
		
	By:	 	 Recreational Enterprises, Inc.,
 a Nevada
corporation
 Its: Assistant Presiding Manager

			
		 	By:	 	/s/ Gary L. Carano
		 		 	Gary L. Carano, Vice President

  

					
	“Additional Trustor”:
	
	 C.S.&Y. ASSOCIATES,
 a Nevada General
Partnership

		
	By	 	/s/ Donald L. Carano
		 	 Donald L. Carano, individually and as
 Trustee of The Sonya Carano Trust under
 Agreement dated January 16, 1979
 General Partner

		
	By	 	/s/ George E. Yori
		 	 George E. Yori, as Trustee of The George and Genevieve Yori Exemption Trust under Agreement dated November 11, 2004
 General Partner

  

 -26- 

			
	
		
	By	 	/s/ George L. Siri
		 	 George L. Siri, as Co-Trustee of The Siri
 Family
Trust, under Agreement dated
 December 13, 1991
 General
Partner

  

			
	
		
	By	 	/s/ Susan B. Siri
		 	 Susan B. Siri, as Co-Trustee of The Siri
 Family
Trust, under Agreement dated
 December 13, 1991
 General
Partner

  

			
	
		
	By	 	/s/ Caryl Stringham
		 	 Caryl Stringham, as Trustee of The Caryl
 Stringham
Trust, under Trust Agreement
 dated January 28, 1992
 General Partner

  

 -27- 

			
	
		
	By	 	/s/ Lawrence Yori
		 	 Lawrence Yori, as Trustee of The Lawrence
 Yori Trust,
under Trust Agreement dated
 November 2, 1992
 General
Partner

  

			
	
		
	By	 	/s/ Daniel E. Siri
		 	 Daniel E. Siri, as Co-Trustee of The Siri
 1993
Irrevocable Trust, under Trust
 Agreement dated June 18, 1992
 General Partner

  

			
	
		
	By	 	/s/ Jeffrey L. Siri
		 	 Jeffrey L. Siri, as Co-Trustee of The Siri
 1993
Irrevocable Trust, under Trust
 Agreement dated June 18, 1992
 General Partner

  

			
	
		
	By	 	/s/ Sally A. Siri
		 	 Sally A. Siri, as Co-Trustee of The Siri 1993
 Irrevocable Trust, under Trust Agreement dated
 June 18, 1992
 General Partner

  

			
	“Beneficiary”:
	
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	/s/ Chris M. Levine
	Name:	 	Chris M. Levine
	Title:	 	Assistant Vice President

  

 -28- 

					
	 STATE OF California                                 
                                      
 
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Sonoma                                  
                                      
	 	)	 	

 On February 6, 2006, personally appeared before me, a Notary Public, Donald L. Carano, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Deborah Westrick
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 2, 2006, personally appeared before me, a Notary Public, Gary L. Carano, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Kerri LaFerriere
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 17, 2006, personally appeared before me, a Notary Public, George E. Yori, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Robert B. MacKay
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 17th, 2006, personally appeared before me, a Notary Public, George L. Siri, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Constance Louise McVey
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 17th, 2006, personally appeared before me, a Notary Public, Susan B. Siri, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that she executed the instrument. 
  

	
	
	/s/ Constance Louise McVey
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On Feb. 7, 2006, personally appeared before me, a Notary Public, Caryl Stringham, personally known
(or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that she executed the instrument. 
  

	
	
	/s/ Robert B. MacKay
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 17, 2006, personally appeared before me, a Notary Public, Lawrence Yori, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Robert B. MacKay
	Notary Public

					
	 STATE OF California                                 
                                        
                   
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Contra Costa                                
                                        
          
	 	)	 	

 On February 20, 2006, personally appeared before me, a Notary Public, Daniel E. Siri, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Susan W. Dillon
	Notary Public

					
	 STATE OF Nevada                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Washoe                                  
                                      
	 	)	 	

 On February 17th, 2006, personally appeared before me, a Notary Public, Jeffrey L. Siri,
personally known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Constance Louise McVey
	Notary Public

					
	 STATE OF California                                 
                                        
   
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Napa                                  
                                        
      
	 	)	 	

 On February 23, 2006, personally appeared before me, a Notary Public, Sally A. Siri, personally
known (or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that she executed the instrument. 
  

	
	
	/s/ Kathleen M. Flamson
	Notary Public

					
	 STATE OF Texas                                  
                                        
  
	 	)	 	
	)	 	ss.	 	
	 COUNTY OF Dallas                                  
                                      
	 	)	 	

 On 2-3, 2006, personally appeared before me, a Notary Public, Chris M. Levine, personally known
(or proved) to me to be the person whose name is subscribed to the above instrument who acknowledged that           he executed the instrument. 
  

	
	
	/s/ Patricia A. Tomek
	Notary Public

 EXHIBIT A 
 [Legal Description – See Attached] 

 DESCRIPTION 
 All that certain lot, piece or parcel of land situate in the County of Washoe, State of Nevada, described as follows: 
 PARCEL 1: (Parking
Structure) 
 The Southerly 10.34 feet of Lot 10 and all of Lots 11, 12, 19, 20, 21, 22, 23 and 24 in Block F of original Town, now City of Reno,
according to the map thereof filed in the office of the County Recorder of Washoe County, State of Nevada on June 27, 1871. 
 EXCEPTING THEREFROM the
following described parcel conveyed by deed-recorded in Book 110 of Deeds, Page 180, records of Washoe County, Nevada: 
 BEGINNING at a point 39.66 feet
South of the Northeast corner of Lot 10 in Block F, Original Reno Townsite; thence West along a line parallel to the North side line of said Lot 10, 140 feet; thence South .2 feet along the West end line of Lot 10; thence East 140 feet to a point
40.06 feet South of the Northeast corner of Lot 10; thence North .4 feet to the point of beginning; said fraction being contained in Lot 10, Block F, Original Reno Townsite. 
 TOGETHER WITH that portion of that certain East-West alley, situate in Block F of the Town, now City of Reno, according to the map thereof, filed in the office of the County Recorder of Washoe County, State of Nevada,
on August 1, 1868, described as follows: 
 Beginning at the Northeast comer of Lot 24, in said Block F; 
 Thence in a Westerly direction along the Northerly boundary of Lots 24, 23, 22, 21, 20 and 19 in said Block F, 140.00 feet; 
 Thence in a Northerly direction to the Southwest corner of Lot 12, in said Block F; 
 Thence along the Southerly Boundary of said Lot 12 in an Easterly direction, 140.00 feet to the Southeast corner of said Lot 12; 
 Thence in a
Southerly direction to the Northeast corner of said Lot 24, Block F, the True Point of Beginning; 
 As abandoned by Order of Abandonment recorded
February 27, 1991 in Book 3427, Page 72 as Document No. 1549560 of Official Records. 
 PARCEL 2: (Hotel) 
 Lots 5, 6, 7 and 8 in Block G of original Town, now City of Reno, according to the map thereof filed in the office of the County Recorder of Washoe County, State of
Nevada on June 27,1871. 
 TOGETHER WITH the Easterly 1/2 of the North-South alley running through Block G of original Town, now City of Reno, and being
bounded on the North by the Southerly line of West Fourth Street and on the South by the Southerly line of Lot 8 extended 

 
Westerly in Block G of original Town, now City of Reno, according to the map thereof; filed in the office of the County Recorder of Washoe County, State of
Nevada on June 27,1871, as abandoned by Orders of Abandonment recorded May 23, 1978 in Book 1246, Page 184 as Document No. 533771 and March 18, 1988 in Book 2706, Page 637 as Document No. 1233311 of Official Records.

 PARCEL 3: (Hotel) 
 Lots 1, 2, 3, 4, 9, 10, 11, 12, 13,
14, 15, 16, 17, 18,19 and 20 in Block G of original Town, now City of Reno, according to the map thereof filed in the office of the County Recorder of Washoe County, State of Nevada on June 27, 1871. 
 TAR WITH that certain East-West alley running through Block G of oriel Town; now City of Reno, and being bounded on the East by North Virginia Street and bounded on the
West by North Sierra Street, and also the Westerly 1/2 of the North-South alley running through Block G of original Town, now City of Reno, and being bounded on the North by the Southerly line of West Fourth Street and bounded on the South by the
Southerly line of Lot 1 extended Easterly, in Block G of original Town, now City of Rena, according to the map thereof filed in the office of the County Recorder of Washoe County, State of Nevada on June 27,1871, now abandoned by Orders of
Abandonment recorded May 23,1978 in Book 1246, Page 184 as Document No. 533771, and February 1, 1985 in Book, 2126, Page 264 as Document No. 977018, and March 18, 1988 in Book 2706, Page 637 as Document No. 1233311, all of
Official Records. 
 PARCEL 4: 
 A portion of U.S. Highway
40 (also known as West Fourth Street) lying Northerly of and adjacent to the Northerly line of Block G of original Town, now City of Reno, according to the map thereof, filed in the office of the County Recorder of Washoe County, State of Nevada on
June 27,1871, and as further described in the Multi-Use Lease, recorded October 3, 1978 in Book 1314, Page 418 as Document No. 561788 of Official Records, for the purpose of construction of footings that are necessary structural
components for the ELDORADO HOTEL-CASINO addition. 
 PARCEL 5: (P1aza Parcel) 
 Parcel 1 of Parcel Map No. 2690 filed In the office of the County Recorder of Washoe County; State of Nevada, on March 18, 1993, as File No. 1656128. 
 EXCEPTING THEREFROM any portion thereof, lying within North Virginia Street and North Sierra Street. 
 ALSO EXCEPTING THEREFROM that portion conveyed to the City of Reno by “Deed of Dedication” recorded October 8,1997 in Book 5008, Page 578, as Document No. 2143016 of Official Records. 

ALSO EXCEPTING THEREFROM all minerals and mineral rights as reserved in a Deed recorded September 30, 1988, in Book 2806, Page 950, is Document No. 1278084
of Official Records. 

 PARCEL 6: (Bridge Easement) 
 Together with the reciprocal easement rights, as contained in that certain Bridge Easement dated May 25, 1995 by and between CIRCUS AND ELDORADO JOINT VENTURE, a Nevada general partnership and CIRCUS CIRCUS CASINO, INC, a Nevada
corporation and ELDORADO HOTEL ASSOCIATES LIMITED PARTNERSHIP, a Nevada limited partnership, recorded May 31, 1995 in Book 4312, Page 779 as Document No. 1897108, Official Records. 
 PARCEL 7: (Portion of Fourth Street) 
 That portion of Fourth Street
described in abandonment recorded November 28, 1994 in Book 4198, Page 907 as Document No.1852011, and re-recorded February. 21, 1995 in Book 4249, Page 372 as Document No.1872458 .of Official Records, and more particularly described as
follows: 
 Beginning at the Southeast corner of Block “B”, Reno Townsite as shown on Record-of-Survey 2665, 
 thence South 23°13’05” West, 94.58’ to. the True Point of Beginning, 
 thence South 13°48’48” East, 4.50 feet, to a point an the Southerly right-of-way of Fourth Street, 
 thence
along said right-of-way South 76°11’12” West, 60.00 feet 
 thence North 13°48’48” West, 4.50 feet 
 thence North 76°11’12” East, 60.00 feet to the True Point of Beginning. 
 PARCEL 8: 
 That portion of Lot 3 in Block F of ORIGINAL TOWN, NOW CITY OF RENO, according to the map thereof, filed
in the office of the County Recorder of Washoe County, State of Nevada, on June 27, 1871, described as follows: 
 COMMENCING at a point on the West line of the alley running Northerly and Southerly through said Block F, 6 feet Northerly oldie Southeast corner of said Lot 3 in Block F of. said town, now City of Reno; thence
Northerly along the East line of said Lot 3, a distance of 32  1/2 feet; thence at a right angle Westerly, a distance of 44  1/2 feet; thence at a right angle Southerly, a distance of 32  1/2 feet; thence at a right angle Easterly, a distance of 44  1/2 feet to the
Point of Beginning. 
 The above described premises being the Easterly portion of Lot 3 in Block F of ORIGINAL TOWN, NOW CITY OF
RENO, according to the map above mentioned. 
 PARCEL 9: 
 Lot 6 in Block F of original Town, now City of Rena, according to the map thereof filed in the office of the County Recorder of Washoe County, State of Nevada on June 27, 1871. 

 PARCEL 10: 
 Lots 7,
8, 9, the Northerly 39.66 feet of Lot 10 and that portion of Lot 10 in Block F or original Town; now City of Reno, according to the map thereof filed in the office of the County Recorder of Washoe County, State of Nevada on. June 27,1871,
described as follows: 
 BEGINNING at a point 39.66 feet South of the Northeast corner of Lot 10 in Block F, Original Reno Townsite; thence West along a line
parallel to the North side line of said Lot 10, 140 feet; thence South .2 feet along the West end line of Lot 10; thence East 140 feet to a point 40.06 feet South of the Northeast corner of Lot 10; thence North .4 feet to the point of beginning;
said fraction being contained in Lot 10, Block F, Original Reno Townsite. 

 EXHIBIT B 
 Notice Addresses 
 If to Beneficiary: 
 Bank of America, N.A. 
 Bank of America Plaza 
 901 Main Street, 14th Floor 
 Mail Code: TX1-492-14-11 
 Dallas, TX 75202-3714 
 Attention: Chris Levine 
 Telephone: (214) 209-4129 
 Telecopier: (214) 290-9432 
 If to Trustor: 
 Eldorado Resorts LLC 
 345 North Virginia Street 
 Reno, Nevada 89501 
 Attention: Robert Jones, Chief Financial Officer 
 with a copy to Additional
Trustor 
 If to Additional Trustor: 
 C.S.& Y.
Associates 
 c/o Daniel E. Siri 
 7 Rita Way 
 Orinda, California 94563 
 with a copy to: 
 C.S.& Y. Associates 
 c/o Jeffrey L. Siri 
 45 Scattergun Court 
 Reno, Nevada 89509

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