Document:

hlf-ex102_457.htm

Exhibit 10.2

SECOND AMENDMENT AND RESTATEMENT

OF THE

HERBALIFE INTERNATIONAL OF AMERICA, INC.
MANAGEMENT DEFERRED COMPENSATION PLAN
Effective               , 2008

 

 

Exhibit 10.2

PURPOSE

The purpose of this Plan is to provide specified benefits to a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of HERBALIFE INTERNATIONAL OF AMERICA, INC., a California corporation, its corporate parent and its subsidiaries.

The Plan was originally effective as of January 1, 1996 and amended and restated effective as of January 1, 2001.  The Plan is hereby amended and restated effective as of             , 2008 (the “2008 Restatement”), which amendment and restatement is intended to reflect the provisions of Section 409A of the Code (as defined below) and the regulations and other Treasury Department guidance promulgated thereunder, and shall be interpreted accordingly.  The 2008 Restatement shall only apply to “amounts deferred” (within the meaning of Section 409A of the Code) by Participants in taxable years beginning after December 31, 2004, and any earnings thereon.  The provisions of the Plan in existence prior to the 2008 Restatement shall continue to govern amounts deferred by Participants in taxable years beginning before January 1, 2005, and any earnings thereon.  

ARTICLE 1
DEFINITIONS

For purposes hereof, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings:

	
1.1
	
“Account Balance” shall mean, with respect to a Participant, the sum of (a) his or her Elective Deferral Account plus (b) his or her Rollover Contribution Account.  This account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to or in respect of a Participant pursuant to the Plan.

	
1.2
	
“Annual Bonus” shall mean any compensation, in addition to Base Annual Salary, paid in respect of a Plan Year to a Participant as an employee under the Company’s Management Incentive Plan  (or any successor plan), or otherwise in the discretion of the Company.  An annual Bonus for a Plan Year may, but need not, be paid during such Plan Year.

	
1.3
	
“Annual Deferral Amount” shall mean that portion of a Participant’s Base Annual Salary and/or Annual Bonus that a Participant elects to have and is deferred, in accordance with Article 3, for any one Plan Year.

	
1.4
	
“Base Annual Salary” shall mean the annual compensation (excluding bonuses, commissions, overtime, incentive payments, non-monetary awards, Directors Fees and other fees, stock options and grants, and car allowances) paid to a Participant for services rendered to any Employer, before reduction for compensation deferred pursuant to all qualified, non-qualified and Code Section 125 plans (other than compensation deferred under individual employment Contracts) of any Employer.  The Committee may, in its discretion, with respect to any one or more Participants establish for any Plan Year a limit on the amount of Base Annual Salary to be taken into account under this Plan.  Such 

 

 

		
limitation shall be reflected in the Participant’s Plan Agreement, as it may be amended from time to time.

	
1.5
	
“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9, that are entitled to receive benefits under the Plan upon the death of a Participant.

	
1.6
	
“Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries, which form may be in written or electronic form as determined by the Committee.

	
1.7
	
“Board” shall mean the board of directors of the Company.

	
1.8
	
“Change in Control” shall mean the consummation of a “change in the ownership” of the Company or Parent, a “change in effective control” of the Company or Parent or a “change in the ownership of a substantial portion of the assets” of the Company or Parent, in each case, as defined under Section 409A of the Code.

	
1.9
	
“Claimant” shall have the meaning set forth in Section 13.1.

	
1.10
	
“Code” shall mean the Internal Revenue Code of 1986, as amended.

	
1.11
	
“Committee” shall mean the administrative committee appointed to manage and administer the Plan in accordance with its provisions pursuant to Article 12.

	
1.12
	
“Company” shall mean HERBALIFE INTERNATIONAL OF AMERICA, INC., a Nevada corporation.

	
1.13
	
“Deferral Amount” shall mean the sum of all of a Participant’s Annual Deferral Amounts.

	
1.14
	
“Directors Fees” shall mean the annual cash fees paid by any Employer, including retainer fees and meetings fees, as compensation for serving on the board of directors of an Employer.

	
1.15
	
“Disability” shall mean that a Participant has become “disabled” as such term is defined under Section 409A of the Code.

	
1.16
	
“Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan, which form may be in written or electronic form as determined by the Committee.

	
1.17
	
“Elective Deferral Account” shall mean the sum of (a) a Participant’s Deferral Amount, plus (b) earnings, gains, losses, and changes in value of the Measuring Funds hereon credited (or debited) in accordance with Section 3.6, net of all distributions from such Account.  This account shall be a bookkeeping entry only and shall be utilized solely as a 

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device for the measurement and determination of the amounts to be paid to the Participant pursuant to the Plan.

	
1.18
	
“Employer” shall mean the Company, the Parent and/or any of its subsidiaries that have been selected by the Board to participate in the Plan.

	
1.19
	
“Measuring Funds” shall mean one or more of the mutual funds, investment vehicles, or investment indexes selected by the Committee pursuant to Section 3.5.

	
1.20
	
“Parent” shall mean Herbalife Ltd., an entity organized under the laws of the Cayman Islands.

	
1.21
	
“Participant” shall mean any employee (a) who is selected to participate in the Plan, (b) who elects to participate in the Plan, (c) who signs a Plan Agreement, an Election Form and a Beneficiary Designation Form (in the manner specified by the Committee), (d) whose signed Plan Agreement, Election Form and Beneficiary Designation Form are accepted by the Committee, (e) who commences participation in the Plan, and (f) whose Plan Agreement has not terminated.

	
1.22
	
“Plan” shall mean the Company’s Management Deferred Compensation Plan which shall be evidenced by this instrument and, with respect to each Participant, by his or her Plan Agreement, as each may be amended from time to time.

	
1.23
	
“Plan Agreement” shall mean a written agreement or other instrument, as may be amended from time to time, which is entered into by and between one or more Employers and a Participant.  Each Plan Agreement executed by a Participant shall provide for the entire benefit to which such Participant is entitled to under the Plan, and shall specify, the Employer or Employers liable for the Participant’s benefits hereunder and the magnitude or extent of such liability.  The Plan Agreement bearing the latest date of acceptance by the Committee shall govern such entitlement and each Employer’s liability.  Upon the complete payment of a Participant’s Account Balance, each individual’s Plan Agreement and his or her status as a Participant shall terminate.

	
1.24
	
“Plan Year” shall be the calendar year, starting with 1996.

	
1.25
	
“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.

	
1.26
	
“Retirement,” “Retire,” “Retires,” or “Retired” shall mean severance from employment or service with all Employers for any reason other than a leave of absence on or after the attainment of (a) age fifty (50) and the completion of ten (10) Years of Service, (b) age fifty-five (55) and the completion of five (5) Years of Service, (c) age sixty-five (65), whichever is earliest.

	
1.27
	
“Retirement Benefit” shall mean the benefit set forth in Article 5.

	
1.28
	
“Rollover Contribution” shall have the meaning set forth in Section 15.17.

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1.29
	
“Rollover Contribution Account” shall mean the sum of (a) a Participant’s Rollover Contribution, plus (b) earnings, gains, losses, and changes in value of the Measuring Funds hereon credited (or debited) in accordance with Section 3.6, net of all distributions from such account.  This account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to the Plan.

	
1.30
	
“Rollover Transfer” shall have the meaning set forth in Section 15.17.  

	
1.31
	
“Scheduled In Service Distribution” shall mean the payout set forth in Section 4.1.  

	
1.32
	
“Specified Employee” shall mean any Participant who is a “specified employee” (as such term is defined under Section 409A of the Code) of the Company.  The “identification date” (as defined under Section 409A of the Code) for purposes of identifying Specified Employees shall be December 31 of each calendar year.  Individuals identified on any identification date shall be Specified Employees as of April 1 of the calendar year following the year of the identification date.  

	
1.33
	
“Termination Benefit” shall mean the benefit set forth in Article 7.

	
1.34
	
“Termination of Employment” shall mean the ceasing of employment with all Employers, voluntary or involuntarily, for any reason other than Retirement, death, or an authorized leave of absence.  Notwithstanding the foregoing, no Termination of Employment shall occur merely by reason of the transfer of employment of a Participant from an Employer to Parent, any corporation or entity in which Parent controls more than forty percent (40%) of the voting power, or any subsidiary of the Company or Parent which is not an Employer (a “Non-Participating Entity”).  Rather, such a Participant’s Termination of Employment shall occur on the ceasing of the Participant’s employment with all Non-Participating Entities and all Employers.  For the avoidance of doubt, a Termination of Employment shall not be deemed to have occurred unless such event also qualifies as a “separation from service” under Section 409A of the Code.

	
1.35
	
“Trust” shall mean the trust established pursuant to that certain Trust Agreement, dated as of January 1, 1996, between the Company and the trustee named therein, as amended from time to time.

	
1.36
	
“Unforeseeable Emergency” shall mean an event that would result in severe financial hardship to the Participant resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code), (b) a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster), or (c) or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole and absolute discretion of the Committee.  For example, the imminent foreclosure of or eviction from the Participant’s primary residence may constitute an unforeseeable emergency.  In addition, the need to 

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pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication, may constitute an unforeseeable emergency.  Finally, the need to pay for the funeral expenses of a spouse, a beneficiary, or a dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code) may also constitute an unforeseeable emergency.  Except as otherwise provided in this Section 1.36, the purchase of a home and the payment of college tuition are not unforeseeable emergencies.

	
1.37
	
“Years of Service” shall mean the total number of years in which a Participant has been employed by or in the service of an Employer.  For purposes of this definition only, a year of employment or service shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Participant’s date of hire (or engagement) and that, for any subsequent year, commences on an anniversary of that hiring date.

ARTICLE 2
SELECTION, ENROLLMENT, ELIGIBILITY

	
2.1
	
SELECTION BY COMMITTEE.  Participation in the Plan shall be limited to employees of an Employer who are part of a select group of management or highly compensated employees.  From the foregoing, the Committee shall select, in its sole and absolute discretion, employees to participate in the Plan.

	
2.2
	
ENROLLMENT REQUIREMENTS.  As a condition to participation, each selected employee shall complete, execute and return to the Committee (in the manner specified by the Committee) a Plan Agreement, an Election Form and a Beneficiary Designation Form.  In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole and absolute discretion are necessary.

	
2.3
	
ELIGIBILITY: COMMENCEMENT OF PARTICIPATION.  An employee selected to participate may commence participation within 30 days of becoming eligible to participate in the Plan so long as he or she has completed all enrollment requirements set forth herein and required by the Committee, including returning all required documents to the Committee and the Committee’s acceptance of all submitted documents.

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ARTICLE 3
DEFERRAL COMMITMENTS/CREDITING OF GAINS, EARNINGS, LOSSES, ETC.

	
3.1
	
MINIMUM DEFERRAL.

	
 
	
(a)
	
MINIMUM.  For each Plan Year, a Participant may elect to defer Base Annual Salary and/or Annual Bonus paid in respect of such Plan Year in the following minimum amounts for each deferral elected:

 

		
	
Deferral
	
Minimum 
Amount

	
Base Annual Salary
	
2%

	
Annual Bonus
	
$2,000

 

If no election is made, the amount deferred shall be zero.

	
 
	
(b)
	
SHORT PLAN YEAR.  If a Participant first becomes a Participant after the first day of a Plan Year, the minimum Base Annual Salary and/or Annual Bonus deferral shall be an amount equal to the minimum set forth above, multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year and the denominator of which is 12.

	
3.2
	
MAXIMUM DEFERRAL.  For each Plan Year, a Participant may elect to defer Base Annual Salary and/or Annual Bonus up to the following maximum amounts for each deferral elected:

		
	
Deferral
	
Maximum Amount

	
Base Annual Salary
	
75%

	
Annual Bonus
	
100%

 

	
3.3
	
ELECTION TO DEFER; EFFECT OF ELECTION FORM.  In connection with a Participant’s commencement of participation in the Plan, the Participant shall make a deferral election by delivering to the Committee a completed and signed Election Form within 30 days of becoming eligible to participate in the Plan, which election and form must be accepted by the Committee for a valid election to exist.  An Election Form submitted for a Plan Year shall continue to apply to future Plan Years unless the Participant delivers a new Election Form to the Committee, in accordance with its rules and procedures, before the beginning of the future Plan Year.  An election made for a Plan Year (including by virtue of not submitting a new Election Form prior to such Plan Year) under this Section 3.3 shall be irrevocable during such Plan Year.

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3.4
	
WITHHOLDING OF DEFERRAL AMOUNTS.  For each Plan Year, the Base Annual Salary portion of the Annual Deferral Amount shall be withheld each payroll period in equal amounts from the Participant’s Base Annual Salary.  The Annual Bonus portion of the Annual Deferral Amount shall be withheld at the time the Annual Bonus is or otherwise would be paid to the Participant.  The Annual Deferral Amount shall be credited to the Participant’s Elective Deferral Account.  A Participant shall at all times have a fully vested and nonforfeitable interest in his or her Elective Deferral Account.

	
3.5
	
SELECTION OF MEASURING FUNDS AND INVESTMENT ELECTIONS.  The Committee shall select the Measuring Funds whose performance will measure the amounts to be credited under Section 3.6 to the Account Balances of Participants.  The selection of Measuring Funds shall be for bookkeeping purposes only, and the Company shall not be obligated actually to invest any money in the Measuring Funds, or to acquire or maintain any actual investment.  The Committee may, in its discretion, change its selection of the Measuring Funds at any time.  If a Participant or Beneficiary has elected pursuant to this Section 3.5 to invest all or a portion of his Account Balance in a Measuring Fund which the Committee decides to discontinue, his Account Balance shall be invested after such discontinuance in the continuing Measuring Fund which the Committee determines, in its discretion, most nearly resembles the discontinued Measuring Fund.  The Committee shall provide each Participant (or Beneficiary in the event of a Participant’s death) with a list of the Measuring Funds available for hypothetical investment, and the Participant (or Beneficiary in the event of a Participant’s death) shall designate, on a form provided by the Committee, one or more of such Measuring Funds in which his Account Balance will be deemed to be invested.  The Committee, in its discretion, shall designate the times, procedures and limitations for the designation of hypothetical investments by Participants or Beneficiaries of their Account Balances among the Measuring Funds (including, but not limited to, the times when a Participant or Beneficiary may change his hypothetical investments, the increments (expressed as a dollar amount or as a percentage of the Participant’s Account Balance) in which a Participant or Beneficiary may chose to make a hypothetical investment in a Measuring Fund, and any minimum increment (expressed as a dollar amount or as a percentage of the Participant’s Account Balance) that may be deemed to be invested in a Measuring Fund); provided, however, that (a) a Participant or Beneficiary may make a selection of a hypothetical investment in a Measuring Fund on a prospective basis only, and (b) the times, procedures and limitations for the selection of hypothetical investments in the Measuring Funds in effect at any time shall be uniform among all Participants and Beneficiaries.

	
3.6
	
CREDITING OF EARNINGS, GAINS, LOSSES AND CHANGES IN VALUE OF MEASURING FUNDS.  The Committee shall determine, in its discretion, the exact times and methods for (a) crediting or charging each Participant’s Account Balance (and such Participant’s Elective Deferral Account, Rollover Contribution Account, and any Annual Deferral Amount paid as a Scheduled In Service Distribution under Section 4.1) with the earnings, gains, losses, and changes in value of the Measuring Funds selected by the Participant, (b) crediting each Participant’s Account Balance (and Elective Deferral Account and Rollover Contribution Account, as the case may be) with such Participant’s Annual Deferral Amount and Rollover Contributions, and (c) debiting each Participant’s 

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Account Balance (and such Participant’s Elective Deferral Account and Rollover Contribution Account) with the payment of benefits or withdrawals under this Plan.  The Committee may, at any time, change the timing or methods for crediting or debiting earnings, gains, losses, and changes in value of Measuring Funds, Annual Deferral Amounts, Rollover Contributions, and payments of benefits and withdrawals under this Plan; provided, however, that the times and methods for crediting or debiting such items in effect at any particular time shall be uniform among all Participants and Beneficiaries.

	
3.7
	
FICA TAXES.  For each Plan Year in which an Annual Deferral Amount is being withheld, the Participant’s Employer(s) shall ratably withhold from that portion of the Participant’s Base Annual Salary and/or Annual Bonus that is not being deferred, the Participant’s share of FICA taxes on deferred amounts.  If necessary, the Committee shall reduce the Annual Deferral Amount in order to comply with this Section.

ARTICLE 4
SCHEDULED IN SERVICE DISTRIBUTION; UNFORESEEABLE FINANCIAL
EMERGENCIES; WITHDRAWAL ELECTION

	
4.1
	
SCHEDULED IN SERVICE DISTRIBUTION.  In connection with each election to defer an Annual Deferral Amount, a Participant may elect to receive a future “Scheduled In Service Distribution” from the Plan with respect to that Annual Deferral Amount and Employer Matching Contributions attributable thereto.  Any Scheduled In Service Distribution pursuant to this Section 4.1 must be elected separately for each Plan Year for which compensation is deferred.  Thus, to elect a Scheduled In Service Distribution for a future Plan Year’s deferral, a new Election Form must be submitted during the applicable enrollment period for such Plan Year.  Once the applicable enrollment period has passed, a Scheduled In Service Distribution cannot be elected for that Plan Year’s deferral.  The Scheduled In Service Distribution shall be either a lump sum payment or annual installment payments over a period of 2 to 5 years, in each case, in an amount that is equal to the Annual Deferral Amount and Employer Matching Contributions thereto plus (or minus) earnings, gains, losses, and changes in value credited (or debited) on such amount under Section 3.7.  Subject to the other terms and provisions of this Plan, each Scheduled In Service Distribution elected shall be paid (or commence) within 60 days of the first day of the Plan Year that is two or more years after the first day of the Plan Year in which an Annual Deferral Amount is actually deferred, as specified by the Participant at the time the election is made.  A Scheduled In Service Distribution may be deferred to a later date than the date of the originally elected Scheduled In Service Distribution provided that the date of the newly elected Scheduled In Service Distribution is five or more years later than the date of the originally elected Scheduled In Service Distribution, the Participant submits a new Election Form to the Administrative Committee at least one year prior to the date of the original Scheduled In Service Distribution, and the new election is not effective until at least one year after the date the new Election Form is submitted to the Administrative Committee.  For purposes of the preceding sentence, installment payments will be treated as a single lump-sum of payment on the date payments would otherwise commence.  Notwithstanding the foregoing, should an event occur that triggers a benefit under Articles 5, 6, or 7, any Annual Deferral Amount and Employer Matching Contributions attributable thereto, plus (or minus) earnings, gains, 

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losses, and changes in value credited (or debited) on such amount under Section 3.6, that is subject to a Scheduled In Service Distribution election under this Section 4.1 shall not be paid in accordance with this Section 4.1, but shall be paid in accordance with the other applicable Article of this Plan.

	
4.2
	
WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES.  If the Participant experiences an Unforeseeable Emergency, the Participant may petition the Committee to (a) suspend any deferrals required to be made by a Participant and/or (b) receive partial or full payout from the Plan.  The payout shall not exceed the lesser of the Participant’s Account Balance, calculated as if such Participant were receiving a Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Emergency (which may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution).  If, subject to the sole and absolute discretion of the Committee, the petition for a suspension and/or payout is approved, suspension shall take effect upon the date of approval and any payout shall be made within 60 days of the date of approval.  Notwithstanding anything herein to the contrary, a distribution on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the Plan.

ARTICLE 5
RETIREMENT BENEFIT

	
5.1
	
RETIREMENT BENEFIT.  A Participant who retires shall receive, as a Retirement Benefit, his or her Account Balance.

	
5.2
	
PAYMENT OF RETIREMENT BENEFITS.  A Participant, in connection with his or her commencement of Participation in the Plan, shall elect on an Election Form to receive the Retirement Benefit in a lump sum or in monthly installments over a period of 60 months or over a period of 120 months, with the portion of the Retirement Benefit which is yet to be distributed being credited (or debited) with earnings, gains, losses, and changes in value of the Measuring Funds as set forth in Section 3.6.  The Participant may change this election to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that (a) any such Election Form is submitted at least one year prior to the Participant’s Retirement, (b) the new payout period does not commence until at least five years from the date the Retirement Benefit would have been paid, and (c) the new election is not effective until at least one year after the date the new Election Form is submitted to the Committee.  For purposes of the preceding sentence, installment payments will be treated as a single lump-sum of payment on the date payments would otherwise commence.  Subject to Section 15.18, the lump sum payment shall be made, or installment payments shall commence, no later than 60 days from the date the Participant Retires.

	
5.3
	
DEATH PRIOR TO COMPLETION OF RETIREMENT BENEFITS.  If a Participant dies after Retirement but before the Retirement Benefit is paid in full, the Participant’s 

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unpaid Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary over the remaining number of months and in the same amounts as that benefit would have been paid to the Participant had the Participant survived.

ARTICLE 6
PRE-RETIREMENT SURVIVOR BENEFIT

	
6.1
	
PRE-RETIREMENT SURVIVOR BENEFIT.  If a Participant dies before he or she Retires, the Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s Account Balance.

	
6.2
	
PAYMENT OF PRE-RETIREMENT SURVIVOR BENEFITS.  The Pre-Retirement Survivor Benefit shall be paid in the payment period previously elected by the Participant for payment of the Retirement Benefit, or, if no election is made, monthly for 10 years, with the portion of such Pre-Retirement Survivor Benefit yet to be distributed being credited (or debited) with earnings, gains, losses and changes in value on the Measuring Funds in the manner set forth in Section 3.6.  The first (or only payment, if made in lump sum) shall be made within 60 days of the Committee’s receiving proof of the Participant’s death.

ARTICLE 7
TERMINATION BENEFIT

	
7.1
	
TERMINATION BENEFITS.  If a Participant experiences a Termination of Employment prior to his or her Retirement, the Participant shall receive a Termination Benefit, which shall be equal to the Participant’s Account Balance, credited (or debited) with earnings, gains, losses, and changes in value of the Measuring Funds in accordance with Section 3.6.

	
7.2
	
PAYMENT OF TERMINATION BENEFIT.  A Participant, in connection with his or her commencement of Participation in the Plan, shall elect on an Election Form to receive the Termination Benefit in a lump sum or in monthly installments over a period of 60 months or over a period of 120 months, with the portion of the Termination Benefit which is yet to be distributed being credited (or debited) with earnings, gains, losses, and changes in value of the Measuring Funds as set forth in Section 3.6.  The Participant may change this election to any form specified by the Participant by submitting a new Election Form to the Committee, provided that (a) any such Election Form is submitted at least one year prior to the Participant’s Termination of Employment, (b) any form other than a lump sum shall be subject to the written consent of the Committee at least 12 months before the Participant’s Termination of Employment, (c) the new payout period does not commence until at least five years from the date the Termination Benefit would have been paid, and (d) the new election is not effective until at least one year after the date the new Election Form is submitted to the Committee.  For purposes of the preceding sentence, installment payments will be treated as a single lump-sum of payment on the date payments would otherwise commence.  Subject to Section 15.18, the lump sum payment shall be made, or installment payments shall commence, no later than 60 days from the date of the Participant’s Termination of Employment.  If a Participant has not filed an Election Form 

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with the Committee validly specifying the manner in which his or her Termination Benefit will be paid, his or her Termination Benefit will be paid in the form of a lump sum.  

	
7.3
	
DEATH PRIOR TO COMPLETION OF TERMINATION BENEFITS.  If a Participant dies after Termination of Employment, but before the Termination Benefit is paid, the Participant’s unpaid Termination Benefit shall be paid to the Participant’s Beneficiary over the remaining number of months and in the same amounts as that benefit would have been paid to the Participant had the Participant survived.

ARTICLE 8
DISABILITY BENEFIT

	
8.1
	
BENEFIT ELIGIBILITY.  A Participant suffering a Disability shall be considered to have incurred a Termination of Employment as of the date such Disability is determined and shall be eligible for the benefits provided for in Articles 5 or 7, as applicable, in accordance with the provisions of those Articles.  

ARTICLE 9
BENEFICIARY DESIGNATION

	
9.1
	
BENEFICIARY.  Each Participant shall have the right, at any time, to designate his or her Beneficiary (both primary as well as contingent) to receive any benefits payable under the Plan to a Beneficiary upon the death of a Participant.  The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

	
9.2
	
BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT.  A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated agent.  A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time.  Where required by law or by the Committee, in its sole and absolute discretion, if the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant’s spouse and returned to the Committee.  Upon the acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled.  The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

	
9.3
	
ACKNOWLEDGMENT.  No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Committee or its designated agent.

	
9.4
	
NO BENEFICIARY DESIGNATION.  If a Participant fails to designate a Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above, or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the 

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Participant’s designated Beneficiary shall be his or her surviving spouse.  If the Participant has no surviving spouse, the benefits remaining under the Plan shall be paid to the Participant’s issue upon the principle of representation and if there is no such issue, to the Participant’s estate.

	
9.5
	
DOUBT AS TO BENEFICIARY.  If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its sole and absolute discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction.

	
9.6
	
DISCHARGE OF OBLIGATIONS.  The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under this Plan with respect to the Participant, and that Participant’s Plan Agreement shall terminate upon such full payment of benefits.

ARTICLE 10
LEAVE OF ABSENCE

	
10.1
	
PAID LEAVE OF ABSENCE.  If a Participant is authorized by the Participant’s Employer for any reason to take a paid leave of absence from the employment of the Employer, unless such leave of absence is considered a “separation from service” under Section 409A of the Code, the Participant shall continue to be considered actively employed by the Employer for purposes of Section 1.34 hereof and the Annual Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.3.

	
10.2
	
UNPAID LEAVE OF ABSENCE.  If a Participant is authorized by the Participant’s Employer for any reason to take an unpaid leave of absence from the employment of the Employer, unless such leave of absence is considered a “separation from service” under Section 409A of the Code, the Participant shall continue to be considered actively employed by the Employer for purposes of Section 1.34 hereof, but the Participant shall be excused from making deferrals until the earlier of the date the leave of absence expires or the date the Participant returns to paid employment status.  Upon such expiration or return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the deferral election, if any, made for that Plan Year.  If no election was made for that Plan Year, no deferral shall be withheld.

ARTICLE 11
TERMINATION, AMENDMENT OR MODIFICATION

	
11.1
	
TERMINATION.  Any Employer reserves the right to terminate the Plan at any time with respect to Participants employed by the Employer.  Upon the termination of the Plan, to the extent permissible under Section 409A of the Code without the imposition of any additional taxes or penalties under Section 409A of the Code, the Participant’s Account Balance shall be paid out as though the Participant had experienced a Termination of Employment on the date of Plan termination, or, if Plan termination occurs after the date upon which the Participant was eligible to Retire, the Participant had 

13

 

		
Retired on the date of Plan termination, provided, however, that payment of the Participant’s Account Balance may not be made or commence within one year of the date of Plan termination, and the entire Participant’s Account Balance must be paid in full within two years of the date of Plan termination.  Notwithstanding the foregoing, if Plan termination occurs after the Participant Retired and commenced (but not completed) distribution hereunder, benefits shall continue to the Participant pursuant to the terms hereof without regard to the termination.  Notwithstanding anything herein to the contrary, to the extent permitted under Section 409A of the Code without the imposition of any additional taxes or penalties under Section 409A of the Code, the Committee shall have the right at any time within the period beginning thirty (30) days prior to a Change in Control and ending twelve (12) months following a Change in Control, to completely terminate this Plan.  In the event of a Plan termination pursuant to the preceding sentence, the Committee shall liquidate all of this Plan and distribute each Participant’s Account Balance in a lump sum; provided that all such distributions are completed by the date that is thirty (30) days following the date of such termination.

	
11.2
	
AMENDMENT.  Any Employer may, at any time, amend or modify the Plan in whole or in part with respect to that Employer; provided, however, that no amendment or modification shall be effective to decrease a Participant’s Account Balance, calculated as though the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification, or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification.  In addition, no amendment or modification of the Plan shall affect the right of any Participant or Beneficiary who was eligible to or did Retire on or before the effective date of such amendment or modification to receive benefits in the manner he or she elected.

	
11.3
	
EFFECT OF PAYMENT.  The full payment of the applicable benefit under Articles 4, 5, 6, or 7 of the Plan shall completely discharge all obligations to a Participant under this Plan and the Participant’s Plan Agreement shall terminate.

ARTICLE 12
ADMINISTRATION

	
12.1
	
COMMITTEE DUTIES.  This Plan shall be administered by a Committee, which shall consist of individuals approved by the Board, or, after the occurrence of a Change in Control, a third party who, before the occurrence of such Change in Control, was appointed by the Board to act as the Plan Administrator in the event of a Change in Control, and accepted such appointment.  Members of the Committee may be Participants under this Plan.  The Committee shall also have the discretion and authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including but not limited to, interpretations of this Plan and entitlement to or amount of benefits under this Plan, as- may arise in connection with the Plan.  Any Committee member must recuse himself or herself on any matter of personal interest to such member that comes before the Committee.

14

 

	
12.2
	
AGENTS.  In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit and may from time to time consult with counsel who may be counsel to any Employer.

	
12.3
	
BINDING EFFECT OF DECISIONS.  The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

	
12.4
	
INDEMNITY OF COMMITTEE.  All Employers shall indemnify and hold harmless the members of the Committee against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members.

	
12.5
	
EMPLOYER INFORMATION.  To enable the Committee to perform its functions, each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require.

ARTICLE 13
CLAIMS PROCEDURE

	
13.1
	
PRESENTATION OF CLAIM.  Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan.  If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant.  All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the Claimant.

	
13.2
	
NOTIFICATION OF DECISION.  The Committee shall consider a Claimant’s claim within 30 days of the making of the claim, and shall notify the Claimant in writing:

	
 
	
(a)
	
that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

	
 
	
(b)
	
that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

	
 
	
(i)
	
the specific reason(s) for the denial of the claim, or any part of it;

	
 
	
(ii)
	
specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

15

 

	
 
	
(iii)
	
a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

	
 
	
(iv)
	
an explanation of the claim review procedure set forth in Section 13.3 below, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA if the claim is denied on appeal.

	
13.3
	
REVIEW OF A DENIED CLAIM.  Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim.  Thereafter, but not later than 30 days after the review procedure begins, the Claimant (or the Claimant’s duly authorized representative):

	
 
	
(a)
	
may review pertinent Documents;

	
 
	
(b)
	
may submit written comments or other Documents; and/or

	
 
	
(c)
	
may request a hearing, which the Committee, in its sole discretion, may grant.

	
13.4
	
DECISION ON REVIEW.  The Committee shall render its decision on review promptly, and not later than 30 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 60 days after such date.  Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:

	
 
	
(a)
	
the specific reason(s) for the decision;

	
 
	
(b)
	
specific reference(s) to the pertinent Plan provisions upon which the decision was based;

	
 
	
(c)
	
a statement that the Claimant is entitled to be receive, upon request and free of charge, reasonable access to , and copies of, all documents, records and other information relevant  to the claim for benefits

	
 
	
(d)
	
a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA; and

	
 
	
(e)
	
such other matters as the Committee deems relevant.

	
13.5
	
LEGAL ACTION.  A Claimant’s compliance with the foregoing provisions of this Article 13 is a mandatory prerequisite to a Claimant’s right to commence any arbitration under Section 13.6 with respect to any claim for benefits under this Plan.

	
13.6
	
ARBITRATION.  Any claim or controversy between the parties which the parties are unable to resolve themselves, and which is not resolved through the claims procedure set forth in Article 13, including any claim arising out of a Participant’s employment or the 

16

 

		
termination of that employment, and including any claim arising out of, connected with, or related to the formation, interpretation, performance or breach of any provision of this Plan, and any claim or dispute as to whether a claim is subject to arbitration, shall be submitted to and resolved exclusively by expedited arbitration by a single arbitrator in accordance with the following procedures:

	
 
	
(a)
	
In the event of a claim or controversy subject to this arbitration provision, the complaining party shall promptly send written notice to the other party identifying the matter in dispute and the proposed remedy.  Following the giving of such notice, the parties shall meet and attempt in good faith to resolve the matter.  In the event the parties are unable to resolve the matter within 21 days, the parties shall meet and attempt in good faith to select a single arbitrator acceptable to both parties.  If a single arbitrator is not selected by mutual consent within 10 business days following the giving of the written notice of dispute, an arbitrator shall be selected from a list of nine persons each of whom shall be an attorney who is either engaged in the active practice of law or a recognized arbitrator and who, in either event, is experienced in serving as an arbitrator in disputes between employers and employees, which list shall be provided by the main Los Angeles office of the American Arbitration Association (“AAA”) or of the Federal Mediation and Conciliation Service.  If, within three business days of the parties’ receipt of such list, the parties are unable to agree upon an arbitrator from the list, then the parties shall each strike names alternatively from the list, with the first to strike being determined by the flip of a coin.  After each party has had four strikes, the remaining name on the list shall be the arbitrator.  If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected.

	
 
	
(b)
	
Unless the parties agree otherwise, within 60 days of the selection of the arbitrator, a hearing shall be conducted before such arbitrator at a time and a place in Los Angeles County agreed upon by the parties.  In the event the parties are unable to agree upon the time or place of the arbitration, the time and place within Los Angeles County shall be designated by the arbitrator after consultation with the parties.  Within 30 days of the conclusion of the arbitration hearing, the arbitrator shall issue an award, accompanied by a written decision explaining the basis for the arbitrator’s award.

	
 
	
(c)
	
In any arbitration hereunder, the Company shall pay all administrative fees of the arbitration and all fees of the arbitrator, except that the Participant Beneficiary may, if he wishes, pay up to one-half of those amounts.  Each party shall pay its own attorneys’ fees, costs, and expenses, unless the arbitrator orders otherwise.  The prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees.  The arbitrator shall have no authority to add to or to modify this Plan, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or 

17

 

	
 
		
controversy.  The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that it would be entitled to summary judgement if the matter had been pursued in court litigation.  The parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator.

	
 
	
(d)
	
The decision of the arbitrator shall be final, binding, and non-appealable, and may be enforced as a final judgment in any court of competent jurisdiction.

	
 
	
(e)
	
This arbitration provision of the Plan shall extend to claims against any parent, subsidiary, or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, Participant, Beneficiary, or agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law or under this Plan.

	
 
	
(f)
	
Notwithstanding the foregoing, and unless otherwise agreed between the parties, either party may, in an appropriate matter, apply to a court for provisional relief, including a temporary restraining order or preliminary injunction, on the ground that the arbitration award to which the applicant may be entitled may be rendered ineffectual without provisional relief.

	
 
	
(g)
	
Any arbitration hereunder shall be conducted in accordance with the employment rules and procedures of the AAA then in effect; provided, however, that, in the event of any inconsistency between the rules and procedures of the AAA and the terms of this Plan, the terms of this Plan shall prevail.

	
 
	
(h)
	
If any of the provisions of this Section 13.6 are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Section 13.6, and this Section 13.6 shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration.  If a court should find that the provisions of this Section 13.6 are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law.

ARTICLE 14
TRUST

	
14.1
	
ESTABLISHMENT OF TRUST.  The Company may establish the Trust, and the Employers may transfer over to the Trust such assets, if any, as the Committee determines, from time to time and in its sole discretion, are appropriate.

	
14.2
	
INTERRELATIONSHIP OF THE PLAN AND THE TRUST.  The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan.  

18

 

		
The provisions of the Trust shall govern the rights of the Participant and the creditors of the Employers to the assets transferred to the Trust.  The Employers shall at all times remain liable to carry out their obligations under the Plan.  The Employers’ obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust.

ARTICLE 15
MISCELLANEOUS

	
15.1
	
UNSECURED GENERAL CREDITOR.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable right, interest or claim in any property or assets of an Employer.  Any and all of an Employer’s assets shall be, and remain, the general, unpledged and unrestricted assets of the Employer.  An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

	
15.2
	
EMPLOYER’S LIABILITY.  An Employer’s liability for the payment of benefits shall be defined only by the Plan.  An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan.

	
15.3
	
NONASSIGNABILITY.  Except as provided in Section 15.12 in the event of an issuance of a “Domestic Relations Order” (as defined in Section 15.12), neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and nontransferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony, or separate maintenance owed by a Participant (except as set forth in Section 15.12 in the event of the issuance of a Domestic Relations Order) or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

	
15.4
	
COORDINATION WITH OTHER BENEFITS.  The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer.  The Plan shall supplement and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided.

	
15.5
	
NOT A CONTRACT OF EMPLOYMENT.  The terms and conditions of this Plan shall not be deemed to constitute a Contract of employment between any Employer and the Participant.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, with or without cause, unless expressly provided in a written employment agreement.  Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer, either as an employee or a director, or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

19

 

	
15.6
	
FURNISHING INFORMATION.  A Participant or his or her Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.

	
15.7
	
TERMS.  Whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.  The masculine pronoun shall be deemed to include the feminine and VICE VERSA, unless the context clearly indicates otherwise.

	
15.8
	
CAPTIONS.  The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

	
15.9
	
GOVERNING LAW.  Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the laws of the State of California.

	
15.10
	
NOTICE.  Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to:

Mr. Richard Goudis
Chief Financial Officer
HERBALIFE INTERNATIONAL OF AMERICA, INC.
1800 Century Park East Los Angeles, CA 90067-1501 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by, mail, to the last known address of the Participant.

	
15.11
	
SUCCESSORS.  The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant, the Participant’s Beneficiaries, and their permitted successors and assigns.

	
15.12
	
SPOUSE’S INTEREST.  Except as set forth in this Section 15.12, a Participant’s Beneficiary designation shall be deemed automatically revoked if the Participant names a spouse as Beneficiary and the marriage is later dissolved or the spouse dies.  Without limiting the generality of the foregoing, and except as provide below in this Section 15.12, the interest and the benefits hereunder of a spouse of a Participant who has predeceased the Participant or whose marriage with the Participant has been dissolved shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession.  Notwithstanding the foregoing, if all Annual 

20

 

		
Deferral Amounts made on behalf of a Participant were made while the Participant was a resident of a community property state, and, in connection with the dissolution of the Participant’s marriage, a court issues a judgment, decree or order (including approval of a property settlement agreement) which relates to the division of marital property (a “Domestic Relations Order”), the Committee may act in accordance with such Domestic Relations Order to assign all or part of such Participant’s Account Balance to the Participant’s Spouse.  The Participant’s Account Balance or portion thereof which is assigned to the Participant’s Spouse in accordance with a Domestic Relations Order is hereinafter referred to as the “Spouse’s Account Balance.”  The Spouse’s Account Balance will be distributable to the spouse when, and in the manner in which, the Participant’s Account Balance would have been distributable to the Participant under Section 4.1, Article 5 or Article 7 if no Domestic Relations Order had been issued.  The Participant’s spouse shall have no right to make a Scheduled In Service Distribution election under Section 4.1, or to rescind or modify a Scheduled In Service Distribution election previously made by the Participant, but shall have the right, with respect to the Spouse’s Account Balance, to (a) make an election under Section 5.2 of an allowable alternative payout period by submitting an Election Form to the Committee, provided that such Election Form is submitted at least one year before the Participant’s Retirement, (b) designate a Beneficiary, (c) petition the Committee under Section 4.2 to receive a partial or full payout if such spouse experiences an Unforeseeable Emergency, and (d) designate hypothetical investments under Section 3.5.  After the Spouse’s Account Balance has been assigned to the Participant’s spouse under this Section 15.12, such spouse shall have no further right to, or interest in, the remaining portion of such Participant’s Account Balance.

	
15.13
	
VALIDITY.  In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

	
15.14
	
INCOMPETENT.  If the Committee determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person.  The Committee may require proof of minority, incompetency, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit.  Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

	
15.15
	
DISTRIBUTION IN THE EVENT OF TAXATION.  The Company shall automatically make a distribution of all or a portion of a Participant’s Account Balance at any time the Committee determines, in its sole discretion, that all or a portion of the Plan fails to meet the requirements of Section 409A of the Code; provided that any distribution pursuant to this Section 15.15 does not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code.

21

 

	
15.16
	
LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL.  The Company is aware that upon the occurrence of a Change in Control, the Board (which might then be composed of new members) or a shareholder of the Company, or of any successor corporation might then cause or attempt to cause the Company or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company to institute, or may institute, arbitration or litigation seeking to deny Participants the benefits intended under the Plan.  In these circumstances, the purpose of the Plan could be frustrated.  Accordingly, if, following a Change in Control, it should appear to any Participant that the Company or the Committee has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company or any other person takes any action to declare the Plan void or unenforceable or institutes any arbitration, litigation or other legal action designed to deny, diminish or to recover from any Participant or Beneficiary the benefits intended to be provided, then the Company irrevocably authorizes such person to retain counsel of his or her choice at the expense of the Company to represent such person in connection with the initiation or defense of any arbitration, litigation or other legal action, whether by or against the Company, the Committee, or any director, officer, shareholder or other person affiliated with the Company or any successor thereto in any jurisdiction.

	
15.17
	
ROLLOVER CONTRIBUTIONS AND ROLLOVER TRANSFERS.  If a Participant participates in any other plan or arrangement maintained by an Employer (other than a plan qualified under Section 401(a) of the Code) which provides for the deferral of income or compensation (an “Other Deferral Plan”), and the Participant has an account balance under such Other Deferral Plan which the Participant is not presently entitled to receive (other than through distributions or withdrawals on account of hardship or which entail a reduction in such account balance or the payment of some other penalty), the Committee, in its sole and absolute discretion, may permit all but not less than all of such Participant’s account balance in such Other Deferral Plan to be contributed to this Plan as a Rollover Contribution.  The amount of any such Rollover Contribution shall be deducted from the Participant’s account balance in such Other Deferral Plan, shall be credited to the Participant’s Rollover Contribution Account under this Plan, and shall thereafter be governed by the terms and provisions of this Plan rather than by the terms and provisions of such Other Deferral Plan.  Conversely, if a Participant has not become entitled to receive benefits under this Plan (other than pursuant to Section 4.2 or Section 4.3 of this Plan) and the Participant also participates in an Other Deferral Plan, the Committee may, in its sole and absolute discretion, permit all but not less than all of the Participant’s Account Balance to be transferred to such Other Deferral Plan in a Rollover Transfer.  The amount of any Rollover Transfer shall be credited to the Participant’s account in such Other Deferral Plan, and shall thereafter be governed by the terms and provisions of such Other Deferral Plan rather than by the terms and provisions of this Plan.

	
15.18
	
REQUIRED DELAY IN PAYMENTS TO CERTAIN PARTICIPANTS. Notwithstanding anything herein to the contrary: no distributions to a Specified Employee that are to be made as a result of the Specified Employee’s Termination of Employment for any reason other than death or Disability shall be made or commence prior to the date that is the earlier of six months after the date of Termination of 

22

 

		
Employment or the date of the Specified Employee’s death, or such shorter period that the Company determines is sufficient to avoid the imposition of the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code; provided that any distributions that otherwise would have been payable during such six-month (or shorter) period shall continue to accrue earnings under Article 3 and shall be distributed (together with any earnings thereon) in a lump sum on the first day following the expiration of such six-month (or shorter) period.

23

 

IN WITNESS WHEREOF, the Company has signed this Second Amendment and Restatement as of                        , 2008.

HERBALIFE INTERNATIONAL OF AMERICA, INC.,
a Nevada corporation

By: ______________________________

Its: ______________________________

            

 
 
 

 

 

24EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDED AND
RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 MGP BREIT VENTURE 1
LLC 
 a Delaware limited liability company 

Dated as of February 14, 2020 
 THE
LIMITED LIABILITY COMPANY INTERESTS REPRESENTED BY THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION AS PROVIDED IN THOSE STATUTES. THE SALE, ASSIGNMENT, TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ANY LIMITED LIABILITY COMPANY INTEREST IS RESTRICTED IN ACCORDANCE WITH THE
PROVISIONS OF THIS AGREEMENT, AND THE EFFECTIVENESS OF ANY SUCH SALE OR OTHER DISPOSITION MAY BE CONDITIONED UPON, AMONG OTHER THINGS, RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH SALE OR
OTHER DISPOSITION CAN BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS. BY ACQUIRING THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED BY THIS AGREEMENT, EACH MEMBER REPRESENTS THAT IT
WILL NOT SELL OR OTHERWISE DISPOSE OF ITS LIMITED LIABILITY COMPANY INTERESTS WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID STATUTES AND RULES AND REGULATIONS THEREUNDER AND THE TERMS AND PROVISIONS OF THIS AGREEMENT. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 ORGANIZATIONAL MATTERS
	  	 	1	
			
	 1.1
	 	 Formation and Continuation; Filings
	  	 	1	
	 1.2
	 	 Name
	  	 	2	
	 1.3
	 	 Principal Place of Business; Other Places of Business
	  	 	2	
	 1.4
	 	 Business Purpose
	  	 	2	
	 1.5
	 	 Powers
	  	 	3	
	 1.6
	 	 Designated Agent for Service of Process
	  	 	3	
	 1.7
	 	 Term
	  	 	3	
	 1.8
	 	 Foreign Qualification
	  	 	3	
		
	 ARTICLE 2 DEFINITIONS
	  	 	4	
			
	 2.1
	 	 Definitions
	  	 	4	
		
	 ARTICLE 3 CAPITAL; CAPITAL ACCOUNTS AND MEMBERS
	  	 	20	
			
	 3.1
	 	 Generally; Initial Capital Contributions
	  	 	20	
	 3.2
	 	 Additional Contributions
	  	 	21	
	 3.3
	 	 Optional Loans and Dilutive Contributions
	  	 	21	
	 3.4
	 	 Capital Accounts
	  	 	23	
	 3.5
	 	 Return of Capital
	  	 	23	
	 3.6
	 	 Liability of Members
	  	 	24	
	 3.7
	 	 Member Loans
	  	 	24	
	 3.8
	 	 Credit Arrangements
	  	 	24	
		
	 ARTICLE 4 DISTRIBUTIONS
	  	 	26	
			
	 4.1
	 	 Distributions of Cash Available for Distribution
	  	 	26	
	 4.2
	 	 Distributions Upon Liquidation
	  	 	27	
	 4.3
	 	 Withholding
	  	 	27	
	 4.4
	 	 Distributions in Kind
	  	 	27	
	 4.5
	 	 Limitations on Distributions
	  	 	28	
	 4.6
	 	 Carveout Contribution Agreement
	  	 	28	
		
	 ARTICLE 5 ALLOCATIONS OF NET PROFITS AND NET LOSSES
	  	 	28	
			
	 5.1
	 	 General Allocations of Net Profits and Losses
	  	 	28	
	 5.2
	 	 Regulatory Allocations
	  	 	28	

  
 (i) 

							
	 	 	 	  	Page	 
	 5.3
	 	 Allocations in Connection with Liquidations
	  	 	30	
	 5.4
	 	 Tax Allocations
	  	 	30	
	 5.5
	 	 Other Provisions
	  	 	30	
		
	 ARTICLE 6 OPERATIONS
	  	 	31	
			
	 6.1
	 	 Management
	  	 	31	
	 6.2
	 	 Enforcement of the Lease.
	  	 	33	
	 6.3
	 	 Limitations on Authority of the Managing Member
	  	 	33	
	 6.4
	 	 Removal of Managing Member
	  	 	38	
	 6.5
	 	 Reimbursement and Remuneration Generally
	  	 	39	
	 6.6
	 	 Reliance by Third Parties
	  	 	39	
	 6.7
	 	 Records and Reports
	  	 	39	
	 6.8
	 	 Indemnification and Liability
	  	 	41	
	 6.9
	 	 Duties and Conflicts
	  	 	42	
	 6.10
	 	 REOC Management Rights
	  	 	43	
	 6.11
	 	 REIT Compliance
	  	 	43	
	 6.12
	 	 Sale of Properties
	  	 	44	
		
	 ARTICLE 7 INTERESTS AND TRANSFERS OF INTERESTS
	  	 	47	
			
	 7.1
	 	 Transfers
	  	 	47	
	 7.2
	 	 Further Restrictions
	  	 	51	
	 7.3
	 	 Rights of Assignees
	  	 	52	
	 7.4
	 	 Admissions, Withdrawals and Removals
	  	 	52	
	 7.5
	 	 Admission of Assignees as Substitute Members
	  	 	53	
	 7.6
	 	 Withdrawal of Members
	  	 	53	
	 7.7
	 	 Conversion of Membership Interest
	  	 	53	
		
	 ARTICLE 8 DISSOLUTION, LIQUIDATION AND TERMINATION OF THE COMPANY
	  	 	54	

			
	 8.1
	 	 Limitations
	  	 	54	
	 8.2
	 	 Exclusive Causes
	  	 	54	
	 8.3
	 	 Effect of Dissolution
	  	 	54	
	 8.4
	 	 No Capital Contribution Upon Dissolution
	  	 	54	
	 8.5
	 	 Liquidation
	  	 	55	
		
	 ARTICLE 9 MISCELLANEOUS
	  	 	56	
			
	 9.1
	 	 Amendments
	  	 	56	
	 9.2
	 	 Member Representations and Warranties; Indemnification
	  	 	56	
	 9.3
	 	 Entire Agreement
	  	 	60	
	 9.4
	 	 Further Assurances
	  	 	60	
	 9.5
	 	 Notices
	  	 	60	
	 9.6
	 	 Tax Matters
	  	 	60	
	 9.7
	 	 Governing Law
	  	 	65	

  
 (ii) 

							
	 	 	 	  	Page	 
	 9.8
	 	 Construction
	  	 	65	
	 9.9
	 	 Captions – Pronouns
	  	 	65	
	 9.10
	 	 Binding Effect
	  	 	65	
	 9.11
	 	 Severability
	  	 	65	
	 9.12
	 	 Confidentiality
	  	 	66	
	 9.13
	 	 Interpretation
	  	 	66	
	 9.14
	 	 No Third Party Beneficiaries
	  	 	67	
	 9.15
	 	 No Right of Setoff
	  	 	67	
	 9.16
	 	 Counterparts
	  	 	67	
	 9.17
	 	 Submission to Jurisdiction
	  	 	67	
	 9.18
	 	 Attorney’s Fees
	  	 	67	
	 9.19
	 	 Injunctive Relief and Enforcement
	  	 	67	
	 9.20
	 	 Intentionally Omitted
	  	 	68	
	 9.21
	 	 Force Majeure
	  	 	68	
	 9.22
	 	 Limitation on Creditors’ Interests
	  	 	68	

  

			
	 Exhibit A
	 	
 Members, Initial Capital Contributions and Percentage Interests

	 Exhibit B
	 	  REOC Letter

	 Exhibit C
	 	  Interest ROFO Sale Documents

	 Exhibit D
	 	  Anti-Corruption Representation

		
	 Schedule 1
	 	  Initial Financing; Permitted Carveout Guaranty

	 Schedule 2
	 	  MGP Competitor

  
 (iii) 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 MGP BREIT VENTURE 1
LLC 
 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of MGP BREIT Venture 1
LLC, a Delaware limited liability company (the “Company”) is made and entered into as of February 14, 2020 (the “Effective Date”), by and between MGP JV Investco 1 LLC, a Delaware limited liability company (the
“MGP Entity”), and BCORE Windmill Parent LLC, a Delaware limited liability company (the “Sponsor Entity”). Capitalized terms used herein are defined in Article II hereof or as elsewhere
provided herein. 
 RECITALS 

A.    The Company has been formed by the MGP Entity as a limited liability company under the Act for purposes of
acquiring, owning, financing, leasing, maintaining, operating and otherwise dealing with the Properties (which may be through Subsidiaries of the Company, if elected by the Managing Member (subject to Section 1.2 below)).
The Company was formed by filing the Certificate with the Secretary of State of the State of Delaware under and pursuant to the provisions of the Act and is currently operated in accordance with that certain Limited Liability Company Agreement dated
as of January 17, 2020 (the “Existing Operating Agreement”). 
 B.    The MGP Entity
desires to admit the Sponsor Entity as a Member of the Company, and the Members desire to enter into this Agreement to amend and restate the Existing Operating Agreement in its entirety for purposes of setting forth their respective rights
and obligations with respect to the Company and each other. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree to amend and restate the Existing Operating Agreement in its entirety to read as follows: 

ARTICLE 1 

ORGANIZATIONAL MATTERS 

1.1    Formation and Continuation; Filings. 

1.1.1    The Company was formed under and pursuant to the provisions of the Delaware Limited Liability Company Act, 6
Del.C. § 18-101, et seq. (as amended from time to time, the “Act”) and on the terms and conditions set forth in the Certificate as filed with the

 
Secretary of State of the State of Delaware. The rights and liabilities of the Members of the Company shall be as provided in the Act, the Certificate and this Agreement. In the event of any
inconsistency between any terms and conditions contained in this Agreement, the Certificate and any non-mandatory provisions of the Act, the terms and conditions contained in this Agreement shall govern and
override the provisions of the Certificate and the Act. Each of the Members is admitted to the Company as a member of the Company upon its execution of this Agreement. 

1.1.2    The fact that the Certificate is on file in the office of the Secretary of State shall constitute notice that
the Company is a limited liability company pursuant to Section 18-207 of the Act. 

1.1.3    The Certificate may be amended or restated by the Managing Member as provided in the Act as deemed necessary or
desirable by the Managing Member; provided that, the Certificate may not be amended or restated without the written consent of any other Member that would be materially adversely affected thereby. 

1.1.4    Andrew Hagopian III, as an “authorized person” within the meaning of the Act, executed, delivered and
filed the Certificate of the Company with the Secretary of State of the State of Delaware, which filing is hereby approved and ratified. Effective as of the Effective Date, her powers as an “authorized person” shall cease, and the Managing
Member shall become (and thereafter shall continue as) the designated “authorized person” within the meaning of the Act. To the extent not inconsistent with this Agreement, the Managing Member may execute on behalf of the Company, and file
and record (or cause to be filed and recorded) and publish, if required by applicable laws, such other and further certificates, statements or other instruments as may be necessary or desirable under the laws of the State of Delaware or the state in
which any of the Company Assets are located in connection with the formation and continuation of the Company and the commencement and carrying on of its business. Subject to the terms and conditions of this Agreement, the Managing Member may also
cause to be made, on behalf of the Company, such additional filings and recordings as the Managing Member reasonably shall deem necessary, customary, convenient or advisable. 

1.2    Name. The name of the Company shall be MGP BREIT Venture 1 LLC. The Company may also conduct business
through Subsidiaries of the Company or at the same time under one or more fictitious names if the Managing Member determines that such is necessary or advisable. The Managing Member may change the name of the Company, from time to time, in
accordance with applicable law. 
 1.3    Principal Place of Business; Other Places of Business. The
principal place of business of the Company is located at 1980 Festival Plaza Drive, Suite 750, Las Vegas, Nevada, 89135, or such other place within or outside the State of Delaware as the Managing Member may from time to time designate. The Company
may maintain offices and places of business at such other place or places within or outside the State of Delaware as the Managing Member deems necessary or advisable. The Managing Member shall provide written notice to the other Members of any
change of the principal place of business of the Company. 
 1.4    Business Purpose . The purpose and business
of the Company is to directly, or indirectly through Subsidiaries, acquire, invest in, own, manage, operate, maintain, repair, 

  
 -2- 

 
redevelop, renovate, construct, improve, assign, transfer, lease, finance, mortgage, pledge, sell, dispose and otherwise deal with the Properties or any portion thereof, related property and any
other Company Assets acquired by the Company in accordance with the terms hereof, and to own the interests in all of the Subsidiaries of the Company, and to provide any services related thereto and to perform all other activities necessary,
customary, convenient or incidental to the furtherance of the foregoing (collectively, the “Business”). 

1.5    Powers. In furtherance of its Business, but subject to all of the provisions of this Agreement, the Company
shall, have and may exercise, all of the powers and rights that can be conferred upon limited liability companies formed pursuant to the Act, and may also engage in such other lawful business purposes or activity in which a limited liability company
may be engaged under applicable law (including, without limitation, the Act) and enter into any agreement or other undertaking, in each case, which the Managing Member deems reasonably necessary, customary, convenient or advisable in connection with
or incidental to the furtherance of the Business. 
 1.6    Designated Agent for Service of Process. So
long as required by the Act, the Company shall continuously maintain a registered office and a registered agent for service of process on the Company in the State of Delaware. As of the Effective Date, the address of the registered office and the
registered agent for service of process of the Company in the State of Delaware shall be as specified in the Certificate or as otherwise designated by the Managing Member. The Company may also from time to time maintain a registered office and a
registered agent for service of process on the Company in any other state or jurisdiction as the Managing Member determines necessary or advisable. 

1.7    Term. The term of the Company commenced on the filing of the Certificate with the Secretary of State of the
State of Delaware, and shall continue until the Company is dissolved in accordance with the terms of this Agreement. Notwithstanding the dissolution of the Company, the existence of the Company shall continue as a separate legal entity until
termination pursuant to this Agreement. 
 1.8    Foreign Qualification. The Company shall be qualified or
registered under foreign limited liability company statutes, or assumed or fictitious name statutes or similar laws, in any jurisdiction in which the Company owns property or transacts business to the extent, in the judgment of the Managing Member,
such qualification or registration is necessary or advisable in order to protect the limited liability of the Members or to permit the Company lawfully to own property or transact business. Each Person designated by the Managing Member as an
authorized person within the meaning of Section 18-204(a) of the Act shall have the power and authority to execute, file and publish any certificates, notices, statements or other documents (and any
amendments and/or restatements thereof) necessary to permit the Company to conduct business as a limited liability company in each jurisdiction where the Company elects to do business. At the request of the Managing Member, each Member shall execute
and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, register, continue and terminate the Company as a foreign limited liability company in all such jurisdictions in which
the Company may reasonably be expected to conduct business; provided that no Member shall be required to file any general consent to service of process or to qualify as a foreign corporation, limited liability company, partnership or other
entity in any jurisdiction in which it is not already so qualified. 

  
 -3- 

 ARTICLE 2 

DEFINITIONS 

2.1    Definitions. Capitalized words and phrases used and not otherwise defined in this Agreement shall have the
following meanings: 
 “Acquiring Member” is defined in Section 7.2(a). 

“Act” is defined in the Section 1.1.1. 

“Additional Capital Contributions” means Capital Contributions other than the Initial Capital Contributions. 

“Adjusted Capital Account” means, with respect to any Member, the balance, if any, in such Member’s Capital Account as
of the end of the relevant fiscal year, after giving effect to the following adjustments: 
 (a)    Add to such Capital
Account the following items: 
 (i)    The amount, if any, that such Member is obligated to contribute
to the Company within ninety (90) days after liquidation of such Member’s Interest; and 

(ii)    The amount that such Member is obligated to restore or is deemed to be obligated to restore
pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 
 (b)    Subtract from such Capital Account such Member’s
share of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing
definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s
Adjusted Capital Account. 
 “Affiliate” (including the correlative meaning of the term “Affiliated”)
means, with reference to a specified Person, any Person which, directly or indirectly (including through one or more intermediaries), Controls or is Controlled by or is under common Control with any other Person, including any Subsidiary of a
Person, provided however, that in no event shall the Company or any of its Subsidiaries be considered an Affiliate of any Member and that in no event shall any Member or its Controlled Affiliates be considered an Affiliate of the Company or any of
its Subsidiaries. 

  
 -4- 

 “Aggregate Sale” is defined in Section 6.12.1.

 “Agreement” is defined in the Preamble. 

“Asset Disposition” is defined in Section 6.12.1. 

“Asset Disposition CC Allocation” is defined in Section 6.12. 

“Asset Disposition PP Adjustments” is defined in Section 6.12. 

“Asset Potential Purchasers” is defined in Section 6.12.1. 

“Asset Responding Member” is defined in Section 6.12.1. 

“Asset ROFO” is defined in Section 6.12.1. 

“Asset ROFO Closing” is defined in Section 6.12.3. 

“Asset ROFO Closing Date” is defined in Section 6.12.3. 

“Asset ROFO Down Payment” is defined in Section 6.12.2. 

“Asset ROFO Election Notice” is defined in Section 6.12.1. 

“Asset ROFO Escrow Agent” is defined in Section 6.12.2. 

“Asset ROFO Gross Valuation” is defined in Section 6.12.1. 

“Asset ROFO Notice” is defined in Section 6.12.1. 

“Asset ROFO Offer Period” is defined in Section 6.12.1. 

“Asset ROFO Purchase Agreement” is defined in Section 6.12.4. 

“Asset ROFO Purchase Price” means the amount the Triggering Member would have received if (x) the Offered Assets had
been sold at the Asset ROFO Gross Valuation, (y) all of the liabilities of the Company and its Subsidiaries related thereto (including, without limitation, all Credit Arrangements) had been paid, and (z) the remaining net proceeds had been
distributed to the Members in accordance with this Agreement, including the repayment of any Optional Loans in accordance with the terms of this Agreement. If the applicable Asset ROFO Notice included a determination that the Credit Arrangement
secured by the Offered Assets would be repaid by the Company in connection with the sale of the Offered Assets, then the liabilities of the Company and its Subsidiaries shall be deemed to include any prepayment, defeasance or other similar costs
that would have been incurred in connection with such repayment but if the applicable Asset ROFO Notice included a determination that the Credit Arrangement secured by the Offered Assets would be assumed by the purchaser, any such prepayment,
defeasance or other similar costs, shall be excluded from the calculation of the liabilities of the Company and its Subsidiaries. 

“Asset ROFO Rejection Notice” is defined in Section 6.12.1. 

  
 -5- 

 “Assignee” means any Person: (a) to whom a Member (or Assignee
thereof) Transfers all or part of its direct Interest in accordance with the terms of this Agreement, and (b) that has not been admitted to the Company as a Substitute Member pursuant to Section 7.5. 

“Bad Act” is defined in Section 6.8.1. 

“Bankruptcy” means, with respect to a Person, the occurrence of: (1) an assignment by the Person for the benefit of
creditors; (2) the filing by the Person of a voluntary petition in bankruptcy; (3) the entry of a judgment by any court that the Person is bankrupt or insolvent, or the entry against the Person of an order for relief in any bankruptcy or
insolvency proceeding; (4) the filing of a petition or answer by the Person seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation;
(5) the filing by the Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding for reorganization or of a similar nature; (6) the consent or
acquiescence of the Person to the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties; or (7) any other event that would cause, if not for the provisions of this Agreement, the
Person to cease to be a member of a limited liability company under the Act. 
 “BBA Share” is defined in
Section 9.6.1(d). 
 “BREIT” means Blackstone Real Estate Income Trust, Inc. and its successors
and assigns. 
 “BREIT OP” means BREIT Operating Partnership L.P. and its successors and assigns. 

“Business” is defined in Section 1.4. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, which is not a day on which national banks in the
City of New York, New York are authorized or obligated, by law or executive order, to close. 
 “Capital Account” means the
Capital Account maintained for each Member on the Company’s books and records, as adjusted in accordance with the following provisions: 

(a)    To each Member’s Capital Account there shall be added (i) such Member’s Capital Contributions,
(ii) such Member’s allocable share of Net Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant to Article 5 or other provisions of this Agreement, and
(iii) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. 

(b)    From each Member’s Capital Account there shall be subtracted (i) the amount of (A) cash and
(B) the Gross Asset Value of any Company Assets (other than cash) distributed to such Member (other than any payment of principal and/or interest to such Member pursuant to the terms of a loan made by the Member to the Company or any fees paid
to a Member) pursuant to any provision of this Agreement, (ii) such Member’s allocable share of Net Losses and any other items in the nature of expenses or losses that are specially allocated to such

  
 -6- 

 
Member pursuant to Article 5 or other provisions of this Agreement, and (iii) liabilities of such Member assumed by the Company or which are secured by any property
contributed by such Member to the Company. 
 (c)    In the event any Interest is Transferred in accordance with the
terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Interest so Transferred. 

(d)    In determining the amount of any liability for purposes of subparagraphs (a) and
(b) above, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(e)    The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital
Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consistent with such
Regulations. In the event that the Managing Member shall determine that it is prudent to modify the manner in which the Capital Accounts, or any additions or subtractions thereto, are computed in order to comply with such Regulations, the Managing
Member may make such modification, provided that it is not likely to have a material adverse effect on any Member pursuant to any provision of this Agreement. The Managing Member shall also make (i) any adjustments that are necessary or
appropriate to maintain equality between the Capital Accounts of the Members and the amount of Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations
Sections 1.704-1(b) and 1.704-2. 
 “Capital
Call Notice” is defined in Section 3.2.2. 
 “Capital Contributions” means with respect
to any Member at any time, the aggregate amount of money and the initial Gross Asset Value of any property (other than money) contributed, or deemed contributed, by such Member to the Company as of such time (net of any liabilities secured by such
property or to which such property is otherwise subject), including any Initial Capital Contribution and Additional Capital Contributions. 

“Capital Event” means any sale, exchange, condemnation, insurance recovery, or other disposition of Company Assets, or a loan
or a refinancing of a loan to the extent the proceeds of such loan are made available to the Company, but excludes incidental sales of non-material personal property occurring in the ordinary course of
business. For the avoidance of doubt, the receipt and distribution of the proceeds of the Debt Financing (as defined in the MTA) are not Capital Events for purposes of this Agreement. 

“Capital Proceeds” means cash or other consideration received by the Company and its Subsidiaries as a result of any Capital
Event less any such cash which is applied to (i) the payment of transaction costs for such Capital Event or other Company Expenses related to such Capital Event, (ii) the repayment of debt of the Company or its Subsidiaries which is
required under the terms of the indebtedness or is otherwise authorized by the Managing Member, or (iii) payments of capital expenditures, and (iv) any other amounts set aside for the restoration, increase or creation of Reserves. 

  
 -7- 

 “Carveout Contribution Agreement” means that certain Contribution Agreement
dated the Effective Date by and among, the Company, the Members, and the Carveout Guarantors. 
 “Carveout Guarantors”
means, collectively, the MGP Guarantor and the Sponsor Guarantor. 
 “Cash Available for Distribution” means, at the date
of determination, all Company cash receipts (excluding the proceeds from Capital Contributions or Optional Loans by any Member), after deducting payments for Company Expenses, payments required to repay any debts or other obligations of the Company,
capital expenditures, and any other amounts set aside for the restoration, increase or creation of Reserves. 

“Certificate” means the Certificate of Formation for the Company filed with the Secretary of State of the State of Delaware
on January 17, 2020, pursuant to Section 18-201 of the Act, as the same has been or may hereafter be amended and restated. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” is defined in the Preamble. 

“Company Assets” means all direct and indirect assets and property, whether tangible or intangible (including monies) and
whether real, personal, or mixed, from time to time owned by or held for the benefit of the Company, including all direct or indirect interests in the Properties. 

“Company Expenses” means, with respect to any fiscal period, the amount of any expenses accrued or paid by or on behalf of
the Company during the period, including without limitation, all cash expenses, such as insurance premiums, legal, accounting, and bookkeeping. Company Expenses shall include the actual cost of goods, materials, and administrative services used for
or by the Company, whether incurred by the Managing Member, any Affiliate thereof, or any non-Affiliate in performing functions set forth in this Agreement reasonably requiring the use of such goods,
materials, or administrative services, provided, that any expenses incurred by Affiliates of the Managing Member and reimbursable by the Company shall be on terms no less favorable than those that would be incurred in an arm’s-length market rate transaction with a Third Party unaffiliated with the Company and/or the Managing Member. 

“Company Minimum Gain” has the meaning set forth in
Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase “partnership minimum gain.” 

“Competitor Restriction Termination Date” has the meaning set forth in the Lease. 

“Control” (including the correlative meanings of the terms “Controlled by” and “under common Control
with”), as used with respect to any Person, means the possession, directly or indirectly (including through one or more intermediaries), of the power to direct or cause the direction of the management and policies of such Person, through
the ownership or control of voting securities, partnership interests or other equity interests, by contract or otherwise. 

  
 -8- 

 “Credit Arrangements” is defined in Section 3.8.

 “Depreciation” means, for each fiscal year or other period, an amount equal to the federal income tax depreciation,
amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such
year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such
beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method chosen by the Managing Member. 
 “Dilutive Contribution” as
defined in Section 3.3.7. 
 “Due Date” is defined in Section 3.2.3.

 “Economic Interest” means a Person’s right to share in the Net Profits, Net Losses, or similar items of, and to
receive distributions from, the Company, but does not include any other rights of a Member including, without limitation, the right to vote or to participate in the management of the Company, or, except as specifically provided in this Agreement or
required under the Act, any right to information concerning the business and affairs of the Company. 
 “Effective Date” is
defined in the Preamble. 
 “Emergency Expenses” means costs that arise from an emergency situation which would, or
could reasonably be expected to, (i) cause imminent material loss to the Company, (ii) pose an imminent threat of bodily injury to persons at the Properties, (iii) cause a material liability to the Company or any Subsidiary resulting
from a failure to comply with any laws, orders, rules, regulations and other requirements enacted, imposed or enforced by any governmental authority or (iv) result in the imminent suspension of any material services necessary to the continued
operation of any portion of the Properties. 
 “ERISA” is defined in Section 9.2.2. 

“Existing Operating Agreement” is defined in the Recitals. 

“Failed Contribution” is defined in Section 3.3.1. 

“For Cause Removal Event” means the occurrence of any of the following: (i) the written admission by MGP Member or the
final non-appealable finding by a court of competent jurisdiction that MGP Member or any of its Affiliates (it being expressly agreed that for the purposes of this clause, none of MGM or any of its
Subsidiaries (which are not also MGP’s Subsidiaries) shall be deemed to be an Affiliate of MGP Member) committed an act of fraud with respect to the Company or any Company Assets, (ii) the final
non-appealable finding by a court of 

  
 -9- 

 
competent jurisdiction that MGP Member (or an Officer appointed by the MGP Member in its capacity as Managing Member) or any of its Affiliates (it being expressly agreed that for the purposes of
this clause, none of MGM or any of its Subsidiaries (which are not also MGP’s Subsidiaries) shall be deemed to be an Affiliate of MGP Member) took or implemented (or caused the Company or any of its Subsidiaries to take or implement) any action
that constitutes a Major Decision without the consent of Sponsor Member in violation of Section 6.3.1, or (iii) a Bankruptcy by or with respect to the MGP Member, the MGP Guarantor or MGP. 

“Gaming Authority” means any Government Entity that holds regulatory, licensing or permit authority over gambling, gaming,
lotteries, horse racing or casino activities conducted by MGM, the MGP Entity or the Sponsor Entity or any of their respective Affiliates, including, but not limited to, the Nevada Gaming Commission and the Nevada Gaming Control Board. 

“Gaming Laws” means all laws governing or relating to MGM, the MGP Entity or the Sponsor Entity or any of their respective
Affiliates and the gambling, gaming, lottery, horse racing or casino activities and operations of MGM, the MGP Entity or the Sponsor Entity or any of their respective Affiliates, in each case, as amended from time to time, including, but not limited
to, the Nevada Gaming Control Act and the regulations promulgated thereunder. 
 “Government Entity” means any
(a) Gaming Authority, (b) federal, state, local, municipal, foreign or other government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, (c) governmental or
quasi-governmental entity of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal) or (d) body exercising or entitled to exercise any administrative, executive, judicial,
legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral tribunal. 
 “Gross Asset
Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 

(a)    The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market
value of such asset, as reasonably determined by the Managing Member; 
 (b)    The Gross Asset Values of all Company
Assets immediately prior to the occurrence of any event described in subparagraph (i), subparagraph (ii), subparagraph (iii) or subparagraph (iv) below, shall be adjusted to
equal their respective gross fair market values (taking Code Section 7701(g) into account), as reasonably determined by the Managing Member using such method of valuation as it may adopt, as of the following times: 

(i)    the acquisition of an additional Interest (other than in connection with the execution of this
Agreement) by a new or existing Member in exchange for more than a de minimis Capital Contribution, if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative interests of the Members
in the Company; 

  
 -10- 

 (ii)    the distribution by the Company to a Member of
more than a de minimis amount of Company Assets as consideration for an Interest, if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative interests of the Members in the Company;

 (iii)    the liquidation of the Company within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g); and 

(iv)    at such other times as the Managing Member shall reasonably determine necessary or advisable in
order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(c)    The Gross Asset Value of any Company Asset distributed to a Member shall be the gross fair market value (taking
Code Section 7701(g) into account) of such asset on the date of distribution as reasonably determined by the Managing Member, provided such determination shall be consistent with the fair market value of the Company Assets as determined for
purposes of Section 4.4. 
 (d)    The Gross Asset Values of Company Assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to
the extent that an adjustment pursuant to subparagraph (b) above is made in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 

(e)    If the Gross Asset Value of a Company Asset has been determined or adjusted pursuant to
subparagraph (a), subparagraph (b) or subparagraph (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such Company Asset for
purposes of computing Net Profits and Net Losses. 
 “Guaranty Payment” is defined in
Section 3.8.4. 
 “Imputed Underpayment” means an imputed underpayment calculated in accordance
with Section 6225(b) of the Code. 
 “Incapacity” (including the correlative meaning of the term
“Incapacitated”) means, (a) as to any Member who is an individual, the death, total physical disability or entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her person or his or
her estate; (b) as to any Member that is a corporation, limited liability company or limited partnership, the bankruptcy (as defined in the Delaware Act) or the filing of a certificate of dissolution, or its equivalent, of such corporation or
limited liability company or limited partnership; (c) as to any Member that is a partnership (other than a limited partnership), the the bankruptcy (as defined in the Delaware Act) or the dissolution and commencement of winding up of such
partnership; (d) as to any Member that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Company; or (e) as to any trustee of a trust that is a Member, the termination of the trust (but not the
substitution of a new trustee). 

  
 -11- 

 “Indemnitee” is defined in Section 6.8.1. 

“Individual Sale” is defined in Section 6.12.1. 

“Initial Capital Contributions” is defined in Section 3.1.3. 

“Initial Financing” is defined in Section 3.8.2. 

“Interest Purchase Agreement” is defined in Section 7.1.4(d). 

“Interest Responding Member” is defined in Section 7.1.4(a). 

“Interest ROFO” is defined in Section 7.1.4(a). 

“Interest ROFO CC Allocation” is defined in Section 7.1.4 (a) 

“Interest ROFO Closing” is defined in Section 7.1.4(c). 

“Interest ROFO Closing Date” is defined in Section 7.1.4(c). 

“Interest ROFO Down Payment” is defined in Section 7.1.4(b). 

“Interest ROFO Election Notice” is defined in Section 7.1.4(a). 

“Interest ROFO Escrow Agent” is defined in Section 7.1.4(b). 

“Interest ROFO Notice” is defined in Section 7.1.4(a). 

“Interest ROFO Offer Period” is defined in Section 7.1.4(a). 

“Interest ROFO PP Adjustments” is defined in Section 7.1.4 (a) 

“Interest ROFO Purchase Price” is defined in Section 7.1.4(a). 

“Interest ROFO Rejection Notice” is defined in Section 7.1.4(a). 

“Interest ROFO Sale Documents” is defined in Section 7.1.4(c). 

“Interested Member” is defined in Section 9.6.4(a). 

“Item Subject to Deemed Consent” has the meaning given to the term “Item Subject to Deemed Consent” in the Lease.

 “Lease” means that certain Master Lease, dated as of February 14, 2020, by and among the Property Owners and
Tenant, as amended, supplemented and/or modified from time to time. 
 “Lease Document Major Decision” is defined in
Section 6.3.1(l). 

  
 -12- 

 “Lease Documents” means the Lease, the Lease Guaranty, the Transition
Services Agreement, each Operating Subtenant Attornment Agreement and the Operating Subtenant Guaranty. 
 “Lease Guaranty”
means that certain Guaranty of Lease Documents, dated as of February 14, 2020, made by MGM in favor of the Property Owners, as amended, supplemented and/or modified from time to time. 

“Lender” is defined in Section 3.8.1. 

“Lending Eligible Member” is defined in Section 3.3.1. 

“Lending Member” is defined in Section 3.3.1. 

“Liabilities” is defined in Section 6.8.1. 

“Liquidator” is defined in Section 8.5.1. 

“Lockout Date” means the date which is the earliest of (x) the 25th
anniversary of the Effective Date, (y) the termination of the Lease arising out of an Event of Default (as defined in the Lease), and (z) if MGP Member is removed as Managing Member as a result of a For Cause Removal Event, the later of
(i) the expiration of the Tax Protection Period and (ii) the date on which MGP Member is so removed as Managing Member as a result of a For Cause Removal Event. 

“LTV” means with respect to any proposed Credit Arrangement, on the date such Credit Arrangement is to be entered into, the
ratio, expressed as a percentage, of (x) the maximum principal amount of such Credit Arrangement together with the outstanding principal amount of any other Credit Arrangements which will remain outstanding after such proposed Credit
Arrangement is entered into and is secured by the same Company Assets as the proposed Credit Arrangement to (y) the fair market value of the Company Assets securing such Credit Arrangement, as reasonably determined by the Member proposing such
Credit Arrangement in good faith. 
 “Major Decision” is defined in Section 6.3.1. 

“Managing Member” means the MGP Member, any Substitute Member thereof or any New Managing Member. 

“Mandalay Bay Property” means the real property commonly known as the Mandalay Bay Resort and Casino
located in Las Vegas, Nevada, acquired by the Mandalay Bay Property Owner pursuant to the MTA. 
 “Mandalay Bay Property
Owner” means Mandalay Propco, LLC a Delaware limited liability company, which is the owner of the Mandalay Bay Property. 

“Member Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that
would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i) with respect to “partner minimum gain.”

  
 -13- 

 “Member Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4) for the phrase “partner nonrecourse debt.” 

“Member Nonrecourse Deductions” has the meaning set forth in
Regulations Section 1.704-2(i) for the phrase “partner nonrecourse deductions.” 

“Members” means the Persons admitted as members of the Company in accordance herewith and any Substitute Members, with each
Member being referred to, individually, as a “Member”; the initial Members shall be the MGP Member and the Sponsor Member. 

“Membership Interest” or “Interest” means the entire ownership interest of a Member in the Company at any
particular time, including without limitation, the Member’s Economic Interest and any proceeds thereof, any and all rights to vote and otherwise participate in the Company’s affairs, and the rights to any and all benefits to which a Member
may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all of the terms and provisions of this Agreement. 

“MGM” means MGM Resorts International, a Delaware corporation, and its successors and assigns. 

“MGM Grand Property” means the real property commonly known as the MGM Grand Las Vegas Hotel and Casino located
in Las Vegas, Nevada, acquired by the MGM Grand Property Owner pursuant to the MTA. 
 “MGM Grand Property Owner”
means MGM Grand Propco, LLC, a Delaware limited liability company, which is the owner of the MGM Grand Property. 
 “MGM
Guaranty” means that certain guaranty delivered on the Effective Date by MGM with respect to the Initial Financing. 

“MGP” means MGM Growth Properties Operating Partnership LP, a Delaware limited partnership, and its successors and
assigns. 
 “MGP Competitor” means any Person set forth on Schedule 2. 

“MGP Entity” is defined in the Preamble. 

“MGP Guarantor” means any Affiliate of the MGP Member (including MGP) that executes a Permitted Carveout Guaranty.

 “MGP Member” means MGP Entity, together with its permitted successors and assigns admitted as a Substitute Member,
including any Substitute Member acquiring the Interests formerly held by an MGP Member. 

  
 -14- 

 “MGP REIT” means MGM Growth Properties LLC, a Delaware limited
liability company. 
 “Monthly Payment Date” means the 15th day
following the end of a calendar month. 
 “MTA” means that certain Master Transaction Agreement, dated as of January 14,
2020 and executed by MGP, MGM, the Sponsor Member and certain other parties, as the same may be amended, supplemented and otherwise modified from time to time. 

“Net Profits” or “Net Losses” means, for each fiscal year or other period, an amount equal to the
Company’s taxable income or loss for such year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a)    Any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of Net Profits and Net Losses shall be added to such taxable income or loss; 

(b)    Any expenditure of the Company described in Code Section 705(a)(2)(B) or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this
definition of Net Profits and Net Losses, shall be subtracted from such taxable income or loss; 
 (c)    Gain or loss
resulting from any disposition of Company Assets where such gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the Company Assets disposed of, notwithstanding that the adjusted tax
basis of such Company Assets differs from its Gross Asset Value; 
 (d)    In lieu of the depreciation, amortization
and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year; 

(e)    To the extent an adjustment to the adjusted tax basis of any asset included in Company Assets pursuant to Code
Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result
of a distribution other than in liquidation of a Member’s Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the
asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Profits and Net Losses; 

(f)    If the Gross Asset Value of any Company Asset is adjusted in accordance with subparagraph (b) or
subparagraph (c) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes of computing Net
Profits or Net Losses; and 

  
 -15- 

 (g)    Notwithstanding any other provision of this definition of Net
Profits and Net Losses, any items that are specially allocated pursuant to Section 5.2 or Section 5.4.2 hereof shall not be taken into account in computing Net Profits or Net Losses. The amounts of
the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Sections 5.2 and 5.4.2 shall be determined by applying rules analogous to those set forth in this definition of Net
Profits and Net Losses. 
 “New Lease Major Decision” is defined in Section 6.3.1. 

“New Managing Member” is defined in Section 6.4.1. 

“Non-Contributing Member” is defined in Section 3.3.1. 

“Non-Discretionary Capital”
means capital required by the Company (i) to cover Emergency Expenses or to pay debt service payable under any Credit Arrangement, only to the extent that ordinary cash flows of the Company are not available to satisfy the same or
(ii) to pay Required Principal Paydowns. 
 “Nonrecourse Deductions” has the meaning set forth in Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations
Sections 1.704-2(b)(3) and 1.752-1(a)(2). 

“OFAC” is defined in Section 9.2.1(h). 

“Offered Assets” is defined in Section 6.12.1. 

“Officers” is defined in Section 6.1.3. 

“Operating Subtenant” has the meaning set forth in the Lease. 

“Operating Subtenant Attornment Agreement” has the meaning set forth in the Lease. 

“Operating Subtenant Guaranty” has the meaning set forth in the Lease. 

“Optional Contribution Notice” is defined in Section 3.3.1. 

“Optional Loan” is defined in Section 3.3.1. 

“Optional Loan Rate” means ten percent (10%) per annum; provided, however, that the Optional Loan Rate for
Optional Loans made for the purposes of funding Required Principals Paydowns shall be fourteen percent (14%) per annum; provided, further, that in no event shall the Optional Loan Rate exceed the highest lawful rate of interest allowable
under applicable law. 

  
 -16- 

 “Other MGM/MGP Arrangements” is defined in
Section 6.9.2. 
 “Outside Contribution Date” is defined in
Section 3.3.1. 
 “Partnership Representative” is defined in
Section 9.6.1. 
 “Patriot Act” is defined in Section 9.2.1(h). 

“PCAOB” means, the Public Company Accounting Oversight Board or any successor thereto as may be directed by or implemented
pursuant to SOX. 
 “Percentage Interest” means, with respect to each Member, initially the percentage set forth opposite
such Member’s name on Exhibit A attached hereto, as the same may be amended or otherwise modified from time to time. 

“Permitted Carveout Guaranty” means, with respect to any Person that is the guarantor, the collective reference to a guaranty
of indebtedness or indemnity that provides for personal recourse to such Person for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purpose entity covenants,
and other circumstances customarily excluded by institutional lenders from exculpation provisions or included in a separate guaranty or indemnification agreement in non-recourse financing of real property.

 “Person” means and includes an individual, a corporation, a partnership, a limited liability company, a limited
partnership, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

“Property” and “Properties” means, individually or collectively, the Mandalay Bay Property and the MGM Grand
Property. 
 “Property Disposition” means the (i) sale of all or substantially all of any Property, (ii) sale of
any direct ownership interests in any Property Owner or any Subsidiary of the Company that directly or indirectly owns a Property to a Person other than the Company or a direct or indirect wholly-owned Subsidiary of the Company, or
(iii) merger, consolidation, conversion or other combination of the Company, or any Subsidiary of the Company that directly or indirectly owns a Property, with or into any other Person (other than the Company or a direct or indirect
wholly-owned Subsidiary of the Company). 
 “Property Owner” and Property Owners” means, individually or
collectively, the Mandalay Bay Property Owner and the MGM Grand Property Owner. 
 “Public Vehicle” means a Person whose
securities are listed and traded on the New York Stock Exchange, AMEX, NASDAQ, or another nationally recognized securities exchange, and shall include any operating partnership through which such Person conducts all or substantially all of its
business (including, without limitation, MGP and BREIT OP). 
 “Regulation D” is defined in
Section 9.2.1(k). 

  
 -17- 

 “Regulations” means temporary and final Treasury Regulations promulgated
under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding Treasury Regulations).  

“Regulatory Allocations” is defined in Section 5.2.8. 

“REIT” is defined in Section 6.11. 

“REIT Requirements” is defined in Section 6.11. 

“Removal Event” means (i) if an Event of Default (as defined in the Lease) has occurred and is continuing, (ii) the
occurrence of a For Cause Removal Event, or (iii) the occurrence of a Transfer or dilution in accordance with Section 3.3.7 which results in MGP, directly or indirectly, owning less than thirty-five percent (35%) of
the Membership Interests in the Company. 
 “Required Principal Paydowns” means the payment of all or a portion of the
principal amount of any Credit Arrangement or other indebtedness for borrowed money of the Company or any Subsidiary (including all associated transaction costs) on or about the maturity of such Credit Arrangement or other indebtedness in
circumstances where the Company does not obtain replacement financing in an amount at least equal to such maturing Credit Arrangement or other indebtedness. 

“Required Tax Elections” means: (i) an election to adopt the accrual method of accounting in accordance with Regulations
Section 1.446-1(e)(1); (ii) an election to adopt the recurring item exception of Code Section 461(h)(3) pursuant to Regulations Section 1.461-5(a) for all
types of items for all trades or businesses of the Company; (iii) an election pursuant to Code Section 461(c) to ratably accrue real property taxes; (iv) an election under Code Section 168(g)(7) to use the alternative
depreciation system with respect to all applicable assets of the Company acquired after the Effective Date; (v) an election pursuant to Regulations Section 1.168(k)-1(e)(1) not to apply Code
Section 168(k) with respect to any asset of the Company; (vi) a de minimis safe harbor election under Regulations Section 1.263(a)-1(f) for all eligible amounts paid or incurred
during the taxable year; (vii) an election pursuant to Regulations Section 1.709-1(b)(2) to capitalize the Company’s organizational expenses for the taxable year in which the Company begins
business; and (viii) one or more elections under Code Section 163(j)(7)(B) and Proposed Regulations 1.163(j)-9 to be an electing real property trade(s) or business(es). 

“Reserves” means funds set aside or amounts allocated to reserves that shall be maintained in amounts deemed sufficient by
the Managing Member, in its reasonable discretion, for working capital, and to pay capital expenditures, taxes, insurance, debt service, debt repayment and other liabilities (including any liabilities arising under the Tax Protection Agreement),
costs or expenses incident to the existence of the Company or its Subsidiaries or the conduct of business by the Company or its Subsidiaries as contemplated hereunder. 

“Retained Guarantee Liabilities” is defined in Section 7.1.4(c). 

“Reviewed Year” is defined in Section 6225(d)(1) of the Code. 

  
 -18- 

 “Right to Compete” is defined in Section 6.9.2.

 “ROFO Offered Interest” is defined in Section 7.1.4(a). 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Selling Member” is defined in Section 7.1.4(a). 

“Similar Law” is defined in Section 9.2.2. 

“SOX” means the Sarbanes-Oxley Act of 2002, as amended, supplemented, restated or replaced from time to time, or any similar
or related requirements pursuant to applicable law from time to time. 
 “Sponsor Entity” is defined in the
Preamble. 
 “Sponsor Guarantor” means any Affiliate of Sponsor Member (including BREIT OP) that executes a
Permitted Carveout Guaranty. 
 “Sponsor Member” means Sponsor Entity, together with its permitted successors and assigns
that are admitted as Substitute Members, including any Substitute Member acquiring the Interests formerly held by a Sponsor Member. 

“Subsidiary” means, with respect to any Person, any Affiliate of such Person which is directly or indirectly, through one or
more intermediaries, Controlled by such Person. 
 “Substitute Member” means any Person: (a) to whom a Member (or
Assignee thereof) Transfers all or any part of its direct Interest in accordance with the terms of this Agreement, and (b) which has been admitted to the Company as a Substitute Member pursuant to Section 7.5. 

“Targeted Financing” means any proposed Credit Arrangement that is in an amount equal to the greater of (i) an amount
sufficient to repay in full any existing Credit Arrangement secured by the Company Assets which will be collateral for such proposed new Credit Arrangement, including any related prepayment, defeasance or similar costs incurred as a result of such
repayment and (ii) an amount which results in an LTV of (A) not less than 60% and (B) not greater than 75%. 
 “Tax
Advances” is defined in Section 4.3. 
 “Tax Protection Agreement” means that certain
tax protection agreement dated as of the date hereof by and between MGM and the Company, as amended, supplemented and/or modified from time to time. 

“Tax Protection Period” means “Protected Period” as defined in the Tax Protection Agreement. 

  
 -19- 

 “Tenant” has the meaning given to the term “Tenant” in the Lease.

 “Tenant Party” means any of Tenant, any Operating Subtenant, MGM and any MGM Party (as defined in the Transition
Services Agreement), in each case, in its capacity as a party to a Lease Document, as applicable. 
 “Tenant Competitor”
has the meaning given to the term “Tenant Competitor” in the Lease. 
 “Third Party” means with respect to any
Person, any other Person that is not an Affiliate of such Person. 
 “Transfer” means any sale, exchange, assignment,
pledge, transfer, gift, hypothecation, mortgage, encumbrance or other form of disposition, directly or indirectly, by operation of law or otherwise. The term “Transferred” shall have a correlative meaning. 

“Transfer Affiliate” means (i) with respect to the Sponsor Member, any Person that is ninety-five percent (95%) or more
owned and Controlled, directly or indirectly, by BREIT OP and (ii) with respect to the MGP Member, any Person that is ninety-five percent (95%) or more owned and Controlled, directly or indirectly, by MGM and/or MGP. 

“Transition Services Agreement” means that certain Transition Services Agreement, dated as of February 14, 2020 by and
among Property Owners, Tenant and MGM Parties (as defined therein), as amended, supplemented and/or modified from time to time. 

“TRS” is defined in Section 6.11. 

“Voteco Entity” shall be a formed Delaware limited liability company that would (i) control Sponsor Member and
(ii) be owned and controlled by one or more senior management officers at BREIT. 
 ARTICLE 3 

CAPITAL; CAPITAL ACCOUNTS AND MEMBERS 

3.1    Generally; Initial Capital Contributions. 

3.1.1    Effective as of the Effective Date, the MGP Member and the Sponsor Member have been admitted to the Company as
members of the Company. 
 3.1.2    The names, addresses, Capital Contributions (including Additional Capital
Contributions), Capital Account balances and Percentage Interests of the Members shall at all times be set forth in the books and records of the Company, which shall be supplemented from time to time by the Managing Member to reflect the admission
of Substitute Members pursuant to this Agreement, as well as to reflect any changes in the Members’ respective Capital Contributions, Capital Account balances and Percentage Interests pursuant to the terms of this Agreement. 

  
 -20- 

 3.1.3    On the Effective Date, each of the Members shall be deemed to
have contributed as its initial Capital Contribution the amount set forth on Exhibit A (collectively, the “Initial Capital Contributions”). 

3.2    Additional Contributions. 

3.2.1    Except as set forth in this Section 3.2, or as otherwise required by law, no Member or
Assignee shall be required or permitted to make any Additional Capital Contributions to the Company. 
 3.2.2    The
Managing Member may require the Members to make Additional Capital Contributions in accordance with this Section 3.2.    If the Company requires Additional Capital Contributions to fund Non-Discretionary Capital, the Managing Member shall give written notice (a “Capital Call Notice”) to each Member indicating the purpose for such Additional Capital Contribution and each
Member’s proportionate share thereof. If the Managing Member fails to send a Capital Call Notice to fund Non-Discretionary Capital, and the Sponsor Member reasonably determines that Non-Discretionary Capital is required by the Company, the Sponsor Member (i) may deliver a written notice to the Managing Member advising the Managing Member of such failure, and (ii) if such Managing
Member continues for five (5) Business Days following such delivery to fail to call for Additional Capital Contributions to fund such Non-Discretionary Capital, the Sponsor Member shall have the right to
deliver a Capital Call Notice to the Members; provided, in the event of a Bankruptcy of the Managing Member, the Sponsor Member shall be permitted to deliver a Capital Call Notice to the Members immediately upon reasonably determining that Non-Discretionary Capital is required by the Company and without satisfying the requirements of clause (i) or (ii) of the foregoing. The Members shall make, on or prior to the Due Date, all Additional Capital
Contributions pursuant to this Section 3.2.2 and Section 3.2.3 in proportion to their then respective Percentage Interests. No Member shall have any liability for failing to fund any Additional
Capital Contributions (including to fund any Non-Discretionary Capital) other than the remedies provided in Section 3.3 and any such Member which fails to fund Additional Capital
Contributions shall not be in default of its obligations under this Agreement. 
 3.2.3    Any Capital Call Notice
shall contain a due date, which shall not be fewer than ten (10) Business Days after the date such notice is delivered (the “Due Date”), and each Member shall contribute to the Company its Additional Capital Contributions in
immediately available funds (United States dollars) by such Due Date. The Managing Member shall cause the Company’s books and records to be updated to reflect such Additional Capital Contributions and any corresponding changes to the
Members’ Capital Account balances as a result thereof. 
 3.3    Optional Loans and Dilutive Contributions.

 3.3.1    If a Member (in such capacity, a “Non-Contributing
Member”) does not advance in immediately available funds (United States dollars) to the Company all or any portion of any Additional Capital Contributions required by it pursuant to Section 3.2 (a “Failed
Contribution”) by 5:00 p.m. local time in New York, New York, on the Due Date therefor, a funding Member may (in such capacity, a “Lending Eligible Member”), deliver, at any time within thirty (30) days after the Due
Date, a notice to the Non-Contributing Member (an “Optional 

  
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Contribution Notice”) that it may elect to fund such Failed Contribution. At any time: (a) after the fifth Business Day following the date on which an Optional Contribution
Notice is delivered (such fifth Business Day, an “Outside Contribution Date”), and (b) prior to such Non-Contributing Member making such Failed Contribution, a Lending Eligible Member
may, but shall not be obligated to, advance to the Company an amount equal to the Failed Contribution and to treat such advance as a loan (an “Optional Loan”) to the Non-Contributing Member,
which Optional Loan shall be recourse only to the Non-Contributing Member’s Interest. The Lending Eligible Member that makes the Optional Loan is referred to herein as the “Lending
Member.” Any Lending Member shall be entitled to structure such Optional Loan in a manner it reasonably deems necessary to satisfy all applicable REIT requirements (including, without limitation, all REIT income and asset requirements),
including (1) by electing to provide such capital in the form of preferred equity of the Company rather than debt, (2) subject to compliance with all Credit Arrangements, by making the Optional Loan (or preferred equity investment)
directly to (or in) the Company or one or more Subsidiaries (including the Property Owners), (3) having the Optional Loan secured by the Non-Contributing Member’s interest in the Company, or (4) by
having an Affiliate of such Lending Member provide the Optional Loan (or preferred equity investment); provided that the economic terms and substantive rights of such Lending Member, the
Non-Contributing Member, the Company and any Subsidiary pursuant to any such alternative structure shall be the same in all material respects as if such Lending Member had made an Optional Loan pursuant to the
express provisions of this Section 3.3.1. 
 3.3.2    If an Optional Loan(s) shall be made in
accordance with this Section 3.3, the Lending Member shall notify the Non-Contributing Member and the Company of the amount and date of the Optional Loan(s), and the Capital Account
balance of the Non-Contributing Member shall be credited to reflect the payment of the proceeds of the Optional Loan to the Company. Each Optional Loan that is treated as a loan to the Non-Contributing Member after taking into account the REIT considerations described in Section 3.3.1 above shall be deemed to be made to the Non-Contributing Member, with
the proceeds of each Optional Loan delivered by the Lending Member to the Company in immediately available funds (United States dollars) on such Non-Contributing Member’s behalf and the full amount of
such Optional Loan shall be deemed a Capital Contribution by the Non-Contributing Member for all purposes of this Agreement. An Optional Loan shall be deemed to have been advanced on the date actually advanced
by the Lending Member to the Company. Optional Loans shall earn interest on the outstanding principal amount thereof at a rate equal to the Optional Loan Rate from the date actually advanced by the Lending Member to the Company until the date the
same is repaid in full, compounding quarterly. 
 3.3.3    Optional Loans shall only be repayable by and collectible
from the Non-Contributing Member as set forth in this Section 3.3. An Optional Loan (together with any accrued and unpaid interest thereon) may be repaid by a Non-Contributing Member at any time. If an Optional Loan is made, the Non-Contributing Member shall not receive any distributions pursuant to
Articles 4 and 8 while the Optional Loan remains unpaid. Instead, the Non-Contributing Member’s share of all such distributions or such other proceeds shall (until all
Optional Loans made to such Non-Contributing Member plus all accrued and unpaid interest thereon, if any, shall have been paid in full) first be paid to the Lending Member. Such payments shall be applied first
to the payment of any accrued and unpaid interest on such Optional Loans and then to the repayment of the principal amounts thereof, but shall be considered, for all other 

  
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purposes of this Agreement, to have been distributed to the Non-Contributing Member. Such Non-Contributing
Member’s right to receive distributions shall be immediately reinstated prospectively upon the full repayment of an Optional Loan, including all accrued and unpaid interest thereon to the Lending Member. 

3.3.4    Intentionally Omitted. 

3.3.5    Intentionally Omitted. 

3.3.6    If (a) a Lending Eligible Member provides an Optional Contribution Notice to the Non-Contributing Member as provided in Section 3.3.1 above, (b) the Non-Contributing Member does not make the Additional Capital Contribution on
or before the Outside Contribution Date, and (c) no other Lending Eligible Member elects to make an Optional Loan on or before the Outside Contribution Date, then each Lending Eligible Member may elect, in lieu of making an Optional Loan, at
any time within thirty (30) days after the Outside Contribution Date, by notice to the Company and the Non-Contributing Member, to have the Company return the Additional Capital Contribution advanced by
such Lending Eligible Member and, promptly following the Company’s receipt of such notice, the Company shall return such corresponding Additional Capital Contribution to the Lending Eligible Member (with a corresponding debit to such Lending
Eligible Member’s Capital Account and Capital Contribution balances). 
 3.3.7    A Lending Eligible Member may
fund a Failed Contribution as an Additional Capital Contribution from such Lending Eligible Member to the Company (a “Dilutive Contribution”) in lieu of making an Optional Loan, in which case: 

(a)     the Percentage Interest of such Lending Eligible Member shall be adjusted and shall be amended in order to
reflect an increase in such Member’s Percentage Interest by adding thereto a percentage amount equal to the product of (A) 1.5 times (B) the quotient (expressed as a percentage) of (I) the amount of the applicable Dilutive
Contribution made by such Lending Eligible Member divided by (II) the sum of the total Capital Contributions made by all of the Members (including the applicable Dilutive Contribution and all other Dilutive Contributions) through and including
the date that the Lending Eligible Member made the Dilutive Contribution; and 
 (b)    the Percentage Interest of the Non-Contributing Member shall be reduced by the percentage amount added to the Percentage Interest of the Lending Eligible Member pursuant to clause (a) above. 

Notwithstanding the foregoing, in no event shall the Percentage Interest of any Member be greater than 100% or reduced by more than 10 percentage points in
total as a result of the foregoing dilution (whether as a result of one or more Dilutive Contributions). 

3.4    Capital Accounts. A Capital Account shall be established and maintained for each Member in
accordance with Regulations Sections 1.704-1(b)(2)(iv) and 1.704-2 and the terms of this Agreement to the extent such terms are consistent with the applicable
Regulations. 
 3.5    Return of Capital. Except as otherwise provided in this Agreement: (a) no
Member shall demand or be entitled to receive a return of or interest on its Capital Contributions 

  
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or Capital Account balance, (b) no Member shall withdraw any portion of its Capital Contributions or receive any distributions from the Company as a return of capital on account of such
Capital Contributions, (c) the Company shall not redeem or repurchase the Interest of any Member, and (d) no Member shall be personally liable for the return of all or any part of any Capital Contribution of the other Members. 

3.6    Liability of Members. Except as otherwise required by any non-waivable provision of the Act or
other applicable law: (a) no Member shall be personally liable in any manner whatsoever for any debt, liability or other obligation of the Company (including all Credit Arrangements), whether such debt, liability or other obligation arises in
contract, tort, or otherwise; (b) no Member shall in any event have any personal liability whatsoever in excess of the amount of any wrongful distribution to such Member, except if, and only to the extent, such Member has actual knowledge (at
the time of the distribution) that such distribution is made in violation of the Act; and (c) no Member shall have any liability for failing to fund any Capital Contributions other than the remedies provided in
Section 3.3. 
 3.7     Member Loans. 

3.7.1    No Member shall be required to make any loans or otherwise lend any funds to the Company or its Subsidiaries.

 3.7.2    No loans made by any Member to the Company shall have any effect on such Member’s Capital Account
balance, Capital Contributions or Percentage Interest, such loans representing a debt of the Company payable or collectible solely from the assets of the Company in accordance with the terms and conditions upon which such loans were made. 

3.8    Credit Arrangements. 

3.8.1    The Members acknowledge that, as of the Effective Date, the Company and its Subsidiaries have entered into the
financings described on Schedule 1 attached hereto (the “Initial Financing”) and MGP Guarantor and Sponsor Guarantor have each delivered the Permitted Carveout Guaranty described in Schedule 1 attached hereto and MGM
has delivered the MGM Guaranty in accordance with the terms of the MTA. 
 3.8.2     Subject to the terms of this
Section 3.8, the Managing Member may, from time to time, cause the Company or any Subsidiary of the Company to borrow funds or enter into any financing or refinancing arrangements (collectively, “Credit
Arrangements”) with one or more lenders (a “Lender”) for any purpose consistent with the purpose of the Company, and to pledge, enter into a negative pledge or otherwise secure Credit Arrangements with or with respect to
any Company Assets; provided, (i) except as expressly provided in Section 3.8.4, no Member or its Subsidiaries or Affiliates shall be required to incur any personal liability in connection with any Credit Arrangement,
and (ii) no such Credit Arrangements shall restrict any Transfer in or by any Member which is otherwise permitted by the terms of this Agreement without the consent of such Member, provided that each Member acknowledges that Credit Arrangements
may require that certain specified Transfers comply with customary ministerial, administrative and prohibited person requirements (e.g., completed KYC forms, the delivery of required notices, etc.). 

  
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 3.8.3    MGP Member and Sponsor Member shall be jointly responsible for
pursuing, approving and obtaining Credit Arrangements; provided that, Sponsor Member shall have the authority to manage the day to day pursuit of the Credit Arrangement (subject to the last sentence in this Section). The Sponsor Member agrees to
begin to diligently pursue a refinancing of each Credit Arrangement no earlier than twelve (12) months and no later than six (6) months prior to the maturity of such Credit Arrangement. With respect to each refinancing of a Credit
Arrangement, the Sponsor Member shall pursue a refinancing that is a Targeted Financing. The Sponsor Member shall consult with the MGP Member and keep the MGP Member reasonably informed on a current basis and in reasonable detail of the status of
its efforts to arrange each refinancing of a Credit Arrangement. Except as provided in the last sentence in this Section, so long as the Sponsor Member is diligently pursuing each such refinancing, the MGP Member shall refrain from simultaneously
pursuing a refinancing of a Credit Arrangement. In the event the Sponsor Member is successful in arranging a proposed Credit Arrangement that is a Targeted Financing that can be obtained by the Company within the six (6) month period prior to
the maturity of the existing Credit Arrangement it is intended to refinance (subject to the last sentence in this Section), each of MGP Member and Sponsor Member agree to be reasonable and cooperate in causing the Company to complete such Credit
Arrangement; provided, that the definitive terms of any such Credit Agreement shall be subject to the prior approval of the MGP Member, not to be unreasonably withheld, conditioned or delayed. In the event that the Sponsor Member (i) has not
finalized arranging a proposed Credit Arrangement that is a Targeted Financing at least three (3) months prior to the maturity of the Credit Arrangement it is intended to refinance or (ii) has arranged for but has failed to close a
proposed Credit Arrangement that is a Targeted Financing at least two (2) months prior to the maturity of the Credit Arrangement it is intended to refinance, then upon notice from the MGP Member, the Sponsor Member shall cease pursuing such
refinancing and the MGP Member shall diligently pursue such refinancing of such Credit Arrangement with a Targeted Financing in order to refinance such Credit Arrangement. 

3.8.4    Further, each of the Members agrees, at the expense of and subject to reimbursement from the Company, to provide
and to use their commercially reasonable efforts to cause their respective officers, employees and advisors to provide reasonable cooperation as reasonably required for the completion of any such Credit Arrangement that has been arranged in
accordance with Section 3.8.2 and Section 3.8.3, including (i) executing and delivering (or causing to be delivered) such organizational documents, opinions, certificates and similar documents as are
reasonably requested in connection with any such Credit Arrangement, (ii) making available financial information regarding the Properties, the Company and the Carveout Guarantors in the same manner as what was provided in connection with the
Initial Financing, and (iii) using reasonable efforts to obtain estoppel certificates and nondisturbance agreements from tenants and subtenants of the Properties and the counterparties under other material agreements affecting the Properties.

 3.8.5    In connection with any Credit Arrangements, if a Lender requires (i) an MGP Guarantor to enter into a
Permitted Carveout Guaranty in connection with such Credit Arrangement, the MGP Member shall cause the MGP Guarantor to execute and deliver such Permitted Carveout Guaranty, upon such terms as shall be reasonably approved by the MGP Member and
(ii) a Sponsor Guarantor to enter into a Permitted Carveout Guaranty in connection with such Credit Arrangement, the Sponsor Member shall cause the Sponsor Guarantor to execute and deliver such Permitted Carveout Guaranty, upon such terms as
shall be reasonably approved 

  
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by the Sponsor Member. In connection with the execution and delivery of the Permitted Carveout Guaranties with respect to the Initial Financing, the Members and the Carevout Guarantors have
executed and delivered the Carveout Contribution Agreement. In the event one or more Permitted Carveout Guaranties are executed and delivered with respect to any other Credit Arrangements, the Members and the Carevout Guarantors, (and, in the event
there is not a Sponsor Guarantor under any such Credit Agreement, BREIT OP or such other Affiliate of the Sponsor Member reasonably acceptable to MGP Member) shall execute and deliver a contribution agreement on substantially the same terms as the
Carveout Contribution Agreement with respect to such Permitted Carveout Guaranties. 
 3.8.6    To the extent that any
amounts are actually paid under any Permitted Carveout Guaranty (a “Guaranty Payment”), then (i) the applicable Member which is Affiliated with the guarantor which made such Guaranty Payment shall be deemed to have made
an Additional Capital Contribution equal to its Percentage Interest of such Guaranty Payment and (ii) the Managing Member shall send an Additional Capital Contribution notice as required by Section 3.2.2 hereof, to the
Member who is not Affiliated with such guarantor to make an Additional Capital Contribution in the amount of its Percentage Interests of such Guaranty Payment; provided, however, that any Guaranty Payment shall not be deemed to be an
Additional Capital Contribution if the obligation to make such payment was due to any Bad Act committed by the Member Affiliated with such guarantor and the amount paid pursuant to such Guaranty Payment did not fully reduce the principal amount of
debt outstanding. To the extent that such non-Affiliated Member makes such contribution, the Company shall distribute it to the Member which is Affiliated with the guarantor which made such Guaranty Payment.
To the extent that such non-Affiliated Member fails to make such contribution, the Affiliated Member shall be deemed a Lending Eligible Member under Section 3.3 which funded such
amount, at its option, as either an Optional Loan or a Dilutive Contribution. 
 3.8.7    At any time the Company or
any of its Subsidiaries enters into a Credit Arrangement (other than the Initial Financing), the Member which completed such Credit Arrangement on behalf of the Company pursuant to Section 3.8.3 shall provide prompt written
notice to the other Member and copies of the final loan documents entered into in connection with such Credit Arrangement. 
 ARTICLE 4

 DISTRIBUTIONS 

4.1    Distributions of Cash Available for Distribution. 

4.1.1    Generally. Except as expressly provided in this Article 4 and Article 8,
no Member shall be entitled to receive distributions from the Company. 
 4.1.2    Timing of Distributions. The
Managing Member shall cause the Company to distribute (a) all Capital Proceeds within twenty (20) Business Days of a Capital Event and (b) all other Cash Available for Distribution for each calendar month no later than the Monthly
Payment Date for the relevant month, in each case excluding distributions in conjunction with the final liquidation of the Company which shall be governed by Section 4.2 and Article 8. 

  
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 4.1.3    Debt Financing Distribution. The Managing Member shall
cause the Company to distribute the Debt Financing Distribution (as defined in the MTA) solely to MGP Member. 

4.1.4    Distributions of Cash Available for Distribution. Cash Available for Distribution (if any) (excluding
distributions in conjunction with the final liquidation of the Company which shall be governed by Section 4.2 and Article 8) shall be apportioned between the Members, pari passu in
proportion to their respective Percentage Interests at the time of such Distribution. 

4.2    Distributions Upon Liquidation. Distributions made in conjunction with the final
liquidation of the Company (including as a result of the Capital Events described in Section 8.2(b)) shall be applied or distributed as provided in Article 8. 

4.3    Withholding. The amount of any federal, state, local or foreign taxes paid by or
withheld from receipts of the Company (or any entity in which the Company invests) pursuant to any applicable rule, regulation or law that the Managing Member reasonably determines is distributable or allocable to a Member pursuant to this
Agreement, including pursuant to Code Section 6225 (“Tax Advances”) shall be treated as having been distributed to such Member as an advance against the next distributions that would otherwise be made to such Member, and such
amount shall be satisfied by setoff from such next distributions. Each Member will furnish the Managing Member with such information as may reasonably be requested by the Managing Member from time to time to determine whether withholding is
required, and each Member will promptly notify the Managing Member if such Member determines at any time that it is subject to withholding. Each Member hereby agrees to indemnify and hold harmless the Company and the Managing Member and any partner
or officer of the Managing Member and the Members from and against any liability, claim or expense with respect to Tax Advances made or required to be made on behalf of or with respect to such Member. In the event the Company is liquidated and a
liability or claim is asserted against, or expense borne by, the Managing Member or any partner or officer of the Managing Member for Tax Advances made or required to be made, the Managing Member shall have the right to be reimbursed from the Member
on whose behalf such Tax Advance was made or required to be made. The obligations of a Member set forth in this Section 4.3 shall survive the withdrawal of any Member from the Company or any transfer of a Membership
Interest. 
 4.4    Distributions in Kind. No right is given to any Member to demand or receive property other
than cash as provided in this Agreement. The Managing Member may make a distribution-in-kind of Company Assets to the Members. In the event of such a distribution-in-kind, such Company Assets shall be distributed in such a fashion as to ensure that
the fair market value thereof is distributed and allocated in accordance with this Article 4, Article 5 and Article 8 hereof; provided, however, that except upon a dissolution and winding up of the Company (i) no
Member shall be compelled to accept a distribution consisting, in whole or in part, of any Company Assets in kind unless the ratio that the fair market value of such distribution-in-kind bears to such Member’s total distribution does not exceed
the ratio that the fair market value of similar distributions-in-kind bears to the total distributions of other Members receiving distributions concurrently therewith (if any), and (ii) any such distribution-in-kind to the Members shall be of the
same type and character (i.e., if the distribution to one Member is made in specific securities, 

  
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then any distribution made to the other Members shall be made in the same securities), and no Member shall be required to accept any distribution-in-kind that is not the same type and character as the distribution-in-kind being offered to the other Members.

 4.5    Limitations on Distributions. Notwithstanding any provision to the contrary contained in this
Agreement, neither the Company nor the Managing Member, on behalf of the Company, shall make a distribution to any Person in violation of the Act or other applicable law. 

4.6    Carveout Contribution Agreement. The Members acknowledge and agree that pursuant to the terms of
Section 1(d) of the Carveout Contribution Agreement, certain distributions which are payable to a Member under this Agreement may instead be paid pursuant to and in accordance with the terms of Section 1(d) of the Carveout
Contribution Agreement. 
 ARTICLE 5 

ALLOCATIONS OF NET PROFITS AND NET LOSSES 

5.1    General Allocations of Net Profits and Losses. After giving effect to the special allocations
set forth in Section 5.2, Net Profits and Net Losses of the Company, including each item of income, gain, loss credit and deduction, for each fiscal year or other applicable period, shall be allocated among the Members in a
manner such that the Capital Account of each Member immediately after giving effect to such allocation is, as nearly as possible, equal (proportionately) to the amount of the distributions that would have been made to such Member during such fiscal
year or other applicable period if: (i) the Company were dissolved and terminated; (ii) its affairs were wound up and each Company Asset was sold for cash equal to its Gross Asset Value; (iii) all Company liabilities were satisfied
(limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability); and (iv) the net assets of the Company were distributed in accordance with Section 4.1 to such
Members immediately after giving effect to such allocation, minus such Member’s share of Company Minimum Gain and Member Minimum Gain, each computed immediately prior to the hypothetical sale of the Company’s Assets. Notwithstanding the
foregoing, the Managing Member may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the Managing Member deems reasonably necessary for
this purpose. 
 5.2     Regulatory Allocations. The following special allocations
shall be made in the following order of priority: 
 5.2.1    If there is a net decrease in Company Minimum Gain during
a Company taxable year, then each Member shall be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain,
determined in accordance with Regulations Section 1.704-2(g)(2). This Section 5.2.1 is intended to comply with the minimum gain chargeback requirement of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

5.2.2    If there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Company
taxable year, each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in 

  
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accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such taxable year (and, if
necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in a manner consistent with the provisions of Regulations Section 1.704-2(g)(2). This Section 5.2.2 is intended to comply with the partner nonrecourse debt minimum gain chargeback requirement of
Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

5.2.3    If any Member unexpectedly receives an adjustment, allocation, or distribution of the type contemplated by Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain shall be allocated to all such Members (in proportion to the amounts of their respective Adjusted Capital Account
Deficits) in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit of such Member as quickly as possible. It is intended that this Section 5.2.3 qualify and be construed as a “qualified
income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d). 

5.2.4    If the allocation of income, gain, loss or deduction (or an item thereof) to a Member as provided in
Section 5.1 would create or increase an Adjusted Capital Account Deficit, there shall be allocated to such Member only that amount of income, gain, loss or deduction (or an item thereof) as will not create or increase an
Adjusted Capital Account Deficit. The allocated item that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests,
subject to the limitations of this Section 5.2.4. 
 5.2.5    To the extent that an
adjustment to the adjusted tax basis of any Company Asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of its Interest, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in
accordance with their interests in the Company in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 5.2.6    The
Nonrecourse Deductions for each taxable year of the Company shall be allocated among the Members in proportion to their relative Percentage Interests or in any other way determined by the Managing Member to be consistent with the applicable
Regulations. 
 5.2.7    The Member Nonrecourse Deductions for each taxable year of the Company shall be allocated in a
manner consistent with applicable law, as reasonably determined by Managing Member. 
 5.2.8    The allocations set
forth in Sections 5.2.1, 5.2.2, 5.2.3, 5.2.4, 5.2.5, 5.2.6 and 5.2.7 (the “Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2(i). Notwithstanding the provisions of Section 5.1, the Regulatory Allocations shall be taken into account in allocating other
items of income, gain, 

  
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loss and deduction among the Members so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net
amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred. 

5.3    Allocations in Connection with Liquidations. Notwithstanding the allocation provisions set
forth in Section 5.1, but subject to Section 5.2, all Net Profits or Net Losses realized in connection with the dissolution of the Company in accordance with Article 8
shall be allocated to the Members in a manner so that the distributions to each Member pursuant to Section 4.2 and Article 8 shall, to the greatest extent possible, be equal to that amount that
each such Member would receive under Section 4.1 if the amounts to be distributed by the Company in connection with such dissolution were instead distributed under such Section 4.1. 

5.4    Tax Allocations. 

5.4.1    Except as provided in Section 5.4.2, for income tax purposes under the Code and the
Regulations, each Company item of income, gain, loss and deduction shall be allocated between the Members as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to this Article 5.

 5.4.2    Tax items with respect to the Properties with a Gross Asset Value that varies from their basis in the hands
of the MGP Member immediately preceding the date of such contribution, shall be allocated between the Members for income tax purposes in accordance with Section 9.6.5(d). Allocations pursuant to this
Section 5.4.2 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profits, Net Losses and any
other items or distributions pursuant to any provision of this Agreement. 
 5.5    Other
Provisions. 
 5.5.1    For any fiscal year or other period during which any part of a Membership Interest or
Economic Interest is Transferred between the Members or to another Person, the portion of the Net Profits, Net Losses and other items of income, gain, loss, deduction and credit that are allocable with respect to such part of a Membership Interest
or Economic Interest shall be apportioned between the transferor and the transferee under the “interim closing of the books” method pursuant to Code Section 706 and the applicable Regulations. 

5.5.2    In the event that the Code or any Regulations require allocations of items of income, gain, loss, deduction or
credit different from those set forth in this Article 5, the Managing Member is hereby authorized to make new allocations in reliance on the Code and such Regulations, and no such new allocation shall give rise to any claim
or cause of action by any Member; provided that the Managing Member shall, to the extent possible and consistent with applicable law, make such new allocations in a manner consistent with the provisions of this Agreement as if such new
allocation was not required. 
 5.5.3    The Members acknowledge and are aware of the income tax consequences of the
allocations made by this Article 5 and hereby agree to be bound by the provisions of this Article 5 in reporting their shares of Net Profits, Net Losses and other items of income, gain, loss,
deduction and credit for federal, state and local income tax purposes. 

  
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 ARTICLE 6 

OPERATIONS 

6.1    Management. 

6.1.1    Except as otherwise expressly provided in this Agreement, the Managing Member shall have sole and complete charge
and management of all the affairs and business of the Company and its Subsidiaries, in all respects and in all matters and shall have full, exclusive and complete discretion to manage and control the business and affairs of the Company and its
Subsidiaries, to make all decisions affecting the business and affairs of the Company and its Subsidiaries and to take all such actions as it deems necessary or appropriate to accomplish the purposes and direct the affairs of the Company and its
Subsidiaries. 
 6.1.2    Except as otherwise provided in this Agreement, the Managing Member shall have the sole power
and authority to bind the Company, except and to the extent that such power is expressly delegated in writing to any other Person by the Managing Member (including, without limitation, through the appointment of officers of the Company). 

6.1.3    The Managing Member may appoint one or more individuals to manage the day-to-day business affairs of the Company (the “Officers”). The Officers shall serve at the pleasure of the Managing Member. To the extent delegated by the Managing Member, the Officers
shall have the authority to act on behalf of, and bind, execute and deliver documents in the name and on behalf of, the Company. Unless otherwise specified by the Managing Member, such Officers shall have such authority and responsibility in respect
of the Company as is generally attributable to the holders of such offices in corporations incorporated under the laws of Delaware. In addition, the Managing Member may designate such other Persons to act as agents of the Company’s business as
the Managing Member shall determine in its sole and absolute discretion, and the actions of such other Persons taken in such capacity and in accordance with this Agreement shall bind the Company to the same extent the Managing Member is authorized
to bind the Company. Notwithstanding the foregoing provisions of this Section 6.1.3, in no event shall the Managing Member be permitted to delegate any authority to an Officer or otherwise, unless the Managing Member has
first obtained any required approval for the actions underlying such delegation in accordance with the provisions of this Agreement. Any delegation by the Managing Member to an Officer or otherwise shall not relieve the Managing Member of its duties
or obligations under this Agreement. 
 6.1.4    Except as otherwise expressly provided in this Agreement or as the
Managing Member may delegate, the other Members shall not participate in the management of the Company, and shall have no right, power or authority to act for or on behalf of, or otherwise bind, the Company. Except as expressly provided in this
Agreement or required by any non-waivable provisions of applicable law, Members shall have no right to vote on or consent to any other matter, act, decision, or document involving the Company or its business. No Member shall take any action in the
name of or on behalf of the Company, including, without limitation, assuming any obligation or responsibility on behalf of the Company, unless such action, and the taking thereof by such Member, shall have been expressly authorized by the Managing
Member or shall be expressly and specifically authorized by this Agreement. 

  
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 6.1.5    Without limiting the generality of the foregoing provisions of
this Section 6.1, but subject to the other express limitations and provisions of this Agreement requiring the consent of the Sponsor Member, or, if MGP Member has been removed as Managing Member, MGP Member, including
Section 6.3, in furtherance of the Company’s purpose as set forth in Section 1.4, the Managing Member (on behalf of the Company) shall have full and complete power and authority, without the
approval of any Member: 
 (a)    to take all actions necessary to fulfill the Company’s purpose set forth in
Section 1.4; 
 (b)    to negotiate, enter into, perform, modify, extend, terminate, amend,
waive, renegotiate, and/or carry out any contracts and agreements of any kind and nature, including, without limitation, contracts and agreements with any Person, including any Member or Assignee, or any Affiliate thereof, or any other agent of the
Company, as the Managing Member deems necessary or advisable; 
 (c)    to, from time to time, employ, engage, hire, or
otherwise secure the services of such Persons, including any Member or Assignee, or any Affiliate thereof, as the Managing Member may deem necessary or advisable for the administration of the business of the Company and its Subsidiaries; 

(d)    to exercise or waive any and all rights on behalf of the Company or its Subsidiaries; 

(e)    to acquire, hold, sell, lease, maintain, operate, exchange and otherwise deal with the Company Assets, including
the assets of any of its Subsidiaries; 
 (f)    to make distributions of Cash Available for Distribution and Capital
Proceeds, in accordance with the terms of Articles 4 and 8; 
 (g)    to borrow or lend money on behalf of the
Company or any of its Subsidiaries for any general purpose of the Company or its Subsidiaries in accordance with the terms of Sections 3.8; and 

(h)    to control all other aspects of the business and operations of the Company that the Managing Member elects to so
control. 
 6.1.6    The Managing Member is authorized to retain an Affiliate of the Managing Member, to provide
corporate services, tax advisory, accounting and related back-office functions to the Company and its Subsidiaries; provided, that such services are on terms no less favorable than that which could be obtained in an arm’s-length, market-rate transaction with a Third Party unaffiliated with Managing Member. 

6.1.7    The Managing Member shall cause the Company to make each of the Required Tax Elections. 

  
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 6.2    Enforcement of the Lease. 

6.2.1    Managing Member shall cause the Company to cause each of its Subsidiaries that is party to a Lease Document to
enforce the obligations of each Tenant Party under each Lease Document in all material respects, provided if exercising or refraining from exercising any such Subsidiaries’ rights would constitute a Major Decision, MGP Member shall first obtain
the consent of the Sponsor Member in accordance with Section 6.3 to such action. 

6.2.2    If (i) any Tenant Party commits a breach or default in the performance of any of its material obligations
under a Lease Document, (ii) such breach or default continues beyond the expiration of any applicable notice and cure period provided therein (provided that, subject to obtaining any consent of the Sponsor Member required in accordance with
Section 6.3, the Managing Member shall be obligated to promptly provide any required notice to the applicable Tenant Party under such Lease Document with respect to such breach or default as and when required under such
Lease Document, and promptly deliver a copy of any such notice to the Sponsor Member) and (iii) subject to obtaining any consent of the Sponsor Member required in accordance with Section 6.3, the Managing Member shall
fail to cause the Company or its Subsidiaries to take commercially reasonable steps to enforce against the applicable Tenant Party the terms of such Lease Document, then the Sponsor Member may notify the Managing Member of such failure. If such
failure shall continue for ten (10) Business Days after the date on which such notice is delivered, or if the Company or applicable Subsidiary that is party to such Lease Document shall otherwise become entitled to terminate such Lease Document
pursuant to the terms thereof, then the Sponsor Member shall thereafter have the right (but not the obligation) to exercise, on behalf of the Company or the applicable Subsidiary, all rights of the Company or the applicable Subsidiary, as the case
may be, as a party to such Lease Document, including the right to terminate such Lease Document (if and to the extent such Lease Document provides for such termination as a remedy under such circumstances) and/or to institute litigation against such
Tenant Party, in each case, upon and subject to the applicable provisions of the applicable Lease Document (including, without limitation, any notice requirements and cure periods provided for therein to the extent such cure periods shall not
theretofore have expired). 
 6.2.3    In the event of a Bankruptcy of any Tenant or MGM, Sponsor Member shall have the
authority on behalf of the Company and the Property Owners to exercise any rights or remedies in respect of such Bankruptcy available to the Company and the Property Owners and the Managing Member shall not take any such actions without the prior
consent of Sponsor Member. 
 6.3    Limitations on Authority of the Managing Member. 

6.3.1    Notwithstanding any contrary provision of this Agreement (other than Section 6.11), the
Managing Member shall not (nor permit the Company or any of its Subsidiaries to) take any of the following actions (each, a “Major Decision”) without the consent of the Sponsor Member, or if replaced as Managing Member, subject to
Section 6.4.4, MGP Member, in each instance: 
 (a)    cause a Property Disposition prior to
the Lockout Date; 

  
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 (b)     cause a Property Disposition on or after the Lockout Date
without complying with Section 6.12, to the extent required; 
 (c)    acquire any real
property or material tangible personal property; 
 (d)    elect to dissolve, liquidate and/or terminate the Company
under Section 8.2(a); 
 (e)    institute or consent to a Bankruptcy of the Company or any
Subsidiary of the Company; 
 (f)    enter into any Credit Arrangements other than the Initial Financing, amend,
supplement otherwise modify the terms of any Credit Arrangements, or make or give any material notices, or elections to the lender under any Credit Arrangement (excluding ordinary course reporting communications and any required deliverables
thereunder; provided, Managing Member shall provide written notice to the other Member of any such required deliverables unless such Member receives such deliverables directly as a notice party); 

(g)    admit any Member to the Company other than in accordance with Section 7.5 hereof; 

(h)    effect a change in any tax or accounting policies adopted, followed or otherwise applied by the Company or its
Subsidiaries except as required by law or a change in GAAP, respectively; 
 (i)    (i) take any action that causes a
Breach (as defined in the Tax Protection Agreement) under the Tax Protection Agreement or a breach of Section 5(a) of the Tax Protection Agreement, (ii) settle or compromise any claim for damages against the Company under the Tax
Protection Agreement, (iii) take any action under Section 3(d) or Section 3(e) of the Tax Protection Agreement or (iv) settle or compromise any Company Tax Audit (as defined in the Tax Protection Agreement) in a manner that would
give rise to a claim for damages against the Company under the Tax Protection Agreement; 
 (j)    make any tax
election with respect to the Company or its Subsidiaries for federal, state or local tax purposes other than a Required Tax Election; 

(k)    except as provided in the first sentence of Section 9.6.1, appoint any Person as the
Partnership Representative other than an Affiliate of the Managing Member or an officer of such Person; 
 (l)    (i)
grant any consent, approval or waiver or make any election under any Lease Document, (ii) enter into any amendment, supplement or modification to, any Lease Document or (iii) declare an Event of Default (as defined in the Lease) or elect
to terminate any Lease Document (a “Lease Document Major Decision”), provided that, with respect to any Lease Document Major Decision, Sponsor Member, or if removed as Managing Member pursuant to
Section 6.4, MGP Member, shall exercise such consent or approval right with the same standard (e.g., “reasonable,” “sole discretion,” etc.), if any, provided for the Landlord to approve such matter in
the Lease; 

  
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 (m)    cause the Company to enter into, or grant any consent or
approval of, any transaction with an Affiliate of the Managing Member, (or if the Managing Member is a Third Party appointed by Sponsor Member, Sponsor Member) other than any such Affiliate transactions which are (i) contemplated by this
Agreement (including Section 6.16), the MTA or the documents related to the Initial Financing or other approved Credit Arrangements, or (ii) on terms no less favorable than that which could be obtained in an arm’s
length, market-rate transaction with a Third Party unaffiliated with Managing Member; provided, Managing Member shall provide prompt written notice to the other Member of any agreement, consent, approval or transaction granted or entered into, as
applicable, pursuant to this clause (ii); 
 (n)    approve or consent to any change in management of a Property at any
time after the Lease is terminated; 
 (o)    take any other matter or action subject to consent of the Sponsor Member
(or, if replaced as the Managing Member, the MGP Member) as expressly set forth in this Agreement; 
 (p)    extend
credit, making loans (other than expense advances to Company directors or officers in the ordinary course of business) or making, executing or delivering on behalf of the Company any material indemnity bond or material surety bond, or obligating the
Company as a surety, guarantor, lender or accommodation party to any obligation on behalf of a Person (other than a Subsidiary); 

(q)    establish a Reserve in excess of $10,000,000; 

(r)    make any distributions in kind of Company Assets; 

(s)    intentionally omitted; 

(t)    change the purpose of the Company or entering into a new line of business; 

(u)    institute any litigation, arbitration, claim or demand affecting the Company or any of the assets of the Company
involving a claim in excess of $10,000,000 or adjust, settle or compromise any such litigation, arbitration, claim or demand or any debt or judgement against the Company if the settlement amount exceeds $10,000,000 or involves the admission of
wrongdoing; 
 (v)    enter into or approve settlement on behalf of the Company of any claim for payment of insurance
in excess of $10,000,000 or for payments of awards or damages arising out of the exercise of eminent domain by any public or governmental authority; 

(w)    alter the existing insurance program for the Company and/or the Properties in any material respect (except to the
extent necessary in order to comply with the terms of any Credit Arrangement); 

  
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 (x)    (A) execute or file (1) any material application for
zoning, rezoning or zoning variance, (2) any subdivision plans or applications, (3) any request for annexation or any similar filing affecting the use of the Properties, or (4) any development agreement or land use agreement;
(B) consent to any material zoning changes; (C) consent to or requesting any material building law variances or waivers; or (D) have any property of the Company partitioned, unless any such actions in this clause (x) are required
to be taken by landlord under the terms of the Lease; 
 (y)    make any decision to restore a Property or any portion
of a Property following a casualty or condemnation where the cost to restore exceeds $50,000,000, excluding any restoration of the Property that is required under the terms of the Lease; 

(z)    enter into, or modify any instrument or agreement that would encumber title to any Property other than utility,
telecommunication or similar immaterial easements or agreements in the ordinary course of operating such Property that would not reasonably be expected to adversely affect the use, value or operation of the Property (other than to a de
minimis extent), unless any such actions in this clause (z) are required to be taken by landlord under the terms of the Lease; 

(aa)    select the auditors for the Company, except, with respect auditors, if one of the “Big Four” audit
firms is chosen; 
 (bb)    (i) hire any employees of the Company or its Subsidiaries, (ii) enter into any
collective bargaining agreements or other labor union contracts or (iii) adopt any Employee Benefit Plan (as defined in the MTA); 

(cc)    enter into any lease for all or a portion of the Properties (a “New Lease Major Decision”); 

(dd)    (i) acquire (including by merger, consolidation or acquisition of stock or assets) any interest in any Person (or
equity interests thereof), (ii) make an investment in any other Person (other than a wholly-owned Subsidiary) or (iii) form any additional Subsidiaries of the Company that are not wholly-owned by the Company; 

(ee)    settle any tax assessment contest with respect to the Properties; 

(ff)    make or commit to any single expenditure or related series of expenditures in excess of $5,000,000 per annum
exclusive of any Emergency Expenses or Required Principal Paydowns; and 
 (gg)    take any action with respect to a
Subsidiary that would be considered a Major Decision if conducted by the Company. 
 Notwithstanding the foregoing, with respect to any request for consent
to or approval of any Lease Document Major Decision which is also an Item Subject to Deemed Consent under the Lease, Managing Member shall not be required to submit its request for such approval through a written notice in accordance with this
Agreement to the extent Sponsor Member otherwise receives a copy 

  
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of all such requests from the Tenant (including all required follow-up requests) in accordance with the delivery requirements set forth in the Lease. If
Sponsor Member does not notify Managing Member of any objection to any such notices delivered by the Tenant under the Lease prior to such Item Subject to Deemed Consent being deemed approved by the “Landlord” under the Lease in accordance
with the terms of the Lease, then Managing Member shall no longer be required to obtain the approval or consent of Sponsor Member to approve, consent to or waive such action and Sponsor Member shall be deemed to have approved the applicable Lease
Document Major Decision as of such time. 
 In the event Sponsor Member believes MGP Member, as Managing Member has taken or caused the Company to take or
implement any action considered a Major Decision without the prior written consent of Sponsor Member, Sponsor Member shall provide notice to MGP Member detailing what action was taken and what Major Decision it relates to, and in the event
(i) such action was taken by MGP Member without knowingly and willfully breaching Section 6.3.1, and (ii) can be reversed or rescinded at no cost or liability to the Company, then the MGP Member shall then have
thirty (30) days after receipt of such notice from Sponsor Member to cure any such action taken by reversing or rescinding such action at no liability to the Company, provided that if such action cannot reasonably be cured within such thirty
(30) day period and MGP Member shall have commenced to cure such action within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for up to
an additional sixty (60) day period. In the event MGP Member timely cures a breach of Section 6.3.1 in accordance with the immediately preceding sentence, such breach shall not be the basis for a For Cause Removal
Event under clause (ii) of the definition thereof. Nothing in this paragraph shall limit the Sponsor Member from challenging any Major Decision taken without the prior written consent of Sponsor Member as being unauthorized and void ab initio.

 6.3.2    Notwithstanding any contrary provision of this Agreement, the Managing Member shall have no authority to:
(a) do any act in contravention of this Agreement; or (b) knowingly perform any act that would subject any Member or any of its Affiliates to liability for the debts, liabilities or obligations of the Company or another Member (provided,
the foregoing shall in no way restrict the execution of a Permitted Carveout Guarantee in accordance with Section 3.8.5). 

6.3.3    Notwithstanding any contrary provision of this Agreement, in the event that the applicable Property Owner is
required to sell a Property subject to the Lease in accordance with Section 8.2(b) of the Lease, the MGP Member and the Sponsor Member shall jointly approve the terms of any such sale. 

6.3.4    The Company and the Members acknowledge and agree that MGP REIT is the indirect parent of MGP Member and BREIT
is the indirect parent of the Sponsor Member, and each of MGP REIT, BREIT and Sponsor Member has elected to be treated as a real estate investment trust for U.S. federal income tax purposes and is therefore subject to the requirements set forth in
Code Sections 856 through 859. Notwithstanding anything herein to the contrary, each Member acknowledges and agrees that, for so long as MGP REIT, BREIT or Sponsor Member directly or indirectly owns interests in the Company, the Company shall use
commercially reasonable efforts to operate, and the Managing Member is hereby authorized and directed to cause the Company to be operated, in a manner (and, in accordance therewith, make 

  
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timely distributions of Cash Available for Distribution to the Members in accordance with the terms of Article 4) so that MGP REIT, BREIT and/or Sponsor Member can continue to so qualify and
avoid federal income and excise tax liability to the extent permitted under the Code. 
 6.4    Removal of Managing
Member. 
 6.4.1     Upon a Removal Event (other than a Removal Event arising out of a Bankruptcy of MGP Member),
Sponsor Member may elect (in its sole discretion) to immediately remove MGP Member as Managing Member, in which event Sponsor Member may appoint a new Managing Member (in its sole discretion) which may be Sponsor Member, an Affiliate of Sponsor
Member or a Third Party (the “New Managing Member”) and thereafter, MGP Member shall immediately cease to have any rights as Managing Member and New Managing Member shall succeed to all the rights and obligations of the former
Managing Member (in its capacity as Managing Member) hereunder. In the event of a Removal Event arising out of a Bankruptcy of MGP Member, MGP Member shall automatically, and without the need for notice or action by any Member, cease to have any
rights as Managing Member and Sponsor Member shall automatically, and without the need for notice or action by any Member, become the New Managing Member and succeed to all the rights and obligations of the former Managing Member (in its capacity as
Managing Member) hereunder. 
 6.4.2    In the event of the removal of the Managing Member pursuant to
Section 6.4.1, nothing contained in this Agreement shall prohibit or otherwise prevent the Sponsor Member on behalf of itself, or on behalf of the Company or any Subsidiary, from exercising any other right of Company or any
Subsidiary, against the MGP Member or any Affiliate thereof, whether at law or in equity; provided, however, that following the removal of the Managing Member pursuant to Section 6.4.1, the MGP Member shall continue to be
entitled to indemnification hereunder pursuant to Section 6.8 in its capacity as Managing Member with respect to the time period prior to such removal, and the MGP Member shall still have all of its rights as a Member and
as the MGP Member (as opposed to in its capacity as the Managing Member), including (i) its right to receive distributions, (ii) its approval rights as modified by Section 6.4.4, and (iii) its rights to
indemnification hereunder pursuant to Section 6.8. 
 6.4.3    In the event MGP Member is
removed as Managing Member, MGP Member shall promptly (i) deliver all books of account records, files and bank statements of the Company to New Managing Member, (ii) execute, acknowledge and/or deliver such other instruments as may be
reasonably requested in order to effectuate an orderly transition to New Managing Member, and (iii) otherwise cooperate with the reasonable requests of Sponsor Member in order to effectuate an orderly transition to New Managing Member. In the
event that the consent of a lender under a Credit Arrangement is necessary to remove the Managing Member, to appoint New Managing Member, or both, then MGP Member shall, as requested by New Managing Member, cooperate and take all action and execute
all documents reasonably necessary or appropriate to obtain such consent or to satisfy such condition. 
 6.4.4    In
the event MGP Member is removed as Managing Member as a result of an occurrence described under clauses (i) or (iii) of the definition of “Removal Event”, the New Managing Member shall not (nor permit the Company or any of its
Subsidiaries to) take any action which would constitute a Major Decision without the consent of MGP Member, other 

  
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than a Lease Document Major Decision or New Lease Major Decision which New Managing Member shall be permitted to take (or cause the Company or its Subsidiaries to take) such actions without the
consent or approval of MGP Member so long as such action is taken in good faith, does not adversely affect MGP Member in a manner disproportionate to the other Members (and without regard to any affiliation between the MGP Member and MGM or the
Other MGM/MGP Arrangements) and is not a transaction with an Affiliate of the New Managing Member. In the event MGP Member is removed as Managing Member as a result of a For Cause Removal Event, New Managing Member is expressly permitted to take (or
permit the Company or any of its Subsidiaries to take) any action which would constitute Major Decisions, other than the actions set forth in Sections 6.3.1(a), 6.3.1(b), 6.3.1(c), 6.3.1(d), 6.3.1(e),
6.3.1(g), 6.3.1(h), 6.3.1(i), 6.3.1(j) 6.3.1(m), 6.3.1(o) (assuming it stated “MGP Member” as opposed to “Sponsor Member” therein), 6.3.1(r), 6.3.1(t), and 6.3.1(gg)
(solely to the extent that MGP Member otherwise has the right to approve the applicable Major Decision in accordance with this Section 6.4.4) which shall require the approval of MGP Member. 

6.5    Reimbursement and Remuneration Generally. The Managing Member shall not be compensated for acting in such
capacity, but shall be entitled to reimbursement for actual and commercially reasonable Third Party out-of-pocket expenses incurred in furtherance of the business or
management of the Company. Distributions received by the Members pursuant to Articles 4 and 8 are not, and shall not be deemed to be, remuneration within the meaning of this Section 6.5.

 6.6    Reliance by Third Parties. Any Person dealing with the Company or the Managing Member may rely upon
a certificate signed by the Managing Member (or any one or more of its agents designated by the Managing Member for such purpose or given such authority) as to: 

6.6.1    The identity of the Managing Member, any Member of the Company or any Officer; 

6.6.2    The existence or non-existence of any facts which constitute a condition
precedent to acts by the Managing Member or in any other manner germane to the affairs of the Company; 
 6.6.3    The
Persons who are authorized to execute and deliver any instrument or document for or on behalf of the Company; or 

6.6.4    Any act or failure to act by the Company or as to any other matter whatsoever involving the Company or any
Member. 
 6.7    Records and Reports. 

6.7.1    The Managing Member shall cause to be kept (and made available to each Member), at the principal place of
business of the Company, or at such other location as the Managing Member shall reasonably deem appropriate, full and proper ledgers, other books of account, and records of all receipts and disbursements, other financial activities, and the internal
affairs of the Company for at least the current and past seven (7) fiscal years; provided, however, that the Managing Member shall further retain all of the foregoing for any given fiscal year for so long as any applicable federal
and/or applicable state income tax statute of limitations remains open with respect to such year. 

  
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 6.7.2    The Members agree that the books of the Company shall be kept
for accounting purposes in accordance with U.S. generally accepted accounting principles, consistently applied, and shall be kept for tax reporting purposes in accordance with applicable provisions of the Code. The fiscal year of the Company
shall end on December 31 of each year. 
 6.7.3    The Managing Member shall: 

(a)    prepare or cause to be prepared and delivered to each Member: (i) within forty-five (45) days following
the end of each fiscal quarter of the Company, a draft report setting forth in sufficient detail all such information and data with respect to business transactions affecting or involving the Company during such fiscal quarter and shall enable such
Member to prepare its state, federal and local income tax returns in accordance with the laws, rules and regulations then prevailing, (ii) within five (5) business days following the last day of each calendar month, preliminary income
statement information required for net asset value reporting, including net revenue and interest expense, (iii) within fifteen (15) days following the last day of each calendar month, unaudited monthly statements of operation and balance
sheet of the Company, (iv) within the later of (i) seventy-five (75) days following the last day of the calendar year of the Company or (ii) fifteen (15) days prior to the filing date required by the SEC or other requesting
party, unaudited annual financial statements of the Company, only to the extent requested or if required by either Member, (v) promptly provide copies of all financial statements and/or other material financial information related to the
Company, its Subsidiaries or any of the Properties delivered to any Lender in accordance with the terms of any Credit Arrangements, and (vi) promptly provide copies of all notices, reports, statements, certificates and other information or
deliverables provided to the Company under the Lease. Upon the request of a Member (or its permitted transferee), the Company shall provide such Member (or its permitted transferee), as applicable, with information necessary to determine that the
Company’s income and assets satisfy the requirements of Sections 856(c)(2) through (4) of the Code (including responding to questionnaires identifying and describing services provided to tenants of the Properties) within twenty-five
(25) days following the end of each calendar quarter, and shall use commercially reasonable efforts to provide, as soon as reasonably practicable, any other information requested by such Member and reasonably necessary for such Member (or any
of its direct or indirect owners) to determine its compliance with the REIT requirements under Sections 856 and 857 of the Code. In furtherance of the foregoing, the Managing Member shall, on request of a Member, provide quarterly taxable
income projections to the Members within forty-five (45) days after the end of each fiscal quarter; and 

(b)    within one hundred eighty days (180) days after the end of each fiscal year, the Company shall deliver to
each Member a copy of the Company’s federal, state and local income tax or information returns for such fiscal year or portion thereof, such Member’s Schedule K-1, and such other information, if any,
with respect to the Company as may be necessary for the preparation of such Member’s U.S. federal income tax returns, including a statement showing such Member’s share of the Company’s income, gain or loss, expense and credit for such
fiscal year for federal income tax purposes. 

  
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 6.7.4    Each of the Members (personally or through an authorized
representative) may, for purposes reasonably related to their Interests, examine and copy (at their own cost and expense) the books and records of the Company at all reasonable business hours. At the request of the Sponsor Member, the Managing
Member shall make available to Sponsor Member at the Company’s principal place of business during regular business hours the books and records of the Company. 

6.7.5    Each Member shall have the right to cause the books and records, including annual financial statements, of the
Company to be audited annually (using current PCAOB guidelines, if required by either Member, or otherwise using current AICPA guidelines) by an independent accounting firm of recognized regional or national standing as may be selected by the
Managing Member and such audited annual financial statements shall be delivered at the later of (i) seventy-five (75) days following the last day of the calendar year of the Company or (ii) fifteen (15) days prior to the filing date
of such financial statements required by the SEC or other requesting party. The cost of any such audit shall be a Company Expense. 

6.8    Indemnification and Liability. 

6.8.1    The Company shall indemnify and hold harmless the Managing Member, each of the Members and all officers,
directors, partners, members and agents of such parties (each an “Indemnitee”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, expenses of any nature (including
reasonable attorneys’ fees and disbursements and other costs of litigation, whether pending or threatened), judgments, fines, settlements and other amounts, of any nature whatsoever, known or unknown, liquid or illiquid (collectively,
“Liabilities”) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or
otherwise, arising out of or incident to the business of the Company, if (a) the Indemnitee acted in good faith in a manner such Person believed to be within the scope of such Indemnitee’s authority and in, or not contrary to, the best
interests of the Company, and (b) the Indemnitee’s conduct did not constitute fraud, bad faith, willful misconduct, gross negligence or a material breach of this Agreement (each a “Bad Act”). Notwithstanding anything to
the contrary herein, the foregoing indemnity shall not extend to any Liabilities of a Member to another Member for such Member’s breach of any of its representations, warranties, covenants, agreements or acknowledgements in this Agreement. 

6.8.2    Expenses incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this
Section 6.8 shall be advanced from time to time by the Company in order to pay such expenses when due prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a
satisfactory written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized in this Section 6.8. 

6.8.3    The indemnification provided by this Section 6.8 shall be in addition to any other
rights to which an Indemnitee may be entitled under any agreement, as a matter of law or equity or otherwise, and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 

  
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 6.8.4    Any indemnification by the Company provided hereunder shall be
satisfied solely out of the Company Assets. No Member shall be subject to personal liability by reason of these indemnification provisions. 

6.8.5    No Indemnitee shall be denied indemnification in whole or in part under this
Section 6.8 by reason of the fact that the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

6.8.6    Except as set forth in Section 6.8.3, the provisions of this
Section 6.8 are for the benefit of the Indemnitees only and shall not be deemed to create any rights for the benefit of any other Person. 

6.8.7    None of the officers, directors, members or partners of the Company, of the Managing Member or of any Member
shall be liable to the Company or to any other Member for any Liabilities sustained or incurred as a result of any act or omission of such Person if (a) such Person acted in good faith in a manner such Person believed to be within the scope of
such Person’s authority and in, or not contrary to, the best interests of the Company, and (b) such Person’s conduct did not constitute a Bad Act. 

6.8.8    The Managing Member is hereby authorized on behalf of the Company to cause the Company to indemnify, hold
harmless and release any agents and/or advisors of the Company, the Managing Member and the Company’s Affiliates, to the same extent provided with respect to the Indemnitees in this Section 6.8. 

6.8.9    Notwithstanding anything to the contrary in this Section 6.8, in the event that
Indemnitee suffers any losses from a Bad Act of a Member and/or the Managing Member (as applicable), such Indemnitee shall be entitled to bring a suit against such party to recover damages and to seek all other remedies available to Indemnitee in
law and equity. No payments made pursuant to this Section 6.8.9 shall be treated as a Capital Contribution hereunder. 

6.9    Duties and Conflicts. 

6.9.1     The Members, in connection with their respective duties, responsibilities, rights and obligations hereunder,
shall at all times have a duty to act in good faith, but recognizing that each Member may act in its own economic self-interest and in accordance with such tax and business objectives as it deems appropriate or desirable for such Member and shall
not have any fiduciary duties to the Company, any other Member or any other Person bound by this Agreement. So long as a Member acts in good faith and with the express provisions of this Agreement, such Member shall not be in breach of any duties
(including any fiduciary duties that may otherwise be imposed by law) or have any Liabilities to the Company, any other Member or any other Person bound by this Agreement, whether at law or in equity. The provisions of this Agreement, to the extent
that they expand, restrict or eliminate the duties and Liabilities of a Member otherwise existing at law or in equity, are agreed by the Members to replace fully and completely such other duties and Liabilities of each Member. Subject to the
foregoing, but notwithstanding anything else in this Agreement to the contrary or otherwise applicable law, whenever a Member or the Members are required or permitted to make a decision, take or approve 

  
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an action, or omit to do any of the foregoing: (a) “in its discretion,” under a similar grant of authority or latitude, or without an express standard of behavior (including,
without limitation, standards such as “reasonable”), then each Member shall be entitled to consider only such interests and factors, including its own, as it desires, and shall, to the fullest extent permitted by law, have no duty or
obligation to consider any other interests or factors whatsoever (other than the duty to act in good faith), or (b) with an express standard of behavior (including, without limitation, standards such as “reasonable”), then each Member
shall comply with such express standard but shall not be subject to any other, different or additional standard (other than the standard of good faith). Notwithstanding anything to the contrary contained herein, there are no restrictions on any acts
or omissions by MGP related to MGM which are unrelated to this Agreement, the Company or the Properties. 

6.9.2    Notwithstanding the provisions of Section 6.8.1, each Member and its Affiliates may
engage or invest in, and devote its and their time to, any other business venture or activity of any nature and description, whether or not such activities are considered competitive with the Company, its Subsidiaries or the businesses of any of
them (the “Right to Compete”), and neither the Company nor any other Member shall have any right by virtue of this Agreement or the relationship created hereby in or to such other venture or activity of any Member (or to the income
or proceeds derived therefrom), and the pursuit of such other venture or activity shall not be deemed wrongful or improper. The Right to Compete of each Member and its Affiliates does not require notice to, approval from, or other sharing with, any
of the other Members or the Company. The legal doctrines of “corporate opportunity,” “business opportunity” and similar doctrines shall not be applied to any such competitive venture or activity of a Member or its Affiliates. No
Member or its Affiliates shall have any obligation to the Company or its other Members with respect to any opportunity. Sponsor Member acknowledges that MGP and/or its Affiliates have entered into, or may in the future enter into, transactions or
arrangements with MGM and/or its Affiliates related to the ownership, leasing and operating of real estate other than the Properties and to which the Company and its Subsidiaries are not a party (the “Other MGM/MGP Arrangements”),
and Sponsor Member agrees that this Agreement shall in no way restrict MGP and/or its Affiliates with respect to the Other MGM/MGP Arrangements or require MGP and/or its Affiliates to take any action, or omit to take an action, with respect to the
Other MGM/MGP Arrangements. 
 6.10    REOC Management Rights. At any time upon request to the
Company, any Property Owner shall enter into a letter agreement substantially in the form of Exhibit B with Sponsor Member or any of its Affiliates that is intended to qualify as a “real estate operating company” for purposes of the
United States Department of Labor Regulation published at 29 C.F.R. Section 2510.3-101(d)(3).  

6.11    REIT Compliance. Notwithstanding any provision of this Agreement to the contrary
(including Section 6.3.1), but subject to the other provisions of this Section 6.11, the Company, the Members and the Managing Member agree to use reasonable best efforts to (i) exercise their
rights and perform their obligations under this Agreement and (ii) manage the business and affairs of the Company in a manner that if the Company were a real estate investment trust for purposes of Section 856 of the Code (a
“REIT”), it would satisfy the requirements of Sections 856(c)(2), 856(c)(3) and 856(c)(4) of the Code (the “REIT Requirements”), assuming for this purpose that the Company is not a corporation for purposes of
applying Sections 856(d)(2)(B) 

  
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and 856(d)(5) of the Code. In furtherance of the foregoing, the Company may form one or more subsidiaries which may jointly elect with any Member (or any of its direct or indirect owners) to be
“taxable REIT subsidiaries” within the meaning of Section 856(l) of the Code (each, a “TRS”), and may engage in transactions with such TRSs (or any other TRS of any Member (or any of its direct or indirect owners))
consistent with satisfying the requirements of this Section 6.11; provided, further, the Company shall provide the Members with reasonable notice and opportunity to effect such joint election. 

6.12    Sale of Properties. 

6.12.1    Notwithstanding any provision herein to the contrary (other than Section 6.11), from
and after the Lockout Date, MGP Member and the Sponsor Member each shall have the right to cause the Company or the applicable Subsidiary, to sell, exchange or transfer one or both of the Properties for all cash consideration in an arms-length
transaction with a Third Party (an “Asset Disposition”) subject to first providing a right of first offer pursuant to this Section 6.12 (“Asset ROFO”); provided, however, if
the Lease is still in full force and effect, any Asset Disposition must include all the Properties then demised under the Lease. If either MGP Member or Sponsor Member desires to cause an Asset Disposition (in such capacity, the “Triggering
Member”), the Triggering Member shall be required to give written notice (the “Asset ROFO Notice”) to the other Member (in such capacity, the “Asset Responding Member”) of such desire to sell such Property
or Properties (the “Offered Assets”). The Asset ROFO Notice shall set forth (i) the Triggering Member’s determination of the gross fair market value of the Offered Assets (the “Asset ROFO Gross
Valuation”), (ii) a list of no more than ten (10) potential purchasers of the Offered Assets (the “Asset Potential Purchasers”) selected in the Triggering Member’s sole discretion, (iii) an initial
determination of whether any Credit Arrangement secured by the Offered Assets will be repaid by the Company or assumed by the purchaser, and (iv) the methodology pursuant to which Triggering Member expects all prorations, credits, deductions
and adjustments to the sale price (the “Asset Disposition PP Adjustments”) and the allocation of closing costs, transfer and similar taxes and title premiums between the seller and purchaser (the “Asset Disposition CC
Allocation”). The Asset ROFO Notice shall be deemed a binding irrevocable offer from the Triggering Member to the Asset Responding Member whereby the Asset Responding Member (or an Affiliate it designates) shall have the right to elect to
purchase prior to the expiration of the Asset ROFO Offer Period (1) if the Offered Assets include all of the Properties then owned by the Company (an “Aggregate Sale”), the entire Triggering Member’s Interest in the
Company (which shall include any Optional Loans made by the Triggering Member) for the Asset ROFO Purchase Price, and (2) if the Offered Assets do not include all of the Properties then owned by the Company (an “Individual
Sale”), the Offered Assets for the Asset ROFO Gross Valuation, in each case, on the terms and conditions specified in the Asset ROFO Notice. At any time within the sixty (60) day period (the “Asset ROFO Offer Period”)
commencing on the day the Triggering Member delivers the Asset ROFO Notice to the Asset Responding Member, the Asset Responding Member shall either (A) deliver to the Triggering Member written notice electing to purchase the Offered Assets (the
“Asset ROFO Election Notice”) or (B) deliver to Triggering Member written notice rejecting the offer contained in the Asset ROFO Offer (an “Asset ROFO Rejection Notice”). If the Asset Responding Member fails to
deliver an Asset ROFO Election Notice or Asset ROFO Rejection Notice within the Asset ROFO Offer Period, the Asset Responding Member shall be deemed to have delivered an Asset ROFO Rejection Notice and shall be deemed to have waived its right to
purchase the Offered Assets. 

  
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 6.12.2    If the Asset Responding Member delivers an Asset ROFO
Election Notice, then within ten (10) days after the date thereof (or, if such date is not a Business Day, the immediately following Business Day), the Asset Responding Member shall deposit in escrow with a reputable title insurance company
authorized to do business in the State of New York (the “Asset ROFO Escrow Agent”) pursuant to escrow instructions consistent with this Section 6.12, a non-refundable
cash down payment in immediately available funds in an aggregate amount equal to 10% of the Asset ROFO Gross Valuation (in the event of an Individual Sale) or 5% of the Asset ROFO Gross Valuation (in the event of an Aggregate Sale) (as applicable,
the “Asset ROFO Down Payment”). If the Asset Responding Member fails to timely deliver the Asset ROFO Down Payment, the Asset Responding Member shall be deemed to have failed to deliver an Asset ROFO Election Notice and Asset ROFO
Rejection Notice and the terms of the last sentence of Section 6.12.1 above shall apply. 

6.12.3    If the Asset Responding Member timely delivers the Asset ROFO Down Payment, then the Asset Responding Member,
as purchaser, and the applicable Property Owner (in the event of an Individual Sale) or the Triggering Member (in the event of an Aggregate Sale), as seller, shall proceed to close the sale of the applicable Property or interests in the applicable
Subsidiary for the Asset ROFO Gross Valuation (in the event of an Individual Sale) or the entire Triggering Member’s Interests in the Company at the Asset ROFO Purchase Price (in the event of an Aggregate Sale) (as applicable, the
“Asset ROFO Closing”) on a mutually acceptable closing date (the “Asset ROFO Closing Date”), but in any event not later than sixty (60) days after the Asset Responding Member delivered the Asset ROFO Down
Payment to the Asset ROFO Escrow Agent, through a mutually satisfactory escrow arrangement with the Asset ROFO Escrow Agent. On the Asset ROFO Closing Date, (x) (1) in the event of an Individual Sale, the applicable Property Owner shall sell to
Asset Responding Member the applicable Property pursuant to a customary deed, subject to all liens, claims, encumbrances of record other than any lien securing a Credit Arrangement which shall be discharged by the applicable Property Owner at the
Asset ROFO Closing (unless the applicable Asset ROFO Notice included a determination that such Credit Arrangement would be assumed by the purchaser), or (2) in the event of an Aggregate Sale, the Triggering Member shall sell to the Asset
Responding Member the entire Triggering Member’s Interests in the Company, in each case, free and clear of all liens, claims, encumbrances, options and rights of any kind by execution and delivery of documents substantially in the form of the
Interest ROFO Sale Documents, (y) the Asset ROFO Escrow Agent shall deliver the Asset ROFO Down Payment in immediately available funds to the Property Owner (in the event of an Individual Sale) or Triggering Member (in the event of an Aggregate
Sale) and (z) the Asset Responding Member shall pay to the Company or Property Owner, as applicable, the Asset ROFO Gross Valuation (in the event of an Individual Sale) or to Triggering Member (in the event of an Aggregate Sale) the Asset ROFO
Purchase Price (in each case, less a credit for the Asset ROFO Down Payment) in immediately available funds, as adjusted by Asset Disposition PP Adjustments. None of the Triggering Member, the Company or any Subsidiary shall be required to make any
representations or warranties with respect to the Triggering Member, the Company, any Subsidiary or the Property in connection with such sale (but shall make customary warranties regarding the Company’s or Triggering Member’s, as
applicable, due authority, execution and delivery and lien-free title to the Triggering Member’s Interests in the case of an Aggregate Sale). Each party shall pay its own closing costs in connection with such sale, provided that any costs
specified in the Asset Disposition CC Allocation shall be paid in accordance with such allocation. If the Asset ROFO Closing fails to occur by reason of a default 

  
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of the Asset Responding Member, the Asset Responding Member’s Asset ROFO rights under this Section 6.12 (including the right to be the Triggering Member) shall be
deemed forever extinguished and shall thereafter be null and void and of no further force and effect, the Company or Property Owner or the Triggering Member, as applicable, shall be entitled to retain the Asset ROFO Down Payment as liquidated
damages and the Triggering Member shall thereafter be free, at any time and from time to time, to cause a sale of the Offered Assets in an arms-length transaction with a third-party unaffiliated with the Triggering Member at such price as the
Triggering Member determines in its sole discretion. If the Asset ROFO Closing hereunder fails to occur by reason of default of the Triggering Member, the Asset Responding Member shall have the right, as its sole and exclusive remedy (other than as
specifically provided below), to either (A) demand that the Asset ROFO Down Payment be returned to the Asset Responding Member (and the Triggering Member shall reimburse the Asset Responding Member’s reasonable and actual third party costs
incurred in connection with the failed Asset ROFO Closing), or (B) seek specific performance within forty-five (45) days of such failure to close, and Triggering Member shall be prohibited from initiating the Asset ROFO for a period of two
(2) years from the date on which the Asset ROFO Down Payment is returned to the Asset Responding Member in accordance with the foregoing. 

6.12.4    If the Asset Responding Member delivers an Asset ROFO Rejection Notice (or is deemed to have delivered an Asset
ROFO Rejection Notice), then the Triggering Member shall a period of 270 days from expiration of the Asset ROFO Offer Period to cause the Company or any applicable Subsidiary (or Subsidiaries) to enter into a contract of sale with a third party
unaffiliated with the Triggering Member (the “Asset ROFO Purchase Agreement”) to complete the sale of the Offered Assets for a purchase price of not less than 95% of the Asset ROFO Gross Valuation (without regard to customary
prorations) and to a purchaser who must be among the Asset Potential Purchasers or their respective Affiliates. The Asset ROFO Purchase Agreement must provide for a closing thereunder on a date not later than 365 days after expiration of the Asset
ROFO Offer Period. If (i) the Asset ROFO Purchase Agreement is not executed within 270 days from expiration of the Asset ROFO Offer Period, (ii) the closing thereunder does not occur within 365 days of the expiration of the Asset ROFO
Offer Period, or (iii) the Triggering Member desires to sell the Offered Asset either (x) to a Person other than an Asset Potential Purchaser or its Affiliates or (y) for less than 95% of the Asset ROFO Gross Valuation (without regard
to customary prorations), the Triggering Member must again comply with the ROFO procedures in this Section 6.12 prior to causing a sale of the Offered Assets and the other Member shall have all the rights available to it
under this Section 6.12 in connection with any such sale. If any Member has triggered the Asset ROFO pursuant to this Section 6.12 or the Interest ROFO pursuant to
Section 7.1.4, then the Asset Responding Member shall not be entitled to commence the Asset ROFO process set forth in this Section 6.12, until such Asset ROFO process commenced under this
Section 6.12 or Interest ROFO process under Section 7.1.4 has expired. 

6.12.5    Notwithstanding anything in this Agreement to the contrary, for purposes of this Section 6.12, in the
event that Sponsor Member is the Triggering Member and MGP Member has elected to purchase the Interests in the Company of the Sponsor Member, at the discretion of Sponsor Member, rather than convey the direct Interests in the Company, the ownership
interests in Sponsor Member (or in the direct or indirect owner of Sponsor Member that owns no assets other than 100% of the direct or indirect ownership interests in Sponsor Member) shall be conveyed to the Asset Responding Member at the Asset ROFO
Closing and the Asset 

  
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ROFO Sale Documents shall be modified accordingly; provided, that any sale of direct or indirect interest in Sponsor Member shall be conditioned on Sponsor Member or its credit worthy Affiliate
indemnifying MGP Member in a manner reasonably satisfactory to MGP Member for all liabilities of Sponsor Member (and any direct or indirect owner of Sponsor Member being acquired by MGP Member as part of such sale, if any) relating to or resulting
from the period prior to the consummation of the Asset ROFO Closing. 
 6.13    Gaming Laws and Authorities. The
Sponsor Entity and the MGP Entity hereby acknowledges that each of the MGP Entity, the Company and the Sponsor Entity are subject to Gaming Laws and are under the jurisdiction of Gaming Authorities. In this regard, the Sponsor Entity and the MGP
Entity agree to provide information to Gaming Authorities, as required by Gaming Laws, and to respond promptly to any request for information from any Gaming Authority. 

ARTICLE 7 
 INTERESTS
AND TRANSFERS OF INTERESTS 
 7.1    Transfers. 

7.1.1    Generally. 

(a)     Except as permitted in this Article 7, no Member shall Transfer all or any part of its
Interest without the prior written consent of the other Member(s), which may be granted or withheld in each Member’s sole discretion, and any Transfer or other disposition of any direct or indirect interest in the stock, partnership, limited
liability company or other beneficial interest in any Member shall be prohibited unless permitted by the terms of Section 7.1.2. The approval by any Member to Transfer in any one or more instances shall not limit or waive
the requirement to obtain approval in any other or future instance. Any Transfer of an Interest in contravention of this Article 7 shall be a breach of this Agreement and be null and void, and the other Members shall have
all the rights and remedies available under this Agreement and applicable law or in equity. 
 (b)    Except as
otherwise expressly provided in this Article 7, the recipient of any direct Interest Transferred in accordance with this Article 7 shall be an Assignee only, with only the rights provided in
Section 7.4, unless and until admitted as a Substitute Member pursuant to Section 7.5. 

7.1.2    Permitted Transfers. Notwithstanding anything in this Agreement to the contrary, but subject to the
satisfaction of the conditions set forth in this Article 7, if applicable, the following Transfers shall be permitted without consent of any other Member: 

(a)    Each Member shall be permitted to Transfer all (but not less than all) of its direct Interest or all (or any part)
of its indirect Interest to a Transfer Affiliate; 
 (b)    Each Member shall be permitted to Transfer all or any
portion of its direct or indirect Interest to any other Member; 

  
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 (c)    Each Member shall have the right to Transfer up to 49% of its
indirect Interests in the Company that it has on the date hereof to any Person; provided, (i) if after giving effect to such Transfer together with all prior Transfers made by such Member in reliance on this clause, such Member would no
longer meet the definition of a “Transfer Affiliate”, such Transfer shall be subject to compliance with the terms of Section 7.1.4, (ii) prior to the Competitor Restriction Termination Date, the Sponsor Member may
not Transfer any such Interests to a Tenant Competitor and (iii) prior to the expiration of the Tax Protection Period, the Sponsor Member may not Transfer any such Interests to an MGP Competitor; 

(d)    At any time after the expiration of the Tax Protection Period, each Member shall have the right to directly (but
not less than all) or indirectly Transfer all or any portion of its Interests to any Person; provided, (i) if after giving effect to such Transfer together with all prior Transfer made by such Member in reliance on this clause, such Member
would no longer meet the definition of a “Transfer Affiliate”, such Transfer shall be subject to compliance with the terms of Section 7.1.4, and (ii) prior to the Competitor Restriction Termination Date, the
Sponsor Member may not Transfer any such Interests to a Tenant Competitor; 
 (e)    Transfers of interests in any
Public Vehicle that directly or indirectly is the owner of Interests shall be permitted without restriction; 

(f)    Transfers, at any time, to a Person pursuant to and in accordance with Section 8.2(b) of the Lease; and 

(g)    In the event that any Gaming Authority requires that the Sponsor Member or its direct or indirect owner apply for
a gaming license in connection with its ownership of the Property, Sponsor Member shall be permitted to implement a “voteco” structure which would result in (x) 100% of the voting membership interests in Sponsor Member (or a direct or
indirect owner of Sponsor Member) being owned by a Voteco Entity, (y) Voteco Entity thereafter controlling Sponsor Member, and (z) no less than 95% of the direct or indirect economic interests in Sponsor Member continuing to be owned by
BREIT OP. 
 7.1.3    Intentionally Omitted.  

7.1.4    Interest Transfers Subject to ROFO. 

(a)    In connection with a Transfer of Interests pursuant to Section 7.1.2(c) or
(d) by either Member, each such Transfer shall be subject to the right of first offer given to the other Member pursuant to this Section 7.1.4(a) (“Interest ROFO”). The Member desiring to sell
its Interests (“Selling Member”) shall be required to give written notice (the “Interest ROFO Notice”) to the other Member (the “Interest Responding Member”) of the Selling Member’s
desire to sell all or a portion its Interests (collectively, the “ROFO Offered Interest”). The Interest ROFO Notice shall set forth (i) a description of the ROFO Offered Interest (i.e. all of the Selling Member’s Interests
in the Company or a specified percentage), (ii) the cash price (“Interest ROFO Purchase Price”) that the Selling Member is willing to accept for a sale of the ROFO Offered Interests, (ii) a list of no more than ten
(10) potential purchasers of the ROFO Offered Interest selected in Selling Member’s sole discretion (the “Interest Potential Purchasers”), and (iii) the methodology pursuant to which Selling Member expects all
prorations, 

  
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credits, deductions and adjustments to the sale price (the “Interest ROFO PP Adjustments”) and the allocation of closing costs, transfer and similar taxes and title premiums
between the seller and purchaser (the “Interest ROFO CC Allocation”). The Interest ROFO Notice shall be deemed a binding irrevocable offer from the Selling Member to the Interest Responding Member whereby the Interest Responding
Member (or an Affiliate it designates) shall have the right to elect to purchase prior to the expiration of the Interest ROFO Offer Period the entire ROFO Offered Interest (which shall include the pro rata share (based on the ROFO Offered Interest
over the total Membership Interest of the Selling Member) of any Optional Loans made by the Selling Member) for the Interest ROFO Purchase Price, subject to the Interest ROFO PP Adjustments and ROFO CC Allocation specified in the Interest ROFO
Notice. At any time within the sixty (60) day period (the “Interest ROFO Offer Period”) commencing on the day the Selling Member sends the Interest ROFO Notice to the Interest Responding Member, the Interest Responding
Member shall either (A) deliver to the Selling Member a written notice electing to purchase the ROFO Offered Interests for the Interest ROFO Purchase Price (an “Interest ROFO Election Notice”) or (B) deliver to Selling
Member a written notice rejecting the offer contained in the Interest ROFO Notice (an “Interest ROFO Rejection Notice”). If the Interest Responding Member fails to deliver an Interest ROFO Election Notice or Interest ROFO Rejection
Notice within the Interest ROFO Offer Period, the Interest Responding Member shall be deemed to have delivered an Interest ROFO Rejection Notice rejecting the offer contained in the Interest ROFO Notice and shall be deemed to have waived its right
to purchase the ROFO Offered Interest. During the Interest ROFO Offer Period, the Selling Member shall not sell or offer for sale its ROFO Offered Interest unless the Interest Responding Member delivers an Interest ROFO Rejection Notice. In the case
of any Transfer of Interests pursuant to Section 7.1.2(c) or (d) which consists of direct or indirect interests in the Selling Member, the ROFO Offered Interest that the Interest Responding Member shall have the
right to purchase pursuant to the rights described in this Section 7.1.4 shall consist of the applicable corresponding portion of the direct Interest of the Selling Member. 

(b)    If the Interest Responding Member delivers an Interest ROFO Election Notice, then within ten (10) days after
the date thereof (or, if such date is not a Business Day, the immediately following Business Day), the Interest Responding Member shall deposit in escrow with a reputable title insurance company authorized to do business in the State of New York
(the “Interest ROFO Escrow Agent”) pursuant to escrow instructions consistent with this Section 7.1.4(b), a non-refundable cash down payment in immediately available
funds in an aggregate amount equal to 10% of the Interest ROFO Purchase Price (the “Interest ROFO Down Payment”). If the Interest Responding Member fails to timely deliver the Interest ROFO Down Payment, the Interest Responding
Member shall be deemed to have failed to deliver an Interest ROFO Election Notice and the terms of the third from last sentence of clause (a) above shall apply. 

(c)    If the Interest Responding Member timely delivers the Interest ROFO Down Payment, the Selling Member, as seller,
and the Interest Responding Member, as purchaser, shall proceed to close the sale of the ROFO Offered Interest at the Interest ROFO Purchase Price (the “Interest ROFO Closing”) on a mutually acceptable closing date (the
“Interest ROFO Closing Date”), but in any event not later than sixty (60) days after the Interest Responding Member delivered the Interest ROFO Down Payment to the Interest ROFO Escrow Agent, through a mutually satisfactory
escrow arrangement with the Interest ROFO Escrow Agent. On the Interest ROFO Closing Date, (x) the Selling Member shall sell to the Interest Responding 

  
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Member the ROFO Offered Interest free and clear of all liens, claims, encumbrances, options and rights of any kind by execution and delivery of the documents attached hereto as Exhibit C
(the “Interest ROFO Sale Documents”), (y) the Interest ROFO Escrow Agent shall deliver the Interest ROFO Down Payment in immediately available funds to the Selling Member and (z) the Interest Responding Member shall pay to the
Selling Member the Interest ROFO Purchase Price (less a credit for the Interest ROFO Down Payment) in immediately available funds, as adjusted by the Interest ROFO PP Adjustments. None of the Selling Member, the Company or any Subsidiary shall be
required to make any representations or warranties with respect to the Company or the Properties in connection with such sale (but shall make customary warranties regarding the Selling Member’s due authority, execution and delivery and
lien-free title to the ROFO Offered Interest). Each party shall pay its own closing costs in connection with such sale; provided that any costs specified in the Interest ROFO CC Allocation shall be paid in accordance with such allocation. If
the Interest ROFO Closing fails to occur by reason of a default of the Interest Responding Member, the Interest Responding Member’s Interest ROFO rights under this Section 7.1.4(c) shall be deemed forever extinguished
and shall thereafter be null and void and of no further force and effect, the Selling Member shall be entitled to retain the Interest ROFO Down Payment as liquidated damages and the Selling Member shall thereafter be free, at any time and from time
to time, to cause a sale of the ROFO Offered Interest at such price as the Selling Member determines in its sole discretion. If the Interest ROFO Closing hereunder fails to occur by reason of default of the Selling Member, the Interest Responding
Member shall have the right, as its sole and exclusive remedy, to either (A) demand that the Interest ROFO Down Payment be returned to the Interest Responding Member (and the Selling Member shall reimburse the Interest Responding Member’s
reasonable and actual Third Party costs in connection with such failed Interest ROFO Closing), or (B) seek specific performance within forty-five (45) days of such failure to close, and the Selling Member shall be prohibited from
initiating the Interest ROFO for a period of two (2) years from the date on which the Interest ROFO Down Payment is returned to the Interest Responding Member in accordance with the foregoing. 

(d)    If the Interest Responding Member delivers an Interest ROFO Rejection Notice (or is deemed to have delivered an
Interest ROFO Rejection Notice), then the Selling Member shall have a period of 270 days from expiration of the Interest ROFO Offer Period to enter into a contract of sale with a third party unaffiliated with Selling Member (the “Interest
Purchase Agreement”) for the sale of the ROFO Offered Interest at a purchase price of not less than 95% of the Interest ROFO Purchase Price (without regard to adjustments or prorations) and to a purchaser who must be among the
Interest Potential Purchasers or their respective Affiliates. The Selling Member shall deliver a copy of the Interest Purchase Agreement (together with all schedules and exhibits thereto) to the Interest Responding Member promptly following
execution. The Interest Purchase Agreement must provide for a closing thereunder on a date not later than 365 days after expiration of the Interest ROFO Offer Period. If (i) the Interest Purchase Agreement is not executed within 270 days from
expiration of the Interest ROFO Offer Period, (ii) the closing thereunder does not occur within 365 days of the expiration of the Interest ROFO Offer Period, or (iii) Selling Member desires to sell the ROFO Offered Interest either
(x) to a Person other than an Interest Potential Purchaser or its Affiliates or (y) for less than 95% of the Interest ROFO Purchase Price (without regard to adjustments or prorations), Selling Member must again comply with the ROFO
procedures in this Section 7.1.4(d) prior to any sale of its Interests and the other Member shall have all the rights available to it under this Section 7.1.4 in connection with any such sale. If
any Member has triggered the Asset ROFO pursuant to Section 6.12 

  
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or the Interest ROFO pursuant to this Section 7.1.4, then the Interest Responding Member shall not be entitled to commence the Interest ROFO process set forth in this
Section 7.1.4, until such Asset ROFO process commenced under Section 6.12 or Interest ROFO process commenced under this Section 7.1.4 has expired. 

(e)    In the event that Interest Responding Member has elected to purchase all of Selling Member’s Interests in the
Company pursuant to the exercise of the Interest ROFO under this Section 7.1.4, the Interest Responding Member shall be obligated at the Interest ROFO Closing to either (i) cause any Credit Arrangement secured by any
Permitted Carveout Guaranty to be refinanced or otherwise repaid in full, or (ii) cause any Permitted Carveout Guaranty that has been delivered by the Carveout Guarantor Affiliated with the Selling Member to be terminated and/or replaced, and
such Carveout Guarantor released from liability with respect thereto in connection with any such replacement, as of the date of such Interest ROFO Closing, except for any liability under any such Permitted Carveout Guaranty arising from any actions
that occurred, or circumstances that existed, prior to the Interest ROFO Closing (collectively, the “Retained Guarantee Liabilities”); provided, with respect to the Retained Guarantee Liabilities, the Company shall indemnify
the applicable Carveout Guarantor other than those Retained Guarantee Liabilities which arose out of Bad Acts of the Selling Member or any Affiliate thereof. 

(f)    Notwithstanding anything in this Agreement to the contrary, for purposes of this
Section 7.1.4, in the event that Sponsor Member is the Selling Member, at the discretion of Sponsor Member, the ROFO Offered Interest may be the ownership interests in Sponsor Member (or in the direct or indirect owner of
Sponsor Member that owns no assets other than 100% of the direct or indirect ownership interests in Sponsor Member) and the Interest ROFO Sale Documents shall be modified accordingly. 

7.2    Further Restrictions. Notwithstanding any contrary provision in this Agreement, any otherwise permitted
Transfer of an Interest to any Person shall be null and void if the Managing Member determines that: 
 (a)    after
consultation with a nationally recognized accounting firm selected in good faith by the Managing Member, such Transfer may cause the Company to cease to be classified as a partnership for U.S. federal or state income tax purposes;
provided, however, that if, as a result of such Transfer, one Member (for purposes of this Section 7.2(a), the “Acquiring Member”) would own one hundred percent (100%) of the outstanding
Interests, and following such Transfer the Company would constitute a disregarded entity for U.S. federal income tax purposes with respect to the Acquiring Member, such Transfer shall be a permitted Transfer; 

(b)    after consultation with a nationally recognized accounting firm selected in good faith by the Managing Member,
such Transfer would cause a material risk that MGP REIT, BREIT or any other direct or indirect Member of the Company will fail to be treated as a REIT for U.S. federal income tax purposes; 

(c)    such Transfer may require the registration of such Transferred Interest pursuant to any applicable federal or
state securities laws; 

  
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 (d)    after consultation with a nationally recognized accounting firm
selected in good faith by the Managing Member, such Transfer may cause the Company to become a “Publicly Traded Partnership,” as such term is defined in Code Sections 469(k)(2) or 7704(b) that is taxable as a corporation for
U.S. federal income tax purposes; 
 (e)    such Transfer may subject the Company, the Members or their
Affiliates, partners, stockholders or members, as applicable, to regulation under the Investment Company Act of 1940, the Investment Advisers Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; 

(f)    such Transfer is made to any Person who lacks the legal right, power or capacity to own such Interest; 

(g)    with respect to the Transfer of a direct Interest in the Company only, the Company does not receive written
instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form reasonably satisfactory to the Members other than the Member
effecting such Transfer; or 
 (h)    such Transfer would result in a documentary transfer tax liability to the Company
or any Subsidiary, unless the transferring Member agrees to bear the entire amount of such documentary transfer tax liability without any right to reimbursement by the Company or any Member. 

7.3    Rights of Assignees. Until such time, if any, as the transferee of a direct interest in the
Company in any permitted Transfer pursuant to this Article 7 is admitted to the Company as a Substitute Member pursuant to Section 7.5: (a) such transferee shall be an Assignee only, and only
shall receive, to the extent Transferred, the distributions and allocations of income, gain, loss, deduction, credit, or similar items to which the Member that Transferred its Interest would be entitled, and (b) such Assignee shall not be
entitled or enabled to exercise any other rights or powers of a Member, such other rights remaining with the transferring Member. In such a case, the transferring Member shall remain a Member, and shall remain liable for the satisfaction of all
obligations contained herein as a Member, even if such transferring Member has Transferred its entire Economic Interest to one or more Assignees (subject to Section 7.5). In the event any Assignee desires to make a further
assignment of any Economic Interest, such Assignee shall be subject to all of the provisions of this Agreement relating to restrictions on Transfer to the same extent as any Member desiring to make such an assignment. 

7.4    Admissions, Withdrawals and Removals. No Person shall be admitted to the Company as a
Member except in accordance with Section 7.5 (in the case of transferees of a permitted Transfer of an Interest from another Person). No Member shall be entitled to retire or withdraw from being a Member of the Company
except (a) in accordance with Section 7.7, or (b) with the consent of each other Member, which consent may be given or withheld in each such Member’s sole and absolute discretion. Subject to
Section 6.4, no Member shall be subject to removal. No admission, withdrawal or removal of a Member shall cause the dissolution of the Company. Any purported admission, withdrawal or removal which is not in accordance with
this Agreement shall be null and void. 

  
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 7.5    Admission of Assignees as Substitute
Members. 
 7.5.1    An Assignee shall become a Substitute Member only if and when each of the following conditions
are satisfied: 
 (a)    The assignor of the Interests transferred sends written notice to the Managing Member
requesting the admission of the Assignee as a Substitute Member and setting forth the name and address of the Assignee, the Capital Account transferred, the Percentage Interests transferred, and the effective date of the Transfer; 

(b)    Intentionally omitted; and 

(c)    The Managing Member receives from the Assignee (i) such information concerning the Assignee’s financial
capacity and investment experience as the Managing Member may reasonably request, and (ii) written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement
as a Substitute Member) that are in a form satisfactory to the Managing Member (as determined in the Managing Member’s reasonable discretion). 

Notwithstanding the foregoing, upon the Transfer by any Member of all (but not less than all) of its Interest in accordance with
Section 7.1.2, the transferee shall automatically become a Substitute Member without having to comply with Section 7.5.1(c)(i). 

7.5.2    Upon the admission of any Substitute Member, the books and records of the Company shall be amended by the
Managing Member to reflect the name, address, Capital Contributions, Capital Account balance and Percentage Interest of such Substitute Member and to eliminate or adjust, if necessary, the name, address, Capital Contributions, Capital Account
balance and Percentage Interest of the predecessor of such Substitute Member. In the event Sponsor Entity or MGP Entity transfers, in accordance with Section 7.1.2, all of its Interests to a Person which is not a Transfer
Affiliate, the Members (including any Substitute Member) shall enter into such amendments to this Agreement as are reasonably necessary to update the definition of Sponsor Member or MGP Member, as applicable, and Transfer Affiliate and to otherwise
reflect the ultimate ownership of such Substitute Member. 
 7.6    Withdrawal of Members. If a
Member has transferred all of its Interests to one or more Assignees, then such Member shall withdraw from the Company if and when all such Assignees have been admitted as Substitute Members in accordance with this Agreement. 

7.7    Conversion of Membership Interest. Upon the Incapacity of a Member or the rejection by
a Member of this Agreement in a Bankruptcy of such Member, such Member’s Membership Interest shall automatically be converted to an Economic Interest only, and such Member (or its executor, administrator, trustee, or receiver, as applicable)
shall thereafter be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Member prior to its Incapacity or its rejection of this Agreement, but without any other rights of a Member unless the holder of
such Economic Interest is admitted as a Substitute Member pursuant to Section 7.5 above. 

  
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 ARTICLE 8 

DISSOLUTION, LIQUIDATION AND TERMINATION OF THE COMPANY 

8.1    Limitations. The Company may be dissolved, liquidated and terminated only pursuant to the
provisions of this Article 8, and the parties hereto do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company Assets.

 8.2    Exclusive Causes. Notwithstanding the Act, the following and only the
following events shall cause the Company to be dissolved, liquidated, and terminated: 
 (a)    the joint election by
the MGP Member and the Sponsor Member; 
 (b)    The Transfer of all or substantially all of the Company Assets and the
receipt of all consideration therefor, except that if non-monetary consideration is received upon such disposition the Company shall not be dissolved pursuant to this clause until such consideration is
converted into money or money equivalent; 
 (c)    Judicial dissolution; or 

(d)    At any time that there are no Members, unless the business of the Company is continued in accordance with the Act.

 To the fullest extent permitted by law, any dissolution of the Company other than as provided in this Section 8.2 shall be a
dissolution in contravention of this Agreement. 
 8.3    Effect of Dissolution. The dissolution of
the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company shall not terminate until it has been wound up and its assets have been distributed as provided in
Section 8.5 of this Agreement and the Certificate has been cancelled by the filing of a certificate of cancellation with the office of the Delaware Secretary of State. Notwithstanding the dissolution of the Company, prior
to the termination of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement. 

8.4    No Capital Contribution Upon Dissolution. Each Member shall look solely
to the assets of the Company for all distributions with respect to the Company, its Capital Contributions thereto, its Capital Account, and its share of Net Profits or Net Losses, and shall have no recourse therefor (upon dissolution or otherwise)
against any other Member. Accordingly, if any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which the liquidation
occurs), then such Member shall have no obligation to make any Capital Contribution with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. 

  
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 8.5    Liquidation. 

8.5.1    Upon dissolution of the Company, the Company shall thereafter engage in no further business other than that which
is necessary to wind up the business, and the Managing Member (or such other Person as the Managing Member may determine) shall act as the “Liquidator” of the Company. A reasonable time shall be allowed for the winding up of the
affairs of the Company in order to minimize any losses attendant upon such a winding up. In the event the Liquidator reasonably believes that it is prudent to do so, cash or other assets held in reserve may be placed in a liquidating trust or other
escrow immediately prior to the termination of the Company in order to ensure that any and all obligations of the Company are satisfied. After allocating (pursuant to Article 5 of this Agreement) all income, gain, loss,
deductions and credit resulting from the liquidation of the Company Assets, the Liquidator shall apply and distribute the cash proceeds thereof as follows (it being understood that any amounts to be paid to a Lending Member pursuant to
Section 3.3 shall be paid to such Lending Member out of the following distributions that would otherwise be made to the Non-Contributing Member, but that such amounts shall be deemed
to have been distributed to the Non-Contributing Member and immediately repaid by the Non-Contributing Member to the Lending Member): 

(a)    First, to the payment of (i) the debts and liabilities of the Company (including any outstanding
amounts due under any Credit Arrangements encumbering the Company Assets (or any part thereof) and, to the extent permitted by law, to Members who are creditors) and (ii) the expenses of liquidation; then 

(b)    Second, to the establishment of any Reserves which the Liquidator shall determine in its commercially
reasonable judgment to be reasonably necessary for contingent, unliquidated or unforeseen Liabilities or obligations of the Company or its Subsidiaries or the Members arising out of or in connection with the Company or its Subsidiaries. Such
Reserves may, in the commercially reasonable discretion of the Liquidator, be paid over to a national bank or national trust company selected by the Liquidator and authorized to conduct business as an escrowee to be held by such bank or trust
company as escrowee for the purposes of disbursing such Reserves to satisfy the Liabilities and obligations described above, and at the expiration of such period distributing any remaining balance as provided hereinafter in this
Section 8.5.1; then 
 (c)    Third, to the Members in accordance with the terms of
Section 4.1.4. 
 8.5.2    Notwithstanding Section 8.5.1, in the
event that the Liquidator determines that an immediate sale of all or any portion of the Company Assets would cause undue loss to the Members, the Liquidator, in order to avoid such loss to the extent not then prohibited by the Act, may either defer
liquidation of and withhold from distribution for a reasonable time any Company Assets except those necessary to satisfy, including the provision of reasonable Reserves for, the Company’s debts and obligations, or distribute the Company Assets
to the Members in kind in a manner otherwise in accordance with the distribution procedure of Section 8.5.1. 

  
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 ARTICLE 9 

MISCELLANEOUS 

9.1    Amendments. 

9.1.1    Each Substitute Member shall become a signatory hereto by signing a counterpart signature page to this Agreement,
and such other instruments, in such manner, as the Managing Member shall determine. By so signing, each Substitute Member shall be deemed to have adopted and to have agreed to be bound by all of the provisions of this Agreement. 

9.1.2    This Agreement shall not be amended or modified without the prior written consent of the Members; provided,
however, amendments may be made to this Agreement from time to time by the Managing Member, without the consent of any other Member: (a) to take such actions as may be necessary (if any) to insure that the Company will be treated as a
partnership for U.S. federal income tax purposes (provided that any such amendment may not materially adversely affect any Member without such Member’s consent); (b) to reflect the admission of any Substitute Member pursuant to
Section 7.5; and in each case, Managing Member shall provide reasonable advance notice of any such amendment to the other Members and promptly provide an executed copy after the execution thereof; and (c) to amend
Exhibit A hereto to reflect adjustments to the Percentage Interests of the Members that are made in accordance with the terms of this Agreement; 

9.1.3    In making any amendments, there shall be prepared and filed by, or for, the Managing Member such documents and
certificates as may be required under the Act and under the laws of any other jurisdiction applicable to the Company. 

9.2    Member Representations and Warranties; Indemnification. 

9.2.1    Representations and Warranties. Each Member (solely on behalf of itself and not with respect to the other
Member(s)) hereby represents and warrants, as of the date of its admission as a Member (or a Substitute Member, as applicable), as follows to the Company and the other Member(s): 

(a)    Such Member is duly incorporated, organized or formed (in the event such Member is not a corporation), validly
existing and in good standing under the laws of its state of incorporation, organization or formation (as the case may be). Such Member has the requisite power and authority to own its property and to carry on its business as now conducted, to the
extent material to its rights and obligations under this Agreement. 
 (b)    Such Member has all requisite power and
authority to enter into this Agreement, to consummate the transactions contemplated hereby and to perform its obligations hereunder in accordance with the terms and provisions hereof. 

(c)    All acts and other proceedings required to be taken by such Member to authorize the execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and properly taken. 

  
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 (d)    This Agreement has been duly executed and delivered by such
Member and constitutes the valid and binding obligation of such Member, enforceable against it in accordance with its terms, except as enforceability may be affected by: (i) the effect of Bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting the rights of creditors; (ii) the effect of general principles of equity and the limitation of certain remedies by certain equitable principles of general applicability; and (iii) the fact that
the rights to indemnification hereunder may be limited by applicable laws, including federal or state securities laws. 

(e)    The execution, delivery and performance by such Member of this Agreement and the transactions contemplated hereby
will not constitute a material breach of any term or provision of, or a material default under (i) any outstanding indenture, mortgage, loan agreement or other material contract or agreement to which such Member or any of its Affiliates is a
party or by which it or any of its Affiliates or its or their property is bound; (ii) its certificate or articles of incorporation or bylaws or other governing documents; (iii) any material applicable law; or (iv) any material order,
writ, judgment or decree having applicability to it. 
 (f)    Such Member has obtained all approvals and consents
required to be obtained by it in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby from all Persons having approval or consent rights, and has made all material filings and
registrations, required from or by any governmental body, authority, bureau or agency in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

(g)    No Member has incurred any obligation to a broker or finder for payment of any commission or fee in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, including its admission as a Member, for which the Company or any other Member may become liable. 

(h)    To the extent applicable to such Member, to such Member’s actual knowledge, such Member has complied in all
material respects with the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, which comprises Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (the “Patriot Act”) and the regulations promulgated thereunder, and the rules and regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”).
Neither such Member nor any of its Affiliates is included on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, or a resident in, or organized or chartered under the laws of, or otherwise acting for or on behalf of a
person ordinarily resident in (A) a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Sections 311 or 312 of the Patriot Act as warranting special measures due to money laundering concerns or
(B) any foreign country that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial
Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur. 

  
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 (i)    Such Member is acquiring its Interest for its own account and
not for the account of any other Person. Such Member is acquiring its Interest solely for investment and not with a view to, or for resale in connection with, the distribution or other disposition thereof either currently or after the passage of a
fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstance in violation of the Securities Act. Such Member understands that the sale and issuance
of the Interests has not been registered under the Securities Act, applicable state securities laws or the securities or similar law of any other jurisdiction whatsoever, and, therefore, the Interests cannot be Transferred or otherwise disposed of
unless they are registered under the securities laws of each applicable jurisdiction, or exemptions from such registration requirements are available. Such Member understands that Transfers and dispositions of its Interest can be made only
(i) as explicitly permitted or contemplated under the terms of this Agreement and (ii) in compliance with the Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and all applicable
state securities and “blue sky” laws; and such Member understands that the Company is under no obligation to register the offer or sale of any Interests in any jurisdiction whatsoever or to assist such Member in complying with any
exemption from registration under the securities laws of any jurisdiction whatsoever. 
 (j)    Such Member understands
and is able to bear the economic risk of an investment in the Company and can afford to sustain a total loss on such investment. Such Member further acknowledges that there are substantial risks in the investment (including loss of the entire amount
of such investment), that such Member is capable of evaluating the merits and risks of the investment in the Company and such Member has evaluated such risks and determined that the Interest is a suitable investment for such Member. Such Member has
such knowledge and experience in business, financial and tax matters, including experience in investing in non-listed and non-registered securities, and is a
sophisticated investor capable of utilizing the information made available to it in connection with its investment in the Interest to evaluate the merits and risks of its investment in the Company, to make an informed investment decision with
respect thereto and to protect its interests in connection with such investment. 
 (k)    Such Member, or each
beneficial owner (within the meaning of Rule 501 of Regulation D promulgated under the Securities Act (“Regulation D”)) of such Member, (i) is an “accredited investor” as such term is defined in Rule 501 of
Regulation D and (ii) has not been formed for the specific purpose of acquiring the Interest unless each beneficial owner of such entity is qualified as an accredited investor within the meaning of Rule 501 of Regulation D. 

(l)    Such Member and its legal, tax, accounting and financial advisers have been provided an opportunity to ask
questions of and receive information from a Person or Persons acting on behalf of the Company concerning the investment in the Company, the Company Assets, the Company, and such other matters as such Member and any of its advisors have deemed
necessary or desirable. All such questions have been answered to the full satisfaction of such Member and any such advisors, and such Member has received all such information requested, but such Member has in all events relied upon its own due
diligence in evaluating this Agreement, the Interests, the Properties and the other Company Assets. 

  
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 (m)    Such Member has consulted and been advised by its own legal
counsel and tax advisor in connection with, and acknowledges that no representations as to potential profit, tax consequences of any sort (including the tax consequences resulting from forming or operating the Company, conducting the business of the
Company, executing this Agreement, consummating the transactions provided for herein, making a Capital Contribution, being admitted to the Company, receiving or not receiving distributions from the Company, or being allocated Net Profits and Net
Losses), cash flows or funds from operations or yield, if any, in respect of the Company have been made by the Company, any Member or any Affiliate of any Member or any employee or representative thereof, and that projections and any other financial
information and documentation that may have been in any manner submitted to such Member from any source shall not constitute any representation or warranty of any kind or nature, express or implied and such Member is not relying on any
representations or warranties of any other Person in connection therewith, including the Company or any other Member. 

(n)    On the date hereof, each Member is deemed to have made to the other Member the Anti-Corruption Representations set
forth on Exhibit D hereto. 
 9.2.2    Additional Representations and Warranties. 

(a)    The Sponsor Member hereby represents and warrants to the Company and the MGP Member, that as of the Effective Date,
the Sponsor Member is a Transfer Affiliate of BREIT OP. 
 (b)    The MGP Member hereby represents and warrants to the
Company and the Sponsor Member, that as of the Effective Date: 
 (i)    The MGP Member is, directly or
indirectly, majority-owned and Controlled by MGP. 
 (ii)    The Company is a limited liability company
duly organized, validly existing and in good standing under the Laws of the State of Delaware and has all necessary company power and authority to carry on its business as set forth in this Agreement. 

(iii)    There are no outstanding or authorized options, warrants, convertible securities or other rights,
agreements, arrangements or commitments of any character relating to the limited liability company interests of the Company or obligating the Company to issue or sell any limited liability company interests of the Company, except as expressly set
forth in this Agreement or as may have been created by the Sponsor Member. Interests in the Company issued to the Sponsor Member are free and clear of any and all liens, claims, encumbrances, options and rights of any kind, except as expressly set
forth in this Agreement or as may have been created by the Sponsor Member. 
 (iv)    Other than as
contemplated by the MTA, the Company has not conducted any business prior to the Effective Date. 
 (c)    Each Member
hereby represents and warrants to the Company and each other Member that no portion of the assets used by such Member to acquire or 

  
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hold the Membership Interests constitutes the assets: of (i) an “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”)) which is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement which is subject to Section 4975 of the Code or any Similar Law (as defined below) or
(iii) an entity which is deemed to hold the assets of any of the described in clauses (i) and (ii), pursuant to ERISA or applicable Similar Law. “Similar Law” means any federal, state, local,
non-U.S. or other law or regulation that would cause the underlying assets of the Company to be treated as assets of the Member by virtue of its interest in the Company and thereby subject the Company
(and/or other persons responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or
Section 4975 of the Code. 
 9.2.3    Member Indemnity. Each Member agrees to indemnify, defend and hold
harmless the Company, the other Member, each officer, director, agent and Affiliate of the Company and the other Member from and against any and all Liabilities arising out of or based upon any false representation or warranty made by such Member
herein. 
 9.3    Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto pertaining to the subject matter hereof and fully supersedes any and all prior or contemporaneous agreements or understandings between the parties hereto pertaining to the subject matter hereof and thereof. 

9.4    Further Assurances. Each of the parties hereto does hereby covenant and agree on behalf of itself, its
successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such other action as may be required by law or reasonably
necessary to effectively carry out the purposes of this Agreement. 
 9.5    Notices. Any notice,
consent, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed,
or (b) sent by electronic mail or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: if to the Company, to the Company at the address set forth in Section 1.3 hereof, or to
such other address as the Company may from time to time specify by notice to the Members; if to a Member, to such Member at the address set forth in Exhibit A, or to such other address as such Member may from time to time
specify by notice to the Company. Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i) the date so delivered, if delivered personally, (ii) upon receipt, if sent by electronic email, or
(iii) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed. 

9.6    Tax Matters. 

9.6.1    Partnership Representative. 

(a)    The MGP Member may act as or designate the initial “partnership representative” (within the meaning of
Section 6223 of the Code as amended by the 

  
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Bipartisan Budget Act of 2015) to oversee or handle matters relating to the taxation of the Company (the “Partnership Representative”). The Partnership Representative shall
perform his, her, or its duties under the direction and guidance of the Managing Member and shall be authorized and required to represent the Company (at the Company’s expense), subject to the restrictions set forth in this
Section 9.6.1, in connection with all examinations of the Company’s affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Company funds for professional services
reasonably incurred in connection therewith. Subject to Section 6.3.1(k), the Managing Member shall have the authority to remove and designate a replacement Partnership Representative. Each Member and former Member that
held an Interest during the Reviewed Year (each, an “Interested Member”) agrees to reasonably cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the
conduct of such proceedings. The Partnership Representative shall keep the Interested Members reasonably informed of the initiation and progress of any examinations, audits or other proceedings. Subject to the approval of the Managing Member, the
Partnership Representative shall (i) determine whether any partnership adjustment to each Interested Member shall be made through the application of the procedures established pursuant to Code Section 6225(c) or through an election and the
furnishing of statements pursuant to Code Section 6226; (ii) determine whether to make the election “out” of subchapter C, chapter 63 of the Code under Section 6221(b) of the Code if such an election is available; and
(iii) determine whether to make any other elections available under subchapter C, chapter 63 of the Code. The Partnership Representative shall timely designate an individual to serve as the sole individual through whom the Partnership
Representative will act as required by Regulations Section 301.6223-1. The designated individual must agree in writing to be bound by the same obligations and restrictions imposed on the Partnership
Representative under this Section 9.6.1 prior to and as condition of such designation. References herein to the Partnership Representative are deemed to include the designated individual. 

(b)    The Company shall indemnify and reimburse the Partnership Representative for all losses suffered and all
reasonable expenses (including reasonable legal and accounting fees) incurred by it in the performance of its duties and responsibilities as the Partnership Representative. 

(c)    Tax audits, controversies and litigations shall be conducted under the direction of the Partnership
Representative, provided that the Partnership Representative shall regularly meet and confer with the Managing Member, the MGP Member and the Sponsor Member concerning the prosecution and status of such tax audits, controversies and
litigations. The Partnership Representative shall submit to the Managing Member, the MGP Member and the Sponsor Member, for their review and approval (such approval not to be unreasonably withheld, conditioned or delayed), any settlement or
compromise offer with respect to any disputed item of income, gain, loss, deduction or credit of the Company and shall not enter into any such settlement or compromise offer until such approval (such approval not to be unreasonably withheld,
conditioned or delayed) is received from the Managing Member, the MGP Member and the Sponsor Member. The Company may permit the Interested Members to participate in one of the procedures set forth in Section 6225(c)(2) of the Code. If so
permitted, any number of Interested Members may participate, and no Interested Member shall be obligated to participate. Any economic benefit or burden associated with participating in such procedure will inure to the benefit of or be borne by each
Interested Member participating in the procedure to the extent attributable 

  
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to such Interested Member. For the avoidance of doubt, the Company shall not have the right to require any Interested Member to amend a tax return or participate in any alternative procedure
pursuant to Section 6225(c)(2) of the Code nor prevent any Interested Member from doing so. 
 (d)    If a
governmental authority makes a final determination (or the Company agrees to accept a non-final determination by the Internal Revenue Service) that adjusts the income, gain, loss, deduction, or credit of the
Company (or any Interested Member’s distributive share thereof) and to the extent the “push out” election under Section 6226 of the Code is not available or made or one of the procedures set forth in Section 6225(c)(2) of
the Code are not undertaken, the Interested Members shall bear the economic benefits and burdens of the adjustment (including any interest and penalties), and the cost of contesting any such adjustment, in the same manner (to the maximum extent
possible) in which the economic benefits and burdens of the adjustment would have been borne had the Company elected “out” under Section 6221(b) of the Code for the Reviewed Year (whether or not the Company is eligible to elect out
under Section 6221(b) of the Code). In determining the extent to which and the manner in which any Interested Member bears the economic benefits and burdens of an adjustment, the Managing Member shall consult with all Interested Members and
thereafter use its reasonable efforts to modify the financial burden of any Company adjustment to each Interested Member holding an Interest during the Reviewed Year, by taking into account the Interested Member’s actions and status (including
those described in Section 6225(c) of the Code). After consultation with the Interested Members, the Company shall divide any adjustment and/or Imputed Underpayment into such categories and shall determine the amounts in each category
attributable to each Interested Member in the manner the Company reasonably determines best gives effect to the principles of this Section 9.6.1(d) (the amount of an Imputed Underpayment in any category attributable
to an Interested Member, the Interested Member’s “BBA Share”). 
 (e)    The Managing Member may
(1) require an Interested Member who is liable under Section 9.6.1(d) to pay its BBA Share to the Company within ten (10) days after the date on which the Company notifies the Interested Member (and in the manner
required by the notice) and/or (2) reduce the Interested Member’s Capital Account or future distributions to the Interested Member under Article IV, such that the cumulative amount under clauses (1) and (2) equals the
Interested Member’s BBA Share (plus the amount of any interest determined pursuant to the next sentence). Any amounts under clause (1) that are not paid within the time set forth in clause (1), and any amounts under clause (2), shall be
increased to reflect interest calculated at a rate equal to 3% per annum, compounded as of the last day of each year (but not in excess of the highest rate per annum permitted by applicable law). The Company may make appropriate adjustments to an
Interested Member’s Capital Account and may treat any payment described in clause (1) in any manner reasonably determined by the Managing Member, including as a Capital Contribution or distribution. Without duplication of amounts otherwise
paid or reimbursed by it, each Interested Member shall, at the Company’s request, indemnify and hold harmless the Company for any liabilities of the Company for such Interested Member’s BBA Share. 

(f)    The Partnership Representative shall receive no compensation for its services. All third-party costs and expenses
reasonably incurred by the Partnership Representative in performing its duties as such (including legal and accounting fees) shall be paid by the Company. Nothing herein shall be construed to restrict the Company from

  
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engaging an accounting firm and a law firm to assist the Partnership Representative in discharging its duties hereunder, so long as the compensation paid by the Company for such services is
reasonable. The provisions of this Section 9.6.1 shall survive (i) the termination of the Company, this Agreement, and the termination of any Interested Member’s Interest in the Company, and (ii) the transfer
of all or a part of a Interested Member’s Interest in the Company. Each Interested Member agrees that as a condition to any transfer of an Interest as permitted under this Agreement, the transferor Interested Member continues to be bound by all
of the provisions of this Section 9.6.1. 
 (g)    Each Interested Member agrees that such
Interested Member shall not treat any Company item inconsistently on such Interested Member’s federal, state, foreign, or other income tax return with the treatment of the item on the Company’s return. Each Interested Member further agrees
to cooperate in taking such actions as may be required to cause any election made by the Company to be effective and to provide the Partnership Representative with documentation of its compliance with the provisions of this
Section 9.6.1. 
 (h)    The Interested Members waive any fiduciary duty of the Partnership
Representative to any of them. For the avoidance of doubt, the foregoing waiver shall not limit any duties to the Company. 

9.6.2    Tax Elections. Except as otherwise provided in Section 9.6.3, subject to
Section 6.3.1(j), the Partnership Representative may make all elections for federal income and all other tax purposes in accordance with this Agreement. 

9.6.3    Tax Elections. Prior to making any tax election other than a Required Tax Election or an election under
subchapter C, chapter 63 of the Code (which shall be governed by Section 9.6.1) with respect to the Company or its Subsidiaries for federal, state or local tax purposes, the Partnership Representative and the Company shall
permit the MGP Member and the Sponsor Member to review, provide comments on and discuss in advance, and shall consider in good faith any comments made by such Members in relation to, such election. 

9.6.4    Intentionally Omitted. 

9.6.5    Operating Tax Covenants. The Managing Member, the MGP Member, the Sponsor Member and the Company covenant
the following: 
 (a)    For purposes of Regulations Section 1.752-2, 1.752-3 and 1.707-5(a)(2), the Company shall allocate liabilities of the Company amongst the properties of the Company and among the members of the Company in a manner
consistent with applicable law as reasonably determined by the Managing Member; provided that the “excess nonrecourse liabilities” (as defined in Regulations Section 1.752-3(a)(3)) of the
Company, if any, shall be allocated (i) first to the MGP Member in accordance with the “additional method” (as defined in Regulations Section 1.752-3(a)(3)) up to the maximum amount
permitted by such method under applicable law but not in excess of the sum of the amount of built-in gain that is allocable to the MGP Member on Code Section 704(c) property (as defined under Regulations Section 1.704-3(a)(3)(ii)) or property with respect to which reverse Section 704(c) allocations are applicable (as described in Regulations
Section 1.704-3(a)(6)(i)) and (ii) thereafter in accordance with 

  
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Regulations Section 1.752-3(a)(3), based on allocations of projected taxable income of the Company . In the event of a change in law or interpretation
thereof, the Parties shall use reasonable efforts to apply such changed law or interpretation thereof in accordance with applicable law in the manner that minimizes the recognition of income or gain by the MGP Member as reasonably determined by the
Managing Member, but, notwithstanding the foregoing, in no event shall the Company be required to modify the economic arrangements of the Members and the Company shall have no obligation or liability to the MGP Member to the extent that the
Company’s inability to comply with the provisions of this Section 9.6.5(a) are attributable to such change in the tax laws or interpretation thereof. The Managing Member shall consult with MGM, the MGP Member and the
Sponsor Member when conducting any computations and allocations pursuant to this Section 9.6.5(a) and shall consider in good faith all reasonable comments of MGM, the MGP Member and the Sponsor Member. 

(b)    If the Company has in effect a Code Section 754 election and recognizes any Code Section 734(b)
adjustment to the tax basis of any of the Properties (including all subsequent replacements pursuant to Section 1031, Section 1033, or any other nonrecognition provision of the Code) in any taxable year, the Company shall not file any
income tax return reporting such Code Section 734(b) adjustment as giving rise to additional gain recognized under Code Section 731 to a Member in the same taxable year (i.e., because of a reduction in the liabilities allocated to the
Member pursuant to Regulations Section 1.752-3); provided that, if the Sponsor Member is the Managing Member, the obligations of the Members and the Company under this
Section 9.6.5(b) shall be conditioned on the Company’s receipt of written advice level from tax advisors reasonably satisfactory to the Sponsor Member with a conclusion at least at a “more likely than not”
level that such position is consistent with applicable law. 
 (c)    The Company shall not make a Code
Section 754 election; provided, however, such election may be made in the tax year in which a Member (including any of its Affiliates that hold an Interest, if applicable) has Transferred an Interest constituting at least 10% of the total
Economic Interests in the Company in a taxable disposition to a Third Party. 
 (d)    For purposes of making Code
Section 704(c) allocations with respect to a Property, the Company shall apply the “traditional method” pursuant to Regulations Section 1.704-3(b). 

(e)    If the Company transfers any interest in a Property to a Subsidiary in a transaction treated as a Code
Section 721 exchange, the transferee partnership shall make Code Section 704(c) allocations with respect to such interest in such Property in the same manner as the Company. 

9.6.6    Tax Returns. Preparation of the tax returns and statements, if any, of the Company shall be the
responsibility of the Managing Member. If the Managing Member engages a certified public accountant for the preparation and or review of any or all of the income tax returns, the expense shall be a Company Expense. 

9.6.7    Member Information. In the event any Member makes any tax election that requires the Company to furnish
information to such Member to enable such Member to compute its own tax liability, or requires the Company to file any tax return or report with any 

  
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tax authority, in either case that would not be required in the absence of such election made by such Member, the Managing Member may, as a condition to furnishing such information or filing such
return or report, require such Member to pay to the Company any incremental expenses incurred in connection therewith; provided no Member shall be required to pay to the Company for any incremental expenses incurred in connection with any
information the Managing Member is required to provide to any Member under Section 6.7.3. Promptly upon request, each Member shall provide the Company with any information related to such Member necessary (A) to allow
the Company to comply with any tax reporting, tax withholding or tax payment obligations of the Company or (B) to establish the Company’s legal entitlement to an exemption from, or reduction of, withholding or other taxes or similar
payments, including U.S. federal withholding tax under Sections 1471 and 1472 of the Code. 
 9.6.8    Tax
Protection Claims. If the Company receives (i) any claim that damages are due as a result of a Breach (as defined in the Tax Protection Agreement) or (ii) any notice of an actual, threatened or impending Company Tax Audit (as defined
in the Tax Protection Agreement), the Managing Member shall promptly notify the Members of such claim or audit and provide the Members with such additional information as the Members reasonably request. The Managing Member shall keep the MGP Member
and the Sponsor Member reasonably informed of the progress of any such claim or audit. 

9.7    Governing Law. This Agreement, including its existence, validity, construction, and operating
effect, and the rights of each of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to otherwise governing principles of choice of law or conflicts of law. Notwithstanding the
foregoing, the parties acknowledge and agree that this Agreement, the Company and the Members are also subject to the Nevada Gaming Control Act and the regulations promulgated thereunder.  

9.8    Construction. The Members intend that this Agreement shall be construed as if all parties prepared
this Agreement. 
 9.9    Captions – Pronouns. Any titles or captions contained
in this Agreement are for convenience only and shall not be deemed part of the text of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate.

 9.10    Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding on
and inure to the benefit of the Members, their respective heirs, executors, administrators, successors and all other Persons hereafter holding, having or receiving a Membership Interest or Economic Interest, whether as Assignees, Substitute Members
or otherwise. 
 9.11    Severability. In the event that any provision of this Agreement as applied to any party
or to any circumstance, shall be adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other circumstance
or with respect to any other party, or the validity or enforceability of the Agreement as a whole. 

  
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 9.12    Confidentiality. 

9.12.1    Each Member agrees that the provisions of this Agreement, all understandings, agreements and other arrangements
herein between and among the parties, and all other nonpublic information received from or otherwise relating to, the Company and the Company Assets shall be confidential, and shall not be disclosed or otherwise released to any other Person (other
than another party hereto), without the written consent of the other Members. The obligations of the parties hereunder shall not apply: (a) so long as such Persons agree to maintain the confidential nature thereof, to the MGP Member’s, or
the Sponsor Member’s, as applicable, actual or prospective (i) financing sources, (ii) purchasers or assignees, (iii) partners and (iv) investors; (b) to legal counsel, accountants and other professional advisors to the
MGP Member or the Sponsor Member, as applicable, so long as such Persons agree to maintain the confidential nature thereof; (c) to any disclosure pursuant to the order of any court or administrative agency or in any pending legal or
administrative proceeding, to the extent necessary in support of motions, filings, or other proceedings in court as required to be undertaken pursuant to this Agreement, or otherwise as required by applicable law; provided that any party is
given a reasonable opportunity to obtain a protective order in connection with such disclosure; (d) in connection with reporting requirements in filings with the Securities and Exchange Commission by the MGP Member and its Affiliates, or the
Sponsor Member and its Affiliates, as applicable, which filings may include publication of the MGP Member’s or its Affiliates’, or the Sponsor Member’s or its Affiliates’, as applicable, audited financial
statements; and (e) to disclosures in compliance with any filing requirements, regulations or other requirements of, or upon the request or demand of, any stock exchange (or other similar entity) on which the MGP Member’s, or the
Sponsor Member’s (or their direct or indirect Affiliates’) shares (or other equity interests) are listed, or of any other governmental authority having jurisdiction over the MGP Member or the Sponsor Member. Notwithstanding
anything to the contrary in this Agreement, the provisions of this Section 9.12.1 shall survive: (x) a Member’s ceasing to be a member of the Company for any reason; and (y) the dissolution and/or termination
of the Company. 
 9.13    Interpretation. All references herein to Articles, Sections, subparagraphs,
Exhibits and addenda shall be deemed to be references to Articles, Sections and subparagraphs of, and Exhibits and addenda to, this Agreement unless the context shall otherwise require. All Exhibits and addenda attached hereto shall be deemed
incorporated herein as if set forth in full herein. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The term “or” is not exclusive.
The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The words “date hereof” shall refer to the Effective
Date. All accounting terms not defined in this Agreement shall have the meanings determined by United States generally accepted accounting principles as in effect from time to time. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise expressly provided herein, any agreement, instrument or
statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or
instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. 

  
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 9.14    No Third Party Beneficiaries. None of the provisions of
this Agreement shall be for the benefit of or be enforceable by any creditor of the Company or by any creditor of any Member except as expressly provided in Section 3.3 with respect to an Affiliate of a Member that is a
Lending Member. This Agreement is not intended to confer any rights or remedies hereunder upon, and shall not be enforceable by, any Person other than the parties hereto and (a) with respect to Section 6.8 or
Section 9.2, each Indemnitee and each other indemnified Person addressed therein, and (b) with respect to Section 3.3, any Affiliate of a Member that is a Lending Member. 

9.15    No Right of Setoff. No Member will assert (or will permit its Affiliates to assert) any right of setoff
against any other Member or such other Member’s Affiliates for any normal trade activity except to the extent otherwise specifically permitted herein. 

9.16    Counterparts. This Agreement may be executed in any number of multiple counterparts, each of which shall be
deemed to be an original copy and all of which shall constitute one agreement, binding on all parties hereto. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic means (including in
“PDF” format) shall be effective as delivery of a manually executed counterpart of this Agreement. 

9.17    Submission to Jurisdiction. Each Member hereby irrevocably submits to the exclusive jurisdiction of
the Delaware Chancery Court (or, if the Delaware Chancery Court shall be unavailable, any other court of the State of Delaware) or, in the case of claims to which the federal courts have jurisdiction, the United States District Court for the
District of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each Member further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in
the immediately preceding sentence. Each Member hereby irrevocably and unconditionally waives trial by jury and irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in Delaware Chancery Court (or, if the Delaware Chancery Court shall be unavailable, any other court of the State of Delaware or, in the case of claims to which the federal courts have jurisdiction,
the United States District Court for the District of Delaware), and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum. Each party’s obligation under this Section 9.17 will survive the termination of this Agreement. 

9.18    Attorney’s Fees. If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement or to resolve any dispute under this Agreement, the losing party shall pay the attorney’s fees, costs and necessary disbursements of the prevailing party in addition to any other relief to which such prevailing party
may be entitled. 
 9.19    Injunctive Relief and Enforcement. In the event of a breach by a Member of the
terms of this Agreement, the Company or the other Members shall be entitled to institute, in accordance with this Section 9.19, legal proceedings to obtain damages for any such breach, or to enforce the specific performance of this Agreement by
such Member and to enjoin such Member 

  
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from any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. Each Member acknowledges that money
damages for any breach by such Member of the provisions of this Agreement would not be a sufficient remedy for any breach of this Agreement by such Member and that in addition to all other remedies the Company and the
non-breaching Members shall be entitled to seek specific performance and injunctive or other equitable relief for any such breach. 

9.20    Intentionally Omitted. 

9.21     Force Majeure. The parties to this Agreement shall be excused from performance of their obligations
(other than any obligation to pay money under this Agreement) where they are prevented from so performing by revolutions, terrorism or similar disorders, wars, acts of enemies, strikes, fires, floods, acts of God, or, without limiting the foregoing,
by any cause not within the control of the party whose performance is interfered with, and which, by the exercise of reasonable diligence, the party is unable to prevent. All parties shall perform such parts or aspects of their obligations as are
not interfered with by these causes. 
 9.22    Limitation on Creditors’ Interests. No
creditor who makes a non-recourse loan to the Company shall have or acquire at any time, as a result of making such loan, any direct or indirect interest in the profits, capital, or property of the Company,
other than as a secured creditor. 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of Effective
Date set forth above. 
  

			
	 MGP ENTITY:
  

MGP JV INVESTCO 1 LLC

		
	By:	 	 /s/ Andy Chien

	Name:	 	Andy Chien
	Title:	 	Authorized Representative
	
	 SPONSOR ENTITY:
  

BCORE WINDMILL PARENT LLC

		
	By:	 	 /s/ Qahir Madhany

	Name:	 	Qahir Madhany
	Title:	 	Managing Director and Vice President

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