Document:

License Agreement

 Exhibit 10.2 
  
 LICENSE AGREEMENT 
  
 THIS LICENSE AGREEMENT (this “Agreement”) is made and entered into as of this 18th day of June, 2004, by and between HILTON INNS, INC., a
Delaware corporation (“Hilton”), and COLONY RESORTS LVH ACQUISITIONS, L.L.C., a Nevada limited liability company (“Resorts”). 
  

RECITALS 
  
 WHEREAS, Resorts has executed an agreement to acquire (the “Purchase”) the Las Vegas Hilton (the “Project”), a mixed-use
property that includes traditional hotel operations (the “Hotel”) as well as all gaming, restaurant and non-food and beverage retail and entertainment operations (collectively, the “Non-Hotel Operations”), from
Caesar’s Entertainment, Inc., f/k/a Park Place Entertainment Corporation (“Caesar’s”); and 
  
 WHEREAS, a material condition to such Purchase is that Resorts enter into this Agreement with Hilton; and 
  
 WHEREAS, until the Purchase is consummated, Caesar’s has operated and
will operate the Project under the Existing License Agreement (defined below); and 
  
 WHEREAS, immediately upon the Purchase, Resorts intends to continue to operate the Project as the Las Vegas Hilton, a Resorts International Destination, and to obtain other services, all as further provided in this
Agreement; and 
  
 WHEREAS, as provided herein, the name and mark
“Hilton” and certain variations thereof, including certain related service marks, marks of origin, insignia, slogans, emblems, symbols and other identifying characteristics, whether or not registered in any jurisdiction, are owned by
Hilton or its affiliates in the United States and are used in the grant of licenses to others to operate full service hotels in the United States (the “Hilton Marks”) and their marketing throughout the world. The primary Hilton
Marks are set forth in Schedule A hereto, as such schedule may be modified from time to time; and 
  
 WHEREAS, Hilton desires to license to Resorts the right to use the Hilton Marks in connection with the operation of the Project, in accordance with the
terms of this Agreement and to satisfy the condition to the Purchase; and 
  
 WHEREAS, the parties desire that the Project will participate in Hilton Reservations Worldwide and HHonors Program (as such terms are defined below) and have the other rights provided herein; 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Hilton and Resorts agree as follows: 
  

1.) Definitions. As used herein, the following terms have the meanings set forth below: 
  
 “Advertising Campaign” shall mean an advertising campaign
adopted by Resorts with respect to the promotion of the Hotel and/or the Project (including without limitation the “look and feel” of the campaign, the manner in which their products and services are promoted, and the slogans and the
general nature and appearance of the campaign). 
  
 “Annual Royalty Fee(s)” has the meaning set forth in Section 6. 

 “Approved Advertising Campaign” means the specific Advertising Campaign
represented by the materials attached as Exhibit A, or any Advertising Campaign subsequently approved as provided herein. 
  
 “Caesar’s” has the meaning set forth in the Recitals. 
  
 “De-Identification Actions” has the meaning set forth in Section 14. 
  
 “Effective Date” means the date on which the Purchase is
consummated. 
  
 “Existing License Agreement”
means that certain Assignment and License Agreement dated December 31, 1998 by and among Hilton Hotels Corporation, Conrad International Royalty Corporation and Caesar’s. 
  
 “Existing Sales Agreement” means that certain Sales Agreement dated January 1, 2000, between Hilton Hotels
Corporation and Caesar’s. 
  
 “Expenses” has
the meaning set forth in Section 10. 
  
 “Force
Majeure” shall mean and be limited to the following to the extent the same can not be overcome with due diligence and reasonable expense by the party claiming Force Majeure: (i) war, invasion, rebellion, insurrection, riots, terrorism or
civil war; (ii) acts of government in its sovereign capacity; (iii) hurricanes, earthquakes, fire or other casualty, acts of God or any operation of the forces of nature as reasonable foresight and ability on the part of the affected party could not
reasonably provide against; (iv) strikes, lockouts or other significant employee disturbances; and (v) any other similar events which are beyond the reasonable control of the affected party to prevent or overcome. In no event shall Force Majeure
include any inability of a party to perform any of its obligations under this Agreement solely by reason of lack on its part of sufficient funds required for the performance of such obligation. 
  
 “Gross Rooms Revenue” means the total room revenues derived
from the sale or rental of Guest Rooms (both transient and permanent) of the Hotel, excluding revenue attributable to complimentary rooms or, to the extent permitted under this Agreement, in-room gaming, all to be calculated on a basis consistent
with the calculation of “Net Room Revenues” under the Existing License Agreement. 
  
 “HHonors Program” means the frequent guest program operated by Hilton HHonors Worldwide, L.L.C., a Subsidiary of Hilton, which allows members to earn point credits redeemable for various travel
related rewards. 
  
 “HHonors Terms” means the
terms and conditions applicable to Other Hilton Licensees participating in the HHonors Program, as such terms and conditions may be modified from time to time by Hilton HHonors Worldwide, L.L.C. 
  
 “Hilton” has the meaning set forth in the Preamble.

  
 “Hilton Booking Report” has the meaning set
forth in clause (b) of Section 9A. 
  
 “Hilton Control
Entities” means any entity controlling Hilton, controlled by Hilton, or under common control with Hilton. 
  
 “Hilton Entities” means Hilton and its subsidiaries and affiliated entities. 
  
 “Hilton Indemnitees” means Hilton, the Hilton Entities, the
successors and assigns of Hilton and the Hilton Entities, and the members, officers, directors, employees, agents, and their representatives, heirs, predecessors, successors and assigns. 
  

 “Hilton Lead Report” has the meaning set forth in clause (a) of Section 9A. 

 
 “Hilton License” has the meaning set forth in Section 2.

  
 “Hilton Marks” has the meaning set forth in
the Recitals. 
  
 “Hilton Proprietary
Information” means all methods, techniques, plans, specifications, procedures, information, systems and knowledge of and experience of Hilton or the Hilton Entities in the development, operation, marketing and licensing of the Hilton
System. 
  
 “Hilton Reservations Worldwide” means
the central reservation system operated by Hilton Reservations Worldwide, L.L.C., a Subsidiary of Hilton, which provides reservation services to other licensees operating under the Hilton Marks, including any additions, enhancements, supplements or
variances which Hilton or the Hilton Entities develop or adopt. 
  
 “Hilton System” means the elements Hilton designates from time to time to identify hotels operating under the Hilton Marks that provide to the consuming public a similar, distinctive, high quality hotel service. The Hilton
System includes, but not by limitation, the Hilton Marks; Hilton Reservations Worldwide; advertising, publicity and other marketing programs and materials; standards, specifications and policies for construction, furnishing, operation, appearance
and service of hotels; the HHonors Program; and such other components and programs Hilton or the Hilton Entities may develop in the future and designate as part of the Hilton System. All parties specifically acknowledge that Hilton may add elements
to the Hilton System or modify, alter or delete elements of the Hilton System at its sole discretion, but Resorts’ obligation to implement such modifications, alterations or deletions shall be subject to the terms of this Agreement. 

 
 “Hotel” has the meaning set forth in the Recitals. The
Hotel includes all structures, facilities, appurtenances, furniture, fixtures, equipment, and entry, exit, parking and other areas located on the site of the Hotel, or located on any land Hilton approves in the future for additions, signs, parking
or other facilities for the Hotel (but including as approved by Hilton any land that is currently included in the Purchase). The Hotel does not include any of the Non-Hotel Operations. 
  
 “Indemnified Party(ies)” means the party or parties to be indemnified under Section 10. 
  
 “Indemnitor” means any party obligated to indemnify an
Indemnified Party under Section 10. 
  
 “Information” has the meaning set forth in Section 9. 
  
 “Lender Comfort Letter” has the meaning set forth in clause (r) of Section 15. 
  
 “License Term” means the term of this Agreement which, if not terminated earlier in accordance with its terms, shall begin on the
Effective Date and continue until December 31, 2008. 
  
 “Licensee,” with respect to the Resorts Marks, means Hilton, and with respect to the Hilton Marks, means Resorts. 
  
 “Licenses” means the Hilton License and the Resorts License set forth in Sections 2 and 3. 
  
 “Licensed Marks” means the Hilton Marks and the Resorts
Marks. 
  
 “Licensor” means the owner of the
applicable Licensed Marks, as licensor hereunder. 
  
 “Linked Sites” has the meaning set forth in Section 7. 

 “Non-Hotel Operations” has the meaning set forth in the Recitals. 
  
 “Other Hilton Licensees” shall mean persons other than
Resorts to whom Hilton has licensed the Hilton Marks to operate full service hotels in the United States. 
  
 “Person” means any individual, corporation, partnership, association, trust company or other entity or organization, including any
government entity or authority. 
  
 “Proceeding”
has the meaning set forth in clause (c) of Section 10. 
  
 “Project” has the meaning set forth in the Recitals. 
  
 “Purchase” has the meaning set forth in the Recitals. 
  
 “Renovation Plan” has the meaning set forth in clause (c) of Section 4. 
  
 “Reservation Systems” has the meaning set forth in clause (a) of Section 5. 
  
 “Resorts” has the meaning set forth in the Preamble.

  
 “Resorts Entities” means Resorts and its
subsidiaries and affiliated entities. 
  
 “Resorts
Indemnitees” means Resorts, the Resorts Entities, the successors and assigns of Resorts and the Resorts Entities, and the members, officers, directors, employees, agents, and their representatives, heirs, predecessors, successors and
assigns. 
  
 “Resorts License” has the meaning
set forth in Section 3. 
  
 “Resorts Marks” means
the name and mark “Resorts”, and certain variations thereof including certain related service marks, marks of origin, insignia, slogans, emblems, symbols and other identifying characteristics, whether or not registered in any jurisdiction,
as used by Resorts primarily in traditional gaming and related hotel businesses. The primary Resorts Marks are set forth in Schedule B hereto, as such schedule may be modified from time to time. 
  
 “Restricted Area” means the area encompassed within a radius
of three miles of the Hotel, measured from the door of the Hotel the majority of guests arriving by vehicle would enter as of the date of this Agreement if they were arriving at the Hotel as overnight guests. 
  
 “Sales Services” has the meaning set forth in clause (a) of
Section 5. 
  
 “Site(s)” has the meaning set
forth in Section 7. 
  
 “Specially Designated National or
Block Person” has the meaning set forth in Section 15. 
  
 “Subsidiary” means, with respect to any Person, (a) each corporation, partnership, joint venture, limited liability company or other legal entity of which such Person owns, either directly or indirectly, 50% or more of the
stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or similar governing body of such corporation, partnership, joint venture or other legal entity and (b) each partnership
or limited liability company in which such Person or another Subsidiary of such Person is the general partner, managing partner or other otherwise controls. 
  
 “Termination Fee” means, as of any calculation date, the present value (discounted at a quarterly rate of 1.5% from the date each payment
was due to the date of payment) of an amount equal to (x) the 

 amount of all Annual Royalty Fees payable to Hilton pursuant to this Agreement from such calculation date and until the
expiration of this Agreement in accordance with its terms (using, solely for purposes of this calculation, a notional Annual Royalty Fee of $2,500,000 per year), less (y) the portion of the actual Annual Royalty Fee paid for the current quarter in
which such termination occurs that is attributable to the period from such calculation date until the expiration of such quarter. 
  
 “Trade Name” has the meaning set forth in clause (c) of Section 2. 
  
 “1% Fee(s)” has the meaning set forth in Section 6. 
  
 2.) Hilton License. Hilton hereby grants to Resorts, and Resorts
hereby accepts, a non-exclusive right and license (the “Hilton License”), subject to the terms and conditions set forth herein, to use the Hilton Marks in the promotion and operation of the Project for the License Term. Hilton
acknowledges that Resorts may grant to any of the Resorts Entities the license it has hereunder, for the License Term and subject to all terms and conditions in this Agreement, to use the Hilton Marks to the extent that those entities are involved
in advertising and promoting the Project. 
  
 (a) Hilton
Restrictions. Notwithstanding the non-exclusive nature of the Hilton License, during the License Term: (1) the Hilton Control Entities (or any surviving entity of any merger, acquisition, consolidation or other business combination between such
Hilton entity and any other entity) shall not own, manage or operate, or authorize, franchise or license any other person to own, manage or operate, any other hotel, inn, conference center, lodging facility or similar business within the Restricted
Area, which operates as a “Hilton®” branded full-service facility; (2) prior to
the second anniversary of this Agreement, there shall be no gaming activities at the contemplated Conrad hotel located at the former site of the La Concha Motel; (3) the Hilton Control Entities (or any surviving entity of any merger, acquisition,
consolidation or other business combination between such Hilton entity and any other entity) shall not own, manage or operate, or authorize, franchise or license any other person to own, manage or operate, any facilities within the Restricted Area
having both more than 500 guest rooms and more than (x) 10,000 square feet of contiguous floor space devoted solely to gaming activities or (y) 20,000 square feet of non-contiguous floor space devoted solely to gaming activities; (4) within the
Restricted Area, there shall be no gaming at any new or existing Hilton Grand Vacations Club facility (or equivalent timeshare operation other than incidental slot machines, pull tabs or similar games of chance (such as slot machines in a bar or
waiting area) and in-room gaming; and (5) within the Restricted Area, a Hilton Grand Vacations Club facility (or equivalent timeshare operation) may not be adjacent to, or part of (as a separate floor, wing or otherwise), any facility that has
gaming unless: (x) the number of rooms constituting such Hilton Grand Vacations Club facility (or equivalent timeshare operation) is not more than the number of other rooms at such adjacent facility; (y) during the two years immediately following
the Effective Date, the entrance to such Hilton Grand Vacations Club facility (or equivalent timeshare operation) is separate and distinct from, and does not require passage through, such other facility’s gaming operations or the entrance
thereto; and (z) such facility that includes gaming is not a “Hilton®” branded
facility or otherwise uses the Hilton Marks. 
  

	 	(i)	The restriction in clause (3) above shall not prohibit any existing arrangement with any facility open and operating as of the Effective Date owned and/or managed by any Hilton
Entity or Caesar’s, and the adding of the Caesar’s Palace to the Existing License Agreement and/or the Existing Sales Agreement by any amendment to such agreements. 

  

	 	(ii)	These restrictions shall only apply to facilities that are open for business during the License Term (as opposed to the announcement or construction of a facility that will open for
business following expiration or termination of this Agreement). 

	 	(iii)	Resorts acknowledges that the Hilton Entities own, operate and license other branded facilities in other market segments that may incorporate the name “Hilton®” such as “Hilton Garden Inn®,” “Hilton Suites®,” “Homewood Suites—Hilton®,” and “Hilton Grand Vacations Club” as well as facilities in other market segments that do not incorporate the name
“Hilton®” such as “Embassy Suites®,” and “Hampton®,” and certain full service facilities that may operate within the same market segment, but do not use the name
“Hilton,®” such as “Doubletree®” and “Conrad®.” These other facilities are not considered Hilton® branded full-service facilities and the restrictions set forth in clause (1) of the opening paragraph to this Section 2(a) shall not limit the ability of the Hilton Entities to own, license, manage or operate these other facilities,
either within the Restricted Area, or outside the Restricted Area, subject to compliance with clauses (3), (4) and (5) of the first paragraph herein. 

  
 Notwithstanding anything in this Agreement to the contrary: (1) in the event the Hilton Entities (or any surviving entity of
any merger, acquisition, consolidation or other business combination between Hilton and any other entity) are not in compliance with the provisions of this Section 2(a) on or prior to the second anniversary of the Effective Date and do not cure such
non-compliance within 30 days following the provision of notice of default to Hilton, Resorts may elect to terminate this Agreement with no liability to Hilton for the Termination Fee or other fees Hilton would have received under Section 6 through
the expiration of this Agreement and shall have, in addition, any other remedies under this Agreement or by law with respect to such or any other breach; and (2) in the event the Hilton Entities (or any surviving entity of any merger,
acquisition, consolidation or other business combination between Hilton and any other entity) are not in compliance with the provisions of this Section 2(a) after the second anniversary of the Effective Date and do not cure such non-compliance
within 30 days following the provision of notice of default to Hilton, Resorts’ sole remedy with respect to such non-compliance shall be to terminate this Agreement with no liability to Hilton for the Termination Fee or other fees Hilton
would have received under Section 6 through the expiration of this Agreement. For the avoidance of doubt, the conduct of gaming activities at the contemplated Conrad hotel referenced in Section 2(a)(2) above after the second anniversary of the
Effective Date will not violate the requirements of such Section 2(a)(2), but will remain subject to the remaining provisions of this Section 2(a). 
  
 (b) Limitation of Restrictions. Except as set forth in clause (a) of this Section 2, this Agreement does not limit the right of any of the Hilton
Entities to own, license, manage or operate any other businesses, whether or not competitive with the Hotel. The right of the Hilton Entities to engage in such other businesses is without reference to whether the Hilton Entities start those
businesses, or purchase, merge with, acquire, are acquired by, or affiliate with, such businesses. Resorts acknowledges and agrees that such activities, in and of themselves, will not give rise to any liability on the part of Hilton or any of the
Hilton Entities, including liability for claims for unfair competition, breach of contract, breach of any applicable implied covenant of good faith and fair dealing, or divided loyalty. 
  
 (c) Trade Name of Hotel. Subject to clause (d) of Section 4, the Project (and the Hotel) will be known by the trade
name, “Las Vegas Hilton”, a Resorts International Destination (the “Trade Name”). Resorts may not change the Trade Name without Hilton’s specific written consent, which consent shall not be unreasonably withheld.
Resorts acknowledges and agrees that Resorts is not acquiring the right to use any service marks, copyrights, trademarks, logos, designs, insignia, emblems, symbols, slogans, distinguishing characteristics, trade names, domain names or other marks
or characteristics owned by Hilton or the Hilton Entities that Hilton does not specifically designate to be used in connection with the operation of the Project. 

 3.) Resorts License. In the event that Resorts elects to include the Resorts Marks as part of the
Trade Name or otherwise to associate the Resorts Marks with the Project, Resorts hereby grants to Hilton, and Hilton accepts, a non-exclusive right and license (the “Resorts License”), subject to the terms and conditions set forth
herein, to use such of the Resorts Marks as are so designated or used from the first date of such use through the expiration or termination of this Agreement in the advertising and promotion of the Project. Resorts acknowledges that Hilton may grant
to any of the Hilton Entities the license it has hereunder, for the License Term and subject to all terms and conditions in this Agreement, to use the Resorts Marks to the extent that those entities are involved in advertising and promoting the
Project. Nothing contained in this grant shall limit the right of any of the Resorts Entities to own, license, manage or operate other businesses under the Resorts Marks or any other marks, whether or not competitive with the Project. The right of
the Resorts Entities to engage in such other businesses is without reference to whether the Resorts Entities start those businesses, or purchase, merge with, acquire, are acquired by, or affiliate with, such businesses. Hilton acknowledges and
agrees that such activities, in and of themselves, will not give rise to any liability on the part of Resorts or any of the Resorts Entities, including liability for claims for unfair competition, breach of contract, breach of any applicable implied
covenant of good faith and fair dealing, or divided loyalty. 
  
 4.) Use of Licensed Marks. The Licensed Marks shall be used only in accordance with the following provisions: 
  
 (a) Resorts shall use the Hilton Marks solely in connection with the operation of the Project and in connection with the advertising and promotion of the
Project worldwide in the same manner as authorized for Other Hilton Licensees, but subject to clause (d) of this Section 4; 
  
 (b) Hilton shall use the Resorts Marks to the extent licensed hereunder solely in connection with the advertising and promotion of the Project worldwide,
including the operation of the Hilton Reservations Worldwide and HHonors Program (with respect only to the Hotel and to the extent Hilton deems appropriate, the Project); and 
  
 (c) The Licensed Marks may be used by the Licensee thereof on the products and services and in a manner consistent with the
use of such Licensed Mark during the year preceding the Effective Date. Without the prior written consent of Hilton, which consent may be withheld at Hilton’s sole discretion, Resorts shall not expand its business or operations to include use
of any of the Hilton Marks on products or services beyond those products or services in use by Caesar’s on the Effective Date, other than those resulting from the renovations and changes contemplated by Resorts to be made to the Hotel and the
Project (more fully described on Schedule C hereto) (the “Renovation Plan”) and except as set forth in clause (d) of Section 4. 
  
 (d) Notwithstanding anything herein to the contrary, Hilton acknowledges and agrees that during the term hereof Resorts plans to put signage on the
Project indicating that the Project (including without limitation the Hotel) is a Resorts International Destination and to advertise, market and promote the Hotel and the Project worldwide using the Hilton Marks in conjunction with the Resorts
Marks. Resorts agrees, however, that the Hilton® name shall always be the most prominent
name in the Trade Name, and shall be more prominent than any other names used in the Trade Name on all signage, interior and exterior, within the Project. 
  
 5.) Hilton Provided Services. 
  
 (a) Reservation Services. Hilton will, directly or indirectly, furnish Resorts with the use and benefits of Hilton Reservations Worldwide to the
same extent and on the same terms as it provides to Other Hilton Licensees. Resorts will honor all confirmed reservations referred to the Hotel through Hilton Reservations Worldwide, and honor the room rate quoted to a guest at the time the guest
makes a reservation through Hilton Reservations Worldwide. Resorts shall use 

 and maintain, at its sole cost, any computer equipment and other hardware and software and related
systems (“Reservation Systems”) that are acquired from Caesar’s as part of the Purchase in connection with the use of Hilton Reservations Worldwide. Hilton may not require Resorts to use other Reservation Systems on or prior to
the second anniversary of the Effective Date. If at any time after the second anniversary date of the Effective Date Hilton seeks to require, consistent with its requirements for Other Hilton Licensees, the use of other Reservation Systems, Resorts
may, at its election, either: (x) purchase and use such Reservation Systems at its sole cost; or (y) terminate this Agreement and pay the Termination Fee, which shall be Hilton’s sole remedy for such termination. 
  
 (b) HHonors Program. Hilton shall provide to Resorts the benefits of
the HHonors Program to the same extent as it provides to Other Hilton Licensees. Resorts shall cause the Hotel to participate in, and pay, all charges related to the HHonors Program, and all other guest frequency programs Hilton offers to hotels
using the Hilton Marks in accordance with the terms of the HHonors Program, provided that so long as any full service gaming hotel owned or managed by Caesar’s in Las Vegas, Nevada participates in the HHonors Program, the Hotel’s placement
in the program shall be in the same category as those hotels, it being recognized that properties within a particular category may have different fees and reimbursements based on their average daily rates, occupancy levels, number of rooms and other
factors deemed appropriate to Hilton and its affiliates in their sole discretion. Resorts shall honor the terms of any discount or promotional programs (including any frequent guest program) that Hilton offers to the public on Resorts’ behalf,
and any award guest certificates issued to Hotel guests participating in these programs, all in accordance with the terms of the HHonors Program. 
  
 (c) Sales Services. Hilton will, with no additional fees other than those described in Section 6, directly or indirectly, furnish Resorts with the
following “Sales Services”: (i) representation and lead referrals to the Hotel (1) on the same basis as Hilton Entities do for Other Hilton Licensees and (2) on an equitable basis (as to allocation and pursuit of such
referrals)consistent with past practice under the Existing License Agreement and/or the Existing Sales Agreement or otherwise regarding treatment of the Project prior to the Effective Date vis-à-vis other gaming properties managed and/or
owned by Caesar’s (including the Caesar’s Palace, as the same may be added (and that Resorts acknowledges may be added for all Sales Services)to the Existing License Agreement and/or the Existing Sales Agreement or any amendment or
replacement to such agreements); (ii) access to the Hilton global SFA customer data base on the same basis as Other Hilton Licensees and, with respect to any gaming properties managed and/or owned by Caesar’s, on the same equitable basis as
exists prior to the Effective Date; (iii) annual local negotiated rate solicitation to the extent provided to the Other Hilton Licensees and/or gaming properties managed and/or owned by Caesar’s; (iv) travel agent and tour operator programs if
and to the extent provided to the Other Hilton Licensees and/or gaming properties managed and/or owned by Caesar’s; (v) continuation of the “Focus on Las Vegas” sales specialist program as long as such program is offered; (vi)
participation, at Resorts’ election, in ROVER (Hilton’s hotel-to-hotel referral program); and participation, at Resorts election, in Group Opportunity (GO, or, if replaced, any alternative Hilton program for distressed hotels or those
hotels with seasonal needs); and (vii) inclusion of the Hotel in the group of hotels offered to provide a request for proposal for any Hilton sales events that include Las Vegas.  
  
 (d) Arrangements for Marketing, Etc. Periodically, Hilton or one of the Hilton Entities will publish and make
available to the traveling public a directory of hotels using the Hilton Marks, including the Project. Additionally, Hilton will include the Project, or cause the Project to be included in (i) national or regional group advertising of hotels using
the Hilton Marks, and (ii) international, national and regional marketing programs offered by the Hilton Entities; each of which shall be subject to and in accordance with the general practice of Hilton with respect to and in a manner that is
equitably comparable to its treatment of, the Other Hilton Licensees. 

 (e) Legal Limitations. Notwithstanding anything to the contrary in this Section 5, neither Hilton
nor the Hilton Entities shall provide any reservation, sales or other services to the Hotel, or permit the Hotel to participate in Hilton Reservations Worldwide or the HHonors Program, if the provision of such services or participation violate
applicable law. 
  
 6.) Fees. 
  
 (a) Annual Fees. Resorts will pay to Hilton an annual royalty fee of
$2,000,000 (the “Annual Royalty Fee(s)”). The Annual Royalty Fees shall be payable in equal quarterly installments of $500,000, on the first day of each quarter during the License Term; provided, however, that the fee for the first
partial quarter of this Agreement shall be prorated and payable on the Effective Date. 
  
 (b) 1% Fees. Resorts will pay to Hilton for each quarter (or part of a quarter, including the final quarter Resorts operates under this Agreement), a national and regional group advertising and sales and
business promotion fee in the amount of 1% of the Hotel’s Gross Rooms Revenue for the preceding calendar quarter (the “1% Fee(s)”). This fee will be determined in accordance with the accounting methods of then-current Uniform
System of Accounts for Lodging Industry (currently, the Ninth Revised Edition, 1996), or such other accounting methods as may otherwise be specified by Hilton from time to time for Other Hilton Licensees. The fee allocable to each calendar quarter
will be paid to Hilton at the place Hilton designates on or before the 15th day of the month immediately following the expiration of each quarter with respect to Gross Rooms Revenue received by Resorts the preceding quarter. There will be an annual
adjustment within 90 days after the end of each operating year so that the total 1% Fees paid annually will be the same as the amount determined by Resorts’ audit. 
  
 Hilton will use the 1% Fee to pay for various programs to benefit hotels using the Hilton Marks, including (i) advertising,
promotion, publicity, public relations, market research, and other marketing programs; (ii) developing and maintaining directories and Internet sites for facilities using the Hilton Marks; (iii) developing and maintaining Hilton Reservations
Worldwide systems and support; and (iv) administrative costs and overhead related to the administration or direction of these projects and programs. Hilton will have the sole right to determine how it spends these funds, including sole control over
the creative concepts, materials and media used in the programs, and the placement and allocation of advertising. Hilton may enter into arrangements for development, marketing, operations, administrative, technical and support functions, facilities,
programs, services and/or personnel with any other entity, including other Hilton Entities. Resorts acknowledges that 1% Fees are intended for the benefit of all hotels using the Hilton Marks, and will not simply be used to promote or benefit the
Hotel. Hilton will have no obligation in administering any activities paid by the 1% Fee to make expenditures for Resorts which are equivalent or proportionate to Resorts’ payments, or to ensure that the Hotel benefits directly or
proportionately from such expenditures. Hilton may create any programs and allocate monies derived from 1% Fees to any regions or localities, as Hilton considers appropriate in Hilton’s sole judgment. The aggregate of all 1% Fees paid to Hilton
by hotels using the Hilton Marks (which Resorts acknowledges are frequently referred to as “Monthly Program Fees,” or by other names in Hilton’s agreements with other licensees) does not constitute a trust or “advertising
fund” and Hilton is not a fiduciary with respect to the 1% Fees paid by Resorts. Hilton is not obligated to spend funds for any of the foregoing in excess of the amounts received for such purposes from hotels using the Hilton Marks. If any
interest is earned on unused 1% Fees, Hilton will use the interest before using the principal. The 1% Fee does not cover Resorts’ costs of participating in any optional marketing programs and promotions offered by Hilton from time to time in
which Resorts voluntarily chooses to participate, provided that nothing herein is intended to imply any obligation of Resorts to participate in any such program. Notwithstanding the above, Hilton covenants that the administration of the 1% Fee shall
be subject to and in accordance with the 

 general practice of Hilton with respect to its use of national and regional group advertising and sales
and business promotion fees received from Other Hilton Licensees. 
  
 (c) Payment of Fees. Hilton reserves the right to require Resorts to transmit the Annual Royalty Fee and the 1% Fee and all other payments required under this Agreement by wire transfer or other forms of electronic funds transfer.
Under no circumstances shall Resorts have the right to claim on offset or setoff against Hilton that would permit Resorts to withhold, escrow or delay payment of any fees owing to Hilton under this Agreement. 
  
 (d) Application of Fees. Hilton may apply any payments received under
this Section 6 to any amounts due under this Agreement. If any amounts are not paid when due under this Section 6 or any other section herein, such nonpayment will constitute a material breach of this Agreement and, in addition, such unpaid amounts
will accrue a service charge beginning on the first day of the month following the due date of such payment, at the rate of 1% per month or the maximum amount permitted by applicable law, whichever is less. Should Hilton hire counsel to collect any
amounts properly due and not paid when due under this Agreement, including any service charges, Resorts will pay Hilton’s reasonable attorneys’ fees. 
  

7 .) Representations and Limitations on Use of Marks. 
  

(a) Representations Regarding Hilton Marks. Hilton represents that one of the Hilton Control Entities is the owner of the Hilton Marks, and that
Hilton has the right (x) to grant a license to Resorts to use the Hilton Marks as set forth in this Agreement and (y) to grant Resorts the other rights provided in this Agreement. Resorts acknowledges, and will not contest, either directly or
indirectly, during the License Term or after termination or expiration of this Agreement: (i) Hilton’s (and/or any of the Hilton Control Entities’) ownership of, rights to, or interest in the Hilton Marks, and the Hilton System, or any of
their element(s) or component(s), including present and future distinguishing characteristics; (ii) Hilton’s (and/or any of the Hilton Control Entities’) sole right to grant licenses to use all or any element(s) or component(s) of the
Hilton Marks or the Hilton System; (iii) that Hilton (and/or the Hilton Control Entities) is the owner of all right, title and interest in and to the Hilton Marks and the Hilton System used in any form and in any design, alone or in any combination,
together with the goodwill they symbolize; or (iv) the validity or ownership of the Hilton Marks. Resorts acknowledges that the Hilton Marks have acquired a secondary meaning which indicates that the Hotel is operated by or with Hilton’s
approval and subject to Hilton’s quality control standards. All improvements, additions and goodwill to the Hilton System or arising from Resorts’ use of the Hilton Marks will inure to Hilton’s benefit and become Hilton’s
property (or the property of the Hilton Control Entities), even if Resorts develops such additions or improvements, provided, however, that the Hilton Entities will not acquire any interest in the Resorts Marks. Resorts agrees that it will not take
any action to register any of the Hilton Marks, or any name or marks similar thereto. Resorts acknowledges that Resorts is not entitled to receive any payment or other value from Hilton or any of the Hilton Entities for any goodwill associated with
Resorts’ use of the Hilton System or the Hilton Marks, or any element(s) or component(s) thereof. Resorts agrees to take no action inconsistent with either Hilton’s or the Hilton Control Entities’ ownership of and interest in the
Hilton Marks and the Hilton System. 
  
 (b) Representations
Regarding Resorts Marks. Upon electing to license a Resorts Mark hereunder, Resorts will be deemed to represent that one of the Resorts Entities is the owner of such Resorts Mark, and that Resorts has the right to grant a license to Hilton a
license to use such Resorts Mark as set forth in this Agreement. Hilton acknowledges, and will not contest, either directly or indirectly, during the License Term or after termination or expiration of this Agreement: (i) Resorts’ (and/or any of
the Resorts Entities’) ownership of, rights to, or interest in the Resorts Marks; (ii) Resorts’ (and/or any of the Resorts Entities’) sole right to grant licenses 

 to use all or any of the Resorts Marks; (iii) that Resorts (and/or the Resorts Entities) is the owner of
all right, title and interest in and to the Resorts Marks, used in any form and in any design, alone or in any combination, together with the goodwill they symbolize; or (iv) the validity and ownership of the Resorts Marks. Hilton acknowledges that
the Resorts Marks have acquired a secondary meaning which indicates that the properties associated therewith are operated by or with the approval of Resorts or the Resorts Entities and subject to Resorts’ (or any of the Resorts Entities’)
quality control standards. All improvements, additions and goodwill arising from the use of the Resorts Marks by Hilton or the Hilton Entities will inure to Resorts’ benefits and become Resorts’ property (or the property of the Resorts
Entities), even if Hilton or any Hilton Entity develops any such additions or improvements, provided, however, that the Resorts Entities will not acquire any interest in the Hilton Marks. Hilton agrees that it will not take any action to register
any of the Resorts Marks, or any name or marks similar thereto. Hilton acknowledges that neither Hilton nor any other Hilton Entity is entitled to receive any payment or other value from Resorts or any of the Resorts Entities for any goodwill
associated with Hilton’s use of the Resorts Marks. Hilton agrees, for itself and all the Hilton Entities, to take no action inconsistent with either Resorts’ or the Resorts Entities’ ownership of and interest in the Resorts Marks.

  
 (c) Display of Hilton Marks. Resorts will display the
Hilton Marks in the Project generally as currently displayed, and Hilton shall not require any changes in the Licensed Marks or such display on or prior to the second anniversary of the Effective Date. If at any time after the second anniversary
date of the Effective Date Hilton seeks to require Resorts, consistent with its requirements for Other Hilton Licensees, to change the Licensed Marks or the manner in which they need to be displayed, Resorts may, at its election, either: (i) make
the required changes at its sole cost; or (ii) terminate this Agreement and pay the Termination Fee, which shall be Hilton’s sole remedy for such termination. In addition, Resorts will not adopt any other names in operating the Hotel that
Hilton does not reasonably approve, but this provision shall be subject to Section 4(d) and shall not restrict Resorts from using generally other names in the Non-Hotel Operations, or from using any of the Resorts Marks in the operation of the Hotel
if such Resorts Marks are used generally in hotels that use the Resorts Marks. Resorts will not use any of the Hilton Marks, or the word “Hilton,” or any similar word(s) or acronym(s), in (i) Resorts’ corporate, partnership, business
or trade name except as provided in this Agreement (and its current name), or (ii) any Internet-related name (including a domain name) except as permitted or contemplated by this Agreement, or (iii) any business operated separately from the Project,
including the name or identity of developments adjacent to or associated with the Project and any other hotel properties Resorts may own, manage or operate. Resorts agrees that any unauthorized use of the Hilton Marks will be an infringement of
Hilton’s rights, as well as a material breach of this Agreement. 
  
 (d) Display of Resorts Marks. Hilton will not use any of the Resorts Marks, or the word “Resorts,” or any similar word(s) or acronym(s), in (i) Hilton’s corporate, partnership, business or trade name except as provided
in this Agreement (and its current name), or (ii) any Internet-related name (including a domain name) except as provided in this Agreement, or (iii) any business operated separately from the Project, including the name or identity of developments
adjacent to or associated with the Project and any other hotel properties Hilton may own, manage or operate. Hilton agrees that any unauthorized use of the Resorts Marks will be an infringement of Resorts’ rights, as well as a material breach
of this Agreement. 
  
 (e) Web Sites. (i) Resorts may not
register, own, maintain or use any domain names, World Wide Web or other electronic communications sites (collectively, “Site(s)”), relating to the Hotel that includes the Hilton Marks except, for so long as this Agreement is in
effect, those sites listed on Schedule D, which Resorts may use following the Purchase generally in the same manner as Caesar’s prior to the Purchase (allowing for the change from Caesar’s to Resorts), it being specifically understood and
agreed that such web sites may not link to Hilton web sites 

 unless Resorts meets all standards for written or graphic content (including, without limitation, privacy
policies) applicable to Other Hilton Licensees. Resorts agrees to obtain Hilton’s prior written approval (not to be withheld or delayed unreasonably) concerning any third-party Site in which the Hotel will be listed, and any proposed links
between such Site and any other Site(s) (“Linked Sites”) and any proposed modifications to same, provided, however, that Hilton approves such uses to the extent they are consistent with past practice (allowing for the change from
Caesar’s to Resorts). All Sites affiliated with, established by, or contracted with by, Resorts containing any of the Hilton Marks and any Linked Sites must advertise, promote, and reflect on the Hotel and the Hilton Marks in a first-class,
dignified manner, consistent with past practice (allowing for the change from Caesar’s to Resorts). Resorts acknowledges and agrees that Hilton’s right to reasonable approval of all such materials is necessitated by the fact that those
materials will include and be associated with the Hilton Marks. Therefore, any use of the Hilton Marks on the World Wide Web, the Internet, or any computer network/electronic distribution, must conform to Hilton’s requirements, including the
identity and graphics standards for all hotels using the Hilton Marks, all consistent with past practice, subject to the provisions of clause (d) of Section 4 and the approval of the Approved Advertising Campaign. Given the changing nature of this
technology, Hilton has the right to modify its requirements with respect to any such link that is technologically incompatible with the Hilton System or otherwise causes material problems for the Hilton information technology system, and to withdraw
any prior approval, if such link has changed in any material way from the time such approval was given. Resorts also agrees to incorporate on Resorts’ Site(s) any other information Hilton reasonably requires in the manner deemed necessary to
protect trademark rights or goodwill with respect to the Hilton Marks. 
  
 (ii) Hilton may not register, own, maintain or use any Site(s) relating to the Hotel that includes the Resort Marks as part of its name. Hilton agrees to obtain Resort’s prior written approval, which shall not be
unreasonably withheld or delayed, concerning any third-party Site in which the Hotel will be listed, and any proposed links between such Site and any Linked Sites and any proposed modifications to same. All Sites affiliated with, established by, or
contracted with by, Hilton containing any of the Resorts Marks and any Linked Sites must advertise, promote, and reflect on the Hotel and the Resorts Marks in a first-class, dignified manner. Hilton acknowledges and agrees that Resorts’ right
to reasonable approval of all such materials is necessitated by the fact that those materials will include and be associated with the Resorts Marks. Therefore, any use of the Resorts Marks on the World Wide Web, the Internet, or any computer
network/electronic distribution, must conform to Resorts’ requirements, including the identity and graphics standards for all hotels using the Resorts Marks. Hilton also agrees to incorporate on Hilton’s Site(s) any other information
Resorts reasonably requires in the manner it deems necessary to protect trademark rights or goodwill with respect to the Resorts Marks. 
  
 (f) Mutual Covenant. Each party agrees, as a direct covenant with the other, that it will comply with all of the provisions of this Agreement
related to the manner, terms and conditions of the use of the Licensed Marks, and the termination of any right of either party to use any of the Licensed Marks. Each party agrees that any non-compliance by it with this covenant, the terms of this
Agreement, or any unauthorized or improper use of the Licensed Marks will cause irreparable damage to the Licensor of the Licensed Marks and/or to its affiliates. Each party therefore agrees that if it engages in this non-compliance, or unauthorized
and/or improper use of the Licensed Marks during or after the License Term, the other party, its successors and assigns, separately or together, will be entitled to both temporary and permanent injunctive relief from any court of competent
jurisdiction, in addition to all other remedies that the Licensor may have at law. Each party consents to the entry of such temporary and permanent injunctions with respect to these matters. Each Licensee will be responsible for payment of all costs
and expenses, including reasonable attorneys’ fees, which the other party and its affiliates may incur in connection with such Licensee’s non-compliance with this covenant. Upon termination of its rights to use the Licensed Marks as
provided in this Agreement, all right and interest of each 

 Licensee in and to such Licensed Marks shall revert fully to the Licensor of such Licensed Marks. Each
party agrees to permit the other party the right to review and approve each proposed use of the Licensed Marks of the other upon reasonable request. Each Licensee shall promptly produce and deliver (at its own expense) to the Licensor such examples
of its use of the Licensed Marks as such Licensor shall reasonably request. 
  
 (g) Limitations on Use of the Licensed Marks. Each Licensee specifically agrees that with respect to its license, as a licensee, of the Licensed Marks of the other: 
  

	 	(i)	It shall faithfully reproduce such Licensed Marks’ design, coloration and appearance, as such design, coloration and appearance may be modified from time to time by the
Licensor of such Licensed Marks. Such Licensee and its affiliates shall not modify the design, coloration or appearance of the Licensed Marks unless requested to do so in writing by the Licensor of such Licensed Marks; 

  

	 	(ii)	Its use of the Licensed Marks shall be subject to the Licensor’s prior written approval (which will, in the case of advertising and promotional materials, be as provided in
Section 8(a)(iv) below), which approval shall not be unreasonably withheld or delayed, on the basis of samples submitted by the Licensee, and all use shall be made in strict conformance with such reasonable specifications as the Licensor of the
Licensed Marks shall establish, as such specifications may be modified by the Licensor from time to time; 

  

	 	(iii)	Its display of the Licensed Mark shall bear such copyright, trademark, service mark and other notices as the Licensor of such Licensed Marks shall reasonably require, and such
Licensee shall adhere to any other reasonable and customary posting requirements developed by the Licensor with respect to such Licensed Marks; 

  

	 	(iv)	Subject to the provisions of clause (d) of Section 4, it shall not use the Licensed Marks as part of, or display such Licensed Marks in conjunction with, any other names or marks
except with the Licensor’s prior written approval; 

  

	 	(v)	It shall not use the Licensed Marks or any confusingly similar or diluting mark, term or design, except as expressly authorized in this Agreement, and it shall not attempt to
register or aid any third party in using or attempting to register any such mark, term or design; and 

  

	 	(vi)	It shall not use the Licensed Marks in any manner that will indicate that it is using such Licensed Marks other than as a licensee. 

  
 (h) Trademark Disputes. Each of the parties agrees that the
protection of the Licensed Marks and their distinguishing characteristics is important to each party hereto. Accordingly, each party will notify the other of any infringement or dilution of or challenge to its use of the other party’s Licensed
Marks and will not, absent a court order or the other party’s prior written consent, communicate with any person regarding any such infringement, dilution, challenge or claim. The respective Licensor will take the action it deems appropriate
with respect to such challenges and claims, and shall have the sole right to handle disputes concerning use of all or any part of any mark it licenses to the other party under this Agreement. Each party will extend its full cooperation to the
Licensor in protecting such Licensor’s rights. Each Licensee appoints the other as such Licensee’s exclusive attorney-in-fact, to prosecute, defend and/or settle all disputes of this type with respect to the Licensed Marks owned by such
Licensor (but only for 

 that purpose). Each party will sign any documents which the Licensor believes are necessary to prosecute,
defend or settle any dispute or obtain protection for the Licensed Marks owned by such Licensor and will assign to the Licensor any claims that the Licensee may have related to these matters. Each Licensor’s decision as to the prosecution,
defense and settlement of such dispute will be final. All recoveries made as a result of disputes regarding use of all or any part of the Licensed Marks will be for the account of the Licensor of such marks. 
  
 (i) LIMITATION OF WARRANTIES. EACH LICENSEE ACKNOWLEDGES THAT THE
LICENSED MARKS ARE LICENSED TO SUCH LICENSEE “AS IS.” EACH LICENSOR DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY, INCLUDING NON-INFRINGEMENT, WITH RESPECT TO THE LICENSED MARKS. IN NO EVENT SHALL EITHER LICENSOR BE LIABLE FOR ANY MATTER
WHATSOEVER RELATING TO THE USE BY THE LICENSEE OF THE LICENSED MARKS, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT. 
  
 8.) Resorts’ Operation of the Hotel. 
  
 (a) Operational and Other Requirements. During the License Term, Resorts agrees to: 
  

	 	(i)	operate, furnish, maintain and equip the Hotel in a clean, safe and orderly manner and in first-class condition in accordance with the provisions of this Agreement, and in
compliance with all applicable local, state, and federal laws, customs and regulations, including maintaining and conducting the Hotel’s business in accordance with sound business and financial practices, subject to the Renovation Plan;

  

	 	(ii)	provide efficient, courteous and high-quality service to the public in the operation of the Project, subject to the Renovation Plan; 

  

	 	(iii)	comply with the Hilton System as to the types and levels of services, amenities and products that either must or may be used, promoted or offered at or in connection with the Hotel,
consistent with the types and levels of services, amenities and products offered at or in connection with the Hotel immediately prior to the Effective Date; 

  

	 	(iv)	advertise and promote the Hotel and related facilities and services on a local, regional, national, and international basis to the extent Resorts deems appropriate, provided all
such advertising and promotions are conducted in a first-class, dignified manner, using Hilton’s identity and graphics standards for Other Hilton Licensees. Hilton has approved the Approved Advertising Campaign set forth on Exhibit A. Resorts
will consult with and receive Hilton’s approval for advertising and promotional materials related to any Advertising Campaign that Hilton has not previously approved (including any materials in digital, electronic or computerized form, or in
any form of media that exists now or is developed in the future) before Resorts produces or distributes them, provided, however, that no such approval shall be required for the Approved Advertising Campaign or any materials generally consistent with
or that represent reasonable extensions of the Approved Advertising Campaign. If Resorts changes the Approved Advertising Program in any material way or adopts any new Advertising Campaign that is materially different than the Approved Advertising
Campaign, Resorts shall submit material representing such modified or new Advertising Campaign to the senior Hilton executive responsible for the Hilton brand (or any person with an equivalent position) of Hilton for its approval, provided,
however, that such Advertising Campaign shall be deemed approved if Hilton does not 

 notify Resorts of any objections within seven days of the submission of such material to
Hilton. Resorts shall use commercially reasonable efforts to coordinate with Hilton the release of any new or materially different Advertising Campaign. In the event Hilton reasonably concludes, consistent with its criteria for advertising of Other
Hilton Licensees, that such Advertising Campaign is not in the best interest of the Hilton System, Hilton shall so notify Resorts and, if the parties have been unable to resolve the matter within seven days of Hilton’s notification, the matter
shall be referred to Hilton’s Chief Executive Officer or President and Resorts’ Vice Chairman, who shall meet for such purpose within an additional seven days. In the event that, following such meeting of senior executives (or failure to
meet within such seven days), the parties still cannot resolve their differences, Resorts may elect to continue and effect such Advertising Campaign in which case Hilton may terminate this Agreement on seven days prior notice to Resorts. Resorts
shall then pay Hilton, within five days of such notice, 50% of the Termination Fee, which shall be Hilton’s sole remedy for such termination; provided, however, that Resorts shall have the right, at any time until five days after
the receipt of such notice of termination, to elect to withdraw or revise any such Advertising Campaign to comply with Hilton’s objections, in which case Hilton may not terminate this Agreement as provided in this Section 8(a)(iv). If Resorts
adopts a new Advertising Campaign, or advertising materials that are materially different than the Approved Advertising Campaign (or any subsequently approved Advertising Campaign) and fails to submit such Advertising Campaign to Hilton, the parties
agree that without Hilton waiving any rights it may have as a result of such failure, should Hilton determine that such Advertising Campaign is not in the best interest of the Hilton System, Hilton shall so notify Resorts, and Resorts shall use all
commercially reasonable efforts to withdraw the Advertising Campaign and cease using the same. In addition, the parties shall immediately submit to the dispute resolution procedures set forth above, starting with submission of the new Advertising
Campaign to the senior Hilton executive responsible for the Hilton Brand (or any person with an equivalent position), with the same rights and remedies as set forth above for new advertising and promotional materials Resorts submitted to Hilton for
its approval. Notwithstanding anything herein to the contrary, nothing in this Section 8(a)(iv) will limit Hilton’s rights under clause (g) of Section 7 or permit Hilton to object to any Advertising Campaign or any relevant materials due to the
combination of the Resorts Marks and the Hilton Marks, as long as such combination is consistent with the Approved Adverting Campaign.  
  

	 	(v)	honor all nationally recognized credit cards and credit vouchers issued for general credit purposes which are generally honored at other hotels using the Hilton Marks, and enter
into all necessary credit card and voucher agreements with the issuers of such cards or vouchers; 

  

	 	(vi)	comply with all governmental requirements, including the filing and maintenance of any required trade name or fictitious name registrations, pay all taxes, and maintain all
governmental licenses and permits necessary to operate the Project; 

  

	 	(vii)	permit inspection of the Hotel by Hilton’s representatives at any time, but no more than five times in any calendar year, to ensure compliance with this Agreement (provided
such inspection is conducted at reasonable times during regular business hours, with prior written notice and does not unreasonably interfere with the operation of the Project), cooperate fully with Hilton’s 

 representatives during these inspections and take all reasonable steps necessary to
correct any deficiencies detected within any reasonable time periods Hilton specifies; 
  

	 	(viii)	participate in, and pay all fees of, any travel agent commission payment program(s) adopted for use by hotels using the Hilton Marks as modified from time to time, and promptly pay
as Hilton required of Other Hilton Licensees, all travel agent commissions and third-party reservation service charges (such as airline reservation system) in accordance with the terms of these programs; 

  

	 	(ix)	treat as confidential all information constituting the Hilton System, including but not limited to the Hilton Proprietary Information, except as provided below. Resorts acknowledges
and agrees that it: (i) does not acquire any interest in Hilton Proprietary Information other than the right to utilize the same in the operation of the Hotel under the terms of this Agreement, (ii) will not use the Hilton Proprietary Information in
any business or for any purpose other than in the operation of the Hotel under the Hilton System, (iii) will maintain the absolute confidentiality of the Hilton Proprietary Information during and after the License Term, (iv) will not make
unauthorized copies of any portion of the Hilton Proprietary Information, and (v) will adopt and implement all reasonable procedures Hilton may periodically establish to prevent unauthorized use or disclosure of the Hilton Proprietary Information,
including restrictions on disclosure to employees and the use of non-disclosure and non-competition clauses in agreements with employees, agents and independent contractors who have access to the Hilton Proprietary Information. These restrictions
will not apply to any Hotel confidential information or any information that does not relate or refer in any way or part to the Hilton System and/or the Hilton Marks and that Resorts can demonstrate came lawfully to its attention before
Hilton’s disclosure or which, at the time of or after Hilton’s disclosure, becomes a part of the public domain through lawful publication or communication by others; 

  

	 	(x)	maintain, at Resorts’ expense, insurance of the types, and in the minimum amounts, and containing such endorsements, as is set forth on Schedule E. Such insurance shall name as
additional insureds Hilton and Hilton Hotels Corporation, and includes such notice requirements as Hilton may reasonably request. If Resorts fails or neglects to obtain or maintain the insurance or policy limits required by this Agreement, Hilton
has the option, but not the obligation, to obtain and maintain such insurance without prior notice to Resorts, and Resorts will, immediately upon Hilton’s demand, reimburse Hilton for any premiums and other out-of-pocket costs Hilton incurs in
obtaining such insurance; and 

  

	 	(xi)	refrain from allowing in-room gaming at the Hotel to the extent that doing so requires any Hilton Entity to obtain a gaming license from, the Nevada Gaming Control Board.

  
 (b) Quality Assurance. Resorts
acknowledges that Hilton and the Hilton Entities have a significant interest in assuring the maintenance of the quality standards of facilities using the Hilton Marks and the Hilton System and that the failure of Licensee to maintain such standards
is injurious to the integrity and goodwill associated with the Hilton Marks and the Hilton System. Resorts shall at all times during the License Term be responsible for the management of the Hotel’s business and the maintenance of such
standards. 

 (c) Implementation of Renovation Plan. Following the Effective Date, Resorts shall use its
commercially reasonable efforts to implement the Renovation Plan, subject to Resorts’ unfettered right, in its sole and absolute discretion, to vary the timing, the allocation of resources and/or the means of implementation of any portion of
the Renovation Plan, so long as the Renovation Plan is proceeding. 
  
 9.) Resorts Records and Audits. 
  
 (a)
Reports. By the 15th day of each month, Resorts will submit to Hilton a statement setting forth the Gross Rooms Revenue for the previous month and reflecting the computation of the amounts then due under clause (b) of Section 6, in the form
and detail Hilton reasonably requests (which, for the avoidance of doubt, shall include reports as to the average daily rates charged at the Hotel, room occupancy levels, and the revenue per available room (RevPAR) for the Hotel). 
  
 (b) Maintenance of Records. Resorts will, in a manner and form
reasonably satisfactory to Hilton and using accounting and reporting standards Hilton reasonably requires, prepare on a current basis (and preserve for no less than the greater of four years), complete and accurate records concerning Gross Rooms
Revenue and other information required to be provided in the Reports from the Effective Date, and maintain an accounting system that fully and accurately reflects the same. 
  
 (c) Audit. No more than once each year, Hilton may require Resorts to have the Gross Rooms Revenue computed and
certified as accurate by a certified public accountant. During the License Term and for one year thereafter, Hilton and its authorized agents will have the right to verify information required under this Agreement by requesting, receiving,
inspecting and auditing, at all reasonable times, any and all records referred to above wherever they may be located or elsewhere if requested by Hilton. If any inspection or audit reveals that Resorts understated or underpaid any payment due to
Hilton that is not fully offset by overpayments, Resorts will promptly pay to Hilton the deficiency plus interest from the date each payment was due until paid at a rate of 1% per month or the maximum permitted by law, whichever is less. If the
audit or inspection reveals that the underpayment is either willful, or is for 5% or more of the total amount owed for 1% Fees for the period being inspected, Resorts will also reimburse Hilton for all inspection and audit costs. Hilton’s
acceptance of Resorts’ payment of any deficiency will not condone Resorts’ breach of this Agreement, or waive that breach, or any rights Hilton may have for Resorts’ breach, including Hilton’s right to terminate this Agreement.
If the audit discloses an overpayment, Hilton will credit this overpayment against Resorts’ future payments under this Agreement, without interest, or if no future payments are due under this Agreement, Hilton will promptly pay Resorts the
amount of the overpayment without interest. 
  
 (d) Ownership
of Information. All of the information Hilton obtains about the Hotel or its guests under this Agreement, or under any agreement ancillary to this Agreement, or otherwise related to the Hotel (the “Information”) and all
revenues Hilton derives from such Information, will be Hilton’s property. Hilton may use the Information for any reason as it deems necessary or appropriate, in Hilton’s discretion, including making an earnings claim in Hilton’s
franchise offering documents, but Hilton may not disclose any information received through Hilton Reservations Worldwide to gaming properties that are not part of the Hilton Reservations Worldwide network even if Hilton uses such Information to make
bookings with such other property. During the License Term Resorts may use, to the extent lawful and as provided under this Agreement, and at its sole risk and responsibility, any information that it acquires from third parties in operating the
Hotel, including customer data. Following termination or expiration of the License Agreement, Resorts will have a perpetual, worldwide non-exclusive right and license to use any of the foregoing Information that Resorts obtained from customers of
the Hotel, and 
  

 such other customer data Hilton customarily provides to Other Hilton Licensees upon termination, which
currently includes: (i) guest history that is relevant to the Hotel, to the extent it is stored and accessible in Hilton computer systems, and (ii) reservation and guest information for reservations booked at the Hotel prior to termination or
expiration of this Agreement and scheduled for arrival at the Hotel following termination or expiration of this Agreement. All use of such Information by Resorts shall be at Resorts’ sole risk and responsibility, and subject to indemnification
of Hilton by Resorts for any unlawful use of Information. 
  
 9A.)
Hilton Reports. 
  
  
 (a) Hilton Lead Reports. Within 30 days following the close of each month, Hilton shall provide to Resorts a detailed report of the Leads developed
by Hilton (the “Hilton Lead Report”), which report shall contain the following information for that month: 
  
 (i) the name and contact particulars of each Account, including the number of rooms and room nights requested and, if known at the time of
the referral of the Lead, the applicable room rate, and the arrival and departure dates for each Event; 
  
 (ii) the source of the Lead, i.e., Hilton sales office and sales person; 
  
 (iii) reports of the current trends and booking pace and progress (but not goals for Hilton sales offices or
individual sales persons); 
  
 (iv) monthly and
year-to-date Lead and booking report; and 
  
 (v)
a summary of all Leads for the Project for the month and year-to-date. 
  
 (b) Hilton Booking Reports. Within 30 days following the close of each month, Hilton shall provide to Resorts a detailed report (the “Hilton Booking Report”) containing the following information (based on
Hilton’s receipt of the underlying information from Resorts) for that month: 
  
 (i) the name of each Lead that has contracted with the Project as shown on a previous Hilton Lead Report for the month preceding that
month, including the number of rooms reserved and total room nights, and the room rate (either confirmed rate or average room rate) for each room and the total Gross Rooms Revenue for the Event; 
  
 (ii) the name of each Account/Event occurring at the Project
as the result of a Lead shown on a previous Hilton Lead Report for the month preceding that month, including the number of room nights and the total room nights, the rate for each occupied room, occupied and no-shows and the total Gross Rooms
Revenue and the arrival and departure dates of each Event; and 
  
 (iii) a summary for the month and year-to-date. 
  
 (c) As used herein, the following terms have the meanings set forth below: 
  
 (i) “Account” means a person or group that Hilton identifies as the source for an Event. 
  
 (ii) “Event” means potential and actual
hotel room group business at the Project. 
  
 (iii) “Lead” means an Account referred by Hilton. 
  

 10.) Indemnity. 
  
 (a) Resorts Indemnity. Resorts agrees, during and after the License Term, to indemnify the Hilton Indemnitees
against, and hold them harmless from, all losses, costs, liabilities, damages, claims, and expenses, including reasonable attorneys’ fees (collectively, “Expenses”), arising out of or resulting from (i) any claimed occurrence
at the Project or arising from, as a result of, or in connection with the operation of the Project (including but not limited to the design, construction, financing, furnishing, equipment, acquisition of supplies or operation of the Project in any
way); (ii) any bodily injury, personal injury, death or property damage suffered by any guest, customer, visitor or employee of the Project; (iii) Resorts’ alleged or actual infringement or violation of any patent, trademark, service mark,
copyright or other proprietary right owned or controlled by third parties; (iv) Resorts’ alleged or actual violation or breach of any contract, federal, state or local law, regulation, ruling, standard or directive applicable to the Project or
of any industry standard; (v) any other business conducted by Resorts or a third party in, on or about the Project or its grounds; or (vi) any other of Resorts’ acts, omissions or obligations or those of anyone associated or affiliated with
Resorts or the Project or in any way arising out of or related to this Agreement or Resorts’ breach of this Agreement. However, Resorts does not have to indemnify Hilton to the extent damages otherwise covered under this Section 10 are adjudged
by a court of competent jurisdiction to have been (A) subject to indemnity by Hilton under the provisions of clause (b) of this Section 10, or (B) the result of the recklessness, gross negligence or willful misconduct of any of the Hilton
Indemnitees; in each case so long as the claims are not asserted on the basis of theories of vicarious liability, including agency, apparent agency or employment, or Hilton’s failure to compel Resorts to comply with the provisions of this
Agreement. Further, Resorts will indemnify the Hilton Indemnitees for any claim for damages by reason of the acts or omissions of any contractor, subcontractor, supplier or vendor doing business with Resorts relating to the Project. Notwithstanding
the foregoing, Resorts shall have no obligation to indemnify, defend and hold harmless any Hilton Indemnitee from any Expenses resulting from any claim of any third party that a Hilton Mark is invalid or any other matter for which such Resorts Party
is indemnified under clause (b) of this Section 10, unless such claim of invalidity arises from a Resorts Indemnitee’s failure to comply with the terms of this Agreement, or resulted from an allegation that a Hilton Indemnitee’s use of a
Resorts Mark infringes upon the proprietary rights of such third party, provided that such claim arises from such Hilton Indemnitee’s use of such Resorts Mark in accordance with the terms of this Agreement. 
  
 (b) Hilton Indemnity. Hilton agrees, during and after the License
Term, to indemnify the Resorts Indemnitees against, and hold them harmless from, all Expenses arising out of or resulting from: (i) the use of the Resorts Marks by any Hilton Entity other than in a manner explicitly or impliedly authorized by
Resorts; (ii) an allegation that the use by Resorts of the Hilton Marks in a manner authorized explicitly or impliedly by Hilton or any Hilton Entity infringes upon the proprietary rights of a third party; or (iii) Hilton’s breach of this
Agreement. However, Hilton does not have to indemnify Resorts to the extent that damages otherwise covered under this Section 10 are adjudged by a court of competent jurisdiction to have been (A) subject to indemnity by Resorts under the provisions
of clause (a) of this Section 10 or (B) the result of the recklessness, gross negligence or willful misconduct of any of the Resorts Indemnitees; in each case so long as claims are not asserted on the basis of theories of vicarious liability,
including agency, apparent agency or employment, or Resorts’ failure to compel Hilton to comply with the provisions of this Agreement. Notwithstanding the foregoing, Hilton shall have no obligation to indemnify, defend and hold harmless any
Resorts Indemnitee from any Expenses resulting from any claim of any third party that a Resorts Mark is invalid or any other matter for which such Hilton Indemnitee is indemnified under clause (a) of Section 10, unless such claim of invalidity
arises from a Hilton Indemnitee’s failure to comply with the terms of this Agreement, or resulted from an allegation that a Resorts Indemnitee’s use of a Hilton Mark infringes upon the 
  

 proprietary rights of such third party, provided that such claim arises from such Resorts
Indemnitee’s use of such Hilton Mark in accordance with the terms of this Agreement. 
  
 (c) Details of Indemnification. Any Indemnified Party will give the Indemnitor written notice of any action, suit, proceeding, claim, demand, inquiry or investigation involving an Indemnified Party within 10
days of the Indemnified party’s actual or constructive knowledge of it; provided, however, that (i) the failure of an Indemnified Party to provide notice on a timely basis shall not be considered a defense to the Indemnitor’s obligation to
indemnify the Indemnified Party except to the extent the Indemnitor has been prejudiced by the failure of the Indemnified Party to provide notice within such time frame; and (ii) the provision of notice by one Indemnified Party shall be considered
the provision of notice by all Indemnified Parties. At the option of the Indemnified Parties, the Indemnitor will defend the Indemnified Parties against the same, or the Indemnified Parties may elect to assume (but under no circumstance will the
Indemnified Parties be obligated to undertake) the defense and/or settlement of the action, suit, proceeding, claim, demand, inquiry or investigation at the Indemnified Parties’ expense and risk. 
  

	 	(i)	The Indemnitor shall have the right to employ counsel reasonably acceptable to the Indemnified Party to defend any such Proceeding, or to compromise, settle or otherwise dispose of
the same, if the Indemnitor deems it advisable to do so, all at the expense of the Indemnitor, provided that the Indemnitor shall not have the right to control the defense of any such Proceeding unless it has acknowledged in writing its
obligation to indemnify the Indemnified Party fully from all Expenses incurred as a result of the Proceeding. 

  

	 	(ii)	The Indemnitor shall not settle, or consent to the entry of any judgment in, any Proceeding without obtaining either (i) an unconditional release of the Indemnified Party from all
liability with respect to all claims underlying such Proceeding, such release not to include any limitation on the Indemnified Party’s rights to do business or to its rights under this Agreement; or (ii) the prior written consent of the
Indemnified Party. 

  

	 	(iii)	Each Indemnitor and each Indemnified Party will fully cooperate with each other in any such Proceeding and shall make available to each other any books or records useful for the
defense of any such Proceeding. If the Indemnitor fails to acknowledge in writing its obligation to defend against each Proceeding, the Indemnified Party shall be free to dispose of the matter, at the expense of the Indemnitor, in any way in which
the Indemnified Party reasonably deems to be in its best interest. 

  

	 	(iv)	The Indemnified Parties may obtain separate counsel of the Indemnified Parties’ choice if the Indemnified Parties believes the Indemnitor’s and the Indemnified
Parties’ interests may conflict. The Indemnified Parties’ undertaking of defense and/or settlement will in no way diminish the Indemnitor’s obligation to indemnify the Indemnified Parties and to hold them harmless. In either case, the
Indemnitor will also reimburse the Indemnified Parties upon demand for all expenses, including reasonable attorneys’ fees and court costs the Indemnified Parties incur to protect themselves, or to remedy the Indemnitor’s defaults. Under no
circumstances will the Indemnified Parties be required to seek recovery from third parties or otherwise mitigate their losses to maintain a claim against the Indemnitor, and their failure to do so will in no way reduce the amounts recoverable from
the Indemnitor by the Indemnified Parties. 

  

 11.) Relationship of Parties. Nothing in this Agreement shall be construed to create any
relationship among the parties of agency, partnership, franchise or joint venturer or render any party liable for any debts or obligations incurred by any other party hereto. No party is authorized to enter into agreements for or on behalf of any
other party hereto, to collect any obligation due or owed to any such party, or to bind any other party in any manner whatsoever, and, for clarification purposes, all reservations made through Hilton Reservations Worldwide will be confirmed by
Resorts through its computerized reservations system in a manner reasonably acceptable to Hilton.  
  
 12.) Assignment and Sublicense. Resorts may not assign its rights and/or obligations under this Agreement or in the Hotel, or sublicense its rights
to use either the Hilton Marks or the Hilton System to a third party, without the prior written consent of Hilton (which consent may be withheld in Hilton’s sole discretion of Hilton). Hilton agrees, however, that if Resorts desires to assign
this Agreement to a wholly owned subsidiary that owns and operates the Project and the real estate underlying the Project, and which complies with the remaining provisions of this Section 12, Hilton will approve the assignment. Hilton may not assign
its rights and/or obligations under this Agreement to any person who does not, at the time of such assignment, have the right to the Licensed Marks and to substantially all the components of the Hilton System. Upon any assignment or sublicense
entered into in accordance with this Section 12, such assignee or sublicensee shall enter into an assignment or sublicense agreement with the non-assigning party, in a form reasonably satisfactory to the assigning party, pursuant to which such
assignee or sublicensee agrees to comply with, and be bound by, the terms of this Agreement and acknowledges the status of the non-assigning party as an intended third party beneficiary of such assignment or sublicense agreement. If requested by the
non-assigning party, such assignee or sublicensee shall also execute an instrument or instruments pursuant to which such assignee or sublicensee agrees to be bound by, and become a party to, this Agreement. Any purported assignment or sublicense not
in compliance with the terms of this Agreement shall be null and void. In addition, if Hilton assigns its rights and/or obligations under this Agreement to any person who is not a licensor, or an affiliate of the licensor, of at least 50% of the
Other Hilton Licensees, Resorts shall have the right to terminate this Agreement within 90 days of such assignment without any liability for such termination (including any liability to pay the Termination Fee). Subject to the foregoing, this
Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. 
  
 13.) Term; Termination of License. 
  
 (a) No Renewal Rights. This Agreement, unless earlier terminated pursuant to this Section 13, shall expire at 11:59 p.m. on December 31, 2008. This
Agreement contains no right of renewal, and no right of either party to insist upon a successor license. 
  
 (b) Resorts Termination for Cause. Resorts may terminate its license to Hilton of the Resorts Marks if Hilton uses the Resorts Marks in any manner
not authorized under this Agreement, and does not cure such failure within 30 days following notice from Resorts. Such termination shall not, however, affect the remaining obligations of the parties under this Agreement, including but not limited to
the obligation of Resorts to continue to operate the Hotel under the Hilton Marks and using the Hilton System, and to pay all fees required to be paid to Hilton under this Agreement. In addition to any other termination rights described in this
Agreement, Resorts shall also have the right to terminate this Agreement immediately upon notice to Hilton upon the occurrence of any of the following events: 
  

	 	(i)	if Hilton fails to provide the services to be provided to Resorts under clauses (a), (b) or (c) of Section 5 (unless excused from doing so under clause (e) of Section 5) and does
not cure such failure within 30 days following the provision of notice of default to Hilton; or 

	 	(ii)	if any of the Hilton Entities agrees to any restriction or limitation on the use of the Licensed Marks that materially limits the rights of Resorts under this Agreement and does not
cure such violation within 30 days following the provision of notice to Hilton. 

  
 (c) Hilton Termination for Cause. Hilton shall have the right to terminate this Agreement upon immediate notice to Resorts upon the occurrence of any of the following events: 
  

	 	(i)	Resorts fails to satisfy or comply with any of the obligations, requirements, conditions or terms set forth in this Agreement and does not cure such failure or satisfy or comply
with such provision within 30 days following the provision of notice of default to Resorts; provided, however, that in the case of a non-monetary default that is incapable of cure within 30 days, then Hilton may only terminate this Agreement if
Resorts fails to commence cure within such 30 day period and diligently pursue cure of such default or fails to cure the default within the additional time periods set forth in the notice of default; 

  

	 	(ii)	If after curing any material violation of this Agreement, Resorts engages in the same non-compliance within any consecutive 12 month period and does not cure such violation within
10 days after notice from Hilton; 

  

	 	(iii)	If after receiving two notices that Resorts is in material violation of this Agreement within a period of 24 consecutive months, Resorts receives a third notice from Hilton within
such 24 month period, indicating that it has failed to comply with its obligations under this Agreement and does not cure such violation within 10 days following receipt of notice from Hilton; 

  

	 	(iv)	Resorts loses fee title to, or possession of, all or a significant part of the Hotel or Hotel site, whether through foreclosure, including but not limited to, foreclosure on any
lien, trust, deed, or mortgage, or lease, but excluding any foreclosure by a lender to whom a Lender Comfort Letter has been provided by Hilton; 

  

	 	(v)	Resorts’ continued operation of the Hotel will result in an imminent danger to the public health or safety; 

  

	 	(vi)	The gaming license under which Resorts operates the gaming facilities within the Non-Hotel Operations is revoked, or suspended for more than three consecutive days;

  

	 	(vii)	Resorts or any officer or director of Resorts is convicted of any gaming violation in connection with the operation of the gaming facilities in the Non-Hotel Operations;

  

	 	(viii)	Resorts uses the Hilton Marks in any manner prohibited under this Agreement and fails to cease such use within five days following notice of such non-conforming use;

  

	 	(ix)	Resorts fails to continue to identify the Hotel to the public under the Hilton Marks, or abandons the operation of the Hotel by failing to operate the Hotel for five consecutive
days, or any shorter period after which it is not unreasonable under the facts and circumstances for Hilton to conclude that Resorts does not intend to continue to operate the Hotel, unless the failure to operate is due to Force Majeure; or

  

	 	(x)	Resorts transfers any interest in this Agreement or in the Hotel in violation of the provisions of Section 12. 

  
 (d) Resorts Termination Without Cause. Notwithstanding anything
herein to the contrary, in addition to any other termination rights provided in this Agreement, Resorts shall have the right, at any time during the License Term, to terminate this Agreement, subject to the provisions of Section 14(e). 

 
 14.) Effect of Expiration or Termination. 
  
 (a) Cessation of Use of Licensed Marks. Upon the expiration or
termination of this Agreement for any reason, each party shall immediately discontinue use of the Licensed Marks of the other Party, refrain from using any confusingly similar marks, terms or designs, and no longer possess any right or interest in
such Licensed Marks. 
  
 (b) De-Identification of Hotel.
Upon the expiration or termination of this Agreement for any reason, Resorts shall immediately cease holding the Hotel out to the public as a part of the Hilton System, and take whatever action is necessary to assure that no use is made of any part
of the Hilton System (including the Hilton Marks, and all forms of advertising and other indicia of operation as a Hilton Hotel), and discontinue use of all distinguishing indicia of the Hilton System, including such indicia on exterior and interior
signs, stationery, operating equipment and supplies, Internet sites, brochures and other promotional material at or in connection with the Hotel, the Project, or otherwise. Resorts will also return to Hilton all Hilton Proprietary Information,
remove all features of the Hotel that include elements of the Hilton Marks or the Hilton System, including the primary freestanding sign identifying the Hotel down to the structural steel, and take all other actions (“De-Identification
Actions”) required to preclude any possibility of confusion on the part of the public that the Hotel is still using all or any part of the Hilton Marks or the Hilton System or is otherwise holding itself out to the public as a hotel
affiliated with the Hilton System. If Resorts fails to take all De-Identification Actions, Hilton will be entitled to recover all losses, costs, expenses and damages caused by such failure. Hilton will also be entitled to relief by injunction, and
any other right or remedy at law or in equity to enforce its rights under this clause (b). 
  
 (c) Inventory. Notwithstanding any other provision of this Agreement, for a period of up to 90 days following the termination (but not expiration) of this Agreement, Resorts may retain any hotel equipment and
operating supplies bearing the Hilton Marks and Resorts may use the Hilton Marks in connection with such hotel equipment and operating supplies for such period, provided that Resorts does not acquire any additional hotel equipment or operating
supplies bearing the Hilton Marks following termination of this Agreement. 
  
 (d) Assignment of Certain Listings and Registrations. Upon the expiration or termination of this Agreement, each party agrees to irrevocably assign and transfer to the other party (or to its designee) all of
such party’s right, title and interest in any domain name listings and registrations which contain any reference to the applicable Licensed Marks, and will notify the applicable domain name registrar(s) of the termination of its right to use
any domain name or Site(s) associated with such Licensed Marks, and will authorize and instruct the cancellation or transfer of the domain name to such other party (or its designee), as directed by it. Each party will also delete all references to
the applicable Licensed Marks from any other Site(s) Resorts owns, maintains or operates beyond the expiration or termination of this Agreement. Resorts may elect to retain any and all telephone numbers and telephone listings for the Hotel or the
Project, so long as Resorts does not refer to such numbers or refer to them in such listings using the Hilton name; it being understood that Resorts will not authorize any renewal or redistribution of any printed listing using the Hilton name,
whether on-line or off-line. 
  

 (e) Liquidated Damages for Early Termination. If this Agreement is terminated by Hilton for any of
the reasons set forth in clause (c) of Section 13, Resorts acknowledges that it shall remain liable for all Annual Royalty Fees (using, solely for the purposes of this calculation, a notional Annual Royalty Fee of $2,500,000 per year) that would be
due through the normal expiration of this Agreement, which fees shall become immediately due and payable upon termination of this Agreement as well as all amounts owed to Hilton for periods prior to the date of termination. This same obligation will
exist if Resorts terminates this Agreement during the first two years following the Effective Date other than in accordance with the provisions of clause (b) of Section 13 (unless another provision of this Agreement permits termination by payment of
no fee or only the Termination Fee). If Resorts terminates this Agreement more than two years following the Effective Date of this Agreement other than in accordance with the provisions of clause (b) of Section 13 (and in a manner other than in
accordance with the provisions of Sections 2(a), 8(a)(iv) or 12 of this Agreement, which provisions shall govern whether any amount is payable in respect of such termination notwithstanding this sentence and without duplication of any amounts to be
paid pursuant to Sections 5(a) and 7(c)), then Resorts will be obligated to pay the Termination Fee, provided such payment is made at or before termination of this Agreement (and if not paid by that time, Resorts shall be liable for the full
liquidated damages set forth above). If Resorts terminates this Agreement at any time in accordance with the provisions of clause (b) of Section 13, no Termination Fee or other liquidated damages shall be due. 
  
 (f) Remedies Not Exclusive. Resorts acknowledges that the liquidated
damages provided for in clause (e) are only intended to compensate Hilton for the lost benefit of its bargain under this Agreement, and that Resorts will remain liable for (i) all other obligations and claims under this Agreement relating to the
period prior to such termination, (ii) all of its obligations following termination of this Agreement, and (iii) liabilities arising out of any breach or default of this Agreement by Resorts during the License Term. Hilton likewise acknowledges that
if Resorts exercises its right to terminate this Agreement in accordance with the provisions of clause (b) of Section 13 or under any other provision hereunder: Hilton will be liable for (i) all obligations and claims under this Agreement relating
to the period prior to such termination, (ii) all of its obligations following termination of this Agreement, and (iii) for liabilities arising out of any breach or default of this Agreement by Hilton during the License Term. Hilton further
acknowledges that the availability of the right of termination on the part of Resorts shall not prejudice Resorts’ right to pursue any additional remedies to which it may be entitled at law or in equity with respect to a breach by Hilton of
this Agreement. 
  
 15.) Miscellaneous. 
  
 (a) Severability and Interpretation. The remedies provided in this
Agreement are cumulative. These remedies are not exclusive of any other remedies to which Resorts or Hilton may be entitled in case of any breach or threatened breach of the terms and provisions hereof. If any provision of this Agreement is held to
be unenforceable, void or voidable, that provision will be ineffective to the extent of the prohibition without in any way invalidating or affecting the remaining provisions of this Agreement, and all remaining provisions will continue in effect. If
any provision of this Agreement is held unenforceable due to its scope, but may be made enforceable by limiting its scope, the provision will be considered amended to the minimum extent necessary to make it enforceable. This Agreement will be
interpreted without interpreting any provision in favor of or against either party by reason of the drafting of the provision, or of either party’s position relative to the other. Any covenant, term or provision of this Agreement that provides
for continuing obligations after the expiration or termination of this Agreement will survive any expiration or termination. To the extent that the provisions of this Agreement provide for periods of notice less than those required by applicable
law, or provide for termination, cancellation, non-renewal or the like other than in accordance with applicable law, 
  

 those provisions will, to the extent they are not in accordance with applicable law, be superseded by
said law, and each party shall comply with applicable law in connection with each of these matters. 
  
 (b) Controlling Law. This Agreement will become valid when signed by both parties. Except to the extent governed by the United States Trademark Act
of 1946 (Lanham Act; 15 U.S.C. ¶ 1050 et seq.), as amended, this Agreement, all relations between the parties, and any and all disputes between the parties, whether sounding in contract, tort, or otherwise, are to be exclusively construed in
accordance with and/or governed by (as applicable) the laws of the State of New York without recourse to New York (or any other) choice of law or conflicts of law principles. If, however, any provision of this Agreement would not be enforceable
under the laws of New York, and the provision would be enforceable under the laws of Nevada, the state in which the Hotel is located, then the provision in question (and only that provision) will be interpreted and construed under the laws of
Nevada. Nothing in this section is intended to invoke the application of any franchise, business opportunity, antitrust, “implied covenant,” unfair competition, fiduciary or any other doctrine of law of the State of New York or any other
state which would not otherwise apply absent this clause (b) of Section 15. 
  
 (c) Venue. Any litigation arising out of or related to this Agreement, any breach of this Agreement, or the relationship between the parties, and any and all disputes between the parties, whether sounding in
contract, tort, or otherwise, will be submitted to and resolved exclusively by a court of competent jurisdiction located in the City and State of New York. Each party waives, and agrees never to assert, move or otherwise claim that this venue is for
any reason improper, inconvenient, prejudicial or otherwise inappropriate (including, any claim under the judicial doctrine of forum non conveniens). 
  
 (d) Exclusive Benefit. This Agreement is exclusively for Hilton’s and Resorts’ benefit, and none of the obligations of either party in
this Agreement will run to, or be enforceable by, any other party (except for covenants in favor of the Resorts Entities and the Hilton Entities, which covenants will run to and be enforceable by such entities or their successors and assigns), or
give rise to liability to a third party, except as otherwise specifically set forth in this Agreement. 
  
 (e) Entire Agreement. This Agreement is the entire agreement between the parties with respect to the subject matter hereof, and will supersede any
prior and/or contemporaneous discussions or writings (whether described as representations, inducements, promises, agreements or by any other term) with respect to the subject matter of this Agreement. Each party agrees that it placed, and will
place, no reliance on any such discussions or writings. Each party agrees that no claims, representations or warranties of earnings, sales, profits, success or failure of the Hotel have been made by it or any of its affiliates to the other. No
change, modification, amendment or waiver of any of the provisions of this Agreement will be effective and binding upon either party unless it is in writing, specifically identified as an amendment to this Agreement, and signed by an officer of the
party to be bound. No failure by either party to exercise any power given to it under this Agreement or to insist on strict compliance by the other party with any of such other party’s obligations, and no custom or practice at variance with the
terms of this Agreement, will be considered a waiver of a party’s right to demand exact compliance with the terms of this Agreement. 
  
 (f) Consent; Business Judgment. Wherever either party’s consent or approval is required in this Agreement, unless the provision specifically
indicates otherwise, such party has the right to withhold its approval in its sole discretion. When the terms of this Agreement specifically require that a party not unreasonably withhold its approval or consent, if the other party is in default or
breach under this Agreement, any withholding of approval or consent will be considered reasonable. Neither party’s approvals and consents will be effective unless given in writing. 
  

 (g) Notices. All notices must be in writing and will be effective on the earlier of (i) the day it
is sent via facsimile with a confirmation of receipt; or (ii) one business day after it is sent by next business day delivery service; or (iii) the third business day after it is sent by first-class or certified mail or other form of express
delivery to the appropriate party at the following single address, or such other single address as may be designated by the party to be notified (which, in no event, is a P.O. Box). If to Hilton, the notice should be sent to Hilton’s principal
executive offices, addressed to “General Counsel,” with a copy to Larkin Hoffman Daly & Lindgren, Ltd., 7900 Xerxes Avenue South, #1500, Minneapolis, Minnesota 55431, fax: (952) 896-1511, attn: Charles S. Modell, Esq. The current
address of Hilton’s principal executive offices is as follows: 9336 Civic Center Drive, Beverly Hills, California 90210, fax: (310) 205-7613. If to Resorts, then to Colony Resorts LVH Acquisitions, LLC, c/o Nicholas L. Ribis, Manager, c/o
Colony Capital, LLC, 660 Madison Avenue, New York, New York 10021, fax: (212) 593-5433, with a copy to Proskauer Rose LLP, 1585 Broadway, New York, New York 10036-8299, fax: (212) 969-2900, attn: Jeffrey A. Horwitz, Esq. In either case, a party may
change its address or fax by providing notice of such change to the other in accordance with this notice provision. 
  
 (h) Descriptive Headings. The descriptive headings in this Agreement are for convenience only and will not control or affect the meaning or
construction of any provision in this Agreement. 
  
 (i)
Time. Time is of the essence of this Agreement. 
  
 (j) Counterparts. This Agreement may be signed in counterparts, each of which will be considered an original. 
  
 (k) Attachments, Schedules and Exhibits. Any Attachment, Schedule, or Exhibit to this Agreement is incorporated by reference and made a part of
this Agreement. 
  
 (l) Blocked Persons or Entities. Each
party represents and warrants to the other that to the actual or constructive knowledge of the representing party: (1) neither it (including its directors and officers), nor any of the Resorts Entities or the Hilton Entities (as the case may be) or
their respective affiliates, or the funding sources for any of the foregoing, is identified on the list of the Treasury’s Office of Foreign Assets Control (OFAC); (2) neither it nor any of the Resorts Entities or the Hilton Entities (as the
case may be) or their respective affiliates, is directly or indirectly owned or controlled by the government of any country that is subject to an embargo imposed by the United States government; and (3) neither it nor any of the Resorts Entities or
the Hilton Entities (as the case may be) or their respective affiliates is acting on behalf of a government of, or is involved in business arrangements or other transactions with, any country that is subject to such an embargo. Each party agrees
that it will notify the other in writing immediately upon the occurrence of any event which would render the foregoing representations and warranties of this clause (l) incorrect. Notwithstanding anything to the contrary in this Agreement, no
Transfer shall be made to a Specially Designated National or Blocked Person (as herein defined below) or to an entity in which a Specially Designated National or Blocked Person has an interest. For purposes of this Agreement, “Specially
Designated National or Blocked Person” means (i) a person or entity designated by OFAC (or any successor office or agency of the U.S. government) from time to time as a “specially designated national or blocked person” or similar
status, (ii) a person or entity described in Section 1 of U.S. Executive Order 13224, issued on September 23, 2001, or (iii) a person or entity otherwise identified by government or legal authority as a person with whom Hilton or Resorts, as the
case may be, is prohibited from transacting business. Note: The U.S. government has published a list of such designations and the text of the Executive Order is published under the Internet website address
www.ustreas.gov/offices/enforcement/ofac. 
  

 (m) Specific Performance. The parties hereto agree that remedies at law for any breach of this
Agreement will be inadequate and that any party by whom this Agreement is enforceable shall be entitled to specific performance in addition to any other appropriate relief or remedy. Such party may, in its sole discretion, apply to a court of
competent jurisdiction for specific performance or injunctive or such other relief as such court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to the extent permitted by applicable laws, each party
waives any objection to the imposition of such relief. 
  
 (n)
Expenses. Except as specifically provided otherwise in this Agreement, each party shall bear its own fees and expenses incurred in connection with this Agreement and the consummation of the transactions contemplated hereby. 
  
 (o) Further Assurances. The parties hereto hereby covenant and agree
to execute and deliver all such documents, make such government filings, and to do or cause to be done all such acts or things as may be necessary to complete and effect the transactions contemplated hereby. 
  
 (p) Compliance by Entities. Hilton shall take all such actions as are
necessary to ensure compliance with the terms of this Agreement by the Hilton Entities other than Hilton; and Resorts shall take all such actions as are necessary to ensure compliance with the terms of this Agreement by the Resorts Entities other
than Resorts. 
  
 (q) Sales Agreement. The consent by
Caesar’s to Hilton’s providing sales representation services to Resorts without violating the Existing Sales Agreement (including without limitation Section 10(a) thereof) shall be a condition precedent to the effectiveness of this
Agreement (and each party’s obligations hereunder). If Hilton shall otherwise amend the Existing Sales Agreement, it shall do so only in a manner that is consistent with this Agreement and does not provide to any properties managed and/or owned
by Caesar’s any treatment with respect to the allocation and pursuit of referrals that is not equitable to the Project vis-à-vis any properties managed and/or owned by Caesar’s. 
  
 (r) Termination of Booth Lease Agreement. Provided Hilton or one of
its affiliates is able to enter into a similar agreement with respect to the placement of a new time share booth at Caesar’s Palace Hotel in Las Vegas (and Hilton covenants to use commercially reasonable efforts to do so), then upon notice from
Hilton (but, assuming Hilton or one of its affiliates has obtained such an agreement in sufficient time to do so, in no event later than 90 days following the Effective Date), the Booth Lease Agreement between Hilton Grand Vacations Development
– Las Vegas, LLC and Las Vegas Hilton Corporation will terminate with no further liability to either party thereto, and Hilton shall cause any booth and related items to be removed from the Hotel at no cost to Resorts. 
  
 (s) Mortgagee Protection. Hilton agrees to provide a letter to the
party holding the first mortgage on the Project, in the form attached hereto as Schedule For such other form as is agreeable to Hilton (the “Lender Comfort Letter”), and to comply with the terms of that letter in connection with any
default by Resorts under this Agreement, or any foreclosure upon the Project by such lender. 
  
 (t) Schedules. Each of the schedules attached hereto are expressly incorporated herein by reference and made a part of this Agreement. 
  
 (u) Termination Fee as Hilton’s Sole Remedy. Whenever this Agreement gives Resorts a right to terminate this
Agreement and to pay the Termination Fee as Hilton’s sole remedy for such termination, such language shall not preclude Hilton from pursuing remedies for other 
  

 violations of this Agreement that occurred prior to such termination, or that occur subsequent to such
termination with respect to post-termination provisions of this Agreement. 
  
 16.) WAIVER OF JURY TRIAL. TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP BETWEEN THEM (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH
LITIGATION), ALL PARTIES WAIVE THEIR RIGHT TO A TRIAL BY JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS
OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG THE PARTIES HERETO OR BETWEEN OR AMONG ANY OF SUCH
PARTY’S OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS. 
  
 [Signature page to follow] 
  

 IN WITNESS WHEREOF, a duly authorized representative of each party has executed this Agreement as of the
date first written above. 
  

			
	 HILTON INNS, INC., 
 a Delaware
corporation

		
	By:	 	 /s/    Jonathan
Benowitz        

	 Name:
	 	Jonathan Benowitz
	 Title:
	 	Senior Vice President

  

			
	 COLONY RESORTS LVH ACQUISITIONS, L.L.C.
 a Nevada limited liability company

		
	By:	 	 /s/    Nicholas L.
Ribis        

	 Name:
	 	Nicholas L. Ribis
	 Title:
	 	ManagerTransfer Restriction Agreement

 Exhibit 10.3 
  
 Execution Version 
  
 TRANSFER RESTRICTION AGREEMENT 
  
 This Transfer Restriction Agreement (this “Agreement”) is made as of June 18, 2004 among Thomas J. Barrack, Jr. (“Mr.
Barrack” or the “VoteCo Member”), Colony Resorts LVH VoteCo, LLC, a Delaware limited liability company (“VoteCo”), and Colony Resorts LVH Holdings, LLC (“Colony”), a Delaware limited
liability company and a wholly owned subsidiary of Colony Investors VI, L.P., a Delaware limited partnership (“Colony VI”). 
  
 RECITALS 
  
 WHEREAS, as of the date hereof (the “Closing Date”), Colony Resorts LVH Acquisitions, LLC, a Delaware limited liability company (the
“Company”) purchased (the “Acquisition”) substantially all of the assets of LVH Corporation, a Nevada corporation (“LVH”) pursuant to a Purchase and Sale Agreement dated as of December 24, 2003 (as
amended through the date hereof, the “Purchase Agreement”); 
  
 WHEREAS, the Company was authorized to issue membership units consisting of (i) Class A Membership Units (the “Class A Units”), and (ii) Class B Membership Units (the “Class B Units”
and, together with the Class A Units, the “Membership Units”); 
  
 WHEREAS, immediately prior to the Acquisition, VoteCo was the record owner of 0.60 Class A Units and no other Membership Units, and Colony was the record owner of 600,000 Class B Units and no other Membership Units;

  
 WHEREAS, from time to time, VoteCo may acquire additional
Class A Units or other equity interests of the Company’s convertible into, exchangeable for or otherwise providing VoteCo with the right to acquire Class A Units, and Colony may acquire additional Class B Units or other equity interests of the
Company’s convertible into, exchangeable for or otherwise providing Colony with the right to acquire Class B Units; 
  
 WHEREAS, the VoteCo Member is the record and beneficial owner of all the issued and outstanding limited liability company interests of VoteCo (the
“VoteCo Interests”); 
  
 WHEREAS, the parties
hereto believe it is desirable and in their mutual best interests to provide for procedures regarding the ownership of the Class A Units owned by VoteCo and the VoteCo Interests owned by the VoteCo Member; and 
  
 WHEREAS, the parties hereto further believe that the execution of this
Agreement will help facilitate the continuous, harmonious and effective management of Colony’s investment in the Company. 
  
 NOW, THEREFORE, in consideration of the recitals and the mutual covenants, promises, agreements, representations and warranties of the parties hereto, the
parties hereto hereby agree as follows: 
  
 Section 1. Certain
Definitions. As used herein, the following terms have the respective meanings set forth below: 
  
 “Acquisition” has the meaning given to such term in the recitals set forth above. 

 “Agreement” has the meaning given to such term in the introduction hereof. 

 
 “Approved Purchaser” means a proposed purchaser of
Membership Units or Membership Units Equivalents, who, in connection with its proposed purchase of Membership Units or Membership Units Equivalents, has obtained all licenses, permits, registrations, authorizations, consents, waivers, orders,
findings of suitability or other approvals required to be obtained from, and has made all filings, notices or declarations required to be made with, all Gaming Authorities under all applicable Gaming Laws. 
  
 “Approved Sale” has the meaning given to such term in
Section 3(a) hereof. 
  
 “Approved Sale Date” has
the meaning given to such term in Section 3(b) hereof. 
  
 “Call Notice” has the meaning given to such term in Section 3(b) hereof 
  
 “Class A Equivalents” means any securities of the Company convertible into, exchangeable for or otherwise providing the holder thereof
any right to acquire Class A Units. 
  
 “Class A
Holder” means a holder of Class A Units or Class A Equivalents; provided that Colony shall not be considered a Class A Holder, regardless of whether Colony holds any Class A Units. 
  
 “Class A Units” has the meaning given to such term in the
recitals set forth above. 
  
 “Class B
Equivalents” means any securities of the Company convertible into, exchangeable for or otherwise providing the holder thereof any right to acquire Class B Units, which securities are substantially equivalent in designations, preferences,
limitations, restrictions and relative rights, but not as to voting, to a class or series of Class A Equivalents. 
  
 “Class B Units” has the meaning given to such term in the recitals set forth above. 
  
 “Colony” has the meaning given to such term in the
introduction hereof. 
  
 “Colony VI” has the
meaning given to such term in the introduction hereof. 
  
 “Colony VI Advisory Committee” means the advisory committee comprised of certain limited partners of Colony VI. 
  
 “ColonyGP IV” has the meaning given to such term in Section 2(b) hereof. 
  
 “Company” has the meaning given to such term in the recitals set forth above. 
  
 “Corresponding Class A Equivalents” means, with respect to
any referenced Class B Equivalents, the Class A Equivalents that are substantially equivalent in designations, preferences, limitations, restrictions and relative rights, but not as to voting, to such specified Class B Equivalents. 
  

 -2- 

 “Corresponding Class B Equivalents” means, with respect to any referenced Class A
Equivalents, the Class B Equivalents that are substantially equivalent in designations, preferences, limitations, restrictions and relative rights, but not as to voting, to such specified Class A Equivalents. 
  
 “Gaming Authorities” means all governmental authorities or
agencies with regulatory control or jurisdiction over the gaming or gambling operations of the Company and its subsidiaries, including without limitation, the Nevada Gaming Commission. 
  
 “Gaming Laws” means any U.S. Federal, state, local or foreign statute, ordinance, rule, regulation, permit,
consent, approval, license, judgment, order, decree, injunction or other authorization governing or relating to the current or contemplated manufacturing, distribution, casino gambling and gaming activities and operations of the Company, including,
without limitation, the gaming laws and regulations of the State of Nevada. 
  
 “LVH” has the meaning given to such term in the recitals set forth above. 
  
 “Membership Units Equivalents” means the Class A Units, Class A Equivalents, Class B Units or Class B Equivalents of the Company.

  
 “Membership Units” has the meaning given to
such term in the recitals set forth above. 
  
 “Mr.
Barrack” has the meaning given to such term in the introduction hereto. 
  
 “Required Number” means the number of Class A Units or Class A Equivalents to be purchased by Colony from VoteCo pursuant to the exercise by Colony of its option to purchase Class A Units or Class A
Equivalents pursuant to the provisions of Section 3 hereof, in connection with an Approved Sale, as specified by Colony in a Call Notice delivered by Colony to VoteCo; provided that unless otherwise approved by the Colony VI Advisory
Committee, such specified number shall be equal to the product of (i) the number of Class A Units or Class A Equivalents, as applicable, held by VoteCo immediately prior to the consummation of such Approved Sale times (ii) a fraction, the numerator
of which is the number of Class B Units or Corresponding Class B Equivalents, as applicable, to be Transferred by Colony to such Approved Purchaser pursuant to such Approved Sale and the denominator of which is the total number of Class B Units or
Corresponding Class B Equivalents, as applicable, held by Colony immediately prior to consummation of such Approved Sale. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Transfer” means to voluntarily or involuntarily sell, assign, exchange or in any other manner transfer
with or without consideration, except pursuant to a distribution of equity interests by Colony to its partners. “Transferred” has the correlative meaning. 
  
 “VoteCo” has the meaning given to such term in the introduction hereof. 
  
 “VoteCo Interest” has the meaning given to such term in the
recitals set forth above. 
  

 -3- 

 “VoteCo Member” has the meaning given to such term in the introduction hereof.

  
 Section 2. Restriction on Transfer. 
  
 (a) So long as VoteCo holds Class A Units or Class A
Equivalents, VoteCo shall not Transfer ownership of any or all such Membership Units or equivalents owned by it except as contemplated by Section 3 hereof. The Transfer of record or beneficial ownership of any Class A Units or Class A Equivalents,
by operation of law or otherwise, by or upon the direction or authorization of VoteCo shall be deemed invalid, null and void, and of no force or effect, unless such Transfer is made pursuant to the provisions of Section 3 hereof. 
  
 (b) No VoteCo Member shall Transfer record or beneficial
ownership of any or all VoteCo Interests owned by such VoteCo Member, unless such Transfer is approved in writing by the Colony VI Advisory Committee. The Transfer of record or beneficial ownership of any VoteCo Interests, by operation of law or
otherwise, by or upon the direction or authorization of any VoteCo Member shall be deemed invalid, null and void, and of no force or effect, and the transferee of any such VoteCo Interests shall not be entitled to vote such VoteCo Interests or
receive distributions on such VoteCo Interests or have any other rights in or respecting such VoteCo Interests, unless such Transfer is approved in writing by the Colony VI Advisory Committee. 
  
 Section 3. Call Option. 
  
 (a) Right to Call Class A Units and Class A
Equivalents. Notwithstanding any other provision hereof, on each occasion that Colony proposes to Transfer (including, without limitation, by operation of law or pursuant to any merger, consolidation, reorganization or recapitalization) any of
the Class B Units or Class B Equivalents held by it to an Approved Purchaser (any such transaction, an “Approved Sale”), then Colony shall have an option, which, unless Colony otherwise receives approval from Gaming Authorities,
Colony shall assign to such Approved Purchaser (such Approved Purchaser or Colony, as applicable, hereinafter referred to as the “Optionholder”), to purchase from VoteCo upon such Approved Sale the Required Number of Class A Units,
in the case of an Approved Sale of Class B Units, or Corresponding Class A Equivalents, in the case of an Approved Sale of Class B Equivalents, at a cash price per unit equal to the sum of (a) the amount in cash or fair market value of any other
consideration originally paid by VoteCo for such Required Number of Class A Units or Corresponding Class A Equivalents, as applicable, plus (b) the amount equivalent to a six percent (6%) annual rate of interest on such amount or fair market value,
compounded annually, calculated from the date VoteCo acquired such Class A Units or Corresponding Class A Equivalents, as applicable, on the basis of a 360-day year comprised of twelve 30-day months, to and excluding the Approved Sale Date.

  
 (b) Call Notice. Prior to consummating
any Approved Sale, if the Optionholder elects to exercise the options granted to it under this Section 3, Colony shall provide each of the Class A Holders with a written notice (the “Call Notice”) not less than five (5) days prior
to the proposed date of the Approved Sale (the “Approved Sale Date”). The Call Notice shall state that the Optionholder is exercising its option to purchase Class A Units or Class A Equivalents pursuant to this Section 3 and shall
set forth: (i) the name and address of 
  

 -4- 

 the Optionholder, (ii) the aggregate number of Class B Units and Class B Equivalents held of record by
Colony as of the date of the Call Notice, (iii) the number of Class B Units or Class B Equivalents to be sold by Colony to the Approved Purchaser pursuant to such Approved Sale, (iv) the Required Number of Class A Units or Class A Equivalents to be
purchased by the Optionholder in connection with such Approved Sale, (v) the Approved Sale Date and (vi) the address for delivery of the certificates representing the Class A Units or Class A Equivalents to be purchased by the Optionholder.

  
 (c) Delivery of Certificates. On the
Approved Sale Date, VoteCo shall deliver to the Optionholder the certificates for the Class A Units or Class A Equivalents being sold by it to the Optionholder, duly endorsed for transfer with signatures guaranteed, in the manner and at the address
indicated in the Call Notice against delivery of immediately available funds in the amount of the purchase price for such Class A Units or Class A Equivalents. 
  

Section 4. Legends. VoteCo shall use its reasonable efforts to cause each certificate representing Class A Units or Class A Equivalents owned of
record and beneficially by VoteCo to contain the following legends: 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED OF (A “TRANSFER”) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT DATED AS OF JUNE 18, 2004. ANY TRANSFEREE OF THESE SECURITIES TAKES SUBJECT TO THE TERMS OF SUCH AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE COMPANY. 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR STATE SECURITIES LAWS, AND NO TRANSFER OF THESE SECURITIES MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR (B) PURSUANT TO AN EXEMPTION
THEREFROM WITH RESPECT TO WHICH THE COMPANY MAY, UPON REQUEST, REQUIRE A SATISFACTORY OPINION OF COUNSEL FOR THE HOLDER THAT SUCH TRANSFER IS EXEMPT FROM THE REQUIREMENTS OF THE ACT. 
  
 THE OWNERSHIP AND TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND RESTRICTED
BY THE TERMS AND CONDITIONS OF A CERTAIN TRANSFER RESTRICTION AGREEMENT DATED JUNE 18, 2004. THE COMPANY WILL FURNISH A COPY OF SUCH TRANSFER RESTRICTION AGREEMENT WITHOUT CHARGE TO ANY MEMBER ON REQUEST. 
  

 -5- 

 Section 5. Recapitalization, etc.; After-Acquired Stock. 
  
 (a) The provisions of this Agreement (including any
calculation of ownership interests) shall apply to any and all equity interests of the Company or any capital stock, partnership interests or any other security evidencing ownership interests in any successor of the Company (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of the Membership Units by reason of any stock dividend, split, reverse split, combination, recapitalization, liquidation,
reclassification, merger, consolidation or otherwise. 
  
 (b) Whenever VoteCo becomes the record or beneficial owner of any additional Class A Units, such units shall be subject to the terms of this Agreement and included in the definition of “Class A Units” hereunder. Whenever VoteCo
becomes the record or beneficial owner of any additional Class A Equivalents, such Class A Equivalents shall be subject to the terms of this Agreement and included in the definition of “Class A Equivalents” hereunder. The certificates
therefor shall be surrendered for legending in accordance with Section 4 of this Agreement, unless already so legended. 
  
 Section 6. Termination. This Agreement shall terminate upon the earlier of (a) VoteCo owning no Class A Units and no Class A Equivalents or (b)
Colony owning no Class B Units and no Class B Equivalents. 
  
 Section 7. Notices. Whenever notice is required to be given under the provisions of this Agreement, it shall be given in writing by hand-delivery, telefax, or United States registered or certified mail, return receipt requested, and
shall be deemed to have been transmitted on the date such notice is so delivered, transmitted or mailed, if addressed as set forth below or to such other addresses and fax numbers as any of the parties hereto by written notice to the other parties
hereto, may from time to time designate. 
  
 if
to Mr. Barrack: 
  
 c/o Colony Capital, LLC

 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
  
 if to VoteCo: 
  
 c/o Colony Capital, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
 Attn: Mr. Barrack 
  
 if to Colony or Colony VI: 
  
 c/o Colony Capital, LLC 
 1999 Avenue of the Stars, Suite 1200 
 Los Angeles, California 90067 
 Attn: Mr. Jonathan H. Grunzweig 
  

 -6- 

 Section 8. Additional Actions and Documents. Each party hereto shall take or cause to be taken
such further actions and to execute and deliver such documents or instruments as may from time to time be reasonably necessary in order to carry out the purposes of this Agreement. 
  
 Section 9. Specific Performance. The parties hereto recognize that the provisions herein contained are of particular
importance for the protection and promotion of their existing and future interests; that the Membership Units of the Company and the VoteCo Interests will be closely held; and that the relationships of the parties to one another are and will be such
that, in the event of any breach of this Agreement, a claim for monetary damages may not constitute an adequate remedy; and that it may, therefore, be necessary for the protection of all of the parties hereto and for the effectuation of the
provisions of this Agreement, in the event of a breach of this Agreement, to apply for specific performance thereof. It is, accordingly, hereby agreed that no objection to the form of the action or to the form of relief prayed for in any proceeding
for specific performance of this Agreement, shall be raised by any party hereto, in order that such relief may be obtained by the party aggrieved. 
  
 Section 10. Construction. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, to the
singular include the plural, to the male gender include the female and neuter genders and vice versa, and to the part include the whole. The term “including” is not limiting. The words “hereof,” “herein,”
“hereby,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Section and clause references are to this Agreement unless otherwise specified.

  
 Section 11. Miscellaneous. 
  
 (a) No Waiver. No waiver or modification of any term
or condition of this Agreement shall be effective unless in writing signed by all the parties hereto. 
  
 (b) Severability. In case any of the provisions contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions are not
contained herein. 
  
 (c) Binding Effect.
This Agreement shall be binding and inure to the benefit of the parties hereto, their respective heirs, guardians, personal representatives, successors, successors in interest, and assigns. 
  
 (d) Governing Law. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York. 
  
 (e) Counterparts. This Agreement may be executed in counterparts, (including by facsimile) each of which shall be an original, but
all of which together shall constitute one document. 
  

 -7- 

 [THE BALANCE OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 
  

 -8- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal with the intent that this
be a sealed instrument, as of the day and year first above written. 
  

	
	
	     /s/    Thomas J. Barrack,
Jr.        

	THOMAS J. BARRACK, JR.

  

					
	COLONY RESORTS LVH VOTECO, LLC
		
	By:	 	     /s/    Thomas J. Barrack, Jr.        

	 	 	Name:	 	Thomas J. Barrack, Jr.
	 	 	Title:	 	Sole Member

  

			
	 COLONY RESORTS LVH HOLDINGS, LLC

		
	By:	 	 COLONY INVESTORS IV, L.P.

	 	 	   its sole member

  

			
	By:	 	 COLONY CAPITAL IV, L.P.

	 	 	   its general partner

  

			
	By:	 	 COLONY GP IV, LLC

	 	 	   its general partner

  

					
	By:	 	     /s/    Mark M. Hedstrom        

	 	 	Name:	 	Mark M. Hedstrom.
	 	 	Title:	 	Vice President

  
 [Signature Page
to VoteCo Transfer Restriction Agreement]

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