Document:

EX-4.1

 Exhibit 4.1 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a limited-purpose trust company organized under the New York Banking Law (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

STATE STREET CORPORATION 
 2.400%
Senior Notes Due 2030 
  

			
	No.	  	$
	CUSIP 857477 BG7	  	Issue Date: January 24, 2020            
	ISIN US857477BG73	  	

 State Street Corporation, a corporation duly organized and existing under the laws of The Commonwealth of
Massachusetts (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                  Dollars ($                ) on January 24, 2030 (herein called
the “Maturity Date”), and to pay interest thereon from and including January 24, 2020, or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
January 24 and July 24 of each year, commencing on July 24, 2020, and on the Maturity Date, at the rate of 2.400% per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, other than on the Maturity Date, will, as
provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 9 or
July 9, whether or not a Business Day, immediately preceding such Interest Payment Date. Interest paid on the Maturity Date shall be paid to the Person to whom the principal will be payable. 

Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the City of Boston, Massachusetts, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided that, for so long as this Security
is a Global Security, payment of the principal of (and premium, if any) and any interest on this Security will be made by the Paying Agent by wire transfer in immediately available funds in U.S. dollars at the office of the Paying Agent; provided
further that, in the case of payments made at maturity of such Global Security, the Global Security is presented to the Paying Agent in time for the Paying Agent to make such payments in accordance with its normal procedures. 

 Interest on this Security shall be paid on the basis of a
360-day year consisting of twelve 30-day months. If an Interest Payment Date or the Maturity Date for this Security falls on a day that is not a Business Day, the
Company shall postpone the interest payment or the payment of principal and interest at maturity to the next succeeding Business Day, but the payment made on such dates shall be treated as being made on the date that the payment was first due, and
Holders of Securities of this series shall not be entitled to any further interest or other payment with respect to such postponements. A “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions
in The City of New York or The City of Boston are authorized or required by law or executive order to remain closed. 
 This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 31, 2014 (herein called the “Base Indenture”),
between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by a First Supplemental Indenture, dated as of May 8, 2017,
between the Company and the Trustee (the “First Supplemental Indenture” and, together with the Base Indenture, herein called the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The offering of securities of
the series that includes this Security is initially limited to $750,000,000.00 aggregate principal amount. 
 The Securities of this series
constitute the direct, unsecured and unsubordinated general obligations of the Company and shall at all times rank pari passu with all other existing and future senior unsecured indebtedness of the Company. 

The Securities of this series are not redeemable prior to the Maturity Date. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. For the purpose of this paragraph, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant
Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and 

 
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on
or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security shall be governed by and construed in accordance with the law of the State of New York. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose. 
 - end of page - 

[Signatures appear on the following page] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: January 24, 2020 
  

			
	STATE STREET CORPORATION
		
	By:	 	  

	Name:	 	John Slyconish
	 Title:
	 	 Executive Vice President and Treasurer

	
	Attest:
		
	By:	 	  

	Name:	 	David C. Phelan
	Title:	 	Executive Vice President, General Counsel and Assistant Secretary

 [Signature Page to Senior Note No. ] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

Dated: January 24, 2020 
  

			
	By:	 	  

	Name:	 	Laura Cawley
	Authorized Signatory

 [Trustee’s Certificate of Authentication to Senior Note No. ]Exhibit

Exhibit 10.1
EXECUTION VERSION

AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment No. 1”), dated as of January 24, 2020 (the “Amendment No. 1 Effective Date”), by and among VICI Properties 1 LLC, a Delaware limited liability company (the “Borrower”), the other Loan Parties, each lender party hereto (collectively, the “Lenders” and individually, a “Lender”) and Goldman Sachs Bank USA, as Administrative Agent.  All capitalized terms used herein (including in this preamble) and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below. 
PRELIMINARY STATEMENTS
WHEREAS, the Borrower has entered into that certain Amended and Restated Credit Agreement, dated as of May 15, 2019, among the Borrower, the other parties thereto, the lenders party thereto from time to time and the Administrative Agent (the “Credit Agreement” and, as amended by this Amendment No. 1, the “Amended Credit Agreement”);
WHEREAS, the Borrower has requested that the Credit Agreement be amended as set forth herein;
WHEREAS, Section 11.01 of the Credit Agreement provides that the Borrower may amend the Credit Agreement with the consent of the Administrative Agent and the requisite number of Lenders as set forth therein;
WHEREAS, Morgan Stanley Senior Funding, Inc. (“Morgan Stanley”), Goldman Sachs Bank USA, Citigroup Global Markets Inc., Citizens Bank, N.A., Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, UBS Securities LLC, Wells Fargo Securities, LLC, Suntrust Robinson Humphrey, Inc., Credit Suisse Loan Funding LLC, Stifel Nicolaus and Company, Incorporated and Capital One, National Association have been appointed, and are acting, as joint lead arrangers and joint bookrunners for this Amendment (in such capacities, the “Arrangers”);
WHEREAS, the Lenders party to this Amendment constitute Required Lenders and all of the Lenders under the Credit Agreement on the Amendment No. 1 Effective Date directly affected by this Amendment;
WHEREAS, (i) each Lender holding Term B Loans outstanding immediately prior to the effectiveness of this Amendment on the Amendment No. 1 Effective Date (collectively, the “Existing Loans”) that executes and delivers a consent to this Amendment (each, a “Consenting Lender”) substantially in the form of Exhibit A hereto (each, an “Amendment No. 1 Consent”) shall be deemed, upon effectiveness of this Amendment No. 1, to have consented to the amendments to the Credit Agreement set forth herein, including, without limitation, the reduction of the Applicable Margin with respect to its outstanding Existing Loans and (x) if such Consenting Lender elects the “Cashless Amendment” option on the Amendment No. 1 Consent, such Consenting Lender will retain its Existing Loans as amended by this Amendment No. 1 and (y) if such Consenting Lender elects the “Post-Closing Settlement” option on the Amendment No. 1 Consent, the entire amount of such Consenting Lender’s 

1

Existing Loans will be assigned to the New Lender (as defined below) at par on the Amendment No. 1 Effective Date (as defined below) (it being understood that no Assignment and Assumption shall be required to be executed by such Consenting Lender to effect such assignment) and following the Amendment No. 1 Effective Date such Consenting Lender shall purchase by assignment Term B Loans in an equal principal amount as its Existing Loans or such lesser amount allocated to such Consenting Lender by Morgan Stanley, (ii) with respect to each Lender holding Existing Loans that does not execute and deliver an Amendment No. 1 Consent (each, a “Non-Consenting Lender”) the Borrower shall either (x) repay all Obligations of the Borrower owing to such Non-Consenting Lender relating to the Term B Loans held by such Non-Consenting Lender as of the Amendment No. 1 Effective Date or (y) require such Non-Consenting Lender to assign the entire amount of its Existing Loans to Morgan Stanley (in such capacity, the “New Lender”) and such New Lender shall become a Lender under the Amended Credit Agreement with respect to the Existing Loans so assigned, in each case in accordance with Section 11.13 of the Credit Agreement, and (iii) on the Amendment No. 1 Effective Date, the Borrower shall have paid to the Administrative Agent, for the ratable benefit of the Lenders holding Existing Loans, all accrued and unpaid interest to, but not including, the Amendment No. 1 Effective Date, with respect to the Existing Loans;
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is acknowledged by each party hereto, it is agreed:
SECTION 1.AMENDMENTS TO LOAN DOCUMENTS.  Subject to satisfaction (or waiver) of the conditions set forth in Section 4 hereof, on the Amendment No. 1 Effective Date, the Credit Agreement is hereby amended as follows:
		
	(a)
	The following defined terms shall be added to Section 1.01 of the Credit Agreement in alphabetical order:

“Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of January 24, 2020.
“Amendment No. 1 Effective Date” means January 24, 2020, the date of effectiveness of Amendment No. 1.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.
		
	(b)
	Clause (b) of the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby replaced in its entirety by the following:

“(b) for each Term Loan, 0.75% per annum for Base Rate Loans and 1.75% per annum for Eurodollar Rate Loans.”

2

		
	(c)
	The definition of “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended by inserting after “this Agreement,” the following: “Amendment No. 1,”.

		
	(d)
	Each reference to the “Closing Date” in Section 2.04(a) and Section 2.08(c) of the Credit Agreement is hereby replaced with a reference to the “Amendment No. 1 Effective Date”.

SECTION 2.    REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT.  On and after the Amendment No. 1 Effective Date (as defined below), each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or text of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment No. 1.
SECTION 3.    REPRESENTATIONS & WARRANTIES. In order to induce the Lenders and the Administrative Agent to enter into this Amendment No. 1, each Loan Party hereby represents and warrants to the Lenders and the Administrative Agent on and as of the Amendment No. 1 Effective Date that (i) each of the representations and warranties made by any Loan Party set forth in Article V of the Credit Agreement or in any other Loan Document shall be true and correct in all material respects (provided that, any representation and warranty that is qualified by “materiality,” “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein)) on and as of the Amendment No. 1 Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (or if any such representation and warranty is qualified by “materiality,” “material adverse effect” or similar language, shall be true and correct in all respects (after giving effect to any such qualification therein)) on and as of such earlier date; provided that for the avoidance of doubt all references in the representations set forth in Sections 5.02, and 5.03 of the Credit Agreement to “Loan Documents” shall be deemed to be references to this Amendment No. 1 and the other Loan Documents (including the Credit Agreement) as amended by this Amendment No. 1 and (ii) the information included in the Beneficial Ownership Certification is true and correct in all respects. 
SECTION 4.    CONDITIONS PRECEDENT.  This Amendment No. 1 shall become effective as of the first date (the “Amendment No. 1 Effective Date”) when each of the conditions set forth in this Section 4 shall have been satisfied or waived:  
		
	(a)
	The Administrative Agent shall have received from (i) the New Lender (if applicable), (ii) the Administrative Agent and (iii) each Loan Party, a counterpart of this Amendment signed on behalf of such party.  The Administrative Agent shall have received from each Consenting Lender, constituting at least the Required Lenders immediately prior to giving effect to this Amendment on the Amendment No. 1 Effective Date and, together with the New Lender (if applicable), all of the Lenders under the Credit Agreement on the Amendment No. 1 Effective Date directly affected by this Amendment, a duly executed Amendment No. 1 Consent.  With respect to each Non-Consenting Lender, at the Borrower’s election and in accordance with Section 11.13 of the Credit Agreement, either (x) the Borrower shall have repaid all Obligations of the Borrower owing to such Non-Consenting Lender relating to the Term B Loans held by such Non-Consenting Lender Lender as of the Amendment No. 1 Effective Date under the 

3

Term B Facility, or (y) such Non-Consenting Lender shall have executed an Assignment and Assumption assigning all of such Non-Consenting Lender’s Existing Loans to the New Lender or the Administrative Agent shall have executed an Assignment and Assumption on behalf of such Non-Consenting Lender .

		
	(b)
	All costs, fees and expenses (including, without limitation, legal fees and expenses to the extent invoiced prior to the Amendment No. 1 Effective Date) contemplated and to the extent required by the Credit Agreement, and any letter agreement among the Borrower and the Arrangers relating to the transactions contemplated hereby, and which are payable to the Arrangers or the Administrative Agent or any Lender pursuant to the terms thereof shall have been paid to the extent due. All accrued interest on, and any amounts owing under the Credit Agreement with respect to the Existing Loans, whether or not due and payable, shall have been, or shall substantially concurrently with the effectiveness of this Amendment No. 1 be, paid in full. 

		
	(c)
	Each of the representations and warranties made by any Loan Party set forth in Section 3 hereof shall be true and correct in all material respects (provided that, any representation and warranty that is qualified by “materiality,” “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein)) on and as of the Amendment No. 1 Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (or if any such representation and warranty is qualified by “materiality,” “material adverse effect” or similar language, shall be true and correct in all respects (after giving effect to any such qualification therein)) on and as of such earlier date.

		
	(d)
	At the time of and after giving effect to this Amendment No. 1, no Default or Event of Default shall have occurred and be continuing.

		
	(e)
	The Administrative Agent shall have received a certificate of the Borrower, dated the Amendment No. 1 Effective Date, executed by a Responsible Officer of the Borrower certifying compliance with the requirements set forth in clause (c) and clause (d) of this Section 4. 

		
	(f)
	On the Amendment No. 1 Effective Date, the Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 1 Effective Date) of Kramer Levin Naftalis & Frankel LLP, counsel to the  Borrower and the Guarantors organized in Delaware, in form and substance reasonably satisfactory to the Administrative Agent.

		
	(g)
	The Administrative Agent shall have received a customary certificate from the Borrower, dated the Amendment No. 1 Effective Date, signed by a Responsible Officer of the Borrower, and attested to by the secretary or any assistant secretary of the Borrower , with appropriate insertions, together with (a) certified copies of the organizational documents of the Borrower, (b) customary resolutions 

4

of the Borrower, (c) incumbency or specimen signatures which identify by name and title of such Responsible Officer authorized to sign this Amendment No. 1 and (d) a good standing certificate from the applicable Governmental Authority of the Borrower’s jurisdiction of organization, dated a recent date prior to the Amendment No. 1 Effective Date and certifying as to the good standing of the Borrower; provided that in the case of preceding clause (a), such documents shall not be required to be delivered if such certificate includes a certification by such Responsible Officer that the applicable organizational documents delivered to the Administrative Agent in connection with the initial funding of Term B Loans on the Closing Date remain in full force and effect and have not been amended, modified, revoked or rescinded since the Closing Date.
		
	(h)
	The Arrangers and the Administrative Agent shall have received at least three (3) Business Days prior to the Amendment No. 1 Effective Date all documentation and other information requested by the Lenders that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation, the Act, in each case to the extent requested at least five (5) Business Days prior to the Amendment No. 1 Effective Date.

		
	(i)
	At least five days prior to the Amendment No. 1 Effective Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, it shall deliver a Beneficial Ownership Certification to the Arrangers and the Administrative Agent.

SECTION 5.    ARRANGERS. The Borrower and the Arrangers agree that the Arrangers shall be entitled to the privileges, indemnification, immunities and other benefits afforded to the Lead Arrangers pursuant to Sections 10.02 and 11.04 of the Amended Credit Agreement and except as otherwise agreed to in writing by the Borrower and the Arrangers, shall have no duties, responsibilities or liabilities with respect to this Amendment No. 1, the Amended Credit Agreement or any other Loan Document.

SECTION 6.    REAFFIRMATION.
		
	(a)
	To induce the Lenders and the Administrative Agent to enter into this Amendment No. 1, each of the Loan Parties hereby acknowledges and reaffirms its obligations under each Loan Document to which it is a party, including, without limitation, any grant, pledge or collateral assignment of a lien or security interest, as applicable, contained therein, in each case as amended, restated, amended and restated, supplemented or otherwise modified prior to or as of the date hereof (including as amended pursuant to this Amendment No. 1) (collectively, the “Reaffirmed Documents”).  Each Loan Party acknowledges and agrees that each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall not be impaired or limited by the execution or effectiveness of this Amendment No. 1.

		
	(b)
	In furtherance of the foregoing Section 6(a), each Guarantor, in its capacity as a Guarantor under the Guaranty (in such capacity, each a “Reaffirming Loan Guarantor”), reaffirms its guarantee of 

5

the Obligations under the terms and conditions of the Guaranty and agrees that the Guaranty remains in full force and effect to the extent set forth in the Guaranty and after giving effect to this Amendment No. 1, and is hereby ratified, reaffirmed and confirmed.  Each Reaffirming Loan Guarantor hereby confirms that it consents to the terms of this Amendment No. 1 and the Amended Credit Agreement.  Each Reaffirming Loan Guarantor hereby (i) acknowledges and agrees that its guarantee of the Obligations and each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall not be impaired or limited by the execution or effectiveness of this Amendment No. 1, (ii) acknowledges and agrees that it will continue to guarantee to the fullest extent possible in accordance with the Loan Documents the payment and performance of all Obligations under each of the Loan Documents to which it is a party (including all such Obligations as amended and reaffirmed pursuant to this Amendment No. 1) and (iii) acknowledges, agrees and warrants for the benefit of the Administrative Agent, the Collateral Agent and each other Secured Party that there are no rights of set-off or counterclaim, nor any defenses of any kind, whether legal, equitable or otherwise, that would enable such Reaffirming Loan Guarantor to avoid or delay timely performance of its obligations under the Loan Documents.
		
	(c)
	In furtherance of the foregoing Section 6(a), each of the Loan Parties that is party to any Collateral Document, in its capacity as a “grantor”, “pledgor” or other similar capacity under such Collateral Document (in such capacity, each a “Reaffirming Grantor”), hereby acknowledges that it has reviewed and consents to the terms and conditions of this Amendment No. 1 and the transactions contemplated hereby.  In addition, each Reaffirming Grantor reaffirms the security interests granted by such Reaffirming Grantor under the terms and conditions of the Collateral Documents (in each case, to the extent a party thereto) to secure the Obligations (including all such Obligations as amended and reaffirmed pursuant to this Amendment No. 1) and agrees that such security interests remain in full force and effect and are hereby ratified, reaffirmed and confirmed.  Each Reaffirming Grantor hereby (i) confirms that each Collateral Document to which it is a party or is otherwise bound and all Collateral encumbered thereby will continue to secure, to the fullest extent possible in accordance with the Collateral Documents, the payment and performance of the Obligations (including all such Obligations as amended and reaffirmed pursuant to this Amendment No. 1), as the case may be, including without limitation the payment and performance of all such applicable Obligations that are joint and several obligations of each Guarantor and each Reaffirming Grantor now or hereafter existing, (ii) confirms its respective grant to the Collateral Agent for the benefit of the Secured Parties of the security interest in and continuing Lien on all of such Reaffirming Grantor’s right, title and interest in, to and under all Collateral, in each case whether now owned or existing or hereafter acquired or arising and wherever located, as collateral security for the prompt and complete payment and performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all applicable Obligations (including all such Obligations as amended and reaffirmed pursuant to this Amendment No. 1), subject to the terms contained in the applicable Loan Documents, and (iii) confirms its respective pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Collateral Documents to which it is a party. 

6

		
	(d)
	Each Guarantor (other than the Borrower) acknowledges and agrees that (i) such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to this Amendment No. 1 and (ii) nothing in the Credit Agreement, this Amendment No. 1 or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendment, consent or waiver of the terms of the Credit Agreement.

SECTION 7.    MISCELLANEOUS PROVISIONS.
		
	(a)
	New Lender.  The New Lender hereby consents to this Amendment.  Each of the New Lender, the Administrative Agent and the Borrower acknowledges and agrees that, upon the execution and delivery of an Assignment and Assumption signed by the New Lender, as assignee, and any Non-Consenting Lender, as assignor (or signed by the Administrative Agent on behalf of such Non-Consenting Lender, pursuant to Section 11.13 of the Amended Credit Agreement), the New Lender (i) shall become a “Lender” under, and for all purposes, and subject to and bound by the terms, of the Amended Credit Agreement and other Loan Documents with Term B Loans in an amount equal to the aggregate principal amount of all Existing Loans of all such Non‐Consenting Lenders, (ii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Amended Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto and (iii) shall perform all the obligations of and shall have all rights of a Lender thereunder.  After the assignment of Existing Loans by any Non-Consenting Lender to the New Lender as contemplated above, the New Lender and the Consenting Lenders shall together hold all of the Term B Loans.

		
	(b)
	Ratification.  This Amendment No. 1 is limited to the matters specified herein and shall not constitute acceptance or waiver, or, to the extent not expressly set forth herein, an amendment or modification, of any other provision of the Credit Agreement or any other Loan Document.  Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Agreement or any other Loan Document or instruments securing the same, which shall remain in full force and effect as modified hereby or by instruments executed concurrently herewith, and each of the parties hereto acknowledges and agrees that the terms of this Amendment No. 1 constitute an amendment of the terms of pre-existing Indebtedness and the related agreement, as evidenced by the Amended Credit Agreement.

		
	(c)
	Governing Law; Jurisdiction, Consent to Service of Process, Waiver of Jury Trial, Etc. Sections 11.14 and 11.15 of the Credit Agreement are incorporated by reference herein as if such Sections appeared herein, mutatis mutandis.

		
	(d)
	Severability.  Section 11.12 of the Credit Agreement is incorporated by reference herein as if such Section appeared herein, mutatis mutandis.

		
	(e)
	Counterparts; Headings.  This Amendment No. 1 may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a 

7

signature page of this Amendment No. 1 by telecopy or other electronic transmission (including in .pdf format) shall be effective as delivery of a manually executed counterpart of this Amendment No. 1. Article and Section headings used herein are for convenience of reference only, and are not part of this Amendment No. 1 and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment No. 1. 
		
	(f)
	Amendment, Modification and Waiver. This Amendment No. 1 may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each of the parties hereto.

 [Remainder of page intentionally blank; signatures begin next page]

8

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed by their respective authorized officers as of the date first above written.
	
	
	Borrower:

	VICI PROPERTIES 1 LLC

	By:   /s/ David Kieske    
Name:   David Kieske  
Title:   Treasurer

	 

[Signature Page to Amendment No. 1 to Credit Agreement]

	
	
	Guarantors:
BALLY’S ATLANTIC CITY LLC, 
BILOXI HAMMOND LLC,
BLUEGRASS DOWNS PROPERTY OWNER LLC, 
CAESARS ATLANTIC CITY LLC, 
CINCINNATI PROPCO LLC,
CLAUDINE PROPCO LLC,
CLAUDINE PROPERTY OWNER LLC,
CPLV PROPERTY OWNER LLC,
GRAND BILOXI LLC, 
GREEKTOWN PROPCO LLC,
HARRAH’S COUNCIL BLUFFS LLC, 
HARRAH’S LAKE TAHOE LLC, 
HARRAH’S METROPOLIS LLC, 
HARRAH’S RENO LLC, 
HARVEY’S LAKE TAHOE LLC, 
HORSESHOE COUNCIL BLUFFS LLC,
HORSESHOE SOUTHERN INDIANA LLC, 
HORSESHOE TUNICA LLC, 
MISCELLANEOUS LAND LLC, 
NEW HARRAH’S NORTH KANSAS CITY LLC, 
NEW HORSESHOE HAMMOND LLC, 
NEW TUNICA ROADHOUSE LLC,
PHILADELPHIA PROPCO LLC, 
PROPCO GULFPORT LLC,
PROPCO TRS LLC,
VEGAS DEVELOPMENT LLC, 
VEGAS OPERATING PROPERTY LLC, and
VICI FC, INC. 
each, a Delaware limited liability company,

By:/s/ David Kieske            
Name: David Kieske
Title: Treasurer

HORSESHOE BOSSIER CITY PROP LLC, and
HARRAH’S BOSSIER CITY LLC, 
each, a Louisiana limited liability company

By:/s/ David Kieske            
Name: David Kieske
Title: Treasurer

[Signature Page to Amendment No. 1 to Credit Agreement]

GOLDMAN SACHS BANK USA, as Administrative Agent

By:    /s/ Charles D. Johnston            
Name:  Charles D. Johnston
Title: Authorized Signatory

[Signature Page to Amendment No. 1 to Credit Agreement]

MORGAN STANLEY SENIOR FUNDING, INC., as New Lender

By: /s/ Constantine N. Darras            
Name: Constantine N. Darras
Title:      Authorized Signatory

[Signature Page to Amendment No. 1 to Credit Agreement]

EXHIBIT A
(Lender Consent – on file with the Administrative Agent)

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