Document:

Exhibit 10.1

DEAL CUSIP NUMBER: 23852QAA1
REVOLVER CUSIP NUMBER: 23852QAB9

EXHIBIT 10.1

    
    

SECOND AMENDED AND RESTATED CREDIT AGREEMENT
among
THE DAVEY TREE EXPERT COMPANY,
as Borrower,
VARIOUS LENDING INSTITUTIONS,
as Banks,
KEYBANK NATIONAL ASSOCIATION,
as Lead Arranger, Syndication Agent and Administrative Agent
and
PNC BANK, NATIONAL ASSOCIATION and
WELLS FARGO BANK, N.A.,

as Co-Documentation Agents

___________________
Dated as of
November 7, 2013
___________________

    
    

TABLE OF CONTENTS

	
				
	 
	PAGE

	ARTICLE I.    DEFINED TERMS, ACCOUNTING PRINCIPLES, AMENDEMENT AND RESTATEMENT
	1

	 
	SECTION 1.1
	DEFINITIONS
	1

	 
	SECTION 1.2
	ACCOUNTING PRINCIPLES
	22

	 
	SECTION 1.3
	EFFECT OF AMENDMENT AND RESTATEMENT; NO NOVATION
	22

	 
	 
	 
	 

	ARTICLE II.    AMOUNT AND TERMS OF CREDIT
	23

	 
	SECTION 2.1
	AMOUNT AND NATURE OF CREDIT
	23

	 
	SECTION 2.2
	CONDITIONS TO LOANS AND LETTERS OF CREDIT
	28

	 
	SECTION 2.3
	PAYMENT ON NOTES, ETC
	29

	 
	SECTION 2.4
	PREPAYMENT
	29

	 
	SECTION 2.5
	COMMITMENT AND OTHER FEES; REDUCTION OF COMMITMENT
	30

	 
	SECTION 2.6
	COMPUTATION OF INTEREST AND FEES; DEFAULT RATE
	31

	 
	SECTION 2.7
	MANDATORY PAYMENT
	32

	 
	SECTION 2.8
	DEFAULTING BANK
	32

	 
	 
	 
	 

	ARTICLE III.    ADDITIONAL PROVISIONS RELATING TO LIBOR LOANS;
INCREASED CAPITAL; TAXES
	34

	 
	SECTION 3.1
	RESERVES OR DEPOSIT REQUIREMENTS, ETC
	34

	 
	SECTION 3.2
	TAXES
	35

	 
	SECTION 3.3
	EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE
	38

	 
	SECTION 3.4
	INDEMNITY
	39

	 
	SECTION 3.5
	CHANGES IN LAW RENDERING LIBOR LOANS UNLAWFUL
	39

	 
	SECTION 3.6
	FUNDING
	39

	 
	SECTION 3.7
	CAPITAL ADEQUACY
	39

	 
	SECTION 3.8
	BREAKAGE COMPENSATION
	40

	 
	SECTION 3.9
	CHANGE OF LENDING OFFICE; REPLACEMENT OF BANKS
	40

	 
	 
	 
	 

	ARTICLE IV.    CONDITIONS PRECEDENT
	41

	 
	SECTION 4.1
	NOTES
	41

	 
	SECTION 4.2
	GUARANTIES OF PAYMENT OF DEBT
	41

	 
	SECTION 4.3
	OFFICER’S CERTIFICATE, RESOLUTIONS, ORGANIZATIONAL DOCUMENTS
	41

	 
	SECTION 4.4
	LEGAL OPINION
	41

	 
	SECTION 4.5
	GOOD STANDING CERTIFICATES
	42

	 
	SECTION 4.6
	CLOSING AND LEGAL FEES
	42

	 
	SECTION 4.7
	LIEN SEARCHES
	42

	 
	SECTION 4.8
	NO MATERIAL ADVERSE CHANGE
	42

	 
	SECTION 4.9
	MISCELLANEOUS
	42

TABLE OF CONTENTS

	
				
	 
	PAGE

	ARTICLE V.    COVENANTS
	42

	 
	SECTION 5.1
	INSURANCE
	42

	 
	SECTION 5.2
	MONEY OBLIGATIONS
	42

	 
	SECTION 5.3
	FINANCIAL STATEMENTS
	43

	 
	SECTION 5.4
	FINANCIAL RECORDS
	43

	 
	SECTION 5.5
	FRANCHISES
	43

	 
	SECTION 5.6
	ERISA COMPLIANCE
	43

	 
	SECTION 5.7
	FINANCIAL COVENANTS
	44

	 
	SECTION 5.8
	BORROWING
	45

	 
	SECTION 5.9
	LIENS
	46

	 
	SECTION 5.10
	REGULATIONS U and X
	47

	 
	SECTION 5.11
	INVESTMENTS AND LOANS
	47

	 
	SECTION 5.12
	MERGER AND SALE OF ASSETS
	49

	 
	SECTION 5.13
	ACQUISITIONS
	49

	 
	SECTION 5.14
	NOTICE
	50

	 
	SECTION 5.15
	ENVIRONMENTAL COMPLIANCE
	50

	 
	SECTION 5.16
	AFFILIATE TRANSACTIONS
	50

	 
	SECTION 5.17
	USE OF PROCEEDS
	50

	 
	SECTION 5.18
	CORPORATE NAMES
	51

	 
	SECTION 5.19
	MANAGEMENT AGREEMENTS
	51

	 
	SECTION 5.20
	SUBSIDIARY GUARANTIES
	51

	 
	SECTION 5.21
	KEEPWELL
	51

	 
	SECTION 5.22
	ANTI-TERRORISOM LAW
	51

	 
	 
	 
	 

	ARTICLE VI.    REPRESENTATIONS AND WARRANTIES
	52

	 
	SECTION 6.1
	CORPORATE EXISTENCE; SUBSIDIARIES; FOREIGN QUALIFICATION
	52

	 
	SECTION 6.2
	CORPORATE AUTHORITY
	52

	 
	SECTION 6.3
	COMPLIANCE WITH LAWS
	52

	 
	SECTION 6.4
	LITIGATION AND ADMINISTRATIVE PROCEEDINGS
	53

	 
	SECTION 6.5
	TITLE TO ASSETS
	53

	 
	SECTION 6.6
	LIENS AND SECURITY INTERESTS
	53

	 
	SECTION 6.7
	TAX RETURNS
	53

	 
	SECTION 6.8
	ENVIRONMENTAL LAWS
	53

	 
	SECTION 6.9
	CONTINUED BUSINESS
	54

	 
	SECTION 6.10
	EMPLOYEE BENEFITS PLANS
	54

	 
	SECTION 6.11
	CONSENT OR APPROVALS
	55

	 
	SECTION 6.12
	SOLVENCY
	55

	 
	SECTION 6.13
	FINANCIAL STATEMENTS
	55

	 
	SECTION 6.14
	REGULATIONS
	55

	 
	SECTION 6.15
	INTELLECTUAL PROPERTY
	55

	 
	SECTION 6.16
	INSURANCE
	55

TABLE OF CONTENTS
	
				
	 
	PAGE

	 
	SECTION 6.17
	ACCURATE AND COMPLETE STATEMENTS
	55

	 
	SECTION 6.18
	DEFAULTS
	56

	 
	SECTION 6.19
	ANTI-TERRORISM AND ANTI-MONEY LAUNDERING LAW COMPLIANCE
	56

	 
	 
	 
	 

	ARTICLE VII.    EVENTS OF DEFAULT
	56

	 
	SECTION 7.1
	PAYMENTS
	56

	 
	SECTION 7.2
	SPECIAL COVENANTS
	56

	 
	SECTION 7.3
	OTHER COVENANTS
	57

	 
	SECTION 7.4
	REPRESENTATIONS AND WARRANTIES
	57

	 
	SECTION 7.5
	CROSS DEFAULT
	57

	 
	SECTION 7.6
	ERISA DEFAULT
	57

	 
	SECTION 7.7
	CHANGE IN CONTROL
	57

	 
	SECTION 7.8
	MONDY JUDGMENT
	57

	 
	SECTION 7.9
	MATERIAL ADVERSE CHANGE
	57

	 
	SECTION 7.10
	VALIDITY OF LOAN DOCUMENTS
	57

	 
	SECTION 7.11
	SOLVENCY
	58

	 
	 
	 
	 

	ARTICLE VIII.    REMEDIES UPON DEFAULT
	58

	 
	SECTION 8.1
	OPTIONAL DEFAULTS
	58

	 
	SECTION 8.2
	AUTOMATIC DEFAULTS
	58

	 
	SECTION 8.3
	LETTERS OF CREDIT
	59

	 
	SECTION 8.4
	OFFSETS
	59

	 
	SECTION 8.5
	EQUALIZATION PROVISION
	59

	 
	 
	 
	 

	ARTICLE IX.    THE AGENT
	60

	 
	SECTION 9.1
	APPOINTMENT AND AUTHORIZATION
	60

	 
	SECTION 9.2
	NOTE HOLDERS
	60

	 
	SECTION 9.3
	CONSULTATION WITH COUNSEL
	60

	 
	SECTION 9.4
	DOCUMENTS
	60

	 
	SECTION 9.5
	AGENT AND AFFILIATES
	60

	 
	SECTION 9.6
	KNOWLEDGE OF DEFAULT
	60

	 
	SECTION 9.7
	ACTION BY AGENT
	60

	 
	SECTION 9.8
	NOTICES, DEFAULT, ETC
	61

	 
	SECTION 9.9
	INDEMNIFICATION OF AGENT
	61

	 
	SECTION 9.10
	SUCCESSOR AGENT
	61

	 
	 
	 
	 

	ARTICLE X.    MISCELLANEOUS
	61

	 
	SECTION 10.1
	BANKS’ INDEPENDENT INVESTIGATION
	61

	 
	SECTION 10.2
	NO WAIVER; CUMULATIVE REMEDIES
	62

	 
	SECTION 10.3
	AMENDEMENTS, CONSENTS
	62

	 
	SECTION 10.4
	NOTICES
	63

	 
	SECTION 10.5
	COSTS, EXPENSES AND TAXES
	63

	 
	SECTION 10.6
	INDEMNIFICATION
	63

	 
	SECTION 10.7
	OBLIGATIONS SEVERA; NO FIDUCIARY OBLIGATIONS
	63

TABLE OF CONTENTS

	
				
	 
	PAGE

	 
	SECTION 10.8
	EXECUTION IN COUNTERPARTS
	64

	 
	SECTION 10.9
	BINDING EFFECT; BORROWER’S ASSIGNMENT
	64

	 
	SECTION 10.10
	ASSIGNMENTS
	64

	 
	SECTION 10.11
	PARTICIPATIONS
	66

	 
	SECTION 10.12
	DESIGNATION
	67

	 
	SECTION 10.13
	SEVERABILITY OF PROVISIONS; CAPTIONS; ATTACHMENTS
	68

	 
	SECTION 10.14
	INVESTMENT PURPOSE
	68

	 
	SECTION 10.15
	ENTIRE AGREEMENT
	68

	 
	SECTION 10.16
	GOVERNING LAW; SUBMISSION TO JURISDICTION
	68

	 
	SECTION 10.17
	LEGAL REPRESENTATION OF PARTIES
	69

	 
	SECTION 10.18
	USA PATRIOT ACT
	69

	 
	SECTION 10.19
	HEDGING LIABILITY
	69

	 
	SECTION 10.20
	JURY TRIAL WAIVER
	70

SCHEDULES

	
		
	SCHEDULE 1
	COMMITMENTS

	SCHEDULE 2
	GUARANTORS OF PAYMENT

	SCHEDULE 6.1
	CORPORATE EXISTENCE; SUBSIDIARIES AND FOREIGN QUALIFICAITONS

	SCHEDULE 6.4
	LITIGATION AND AMINISTRATIVE PROCEEDINGS

	SCHEDULE 6.10
	EMPLOYEE BENEFIT PLANS

EXHIBITS

	
		
	EXHIBIT A
	REVOLVING CREDIT NOTE

	EXHIBIT B
	SWING LINE LOAN NOTE

	EXHIBIT C
	NOTICE OF LOAN

	EXHIBIT D
	COMPLIANCE CERTIFICATE

	EXHIBIT E
	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

	EXHIBIT L-1
	FORM OF U.S. TAX COMPLIANCE CERTIFICATE

	EXHIBIT L-2
	FORM OF U.S. TAX COMPLIANCE CERTIFICATE

	EXHIBIT L-3
	FORM OF U.S. TAX COMPLIANCE CERTIFICATE

	EXHIBIT L-4
	FORM OF U.S. TAX COMPLIANCE CERTIFICATE

Table of Contents
EXECUTION VERSION

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT (as the same may from time to time be further amended, restated, supplemented or otherwise modified, this “Agreement”) is made effective as of the 7th day of November, 2013, among:
(i)    THE DAVEY TREE EXPERT COMPANY, an Ohio corporation (“Borrower”);
(ii)    the lending institutions named in Schedule 1 hereto (collectively, “Banks” and, individually, “Bank”); 
(iii)    KEYBANK NATIONAL ASSOCIATION, as Lead Arranger, Syndication Agent and Administrative Agent for the Banks under this Agreement (“Agent”); and
(iv)     PNC BANK, NATIONAL ASSOCIATION and WELLS FARGO BANK, N.A., each as a Co-Documentation Agent (“Co-Documentation Agents”). 
WITNESSETH:
WHEREAS, Borrower, Agent and certain Banks are party to that certain Amended and Restated Credit Agreement, dated November 21, 2006 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “A&R Credit Agreement”), which amended and restated that certain Credit Agreement, dated as of November 8, 2002 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Restatement Effective Date, the “Original Loan Agreement”); and
WHEREAS, Borrower, Agent and Banks desire to amend and restate the A&R Credit Agreement, subject to the terms and conditions set forth herein; 
NOW, THEREFORE, it is mutually agreed as follows:
ARTICLE I.
SECTION 1.1    DEFINITIONS.  As used in this Agreement, the following terms shall have the following meanings:
 “Acquisition” shall mean any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of any Person, or any business or division of any Person, (b) the acquisition of in excess of fifty percent (50%) of the stock (or other equity interest) of any Person, or (c) the acquisition of another Person (other than a Company) by a merger or consolidation or any other combination with such Person.
“Advantage” shall mean any payment (whether made voluntarily or involuntarily, by offset of any deposit or other indebtedness or otherwise) received by any Bank in respect of the Debt, if such payment results in that Bank having less than its pro rata share of the Debt then outstanding, than was the case immediately before such payment.

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“Affiliate” shall mean any Person, directly or indirectly, controlling, controlled by or under common control with a Company and “control” (including the correlative meanings, the terms“controlling”, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Company, whether through the ownership of voting securities, by contract or otherwise.
“Agent Fee Letter” shall mean the Fee Letter, dated as of October 2, 2013, between Borrower and Agent, as the same may from time to time be amended, restated or otherwise modified.
“Anti-Terrorism Laws” shall mean any Laws relating to terrorism, terrorism financing or money laundering, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 
“Applicable Base Rate Margin” shall mean 0.0 basis points.
 “Applicable Commitment Fee Rate” shall mean:
(a)    On the Effective Date and thereafter until changed in accordance with the provisions set forth in this definition, the Applicable Commitment Fee Rate shall be 12.50 basis points; 
(b)    Commencing with the fiscal quarter of Borrower ended on September 30, 2013, and continuing with each fiscal quarter thereafter, Agent shall determine the Applicable Commitment Fee Rate in accordance with the following matrix, based on the Leverage Ratio:
	
		
	Leverage Ratio
	Applicable Commitment Fee Rate

	Greater than or equal to 2.00 to 1.00
	25.0 basis points

	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	20.0 basis points

	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00
	15.0 basis points

	Greater than or equal to 0.50 to 1.00 but less than 1.00 to 1.00
	12.5 basis points

	Less than 0.50 to 1.00
	10.0 basis points

(c)    Changes to the Applicable Commitment Fee Rate shall be effective on the first day of the month following the date upon which Agent received, or, if earlier, Agent should have received, pursuant to Section 5.3 (a) or (b) hereof, the financial statements of the Companies.  The above matrix does not modify or waive, in any respect, the requirements of Section 5.7 hereof, the rights of the Banks to charge the Default Rate, or the rights and remedies of Agent and the Banks pursuant to Articles VII and VIII hereof.  Notwithstanding the foregoing or anything else in this Agreement to the contrary, to the extent that any of the information contained in the financial statements required to be delivered hereunder 

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shall be incorrect in any manner and as a result thereof (or for any other reason), the Leverage Ratio was determined incorrectly for any period, then Agent shall recalculate the Leverage Ratio based upon the correct information and shall recalculate the Applicable Commitment Fee Rate for the relevant periods and Borrower shall be required to pay on demand by Agent any amounts Borrower should have paid had the Applicable Commitment Fee Rate been calculated correctly for such periods (or, to the extent that Borrower has paid any amounts in excess of the amounts Borrower should have paid, then the Banks shall credit such over-payment to the Debt owing by Borrower to each such Bank).
“Applicable LIBOR Margin” shall mean:
(a)    On the Effective Date and thereafter, until changed in accordance with the following provisions, the Applicable LIBOR Margin shall be 100.00 basis points; 
(b)    Commencing with the fiscal quarter of Borrower ended on September 30, 2013, and continuing with each fiscal quarter thereafter, Agent shall determine the Applicable Revolving Loan Margin in accordance with the following matrix, based on the Leverage Ratio; and
	
		
	Leverage Ratio
	Applicable LIBOR Margin

	Greater than or equal to 2.00 to 1.00
	150.0 basis points

	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	137.5 basis points

	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00
	112.5 basis points

	Greater than or equal to 0.50 to 1.00 but less than 1.00 to 1.00
	100.0 basis points

	Less than 0.50 to 1.00
	75.0 basis points

(c)    Changes to the Applicable LIBOR Margin shall be effective on the first day of the month following the date upon which Agent received, or, if earlier, Agent should have received, pursuant to Section 5.3 (a) or (b) hereof, the financial statements of the Companies. The above matrix does not modify or waive, in any respect, the requirements of Section 5.7 hereof, the rights of the Banks to charge the Default Rate, or the rights and remedies of Agent and the Banks pursuant to Articles VII and VIII hereof.  Notwithstanding the foregoing or anything else in this Agreement to the contrary, to the extent that any of the information contained in the financial statements required to be delivered hereunder shall be incorrect in any manner and as a result thereof (or for any other reason), the Leverage Ratio was determined incorrectly for any period, then Agent shall recalculate the Leverage Ratio based upon the correct information and shall recalculate the Applicable LIBOR Margin for the relevant periods and Borrower shall be required to pay on demand by Agent any amounts Borrower should have paid had the Applicable LIBOR Margin been calculated correctly for such periods (or, to the extent that Borrower has paid any amounts in excess of the amounts Borrower should have paid, then the Banks shall credit such over-payment to the Debt owing by Borrower to each such Bank).

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“Applicable Lending Office” shall mean, with respect to each Bank, the office designated by such Bank to Agent as such Bank’s lending office for all purposes of this Agreement.  A Bank may have a different Applicable Lending Office for Base Rate Loans and LIBOR Loans.
“Approved Fund” shall mean a fund that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit and that is administered or managed by a Bank or an Affiliate of a Bank or its investment advisor.  With respect to any Bank, an Approved Fund shall also include any special purpose vehicle purchasing or acquiring security interests in collateralized loan obligations or any other vehicle through which such Bank may leverage its investments from time to time.
“Assignment Agreement” shall mean an Assignment and Acceptance Agreement in the form of the attached Exhibit E.
“Augmenting Lender” shall have the meaning provided in Section 2.5(d) hereof.
“Balance Sheet Leverage Ratio” shall mean, as of any date, on a Consolidated basis and in accordance with GAAP, the ratio of (a) Funded Indebtedness to (b) Total Capitalization, as of such date.
“Banks” shall have the meaning provided in the introductory paragraph to this Agreement and includes any other Person that becomes a party hereto pursuant to an Assignment Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment Agreement.  Unless the context otherwise requires, the term “Banks” includes the Swing Line Lender.
“Bank Hedge Agreement” shall mean any Hedge Agreement entered into by Borrower with Agent or any of the Banks (or any of their respective Affiliates) in connection with the Debt.
“Bank Hedge Creditor” shall mean each Bank or Affiliate of a Bank that participates as a counterparty to any Company pursuant to any Bank Hedge Agreement with such Bank or Affiliate of such Bank.
“Banking Services Agreement” shall mean any agreement to provide cash management services, including treasury management services (including controlled disbursement automated clearinghouse transactions, return items, overdrafts, foreign exchange netting and interstate depository network services), depository, overdraft, credit or debit card, stored value cards, electronic funds transfer and other cash management arrangements.
“Banking Services Bank” shall mean any Person that, on the date of this Agreement or at the time it enters into a Banking Services Agreement, is a Bank or an Affiliate of a Bank, in its capacity as a party to such Banking Services Agreement.
“Banking Services Obligations” shall mean all obligations of the Companies, whether absolute or contingent, and howsoever and whensoever created, arising, evidenced or acquired in connection with the provision of services pursuant to any Banking Services Agreement by any Banking Services Bank to any Company.

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“Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or any successor thereto, as hereafter amended.
“Base Rate” shall mean a rate per annum equal to the greater of (a) the Prime Rate or (b) one-half of one percent (1/2%) in excess of the Federal Funds Effective Rate and (c) the applicable LIBOR Rate for a LIBOR Loan made that day with a one month Interest Period, plus 1.50% per annum.  Any change in the Base Rate shall be effective immediately from and after such change in the Base Rate.
“Base Rate Loan” shall mean a Loan described in Section 2.1 hereof on which Borrower shall pay interest at a rate based on the Base Rate.
“Business Day” shall mean a day of the year on which banks are not required or authorized to close in Cleveland, Ohio, and, if the applicable Business Day relates to any LIBOR Loan, on which dealings are carried on in the London interbank eurodollar market.
“Cash Collateralize” shall mean to deposit with or deliver to the Agent, for the benefit of one or more of the Fronting Banks or Banks, as collateral for any obligations under a Letter of Credit or obligations of Banks to fund participations in respect of any obligations under a Letter of Credit, cash or deposit account balances or, if the Agent and each applicable Fronting Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Agent and each applicable Fronting Bank.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
“Change in Control” shall mean (a) the acquisition, or, if earlier, the shareholder or director approval of the acquisition, ownership or voting control, directly or indirectly, beneficially or of record, on or after the Effective Date, by any Person or group (within the meaning of Rule 13d-3 of the SEC under the Securities Exchange Act of 1934, as then in effect), of shares representing more than thirty-three percent (33%) of the aggregate ordinary Voting Power represented by the issued and outstanding capital stock of Borrower; (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of Borrower by Persons who were neither (i) nominated by the board of directors of Borrower nor (ii) appointed by directors so nominated; or (c) the approval by the shareholders or directors of Borrower of a plan of complete liquidation of Borrower or an agreement or agreements for the sale or disposition by Borrower of all or substantially all of Borrower’s assets; provided that purchases or other acquisitions of Equity Interests by, and sales or other transfers of Equity Interests to or within the Davey ESOP in accordance with its terms shall not be deemed or construed to cause, trigger or otherwise result in a Change in Control.
“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or 

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issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Closing Fee Letter” shall mean the Closing Fee Letter, dated as of the Effective Date, from Borrower to the Banks.
“Co-Documentation Agents” shall have the meaning provided in the introductory paragraph to this Agreement.
“Code” shall mean the Internal Revenue Code of 1986, as amended, together with the rules and regulations promulgated thereunder.
“Commitment” shall mean the obligation hereunder of the Banks to make Loans pursuant to the Revolving Credit Commitments and to participate in the issuance of Letters of Credit up to the Total Commitment Amount.
“Commitment Percentage” shall mean, for each Bank, the percentage set forth opposite such Bank’s name under the column headed “Commitment Percentage” as described in Schedule 1 hereto.
“Commitment Period” shall mean the period from the Effective Date to November 7, 2018, or such earlier date on which the Commitment shall have been terminated pursuant to Article VIII hereof.
“Commodities Hedge Agreement” shall mean a commodities contract purchased by Borrower or any of its Subsidiaries in the ordinary course of business, and not for speculative purposes, with respect to raw materials used in connection with the business of Borrower and its Subsidiaries.
“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Company” shall mean Borrower or a Subsidiary.
“Companies” shall mean Borrower and all Subsidiaries.
“Compliance Certificate” shall mean a certificate, substantially in the form of the attached Exhibit D.
“Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

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“Consolidated” shall mean the resultant consolidation of the financial statements of Borrower and its Subsidiaries in accordance with GAAP, including principles of consolidation consistent with those applied in preparation of the consolidated financial statements referred to in Section 6.13 hereof.
“Consolidated Depreciation and Amortization Charges” shall mean, for any period, the aggregate of all depreciation and amortization charges for fixed assets, leasehold improvements and general intangibles (specifically including goodwill) of Borrower for such period, as determined on a Consolidated basis and in accordance with GAAP.
“Consolidated EBIT” shall mean, for any period, on a Consolidated basis and in accordance with GAAP, Consolidated Net Earnings for such period (exclusive of nonrecurring noncash gains or losses recorded in accordance with SFAS 133, Accounting for Derivatives) plus the aggregate amounts deducted in determining such Consolidated Net Earnings in respect of (a) income taxes, and (b) Consolidated Interest Expense.
“Consolidated EBITDA” shall mean, for any period, on a Consolidated basis and in accordance with GAAP, Consolidated EBIT plus Consolidated Depreciation and Amortization Charges.
“Consolidated Interest Expense” shall mean, for any period, interest expense of Borrower for such period, as determined on a Consolidated basis and in accordance with GAAP.
“Consolidated Net Earnings” shall mean, for any period, the net income (loss) of Borrower for such period, as determined on a Consolidated basis and in accordance with GAAP.
“Consolidated Net Worth” shall mean, at any date, the Consolidated stockholders’ equity of Borrower, determined as of such date in accordance with GAAP.
“Controlled Group” shall mean a Company and each Person required to be aggregated with a Company under Code Sections 414(b), (c), (m) or (o).
“Credit Party” shall mean Borrower or any Guarantor.
“Daily LIBOR Loan” shall mean a Loan described in Section 2.1 hereof on which Borrower shall pay interest at a rate based upon the Daily LIBOR Rate.
“Daily LIBOR Rate” shall mean, for any day, with respect to a Daily LIBOR Loan, the quotient (rounded upwards, if necessary, to the nearest one sixteenth of one percent (1/16th of 1%)) of:  (a) the per annum rate of interest, determined by Agent in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the average of the interest rates available to Agent in the interbank market in London, England at approximately 11:00 A.M. (London time), for that day, as provided by Telerate Service, Bloomberg’s or Reuters (or any other similar company or service that provides rate quotations comparable to those currently provided by such companies) as the rate in the London interbank market for dollar deposits in immediately available funds with a maturity of one month, divided by (b) a number equal to 1.00 minus the 

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Eurocurrency Reserve Percentage.  In the event that such rate quotation is not available for any reason, then the rate (for purposes of clause (a) hereof) shall be the rate, determined by Agent as of approximately 11:00 A.M. (London time) two (2) Business Days prior to the beginning of the month pertaining to such Daily LIBOR Loan, to be the average (rounded upwards, if necessary, to the nearest one sixteenth of one percent (1/16th of 1%)) of the per annum rates at which dollar deposits in immediately available funds in an amount comparable to such Daily LIBOR Loan and with a maturity of one month are offered to the prime banks by leading banks in the London interbank market.  The Daily LIBOR Rate shall be adjusted automatically on and as of the effective date of any change in the Eurocurrency Reserve Percentage.
“Davey ESOT” shall mean, collectively, the Davey 401KSOP and ESOP.
“Debt” shall mean, collectively, all Indebtedness incurred by Borrower to the Banks pursuant to this Agreement and includes the principal of and interest on all Notes and each extension, renewal or refinancing thereof in whole or in part, the commitment fees, other fees and any prepayment fees and other amounts payable hereunder.
“Default” shall mean an event or condition that constitutes, or with the lapse of any applicable grace period or the giving of notice or both would constitute, an Event of Default and that has not been waived by the Required Banks (or all of the Banks, as the case may be) in writing.
“Default Rate” shall mean a rate per annum equal to two percent (2%) in excess of the Base Rate from time to time in effect.
“Defaulting Bank” shall mean, subject to Section 2.8, any Bank that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Bank notifies Agent and Borrower in writing that such failure is the result of such Bank’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent, any Fronting Bank, any Swing Line Lender or any other Bank any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified Borrower, Agent or any Fronting Bank or Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Bank’s obligation to fund a Loan hereunder and states that such position is based on such Bank’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect, or (ii) had appointed 

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for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank.  Any determination by Agent that a Bank is a Defaulting Bank under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Bank shall be deemed to be a Defaulting Bank (subject to Section 2.8) upon delivery of written notice of such determination to Borrower, each Fronting Bank, each Swing Line Lender and each Bank.
“Derived LIBOR Rate” shall mean a rate per annum equal to the sum of the Applicable LIBOR Margin (from time to time in effect) plus the LIBOR Rate.
“Designated Hedge Agreement” shall mean any Hedge Agreement to which any Credit Party is a party and as to which a Bank or any of its Affiliates is a counterparty that, pursuant to a written instrument signed by Agent, has been designated as a Designated Hedge Agreement so that such Credit Party’s counterparty’s credit exposure thereunder will be entitled to share in the benefits of the Guaranty to the extent the Guaranty provides guarantees of such Credit Party under Designated Hedge Agreements.
“Designated Hedge Creditor” shall mean each Bank or Affiliate of a Bank that participates as a counterparty to any Credit Party pursuant to any Designated Hedge Agreement with such Bank or Affiliate of such Bank.
“Effective Date” shall mean November 7, 2013.
“Eligible Assignee” shall mean (i) a Bank, (ii) an Affiliate of a Bank, (iii) an Approved Fund, and (iv) any other Person (other than a natural Person) approved by (A) Agent, (B) each Fronting Bank, and (C) unless an Event of Default has occurred and is continuing, Borrower (each such approval not to be unreasonably withheld or delayed); provided, however, that notwithstanding the foregoing, “Eligible Assignee” shall not include (x) Borrower or any of Borrower’s Affiliates or Subsidiaries, (y) any holder of any Subordinated Indebtedness of any Credit Party or any of such holder’s Affiliates, or (z) any Defaulting Bank or any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute any of the foregoing Persons described in this clause (z).
“Eligible Participant” shall mean (i) a Bank, (ii) an Affiliate of a Bank, (iii) an Approved Fund, (iv) any commercial bank (or the parent company of such bank), insurance company or any company engaged in the business of making commercial loans and (v) any other Person (other than a natural Person) approved by (A) Agent, (B) each Fronting Bank, (C) each Swing Line Lender and (D) unless a Default or Event of Default has occurred and is continuing, Borrower (each such approval not to be unreasonably withheld or delayed); provided, however, that notwithstanding the 

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foregoing, “Eligible Participant” shall not include (x) Borrower or any of Borrower’s Affiliates or Subsidiaries, (y) any holder of any Subordinated Indebtedness of any Credit Party or any of such holder’s Affiliates or (z) any Defaulting Bank or any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute any of the foregoing Persons described in this clause (z).
“Environmental Laws” shall mean all provisions of law, statutes, ordinances, rules, regulations, permits, licenses, judgments, writs, injunctions, decrees, orders, awards and standards promulgated by the government of the United States of America or by any state or municipality thereof or by any court, agency, instrumentality, regulatory authority or commission of any of the foregoing concerning health, safety and protection of, or regulation of the discharge of substances into, the environment.
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated pursuant thereto.
“ERISA Event” shall mean (a) the existence of any condition or event with respect to an ERISA Plan that presents a risk of the imposition of an excise tax or any other liability on a Company or of the imposition of a Lien on the assets of a Company; (b) a Controlled Group member has engaged in a non-exempt “prohibited transaction” (as defined under ERISA Section 406 or Code Section 4975) or a breach of a fiduciary duty under ERISA that could result in liability to a Company; (c) a Controlled Group member has applied for a waiver from the minimum funding requirements of Code Section 412 or ERISA Section 302 or a Controlled Group member is required to provide security under Code Section 401(a)(29) or ERISA Section 307; (d) a Reportable Event has occurred with respect to any Pension Plan as to which notice is required to be provided to the PBGC; (e) a Controlled Group member has withdrawn from a Multiemployer Plan in a “complete withdrawal” or a “partial withdrawal” (as such terms are defined in ERISA Sections 4203 and 4205, respectively); (f) a Multiemployer Plan is in or is likely to be in reorganization under ERISA Section 4241; (g) an ERISA Plan (and any related trust) that is intended to be qualified under Code Sections 401 and 501 fails to be so qualified or any “cash or deferred arrangement” under any such ERISA Plan fails to meet the requirements of Code Section 401(k); (h) the PBGC takes any steps to terminate a Pension Plan or appoint a trustee to administer a Pension Plan, or a Controlled Group member takes steps to terminate a Pension Plan; (i) a Controlled Group member or an ERISA Plan fails to satisfy any requirements of law applicable to an ERISA Plan; (j) a claim, action, suit, audit or investigation is pending or threatened with respect to an ERISA Plan, other than a routine claim for benefits or an audit initiated by Borrower; or (k) a Controlled Group member incurs or is expected to incur any liability for post-retirement benefits under any Welfare Plan, other than as required by ERISA Section 601, et. seq. or Code Section 4980B.
“ERISA Plan” shall mean an “employee benefit plan” (within the meaning of ERISA Section 3(3)) that a Controlled Group member at any time sponsors, maintains, contributes to, has liability with respect to or has an obligation to contribute to such plan.
“Eurocurrency Reserve Percentage” shall mean, for any Interest Period in respect of any LIBOR Loan, as of any date of determination, the aggregate of the then stated maximum reserve percentages (including any marginal, special, emergency or supplemental reserves), expressed as 

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a decimal, applicable to such Interest Period (if more than one such percentage is applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) by the Board of Governors of the Federal Reserve System, any successor thereto, or any other banking authority, domestic or foreign, to which a Bank may be subject in respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board) or in respect of any other category of liabilities including deposits by reference to which the interest rate on LIBOR Loans is determined or any category of extension of credit or other assets that include the LIBOR Loans.  For purposes hereof, such reserve requirements shall include, without limitation, those imposed under Regulation D of the Federal Reserve Board and the LIBOR Loans shall be deemed to constitute Eurocurrency Liabilities subject to such reserve requirements without benefit of credits for proration, exceptions or offsets that may be available from time to time to any Bank under said Regulation D.
“Event of Default” shall mean an event or condition that constitutes an event of default as defined in Article VII hereof.
“Excluded Swap Obligation” shall mean, with respect to Borrower or any Guarantor, as it relates to all or a portion of the Guaranty of such Guarantor or Borrower, any Swap Obligation if, and to the extent that, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s or Borrower’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or Borrower becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee is or becomes illegal.
“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Bank, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Bank, withholding Taxes imposed on amounts payable to or for the account of such Bank with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Bank acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 3.9(B)) or (ii) such Bank changes its Applicable Lending Office, except in each case to the extent that, pursuant to Section 3.2, amounts with respect to such Taxes were payable either to such Bank’s assignor immediately before such Bank became a party hereto or to such Bank immediately before it changed its Applicable Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.2(G) and (d) any U.S. federal withholding Taxes imposed under FATCA.

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“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
“Federal Funds Effective Rate” shall mean, for any day, the rate per annum (rounded upward to the nearest one one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the Effective Date.
“Financial Officer” shall mean any of the following officers: the Chairman, President, Chief Executive Officer, Chief Financial Officer, Treasurer and Corporate Controller.
“Foreign Bank” shall mean (a) if Borrower is a U.S. Person, a Bank that is not a U.S. Person, and (b) if Borrower is not a U.S. Person, a Bank that is resident or organized under the laws of a jurisdiction other than that in which Borrower is resident for tax purposes.  
“Foreign Subsidiary” shall mean a Subsidiary that is organized outside of the United States.
“Fronting Bank” shall mean, as to any Letter of Credit transaction hereunder, Agent as issuer of the Letter of Credit, or, in the event that Agent is unable to issue a Letter of Credit, such other Bank as shall agree to issue the Letter of Credit in its own name, but on behalf of the Banks hereunder.
“Fronting Exposure” shall mean, at any time there is a Defaulting Bank, (a) with respect to any Fronting Bank, such Defaulting Bank’s applicable percentage of the outstanding letter of credit obligations with respect to Letters of Credit issued by such Fronting Bank other than letter of credit obligations as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swing Line Lender, such Defaulting Bank’s applicable percentage of outstanding Swing Line Loans made by such Swing Line Lender other than Swing Line Loans as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks or Cash Collateralized.
“Funded Indebtedness” shall mean all Indebtedness for borrowed money and capitalized leases, including, but not limited to, current, long-term and Subordinated Indebtedness (other than unsecured Subordinated Indebtedness incurred pursuant to Section 5.8(e) hereof) and Synthetic Lease Indebtedness, if any; provided, however, that (a) any Synthetic Lease Indebtedness that is fully cash collateralized pursuant to documentation satisfactory to Agent and the Required Banks shall not be deemed to be Funded Indebtedness and (b) the following shall not be deemed to be “funded”: (i) reimbursement obligations (contingent or otherwise) under any letter of credit, so long as such obligations remain solely contingent obligations, (ii) obligations with respect to any Hedge Agreement, so long as such obligations remain solely contingent obligations, and (iii) self-insurance liabilities incurred pursuant to Section 5.8(b) hereof.

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“GAAP” shall mean generally accepted accounting principles from time to time in effect in the United States of America, applied on a consistent basis.
“Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, global tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or global powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantor” shall mean a Person that pledges its credit or property in any manner for the payment or other performance of the indebtedness, contract or other obligation of another and includes (without limitation) any guarantor (whether of payment or of collection), surety, co-maker, endorser or Person that agrees conditionally or otherwise to make any purchase, loan or investment in order thereby to enable another to prevent or correct a default of any kind.
“Guarantor of Payment” shall mean each of the Companies set forth on Schedule 2 hereof, that are each executing and delivering an Amended and Restated Guaranty of Payment, or any other Person that shall deliver a Guaranty of Payment to Agent subsequent to the Effective Date.
“Guaranty of Payment” shall mean (a) in the case of Borrower, the Parent Guaranty of Payment, and (b) in the case of any Subsidiary of Borrower, each of the Amended and Restated Guaranties of Payment of Debt executed and delivered on or after the Effective Date in connection herewith by the Guarantors of Payment, as the same may from time to time be further amended, restated or otherwise modified.
“Hedge Agreement” shall mean (i) any interest rate swap agreement, any interest rate cap agreement, any interest rate collar agreement or other similar interest rate management agreement or arrangement, (ii) any currency swap or option agreement, foreign exchange contract, forward currency purchase agreement or similar currency management agreement or arrangement or (iii) any Commodities Hedge Agreement.
“Hedging Obligations” shall mean all obligations of any Credit Party under and in respect of any Designated Hedge Agreement. 
“Increasing Lender” shall have the meaning provided in Section 2.5(d) hereof.
“Indebtedness” shall mean, for any Company (excluding in all cases trade payables payable in the ordinary course of business by such Company), without duplication, (a) all obligations to repay borrowed money, direct or indirect, incurred, assumed, or guaranteed, (b) all obligations for the deferred purchase price of capital assets, (c) all obligations under conditional sales or other title retention agreements, (d) all obligations (contingent or otherwise) under any letter of credit, banker’s acceptance, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate management device, (e) all Synthetic Lease Indebtedness, (f) all lease obligations that have been or should be capitalized on the books of such Company in accordance with GAAP, (g) all obligations of such Company with respect to asset securitization financing programs to the extent that there is recourse against such Company or such Company is liable (contingent or otherwise) 

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under any such program, (h) all obligations to advance funds to, or to purchase assets, property or services from, any other Person in order to maintain the financial condition of such Person, (i) any other transaction (including forward sale or purchase agreements) having the commercial effect of a borrowing of money entered into by such Company to finance its operations or capital requirements and (j) all guarantees of any of the foregoing Indebtedness by any Company.
“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Insurance Subsidiary” shall mean Standing Rock Insurance Company, a Vermont corporation.
“Insurance Subsidiary Letter of Credit” shall mean any standby letter of credit issued at the request of the Insurance Subsidiary which standby letter of credit (and any application and reimbursement entered into in connection therewith) may, at the request of Borrower, contain a waiver of reimbursement or setoff rights against the Insurance Subsidiary by KeyBank National Association.
“Interest Adjustment Date” shall mean the last day of each Interest Period.
“Interest Period” shall mean, with respect to any LIBOR Loan, the period commencing on the date such LIBOR Loan is made and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof, and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof.  The duration of each Interest Period for any LIBOR Loan shall be one (1) month, two (2) months, three (3) months, or six (6) months, in each case as Borrower may select upon notice, as set forth in Section 2.2 hereof, provided that: (a) if  Borrower fails to so select the duration of any Interest Period, Borrower shall be deemed to have converted such LIBOR Loan to a Base Rate Loan at the end of the then current Interest Period; and (b) Borrower may not select any Interest Period for a LIBOR Loan that ends after any date when principal is due on such LIBOR Loan.
“KeyBank” shall mean KeyBank National Association.
“Law”  shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Authority, foreign or domestic.
 “Letter of Credit” shall mean (a) any Insurance Subsidiary Letter of Credit, and (b) any other standby letter of credit that shall be issued by the Fronting Bank for the benefit of Borrower or a Guarantor of Payment, in each case including amendments thereto, if any, and, unless otherwise agreed to by the Fronting Bank, having an expiration date no later than thirty (30) days prior to the last day of the Commitment Period; provided, however, that  if the Fronting Bank has agreed that 

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a Letter of Credit may have an expiration date after the last day of the Commitment Period, then within thirty (30) days prior to the last day of the Commitment Period, such Letter of Credit shall be Cash Collateralized in a manner and in an amount acceptable to the Fronting Bank.
“Letter of Credit Commitment” shall mean the commitment of the Fronting Bank, on behalf of the Banks, to issue Letters of Credit in an aggregate outstanding face amount of up to One Hundred Million Dollars ($100,000,000), during the Commitment Period, on the terms and conditions set forth in Section 2.1C hereof; provided, however, that at no time shall the outstanding face amount of Insurance Subsidiary Letters of Credit exceed Ten Million Dollars ($10,000,000).
“Letter of Credit Exposure” shall mean the sum of (a) the aggregate undrawn face amount of all issued and outstanding Letters of Credit, and (b) the aggregate of the draws made on Letters of Credit that have not been reimbursed by Borrower or converted to a Revolving Loan pursuant to Section 2.1C hereof.
“Letter of Credit Fee” shall have the meaning provided in Section 2.1C hereof.
“Leverage Ratio” shall mean, at any time, on a Consolidated basis and in accordance with GAAP, the ratio of (a) Funded Indebtedness at such time to (b) Consolidated EBITDA for the most recently completed four (4) fiscal quarters.
“LIBOR Loan” shall mean a Loan described in Section 2.1 hereof on which Borrower shall pay interest at a rate based upon the LIBOR Rate. Unless the context requires otherwise, LIBOR Loan shall include Daily LIBOR Loan.
“LIBOR Rate” shall mean, for any Interest Period with respect to a LIBOR Loan, the quotient (rounded upwards, if necessary, to the nearest one sixteenth of one percent (1/16th of 1%)) of: (a) the per annum rate of interest, determined by Agent in accordance with its usual procedures (which determination shall be conclusive absent manifest error) as of approximately 11:00 A.M. (London time) two (2) Business Days prior to the beginning of such Interest Period pertaining to such LIBOR Loan, as provided by Telerate Service, Bloomberg’s or Reuters (or any other similar company or service that provides rate quotations comparable to those currently provided by such companies) as the rate in the London interbank market for dollar deposits in immediately available funds with a maturity comparable to such Interest Period, divided by (b) a number equal to 1.00 minus the Eurocurrency Reserve Percentage.  In the event that such rate quotation is not available for any reason, then the rate (for purposes of clause (a) hereof) shall be the rate, determined by Agent as of approximately 11:00 A.M. (London time) two (2) Business Days prior to the beginning of such Interest Period pertaining to such LIBOR Loan, to be the average (rounded upwards, if necessary, to the nearest one sixteenth of one percent (1/16th of 1%)) of the per annum rates at which dollar deposits in immediately available funds in an amount comparable to such LIBOR Loan and with a maturity comparable to such Interest Period are offered to the prime banks by leading banks in the London interbank market.  The LIBOR Rate shall be adjusted automatically on and as of the effective date of any change in the Eurocurrency Reserve Percentage.

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“Lien” shall mean any mortgage, security interest, lien (statutory or other), charge, encumbrance on, pledge or deposit of, or conditional sale or other title retention agreement and any capitalized leases with respect to any property (real or personal) or asset.
“Loan” or “Loans” shall mean any Revolving Loan or Swing Line Loan made to Borrower by the Banks in accordance with Section 2.1 hereof.
“Loan Documents” shall mean this Agreement, each of the Notes, each of the Guaranties of Payment, all documentation relating to each Letter of Credit and any other documents relating to any of the foregoing, as any of the foregoing may from time to time be amended, restated or otherwise modified or replaced.
“Master Note Purchase Agreement” shall mean that certain Master Note Purchase Agreement, dated as of July 22, 2010, by and among Borrower and the purchasers party thereto, pursuant to which Borrower issued and sold Thirty Million Dollars ($30,000,000) in aggregate principal amount of its 5.09% Senior Notes, Series A, due July 22, 2020, as the same may from time to time be amended, restated or otherwise modified.
“Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, property, condition (financial or otherwise) or prospects of Borrower or any Guarantor of Payment, or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights and remedies of Agent or the Banks hereunder or thereunder.
“Material Indebtedness Agreement” shall mean any debt instrument, lease (capital, operating or otherwise), guaranty, contract, commitment, agreement or other arrangement evidencing any Indebtedness of any Company in excess of the aggregate amount of $5,000,000.
“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor to such company.
“Multiemployer Plan” shall mean a Pension Plan that is subject to the requirements of Subtitle E of Title IV of ERISA.
“Non-Defaulting Bank” shall mean, at any time, each Bank that is not a Defaulting Bank at such time.
“Non-Increasing Lender” shall have the meaning provided in Section 2.5(d) hereof.
“Note” shall mean any Revolving Credit Note, Swing Line Note, or any other note delivered pursuant to this Agreement.
“Notice of Loan” shall mean a Notice of Loan in the form of the attached Exhibit C.
“Notice of Swing Line Loan Refunding” shall have the meaning provided in Section 2.1B(a).

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“Obligations” shall mean, collectively, (a) the Debt, (b) the Banking Services Obligations, (c) the Related Expenses, and (d) all Hedging Obligations; provided, however, that Obligations shall not include any Excluded Swap Obligations.
“Obligor” shall mean (a) a Person whose credit or any of whose property is pledged to the payment of the Debt and includes, without limitation, any Guarantor, and (b) any signatory to a Related Writing.
“Old Republic” shall mean Old Republic Insurance Company.
“Organizational Documents” shall mean, with respect to any Person (other than an individual), such Person’s Articles (Certificate) of Incorporation, or equivalent formation documents, and Regulations (Bylaws), or equivalent governing documents, and any amendments to any of the foregoing.
“Other Connection Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, engaged in any other transaction pursuant to or enforced by any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.9). 
“Parent Guaranty of Payment” shall mean an Amended and Restated Guaranty of Payment of Debt, in form and substance satisfactory to Agent and the Banks, executed and delivered by Borrower on the date hereof pursuant to which Borrower shall guaranty the payment in full of all of the obligations of the Insurance Subsidiary with respect to each Letter of Credit issued for its account or at their request.
“PBGC” shall mean the Pension Benefit Guaranty Corporation, or its successor.
“Pension Plan” shall mean an ERISA Plan that is a “pension plan” (within the meaning of ERISA Section 3(2)).
“Permitted Receivables Facility” shall mean (i) any customary “factoring” program which involves the transfer or sale without recourse (other than customary limited recourse) of accounts receivable and related assets and rights and (ii) any other customary program for financing based solely on the grant of security interests on accounts receivable (and the proceeds thereof and related agreements and security customary for accounts receivable financings) of Borrower and its Subsidiaries and which involves the transfer, contribution or sale without recourse (other than customary limited recourse) of such accounts receivable to a Receivables Subsidiary and transfers, 

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pledges or sales of interests in such accounts receivable to the parties providing such financing, so long as (a) no portion of the Indebtedness or any other obligation (contingent or otherwise) under such Permitted Receivables Facility shall be guaranteed by any Company, (b) there shall be no recourse or obligation to any Company (other than the Receivables Subsidiary) whatsoever other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with such Receivables Subsidiary that in the reasonable opinion of Agent are customary for securitization transactions (including performance guarantees by Borrower of any of its Subsidiaries), and (c) no Company (other than the Receivables Subsidiary) shall have provided, either directly or indirectly, any other credit support of any kind in connection with such Permitted Receivables Facility, other than as set forth in subpart (b) of this definition.
“Person” shall mean any individual, sole proprietorship, partnership, joint venture, unincorporated organization, corporation, limited liability company, institution, trust, estate, government or other agency or political subdivision thereof or any other entity.
“Prime Rate” shall mean the interest rate established from time to time by Agent as Agent’s prime rate, whether or not such rate is publicly announced; the Prime Rate may not be the lowest interest rate charged by Agent for commercial or other extensions of credit.  Each change in the Prime Rate shall be effective immediately from and after such change.
“Qualified ECP Guarantor” shall mean, in respect of any Obligations with respect to a Designated Hedge Agreement, each Guarantor of Payment that has total assets exceeding $10,000,000 at the time the relevant guarantee becomes effective with respect to such Obligations or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Receivables Related Assets” means, collectively, any indebtedness and other obligations owed to the Company or any of its Subsidiaries by, or any right of the Company or any of its Subsidiaries to payment from or on behalf of, the Person obligated with respect to such indebtedness or other obligations, arising in connection with the sale of goods or the rendering of services by the Company or any of its Subsidiaries (in each case, an “Account Receivable”) that is subject to the Permitted Receivables Facility, and the following to the extent that they are proceeds of or relate to the Accounts Receivable that are subject to the Permitted Receivables Facility: (A) accounts, (B) instruments, (C) chattel paper, (D) general intangibles, (E) the merchandise or goods (including returned goods), the sale or lease of which gave rise to such Accounts Receivable, and the insurance proceeds thereof, (F) contractual rights (including any agreement, lease, invoice or other writing), guaranties, insurance, claims and indemnities, (G) books and records, (H) all documentation of title evidencing the shipment or storage of any goods (including returned goods), (I) guaranties and collections of such Accounts Receivable, (J) any security interest or liens and property thereto from time to time purporting to secure payment of such Accounts Receivable, (K) lock-box accounts and amounts on deposit therein, (L) monies due or to become due, and (M) all proceeds and products of and all amounts received or receivable under any of the foregoing.

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“Receivables Subsidiary” shall mean a wholly-owned Subsidiary of Borrower that has been established as a “bankruptcy remote” Subsidiary for the sole purpose of acquiring and selling or transferring or granting security interests in accounts receivable and related assets under the Permitted Receivables Facility and that shall not engage in any activities other than in connection with the Permitted Receivables Facility.
“Recipient” shall mean (a) Agent, (b) any Bank and (c) any Fronting Bank, as applicable.
“Related Expenses” shall mean any and all costs, liabilities and expenses (including, without limitation, losses, damages, penalties, claims, actions, reasonable attorneys’ fees, legal expenses, judgments, suits and disbursements) incurred by, imposed upon, or asserted against, Agent or any Bank in any attempt by Agent (a) to obtain payment, performance or observance of any and all of the Debt, or (b) incidental or related to (a) above, including, without limitation, interest thereupon from the date incurred, imposed or asserted until paid at the Default Rate.
“Related Writing” shall mean each Loan Document and any other assignment, mortgage, security agreement, guaranty agreement, subordination agreement, financial statement, audit report, certificate or other writing furnished by Borrower, any Subsidiary or any Obligor, or any of their respective officers, to the Banks and/or Agent pursuant to or otherwise in connection with this Agreement.
“Reportable Event” shall mean a reportable event as that term is defined in Title IV of ERISA, except actions of general applicability by the Secretary of Labor under Section 110 of such Act.
“Required Banks” shall mean the holders of more than sixty-six and two-thirds percent (662⁄3%) of the Total Commitment Amount, or, if there is any borrowing hereunder, the holders of more than sixty-six percent and two-thirds percent (662⁄3%) of the aggregate amount outstanding under the Notes; provided, that, if any Bank shall be a Defaulting Bank at such time, then there shall be excluded from the determination of Required Banks, Obligations owing to such Defaulting Bank and such Defaulting Bank’s Commitments.
“Restatement Date” shall mean November 21, 2006.
“Revolving Credit Commitment” shall mean the obligation hereunder of each Bank, during the Commitment Period, to participate in the making of Revolving Loans, Swing Line Loans and the issuance of Letters of Credit, up to the  aggregate  amount set forth opposite such Bank’s name under the columns headed “Revolving Credit Commitment Amount” and “Swing Line Commitment Amount,” respectively, as set forth on Schedule 1 hereof (or such other amount as shall be determined pursuant to Section 2.5 hereof).
“Revolving Credit Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of all Revolving Loans outstanding, (b) the aggregate principal amount of all Swing Line Loans outstanding and (c) the Letter of Credit Exposure.

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“Revolving Credit Note” shall mean any Revolving Credit Note executed and delivered pursuant to Section 2.1A hereof.
“Revolving Loan” shall mean a Loan granted to Borrower by the Banks in accordance with Section 2.1A hereof.
“SDN List” has the meaning provided in Section 6.19.  
“SEC” shall mean the United States Securities and Exchange Commission.
“Senior Note Purchase Agreements” shall mean (i) the Master Note Purchase Agreement and (ii) one additional note purchase agreement, by and among Borrower and the purchasers party thereto, pursuant to which Borrower issues and sells not greater than Thirty Million Dollars ($30,000,000) in aggregate principal amount of senior unsecured notes; provided that each such additional note purchase agreement is in form and substance reasonably acceptable to Agent; provided further that the aggregate amount of the Master Note Purchase Agreement when combined with any other note purchase agreement entered into in accordance with clause (ii) above, shall not at any point exceed Sixty Million Dollars ($60,000,000).
“Standard & Poor’s” shall mean Standard & Poor’s Ratings Group, a division of McGraw-Hill, Inc., or any successor to such company.
“Subordinated”, as applied to Indebtedness, shall mean that the Indebtedness has been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to Agent and the Required Banks) in favor of the prior payment in full of the Debt.
“Subsidiary” of Borrower or any of its Subsidiaries shall mean (a) a corporation more than fifty percent (50%) of the Voting Power of which is owned, directly or indirectly, by Borrower or by one or more other subsidiaries of Borrower or by Borrower and one or more subsidiaries of Borrower, (b) a partnership or limited liability company of which Borrower, one or more other subsidiaries of Borrower or Borrower and one or more subsidiaries of Borrower, directly or indirectly, is a general partner or managing member, as the case may be, or otherwise has the power to direct the policies, management and affairs thereof, or (c) any other Person (other than a corporation) in which Borrower, one or more other subsidiaries of Borrower or Borrower and one or more subsidiaries of Borrower, directly or indirectly, has at least a majority ownership interest or the power to direct the policies, management and affairs thereof.
“Swap Obligation” shall mean, with respect to Borrower or any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Swing Line Commitment” shall mean $15,000,000.
“Swing Line Facility” shall mean the credit facility established under Section 2.1B pursuant to the Swing Line Commitment of the Swing Line Lender.
“Swing Line Lender” shall mean KeyBank National Association.

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“Swing Line Loan” shall mean any loan made by the Swing Line Lender under the Swing Line Facility pursuant to Section 2.1B.
“Swing Line Loan Maturity Date” shall mean, with respect to any Swing Line Loan, the earlier of (i) the last day of the period for such Swing Line Loan as established by the Swing Line Lender and agreed to by Borrower, which shall be less than fifteen (15) days, and (ii) the expiration of the Commitment Period.
“Swing Line Note” shall mean a promissory note substantially in the form of Exhibit B hereto.
“Swing Line Loan Participation Amount” has the meaning provided in Section 2.1B.
“Swing Line Loan Participation” has the meaning provided in Section 2.1B.
“Synthetic Lease” shall mean any lease entered into by any Company that is treated as a lease for accounting purposes but that is intended by the parties to be treated as a financing transaction for income tax, property law and/or bankruptcy purposes, and in respect of which transaction any Synthetic Lease Indebtedness is issued or incurred.
“Synthetic Lease Indebtedness” shall mean the aggregate principal amount of (and capitalized interest on) all Indebtedness incurred or issued in connection with any Synthetic Lease that is secured, supported or serviced, directly or indirectly, by any payments made by any Company.
“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Total Capitalization” shall mean the sum of (a) Funded Indebtedness plus (b) Consolidated Net Worth.
“Total Commitment Amount” shall mean, at any time, the Total Revolving Commitment Amount.
“Total Revolving Commitment Amount” shall mean the principal amount of One Hundred Seventy-Five Million Dollars ($175,000,000), or such other amount as shall be determined pursuant to Section 2.5 hereof.
“Unaffiliated Equity Offering” shall mean any public or private equity offering by a Company to any Person, other than (a) an individual who is an employee of a Company or related to an individual who is an employee of such Company, or (b) any Person that is a shareholder of such Company on the Effective Date.
“U.S. Person” shall mean any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 3.2.

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“USA Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001.
“Voting Power” shall mean, with respect to any Person, the exclusive ability to control, through the ownership of shares of capital stock, partnership interests, membership interests or otherwise, the election of members of the board of directors or other similar governing body of such Person, and the holding of a designated percentage of Voting Power of a Person means the ownership of shares of capital stock, partnership interests, membership interests or other interests of such Person sufficient to control exclusively the election of that percentage of the members of the board of directors or similar governing body of such Person.
“Welfare Plan” shall mean an ERISA Plan that is a “welfare plan” within the meaning of ERISA Section 3(l).
“Withholding Agent” shall mean any Credit Party and Agent.
Any accounting term not specifically defined in this Article I shall have the meaning ascribed thereto by GAAP.
The foregoing definitions shall be applicable to the singular and plurals of the foregoing defined terms.
SECTION 1.2    ACCOUNTING PRINCIPLES.  Should any change in U.S. generally accepted principles from those used in the preparation of the audited consolidated financial statements of Borrower referred to in Section 5.3(b) occur by reason of any change in the rules, regulations, regulations, pronouncements, opinion or other requirements of the Financial Accounting Standards Board (FASB) (or any successor thereto or agency with similar function), or if Borrower adopts the International Financial Reporting Standards, and such change in accounting principles and/or adoption of such standards results in a change in the method or results of calculation of financial covenants and/or defined terms contained in this Agreement, then at the option of the Required Banks or Borrower, the parties will enter into good faith negotiations to amend such financial covenants and/or defined terms in such manner as the parties shall agree, each acting reasonably, in order to reflect fairly such changes and/or adoption so that the criteria for evaluating the financial condition of Borrower shall be the same in commercial effect after, as well as before, such changes and/or adoption are made (in which case the method and calculation of financial covenants and/or defined terms related thereto hereunder shall be determined in the manner so agreed); provided that, until so amended, such calculations shall continue to be computed in accordance with GAAP prior to such change therein or adoption.
SECTION 1.3    EFFECT OF AMENDMENT AND RESTATEMENT; NO NOVATION.  Upon the effectiveness of this Agreement, the A&R Credit Agreement shall be amended and restated in its entirety by this Agreement.  The obligations of Borrower and each Obligor to repay the Debt (the “Existing Obligations”) shall continue in full force and effect, and the effectiveness of this Agreement shall not constitute a novation or repayment of the Existing Obligations.  Borrower hereby reaffirms its obligations, liabilities and the validity of all covenants by it contained in any 

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and all Loan Documents, as amended, supplemented or otherwise modified by this Agreement and by the other Loan Documents delivered prior to the Effective Date.  Any and all references in any Loan Documents to the A&R Credit Agreement shall be deemed to be amended to refer to this Agreement.  Without limiting the foregoing, upon the effectiveness hereof: Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Bank’s credit and loan exposure under the A&R Credit Agreement as are necessary in order that the Existing Obligations due and payable to a Bank  hereunder reflect such Bank’s ratable share of the aggregate of all such Existing Obligations on the Effective Date.  Except as expressly modified herein, all of the terms and provisions of the (y) Original Loan Agreement shall continue to apply for the periods prior to the Restatement Date and (z) the A&R Credit Agreement shall continue to apply for the periods prior to the Effective Date, in each case, including any determinations of payment dates, interest rates, compliance with covenants and other obligations, accuracy of representations and warranties, Events of Default or any amount payable to Agent or Banks.  As to all periods occurring on or after the Effective Date, all of the covenants in the Original Loan Agreement and the A&R Credit Agreement shall be of no further force and effect (with respect to such periods), it being understood that all obligations of Borrower under the Original Loan Agreement and the A&R Credit Agreement shall be governed by this Agreement from and after the Effective Date.  
ARTICLE II. 
 
AMOUNT AND TERMS OF CREDIT
SECTION 2.1    AMOUNT AND NATURE OF CREDIT.  Subject to the terms and conditions of this Agreement, each Bank will participate to the extent hereinafter provided in making Loans to Borrower, and issuing Letters of Credit at the request of Borrower, in such aggregate amount as Borrower shall request pursuant to the Commitment; provided, however, that in no event shall the aggregate principal amount of all Loans and Letters of Credit outstanding under this Agreement be in excess of the Total Commitment Amount.
Each Bank, for itself and not one for any other, agrees to participate in Loans made and Letters of Credit issued hereunder during the Commitment Period on such basis that (a) immediately after the completion of any borrowing of Revolving Loans by Borrower or issuance of a Letter of Credit hereunder, the aggregate principal amount then outstanding on the Revolving Credit Notes issued to such Bank, when combined with such Bank’s pro rata share of the Letter of Credit Exposure, shall not be in excess of the Revolving Credit Commitment for such Bank, and (b) such aggregate principal amount outstanding on the Revolving Credit Notes issued to such Bank shall represent that percentage of the aggregate principal amount then outstanding on all Revolving Credit Notes (including the Revolving Credit Notes held by such Bank) that is such Bank’s Commitment Percentage.
Each borrowing from the Banks hereunder shall be made pro rata according to the Banks’ respective Commitment Percentages. The Loans may be made as Revolving Loans or Swing Line Loans, and Letters of Credit may be issued, as follows:

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A.    Revolving Loans.
Subject to the terms and conditions of this Agreement, during the Commitment Period, the Banks shall make a Revolving Loan or Revolving Loans to Borrower in such amount or amounts as Borrower may from time to time request, but not exceeding in aggregate principal amount at any time outstanding hereunder the Total Revolving Commitment Amount, when such Revolving Loans are combined with the Letter of Credit Exposure.  Borrower shall have the option, subject to the terms and conditions set forth herein, to borrow Revolving Loans, maturing on the last day of the Commitment Period, by means of any combination of (a) Base Rate Loans or (b) LIBOR Loans.
Borrower shall pay interest on the unpaid principal amount of Base Rate Loans outstanding from time to time from the date thereof until paid at the Base Rate from time to time in effect.  Interest on such Base Rate Loans shall be payable, commencing June 30, 2013, and on the last day of each succeeding March, June, September and December thereafter and at the maturity thereof.
Borrower shall pay interest on the unpaid principal amount of each LIBOR Loan outstanding from time to time, from the date thereof until paid, at the Derived LIBOR Rate, fixed in advance for each Interest Period (but subject to changes in the Applicable LIBOR Margin) as herein provided for each such Interest Period.  Interest on such LIBOR Loans shall be payable on each Interest Adjustment Date with respect to an Interest Period (provided that if an Interest Period exceeds three (3) months, the interest must be paid every three (3) months, commencing three (3) months from the beginning of such Interest Period).
At the request of Borrower to Agent, subject to the notice and other provisions of Section 2.2 hereof, the Banks shall convert Base Rate Loans to LIBOR Loans at any time and shall convert LIBOR Loans to Base Rate Loans on any Interest Adjustment Date.
The obligation of Borrower to repay the Base Rate Loans and LIBOR Loans that are Revolving Loans made by each Bank and to pay interest thereon shall be evidenced by a Revolving Credit Note of Borrower in the form of Exhibit A hereto, payable to the order of such Bank in the principal amount of its Revolving Credit Commitment, or, if less, the aggregate unpaid principal amount of Revolving Loans made hereunder by such Bank. Subject to the provisions of this Agreement, Borrower shall be entitled under this Section 2.1A to borrow Revolving Loans, repay the same in whole or in part and re-borrow hereunder at any time and from time to time during the Commitment Period.
B.    Swing Line Loans.  
Subject to the terms and conditions of this Agreement, during the Commitment Period, the Swing Line Lender shall make a Swing Line Loan to Borrower in such amount or amounts as Borrower may from time to time request, but not exceeding in aggregate principal amount at any time outstanding hereunder the Swing Line Commitment.  Swing Line Loans:  (i) shall be payable on the Swing Line Loan Maturity Date applicable to each such Swing Line Loan; (ii) shall be made only in U.S. Dollars; (iii) may be repaid or prepaid and reborrowed in accordance with the provisions hereof; (iv) may only be made if after giving effect thereto (A) the aggregate principal amount of Swing Line Loans outstanding does not exceed the Swing Line Commitment, and (B) the Credit 

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Exposure plus the principal amount of Swing Line Loans would not exceed the Total Commitment Amount; (v) shall not be made if, after giving effect thereto, Borrower would be required to prepay Loans or Cash Collateralize Letters of Credit pursuant to Section 2.8 hereof; (vi) shall not be made if the proceeds thereof would be used to repay, in whole or in part, any outstanding Swing Line Loan and (vii) at no time shall there be more than one (1) borrowing of Swing Line Loans outstanding hereunder.  Borrower shall have the option, subject to the terms and conditions set forth herein, to borrow Swing Line Loans, maturing on the applicable Swing Line Loan Maturity Date, by means of Daily LIBOR Rate Loans.
Borrower shall pay interest on the unpaid principal amount of each Daily LIBOR Loan outstanding from time to time, from the date thereof until paid, at the Daily LIBOR Rate.  Interest on such Daily LIBOR Loans shall be payable on the applicable Swing Line Loan Maturity Date.
1.    Swing Line Loan Refunding.  The Swing Line Lender may at any time, in its sole and absolute discretion, direct that the Swing Line Loans owing to it be refunded by delivering a notice to such effect to the Agent, specifying the aggregate principal amount thereof (a “Notice of Swing Line Loan Refunding”).  Promptly upon receipt of a Notice of Swing Line Loan Refunding, the Agent shall give notice of the contents thereof to the Banks with Commitments and, unless an Event of Default specified in Section 7.11 in respect of Borrower has occurred, to Borrower.  Each such Notice of Swing Line Loan Refunding shall be deemed to constitute delivery by Borrower under such Swing Line Loan of a Notice of Loan requesting Revolving Loans consisting of Daily LIBOR Loans in the amount of the Swing Line Loan to which it relates.  Each Bank with a Revolving Credit Commitment (including the Swing Line Lender) hereby unconditionally agrees (notwithstanding that any of the conditions specified in Section 2.2 or elsewhere in this Agreement shall not have been satisfied, but subject to the provisions of paragraph (c) below) to make a Revolving Loan to Borrower in the amount of such Bank’s Commitment Percentage of the aggregate amount of the Swing Line Loans to which such Notice of Swing Line Loan Refunding relates.  Each such Bank shall make the amount of such Revolving Loan available to the Agent by wire transfer of immediately available funds, in the same manner as provided in Section 2.2 with respect to Revolving Loans not later than 3:00 P.M. (Cleveland, Ohio time), if such notice is received by such Bank prior to 11:00 A.M. (Cleveland, Ohio time), or not later than 2:00 P.M. (Cleveland, Ohio time) on the next Business Day, if such notice is received by such Bank after such time.  The proceeds of such Revolving Loans shall be made immediately available to the Swing Line Lender and applied by it to repay the principal amount of the Swing Line Loans to which such Notice of Swing Line Loan Refunding relates.
2.    Swing Line Loan Participation.  If prior to the time a Revolving Loan would otherwise have been made as provided above as a consequence of a Notice of Swing Line Loan Refunding, any of the events specified in Section 7.11 shall have occurred in respect of Borrower or one or more of the Banks with Revolving Commitments shall determine that it is legally prohibited from making a Revolving Loan under such circumstances, each Bank (other than the Swing Line Lender), or each Bank (other than such Swing Line Lender) so prohibited, as the case may be, shall, on the date such Revolving Loan would have been made by it (the “Purchase Date”), purchase an undivided participating interest (a “Swing Line Loan Participation”) in the outstanding Swing Line Loans to which such Notice of Swing Line Loan Refunding relates, in an amount (the “Swing Line Loan Participation Amount”) equal to such Bank’s Commitment Percentage of such outstanding 

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Swing Line Loans.  On the Purchase Date, each such Bank or each such Bank so prohibited, as the case may be, shall pay to the Swing Line Lender, in immediately available funds, such Bank’s Swing Line Loan Participation Amount, and promptly upon receipt thereof the Swing Line Lender shall, if requested by such other Bank, deliver to such Bank a participation certificate, dated the date of the Swing Line Lender’s receipt of the funds from, and evidencing such Bank’s Swing Line Loan Participation in, such Swing Line Loans and its Swing Line Loan Participation Amount in respect thereof.  If any amount required to be paid by a Bank to the Swing Line Lender pursuant to the above provisions in respect of any Swing Line Loan Participation is not paid on the date such payment is due, such Bank shall pay to the Swing Line Lender on demand interest on the amount not so paid at the overnight Federal Funds Effective Rate from the due date until such amount is paid in full.  Whenever, at any time after the Swing Line Lender has received from any other Bank such Bank’s Swing Line Loan Participation Amount, the Swing Line Lender receives any payment from or on behalf of Borrower on account of the related Swing Line Loans, the Swing Line Lender will promptly distribute to such Bank its ratable share of such amount based on its Commitment Percentage of such amount on such date on account of its Swing Line Loan Participation (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Bank’s participating interest was outstanding and funded); provided, however, that if such payment received by the Swing Line Lender is required to be returned, such Bank will return to the Swing Line Lender any portion thereof previously distributed to it by the Swing Line Lender.
3.    Obligations Unconditional.  Each Bank’s obligation to make Revolving Loans pursuant to Section 2.1B and/or to purchase Swing Line Loan Participations in connection with a Notice of Swing Line Loan Refunding shall be subject to the conditions that (i) such Bank shall have received a Notice of Swing Line Loan Refunding complying with the provisions hereof and (ii) at the time the Swing Line Loans that are the subject of such Notice of Swing Line Loan Refunding were made, the Swing Line Lender making the same had no actual written notice from another Bank that an Event of Default had occurred and was continuing, but otherwise shall be absolute and unconditional, shall be solely for the benefit of the Swing Line Lender that gives such Notice of Swing Line Loan Refunding, and shall not be affected by any circumstance, including, without limitation, (A) any set-off, counterclaim, recoupment, defense or other right that such Bank may have against any other Bank, Borrower, any Guarantor, or any other Person, or Borrower or Guarantor may have against any Bank or other Person, as the case may be, for any reason whatsoever; (B) the occurrence or continuance of a Default or Event of Default; (C) any event or circumstance involving a Material Adverse Effect; (D) any breach of any Loan Document by any party thereto; or (E) any other circumstance, happening or event, whether or not similar to any of the foregoing.
Upon the request of any Bank, the obligation of Borrower to repay the Swing Line Loan made by such Bank and to pay interest thereon shall be evidenced by a Swing Line Loan Note of Borrower in the form of Exhibit B hereto, payable to the order of the Swing Line Lender in the principal amount of its Swing Line Participation Amount, or, if less, the aggregate unpaid principal amount of Swing Line Loans made hereunder by the Swing Line Lender.  Subject to the provisions of this Agreement, Borrower shall be entitled under this Section 2.1B to borrow funds, repay the same in whole or in part and re-borrow hereunder at any time and from time to time during the Commitment Period.

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C.    Letters of Credit.
Subject to the terms and conditions of this Agreement, during the Commitment Period, the Fronting Bank, in its own name, but only as agent for the Banks, shall issue such Letters of Credit for the account of Borrower, any Guarantor of Payment or the Insurance Subsidiary as Borrower may from time to time request.  Borrower shall not request any Letter of Credit (and the Fronting Bank shall not be obligated to issue any Letter of Credit) if, after giving effect thereto, (a) the Letter of Credit Exposure would exceed the Letter of Credit Commitment or (b) the Revolving Credit Exposure would exceed the Total Commitment Amount.  The issuance of each Letter of Credit shall confer upon each Bank the benefits and liabilities of a participation consisting of an undivided pro rata interest in the Letter of Credit to the extent of such Bank’s Commitment Percentage.
Each request for a Letter of Credit shall be delivered to Agent not later than 11:00 A.M. (Cleveland, Ohio time) three (3) Business Days prior to the day upon which the Letter of Credit is to be issued.  Each such request shall be in a form acceptable to Agent (and the Fronting Bank if the Fronting Bank is a Bank other than Agent) and specify the face amount thereof, whether such Letter of Credit is a commercial documentary or a standby Letter of Credit, the beneficiary, the intended date of issuance, the expiry date thereof (which date shall not be later than the last day of the Commitment Period, unless Borrower Cash Collateralizes such Letters of Credit in a manner reasonably acceptable to Agent), and the nature of the transaction to be supported thereby.  Concurrently with each such request, Borrower, any Guarantor of Payment for whose benefit the Letter of Credit is to be issued, or the Insurance Subsidiary, as appropriate, shall execute and deliver to the Fronting Bank an appropriate application and agreement, being in the standard form of the Fronting Bank for such letters of credit, as amended to conform to the provisions of this Agreement if required by Agent.  Agent shall give each Bank notice of each such request for a Letter of Credit.
In respect of each Letter of Credit and the drafts thereunder, if any, whether issued for the account of Borrower, a Guarantor of Payment or the Insurance Subsidiary, Borrower agrees (a) to pay to Agent, for the pro rata benefit of the Banks, a non-refundable commission based upon the face amount of the Letter of Credit, which shall be paid quarterly in arrears at a rate per annum equal to the Applicable LIBOR Margin (in effect on the date such Letter of Credit is issued or renewed) times the face amount of such Letter of Credit during such fiscal quarter (the “Letter of Credit Fee”); (b) to pay to Agent, for its own account as issuing bank, a fronting fee based upon the face amount of the Letter of Credit, which shall be paid quarterly in arrears, at a rate per annum equal to ten (10) basis points times the face amount of such Letter of Credit; and (c) to pay to the Fronting Bank, for its sole account, such other issuance, amendment, negotiation, draw, acceptance, telex, courier, postage and similar transactional fees as are generally charged by the Fronting Bank under its fee schedule as in effect from time to time.
Whenever a Letter of Credit is drawn, Borrower shall immediately reimburse the Fronting Bank for the amount drawn.  In the event that the amount drawn is not reimbursed by Borrower within one (1) Business Day of the drawing of such Letter of Credit, at the sole option of Agent (and the Fronting Bank, if the Fronting Bank is a Bank other than Agent), Borrower shall be deemed to have requested a Revolving Loan, subject to the provisions of Section 2.1A, in the amount drawn.  Such Revolving Loan shall be evidenced by the Revolving Credit Notes.  Each Bank agrees to make a Revolving Loan on the date of such notice, subject to no conditions precedent whatsoever.  Each 

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Bank acknowledges and agrees that its obligation to make a Revolving Loan pursuant to Section 2.1A when required by this Section 2.1C is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, the occurrence and continuance of a Default or Event of Default, and that its payment to Agent, for the account of the Fronting Bank, of the proceeds of such Revolving Loan shall be made without any offset, abatement, recoupment, counterclaim, withholding or reduction whatsoever and whether or not such Bank’s Revolving Credit Commitment shall have been reduced or terminated.  Borrower irrevocably authorizes and instructs Agent to apply the proceeds of any borrowing pursuant to this paragraph to reimburse, in full, the Fronting Bank for the amount drawn on such Letter of Credit. Each such Revolving Loan shall be deemed to be a Base Rate Loan unless otherwise requested by and available to Borrower hereunder.  Each Bank is hereby authorized to record on its records relating to its Revolving Credit Note such Bank’s pro rata share of the amounts paid and not reimbursed on the Letters of Credit.
If, for any reason, Agent (or the Fronting Bank if the Fronting Bank is a Bank other than Agent) is unable to or, in the opinion of Agent, it is impracticable to, convert any Letter of Credit to a Revolving Loan pursuant to the preceding paragraph, Agent (or the Fronting Bank if the Fronting Bank is a Bank other than Agent) shall have the right to request that each Bank purchase a participation in the amount due with respect to such Letter of Credit, and Agent shall promptly notify each Bank thereof (by facsimile or telephone, confirmed in writing).  Upon such notice, but without further action, Agent (or the Fronting Bank if the Fronting Bank is a Bank other than Agent) hereby agrees to grant to each Bank, and each Bank hereby agrees to acquire from Agent (or the Fronting Bank if the Fronting Bank is a Bank other than Agent), an undivided participation interest in the amount due with respect to such Letter of Credit in an amount equal to such Bank’s Commitment Percentage of the aggregate principal amount of the amount due with respect to such Letter of Credit.  In consideration and in furtherance of the foregoing, each Bank hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to Agent (or the Fronting Bank if the Fronting Bank is a Bank other than Agent), for its sole account, such Bank’s ratable share of the amount due with respect to such Letter of Credit (determined in accordance with such Bank’s Commitment Percentage).  Each Bank acknowledges and agrees that its obligation to acquire participations in the amount due under any Letter of Credit that is drawn but not reimbursed by Borrowers pursuant to this Section 2.1C is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, the occurrence and continuance of a Default or Event of  Default, and that each such payment shall be made without any offset, abatement, recoupment, counterclaim, withholding or reduction whatsoever and whether or not such Bank’s Revolving Credit Commitment shall have been reduced or terminated.  Each Bank shall comply with its obligation under this Section 2.1C by wire transfer of immediately available funds, in the same manner as provided in Section 2.2 with respect to Revolving Loans.  Each Bank is hereby authorized to record on its records such Bank’s pro rata share of the amounts paid and not reimbursed on the Letters of Credit.
SECTION 2.2    CONDITIONS TO LOANS AND LETTERS OF CREDIT.  The obligation of the Banks to make a Loan, convert a LIBOR Loan or Base Rate Loan or continue a LIBOR Loan and of Agent to issue any Letter of Credit is conditioned, in the case of each borrowing, conversion or continuation of a Loan or issuance of a Letter of Credit hereunder, upon:
(a)    all conditions precedent as listed in Article IV hereof shall have been satisfied;
(b)    with respect to Base Rate Loans, receipt by Agent of a Notice of Loan, such notice to be received by 2:00 P.M. (Cleveland, Ohio time) on the proposed date of borrowing or conversion, with respect to LIBOR Loans (other than Daily LIBOR Loans), by 2:00 P.M. (Cleveland, Ohio time) three (3) Business Days prior to the proposed date of borrowing, conversion or continuation and with respect to Daily LIBOR Loans by 2:00 P.M. (Cleveland, Ohio time) on the proposed date of borrowing.  Agent shall notify each Bank of the date, amount and initial Interest Period (if applicable) promptly upon the receipt of such notice, and, in any event, by 2:00 P.M. (Cleveland, Ohio time) on the date such notice is received.  On the date such Loan is to be made, each Bank shall provide Agent, not later than 3:00 P.M. (Cleveland, Ohio time), with the amount in federal or other immediately available funds, required of it;
(c)    with respect to Letters of Credit, satisfaction of the notice provisions set forth in Section 2.1C hereof;
(d)    Borrower’s request for (i) a Base Rate Loan shall be in an amount of not less than One Hundred Thousand Dollars ($100,000), increased by increments of Fifty Thousand Dollars ($50,000), (ii) a LIBOR Loan shall be in an amount of not less than One Million Dollars ($1,000,000), increased by increments of One Million Dollars ($1,000,000) and (iii) a Swing Line Loan shall be in an amount of not less than One Hundred Thousand Dollars ($100,000);
(e)    the fact that no Default or Event of Default shall then exist or immediately after the making, conversion or continuation of the Loan or issuance of the Letter of Credit would exist; and
(f)    the fact that each of the representations and warranties contained in Article VI hereof shall be true and correct with the same force and effect as if made on and as of the date of the making, conversion, or continuation of such Loan, or the issuance of the Letter of Credit, except to the extent that any thereof expressly relate to an earlier date.
At no time shall Borrower request that LIBOR Loans be outstanding for more than ten (10) different Interest Periods at any time.
Each request by Borrower for the making of a Loan, conversion of a LIBOR Loan or Base Rate Loan or continuation of a LIBOR Loan, or for the issuance of a Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower as of the date of such request as to the facts specified in (e) and (f) above.
Each request for a LIBOR Loan shall be irrevocable and binding on Borrower and Borrower shall indemnify Agent and the Banks against any loss or expense incurred by Agent or the Banks as a result of any failure by Borrower to consummate such transaction including, without limitation, any loss (including loss of anticipated profits) or expense incurred by reason of liquidation or re-employment of deposits or other funds acquired by the Banks to fund such LIBOR Loan.  A certificate as to the amount of such loss or expense submitted by the Banks to Borrower shall be conclusive and binding for all purposes, absent manifest error.

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SECTION 2.3    PAYMENT ON NOTES, ETC.  All payments of principal, interest and commitment and other fees shall be made to Agent in immediately available funds for the account of the Banks. Agent, within one (1) Business Day, shall distribute to each Bank its ratable share of the amount of principal, interest, and commitment and other fees received by it for the account of such Bank.  Each Bank shall record (a) any principal, interest or other payment, and (b) the principal amount of the Base Rate Loans and LIBOR Loans and all prepayments thereof and the applicable dates with respect thereto, by such method as such Bank may generally employ; provided, however, that failure to make any such entry shall in no way detract from Borrower’s obligations under each Note.  The aggregate unpaid amount of Loans set forth on the records of Agent shall be rebuttably presumptive evidence of the principal and interest owing and unpaid on each Note.  Whenever any payment to be made hereunder, including, without limitation, any payment to be made on any Note, shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in each case be included in the computation of the interest payable on such Note; provided, however, that, with respect to any LIBOR Loan, if the next succeeding Business Day falls in the succeeding calendar month, such payment shall be made on the preceding Business Day and the relevant Interest Period shall be adjusted accordingly.
SECTION 2.4    PREPAYMENT.  Borrower shall have the right at any time or from time to time to prepay, on a pro rata basis for all of the Banks, all or any part of the principal amount of the Notes then outstanding, as designated by Borrower, plus interest accrued on the amount so prepaid to the date of such prepayment.  Borrower shall give Agent notice of prepayment of any Base Rate Loan by not later than 2:00 P.M. (Cleveland, Ohio time) on the Business Day such prepayment is to be made and notice of the prepayment of any LIBOR Loan (other than any Swing Line Loan) not later than 2:00 P.M. (Cleveland, Ohio time) three (3) Business Days before the Business Day on which such prepayment is to be made.  Prepayments of Base Rate Loans shall be without any premium or penalty, other than any prepayment fees, penalties or other charges that may be contained in any Hedge Agreement.
In any case of prepayment of a LIBOR Loan (other than a Swing Line Loan), Borrower agrees that if the reinvestment rate, as quoted by the money desk of Agent (“Reinvestment Rate”), shall be lower than the LIBOR Rate applicable to the LIBOR Loan that is intended to be prepaid (hereinafter, “Last LIBOR”), then Borrower shall, upon written notice by Agent, promptly pay to Agent, for the benefit of the Banks, in immediately available funds, a prepayment fee equal to the product of (a) a rate (the “Prepayment Rate”) that shall be equal to the difference between the Last LIBOR and the Reinvestment Rate, times (b) the principal amount of the LIBOR Loan that is to be prepaid, times (c) (i) the number of days remaining in the Interest Period of the LIBOR Loan that is to be prepaid divided by (ii) three hundred sixty (360).  In addition, Borrower shall immediately pay directly to Agent, for the account of the Banks, the amount of any additional costs or expenses (including, without limitation, cost of telex, wires, or cables) incurred by Agent or the Banks in connection with the prepayment, upon Borrower’s receipt of a written statement from Agent.  Each prepayment of a LIBOR Loan (other than a Swing Line Loan) shall be in the aggregate principal sum of not less than One Million Dollars ($1,000,000), except in the case of a mandatory prepayment pursuant to Section 2.7 or Article III hereof.

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SECTION 2.5    COMMITMENT AND OTHER FEES; REDUCTION OF COMMITMENT.
(a)    Borrower shall pay to Agent, for the ratable account of the Banks, as a consideration for the Revolving Credit Commitment, a commitment fee from the date hereof to and including the last day of the Commitment Period, payable quarterly, equal to (a) the Applicable Commitment Fee Rate in effect on the payment date, times (b) (i) the Total Revolving Commitment Amount minus (ii) the average daily Revolving Credit Exposure (other than outstanding Swing Line Loans) during such quarter. The commitment fee shall be payable in arrears, on December 31, 2013 and on the last day of each succeeding March, June, September and December thereafter, and on the last day of the Commitment Period.
(b)    Borrower shall pay to Agent, for its sole benefit, the agent fees agreed to by Agent and Borrower from time to time.
(c)    Borrower may at any time or from time to time permanently reduce in whole or ratably (for all of the Banks) in part the Revolving Credit Commitments of the Banks hereunder to an amount not less than the then existing Revolving Credit Exposure, by giving notice to Agent not fewer than three (3) Business Days in advance of the proposed date of such reduction, provided that any such partial reduction shall be in an aggregate amount for all of the Banks of not less than Five Million Dollars ($5,000,000), increased by increments of One Million Dollars ($1,000,000). Agent shall promptly notify each Bank of the date of each such reduction and such Bank’s proportionate share thereof.  After each such reduction, the commitment fees payable hereunder shall be calculated upon the Total Revolving Commitment Amount as so reduced.  If Borrower reduces in whole the Total Revolving Commitment Amount of the Banks, on the effective date of such reduction (Borrower having prepaid in full the unpaid principal balance, if any, of the Revolving Credit Notes, together with all interest and commitment and other fees accrued and unpaid, and provided that no issued and outstanding Letters of Credit shall exist), all of the Revolving Credit Notes shall be delivered to Agent marked “Canceled” and Agent shall redeliver such Revolving Credit Notes to Borrower. Any partial reduction in the Commitment shall be effective during the remainder of the Commitment Period.
(d)    At any time after the Effective Date and prior to the last day of the Commitment Period, Borrower may, by written notice to Agent, request that the Total Revolving Commitment Amount be increased up to the maximum principal amount of Two Hundred Ten Million Dollars ($210,000,000), so long as no Default or Event of Default has occurred and is continuing at the time of such request and on the date of and after giving effect to any such increase.  Upon receipt of any such request, Agent shall deliver a copy of such request to each Bank.  Borrower shall set forth in such request the amount of the requested increase in the Total Revolving Commitment Amount and the date on which such increase is requested to become effective (which shall be not less than (ten) 10 Business Days nor more than sixty (60) days after the date of such request and that, in any event, must be at least ninety (90) days prior to the last day of the Commitment Period), and shall offer each Bank the opportunity to increase its Revolving Credit Commitment by its Commitment Percentage of the proposed increased amount.  Each Bank shall, by notice to Borrower and Agent given not more than ten (10) Business Days after the date of Agent’s notice, either agree to increase its Revolving Credit Commitment by all or a portion of the offered amount (each such Bank so agreeing being an “Increasing Lender”) or decline to increase its Revolving Credit Commitment (and any such Bank that does not deliver such a notice within such period of ten (10) Business Days shall be deemed to have declined to increase its Revolving Credit Commitment and each Bank so declining or being deemed to have declined being a “Non-Increasing Lender”).  If, on the tenth (10th) Business Day after Agent shall have delivered notice as set forth above, the Increasing Lenders shall have agreed pursuant to the preceding sentence to increase their Revolving Credit Commitments by an aggregate amount less than the increase in the Total Commitment Amount requested by Borrower, Borrower may arrange for one or more Persons that are acceptable to Agent (each such Person so agreeing being an “Augmenting Lender”), and Borrower and each Augmenting Lender shall execute all such documentation as Agent shall reasonably specify to evidence 

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its Revolving Credit Commitment and/or its status as a Bank with a Revolving Credit Commitment hereunder.  Upon the execution of such documentation, each such Augmenting Lender shall become a party to this Agreement without any consent from the Banks of any kind.  Any increase in the Total Revolving Commitment Amount may be made in an amount that is less than the increase requested by Borrower if Borrower is unable to arrange for, or chooses not to arrange for, Augmenting Lenders, in the full amount.  Any fees charged by any Increasing Lender shall be based solely upon the increased amount of its Revolving Credit Commitment and shall not be in excess of ten (10) basis points.
Each of the parties hereto agrees that Agent may take any and all actions as may be reasonably necessary to ensure that after giving effect to any increase in the Total Revolving Commitment Amount pursuant to this Section, the outstanding Revolving Loans (if any) are held by the Banks in accordance with their new Commitment Percentages. This may be accomplished at the discretion of Agent in consultation with Borrower:  (w) by requiring the outstanding Loans to be prepaid with the proceeds of new Loans; (x) by causing the Non-Increasing Lenders to assign portions of their outstanding Loans to Increasing Lenders and Augmenting Lenders; (y) by permitting the Loans outstanding at the time of any increase in the Total Revolving Commitment Amount pursuant to this Section 2.5(d) to remain outstanding until the last days of the respective Interest Periods therefor, even though the Banks would hold such Loans other than in accordance with their new Commitment Percentages; or (z) by any combination of the foregoing; provided, however that, Agent shall use its best efforts to accomplish the foregoing without giving rise to, or to minimize, any indemnification obligations by Borrower pursuant to Article III hereof.
On the effective date of any increase in the Total Revolving Commitment Amount in accordance with this Section, Schedule 1 hereto shall be deemed automatically amended to reflect the new Revolving Credit Commitments and Commitment Percentages of each Bank. 
SECTION 2.6    COMPUTATION OF INTEREST AND FEES; DEFAULT RATE.  With the exception of Base Rate Loans, interest on Loans and commitment and other fees and charges hereunder shall be computed on the basis of a year having three hundred sixty (360) days and calculated for the actual number of days elapsed. With respect to Base Rate Loans, interest shall be computed on the basis of a year having three hundred sixty-five (365) days or three hundred sixty-six (366) days, as the case may be, and calculated for the actual number of days elapsed.  Anything herein to the contrary notwithstanding, if an Event of Default shall occur hereunder, (a) the principal of each Note and the unpaid interest thereon shall bear interest, until paid, at the Default Rate; and (b) the fee for the aggregate undrawn face amount of all issued and outstanding Letters of Credit 

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shall be increased from the Applicable LIBOR Margin then in effect to three percent (3%). In no event shall the rate of interest hereunder exceed the maximum rate allowable by law.
SECTION 2.7    MANDATORY PAYMENT.  If the Revolving Credit Exposure at any time exceeds the Total Revolving Commitment Amount, Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Revolving Loans sufficient to bring the aggregate outstanding principal amount of all Revolving Loans and the aggregate undrawn face amount of all issued and outstanding Letters of Credit within the Revolving Credit Commitments of the Banks.  Any prepayment of a LIBOR Loan pursuant to this Section 2.7 shall be subject to the prepayment fees set forth in Section 2.4 hereof.
SECTION 2.8        DEFAULTING BANK.
1.    Defaulting Bank Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Bank becomes a Defaulting Bank, then, until such time as such Bank is no longer a Defaulting Bank, to the extent permitted by applicable law:
(a)    Waivers and Amendments.  Such Defaulting Bank’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Banks;
(b)    Defaulting Bank Waterfall.  Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Agent from a Defaulting Bank shall be applied at such time or times as may be determined by the Agent as follows:  first, to the payment of any amounts owing by such Defaulting Bank to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Bank to any Fronting Bank or Swing Line Lender hereunder; third, to Cash Collateralize the Fronting Banks’ Fronting Exposure with respect to such Defaulting Bank in accordance with Section 2.8; fourth, as Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Bank’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Fronting Banks’ future Fronting Exposure with respect to such Defaulting Bank with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.8; sixth, to the payment of any amounts owing to the Banks, the Fronting Banks or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Bank, the Fronting Banks or Swing Line Lender against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; and eighth, to such Defaulting Bank or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal 

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amount of any Loans or Letter of Credit disbursements in respect of which such Defaulting Bank has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 2.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of Credit disbursements owed to, all Non-Defaulting Banks on a pro rata basis prior to being applied to the payment of any Loans of, or Letter of Credit disbursements owed to, such Defaulting Bank until such time as all Loans and funded and unfunded participations in Letter of Credit obligations and Swing Line Loans are held by the Banks pro rata in accordance with the Commitments under the applicable facility without giving effect to Section 2.7. Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank or to post Cash Collateral pursuant to this Section 2.8(1)(b) shall be deemed paid to and redirected by such Defaulting Bank, and each Bank (including such Defaulting Bank) irrevocably consents hereto.
(c)    Certain Fees. 
(A)    No Defaulting Bank shall be entitled to receive any commitment fee for any period during which that Bank is a Defaulting Bank (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Bank).
(B)    Each Defaulting Bank shall be entitled to receive Letter of Credit Fees for any period during which that Bank is a Defaulting Bank only to the extent allocable to its applicable percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.8(b).
(C)    With respect to any commitment fee or Letter of Credit Fees not required to be paid to any Defaulting Bank pursuant to clause (A) or (B) above, Borrower shall (x) pay to each Non-Defaulting Bank that portion of any such fee otherwise payable to such Defaulting Bank with respect to such Defaulting Bank’s participation in Letter of Credit obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Bank pursuant to clause (d) below, (y) pay to each Fronting Bank and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Bank to the extent allocable to such Fronting Bank’s or Swing Line Lender’s Fronting Exposure to such Defaulting Bank, and (z) not be required to pay the remaining amount of any such fee.
(d)    Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Bank’s participation in Letter of Credit obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Banks in accordance with their respective applicable percentages (calculated without regard to such Defaulting Bank’s Commitment) but only to the extent that (x) the conditions set forth in Section 2.2 are satisfied at the time of such reallocation (and, unless Borrower shall have otherwise notified the Agent at such time, Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Credit Exposure of any Non-Defaulting Bank to exceed such Non-Defaulting Bank’s Revolving Credit Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim 

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of any party hereunder against a Defaulting Bank arising from that Bank having become a Defaulting Bank, including any claim of a Non-Defaulting Bank as a result of such Non-Defaulting Bank’s increased exposure following such reallocation.
(e)    Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (d) above cannot, or can only partially, be effected, Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Fronting Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.8(b).
2.    Defaulting Bank Cure.  If Borrower, the Agent and the Swing Line Lender and Fronting Bank agree in writing that a Bank is no longer a Defaulting Bank, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Banks in accordance with the Commitments (without giving effect to Section 2.8(d), whereupon such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Bank was a Defaulting Bank; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.
New Swing Line Loans/Letters of Credit.  So long as any Bank is a Defaulting Bank, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no Fronting Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
ARTICLE III.
ADDITIONAL PROVISIONS RELATING TO  
LIBOR LOANS; INCREASED CAPITAL; TAXES.
SECTION 3.1    RESERVES OR DEPOSIT REQUIREMENTS, ETC.  If, at any time, there is a Change in Law, and the result of the foregoing is to increase the cost (whether by incurring a cost or adding to a cost) to a Bank of making, converting to, continuing or maintaining any LIBOR Loan, or to increase the cost to a Bank or the Fronting Bank of participating in, issuing, or maintaining any Letter of Credit (or maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum (whether principal, interest or any other amount) received or receivable by a Bank or the Fronting Bank with respect to a LIBOR Loan, then, upon demand by such Bank, Borrower shall pay to such Bank from time to time on Interest Adjustment Dates with respect to such LIBOR Loan, as additional consideration hereunder, additional amounts sufficient 

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to fully compensate and indemnify such Bank for such increased cost or reduced amount, assuming (which assumption such Bank need not corroborate) such additional cost or reduced amount was allocable to such LIBOR Loan. A certificate as to the increased cost or reduced amount as a result of any event mentioned in this Section 3.1, setting forth the calculations therefor, shall be promptly submitted by such Bank to Borrower and shall, in the absence of manifest error, be conclusive and binding as to the amount thereof. Notwithstanding any other provision of this Agreement, after any such demand for compensation by any Bank, Borrower, upon at least three (3) Business Days’ prior written notice to such Bank through Agent, may prepay any affected LIBOR Loan in full or convert such LIBOR Loan to a Base Rate Loan regardless of the Interest Period thereof. Any such prepayment or conversion shall be subject to the prepayment fees set forth in Section 2.4 hereof. Each Bank shall notify Borrower as promptly as practicable (with a copy thereof delivered to Agent) of the existence of any event that will likely require the payment by Borrower of any such additional amount under this Section.
SECTION 3.2    TAXES.  
A.    Defined Terms.  For purposes of this Section 3.2, the term “Bank” includes any Fronting Bank and the term “applicable law” includes FATCA.
B.    Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
C.    Payment of Other Taxes by Borrower.  The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.
D.    Indemnification by Borrower.  The Credit Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to Borrower by a Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of a Bank, shall be conclusive absent manifest error.

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E.    Indemnification by the Banks.  Each Bank shall severally indemnify Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that any Credit Party has not already indemnified Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 10.11 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Bank by Agent shall be conclusive absent manifest error.  Each Bank hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by Agent to the Bank from any other source against any amount due to Agent under this paragraph (E).
F.    Evidence of Payments.  As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 3.2, such Credit Party shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.
G.    Status of Banks.  (1) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Bank, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Bank is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.2(G)(b)(i), (b)(ii) and (b)(iv) below) shall not be required if in the Bank’s reasonable judgment such completion, execution or submission would subject such Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank.
1.    Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Person, 
(a)    any Bank that is a U.S. Person shall deliver to Borrower and Agent on or prior to the date on which such Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed originals of IRS Form W-9 certifying that such Bank is exempt from U.S. federal backup withholding Tax; 

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(b)    any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), whichever of the following is applicable:
(i)    in the case of a Foreign Bank claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(ii)    executed originals of IRS Form W-8ECI;
(iii)    in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Bank is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or
(iv)    to the extent a Foreign Bank is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Bank is a partnership and one or more direct or indirect partners of such Foreign Bank are claiming the portfolio interest exemption, such Foreign Bank may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of each such direct and indirect partner;
(c)    any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or Agent to determine the withholding or deduction required to be made; and
(d)    if a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to Borrower and Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and 

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such additional documentation reasonably requested by Borrower or Agent as may be necessary for Borrower and Agent to comply with their obligations under FATCA and to determine that such Bank has complied with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Bank agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and Agent in writing of its legal inability to do so.
H.    Treatment of Certain Refunds.  If any party receives a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.2 (including by the payment of additional amounts pursuant to this Section 3.2), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (H) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (H), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (H) to the extent that the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
I.    Survival.  Each party’s obligations under this Section 3.2 shall survive the resignation or replacement of Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
SECTION 3.3    EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE.  In respect of any LIBOR Loan, in the event that Agent shall have determined that dollar deposits of the relevant amount for the relevant Interest Period for such LIBOR Loan are not available to Agent in the applicable eurodollar market or that, by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate applicable to such Interest Period, as the case may be, Agent shall promptly give notice of such determination to Borrower and (a) any notice of a new LIBOR Loan (or conversion of an existing Loan to a LIBOR Loan) previously given by Borrower and not yet borrowed (or converted, as the case may be) shall be deemed a notice to make a Base Rate Loan, and (b) Borrower shall be obligated either to prepay, or to convert to a Base Rate Loan, any outstanding LIBOR Loan on the last day of the then current Interest Period with respect thereto.

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SECTION 3.4    INDEMNITY.  Without prejudice to any other provisions of this Article III, Borrower hereby agrees to indemnify each Bank against any loss or expense that such Bank may sustain or incur as a consequence of (a) any default by Borrower in payment when due of any amount hereunder in respect of any LIBOR Loan, or (b) the failure by Borrower to consummate the borrowing of any LIBOR Loan after making a request therefor, including, but not limited to, any loss of profit, premium or penalty incurred by such Bank in respect of funds borrowed by it for the purpose of making or maintaining such LIBOR Loan, as determined by such Bank in the exercise of its sole but reasonable discretion. A certificate as to any such loss or expense shall be promptly submitted by such Bank to Borrower and shall, in the absence of manifest error, be conclusive and binding as to the amount thereof.
SECTION 3.5    CHANGES IN LAW RENDERING LIBOR LOANS UNLAWFUL.  If at any time there is a Change in Law, which shall make it unlawful for any Bank to fund any LIBOR Loan that it is committed to make hereunder with moneys obtained in the eurodollar market, the commitment of such Bank to fund such LIBOR Loan shall, upon the happening of such event forthwith be suspended for the duration of such illegality, and such Bank shall by written notice to Borrower and Agent declare that its commitment with respect to such LIBOR Loan has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Bank shall similarly notify Borrower and Agent.  If any such Change in Law shall make it unlawful for any Bank to continue in effect the funding in the applicable eurodollar market of any LIBOR Loan previously made by it hereunder, such Bank shall, upon the happening of such event, notify Borrower, Agent and the other Banks thereof in writing stating the reasons therefor, and Borrower shall, on the earlier of (a) the last day of the then current Interest Period or (b) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either convert such LIBOR Loan to a Base Rate Loan or prepay such LIBOR Loan to the Banks in full.  Any such prepayment or conversion shall be subject to the prepayment fees described in Section 2.4 hereof.
SECTION 3.6    FUNDING.  Each Bank may, but shall not be required to, make LIBOR Loans hereunder with funds obtained outside the United States.
SECTION 3.7    CAPITAL ADEQUACY.  If any Bank shall have determined, after the Effective Date, there is a Change in Law, which has or would have the effect of reducing the rate of return on such Bank’s capital (or the capital of its holding company) as a consequence of its obligations hereunder to a level below that which such Bank (or its holding company) could have achieved but for such adoption, change or compliance (taking into consideration such Bank’s policies or the policies of its holding company with respect to capital adequacy) by an amount deemed by such Bank to be material, then from time to time, within fifteen (15) days after demand by such Bank (with a copy to Agent), Borrower shall pay to such Bank such additional amount or amounts as shall compensate such Bank (or its holding company) for such reduction.  Each Bank shall designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank.  A certificate of any Bank claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error.  In determining such amount, such Bank may use any reasonable averaging and attribution methods. Failure on the part of any Bank to demand compensation for any reduction in return on capital with respect to any period shall not constitute a waiver of such Bank’s rights to 

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demand compensation for any reduction in return on capital in such period or in any other period.  The protection of this Section shall be available to each Bank regardless of any possible contention of the invalidity or inapplicability of the law, regulation or other condition that shall have been imposed.
SECTION 3.8    BREAKAGE COMPENSATION.  Borrower shall compensate each Bank (including the Swing Line Lender), upon its written request (which request shall set forth the detailed basis for requesting and the method of calculating such compensation), for all reasonable losses, costs, expenses and liabilities (including, without limitation, any loss, cost, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Bank to fund its LIBOR Loans or Swing Line Loans) which such Bank may sustain in connection with any of the following: (i) if for any reason (other than a default by such Bank or Agent) a borrowing of LIBOR Loans or Swing Line Loans does not occur on a date specified therefor in a Notice of Loan (whether or not withdrawn by Borrower); (ii) if any repayment, prepayment, conversion or continuation of any LIBOR Loan occurs on a date that is not the last day of an Interest Period applicable thereto (provided that such compensation shall not be duplicative of any prepayment fee made pursuant to Section 2.4); (iii) if any prepayment of any of its LIBOR Loans is not made on any date specified in a notice of prepayment given by Borrower; (iv) as a result of an assignment by a Bank of any LIBOR Loan other than on the last day of the Interest Period applicable thereto pursuant to a request by Borrower pursuant to Section 3.9; or (v) as a consequence of (y) any other default by Borrower to repay or prepay any LIBOR Loans when required by the terms of this Agreement or (z) an election made pursuant to Section 3.9.  The written request of any Bank setting forth any amount or amounts that such Bank is entitled to receive pursuant to this Section shall be delivered to Borrower and shall be conclusive absent manifest error.  Borrower shall pay such Bank the amount shown as due on any such request within 10 days after receipt thereof.
SECTION 3.9    CHANGE OF LENDING OFFICE; REPLACEMENT OF BANKS.  
A.    Each Bank agrees that, upon the occurrence of any event giving rise to the operation of Section 3.1, 3.5 or 3.7 requiring the payment of additional amounts to the Bank, such Bank will, if requested by Borrower, use reasonable efforts (subject to overall policy considerations of such Bank) to designate another Applicable Lending Office for any Loans or Commitments affected by such event; provided, however, that such designation is made on such terms that such Bank and its Applicable Lending Office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section.  Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Bank in connection with any such designation or assignment.
B.    If (i) any Bank requests any compensation, reimbursement or other payment under Section 3.1, 3.5 or 3.7  with respect to such Bank, (ii) Borrower is, or because of a matter in existence as of the date that Borrower is seeking to exercise its rights under this Section will be, required to pay any additional amount to any Bank or Governmental Authority pursuant to Section 3.2 (including any withholding Tax resulting from a Bank’s failure to comply with FATCA, as that term is used in Section 3.2(G)(2)(d)), or (iii) if any Bank is a Defaulting Bank, then Borrower may, at its sole expense and effort, upon notice to such Bank and the Administrative Agent, require such Bank to 

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assign and delegate, without recourse (in accordance with the restrictions contained in Section 10.11), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations; provided, however, that (1) Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, (2) such Bank shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts then payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts, but excluding any breakage compensation), and (3) in the case of any such assignment resulting from a claim for compensation, reimbursement or other payments required to be made under Section 3.1 or 3.5 with respect to such Bank, or resulting from any required payments to any Bank or Governmental Authority pursuant to Section 3.2, such assignment will result in a reduction in such compensation, reimbursement or payments.  A Bank shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply.
C.    Nothing in this Section 3.9 shall affect or postpone any of the obligations of Borrower or the right of any Bank provided in this Article III.
ARTICLE IV. 
 
CONDITIONS PRECEDENT
The obligation of the Banks to make any Loan and of the Fronting Bank to issue the first Letter of Credit on or after the Effective Date is subject to Borrower satisfying each of the following conditions on or prior to the Effective Date:
SECTION 4.1    NOTES.  Borrower shall have executed and delivered to each Bank its Revolving Credit Note and Swing Line Note.
SECTION 4.2    GUARANTIES OF PAYMENT OF DEBT.  Borrower shall have delivered to Agent the Parent Guaranty of Payment and shall have delivered to Agent a Guaranty of Payment executed by each Guarantor of Payment.
SECTION 4.3    OFFICER’S CERTIFICATE, RESOLUTIONS, ORGANIZATIONAL DOCUMENTS.  Borrower and each Guarantor of Payment shall have delivered to each Bank an officer’s certificate certifying the names of the officers of Borrower or such Guarantor of Payment authorized to sign the Loan Documents, together with the true signatures of such officers and certified copies of (a) the resolutions of the board of directors of Borrower and each Guarantor of Payment evidencing approval of the execution and delivery of the Loan Documents and the execution of other Related Writings to which Borrower or such Guarantor of Payment, as the case may be, is a party, and (b) the Organizational Documents of Borrower and each Guarantor of Payment.
SECTION 4.4    LEGAL OPINION.  Borrower shall have delivered to Agent an opinion of counsel for Borrower and each Guarantor of Payment, in form and substance satisfactory to Agent and the Banks.

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SECTION 4.5    GOOD STANDING CERTIFICATES.  Borrower shall have delivered to Agent a good standing certificate for Borrower and each Guarantor of Payment, issued on or about the Effective Date by the Secretaries of State of the jurisdiction of organization of Borrower and each Guarantor of Payment.
SECTION 4.6    CLOSING AND LEGAL FEES.  Borrower shall have (a) executed and delivered to Agent the Closing Fee Letter and the Agent Fee Letter, (b) paid to Agent, for the pro rata benefit of the Banks, the closing fees agreed to by Borrower, Agent and the Banks set forth in the Closing Fee Letter, (c) paid to Agent, for its sole benefit, the administrative agent fee set forth in the Agent Fee Letter, and (d) paid all legal fees and expenses of Agent in connection with the preparation and negotiation of the Loan Documents.
SECTION 4.7    LIEN SEARCHES.  Within thirty (30) days of the Effective Date, with respect to the property owned or leased by Borrower and each Guarantor of Payment, Borrower shall have caused to be delivered to each Bank (a) the results of UCC lien searches, satisfactory to Agent and the Banks; and (b) the results of federal and state tax lien and judicial lien searches, satisfactory to Agent and the Banks.
SECTION 4.8    NO MATERIAL ADVERSE CHANGE.  No material adverse change, in the opinion of Agent, shall have occurred in the financial condition, operations or prospects of the Companies since December 31, 2012.
SECTION 4.9    MISCELLANEOUS.  Borrower shall have provided to Agent and the Banks such other items and shall have satisfied such other conditions as may be reasonably required by Agent or the Banks.
ARTICLE V. 
 
COVENANTS
Borrower agrees that so long as the Commitment remains in effect and thereafter until all of the Debt shall have been paid in full, Borrower shall perform and observe, and shall cause each other Company to perform and observe, each of the following provisions:
SECTION 5.1    INSURANCE.  Each Company shall (a) maintain insurance to such extent and against such hazards and liabilities as is commonly maintained by Persons similarly situated; and (b) within ten (10) days of any Bank’s written request, furnish to such Bank such information about such Company’s insurance as that Bank may from time to time reasonably request, which information shall be prepared in form and detail satisfactory to such Bank and certified by a Financial Officer of such Company.
SECTION 5.2    MONEY OBLIGATIONS.  Each Company shall pay in full (a) prior in each case to the date when penalties would attach, all taxes, assessments and governmental charges and levies (except only those so long as and to the extent that the same shall be contested in good faith by appropriate and timely proceedings and for which adequate reserves have been established in accordance with GAAP) for which it may be or become liable or to which any or all of its properties may be or become subject; (b) all of its wage obligations to its employees in compliance 

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with the Fair Labor Standards Act (29 U.S.C. 206‐207) or any comparable provisions; and (c) all of its other obligations calling for the payment of money (except only those so long as and to the extent that the same shall be contested in good faith and for which adequate reserves have been established in accordance with GAAP) before such payment becomes overdue.
SECTION 5.3    FINANCIAL STATEMENTS.  Borrower shall furnish to each Bank:
(a)    within fifty (50) days after the end of each of the first three (3) quarter-annual periods of each fiscal year of Borrower, balance sheets of Borrower as of the end of such period and statements of income (loss), stockholders’ equity and cash flow for the quarter and fiscal year to date periods, all prepared on a Consolidated basis, in accordance with GAAP, and in form and detail satisfactory to the Banks and certified by a Financial Officer of Borrower;
(b)    within one hundred (100) days after the end of each fiscal year of Borrower, an annual audit report of Borrower for that year prepared on a Consolidated basis, in accordance with GAAP, and in form and detail satisfactory to the Banks and certified by an independent public accountant satisfactory to the Banks, which report shall include balance sheets and statements of income (loss), stockholders’ equity and cash-flow for that period;
(c)    concurrently with the delivery of the financial statements in (a) and (b) above, a Compliance Certificate;
(d)    within one hundred twenty (120) days after the end of each fiscal year of Borrower, annual pro-forma projections (including a balance sheet, income statement and statement of cash flows) of Borrower and its Subsidiaries for the then current fiscal year, to be in form acceptable to Agent; and
(e)    within ten (10) days of any Bank’s written request, such other information about the financial condition, properties and operations of any Company as such Bank may from time to time reasonably request, which information shall be submitted in form and detail satisfactory to such Bank and certified by a Financial Officer of the Company or Companies in question.
SECTION 5.4    FINANCIAL RECORDS.  Each Company shall at all times maintain true and complete records and books of account, including, without limiting the generality of the foregoing, appropriate reserves for possible losses and liabilities, all in accordance with GAAP, and at all reasonable times (during normal business hours and upon notice to such Company) permit the Banks to examine that Company’s books and records and to make excerpts therefrom and transcripts thereof.
SECTION 5.5    FRANCHISES.  Each Company shall preserve and maintain at all times its existence, rights and franchises, except as otherwise permitted pursuant to Section 5.12 hereof.
SECTION 5.6    ERISA COMPLIANCE.  No Company shall incur any material accumulated funding deficiency within the meaning of ERISA, or any material liability to the PBGC, established thereunder in connection with any ERISA Plan. Borrower shall furnish to the Banks (a) as soon as possible and in any event within thirty (30) days after any Company knows or has reason to know that any Reportable Event with respect to any ERISA Plan has occurred, a statement 

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of a Financial Officer of such Company, setting forth details as to such Reportable Event and the action that such Company proposes to take with respect thereto, together with a copy of the notice of such Reportable Event given to the PBGC if a copy of such notice is available to such Company, and (b) promptly after receipt thereof a copy of any notice such Company, or any member of the Controlled Group may receive from the PBGC or the Internal Revenue Service with respect to any ERISA Plan administered by such Company; provided, that this latter clause shall not apply to notices of general application promulgated by the PBGC or the Internal Revenue Service.  Borrower shall promptly notify the Banks of any material taxes assessed, proposed to be assessed or that Borrower has reason to believe may be assessed against a Company by the Internal Revenue Service with respect to any ERISA Plan. As used in this Section “material” means the measure of a matter of significance that shall be determined as being an amount equal to five percent (5%) of the Consolidated Net Worth of Borrower.  As soon as practicable, and in any event within twenty (20) days, after any Company becomes aware that an ERISA Event has occurred that could reasonably be expected to have a Material Adverse Effect, such Company shall provide Bank with notice of such ERISA Event with a certificate by a Financial Officer of such Company setting forth the details of the event and the action such Company or another Controlled Group member proposes to take with respect thereto.  Borrower shall, at the request of Agent or any Bank, deliver or cause to be delivered to Agent or such Bank, as the case may be, true and correct copies of any documents relating to the ERISA Plan of any Company.
SECTION 5.7    FINANCIAL COVENANTS.
(a)    LEVERAGE RATIO.  Borrower shall not suffer or permit at any time the Leverage Ratio to exceed 2.50 to 1.00.
(b)    BALANCE SHEET LEVERAGE RATIO.  Borrower shall not suffer or permit at any time the Balance Sheet Leverage Ratio to exceed 0.60 to 1.00.
Notwithstanding anything contained in this Section 5.7 to the contrary, in the event any Material Indebtedness Agreement of Borrower evidencing Indebtedness in an original principal amount of $5,000,000 or more contains a Leverage Ratio, Balance Sheet Leverage Ratio or other financial covenant more restrictive than contained in this Section 5.7 (a “More Restrictive Covenant”), this Agreement shall be deemed to have been amended to include such More Restrictive Covenant (including any amendments thereto that are more restrictive than the initial More Restrictive Covenant) in place of or in addition to the covenants contained herein as of the date such More Restrictive Covenant first became binding on Borrower; provided, however, that so long as no Default or Event of Default shall have occurred and be continuing (i) upon (x) the satisfaction of all Indebtedness evidenced by or incurred pursuant to any such Material Indebtedness Agreement and (y) effective upon the delivery of a Compliance Certificate in accordance with Section 5.3(c) for the period in which such Indebtedness has been satisfied in full, reflecting compliance with such More Restrictive Covenant during such period, any such covenant so incorporated herein shall be deemed deleted and the provisions hereof shall thereupon be those in effect prior to the date such More Restrictive Covenant first became binding on Borrower, (ii) upon (x) the amendment of any More Restrictive Covenant by the holder of such Indebtedness in a manner that is less restrictive, but remains more restrictive than contained in this Section 5.7 as of the date immediately prior to the date such More Restrictive Covenant became effective hereunder (an “Amended More 

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Restrictive Covenant”) and (y) effective upon the delivery of a Compliance Certificate in accordance with Section 5.3(c) for the period in which such Amended More Restrictive Covenant is to become binding on Borrower, reflecting compliance with such More Restrictive Covenant during such period, this Agreement shall be deemed to include such Amended More Restrictive Covenant and the More Restrictive Covenant amended by such Amended Restrictive Covenant shall be deemed deleted, and (iii) upon (x) the amendment of any More Restrictive Covenant or Amended More Restrictive Covenant in a manner that is less restrictive than contained in this Section 5.7 and (y) effective upon the delivery of a Compliance Certificate in accordance with Section 5.3(c) for the period in which such amendment is to become binding on Borrower, reflecting compliance with such More Restrictive Covenant or Amended More Restrictive Covenant during such period, any such covenant so incorporated herein shall be deemed deleted and the provisions hereof shall thereupon be those in effect prior to the date such More Restrictive Covenant first became binding on Borrower.
SECTION 5.8    BORROWING.  No Company shall create, incur or have outstanding any obligation for borrowed money or any Indebtedness of any kind; provided, that this Section shall not apply to any of the following (without duplication):
(a)    the Loans and all other Indebtedness now owing by Borrower to Agent and the Banks under this Agreement;
(b)    unsecured current Indebtedness (including the funded and/or unfunded reserves for self insurance liabilities, but excluding Indebtedness incurred to a bank or other financial institution customarily engaged in the business of lending money, except as permitted pursuant to subpart (d) below) incurred by the Companies in the ordinary course of business;
(c)    Indebtedness for taxes, assessments and governmental charges to the extent that payment thereof shall not be required to be made by Section 5.2(a) hereof;
(d)    unsecured Indebtedness incurred under lines of credit established by Agent or other financial institutions customarily engaged in the business of lending money; provided, however, that the maximum amount of Indebtedness permitted by this subpart (d) shall at no time exceed Twenty-Five Million Dollars ($25,000,000);
(e)    unsecured Subordinated Indebtedness evidenced by promissory notes issued by Borrower to employees or former employees in partial payment for common shares redeemed by Borrower so long as the aggregate principal amount of such Indebtedness does not exceed Twenty-Five Million Dollars ($25,000,000) at any time;
(f)    loans to a Company from a Company so long as each such Company is Borrower or a Guarantor of Payment;
(g)    Indebtedness to insurance companies secured by a pledge of the cash surrender value of life insurance policies owned by Borrower or any of its Subsidiaries; provided, however, that the maximum amount of Indebtedness permitted by this subpart (g) shall at no time exceed the cash surrender value of the life insurance policies pledged with respect thereto;

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(h)    unsecured Indebtedness arising pursuant to the deferment of payment of any insurance premiums by Borrower;
(i)    any (i) loans granted to a Company for the purchase of fixed assets, or (ii) Indebtedness incurred by a Company in connection with any capital leases, so long as the aggregate amount of all such loans and capital leases for all Companies (excluding capital leases between Borrower or a Subsidiary Guarantor and a Subsidiary Guarantor) does not exceed Twenty-Five Million Dollars ($25,000,000) at any time; 
(j)    unsecured Subordinated Indebtedness of Borrower incurred to a seller to finance all or part of an Acquisition permitted pursuant to Section 5.13 hereof, so long as the aggregate outstanding amount of all such Indebtedness for all such Acquisitions does not exceed Twenty-Five Million Dollars ($25,000,000) at any time; 
(k)    unsecured Indebtedness issued pursuant to the Senior Note Purchase Agreements, in, and all guaranties by any Company of such Indebtedness, so long as the aggregate outstanding amount of all such Indebtedness does not exceed Sixty Million Dollars ($60,000,000); 
(l)    Indebtedness incurred under a Permitted Receivables Facility for the issuance of letters of credit, so long as the aggregate outstanding amount of such Indebtedness does not exceed Sixty Million Dollars ($60,000,000).
SECTION 5.9    LIENS.  No Company shall create, assume or suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired; provided that this Section shall not apply to the following:
(c)    Liens for taxes not yet due or that are being actively contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP;
(d)    other statutory Liens incidental to the conduct of its business or the ownership of its property and assets that (i) were not incurred in connection with the borrowing of money or the obtaining of advances or credit, and (ii) do not in the aggregate materially detract from the value of its property or assets or materially impair the use thereof in the operation of its business;
(e)    Liens on property or assets of a Subsidiary to secure obligations of such Subsidiary to Borrower or a Guarantor of Payment;
(f)    purchase money Liens on fixed assets securing the loans or capital leases pursuant to Section 5.8(i) hereof, provided that such Lien is limited to the purchase price and only attaches to the property being acquired;
(g)    Liens on life insurance policies arising from the pledging of the cash surrender value of life insurance policies securing Indebtedness, provided, however, that such Liens shall not extend to any other property or assets of any Company;

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(h)    minor title defects, liens or encumbrances consisting of minor survey exceptions or encumbrances including easements or rights-of-way for sewers, water lines, utility lines and other similar purposes, and zoning or other restrictions as to the use of real property, which title defects, liens and encumbrances do not, in the aggregate, materially impair the use of such real property in the operation of Borrower’s activities and business;
(i)    in addition to Liens permitted pursuant to subparts (a) through (f) above, such other statutory or consensual Liens (other than a Lien as a result of an ERISA Event) as may from time to time arise or be created; provided, however, that the aggregate principal amount secured by all such Liens shall not exceed Five Million Dollars ($5,000,000) at any time;
(j)    Liens on Receivables Related Assets granted in connection with Indebtedness permitted under Section 5.8(l);
(k)    Liens incurred on cash in the Insurance Subsidiary’s account with KeyBank to secure insurance obligations to Old Republic in lieu of letters of credit.
No Company shall enter into any contract or agreement that would prohibit Agent or the Banks from acquiring a security interest, mortgage or other Lien on, or a collateral assignment of, any of the property or assets of a Company; provided, however, that nothing herein contained shall be deemed or construed to prohibit Agent or any of the Banks, as the case may be, from entering into a sharing or intercreditor agreement in commercially customary form under which any such security interest, mortgage or other Lien on, or collateral assignment of, any such property or assets of a Company shall be shared equally and ratably between and among Agent, each of the Banks, as the case may be, and the holders of the Notes issued and outstanding under either of the Senior Note Purchase Agreements if and to the extent any Indebtedness due and owing to Agent or any of the Banks has been or is to be issued and outstanding under Section 10.3 of either of the Senior Note Purchase Agreements and such security interest, mortgage or other Lien on or collateral assignment of any such property or assets has been or is to be created or incurred within the limitations of Section 10.4(i) of either of the Senior Note Purchase Agreements.
SECTION 5.10    REGULATIONS U and X.  No Company shall take any action that would result in any non‐compliance of the Loans with Regulations U and X of the Board of Governors of the Federal Reserve System.
SECTION 5.11    INVESTMENTS AND LOANS.  No Company shall (a) create, acquire or hold any Subsidiary, (b) make or hold any investment in any stocks, bonds or securities of any kind, (c) be or become a party to any joint venture or other partnership without the prior written consent of Agent and the Required Banks, (d) make or keep outstanding any advance or loan to any Person, or (e) be or become a Guarantor of any kind, except guarantees only for Indebtedness of the Companies incurred or permitted pursuant to this Agreement; provided, that this Section shall not apply to:
(i)    any endorsement of a check or other medium of payment for deposit or collection through normal banking channels or similar transaction in the normal course of business;

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(ii)    any investment in direct obligations of the United States of America or in certificates of deposit issued by a member bank of the Federal Reserve System;
(iii)    any investment in commercial paper or securities that at the time of such investment is assigned the highest quality rating in accordance with the rating systems employed by either Moody’s or Standard & Poor’s;
(iv)    the holding of Subsidiaries listed on Schedule 6.1 attached hereto and made a part hereof and the initial investment in and holding of a Receivables Subsidiary;
(v)    loans or advances made by the Companies to The Davey Foundation so long as the aggregate amount of all such loans and advances made by the Companies does not exceed Five Hundred Thousand Dollars ($500,000) at any time;
(vi)    loans to a Company from a Company so long as each such Company is Borrower or a Guarantor of Payment;
(vii)    loans or advances made by the Companies to the respective employees of the Companies in the ordinary course of business so long as the aggregate principal amount of all such loans and advances does not exceed Five Hundred Thousand Dollars ($500,000) at any time;
(viii)    voluntary contributions in excess of mandatory matching contributions made by the Companies to the Davey ESOT so long as the aggregate amount of all such contributions made during any fiscal year of Borrower does not exceed Five Hundred Thousand Dollars ($500,000);
(ix)    Sales, contributions or transfers of assets and/or Acquisitions made by the Companies pursuant to Section 5.12(b) or Section 5.13 hereof, and the creation of Subsidiaries in connection therewith and/or for the purposes of managing tax and/or regulatory matters so long as each such Subsidiary becomes a Guarantor of Payment if required pursuant to Section 5.20 hereof;
(x)    loans or advances made by Borrower to, or investments made by Borrower in, Davey Tree Expert Co., of Canada, Limited in the ordinary course of Borrower’s business;
(xi)    purchases or investments made by Borrower in securities or joint ventures, or loans made by Borrower, not otherwise in compliance with this Section 5.11, provided that the aggregate amount of all such purchases, investments and loans for made by Borrower does not exceed Five Million Dollars ($5,000,000) at any time; 
(xii)    (A) the obligations of Borrower pursuant to the Parent Guaranty of Payment, and (B) investments by Borrower in the Insurance Subsidiary in an aggregate amount not to exceed Five Million Dollars ($5,000,000), provided that insurance premiums paid by any Company to the Insurance Subsidiary in the ordinary course of business shall not constitute investments under this Section 5.11; and

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(xiii)    loans made by a Company to the Receivables Subsidiary to pay the residual purchase price for Receivables Related Assets.
SECTION 5.12    MERGER AND SALE OF ASSETS.  No Company shall merge or consolidate with any other Person, or sell, lease or transfer or otherwise dispose of any assets to any Person other than in the ordinary course of business, except that, if no Default or Event of Default shall then exist or immediately thereafter shall begin to exist:
(a)    any Subsidiary may merge or consolidate with (i) Borrower (provided that Borrower shall be the continuing or surviving Person) or (ii) any one or more Guarantors of Payment, provided that either (A) the continuing or surviving Person shall be a Wholly-Owned Subsidiary that is a Guarantor of Payment, or (B) after giving effect to any merger pursuant to this sub-clause (ii), Borrower and/or one or more Wholly-Owned Subsidiaries that are Guarantors of Payment shall own not less than the same percentage of the outstanding Voting Power of the continuing or surviving Person as Borrower and/or one or more Wholly-Owned Subsidiaries (that are Guarantors of Payment) owned of the merged Subsidiary immediately prior to such merger, or
(b)    Borrower or any Subsidiary may sell, lease, contribute, transfer or otherwise dispose of any of its assets to (i) Borrower (in the case of sales, leases, contributions, transfers or other dispositions by any Subsidiary), (ii) any Wholly-Owned Subsidiary that is a Guarantor of Payment, (iii) a Receivables Subsidiary (provided that such sales, leases, contributions, transfers or other dispositions are limited to Receivables Related Assets) or (iv) any Guarantor of Payment, of which Borrower and/or one or more Wholly-Owned Subsidiaries, that are Guarantors of Payment, shall own not less than the same percentage of Voting Power as Borrower and/or one or more Wholly-Owned Subsidiaries (that are Guarantors of Payment) then own of the Subsidiary making such sale, lease, contribution, transfer or other disposition.
SECTION 5.13    ACQUISITIONS.  Without the prior written consent of Agent and the Required Banks, no Company shall effect an Acquisition except Borrower or a Guarantor of Payment may effect an Acquisition so long as (a) Borrower or such Guarantor of Payment is the surviving entity; (b) the business to be acquired is similar to the lines of business of the Companies; (c) the Person to be acquired is organized under the laws of the United States; (d) no Default or Event of Default exists and the Companies are in full compliance with the Loan Documents in each case both prior to and subsequent to the transaction; (e) in the case of any Acquisition in which the total aggregate consideration to be paid pursuant to such Acquisition is in excess of Twenty Million Dollars ($20,000,000), Borrower shall provide to Agent and the Banks, at least thirty (30) days prior to such Acquisition, historical financial statements of the target entity and a pro forma financial statement of the Companies accompanied by a certificate of a Financial Officer of Borrower which shows compliance with the requirements in this Section 5.13, (f) in the case of an Acquisition in which, both before and after the proposed Acquisition, Borrower has a pro forma Leverage Ratio of greater than or equal to 1.50 to 100, liquidity is greater than or equal to $20,000,000; and (g) the pro forma Leverage Ratio before and immediately after giving effect to the proposed Acquisition is less than 2.25 to 1.00.  For purposes of this Section 5.13, “liquidity” shall mean, as of any date of determination, all unrestricted cash of the Borrower and the Guarantors of Payment plus the aggregate unused amount of the Revolving Credit Commitment (but not in excess of the maximum 

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amount that could be borrowed by Borrower without exceeding the then applicable maximum Leverage Ratio pursuant to Section 5.7 hereof). 
SECTION 5.14    NOTICE.  Borrower shall cause a Financial Officer of Borrower to promptly notify Agent and the Banks whenever any Default or Event of Default may occur hereunder or any representation or warranty made in Article VI hereof or elsewhere in this Agreement or in any Related Writing may for any reason cease in any material respect to be true and complete.
SECTION 5.15    ENVIRONMENTAL COMPLIANCE.  Each Company shall comply in all material respects with any and all Environmental Laws including, without limitation, all Environmental Laws in jurisdictions in which any Company owns or operates a facility or site, arranges for disposal or treatment of hazardous substances, solid waste or other wastes, accepts for transport any hazardous substances, solid waste or other wastes or holds any interest in real property or otherwise. Borrower shall furnish to the Banks, promptly after receipt thereof, a copy of any notice any Company may receive from any governmental authority, private Person or otherwise that any material litigation or proceeding pertaining to any environmental, health or safety matter has been filed or is threatened against such Company, any real property in which such Company holds any interest or any past or present operation of such Company. No Company shall allow the release or disposal of any material amount of hazardous waste, solid waste or other wastes on, under or to any real property in which any Company holds any interest or performs any of its operations, in violation of any Environmental Law.  With respect to any violation by any Company of any Environmental Law existing on the Effective Date or, so long as Borrower shall have provided notice to Agent, any violation by any Company of any Environmental Law that arises after the Effective Date, such Company shall comply in all material respects with any consent order or other remediation plan.  As used in this Section, “litigation or proceeding” means any demand, claim, notice, suit, suit in equity action, administrative action, investigation or inquiry whether brought by any governmental authority, private Person or otherwise. Borrower shall defend, indemnify and hold Agent and the Banks harmless against all costs, expenses, claims, damages, penalties and liabilities of every kind or nature whatsoever (including reasonable attorneys’ fees) arising out of or resulting from the noncompliance of any Company with any Environmental Law.  Such indemnification shall survive any termination of this Agreement.
SECTION 5.16    AFFILIATE TRANSACTIONS.  No Company shall, or shall permit any Subsidiary to, directly or indirectly, enter into or permit to exist any material transaction (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of a Company on terms that are less favorable to such Company or such Subsidiary, as the case may be, than those that might be obtained at the time in a transaction with a non‐Affiliate; provided, however, that the foregoing shall not prohibit the payment of customary and reasonable directors’ fees to directors who are not employees of a Company or any Affiliate of a Company or any transaction permitted under Sections 5.11, 5.12 or 5.13.
SECTION 5.17    USE OF PROCEEDS.  Borrower’s use of the proceeds of the Notes shall be solely for refinancing the A&R Credit Agreement, working capital, capital expenditures and other general corporate purposes of Borrower and its Subsidiaries.

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SECTION 5.18    CORPORATE NAMES.  No Company shall change its corporate name, unless, in each case, Borrower shall provide each Bank with ten (10) days prior written notice thereof.
SECTION 5.19    MANAGEMENT AGREEMENTS.  No Company shall make or enter into any so-called management agreement whereby management, supervision or control of its business, or any of the principal functions of any Company shall be delegated to any Person other than its duly elected Board of Directors.
SECTION 5.20    SUBSIDIARY GUARANTIES.  Each Subsidiary (other than a Receivables Subsidiary) of a Company created, acquired or held subsequent to the Effective Date shall immediately execute and deliver to Agent a Guaranty of Payment of all of the Debt, such agreement to be in form and substance acceptable to Agent and the Required Banks, along with such corporate governance and authorization documents and an opinion of counsel as may be deemed necessary or advisable by Agent and the Required Banks; provided, however, that (a) the Insurance Subsidiary shall not be required to execute and deliver a Guaranty of Payment, (b) a Subsidiary shall not be required to execute such Guaranty of Payment so long as (i) the book value of the total assets of such Subsidiary is less than One Million Dollars ($1,000,000), (ii) the aggregate of the total assets of all such Subsidiaries with total asset values of less than One Million Dollars ($1,000,000) does not exceed the aggregate amount of Five Million Dollars ($5,000,000), and (iii) the amount of total net sales of such Subsidiary is less than One Million Dollars ($1,000,000); and (c) a Foreign Subsidiary shall not be required to execute a Guaranty of Payment to the extent that such Guaranty of Payment will result in adverse tax consequences for Borrower or any U.S. Subsidiary.  In the event that the book value of the total assets and/or the amount of total net sales of any Subsidiary (other than the Insurance Subsidiary and any Receivables Subsidiary) that is not a Guarantor of Payment are at any time equal to or greater than One Million Dollars ($1,000,000), Borrower shall provide Agent and the Banks with prompt written notice of such asset value.
SECTION 5.21    KEEPWELL.  Borrower, to the extent it is a Qualified ECP Guarantor, hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by a Guarantor of Payment to honor all of its obligations under this Article V in respect of Designated Hedge Agreements (provided, however, that Borrower shall only be liable under this Section 5.21 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 5.21, or otherwise under this Article V, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of the Company under this Section 5.21 shall remain in full force and effect until payment in full of all of the Obligations and the termination of the Commitments hereunder.  Borrower intends that this Section 10.08 constitute, and this Section 5.21 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
SECTION 5.22    ANTI-TERRORISM LAW.  None of the Credit Parties is or shall be (i) a Person with whom any Bank is restricted from doing business under Executive Order No. 13224 or any other Anti-Terrorism Law, (ii) engaged in any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a Person or in any transaction that evades or avoids, or has the purpose of evading or avoiding, the prohibitions set forth in any 

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Anti-Terrorism Law, or (iii) otherwise in violation of any Anti-Terrorism Law.  The Credit Parties shall provide to the Bank any certifications or information that a Bank reasonably requests to confirm compliance by the Credit Parties with Anti-Terrorism Laws.
ARTICLE VI 
 
REPRESENTATIONS AND  WARRANTIES
Borrower represents and warrants that the statements set forth in this Article VI are true, correct and complete.
SECTION 6.1    CORPORATE EXISTENCE; SUBSIDIARIES; FOREIGN QUALIFICATION.  Each Company is a corporation duly organized, validly existing, and in good standing under the laws of its state of incorporation and is duly qualified and authorized to do business and is in good standing as a foreign corporation in the jurisdictions where the character of its property or its business activities makes such qualification necessary, except where the failure to so qualify will not cause or result in a Material Adverse Effect. Schedule 6.1 hereto sets forth, as of the Effective Date, each Subsidiary of Borrower, its state of incorporation, the location of its chief executive offices, its principal place of business and the jurisdictions where it is qualified as a foreign corporation.  Borrower owns all of the capital stock of each of its Subsidiaries.
SECTION 6.2    CORPORATE AUTHORITY.  Borrower has the right and power and is duly authorized and empowered to enter into, execute and deliver the Loan Documents to which it is a party and to perform and observe the provisions of the Loan Documents.  The Loan Documents to which Borrower is a party have been duly authorized and approved by Borrower’s Board of Directors and are the valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms.  The execution, delivery and performance of the Loan Documents will not conflict with nor result in any breach in any of the provisions of, or constitute a default under, or result in the creation of any Lien (other than Liens permitted under Section 5.9 of this Agreement) upon any assets or property of Borrower under the provisions of, Borrower’s Organizational Documents or any agreement.
SECTION 6.3    COMPLIANCE WITH LAWS.  Each Company:
(a)    holds all material permits, certificates, licenses, orders, registrations, franchises, authorizations, and other approvals from federal, state, local, and foreign governmental and regulatory bodies necessary for the conduct of its business and is in compliance with all applicable laws relating thereto;

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(b)    is in compliance with all material federal, state, local, or foreign applicable statutes, rules, regulations, and orders including, without limitation, those relating to environmental protection, occupational safety and health, and equal employment practices; and
(c)    is not in violation of or in default under any material agreement to which it is a party or by which its assets are subject or bound.
SECTION 6.4    LITIGATION AND ADMINISTRATIVE PROCEEDINGS.  Except as disclosed on Schedule 6.4 hereto, to the best of Borrower’s knowledge, there are (a) no lawsuits, actions, investigations, or other proceedings pending or threatened against any Company, or in respect of which any Company may have any liability, in any court or before any governmental authority, arbitration board, or other tribunal, (b) no orders, writs, injunctions, judgments, or decrees of any court or government agency or instrumentality to which any Company is a party or by which the property or assets of any Company are bound, and (c) no grievances, disputes, or controversies outstanding with any union or other organization of the employees of any Company, or threats of work stoppage, strike, or pending demands for collective bargaining, which, as to subsections (a) through (c) above, would reasonably be expected to have a material adverse effect on the business, operation or condition (financial or otherwise) of the Companies taken as a whole.
SECTION 6.5    TITLE TO ASSETS.  Each Company has good title to and ownership of all property it purports to own, which property is free and clear of all Liens, except those permitted under Section 5.9 hereof.
SECTION 6.6    LIENS AND SECURITY INTERESTS.  On and after the Effective Date, except for Liens permitted pursuant to Section 5.9 hereof, (a) there is no financing statement outstanding covering any personal property of any Company; (b) there is no mortgage outstanding covering any real property of any Company; and (c) no real or personal property of any Company is subject to any security interest or Lien of any kind.  No Company has entered into any contract or agreement that exists on or after the Effective Date that would prohibit Agent or the Banks from acquiring a security interest, mortgage or other Lien on, or a collateral assignment of, any of the property or assets of any Company.
SECTION 6.7    TAX RETURNS.  All federal, state and local tax returns and other reports required by law to be filed in respect of the income, business, properties and employees of each Company have been filed and all taxes, assessments, fees and other governmental charges that are due and payable have been paid, except as otherwise permitted herein or the failure to do so does not and will not cause or result in a Material Adverse Effect.  The provision for taxes on the books of each Company is adequate for all years not closed by applicable statutes and for the current fiscal year.
SECTION 6.8    ENVIRONMENTAL LAWS.  Each Company is in material compliance with any and all Environmental Laws, including, without limitation, all Environmental Laws in all jurisdictions in which any Company owns or operates, or has owned or operated, a facility or site, arranges or has arranged for disposal or treatment of hazardous substances, solid waste or other wastes, accepts or has accepted for transport any hazardous substances, solid waste or other wastes or holds or has held any interest in real property or otherwise. No material litigation or proceeding arising under, relating to or in connection with any Environmental Law is pending or, to the best 

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knowledge of each Company, threatened, against any Company, any real property in which any Company holds or has held an interest or any past or present operation of any Company. No release, threatened release or disposal of any material amount of hazardous waste, solid waste or other wastes is occurring, or has occurred (other than those that are currently being cleaned up in accordance with Environmental Laws), on, under or to any real property in which any Company holds any interest or performs any of its operations, in violation of any Environmental Law. As used in this Section, “litigation or proceeding” means any demand, claim, notice, suit, suit in equity, action, administrative action, investigation or inquiry whether brought by any governmental authority, private Person or otherwise.
SECTION 6.9    CONTINUED BUSINESS.  There exists no actual, pending, or, to Borrower’s knowledge, any threatened termination, cancellation or limitation of, or any modification or change in the business relationship of any Company and any customer or supplier, or any group of customers or suppliers, whose purchases or supplies, if terminated, cancelled or limited would have a Material Adverse Effect, and there exists no present condition or state of facts or circumstances that would materially affect adversely any Company in any respect or prevent a Company from conducting such business or the transactions contemplated by this Agreement in substantially the same manner in which it was previously conducted.
SECTION 6.10    EMPLOYEE BENEFITS PLANS.  Schedule 6.10 hereto identifies each ERISA Plan.  Since the Effective Date, no ERISA Event has occurred or is expected to occur with respect to an ERISA Plan that could reasonably be expected to have a Material Adverse Effect.  Full payment has been made of all amounts which a Controlled Group member is required, under applicable law or under the governing documents, to have been paid as a contribution to or a benefit under each ERISA Plan.  The liability of each Controlled Group member with respect to each ERISA Plan has been funded based upon reasonable and proper actuarial assumptions and in accordance with applicable law, has been fully insured, or has been fully reserved for on its financial statements.  No changes have occurred or are expected to occur that would cause a material increase in the cost of providing benefits under the ERISA Plan that could reasonably be expected to have a Material Adverse Effect.  With respect to each ERISA Plan that is intended to be qualified under Code Section 401(a):  (a) the ERISA Plan and any associated trust operationally comply with the applicable requirements of Code Section 401(a), (b) the ERISA Plan and any associated trust have been amended to comply with all such requirements as currently in effect, other than those requirements for which a retroactive amendment can be made within the “remedial amendment period” available under Code Section 401(b) (as extended under Treasury Regulations and other Treasury pronouncements upon which taxpayers may rely), (c) the ERISA Plan and any associated trust have received a favorable determination letter from the Internal Revenue Service stating that the ERISA Plan qualifies under Code Section 401(a), that the associated trust qualifies under Code Section 501(a) and, if applicable, that any employee stock ownership plan under the ERISA Plan qualifies under Code Section 4975(e)(7), unless the ERISA Plan was first adopted at a time for which the above-described “remedial amendment period” has not yet expired, (d) the ERISA Plan currently satisfies the requirements of Code Section 410(b), without regard to any retroactive amendment that may be made within the above-described “remedial amendment period”, and (e) no contribution made to the ERISA Plan is subject to an excise tax under Code Section 4972.  With respect to all Pension Plans, the aggregate “accumulated benefit obligation” of Controlled Group members with respect to such Pension Plans (as determined in accordance with Statement of Accounting Standards 

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No. 87, “Employers’ Accounting for Pensions”) does not exceed the aggregate fair market value of all Pension Plan assets by more than 15% of Consolidated Net Worth. If all Controlled Group members withdrew from all Multiemployer Plans in a “complete withdrawal” (within the meaning of ERISA Section 4203) such withdrawal would not reasonably be expected to result in a Material Adverse Effect.
SECTION 6.11    CONSENTS OR APPROVALS.  No consent, approval or authorization of, or filing, registration or qualification with, any governmental authority or any other Person is required to be obtained or completed by Borrower in connection with the execution, delivery or performance of any of the Loan Documents, that has not already been obtained or completed.
SECTION 6.12    SOLVENCY.  Borrower has received consideration that is the reasonable equivalent value of the obligations and liabilities that Borrower has incurred to the Banks. Borrower is not insolvent as defined in any applicable state or federal statute, nor will Borrower be rendered insolvent by the execution and delivery of the Loan Documents to Agent and the Banks. Borrower is not engaged or about to engage in any business or transaction for which the assets retained by it are or will be an unreasonably small amount of capital, taking into consideration the obligations to Agent and the Banks incurred hereunder. Borrower does not intend to, nor does it believe that it will, incur debts beyond its ability to pay such debts as they mature.
SECTION 6.13    FINANCIAL STATEMENTS.  The audited Consolidated financial statements of Borrower for the fiscal year ended December 31, 2012, and the unaudited Consolidated interim financial statements of Borrower for the fiscal quarters ended after March 30, 2013, and June 30, 2013, furnished to Agent and the Banks, are true and complete, have been prepared in accordance with GAAP, and fairly present the Companies’ financial condition as of the date of such financial statements and the results of their operations for the periods then ending.  Since the date of such statements, there has been no material adverse change in any Company’s financial condition, properties or business nor any material change in any Company’s accounting procedures.
SECTION 6.14    REGULATIONS.  Borrower is not engaged principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin stock” (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States of America). Neither the granting of any Loan (or any conversion thereof) nor the use of the proceeds of any Loan will violate, or be inconsistent with, the provisions of Regulation U or X of said Board of Governors.
SECTION 6.15    INTELLECTUAL PROPERTY.  Each Company owns, possesses, or has the right to use all of the patents, patent applications, trademarks, service marks, copyrights, licenses, and rights with respect to the foregoing necessary for the conduct of its business without any known conflict with the rights of others.
SECTION 6.16    INSURANCE.  Each Company maintains with financially sound and reputable insurers insurance with coverage and limits as required by law and as is customary with persons engaged in the same businesses as the Companies.
SECTION 6.17    ACCURATE AND COMPLETE STATEMENTS.  Neither the Loan Documents nor any written statement made by any Company in connection with any of the Loan 

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Documents contains any untrue statement of a material fact or omits a material fact necessary to make the statements contained therein or in the Loan Documents not misleading.  After due inquiry by Borrower, there is no known fact that any Company has not disclosed to Agent and the Banks that has or would have a Material Adverse Effect.
SECTION 6.18    DEFAULTS.  No Default or Event of Default exists hereunder, nor will any begin to exist immediately after the execution and delivery hereof.
SECTION 6.19    ANTI-TERRORISM AND ANTI-MONEY LAUNDERING LAW COMPLIANCE.  Each Credit Party and each Subsidiary of each Credit Party is and will remain in compliance in all material respects with all U.S. economic sanctions laws, Executive Orders and implementing regulations as promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control, and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it.  No Credit Party and no Subsidiary of a Credit Party (i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in business transactions with such Person or (iii) is controlled by (including without limitation by virtue of such person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign government that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under U.S. law.  The Credit Parties and each of their Subsidiaries are in compliance with (a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B Chapter V, as amended) and any other enabling legislation or executive order relating thereto, (b) the Patriot Act and (c) other federal or state laws relating to “know your customer” and anti-money laundering rules and regulations.  No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977.
ARTICLE VII. 
 
EVENTS OF DEFAULT
Each of the following shall constitute an Event of Default hereunder:
SECTION 7.1    PAYMENTS.  If (a) the interest on any Note or any commitment or other fee shall not be paid in full punctually when due and payable or within five (5) days thereafter, or (b) the principal of any Note shall not be paid in full punctually when due and payable.
SECTION 7.2    SPECIAL COVENANTS.  If any Company or any Obligor shall fail or omit to perform and observe Sections 5.7, 5.8, 5.9, 5.11, 5.12, 5.13 or 5.22 hereof.

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SECTION 7.3    OTHER COVENANTS.  If  any Company or any Obligor shall fail or omit to perform and observe any agreement or other provision (other than those referred to in Sections 7.1 or 7.2 hereof) contained or referred to in this Agreement or any Related Writing that is on such Company’s or Obligor’s part, as the case may be, to be complied with, and that Default shall not have been fully corrected within thirty (30) days after the giving of written notice thereof to Borrower by Agent or any Bank that the specified Default is to be remedied.
SECTION 7.4    REPRESENTATIONS AND WARRANTIES.  If any representation, warranty or statement made in or pursuant to this Agreement or any Related Writing or any other material information furnished by any Company or any Obligor to the Banks or any thereof or any other holder of any Note, shall be false or erroneous; provided that any information furnished in connection with Section 6.19 shall not be subject to a materiality qualifier.
SECTION 7.5    CROSS DEFAULT.  If any Company or any Obligor shall default (a) in the payment of principal, interest or fees due and owing with respect to any Material Indebtedness Agreement beyond any period of grace provided with respect thereto, or (b) in the performance or observance of any other agreement, term or condition contained in any Material Indebtedness Agreement, if the effect of such default is to allow the acceleration of the maturity of such Indebtedness or to permit the holder thereof to cause such Indebtedness to become due prior to its stated maturity.
SECTION 7.6    ERISA DEFAULT.  The occurrence of one or more ERISA Events that (a) the Required Banks determine could reasonably be expected to have a Material Adverse Effect, or (b) results in a Lien on any of the assets of any Company in excess, for all such Liens, of Five Hundred Thousand Dollars ($500,000).
SECTION 7.7    CHANGE IN CONTROL.  If any Change in Control shall occur.
SECTION 7.8    MONEY JUDGMENT.  A final judgment or order for the payment of money shall be rendered against any Company or any Obligor by a court of competent jurisdiction, that remains unpaid or unstayed and undischarged for a period (during which execution shall not be effectively stayed) of thirty (30) days after the date on which the right to appeal has expired, provided that the aggregate of all such judgments for all such Companies and Obligors shall exceed One Million Dollars ($1,000,000).
SECTION 7.9    MATERIAL ADVERSE CHANGE.  There shall have occurred any condition or event that Agent or the Required Banks determine has or is reasonably likely to have a Material Adverse Effect or a material adverse effect on the rights and remedies of Agent or the Banks under the Loan Documents or the ability of Borrower or any of its Subsidiaries to perform their respective obligations under the Loan Documents.   Notwithstanding the foregoing, a write down in equity of up to Twelve Million Dollars ($12,000,000) due to Financial Accounting Standards Board changes to pension accounting shall not constitute a Material Adverse Effect.
SECTION 7.10    VALIDITY OF LOAN DOCUMENTS.  (a) Any material provision of any Loan Document shall at any time for any reason cease to be valid and binding and enforceable against Borrower or any Guarantor of Payment; (b) the validity, binding effect or enforceability of any Loan Document against Borrower or any Guarantor of Payment shall be contested by any 

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Company or any other Obligor; (c) Borrower or any Guarantor of Payment shall deny that it has any or further liability or obligation thereunder; or (d) any Loan Document shall be terminated, invalidated or set aside, or be declared ineffective or inoperative or in any way cease to give or provide to Agent and the Banks the benefits purported to be created thereby.
SECTION 7.11    SOLVENCY.  If Borrower, any Guarantor of Payment or Davey Tree Expert Co., of Canada, Limited shall (a) discontinue business, (b) generally not pay its debts as such debts become due, (c) make a general assignment for the benefit of creditors, (d) apply for or consent to the appointment of a receiver, a custodian, a trustee, an interim trustee or liquidator of all or a substantial part of its assets, (e) be adjudicated a debtor or have entered against it an order for relief under Title 11 of the United States Code, as the same may be amended from time to time, (f) file a voluntary petition in bankruptcy, have an involuntary proceeding filed against it and the same shall continue undismissed for a period of thirty (30) days from commencement of such proceeding or case, or file a petition or an answer seeking reorganization or an arrangement with creditors or seeking to take advantage of any other law (whether federal or state) relating to relief of debtors, or admit (by answer, by default or otherwise) the material allegations of a petition filed against it in any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state) relating to relief of debtors, (g) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days any judgment, decree or order entered by a court of competent jurisdiction, that approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator of all or a substantial part of its assets, or (h) take, or omit to take, any action in order thereby to effect any of the foregoing.
ARTICLE VIII. 
 
REMEDIES UPON DEFAULT
Notwithstanding any contrary provision or inference herein or elsewhere,
SECTION 8.1    OPTIONAL DEFAULTS.  If any Event of Default referred to in Section 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9 or 7.10 hereof shall occur, Agent may, with the consent of the Required Banks, and shall, at the request of the Required Banks, give written notice to Borrower, to:
(d)    terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan and the obligation of the Fronting Bank to issue any Letter of Credit hereunder  immediately shall be terminated, and/or
(e)    accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.
SECTION 8.2    AUTOMATIC DEFAULTS.  If any Event of Default referred to in Section 7.11 hereof shall occur:

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(e)    all of the Commitment and the credits hereby established shall automatically and immediately terminate, if not previously terminated, and no Bank thereafter shall be under any obligation to grant any further Loan, nor shall the Fronting Bank be obligated to issue any Letter of Credit hereunder, and
(f)    the outstanding principal, interest and any other amounts on all of the Notes, and all of the other Debt to the Banks, shall thereupon become and thereafter be immediately due and payable in full (if the Debt is not already due and payable), all without any presentment, demand or notice of any kind, which are hereby waived by Borrower.
SECTION 8.3    LETTERS OF CREDIT.  If the maturity of the Notes is accelerated pursuant to Sections 8.1 or 8.2 hereof, Borrower shall immediately deposit with Agent, as security for Borrower’s and any Guarantor of Payment’s obligations to reimburse Agent and the Banks for any then outstanding Letters of Credit, cash equal to the sum of the aggregate undrawn balance of any then outstanding Letters of Credit.  Agent and the Banks are hereby authorized, at their option, to deduct any and all such amounts from any deposit balances then owing by any Bank to or for the credit or account of any Company, as security for Borrower’s and any Guarantor of Payment’s obligations to reimburse Agent and the Banks for any then outstanding Letters of Credit.
SECTION 8.4    OFFSETS.  In addition to the rights and remedies of Agent and the Banks provided elsewhere in this Agreement or in any other Loan Document, or otherwise provided in law or equity, if there shall occur or exist any Event of Default referred to in Section 7.11 hereof or if the maturity of the Notes is accelerated pursuant to Section 8.1 or 8.2 hereof, Agent and each Bank (and/or such Bank’s affiliates) shall have the right at any time to set off against, and to appropriate and apply toward the payment of, any and all Debt then owing by Borrower to Agent or that Bank (including, without limitation, any participation purchased or to be purchased pursuant to Section 8.5 hereof), whether or not the same shall then have matured, any and all deposit balances and all other indebtedness then held or owing by Agent or that Bank (and such Bank’s affiliates) to or for the credit or account of Borrower or any Guarantor of Payment, all without notice to or demand upon Borrower or any other Person, all such notices and demands being hereby expressly waived by Borrower.
SECTION 8.5    EQUALIZATION PROVISION.  Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery.  Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement).  Borrower agrees that any Bank so purchasing a participation from the 

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other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.
ARTICLE IX.
THE AGENT
The Banks authorize KeyBank and KeyBank hereby agrees to act as agent for the Banks in respect of this Agreement upon the terms and conditions set forth elsewhere in this Agreement, and upon the following terms and conditions:
SECTION 9.1    APPOINTMENT AND AUTHORIZATION.  Each Bank hereby irrevocably appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers hereunder as are delegated to Agent by the terms hereof, together with such powers as are reasonably incidental thereto. Neither Agent nor any of its affiliates, directors, officers, attorneys or employees shall be liable for any action taken or omitted to be taken by it or them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct.
SECTION 9.2    NOTE HOLDERS.  Agent may treat the payee of any Note as the holder thereof until written notice of transfer shall have been filed with it, signed by such payee and in form satisfactory to Agent.
SECTION 9.3    CONSULTATION WITH COUNSEL.  Agent may consult with legal counsel selected by it and shall not be liable for any action taken or suffered in good faith by it in accordance with the opinion of such counsel.
SECTION 9.4    DOCUMENTS.  Agent shall not be under any duty to examine into or pass upon the validity, effectiveness, genuineness or value of any Loan Documents or any other Related Writing furnished pursuant hereto or in connection herewith or the value of any collateral obtained hereunder, and Agent shall be entitled to assume that the same are valid, effective and genuine and what they purport to be.
SECTION 9.5    AGENT AND AFFILIATES.  With respect to the Loans, Agent shall have the same rights and powers hereunder as any other Bank and may exercise the same as though it were not Agent, and Agent and its affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Company or any affiliate thereof.
SECTION 9.6    KNOWLEDGE OF DEFAULT.  It is expressly understood and agreed that Agent shall be entitled to assume that no Default or Event of Default has occurred, unless Agent has been notified by Borrower pursuant to Section 5.14 hereof or by a Bank in writing that such Bank believes that a Default or Event of Default has occurred and is continuing and specifying the nature thereof.
SECTION 9.7    ACTION BY AGENT.  So long as Agent shall be entitled, pursuant to Section 9.6 hereof, to assume that no Default or Event of Default shall have occurred and be continuing, Agent shall be entitled to use its discretion with respect to exercising or refraining from 

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exercising any rights that may be vested in it by, or with respect to taking or refraining from taking any action or actions that it may be able to take under or in respect of, this Agreement. Agent shall incur no liability under or in respect of this Agreement by acting upon any notice, certificate, warranty or other paper or instrument believed by it to be genuine or authentic or to be signed by the proper party or parties, or with respect to anything that it may do or refrain from doing in the reasonable exercise of its judgment, or that may seem to it to be necessary or desirable in the premises.
SECTION 9.8    NOTICES, DEFAULT, ETC.  In the event that Agent shall have acquired actual knowledge of any Default or Event of Default, Agent shall promptly notify the Banks and shall take such action and assert such rights under this Agreement as the Required Banks shall direct and Agent shall inform the other Banks in writing of the action taken. Agent may take such action and assert such rights as it deems to be advisable, in its discretion, for the protection of the interests of the holders of the Notes.
SECTION 9.9    INDEMNIFICATION OF AGENT.  The Banks agree to indemnify Agent (to the extent not reimbursed by Borrower) ratably, according to their respective Commitment Percentages, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by or asserted against Agent in its capacity as agent in any way relating to or arising out of this Agreement or any Loan Document or any action taken or omitted by Agent with respect to this Agreement or any Loan Document, provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorneys’ fees) or disbursements resulting from Agent’s gross negligence, willful misconduct or from any action taken or omitted by Agent in any capacity other than as agent under this Agreement.
SECTION 9.10    SUCCESSOR AGENT.  Agent may resign as agent hereunder by giving not fewer than thirty (30) days prior written notice to Borrower and the Banks.  If Agent shall resign under this Agreement, then either (a) the Required Banks shall appoint from among the Banks a successor agent for the Banks (with the consent of Borrower so long as an Event of Default has not occurred and which consent shall not be unreasonably withheld), or (b) if a successor agent shall not be so appointed and approved within the thirty (30) day period following Agent’s notice to the Banks of its resignation, then Agent shall appoint a successor agent that shall serve as agent until such time as the Required Banks appoint a successor agent.  Upon its appointment, such successor agent shall succeed to the rights, powers and duties as agent, and the term “Agent” shall mean such successor effective upon its appointment, and the former agent’s rights, powers and duties as agent shall be terminated without any other or further act or deed on the part of such former agent or any of the parties to this Agreement.
ARTICLE X. 
 
MISCELLANEOUS
SECTION 10.1    BANKS’ INDEPENDENT INVESTIGATION.  Each Bank, by its signature to this Agreement, acknowledges and agrees that Agent has made no representation or warranty, express or implied, with respect to the creditworthiness, financial condition, or any other 

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condition of any Company or with respect to the statements contained in any information memorandum furnished in connection herewith or in any other oral or written communication between Agent and such Bank. Each Bank represents that it has made and shall continue to make its own independent investigation of the creditworthiness, financial condition and affairs of the Companies in connection with the extension of credit hereunder, and agrees that Agent has no duty or responsibility, either initially or on a continuing basis, to provide any Bank with any credit or other information with respect thereto (other than such notices as may be expressly required to be given by Agent to the Banks hereunder), whether coming into its possession before the granting of the first Loans hereunder or at any time or times thereafter.
SECTION 10.2    NO WAIVER; CUMULATIVE REMEDIES.  No omission or course of dealing on the part of Agent, any Bank or the holder of any Note in exercising any right, power or remedy hereunder or under any of the Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder or under any of the Loan Documents. The remedies herein provided are cumulative and in addition to any other rights, powers or privileges held by operation of law, by contract or otherwise.
SECTION 10.3    AMENDMENTS, CONSENTS.  No amendment, modification, termination, or waiver of any provision of any Loan Document nor consent to any variance therefrom, shall be effective unless the same shall be in writing and signed by the Required Banks and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  Anything herein to the contrary notwithstanding, unanimous consent of the Banks shall be required with respect to (a) any increase in the Commitment hereunder, (b) the extension of maturity of the Notes, the payment date of interest or principal thereunder, or the payment of commitment or other fees or amounts payable hereunder, (c) any reduction in the rate of interest on the Notes, or in any amount of principal or interest due on any Note, or the payment of commitment or other fees hereunder or any change in the manner of pro rata application of any payments made by Borrower to the Banks hereunder, (d) any change in any percentage voting requirement, voting rights, or the Required Banks definition in this Agreement, (e) the release of any Guarantor of Payment except for the release of a Guarantor of Payment in connection with a transaction expressly permitted pursuant to this Agreement, or (f) any amendment to this Section 10.3 or Section 8.5 hereof.  In addition, Section 10.12 hereof may not be amended without the prior written consent of any Designating Bank, as defined in Section 10.12 hereof, affected thereby.  Notice of amendments or consents ratified by the Banks hereunder shall immediately be forwarded by Borrower to all Banks. Each Bank or other holder of a Note shall be bound by any amendment, waiver or consent obtained as authorized by this Section, regardless of its failure to agree thereto.

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SECTION 10.4    NOTICES.  All notices, requests, demands and other communications provided for hereunder shall be in writing addressed to each party at the address specified on the signature pages of this Agreement, or, as to each party, at such other address as shall be designated by such party in a written notice to each of the other parties.  All notices, statements, requests, demands and other communications provided for hereunder shall be deemed delivered (a) upon receipt when delivered in person, (b) upon receipt of electronic confirmation of error free transmission when sent by facsimile or other electronic means, (c) upon receipt when sent by nationally (or internationally, as the case may be) recognized overnight delivery service, or (d) forty-eight (48) hours after being deposited in the mail when sent by first class mail, registered mail, or certified mail.
SECTION 10.5    COSTS, EXPENSES AND TAXES.  Borrower agrees to pay on demand all costs and expenses of Agent, including, but not limited to, (a) syndication, administration, travel and out-of-pocket expenses, including but not limited to attorneys’ fees and expenses, of Agent in connection with the preparation, negotiation and closing of the Loan Documents and the administration of the Loan Documents, the collection and disbursement of all funds hereunder and the other instruments and documents to be delivered hereunder, (b) extraordinary expenses of Agent in connection with the administration of the Loan Documents and the other instruments and documents to be delivered hereunder, and (c) the reasonable fees and out-of-pocket expenses of special counsel for the Banks, with respect to the foregoing, and of local counsel, if any, who may be retained by said special counsel with respect thereto. Borrower also agrees to pay on demand all costs and expenses of Agent and the Banks, including reasonable attorneys’ fees, in connection with the restructuring or enforcement of the Debt, this Agreement or any Related Writing.  In addition, Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the execution and delivery of the Loan Documents, and the other instruments and documents to be delivered hereunder, and agrees to hold Agent and each Bank harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes or fees.
SECTION 10.6    INDEMNIFICATION.  Borrower agrees to defend, indemnify and hold harmless Agent and the Banks (and their respective affiliates, officers, directors, attorneys, agents and  employees) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorneys’ fees) or disbursements of any kind or nature whatsoever that may be imposed on, incurred by or asserted against Agent or any Bank in connection with any investigative, administrative or judicial proceeding (whether or not such Bank or Agent shall be designated a party thereto) or any other claim by any Person relating to or arising out of any Loan Document or any actual or proposed use of proceeds of the Loans or any of the Debt, or any activities of any Company or any Obligor or any of their respective Affiliates; provided that no Bank nor Agent shall have the right to be indemnified under this Section for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction.  All obligations provided for in this Section 10.6 shall survive any termination of this Agreement.
SECTION 10.7    OBLIGATIONS SEVERAL; NO FIDUCIARY OBLIGATIONS.  The obligations of the Banks hereunder are several and not joint.  Nothing contained in this Agreement and no action taken by Agent or the Banks pursuant hereto shall be deemed to constitute the Banks a partnership, association, joint venture or other entity.  No default by any Bank hereunder shall 

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excuse the other Banks from any obligation under this Agreement; but no Bank shall have or acquire any additional obligation of any kind by reason of such default.  The relationship among Borrower and the Banks with respect to the Loan Documents and the Related Writings is and shall be solely that of debtor and creditors, respectively, and neither Agent nor any Bank has any fiduciary obligation toward Borrower with respect to any such documents or the transactions contemplated thereby.
SECTION 10.8    EXECUTION IN COUNTERPARTS.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
SECTION 10.9    BINDING EFFECT; BORROWER’S ASSIGNMENT.  This Agreement shall become effective when it shall have been executed by Borrower, Agent and by each Bank and thereafter shall be binding upon and inure to the benefit of Borrower, Agent and each of the Banks and their respective successors and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of Agent and all of the Banks.  This Agreement is an amendment and restatement of the Original Loan Agreement.  On the Effective Date all Letters of Credit issued under the A&R Credit Agreement shall be deemed to be Letters of Credit hereunder and all Loans outstanding under the A&R Credit Agreement shall be deemed to be Loans hereunder and all Loans shall be deemed repaid and readvanced on the Effective Date in accordance with the Commitment Percentages.
SECTION 10.10    ASSIGNMENTS.
(a)    Each Bank shall have the right, in accordance with the terms and conditions of this Section 10.10, at any time or times to assign to one or more commercial banks, finance companies, insurance companies or other financial institution or fund which, in each case, in the ordinary course of business extends credit of the type contemplated herein and whose becoming an assignee would not constitute a prohibited transaction under Section 4975 of ERISA, without recourse, all or a percentage of all of such Bank’s Commitment, all Loans made by such Bank, such Bank’s Notes, and such Bank’s interest in any participation purchased pursuant to Section 2.1C or 8.5 hereof.
(b)    No assignment may be consummated pursuant to this Section 10.10 without the prior written consent of Borrower and Agent (other than an assignment by any Bank to any affiliate of such Bank which affiliate is either wholly-owned by such Bank or is wholly-owned by a Person that wholly owns, either directly or indirectly, such Bank), which consent of Borrower and Agent shall not be unreasonably withheld; provided, however, that, Borrower’s consent shall not be required if, (i) such assignment is to another Bank, or (ii) at the time of the proposed assignment, any Default or Event of Default shall then exist.  Anything herein to the contrary notwithstanding, any Bank may at any time make a collateral assignment of all or any portion of its rights under the Loan Documents to a Federal Reserve Bank, and no such assignment shall release such assigning Bank from its obligations hereunder.
(c)    Each assignment made pursuant to this Section 10.10 shall be in a minimum amount of the lesser of Ten Million Dollars ($10,000,000) of the assignor’s Commitment and interest herein or the entire amount of the assignor’s Commitment and interest herein.

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(d)    Unless an assignment made pursuant to this Section 10.10 shall be to an affiliate of the assignor or the assignment shall be due to merger of the assignor or for regulatory purposes, either the assignor or the assignee shall remit to Agent, for its own account, an administrative fee of Three Thousand Five Hundred Dollars ($3,500).
(e)    Unless an assignment made pursuant to this Section 10.10 shall be due to merger of the assignor or a collateral assignment for regulatory purposes, the assignor shall (i) cause the assignee to execute and deliver to Borrower and Agent an Assignment Agreement and (ii) execute and deliver, or cause the assignee to execute and deliver, as the case may be, to Agent such additional amendments, assurances and other writings as Agent may reasonably require.
(f)    If an assignment made pursuant to this Section 10.10 is to be made to an assignee that is organized under the laws of any jurisdiction other than the United States or any state thereof, the assignor Bank shall cause such assignee, at least five (5) Business Days prior to the effective date of such assignment, (i) to represent to the assignor Bank (for the benefit of the assignor Bank, Agent and Borrower) that under applicable law and treaties no taxes (including FATCA withholding taxes) will be required to be withheld by Agent, Borrower or the assignor with respect to any payments to be made to such assignee in respect of the Loans hereunder, (ii) to furnish to the assignor (and, in the case of any assignee registered in the Register (as defined below), Agent and Borrower) either (A) U.S. Internal Revenue Service Form W-8ECI or U.S. Internal Revenue Service Form W-8BEN, U.S. Internal Revenue Service Form W-8BEN-E or (B) United States Internal Revenue Service Form W-8 or W-9, as applicable (wherein such assignee claims entitlement to complete exemption from U.S. federal withholding tax on all interest payments hereunder), and (iii) to agree (for the benefit of the assignor, Agent and Borrower) to provide the assignor Bank (and, in the case of any assignee registered in the Register, Agent and Borrower) a new Form W-8ECI or Form W-8BEN or W-8BEN-E or Form W-8 or W-9, as applicable, upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by such assignee, and to comply from time to time with all applicable U.S. laws and regulations with regard to such withholding tax exemption.
(g)    Upon satisfaction of all applicable requirements specified in subparts (a) though (f) above, Borrower shall execute and deliver (i) to Agent, the assignor and the assignee, any consent or release (of all or a portion of the obligations of the assignor) required to be delivered by Borrower in connection with the Assignment Agreement, and (ii) to the assignee or the assignor (if applicable), an appropriate Note or Notes.  After delivery of the new Note or Notes, the assignor’s Note or Notes being replaced shall be returned to Borrower marked “replaced”.
(h)    Upon satisfaction of all applicable requirements specified in subparts (a) though (f) above, and any other condition contained in this Section 10.10, (i) the assignee shall become and thereafter be deemed to be a “Bank” for the purposes of this Agreement, (ii) the Assignor shall be released from its obligations hereunder to the extent its interest has been assigned, (iii) in the event that the assignor’s entire interest has been assigned, the assignor shall cease to be and thereafter shall no longer be deemed to be a “Bank” and (iv) the signature pages hereto and Schedule 1 hereto shall be automatically amended, without further action, to reflect the result of any such assignment.

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(i)    Agent shall maintain at the address for notices referred to in Section 10.4 hereof a copy of each Assignment Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Bank and the Commitment of, and principal amount of the Loans owing to, each Bank from time to time.  The entries in the Register shall be conclusive, in the absence of manifest error, and Borrower, Agent and the Bank may treat each financial institution whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement.  The Register shall be available for inspection by Borrower or any Bank at any reasonable time and from time to time upon reasonable prior notice.
SECTION 10.11    PARTICIPATIONS.
(a)    Each Bank shall have the right at any time or times, without the consent of Agent or Borrower, to sell one or more participations or sub-participations to a financial institution or other “accredited investor” (as defined in SEC Regulation D), as the case may be, in all or any part of such Bank’s Commitment, such Bank’s Commitment Percentage, any Loan made by such Bank, any Note delivered to such Bank pursuant to this Agreement, and such Bank’s interest in any participation, if any, purchased pursuant to Section 2.1C or 8.5 or this Section 10.11.
(b)    The provisions of Article III and Section 10.6 shall inure to the benefit of each purchaser of a participation or sub-participation and Agent shall continue to distribute payments pursuant to this Agreement as if no participation has been sold.
(c)    If any Bank shall sell any participation or sub-participation pursuant to this Section 10.11, such Bank shall, as between itself and the purchaser, retain all of its rights (including, without limitation, rights to enforce against Borrower the Loan Documents and the Related Writings) and duties pursuant to the Loan Documents and the Related Writings, including, without limitation, such Bank’s right to approve any waiver, consent or amendment pursuant to Section 10.3, except if and to the extent that (i) such participant is an Affiliate or an Approved Fund of the Bank granting the participations or (ii) any such waiver, consent or amendment would (A) reduce any fee or commission allocated to the participation or sub-participation, as the case may be; (B) reduce the amount of any principal payment on any Loan allocated to the participation or sub-participation, as the case may be, or reduce the principal amount of any Loan so allocated or the rate of interest payable thereon, (C) extend the time for payment of any amount allocated to the participation or sub-participation, as the case may be, (D) release any guarantor from its guaranty of any of the Obligations, except in accordance with the terms of the Loan Documents, or (E) consent to the assignment or transfer by Borrower of any of its rights and obligations under this Agreement, provided that each participant shall be entitled to the benefits of ‎Section 3.2 with respect to its participation as if it was a Bank, except that a participant shall (1) only deliver the forms described in ‎Section 3.2(G) to the Bank granting it such participation and (2) not be entitled to receive any greater payment under ‎Section 3.2 than the applicable Bank would have been entitled to receive absent the participation, except to the extent such entitlement to a greater payment arose from a Change in Law occurring after the participant became a participant hereunder.
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(e)    Under no circumstance shall any participation or sub-participation be deemed a novation in respect of all or any part of the seller’s obligations pursuant to this Agreement.
In the event that any Bank sells participations in a Loan, such Bank shall, acting for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name of all participants in such Loan and the principal amount of (and stated interest on) the portion of such Loan that is the subject of the participation (the “Participant Register”).  The entries in the Participant Register shall be conclusive absent manifest error, and each Borrower, Agent and each Bank shall treat each person whose name is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement notwithstanding any notice to the contrary.  A Loan (and the registered note, if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant Register (and each registered note shall expressly so provide).  Any participation of a Loan (and the registered note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.  The Participant Register shall be available for inspection by Borrower and any Bank at any reasonable time and from time to time upon reasonable prior notice; provided, however, that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  For the avoidance of doubt, Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
SECTION 10.12    DESIGNATION.
(a)    Notwithstanding anything in this Agreement to the contrary, any Bank (a “Designating Bank”) may grant to one or more special purpose funding vehicles (each an “SPV”), identified in writing from time to time by such Designating Bank to Agent and Borrower, the option to provide to Borrower all or any part of any Loan that such Designating Bank would otherwise be obligated to make to Borrower pursuant to this Agreement; provided that (i) nothing in this Section shall constitute a commitment by any SPV to make any Loan, and (ii) if an SPV designated by a Designating Bank to make Loans elects not to exercise such option or otherwise fails to provide all or any part of such Loan, such Designating Bank shall still be obligated to make such Loan pursuant to the terms hereof.  The making of a Loan by an SPV hereunder shall reduce the availability under the Revolving Credit Commitment of the Designating Bank to the same extent, and as if, such Loan were made by such Designating Bank.
(b)    As to any Loans or portion thereof made by an SPV, each such SPV shall have all of the rights that a Bank making such Loans or portion thereof would have under this Agreement; provided, however, that each SPV shall have granted its Designating Bank an irrevocable power of attorney to deliver and receive all communications and notices under this Agreement and any other Loan Document and to exercise, in its reasonable discretion, on behalf of such SPV, all of such SPV’s voting rights under this Agreement.  No additional Note shall be required to evidence the Loans or portion thereof made by an SPV and the Designating Bank shall be deemed to hold its Note as agent for such SPV to the extent of the Loans or portion thereof funded by such SPV.  In 

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addition, any payments for the account of any SPV shall be paid to its respective Designating Bank as agent for such SPV.
(c)    Agent, Borrower and the Banks agree that no SPV shall be liable for an indemnity or payment under this Agreement for which a Bank would otherwise be liable and the Designating Bank shall remain liable for its Commitment Percentage of such indemnity or payment to the extent such Designating Bank would otherwise be liable.  In furtherance of the foregoing, Agent, Borrower and each of the Banks hereby agree (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all of the outstanding commercial paper or other senior indebtedness of any SPV, none of Agent, Borrower or any Bank shall institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the United States or any State thereof.
(d)    In addition, notwithstanding anything to the contrary contained in this Section 10.12, or otherwise in this Agreement, any SPV may (i) at any time and without paying any processing fee therefor, assign (or grant a participation in) all or a portion of its interest in any Loans to its Designating Bank or to any financial institution providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans, and (ii) disclose on a confidential basis any non‐public information relating to the Loans made by such SPV to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV.  This Section 10.12 may not be amended without the prior written consent of any Designating Bank affected thereby.
SECTION 10.13    SEVERABILITY OF PROVISIONS; CAPTIONS; ATTACHMENTS.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. The several captions to Sections and subsections herein are inserted for convenience only and shall be ignored in interpreting the provisions of this Agreement.  Each schedule or exhibit attached to this Agreement shall be incorporated herein an shall be deemed to be a part hereof.
SECTION 10.14    INVESTMENT PURPOSE.  Each of the Banks represents and warrants to Borrower that it is entering into this Agreement with the present intention of acquiring any Note issued pursuant hereto for investment purposes only and not for the purpose of distribution or resale, it being understood, however, that each Bank shall at all times retain full control over the disposition of its assets.
SECTION 10.15    ENTIRE AGREEMENT.  This Agreement, any Note and any other Loan Document or other agreement, document or instrument attached hereto or executed on or as of the Effective Date integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings with respect to the subject matter hereof.
SECTION 10.16    GOVERNING LAW; SUBMISSION TO JURISDICTION.  This Agreement, each of the Notes and any Related Writing shall be governed by and construed in 

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accordance with the laws of the State of Ohio and the respective rights and obligations of Borrower and the Banks shall be governed by Ohio law, without regard to principles of conflict of laws.  Borrower hereby irrevocably submits to the non‐exclusive jurisdiction of any Ohio state or federal court sitting in Cleveland, Ohio, over any action or proceeding arising out of or relating to this Agreement, the Debt or any Related Writing, and Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Ohio state or federal court.  Borrower, on behalf of itself and its Subsidiaries, hereby irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying of venue in any action or proceeding in any such court as well as any right it may now or hereafter have to remove such action or proceeding, once commenced, to another court on the grounds of FORUM NON CONVENIENS or otherwise.  Borrower agrees that a final, nonappealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
SECTION 10.17    LEGAL REPRESENTATION OF PARTIES.  The Loan Documents were negotiated by the parties with the benefit of legal representation and any rule of construction or interpretation otherwise requiring this Agreement or any other Loan Document to be construed or interpreted against any party shall not apply to any construction or interpretation hereof or thereof.
SECTION 10.18    USA PATRIOT ACT.  Each Bank subject to the USA Patriot Act hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Bank to identify Borrower in accordance with the USA Patriot Act.
SECTION 10.19    HEDGING LIABILITY.  Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Credit Party is not an “eligible contract participant” as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended, at the time (i) any transaction is entered into under any Hedging Obligation or (ii) such Person becomes a Borrower or Subsidiary Guarantor hereunder, and the effect of the foregoing would be to render any Guaranty Obligations of such Person violative of the Commodity Exchange Act, the Obligations of such Person shall not include (x) in the case of clause (i) above, such transaction and (y) in the case of clause (ii) above, any transactions outstanding under any Hedging Obligations as of the date such Person becomes a Borrower or Subsidiary Guarantor hereunder.

[Remainder of page intentionally left blank]

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SECTION 10.20    JURY TRIAL WAIVER.  BORROWER, AGENT AND EACH OF THE BANKS WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE BANKS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.
	
					
	Address:
	1500 North Mantua Street
	 
	THE DAVEY TREE EXPERT COMPANY

	 
	Kent, Ohio 44240
	 
	 
	 

	 
	Attention: Chief Financial Officer
	 
	By: /s/Christopher J. Bast

	 
	 
	 
	Name: Christopher J. Bast

	 
	 
	 
	Title: Treasurer
	 

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	Address:
	Key Center
	 
	KEYBANK NATIONAL ASSOCIATION,

	 
	127 Public Square
	 
	as a Bank and as Agent

	 
	Cleveland, Ohio 44114-1306
	 
	 

	 
	Attention: Large Corporate Group
	 
	By: /s/James Gelle

	 
	 
	 
	Name: James Gelle

	 
	 
	 
	Title: Vice President
	 

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	Address:
	1900 E. Ninth Street
	 
	PNC BANK, NATIONAL ASSOCIATION

	 
	Locator B7-YB13-34-8
	 
	 

	 
	Cleveland, OH 44114
	 
	By: /s/Denise Jakubovic

	 
	Attention: Joe Moran
	 
	Name: Denise Jakubovic

	 
	 
	 
	Title: Vice President

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	Address:
	10 S. Wacker Drive, 16th Fl
	 
	WELLS FARGO BANK, N.A.

	 
	Chicago, IL 60606
	 
	 

	 
	Attention: Nicole Bauer
	 
	By: /s/Andrew T. Cavallari

	 
	 
	 
	Name: Andrew T. Cavallari

	 
	 
	 
	Title: Vice President

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	Address:
	50 South Main Street, Floor 2
	 
	JPMORGAN CHASE BANK, N.A.

	 
	Akron, OH 44308
	 
	 

	 
	Attention: Rebecca Herendeen
	 
	By: /s/Rebecca J. Herendeen

	 
	 
	 
	Name: Rebecca J. Herendeen

	 
	 
	 
	Title: Authorized Officer

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EXHIBIT A 
 
REVOLVING CREDIT NOTE
$______________    Cleveland, Ohio 
    November 7, 2013
FOR VALUE RECEIVED, the undersigned, THE DAVEY TREE EXPERT COMPANY, an Ohio corporation (“Borrower”), promises to pay on the last day of the Commitment Period, as defined in the Credit Agreement (as hereinafter defined), to the order of ________________ (“Bank”) at the Main Office of KEYBANK NATIONAL ASSOCIATION, as Agent, 127 Public Square, Cleveland, Ohio 44114‐1306 the principal sum of _________________AND NO/100    DOLLARS
or the aggregate unpaid principal amount of all Revolving Loans made by Bank to Borrower pursuant to Section 2.1A of the Credit Agreement, whichever is less, in lawful money of the United States of America.  As used herein, “Credit Agreement” means the Second Amended and Restated Credit Agreement dated as of November 7, 2013, among Borrower, the banks named therein and KeyBank National Association, as Agent, as the same may from time to time be further amended, restated or otherwise modified.  Capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement.
Borrower also promises to pay interest on the unpaid principal amount of each Revolving Loan from time to time outstanding, from the date of such Revolving Loan until the payment in full thereof, at the rates per annum that shall be determined in accordance with the provisions of Section 2.1A of the Credit Agreement.  Such interest shall be payable on each date provided for in such Section 2.1A; provided, however, that interest on any principal portion that is not paid when due shall be payable on demand.
The portions of the principal sum hereof from time to time representing Base Rate Loans and LIBOR Loans, and payments of principal of any thereof, shall be shown on the records of Bank by such method as Bank may generally employ; provided, however, that failure to make any such entry shall in no way detract from Borrower’s obligations under this Note.
If this Note shall not be paid at maturity, whether such maturity occurs by reason of lapse of time or by operation of any provision for acceleration of maturity contained in the Credit Agreement, the principal hereof and the unpaid interest thereon shall bear interest, until paid, at a rate per annum equal to the Default Rate. All payments of principal of and interest on this Note shall be made in immediately available funds.
This Note is one of the Revolving Credit Notes referred to in the Credit Agreement. Reference is made to the Credit Agreement for a description of the right of the undersigned to anticipate payments hereof, the right of the holder hereof to declare this Note due prior to its stated maturity, and other terms and conditions upon which this Note is issued.  [This Note wholly amends, restates and replaces the Revolving Credit Note, dated November 21, 2006, made by Borrower in favor of the Bank.]

Except as expressly provided in the Credit Agreement, Borrower expressly waives presentment, demand, protest and notice of any kind.
BORROWER, AGENT AND EACH OF THE BANKS WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE BANKS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS NOTE OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.
	
			
	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

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EXHIBIT B 
 
SWING LINE NOTE
$15,000,000    Cleveland, Ohio
November 7, 2013
FOR VALUE RECEIVED, the undersigned, THE DAVEY TREE EXPERT COMPANY, an Ohio corporation (“Borrower”), promises to pay to the order of KEYBANK NATIONAL ASSOCIATION (“Bank”) at the Main Office of KEYBANK NATIONAL ASSOCIATION, as Agent, 127 Public Square, Cleveland, Ohio 44114-1306, the principal sum of FIFTEEN MILLION AND NO/100    DOLLARS
in accordance with the provisions of Section 2.1B of the Credit Agreement, in lawful money of the United States of America. As used herein, “Credit Agreement” means the Second Amended and Restated Credit Agreement dated as of November 7, 2013, among Borrower, the banks named therein and KeyBank National Association, as Agent, as the same may from time to time be further amended, restated or otherwise modified. Capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement.
Borrower also promises to pay interest on the unpaid principal amount of the Swing Line Loan from time to time outstanding, from the date of the Swing Line Loan until the payment in full thereof, at the rates per annum that shall be determined in accordance with the provisions of Section 2.1B of the Credit Agreement.  Such interest shall be payable on each date provided for in Section 2.1B; provided, however, that interest on any principal portion that is not paid when due shall be payable on demand.
The portions of the principal sum hereof from time to time representing Daily LIBOR Loans, and payments of principal of either thereof, shall be shown on the records of Bank by such method as Bank may generally employ; provided, however, that failure to make any such entry shall in no way detract from Borrower’s obligations under this Note.
If this Note shall not be paid at maturity, whether such maturity occurs by reason of lapse of time or by operation of any provision for acceleration of maturity contained in the Credit Agreement, the principal hereof and the unpaid interest thereon shall bear interest, until paid, at a rate per annum equal to the Default Rate. All payments of principal of and interest on this Note shall be made in immediately available funds.
This Note is one of the Swing Line Notes referred to in the Credit Agreement.  Reference is made to the Credit Agreement for a description of the right of the undersigned to anticipate payments hereof, the right of the holder hereof to declare this Note due prior to its stated maturity, and other terms and conditions upon which this Note is issued.
Except as expressly provided in the Credit Agreement, Borrower expressly waives presentment, demand, protest and notice of any kind.

BORROWER, AGENT AND EACH OF THE BANKS WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE BANKS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS NOTE OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.

	
			
	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

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EXHIBIT C 
 
NOTICE OF LOAN
[Date]_______________________, 20____
KeyBank National Association 
127 Public Square 
Cleveland, Ohio 44114-0616 
Attention:
Ladies and Gentlemen:
The undersigned, THE DAVEY TREE EXPERT COMPANY, refers to the Second Amended and Restated Credit Agreement, dated as of November 7, 2013 (“Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, the Banks, as defined in the Credit Agreement, and KeyBank National Association, as Agent, and hereby gives you notice, pursuant to Section 2.2 of the Credit Agreement that the undersigned hereby requests a Loan under the Credit Agreement, and in connection therewith sets forth below the information relating to the Loan (the “Proposed Loan”) as required by Section 2.2 of the Credit Agreement:
(a)    The Business Day of the Proposed Loan is __________, 20__.
(b)    The amount of the Proposed Loan is $_______________.
(c)    The Proposed Loan is to be a Base Rate Loan ____ /LIBOR Loan             ___. (Check one.)
(d)    If the Proposed Loan is a LIBOR Loan, the Interest Period                 requested is one month ___, two months ___, three months ___, six        months____. (Check one.)
The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Loan:
(i)    the representations and warranties contained in each Loan Document are correct, before and after giving effect to the Proposed Loan and the application of the proceeds therefrom, as though made on and as of such date;
(ii)    no event has occurred and is continuing, or would result from such Proposed Loan, or the application of proceeds therefrom, that constitutes a Default or Event of Default; and

(iii)    the conditions set forth in Section 2.2 and Article IV of the Credit Agreement have been satisfied.

	
			
	Very truly yours,
	 

	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

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EXHIBIT D 
 
COMPLIANCE CERTIFICATE
For Fiscal Quarter ended ____________________
THE UNDERSIGNED HEREBY CERTIFY THAT:
(1)    I am the duly elected [Chief Financial Officer] [Treasurer] of THE DAVEY TREE EXPERT COMPANY, an Ohio corporation (“Borrower”);
(2)    I am familiar with the terms of that certain Second Amended and Restated Credit Agreement, dated as of November 7, 2013, among the undersigned, the Banks, as defined in the Credit Agreement, and KeyBank National Association, as Agent (as the same may from time to time be further amended, restated or otherwise modified, the “Credit Agreement”, the terms defined therein and not otherwise defined in this Certificate being used herein as therein defined), and the terms of the other Loan Documents, and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;
(3)    The review described in paragraph (2) above did not disclose, and I have no knowledge of, the existence of any condition or event that constitutes or constituted a Default or Event of Default, at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate;
(4)    The representations and warranties made by Borrower contained in each Loan Document are true and correct as though made on and as of the date hereof; and
(5)    Set forth on Attachment I hereto are calculations of the financial covenants set forth in Section 5.7 of the Credit Agreement, which calculations show compliance with the terms thereof.
IN WITNESS WHEREOF, I have signed this certificate the ___ day of _________, 20___.

	
			
	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

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EXHIBIT E 

	
	
	ASSIGNMENT AGREEMENT

	 

	Date: __________, 20__

This Assignment and Assumption (this “Assignment Agreement”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement (as defined below), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment Agreement as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Bank under the Credit Agreement and any other Loan Documents and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, any Letters of Credit, guarantees, and Swing Loans and any Participations in any of the foregoing included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Bank) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other Loan Document and any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment Agreement, without representation or warranty by the Assignor.

	
					
	1.
	Assignor:
	 
	 
	 

	 
	[Assignor [is] [is not] a Defaulting Bank.]

	 
	 
	 
	 
	 

	2.
	Assignee:
	 
	 
	 

	 
	 
	[and is an Affiliate/Approved Fund of [identify Bank]]

	 
	 
	 
	 
	 

	3.
	Borrower:
	The Davey Tree Expert Company, an Ohio corporation

	 
	 
	 
	 
	 

	4.
	Agent:
	KeyBank National Association, as the administrative agent under the Credit Agreement.

	 
	 
	 
	 
	 

	5.
	Credit Agreement
	The Credit Agreement, dated as of November 7, 2013 (as the same may be amended, restated or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the banks from time to time party thereto, Agent.

	 
	 
	 
	 
	 

	6.
	Assigned Interest:
	 
	 
	 

	
					
	Facility Assigned
	Aggregate Amount of Commitment/Loans for all Banks
	Amount of Commitment/Loans Assigned
	Percentage Assigned of Commitment/Loans
	CUSIP Number

	 
	$
	$
	   %
	 

	 
	$
	$
	   %
	 

	 
	$
	$
	   %
	 

	
					
	7.
	Trade Date:
	 
	 
	 

Effective Date:   _____________ ___, 20___ [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment Agreement are hereby agreed to:

	
								
	 
	 
	 
	 
	 
	ASSIGNOR:

	 
	 
	 
	 
	 
	 
	 
	 

	Address:
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	Attn:
	 
	 
	 
	By:
	 
	 

	 
	Phone:
	 
	 
	 
	Name:
	 
	 

	 
	Fax:
	 
	 
	 
	Title:
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	ASSIGNEE:

	 
	 
	 
	 
	 
	 
	 
	 

	Address:
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	Attn:
	 
	 
	 
	By:
	 
	 

	 
	Phone:
	 
	 
	 
	Name:
	 
	 

	 
	Fax:
	 
	 
	 
	Title:
	 
	 

	
					
	Accepted and Approved this ____ day
	 
	 

	of ____________, ______:
	 
	 

	 
	 
	 
	 
	 

	AGENT:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	KEYBANK NATIONAL ASSOCIATION,
	 
	 

	as Agent
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	Name:
	 
	 
	 
	 

	Title:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Accepted and Approved this ____ day
	 
	 

	of ____________, ______:
	 
	 

	 
	 
	 
	 
	 

	THE DAVEY TREE EXPERT COMPANY
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	Name:
	 
	 
	 
	 

	Title:
	 
	 
	 
	 

	 
	 
	 
	 
	 

Annex I

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AGREEMENT

1.  Representations and Warranties.  

1.1   Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby, and (iv) it is [not] a Defaulting Bank; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Bank thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on Agent or any other Bank, and (v) if it is not a United States Person (as defined in Section 7701(a)(30) of the Code), attached to this Assignment Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on Agent, the Assignor or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Bank.

2.   Payments.    From and after the Effective Date, Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date.  The Assignor and the Assignee shall make all appropriate adjustments in payments by Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

3.  General Provisions. This Assignment Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment Agreement may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment Agreement.  This Assignment Agreement shall be construed in accordance with and governed by the laws of the State of Ohio, without regard to principles of conflicts of laws.

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EXHIBIT L-1
[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Banks That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of November 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), Borrower, the banks named therein and KeyBank National Association, as Agent.  
Pursuant to the provisions of Section 3.2 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished Agent and Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Borrower and Agent, and (2) the undersigned shall have at all times furnished Borrower and Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

	
		
	[NAME OF LENDER]

	By:
	 

	Name:
	 

	Title:
	 

Date: ________ __, 20[  ]
 

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EXHIBIT L-2
[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of November 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), Borrower, the banks named therein and KeyBank National Association, as Agent.  
Pursuant to the provisions of Section 3.2 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code].
The undersigned has furnished its participating Bank with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Bank in writing, and (2) the undersigned shall have at all times furnished such Bank with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
	
		
	[NAME OF PARTICIPANT]

	 

	By:
	 

	Name:
	 

	Title:
	 

Date: ________ __, 20[  ]

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EXHIBIT L-3
[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of November 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), Borrower, the banks named therein and KeyBank National Association, as Agent.  
Pursuant to the provisions of Section 3.2 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Bank with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Bank and (2) the undersigned shall have at all times furnished such Bank with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
	
		
	[NAME OF PARTICIPANT]

	By:   

	By:
	 

	Name:
	 

	Title:
	 

Date: ________ __, 20[  ]

Table of Contents

EXHIBIT L-4
[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Banks That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Second Amended and Restated Credit Agreement dated as of November 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), Borrower, the banks named therein and KeyBank National Association, as Agent.  
Pursuant to the provisions of Section 3.2 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished Agent and Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Borrower and Agent, and (2) the undersigned shall have at all times furnished Borrower and Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
	
		
	[NAME OF LENDER]

	By:
	 

	Name:
	 

	Title:
	 

Date: ________ __, 20[  ]

Table of Contents

SCHEDULE 1
	
									
	BANKING INSTITUTIONS
	COMMITMENT 
PERCENTAGE
	REVOLVING CREDIT 
COMMITMENT AMOUNT
	SWING LINE COMMITMENT AMOUNT

	 
	 
	 
	 

	KeyBank National Association
	31.428571430
	%
	

	$55,000,000
	

	

	$15,000,000
	

	Wells Fargo Bank, N.A.
	25.714285710
	%
	

	$45,000,000
	

	 

	PNC Bank, National Association.
	25.714285710
	%
	

	$45,000,000
	

	 

	JPMorgan Chase Bank, N.A.
	17.142857140
	%
	

	$30,000,000
	

	 

	Total Percentage
Total Commitment Amount
	100
	%
	

	$175,000,000.00
	

	

	$15,000,000
	

Table of Contents

SCHEDULE 2 
 
GUARANTORS OF PAYMENT
1.  Davey Tree Surgery Company, an Ohio corporation
2.  Wolf Tree, Inc., a Tennessee corporation
3.  The Care of Trees, Inc., an Illinois corporation 

Table of Contents

SCHEDULE 6.1
CORPORATE EXISTENCE, FOREIGN QUALIFICATION 
AND PRINCIPAL PLACE OF BUSINESS
	
					
	COMPANY
	STATE OF INCORPORATION
	FOREIGN QUALIFICATION
	PRINCIPAL PLACE OF BUSINESS
	CHIEF EXECUTIVE OFFICE

	The Davey Tree Expert Company
	Ohio
	Alabama
Alaska
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

Table of Contents

	
					
	COMPANY
	STATE OF INCORPORATION
	FOREIGN QUALIFICATION
	PRINCIPAL PLACE OF BUSINESS
	CHIEF EXECUTIVE OFFICE

	Davey Surgery Company
	Ohio
	Arizona
California
Colorado
Hawaii
Idaho
Kansas
Louisiana
Montana
Nebraska
Nevada
New Mexico
New York
Oklahoma
Oregon
Texas
Utah
Washington
Wyoming
	2617 South Vasco Rd
Livermore, CA 94550
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	The Davey Tree Expert Co. of Canada, LTD
	Canada
	All Canadian Provinces
	611 Tradewind Drive, Suite 500
Ancaster, Ontario L9G 4V5
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	Wolf Tree, Inc.
	Tennessee
	Alabama 
Arkansas 
Delaware 
Florida 
Georgia 
Kansas 
Kentucky 
Louisiana 
Mississippi 
Missouri 
North Carolina 
Ohio 
Oklahoma 
South Carolina 
Virginia
	3310 Greenway Dr NE
Knoxville, TN  37918
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	The Care of Trees, Inc.
	Illinois
	California 
Connecticut 
Delaware 
District of Columbia 
Maryland 
New Jersey 
New York 
Pennsylvania 
Virginia 
Wisconsin
	275C 12th Street, 
2nd Floor 
Wheeling, IL 60090
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	S&S Tree and Horticultural Specialists, Inc.
	Minnesota
	None
	405 Hardman Ave S
S. St. Paul, MN 55075
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	DTE Company
	Ohio
	Maryland
New York
	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

	1500 N. Mantua St. 
PO Box 5193
Kent, Ohio 44240

Table of Contents

SCHEDULE 6.4
LITIGATION AND ADMINISTRATIVE PROCEEDINGS
None.

Table of Contents

SCHEDULE 6.10
ERISA PLANS
The Davey Tree Expert Company
		
	•
	The Davey 401KSOP and ESOP

		
	•
	The Davey Tree Expert Company Employee Retirement Plan

		
	•
	Davey Tree Expert Company Long Term Disability Plan

		
	•
	Davey Tree Expert Company Group Insurance Plan 

		
	•
	Supplemental Executive Retirement Plan

		
	•
	Retirement Benefit Restoration Plan

		
	•
	KSOP Match Restoration Plan

		
	•
	Performance Restricted Stock Units

		
	•
	National Electrical Annuity Plan

		
	•
	National Electrical Benefit Fund

		
	•
	IBEW Local Union 94 Annuity Fund

		
	•
	IBEW Local Union No. 1919 Annuity Fund

		
	•
	Line Construction Benefit Fund

		
	•
	IBEW Local 17 Welfare Plan

		
	•
	Local 94, IBEW Health and Welfare Fund

		
	•
	IBEW Local 1919 Health and Welfare Fund

Davey Tree Surgery Company
		
	•
	Davey Tree Surgery Company Pension Plan

		
	•
	National Electrical Annuity Plan

		
	•
	National Electrical Benefit Fund

		
	•
	IBEW Local 1245 Money Purchase Pension Trust

		
	•
	Line Construction Benefit Fund

		
	•
	Eighth District Annuity FundEX-10.8

 Exhibit 10.8 
 Execution Copy 
  

 
  

$2,600,000,000 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 among 

PINNACLE ENTERTAINMENT, INC., 
 as the Borrower, 
 the Lenders from Time to Time Parties Hereto,

 J.P. MORGAN SECURITIES LLC, 
 GOLDMAN SACHS LENDING PARTNERS LLC, 
 MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 DEUTSCHE BANK SECURITIES INC., 

WELLS FARGO SECURITIES, LLC, 
 BARCLAYS BANK PLC, 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

 and 
 UBS SECURITIES LLC, 
 as Joint Lead Arrangers and Joint Bookrunning
Managers, 
 J.P. MORGAN SECURITIES LLC, 
 GOLDMAN SACHS LENDING PARTNERS LLC, 
 MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 DEUTSCHE BANK SECURITIES INC., 

WELLS FARGO SECURITIES, LLC, 
 BARCLAYS BANK PLC, 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

 UBS SECURITIES LLC, 
 U.S. BANK NATIONAL ASSOCIATION, 
 and 

FIFTH THIRD BANK 
 as Co-Documentation Agents, 
 FIFTH THIRD BANK, 

as Junior Arranger, 
 RBS SECURITIES INC., 
 and 

SUMITOMO MITSUI BANKING CORPORATION 
 as Co-Managers, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 Dated as of August 13, 2013

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 SECTION 1. DEFINITIONS
	  	 	2	  
			
	 1.1
	    	 Defined Terms
	  	 	2	  
	 1.2
	    	 Other Definitional Provisions
	  	 	49	  
	 1.3
	    	 Accounting Terms
	  	 	49	  
	 1.4
	    	 Rounding
	  	 	50	  
	 1.5
	    	 References to Agreements, Laws, Etc.
	  	 	50	  
		
	 SECTION 2. AMOUNT AND TERMS OF CREDIT
	  	 	50	  
			
	 2.1
	    	 Commitments
	  	 	50	  
	 2.2
	    	 Minimum Amount of Each Borrowing; Maximum Number of Borrowings
	  	 	52	  
	 2.3
	    	 Borrowing Notice
	  	 	52	  
	 2.4
	    	 Disbursement of Funds
	  	 	54	  
	 2.5
	    	 Repayment of Loans; Evidence of Debt
	  	 	55	  
	 2.6
	    	 Conversions and Continuations
	  	 	57	  
	 2.7
	    	 Pro Rata Borrowings
	  	 	58	  
	 2.8
	    	 Interest
	  	 	58	  
	 2.9
	    	 Interest Periods
	  	 	59	  
	 2.10
	    	 Alternate Rate of Interest, Increased Costs, Illegality, Etc.
	  	 	60	  
	 2.11
	    	 Compensation
	  	 	61	  
	 2.12
	    	 Change of Lending Office
	  	 	62	  
	 2.13
	    	 Incremental Facilities
	  	 	62	  
	 2.14
	    	 Defaulting Lenders
	  	 	68	  
		
	 SECTION 3. LETTERS OF CREDIT
	  	 	71	  
			
	 3.1
	    	 Letters of Credit
	  	 	71	  
	 3.2
	    	 Procedure for Issuance of Letter of Credit
	  	 	73	  
	 3.3
	    	 Letter of Credit Participations
	  	 	74	  
	 3.4
	    	 Reimbursement Obligation of the Borrower
	  	 	76	  
	 3.5
	    	 [Reserved]
	  	 	78	  
	 3.6
	    	 New or Successor Letter of Credit Issuer
	  	 	78	  
	 3.7
	    	 Role of Letter of Credit Issuer
	  	 	79	  
	 3.8
	    	 Cash Collateral
	  	 	79	  
	 3.9
	    	 Applicability of ISP and UCP
	  	 	80	  
	 3.10
	    	 Conflict with Issuer Documents
	  	 	80	  
		
	 SECTION 4. FEES; COMMITMENT REDUCTIONS AND TERMINATIONS
	  	 	80	  
			
	 4.1
	    	 Fees
	  	 	80	  
	 4.2
	    	 Voluntary Reduction of Revolving Credit Commitments
	  	 	81	  
	 4.3
	    	 Mandatory Termination of Commitments
	  	 	82	  

  
 i 

							
	 SECTION 5. PAYMENTS
	  	 	82	  
			
	 5.1
	    	 Optional Prepayments
	  	 	82	  
	 5.2
	    	 Mandatory Prepayments
	  	 	83	  
	 5.3
	    	 Method and Place of Payment
	  	 	86	  
	 5.4
	    	 Net Payments
	  	 	86	  
	 5.5
	    	 Computations of Interest and Fees
	  	 	90	  
	 5.6
	    	 Limit on Rate of Interest
	  	 	90	  
		
	 SECTION 6. REPRESENTATIONS AND WARRANTIES
	  	 	91	  
			
	 6.1
	    	 Financial Condition
	  	 	91	  
	 6.2
	    	 No Change
	  	 	92	  
	 6.3
	    	 Organizational Existence; Compliance with Law
	  	 	93	  
	 6.4
	    	 Organizational Power; Authorization; Enforceable Obligations
	  	 	93	  
	 6.5
	    	 No Legal Bar
	  	 	93	  
	 6.6
	    	 No Material Litigation
	  	 	94	  
	 6.7
	    	 No Default
	  	 	94	  
	 6.8
	    	 Ownership of Property; Liens
	  	 	94	  
	 6.9
	    	 Intellectual Property
	  	 	95	  
	 6.10
	    	 Taxes
	  	 	95	  
	 6.11
	    	 Federal Regulations
	  	 	95	  
	 6.12
	    	 Labor Matters
	  	 	95	  
	 6.13
	    	 ERISA
	  	 	96	  
	 6.14
	    	 Investment Company Act; Other Regulations
	  	 	97	  
	 6.15
	    	 Subsidiaries
	  	 	97	  
	 6.16
	    	 Use of Proceeds
	  	 	97	  
	 6.17
	    	 Environmental Matters
	  	 	98	  
	 6.18
	    	 Accuracy of Information, Etc.
	  	 	99	  
	 6.19
	    	 Security Documents
	  	 	99	  
	 6.20
	    	 Solvency
	  	 	100	  
	 6.21
	    	 Senior Indebtedness
	  	 	100	  
	 6.22
	    	 Regulation H
	  	 	100	  
	 6.23
	    	 Gaming Laws
	  	 	100	  
	 6.24
	    	 Anti-Terrorism Laws
	  	 	100	  
	 6.25
	    	 Insurance Proceeds
	  	 	101	  
		
	 SECTION 7. CONDITIONS PRECEDENT
	  	 	101	  
			
	 7.1
	    	 Conditions to Initial Borrowing
	  	 	101	  
	 7.2
	    	 Conditions Precedent to All Loan Events
	  	 	107	  
		
	 SECTION 8. AFFIRMATIVE COVENANTS
	  	 	108	  
			
	 8.1
	    	 Financial Statements
	  	 	108	  
	 8.2
	    	 Certificates; Other Information
	  	 	109	  
	 8.3
	    	 Payment of Obligations
	  	 	111	  

  
 ii 

							
	 8.4
	    	 Conduct of Business and Maintenance of Existence, Etc.
	  	 	111	  
	 8.5
	    	 Maintenance of Property; Insurance
	  	 	111	  
	 8.6
	    	 Inspection of Property; Books and Records; Discussions
	  	 	112	  
	 8.7
	    	 Notices
	  	 	112	  
	 8.8
	    	 Environmental Laws
	  	 	113	  
	 8.9
	    	 Control Agreements
	  	 	113	  
	 8.10
	    	 Additional Collateral, Etc.
	  	 	114	  
	 8.11
	    	 OFAC and Anti-Corruption Provisions
	  	 	116	  
	 8.12
	    	 Compliance with FTC Order
	  	 	117	  
	 8.13
	    	 Post-Closing Matters
	  	 	117	  
	 8.14
	    	 Further Assurances
	  	 	117	  
		
	 SECTION 9. NEGATIVE COVENANTS
	  	 	118	  
			
	 9.1
	    	 Financial Condition Covenants
	  	 	118	  
	 9.2
	    	 Limitation on Indebtedness
	  	 	120	  
	 9.3
	    	 Limitation on Liens
	  	 	122	  
	 9.4
	    	 Limitation on Fundamental Changes
	  	 	125	  
	 9.5
	    	 Limitation on Disposition of Property
	  	 	125	  
	 9.6
	    	 Limitation on Restricted Payments
	  	 	127	  
	 9.7
	    	 Limitation on Investments
	  	 	128	  
	 9.8
	    	 Limitation on Optional Payments and Modifications of Debt Instruments, Etc.
	  	 	130	  
	 9.9
	    	 Limitation on Transactions with Affiliates
	  	 	131	  
	 9.10
	    	 Limitation on Sales and Leasebacks
	  	 	132	  
	 9.11
	    	 Limitation on Changes in Fiscal Periods
	  	 	132	  
	 9.12
	    	 Limitation on Negative Pledge Clauses
	  	 	132	  
	 9.13
	    	 Limitation on Restrictions on Subsidiary Distributions
	  	 	132	  
	 9.14
	    	 Limitation on Lines of Business
	  	 	133	  
	 9.15
	    	 Limitation on Hedge Agreements
	  	 	133	  
	 9.16
	    	 Limitation on Changes to Deferred Compensation Plan
	  	 	133	  
	 9.17
	    	 Directors’ and Officers’ Trust
	  	 	133	  
		
	 SECTION 10. EVENTS OF DEFAULT
	  	 	133	  
			
	 10.1
	    	 Payments
	  	 	133	  
	 10.2
	    	 Representations, Etc.
	  	 	134	  
	 10.3
	    	 Covenants
	  	 	134	  
	 10.4
	    	 Default Under Other Agreements
	  	 	134	  
	 10.5
	    	 Bankruptcy, Etc.
	  	 	134	  
	 10.6
	    	 ERISA
	  	 	135	  
	 10.7
	    	 Judgments
	  	 	135	  
	 10.8
	    	 Security Documents
	  	 	135	  
	 10.9
	    	 Guaranty
	  	 	136	  
	 10.10
	    	 Change of Control
	  	 	136	  
	 10.11
	    	 Subordinated Notes
	  	 	136	  
	 10.12
	    	 Application of Proceeds
	  	 	137	  

  
 iii

							
	 SECTION 11. THE AGENTS
	  	 	137	  
			
	 11.1
	    	 Appointment
	  	 	137	  
	 11.2
	    	 Delegation of Duties
	  	 	138	  
	 11.3
	    	 Exculpatory Provisions
	  	 	138	  
	 11.4
	    	 Reliance by Agents
	  	 	138	  
	 11.5
	    	 Notice of Default
	  	 	139	  
	 11.6
	    	 Non-Reliance on Agents and Other Lenders
	  	 	139	  
	 11.7
	    	 Indemnification
	  	 	140	  
	 11.8
	    	 Agents in Their Individual Capacities
	  	 	141	  
	 11.9
	    	 Successor Agents and Successor Swing Line Lender
	  	 	141	  
	 11.10
	    	 Withholding Tax
	  	 	142	  
	 11.11
	    	 Agents Under Security Documents and Subsidiary Guaranty
	  	 	142	  
	 11.12
	    	 Right to Realize on Collateral and Enforce Guarantee
	  	 	143	  
	 11.13
	    	 Treasury Management Agreements and Hedge Agreements
	  	 	144	  
		
	 SECTION 12. MISCELLANEOUS
	  	 	144	  
			
	 12.1
	    	 Amendments, Waivers and Releases
	  	 	144	  
	 12.2
	    	 Notices
	  	 	148	  
	 12.3
	    	 No Waiver; Cumulative Remedies
	  	 	149	  
	 12.4
	    	 Survival of Representations and Warranties
	  	 	149	  
	 12.5
	    	 Payment of Expenses; Indemnification
	  	 	149	  
	 12.6
	    	 Successors and Assigns; Participations and Assignments
	  	 	150	  
	 12.7
	    	 Replacements of Lenders Under Certain Circumstances
	  	 	155	  
	 12.8
	    	 Adjustments; Set-off
	  	 	157	  
	 12.9
	    	 Counterparts
	  	 	158	  
	 12.10
	    	 Severability
	  	 	158	  
	 12.11
	    	 Integration
	  	 	158	  
	 12.12
	    	 GOVERNING LAW
	  	 	158	  
	 12.13
	    	 Submission To Jurisdiction; Waivers
	  	 	159	  
	 12.14
	    	 Acknowledgments
	  	 	159	  
	 12.15
	    	 WAIVERS OF JURY TRIAL
	  	 	160	  
	 12.16
	    	 Confidentiality
	  	 	160	  
	 12.17
	    	 Direct Website Communications
	  	 	161	  
	 12.18
	    	 USA Patriot Act
	  	 	163	  
	 12.19
	    	 Payments Set Aside
	  	 	163	  
	 12.20
	    	 Gaming Laws and Liquor Laws
	  	 	163	  
	 12.21
	    	 Amendment and Restatement
	  	 	164	  

  
 iv 

 SCHEDULES: 
  

			
	 1.1(a)
	  	 List of Mortgaged Properties (Leasehold and Fee)

	 1.1(b)
	  	 List of Preferred Ship Mortgages

	 1.1(c)
	  	 List of Commitments of Lenders

	 1.1(d)
	  	 List of Existing Letters of Credit

	 5.3(a)
	  	 List of Required Asset Sales

	 6.4
	  	 List of Outstanding Consents, Authorizations, Filings, Proceedings and Notices

	 6.15(a)
	  	 List of Subsidiaries (Unrestricted and Restricted and Immaterial)

	 6.15(b)
	  	 List of Outstanding Subscriptions, Options, Warrants, Calls, Rights or Other Agreements or Commitments

	 6.19(a)
	  	 UCC Financing Statements Filing Jurisdictions

	 6.19(b)
	  	 List of Amendments to Mortgages

	 7.1(d)
	  	 List of Legal Opinions as of the Effective Date

	 8.13
	  	 List of Post-Closing Matters

	 9.2(d)
	  	 List of Existing Indebtedness

	 9.3(f)
	  	 List of Existing Liens

	 9.5(g)
	  	 List of Designated Assets

	 9.7(d)
	  	 List of Existing Investments

	 9.9
	  	 List of Existing Transactions with Affiliates

	  
 EXHIBITS:

 

	A	  	Form of Assignment and Acceptance
	B	  	Form of Borrowing Notice
	C	  	Form of Compliance Certificate
	D	  	Form of Joinder Agreement
	E-1	  	Form of Mortgage
	E-2	  	Form of Assignment of Mortgage
	E-3	  	Form of Preferred Ship Mortgage
	E-4	  	Form of Deed of Trust
	F	  	Form of Notice of Conversion or Continuation
	G-1	  	Form of Tranche B-1 Term Loan Note
	G-2	  	Form of Tranche B-2 Term Loan Note
	G-3	  	Form of New Term Loan Note
	G-4	  	Form of Revolving Credit Note
	G-5	  	Form of Swing Line Note
	H	  	Form of Letter of Credit Request
	I	  	Form of Prepayment Notice
	J	  	Form of Non-Bank Certificate
	K	  	Form of Closing Certificate
	L-1	  	Form of Flood Notice (NFIP Participation)
	L-2	  	Form of Flood Notice (Non-NFIP Participation)

  
 v 

 This AMENDED AND RESTATED CREDIT AGREEMENT, dated as of August 13, 2013, among PINNACLE
ENTERTAINMENT, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement, as Lenders, J.P. MORGAN SECURITIES LLC, GOLDMAN SACHS LENDING
PARTNERS LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, DEUTSCHE BANK SECURITIES INC., WELLS FARGO SECURITIES, LLC, BARCLAYS BANK PLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, and UBS SECURITIES LLC, as joint lead arrangers
and joint bookrunning managers (in such capacities, the “Arrangers”), J.P. MORGAN SECURITIES LLC, GOLDMAN SACHS LENDING PARTNERS LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, DEUTSCHE BANK SECURITIES INC., WELLS
FARGO SECURITIES, LLC, BARCLAYS BANK PLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, UBS SECURITIES LLC, U.S. BANK NATIONAL ASSOCIATION and FIFTH THIRD BANK (in such capacities, the “Co-Documentation Agents”), FIFTH THIRD BANK,
(in such capacity, the “Junior Arranger”), RBS SECURITIES INC. and SUMITOMO MITSUI BANKING CORPORATION, (in such capacities, the “Co-Managers”), and JPMORGAN CHASE BANK, N.A., (“JPM”), as
administrative agent (in such capacity, the “Administrative Agent”, it being understood and agreed that any successor administrative agent appointed pursuant to Section 11.9 hereof shall be the “Administrative
Agent”). 
 W I T N E S S E T H: 

A. The Borrower, together with and the other several lenders from time to time party thereto (the “Existing Lenders”)
entered into that existing Fourth Amended and Restated Credit Agreement, dated as of August 2, 2011 (as amended by that certain First Amendment to Fourth Amended and Restated Credit Agreement, dated as of March 19, 2012, and as further
amended, restated, supplemented or otherwise modified from time to time in accordance therewith, the “Existing Pinnacle Credit Agreement”), pursuant to which the Existing Lenders agreed to make certain advances to the Borrower.

 B. Borrower has entered into that certain Agreement and Plan of Merger, dated as of December 20, 2012 (as amended by
that certain First Amendment to Agreement and Plan of Merger, dated as of February 1, 2013, as further amended by that certain Second Amendment to Agreement and Plan of Merger, dated as of March 14, 2013, and as further amended, restated,
supplemented or otherwise modified from time to time in accordance therewith, the “Acquisition Agreement”), by and among the Borrower, Holdings, Merger Sub and Target, pursuant to which Holdings will merge with and into Target, with
Target surviving the merger and immediately thereafter, Target will merge with and into Borrower, with Borrower surviving the merger (the “Acquisition”). 
 C. In order to consummate the transactions contemplated by the Acquisition Agreement, it is intended that the Borrower will issue senior unsecured notes pursuant to the Senior Unsecured Notes Indenture,
generating aggregate gross proceeds of up to $850,000,000 (the “New Pinnacle Notes Offering”). 
 D. Subject to
the terms and conditions contained herein, the Borrower has requested that the Lenders agree to amend and restate the Existing Pinnacle Credit Agreement on the 

 
Effective Date as follows: (i) the principal amount of Term Loans to the Borrower will be increased to $1,600,000,000 (such $1,600,000,000 to be comprised of $500,000,000 of Tranche B-1 Term
Loans and $1,100,000,000 of Tranche B-2 Term Loans), with the proceeds of such increase to be used, together with the proceeds from the New Pinnacle Notes Offering and Revolving Loans in an aggregate principal amount not to exceed $500,000,000 to be
made on the Effective Date, to (a) pay the consideration for the Acquisition, (b) repay in full all existing Indebtedness of the Borrower, the Target and their respective Subsidiaries as of the Effective Date other than the Specified
Existing Indebtedness and other Indebtedness permitted to remain outstanding under the terms hereof, (c) pay the fees, costs and expenses related to the transactions contemplated by this Agreement, the other Loan Documents and the Acquisition
Documents, and (d) for the working capital and general corporate purposes of the Borrower and its Subsidiaries, (ii) increase the Revolving Credit Commitments to $1,000,000,000, to be used for the working capital and general corporate
purposes of the Borrower and its Subsidiaries (including, without limitation, to pay the fees, costs and expenses related to the transactions contemplated by this Agreement, the other Loan Documents and the Acquisition Documents), (iii) change
the Administrative Agent from Barclays Bank PLC to JPMorgan Chase Bank, N.A. and (iv) otherwise as provided in this Agreement. 
 E. On the terms and conditions set forth in this Agreement, the Term Loan Lenders and Revolving Credit Lenders signatory hereto are willing to amend and restate the Existing Pinnacle Credit Agreement in
the form of this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the
parties hereto hereby agree as follows: 
 SECTION 1. 

DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 
 “Accepting Term Loan Lender”: as defined in Section 5.2(g). 
 “Acquisition”: as defined in the recitals hereto. 

“Acquisition Agreement”: as defined in the recitals hereto. 

“Adjusted Total Revolving Credit Commitment”: at any time the Total Revolving Credit Commitment less the aggregate
Revolving Credit Commitments of all Defaulting Lenders. 
 “Administrative Agent”: JPMorgan Chase Bank, N.A.,
as the administrative agent for the Lenders under this Agreement and the other Loan Documents, or any successor administrative agent pursuant to Section 11.9. 
 “Administrative Agent’s Office”: the Administrative Agent’s address and, as appropriate, account as set forth on Section 12.2 or such other address or account as the
Administrative Agent may from time to time notify to the Borrower and the Lenders. 

  
 2 

 “Administrative Questionnaire”: as defined in
Section 12.6(b)(ii)(D). 
 “Affiliate”: of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. 
 “Agent Parties”: as defined
in Section 12.17(c). 
 “Agents”: the collective reference to the Arrangers, the Co-Documentation
Agents, the Junior Arranger, the Co-Managers and the Administrative Agent. 
 “Agreement”: this Amended and
Restated Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Annualized Adjusted EBITDA”: for any period, for the Borrower and its Restricted Subsidiaries, Consolidated EBITDA for
such period plus (a) to the extent deducted in arriving at Consolidated EBITDA for such period, non-cash write downs to goodwill required by Financial Accounting Standards Board Statement No. 142, and any non-cash reductions to the value
of the assets of the Borrower and its Restricted Subsidiaries required by Financial Accounting Standards Board Statement No. 121 or No. 144, plus (b) without duplication of amounts included in clause (j) of the definition of
Consolidated EBITDA, the Foreign Subsidiary Receipts that were (x) received during such period by the Borrower or any Restricted Subsidiary and (y) irrevocably designated during such period as Reclassified Foreign Subsidiary Receipts;
provided, that for any period ending on or after the last day of the first full fiscal quarter of operations following the date of the opening of any Project and ending on or before the last day of the fourth full fiscal quarter following such
opening, that portion of Consolidated EBITDA which is attributable to the applicable Project shall be included only for the period consisting of the full fiscal quarters since the date of such Project’s opening, annualized on a straight-line
basis; provided, that for purposes of calculating Annualized Adjusted EBITDA of the Borrower and its Restricted Subsidiaries for any period, (i) the Consolidated EBITDA of any Person or operating gaming business or any other business not
prohibited by Section 9.14 hereof acquired by the Borrower or its Restricted Subsidiaries during such period shall be included on a pro forma basis for such period (as if the consummation of such acquisition and the incurrence or
assumption of any Indebtedness in connection therewith occurred on the first day of such period) if the consolidated balance sheet of such acquired Person or business and its consolidated Subsidiaries as at the end of the period preceding the
acquisition of such Person and the related consolidated statements of income and stockholders’ equity and of cash flows for the period in respect of which Consolidated EBITDA is to be calculated (x) have been previously provided to the
Administrative Agent and the Lenders and (y) either (1) have been reported on without a qualification arising out of the scope of the audit by independent certified public accountants of nationally recognized standing or (2) have been
found reasonably acceptable by the Administrative Agent; and (ii) the Consolidated EBITDA of any Person Disposed of by the Borrower or its Restricted Subsidiaries during such period shall be excluded for such period (as

  
 3 

 
if the consummation of such Disposition and the repayment of any Indebtedness in connection therewith occurred on the first day of such period). 

“Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction applicable to the Borrower and its
affiliated companies concerning or relating to bribery or corruption. 
 “Applicable Margin”: a percentage per
annum equal to: 
 (a) with respect to the Term Loans, 2.75% for Eurodollar Loans, and 1.75% for Base Rate
Loans; and 
 (b) with respect to the Revolving Credit Loans and Swing Line Loans, the applicable percentage per
annum set forth below, as determined by reference to the Consolidated Total Leverage Ratio, as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 8.2(b): 

 

											
	Pricing
Level	  	Consolidated Total Leverage
Ratio	  	Eurodollar
Revolving
Credit Loans	 	 	Swing Line Loans
and Base Rate
Revolving Credit
Loans	 
	1	  	£ 4.00:1.00	  	 	1.75	% 	 	 	0.75	% 
	2	  	> 4.00:1.00 but £ 4.50:1.00	  	 	2.00	% 	 	 	1.00	% 
	3	  	> 4.50:1.00 but £ 5.00:1.00	  	 	2.25	% 	 	 	1.25	% 
	4	  	> 5.00:1.00 but £ 6.00:1.00	  	 	2.50	% 	 	 	1.50	% 
	5	  	> 6.00:1.00	  	 	2.75	% 	 	 	1.75	% 

 Any increase or decrease in the Applicable Margin resulting from a change in the Consolidated Total
Leverage Ratio shall become effective as of the first Business Day immediately following the date Section 8.1 Financials are delivered; provided, however, that “Pricing Level 5” shall apply without regard to the
Consolidated Total Leverage Ratio at any time after the date on which any Section 8.1 Financials were required to be delivered but were not, commencing with the first Business Day immediately following such date and continuing until the first
Business Day immediately following the date on which such Section 8.1 Financials are delivered. 
 In the event that any
Section 8.1 Financials or any Compliance Certificate delivered pursuant to this Agreement is shown to be inaccurate, and such inaccuracy, if corrected would have led to a higher Applicable Margin for any period (an “Applicable
Period”) than such margin applied for such Applicable Period, then (i) the Borrower shall promptly deliver to Administrative Agent a corrected Compliance Certificate for such Applicable Period, (ii) the Applicable Margin shall be
determined by reference to the corrected Compliance Certificate (but in no event shall the Lenders owe any amounts to the Borrower), and (iii) the Borrower shall promptly pay to Administrative Agent the additional interest owing as a result of
such increased margin for such Applicable Period, which payment shall be promptly applied by Administrative Agent in accordance with the terms hereof (it being understood and agreed that nothing in this section shall limit the rights of
Administrative Agent and the Lenders hereunder). 

  
 4 

 “Applicable Period”: as defined in Applicable Margin. 

“Approved Fund”: any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers”: as
defined in the preamble hereto. 
 “Asset Sale”: any Disposition of Property or series of related Dispositions
of Property (excluding any such Disposition permitted by clause (a), (b), (c), (d), (e), (f), (i), (j), (k), (l), (m), (o), (p) and (u) of Section 9.5) which yields gross proceeds to the Borrower or any of its Restricted
Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds), in excess of $30,000,000. 

“Assignment and Acceptance”: an agreement pursuant to which a Lender becomes a party to this Agreement, substantially in
the form of Exhibit A, or another form reasonably acceptable to Administrative Agent. 
 “Atlantic City
Entities”: PNK Development 13, LLC, ACE Gaming, LLC, Mitre Associates, LLC, Brighton Park Maintenance Corp., AREP Boardwalk Properties LLC, PSW Properties LLC, and AREH MLK LLC. 

“Atlantic City Property”: the approximately 19 acres of land located in Atlantic City, New Jersey, owned by one or more
of the Atlantic City Entities, including all adjacent and adjoining land along the Boardwalk. 
 “Auto-Extension Letter
of Credit”: as defined in Section 3.2(d). 
 “Available Commitment”: an amount equal to
the excess, if any, of (a) the amount of the Total Revolving Credit Commitment over (b) the sum of the aggregate principal amount of (i) all Revolving Credit Loans (but not Swing Line Loans) then outstanding and (ii) the
aggregate Letter of Credit Outstandings at such time. 
 “Base Rate”: for any day a fluctuating rate per annum
equal to, with respect to Base Rate Loans, the highest of (i) the Federal Funds Effective Rate plus 1/2 of 1.00%, (ii) the rate of interest in effect for such day as announced from time to time by the Administrative Agent as its
“prime rate” at its principal office in New York City and (iii) the Eurodollar Rate for a Loan for an interest period of one (1) month commencing on such day (or if such day is not a Business Day, the next preceding Business Day)
plus 1.00%; provided, that, for the avoidance of doubt, the Eurodollar Rate for any day shall be based on the LIBOR Screen Rate at approximately 11:00 a.m. London time on such day. The “prime rate” is a rate set by the
Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the Base Rate due to a change in such rate announced by the Administrative Agent or in the Federal Funds Effective Rate shall take effect at the opening of business on the day specified in the
announcement of such change. 

  
 5 

 “Base Rate Loans”: each Loan bearing interest based on the Base Rate and
“Base Rate Term Loan” and “Base Rate Revolving Credit Loan” shall have corresponding meanings. 

“Baton Rouge Project”: the casino and related developments to be located on land in Baton Rouge, Louisiana. 

“benefited Lender”: as defined in Section 12.8(a). 

“Biloxi Property”: the Casino Magic Biloxi hotel and river-boat casino, which was located in Biloxi, Mississippi.

 “Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor).

 “Borrower”: as defined in the preamble hereto. 

“Borrower Materials”: as defined in Section 12.17(c). 

“Borrowing”: (a) the incurrence of Swing Line Loans from the Swing Line Lender on a given date, (b) the
incurrence of one Type of Tranche B-1 Term Loan on the Effective Date (or resulting from conversions on a given date after the Effective Date) having, in the case of Eurodollar Term Loans, the same Interest Period (provided that Base Rate Loans
incurred pursuant to Section 2.10(b)(ii) and (iii) shall be considered part of any related Borrowing of Eurodollar Term Loans), (c) the incurrence of one Type of Tranche B-2 Term Loan on the Effective Date (or resulting from
conversions on a given date after the Effective Date) having, in the case of Eurodollar Term Loans, the same Interest Period (provided that Base Rate Loans incurred pursuant to Section 2.10(b)(ii) and (iii) shall be considered part
of any related Borrowing of Eurodollar Term Loans), (d) the incurrence of one Type of Revolving Credit Loan of the same Class on a given date (or resulting from conversions on a given date) having, in the case of Eurodollar Revolving Credit
Loans, the same Interest Period (provided that Base Rate Loans incurred pursuant to Section 2.10(b)(ii) and (iii) shall be considered part of any related Borrowing of Eurodollar Revolving Credit Loans), and (e) the incurrence
of one Type of New Term Loan on any Increased Amount Date (or resulting from conversions on a given date after such Increased Amount Date) having, in the case of Eurodollar Term Loans, the same Interest Period (provided that Base Rate Loans incurred
pursuant to Section 2.10(b)(ii) and (iii) shall be considered part of any related Borrowing of Eurodollar Term Loans). 
 “Borrowing Notice”: with respect to any request for borrowing of Loans hereunder, a written notice from the Borrower, substantially in the form of and containing the information
prescribed by Exhibit B, delivered to the Administrative Agent. 
 “Business Day”: any day excluding
Saturday, Sunday and any other day on which banking institutions in New York City are authorized by law or other governmental actions to close, and, if such day relates to any interest rate settings as to a Eurodollar Loan, any fundings,
disbursements, settlements and payments in respect of any such Eurodollar Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurodollar Loan, such day shall also be a day on which dealings in deposits are
conducted by and between banks in the London interbank eurodollar market. 

  
 6 

 “Business Representations” the representations and warranties made by or
with respect to the Target and its subsidiaries in the Acquisition Agreement that are material to the interests of the Lenders, but only to the extent the Borrower has the right to terminate its obligations under the Acquisition Agreement or to
decline to consummate the Acquisition pursuant to the Acquisition Agreement as a result of a breach of such representations and warranties in the Acquisition Agreement. 
 “Cabela’s Real Estate Purchase Agreement”: that certain Real Estate Purchase Agreement, dated as of March 7, 2005, by and between PNK (Reno), LLC, a Nevada limited liability
company, as seller, and Cabela’s Retail, Inc., a Nebraska corporation, as purchaser, as amended by that certain (a) First Amendment to Real Estate Purchase Agreement, dated as of May 2, 2005, (b) Second Amendment to Real Estate
Purchase Agreement, dated as of June 2, 2005, and (c) Third Amendment to Real Estate Purchase Agreement, dated as of July 5, 2005, as the same may be further amended or amended and restated from time to time. 

“Cabela’s Transaction”: the disposition and development of the Cabela’s Transaction Property by PNK (Reno),
LLC and Cabela’s Retail, Inc., as more particularly described in the Cabela’s Real Estate Purchase Agreement and the Cabela’s Truck Stop Purchase Agreement. 
 “Cabela’s Transaction Property”: collectively, (a) approximately thirty-eight (38) acres of unimproved real property located in the City of Reno, County of Washoe, Nevada,
as more particularly described in the Cabela’s Real Estate Purchase Agreement, and (b) approximately two (2) acres of real property in the City of Reno, County of Washoe, Nevada on which PNK (Reno), LLC operates a truck stop, as more
particularly described in the Cabela’s Truck Stop Purchase Agreement. 
 “Cabela’s Truck Stop Purchase
Agreement”: that certain Truck Stop Purchase Agreement, dated as of March 7, 2005, by and between PNK (Reno), LLC, a Nevada limited liability company, as seller, and Cabela’s Retail, Inc., a Nebraska corporation, as purchaser, as
amended by that certain (a) First Amendment to Truck Stop Purchase Agreement, dated as of May 2, 2005, (b) Second Amendment to Trust Stop Purchase Agreement, dated as of June 2, 2005, and (c) Third Amendment to Truck Stop
Purchase Agreement, dated as of July 5, 2005, as the same may be further amended or amended and restated from time to time. 
 “Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by such Person for the acquisition or leasing (pursuant to a capital lease) of fixed
or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a balance sheet of such Person. 

“Capital Lease Obligations”: with respect to any Person, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP; and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

  
 7 

 “Capital Stock”: any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash”: all monetary items treated as cash in accordance with GAAP, consistently applied. 

“Cash Collateralize”: to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Letter
of Credit Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances in the currencies in which the Letters of Credit Outstanding are denominated and in an amount equal to the amount of the Letters of Credit
Outstanding required to be Cash Collateralized pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer (which documents are hereby consented to by the Lenders). Derivatives
of such term have corresponding meanings. 
 “Cash Equivalents”: (a) marketable direct obligations issued
by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States or issued by FNMA, FHLMC or FFCB, in each case maturing within one year from the date of
acquisition; (b) corporate notes issued by domestic corporations that are rated at least A by S&P or A by Moody’s, in each case maturing within one year from the date of acquisition; (c) repurchase obligations of any Lender or of
any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States Government; (d) commercial paper
of a domestic issuer rated at least A-1 by S&P or P-1 by Moody’s, maturing within six months of the date of acquisition; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any
state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit
issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) auction rate securities including taxable municipals, taxable auction notes, and money market preferred; provided, that
the availability of principal, credit quality, and “reset period” are consistent with clause (b) of this definition; (h) shares of money market mutual or similar funds which invest primarily in assets satisfying the requirements
of clauses (a) through (g) of this definition; (i) time deposits and certificates of deposit with maturities of not more than one year from the date of acquisition by such Person of any commercial bank having, or which is the
principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof, the District of Columbia or any foreign jurisdiction having capital, surplus and undivided profits aggregating in excess of
$500,000,000; and (j) demand deposit accounts maintained in the ordinary course of business and in accordance with the Loan Documents. 

  
 8 

 “Change in Law”: the occurrence after the date of this Agreement (or, with
respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or
application thereof by any Governmental Authority or (c) compliance by any Lender or the Letter of Credit Issuer (or, for purposes of Section 2.10(c), by any lending office of such Lender or by such Lender’s or its
parent’s or its Affiliate’s, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to
be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control”: the
occurrence of any of the following events: (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), shall
become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
indirectly, of more than 30% of the outstanding common stock of the Borrower; (b) the board of directors of the Borrower shall cease to consist of a majority of Continuing Directors; (c) the Borrower shall cease, other than pursuant to or
as a result of a transaction not otherwise prohibited by this Agreement, to own and control, of record and beneficially, directly or indirectly, 100% of each class of outstanding Capital Stock of the Restricted Subsidiaries listed on Schedule
6.15(a) attached hereto free and clear of all consensual Liens (except Liens created by the Security Documents or this Agreement); or (d) a Specified Change of Control. 

“Class”: (a) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans
comprising such Borrowing, are Revolving Credit Loans, Tranche B-1 Term Loans, Tranche B-2 Term Loans, New Term Loans (of the same Series), Extended Term Loans (of the same Extension Series), Extended Revolving Credit Loans (of the same Extension
Series) or Swing Line Loans and (b) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Extended Revolving Credit Commitment (of the same Extension Series), a Tranche B-1 Term Loan
Commitment, a Tranche B-2 Term Loan Commitment or a New Term Loan Commitment (of the same Series). 
 “Co-Documentation
Agents”: as defined in the preamble hereto. 
 “Co-Managers”: as defined in the preamble hereto.

 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral”: all Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be
created by any Security Document. 

  
 9 

 “Collateral Proceeds”: as defined in Section 5.2(g).

 “Commitment Fee” as defined in Section 4.1(a). 

“Commitment Fee Rate”: with respect to the Revolving Credit Commitment on any day, the applicable percentage per annum
set forth below, as determined by reference to the Consolidated Total Leverage Ratio, as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 8.2(b): 

 

					
	Status	  	Commitment Fee Rate	 
		
	£ 4.00:1.00	  	 	0.250	% 
	> 4.00:1.00 but £ 4.50:1.00	  	 	0.300	% 
	> 4.50:1.00 but £ 5.00:1.00	  	 	0.375	% 
	> 5.00:1.00 but £ 6.00:1.00	  	 	0.500	% 
	> 6.00:1.00	  	 	0.750	% 

 Any increase or decrease in the Commitment Fee Rate resulting from a change in the Consolidated Total
Leverage Ratio shall become effective as of the first Business Day immediately following the date Section 8.1 Financials are delivered; provided, however, that the Commitment Fee Rate shall be 0.750% without regard to the
Consolidated Total Leverage Ratio at any time after the date on which any Section 8.1 Financials were required to be delivered but were not, commencing with the first Business Day immediately following such date and continuing until the first
Business Day immediately following the date on which such Section 8.1 Financials are delivered. 
 In the event that any
Section 8.1 Financials or any Compliance Certificate delivered pursuant to this Agreement is shown to be inaccurate, and such inaccuracy, if corrected would have led to a higher Commitment Fee Rate for an Applicable Period than such margin
applied for such Applicable Period, then (i) the Borrower shall immediately deliver to Administrative Agent a corrected Compliance Certificate for such Applicable Period, (ii) the Applicable Margin shall be determined by reference to the
corrected Compliance Certificate (but in no event shall the Lenders owe any amounts to the Borrower), and (iii) the Borrower shall immediately pay to Administrative Agent the additional Commitment Fees owing as a result of such increased margin
for such Applicable Period, which payment shall be promptly applied by Administrative Agent in accordance with the terms hereof (it being understood and agreed that nothing in this section shall limit the rights of Administrative Agent and the
Lenders hereunder). 
 “Commitments”: with respect to each Lender (to the extent applicable), such
Lender’s Revolving Credit Commitment, Extended Revolving Credit Commitment, Tranche B-1 Term Loan Commitment, Tranche B-2 Term Loan Commitment or New Term Loan Commitment. 

“Commodity Exchange Act”: the Commodity Exchange Act (7. U.S.C. § 1 et seq.), as amended from time to time,
and any successor statute. 

  
 10 

 “Commonly Controlled Entity”: an entity, whether or not incorporated, that
is under common control with the Borrower within the meaning of Section 4001 of ERISA or that, together with the Borrower, is treated as a single employer under Section 414 of the Code. 

“Communications”: as defined in Section 12.17(a). 

“Completion of Construction”: as to any Project, shall be deemed to have occurred when the items on the Construction
Plans for such Project have been substantially completed except for punch list items. 
 “Compliance
Certificate”: a certificate duly executed by a Responsible Officer, substantially in the form of Exhibit C. 

“Condo Component”: residential housing or mixed-use/retail development or developments in Lake Charles, Louisiana to be
developed in connection with the L’Auberge Lake Charles Property, or in Baton Rouge, Louisiana to be developed in connection with the L’Auberge Baton Rouge Property. 
 “Condo Information Package”: as defined in Section 8.2(h). 
 “Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consent Supplemental Indenture”: as defined in Section 7.1(p). 

“Consolidated Current Assets”: of any Person at any date, all amounts (other than Cash, Cash Equivalents and deferred
tax accounts) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of such Person and its Subsidiaries at such date. 

“Consolidated Current Liabilities”: of any Person at any date, all amounts (other than deferred tax accounts) that
would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of such Person and its Subsidiaries at such date, but excluding, with respect to the
Borrower, (a) the current portion of any Funded Debt of the Borrower and its Subsidiaries and (b), without duplication, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans, to the extent otherwise included therein.

 “Consolidated EBITDA”: of any Person for any period, Consolidated Net Income of such Person and its
Subsidiaries that are Restricted Subsidiaries for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense,
(b) Consolidated Interest Expense of such Person and its Subsidiaries that are Restricted Subsidiaries, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with
Indebtedness, (c) depreciation and amortization expense, (d) amortization and write-off of intangibles (including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring expenses or
losses (including (i) whether or not 

  
 11 

 
otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business, (ii) losses
resulting from any temporary business interruption resulting from integration of facilities or systems relating to the Acquisition, (iii) costs and expenses related to the Acquisition incurred on or before the date that is 18 months after the
Effective Date, including non-recurring integration costs of the Borrower and its Subsidiaries, professional and consulting fees and expenses, and severance, relocation costs and curtailments or modifications to pension and post-retirement employee
benefit plans related thereto, (iv) any other non-recurring integration costs of the Borrower and its Subsidiaries and professional and consulting fees and expenses, in an aggregate amount not to exceed $10,000,000 in any fiscal year and
(v) any fees associated with the cancellation of lease obligations), (f) pre-opening and related promotional expenses incurred in connection with any Project, (g) any other non-cash charges (including, without limitation, the
amortization of up-front bonuses and non-cash charges in respect of equity compensation), (h) any customary and reasonable fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any
acquisition, investment, recapitalization, disposition, issuance or repayment of Indebtedness (and related hedging obligations), issuance of Capital Stock, refinancing transaction or amendment or modification of any debt instrument (in each case,
including any such transaction undertaken but not completed), (i) any net after-tax losses on disposal of abandoned, disposed or discontinued operations during such period or attributable to asset dispositions or the sale or other disposition
of any Capital Stock of any Person in each case other than in the ordinary course of business during such period, (j) cash dividends and distributions paid to the Borrower and its Restricted Subsidiaries from any Person that is not a Restricted
Subsidiary, provided, that the cumulative amount of such cash dividends and distributions included in Consolidated EBITDA shall not exceed the cumulative amount of the Borrower’s and its Restricted Subsidiaries’ share of the
Consolidated EBITDA of such Person, (k) severance, relocation costs and curtailments or modifications to pension and post-retirement employee benefit plans in an aggregate amount not to exceed $10,000,000 in any fiscal year, (l) redemption
or prepayment premiums relating to the acquisition of debt permitted pursuant to this Agreement, (m) anticipated future cost savings from synergies related to the Acquisition in an aggregate amount of $40,000,000 per annum for the fiscal
quarter of the Borrower and its Subsidiaries in which the Acquisition occurs, such amount to decline thereafter by $5,000,000 in each subsequent fiscal quarter until it reaches zero in the eighth fiscal quarter thereafter, and (n) any amount
expended towards the development of businesses not prohibited by Section 9.14, in an aggregate amount not to exceed $10,000,000 in any fiscal year minus, without duplication and to the extent included in the statement of such
Consolidated Net Income for such period, the sum of (a) interest income (except to the extent deducted in determining Consolidated Interest Expense), (b) any extraordinary, unusual or non-recurring income or gains (including, whether or
not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on sales of assets outside of the ordinary course of business, but not including business interruption insurance proceeds and gains
on discount repurchases of Indebtedness by the Borrower or any of its Restricted Subsidiaries), (c) any net after-tax gains on disposal of abandoned, disposed or discontinued operations during such period or attributable to asset dispositions
or the sale or other disposition of any Capital Stock of any Person in each case other than in the ordinary course of business during such period, and (d) any other non-cash income, all as determined on a consolidated basis. With respect to
fiscal quarters of the Borrower and its Restricted Subsidiaries ending prior to the 

  
 12 

 
Effective Date, Consolidated EBITDA for the Borrower and its Restricted Subsidiaries (after giving pro forma effect to the Acquisition) is deemed to be (i) $144,001,000 for the fiscal
quarter ended December 31, 2012, (ii) $163,872,000 for the fiscal quarter ended March 31, 2013, and (iii) $165,438,000 for the fiscal quarter ended June 30, 2013. With respect to the fiscal quarter ended September 30,
2013, Consolidated EBITDA for the Borrower and its Restricted Subsidiaries (after giving pro forma effect to the Acquisition) shall be calculated as if the Transactions occurred on the first day of such fiscal quarter. 

“Consolidated Interest Coverage Ratio”: for any period, the ratio of (a) Annualized Adjusted EBITDA of the Borrower
and its Restricted Subsidiaries for such period to (b) (i) Consolidated Interest Expense for such period minus (ii) to the extent included in calculating Consolidated Interest Expense, and without duplication, the sum of
(A) amortization of capitalized interest and debt issuance costs for such period determined in accordance with GAAP, (B) any non-cash financing fees and arrangement, commitment or upfront fees for such period, and (C) redemption or
prepayment premiums paid during such period. 
 “Consolidated Interest Expense”: for any period, (a) total
interest expense for such period determined in accordance with GAAP (including that attributable to Capital Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of the
Borrower and its Restricted Subsidiaries (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge Agreements in
respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP, but excluding any net costs arising out of the termination of Hedge Agreements) plus (b) interest required to be capitalized
during such period in accordance with GAAP. 
 “Consolidated Net Income”: of any Person for any period, the
consolidated net income (or loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Borrower and its consolidated
Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries,
(b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or
such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not
at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary; provided further, that in calculating Consolidated Net Income of the Borrower
and its Subsidiaries for such period (i) any business interruption insurance received or expected to be received and included in the calculation of Consolidated Net Income in accordance with GAAP for such period shall be excluded from
Consolidated Net Income and (ii) there shall be included in Consolidated Net Income for such fiscal quarter the Estimated Business Interruption Insurance; provided further, that in calculating Consolidated Net Income of the
Borrower and its Subsidiaries for any period, there shall be excluded from Consolidated Net Income any impairment charge taken as a result of any insured loss in such period and any portion of the Consolidated Net Income (in an amount

  
 13 

 
not to exceed the amount of such impairment charge) which relates to casualty or property insurance received or to be received with respect to the same insured loss and included in the
calculations of Consolidated Net Income in accordance with GAAP for such period. 
 “Consolidated Senior Secured
Debt”: at any date, all Consolidated Total Debt as of such date that is secured by a Lien on any Property of the Borrower and/or any of its Restricted Subsidiaries. 
 “Consolidated Senior Secured Debt Ratio”: as of the last day of any period of four consecutive fiscal quarters, the ratio of (a) Consolidated Senior Secured Debt less Excess Cash on
such day to (b) Annualized Adjusted EBITDA of the Borrower and its Restricted Subsidiaries for such period. 

“Consolidated Total Debt”: at any date, (a) the aggregate principal amount of all Indebtedness (including the
undrawn amounts under letters of credit other than (x) Performance Letters of Credit and (y) letters of credit issued to support any workers’ compensation or similar obligations of the Borrower or its Restricted Subsidiaries) of the
Borrower and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP, less (b) the aggregate amount of Lake Charles CIP on such day, less (c) to the extent included in clause (a) above, the
amount of any Guarantee Obligations that are not accounted for as a liability on the most recent financial statements required to be delivered under Section 8.1(a) or 8.1(b); provided, however, that with respect to
the Indebtedness permitted under Section 9.2(j), such Indebtedness is only included for purposes of this definition to the extent (if at all) that on such date the amount of such Indebtedness is greater than the market value of the
assets held in the Rabbi Trust in connection with the Deferred Compensation Plan by an amount that exceeds $10,000,000. 

“Consolidated Total Leverage Ratio”: as of the last day of any period of four consecutive fiscal quarters, the ratio of
(a) Consolidated Total Debt less Excess Cash on such day to (b) Annualized Adjusted EBITDA of the Borrower and its Restricted Subsidiaries for such period. 
 “Consolidated Working Capital”: at any date, the difference of (a) Consolidated Current Assets of the Borrower on such date less (b) Consolidated Current Liabilities of the
Borrower on such date. 
 “Construction Budget”: the budget setting forth the costs for construction of any
Project, as such budget may be amended, updated, supplemented, restated and/or modified at any time and from time to time. 

“Construction Plans”: the construction plans and drawings for any Unfinished Project, as such construction plans may be
amended, updated, supplemented, restated and/or modified at any time and from time to time. 
 “Continuing
Directors”: the directors of the Borrower on the Effective Date, and each other director of the Borrower, if, in each case, such other director’s nomination for election to the board of directors of the Borrower is recommended by at
least a majority of the then Continuing Directors. 

  
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 “Contractual Obligation”: as to any Person, any provision of any security
issued by such Person or of any indenture, loan agreement, lease agreement, mortgage, deed of trust, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

“Credit Event”: the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

 “Credit Facilities”: collectively, each category of Commitments and each extension of credit hereunder.

 “Credit Facility”: a category of Commitments and extensions of credit thereunder. 

“Debtor Relief Laws”: the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Declined Term Amount”: as defined in Section 5.2(g). 

“Declining Term Loan Lender”: as defined in Section 5.2(g). 

“Default”: any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 “Default Rate” as defined in Section 2.8(c). 

“Defaulting Lender”: any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part
of the definition of “Lender Default”. 
 “Deferred Compensation Plan”: collectively, that certain
Pinnacle Entertainment, Inc. Executive Deferred Compensation Plan, as amended and restated effective January 1, 2011, as it may be further amended, modified or supplemented from time to time, and the 2008 Amended and Restated Pinnacle
Entertainment, Inc. Directors Deferred Compensation Plan, as it may be further amended, modified or supplemented from time to time. 
 “Derivatives Counterparty”: as defined in Section 9.6. 
 “Designated Asset Sale”: any Disposition of any of the assets listed on Schedule 9.5(g) attached hereto. 
 “Designated Person”: any Person listed on a Sanctions List. 

“Directors’ and Officers’ Trust”: an irrevocable grantor trust holding funds deposited by the Borrower to fund
indemnification obligations to directors and officers of the Borrower and its Subsidiaries. 

  
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 “Disposition”: with respect to any Property, any sale, lease, sale and
leaseback, assignment, conveyance, transfer or other disposition thereof; and the terms “Dispose”, “Disposed” and “Disposed of” shall have correlative meanings; provided that no right of
first offer in favor of adjoining landowners with respect to any Property that is not integral to the operation of a casino shall be considered a Disposition for purposes hereof. 

“Distressed Person”: as defined in Lender-Related Distress Event. 

“Dollars” and “$”: lawful currency of the United States of America. 

“Domestic”: as to any Subsidiary, a Subsidiary of the Borrower organized under the laws of any jurisdiction within the
United States of America. 
 “Drawing”: as defined in Section 3.4(b). 

“Effective Date”: August 13, 2013. 
 “Environmental Laws”: any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code and rule of common law now or hereafter in effect and in each case as
amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree or judgment, relating to pollution or protection of the environment, including, without limitation,
ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands, or public and worker health or safety (to the extent relating to human exposure to Hazardous
Materials) and including those relating to the generation, storage, treatment, transport, Release or threat of Release of Hazardous Materials. 
 “Environmental Permits”: any and all permits, licenses, approvals, registrations, notifications, exemptions and other authorizations required under any Environmental Law. 

“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Estimated Business Interruption Insurance”: the amount (determined in good faith by senior management of the Borrower)
of business interruption insurance the Borrower expects to collect in any applicable period; provided, that with respect to damage to any Property, such amount shall not exceed the sum of (i) the historical quarterly Consolidated EBITDA
for the previous four quarters for such Property ending prior to the date the damage occurred (or annualized if such Property has less than four full quarters of operations), and (ii) the amount of business interruption insurance not reflected
in clause (i) that the Borrower expects to collect as a reimbursement in respect of other expenses incurred at such Property with respect to such period (provided that the amount included pursuant to this clause (ii) shall not exceed the
amount of the other expenses incurred at such Property that are actually included in calculating Consolidated Net Income for such fiscal period). 
 “Eurodollar Loans”: any Loan bearing interest at a rate determined by reference to the Eurodollar Rate and “Eurodollar Revolving Credit Loan” and “Eurodollar Term
Loan” shall have corresponding meanings. 

  
 16 

 “Eurodollar Rate”: with respect to any Eurodollar Loan and for any
applicable Interest Period, the London interbank offered rate administered by the British Bankers Association (or any other Person that takes over the administration of such rate) for deposits in Dollars for a period equal in length to such Interest
Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period. Notwithstanding the foregoing, in no event shall the Eurodollar Rate for a Term Loan at any time be less than 1.00% per annum. 

“Event of Default”: any of the events specified in Section 10, provided that any requirement for the
giving of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash”: as of any date, an amount
(but not less than zero) equal to (a) the total unrestricted Cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries as of such date minus (b) the Minimum Cash Requirement as of such date, minus (c) any
amounts outstanding under the Revolving Credit Facility as of such date. 
 “Excess Cash Flow”: for any fiscal
year of the Borrower, the difference, if any, of (a) the sum, without duplication, of (i) Consolidated Net Income of the Borrower and its Restricted Subsidiaries for such fiscal year, (ii) the amount of all non-cash charges (including
depreciation and amortization) deducted in arriving at such Consolidated Net Income, (iii) the amount of the decrease, if any, in Consolidated Working Capital of the Borrower and its Restricted Subsidiaries for such fiscal year, (iv) the
aggregate net amount of non-cash loss on the Disposition of Property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the
extent deducted in arriving at such Consolidated Net Income, (v) the net increase during such fiscal year (if any) in deferred tax accounts of the Borrower and its Restricted Subsidiaries, and (vi) all business interruption insurance
actually received in Cash during such fiscal year by the Borrower and its Restricted Subsidiaries minus (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such Consolidated Net Income
(including non-cash credits received from business interruption insurance), (ii) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in Cash during such fiscal year on account of Capital Expenditures
(minus, if there is no Unfinished Projects during such fiscal year, the principal amount of Indebtedness incurred during such fiscal year in connection with such expenditures and minus the amount of any such expenditures financed with
the proceeds of any Reinvestment Deferred Amount), (iii) the aggregate amount of all prepayments of Revolving Credit Loans and Swing Line Loans during such fiscal year to the extent accompanying permanent optional reductions of the Revolving
Credit Commitments and all optional prepayments of the Term Loans during such fiscal year, (iv) the aggregate amount of all regularly scheduled principal payments of Funded Debt (including, without limitation, the Term Loans) of the Borrower
and its Restricted Subsidiaries made during such fiscal year (other than in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder), (v) the amount of the increase, if
any, in Consolidated Working Capital of the Borrower and its Restricted Subsidiaries for such fiscal year, (vi) the aggregate net amount of gain on all 

  
 17 

 
Dispositions of Property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at
such Consolidated Net Income, (vii) the net decrease during such fiscal year (if any) in deferred tax accounts of the Borrower and its Restricted Subsidiaries and (viii) the Estimated Business Interruption Insurance. 

“Excess Cash Flow Application Date”: as defined in Section 5.2(e). 

“Exchange Act”: as defined in Change of Control. 

“Excluded Swap Obligation”: with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a
portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act (determined after giving effect to Section 7 of the Security Agreement) and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to
such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security
interest is or becomes illegal in accordance with the first sentence of this definition. 
 “Excluded Taxes”:
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from any payment to a Recipient, (i) Taxes imposed on or measured by its net income (however denominated) or branch profits and
franchise Taxes, in each case, imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or
any political subdivision thereof), or that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a
Loan or Commitment pursuant to a law in effect on the date on which (a) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 12.7) or (b) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 5.4, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest
in a Loan or Commitment or to such Lender immediately before it changed its lending office, (iii) any Taxes attributable to Administrative Agent’s or Lender’s failure to comply with Section 5.4(e) or (iv) any U.S.
federal withholding Taxes imposed under FATCA. 
 “Existing Class”: any Existing Term Loan Class and any
Existing Revolving Credit Class. 
 “Existing Credit Agreements”: the Existing Pinnacle Credit Agreement and
the Target Existing Credit Agreement. 

  
 18 

 “Existing Lenders”: as defined in the recitals hereto. 

“Existing Letters of Credit”: the letters of credit set forth on Schedule 1.1(d). 

“Existing Pinnacle Credit Agreement”: as defined in the recitals hereto. 

“Existing Revolving Credit Class”: as defined in Section 2.13(f)(ii). 

“Existing Revolving Credit Commitment”: as defined in Section 2.13(f)(ii). 

“Existing Revolving Credit Loans”: as defined in Section 2.13(f)(ii). 

“Existing Senior Unsecured Obligations”: (a) the $450,000,000 8.625% Senior Notes due 2017 of the Borrower issued
pursuant to the Indenture dated as of August 10, 2009 among the Borrower, the initial guarantors referred to therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as further amended from time to time, (b) the
$1,040,000,000 7.50% Senior Notes due 2021 of the Target issued pursuant to the Indenture dated as of April 14, 2011 among the Target, the initial guarantors referred to therein and Wilmington Trust FSB, as trustee, as further amended from time
to time, and (c) the $850,000,000 6.375%% Senior Notes due 2021 of the Borrower issued pursuant to the Indenture dated as of August 5, 2013 among the Borrower, the initial guarantors referred to therein and The Bank of New York Mellon
Trust Company, N.A., as trustee, as further amended from time to time. 
 “Existing Subordinated Obligations”:
(a) the $325,000,000 7.75% Senior Subordinated Notes due 2022 of the Borrower issued pursuant to the Indenture dated as of March 19, 2012 among the Borrower, the initial guarantors referred to therein and The Bank of New York Mellon Trust
Company, N.A., as trustee, as further amended from time to time and (b) the $350,000,000 8.75% Senior Subordinated Notes due 2020 of the Borrower issued pursuant to the Indenture dated as of May 6, 2010 among the Borrower, the initial
guarantors referred to therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as further amended from time to time. 
 “Existing Term Loan Class”: as defined in Section 2.13(f)(i). 
 “Expenses”: with regards to any Unfinished Project, the aggregate costs and expenses (including construction costs, design, FF&E, soft costs, pre-opening and promotional costs)
expended in the construction and development of such Project in accordance with the applicable Construction Plans and the applicable Construction Budget. 
 “Extended Repayment Date”: as defined in Section 2.5(c). 
 “Extended Revolving Credit Commitments”: as defined in Section 2.13(f)(ii). 
 “Extended Revolving Credit Loans”: as defined in Section 2.13(f)(ii). 
 “Extended Term Loan Repayment Amount”: as defined in Section 2.5(c). 

  
 19 

 “Extended Term Loans”: as defined in Section 2.13(f)(i).

 “Extending Lender”: as defined in Section 2.13(f)(iii). 

“Extension Amendment” as defined in Section 2.13(f)(iv). 

“Extension Date”: as defined in Section 2.13(f)(v). 

“Extension Election” as defined in Section 2.13(f)(iii). 

“Extension Series”: all Extended Term Loans or Extended Revolving Credit Commitments that are established pursuant to
the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended to
be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees and amortization schedule. 
 “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to
comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “Fair Value Determination”: with respect to any Disposition of Property, a determination by the management of the Borrower, that such Disposition, taking into account all current
consideration and direct and indirect future benefits anticipated to be received by the Borrower and its Subsidiaries in connection with such Disposition, is a reasonable and good faith exercise of business judgment. 

“Federal Funds Effective Rate”: for any day, the weighted average of the per annum rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York; provided that (a) if such day is not a
Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 

“Fee Letter” Amended and Restated Fee Letter dated as of June 10, 2013, by and among the Borrower, the
Administrative Agent, the Lenders and the other agents and financial institutions party thereto, as amended from time to time. 

“Financial Condition Covenants”: the covenants of the Borrower set forth in Section 9.1. 

  
 20 

 “Flood Certificate”: a “Life of Loan” “Standard Flood Hazard
Determination Form” of the Federal Emergency Management Agency and any successor Governmental Authority performing a similar function. 
 “Flood Notice”: a notice required pursuant to Section 208(e)(3) of Regulation H of the Board and in the form of Exhibit L-1 or in the form of Exhibit L-2, as
applicable. 
 “Flood Program”: the National Flood Insurance Program created by the U.S. Congress pursuant to
the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes.

 “Flood Zone”: areas having special flood hazard areas as described in the National Flood Insurance Act of
1968, as amended from time to time, and any successor statute. 
 “Foreign”: as to any Subsidiary, a Subsidiary
of the Borrower that is not a Domestic Subsidiary. 
 “Foreign Subsidiary Receipts”: any dividend,
distribution, payment, reimbursement or other amounts received in Cash from any Foreign Unrestricted Subsidiary of the Borrower by the Borrower or any Restricted Subsidiary. 
 “Fronting Fee”: as defined in Section 4.1(d). 

“FTC Order”: the Order to Hold Separate and Maintain Assets and the Decision and Order issued by the U.S. Federal Trade
Commission permitting the Borrower and the Target to consummate the Acquisition subject to the Borrower making the Required Asset Sales and other terms and conditions specified therein (including the appointment of a hold separate trustee for
purposes of operating the Properties to be sold in the Required Asset Sales separately from and independently of the Borrower’s other businesses in accordance with the conditions and restrictions set forth in the FTC Order), as the same may be
amended or otherwise modified hereafter in accordance with this Agreement. 
 “Fund”: any Person (other than a
natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course. 
 “Funded Debt”: with respect to any Person, all Indebtedness of such Person of the types described in clauses (a) through (e) of the definition of “Indebtedness” in
this Section, excluding any Indebtedness described in Section 9.2(j). 
 “GAAP”: generally accepted
accounting principles in the United States of America, as in effect from time to time; provided, however, that if there occurs after the Effective Date any change in GAAP that affects in any respect the calculation of any covenant
contained in Section 9 hereof or any financial definition contained in this Agreement, then, upon request by the Borrower or the Required Lenders, the Lenders and the Borrower shall negotiate in good faith amendments to the provisions of
this Agreement that relate to the calculation of such covenants or such financial definitions with the intent of having the respective positions of 

  
 21 

 
the Lenders and the Borrower after such change in GAAP conform as nearly as possible to their respective positions as of the Effective Date and, until any such amendments have been agreed upon,
such financial calculations shall be made as if no such change in GAAP has occurred; provided, further, that any change in GAAP after the Effective Date will not cause any lease (whether existing on the Effective Date or entered into
in the future) that was not or would not have been a Capital Lease prior to such change to be deemed a Capital Lease. 

“Gaming Board”: collectively, (a) the Iowa Racing and Gaming Commission, (b) the Nevada Gaming Commission,
(c) the Nevada State Gaming Control Board, (d) the Indiana Gaming Commission, (e) the Mississippi Gaming Commission, (f) the Louisiana Gaming Control Board, (g) the Missouri Gaming Commission, (h) the Ohio State Racing
Commission, (i) the Ohio Lottery Commission, (j) the Colorado Limited Gaming Control Commission and the Colorado Division of Gaming and (k) any other Governmental Authority that holds regulatory, licensing or permit authority over
gambling, gaming or casino activities conducted or proposed to be conducted by the Borrower and its Subsidiaries. 

“Gaming Laws”: all Laws applicable to riverboat, racing, gambling, gaming or casino operations or activities conducted
by the Borrower and its Subsidiaries, including the policies, interpretations, regulations and administration thereof by any Gaming Board. 
 “Gaming License”: in any jurisdiction in which the Borrower or any of its Subsidiaries conducts or proposes to conduct any riverboat, gambling, gaming, horse racing, lottery or casino
operations or activities, any license, permit, approval, registration, finding of suitability, waiver, exemption or other authorization required to own, operate or otherwise conduct such operations or activities granted or issued by the applicable
Gaming Board. 
 “Governmental Authority”: any nation, sovereign or government, any state, province, territory
or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any supra-national bodies, such as the European Union
or the European Central Bank, and including, without limitation, the Gaming Boards and Liquor Authorities. 
 “Granting
Lender”: as defined in Section 12.6(g). 
 “Guarantee Obligation”: as to any Person (the
“guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit), if to induce the creation of such obligation of such other
Person the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary
obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to
purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary 

  
 22 

 
obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be
the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to
the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee
Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 
 “Guarantors”: the collective reference to the Subsidiary Guarantors. 
 “Hazardous Materials”: (a) any petroleum or petroleum products, radioactive materials, asbestos and asbestos containing material, polychlorinated biphenyls, and radon gas;
(b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted
hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or
substance which is prohibited, limited, or regulated by any Environmental Law. 
 “Hedge Agreements”: all Swap
Obligations and any other interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, cross-currency rate swap agreements, currency future or option contracts, commodity price protection
agreements or other commodity price hedging agreements, and any other similar and ancillary agreements entered into by the Borrower or any of its Subsidiaries in the ordinary course of business (and not for speculative purposes) for the principal
purpose of protecting the Borrower or any of its Subsidiaries against fluctuations in interest rates, currency exchange rates or commodity prices. 
 “Historical Financial Statements”: (a) the audited consolidated balance sheet of the Target and its Subsidiaries for the fiscal years ended December 31,
2010, December 31, 2011, and December 31, 2012 and (b) unaudited balance sheets and related statements of operations and cash flows of the Target and its Subsidiaries and the Borrower and its Subsidiaries, for each subsequent
fiscal quarter ended after the date of the most recent audited financial statements and at least 40 days before the Effective Date and for the comparable periods of the prior fiscal year. 

“Holdings”: PNK Holdings, Inc., a Delaware corporation. 

“Hotel Agreements”: (a) a franchise/license agreement, a management agreement and other related agreements
(including an information technology agreement), by the Borrower or its Restricted Subsidiary in connection with operation and management of the hotel that is part of the Lumière Property, in the form of the customary franchise or management
agreement for the applicable franchisor or manager or such other form as shall be reasonably acceptable to the 

  
 23 

 
Administrative Agent; and (b) the other franchise/license agreements, management agreements and other related agreements, including, without limitation, information technology agreements,
entered into by the Borrower or its Restricted Subsidiaries in connection with the operation and management of an existing hotel, or a hotel to be built as part of any potential development project of the Borrower or its Restricted Subsidiaries, in
the form of the customary franchise or management agreement for the applicable franchisor or manager or such other form as shall be reasonably acceptable to the Administrative Agent and the Borrower. 

“Immaterial Subsidiaries”: any Subsidiary of the Borrower or its Restricted Subsidiaries that does not (a) hold or
own assets with an aggregate net book value of greater than $20,000,000 or (b) hold any Gaming Licenses. 

“Increased Amount Date”: as defined in Section 2.13(a). 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money (other than (i) chip and token liability incurred in the ordinary course of such Person’s business and (ii) the financing of insurance premiums in the ordinary course of business), (b) all obligations of such Person for the
deferred purchase price of Property or services (other than trade payables and accrued expenses that are current liabilities), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such Property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or
similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of
obligations of the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right,
contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation and
(j) for the purposes of Section 10.4 only, all obligations of such Person in respect of Hedge Agreements. 

“indemnified liabilities”: as defined in Section 12.5. 

“Indemnified Taxes”: (a) all Taxes imposed on or with respect to, or measured by, any payment by or on account of
any obligation of any Loan Party hereunder or under any other Loan Document, other than Excluded Taxes and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee”: as defined in Section 12.5. 

“Indentures”: collectively, the Senior Subordinated Indentures and the Senior Unsecured Indentures. 

“Indiana Gaming Property”: as defined in Section 8.4(c). 

  
 24 

 “Indiana Power of Attorney”: a power of attorney required, pursuant to
applicable Requirements of Law, to be entered into by the Borrower or any of its Restricted Subsidiaries by the Indiana Gaming Commission. 
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 

“Insolvent”: pertaining to a condition of Insolvency. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes,
and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
 “Intercompany Subordination Agreement”: the Intercompany Subordination Agreement executed and delivered by the Borrower and its Subsidiaries on the date hereof, as amended, supplemented,
modified, amended, extended or supplanted from time to time in accordance with the terms of this Agreement. 
 “Interest
Period”: with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9. 
 “Investments”: as defined in Section 9.7. 

“ISP”: with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
 “Issuer Documents”: with respect to any Letter of Credit, the Letter of Credit Request, and any other document, agreement and instrument entered into by the Letter of Credit Issuer and
the Borrower or in favor of the Letter of Credit Issuer and relating to such Letter of Credit. 
 “Joinder
Agreement”: an agreement substantially in the form of Exhibit D. 
 “Junior Arranger”: as
defined in the preamble hereto. 
 “L/C Borrowing”: an extension of credit resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing. All L/C Borrowings shall be denominated in Dollars. 
 “L/C Facility Maturity Date”: the date that is five Business Days prior to the Revolving Credit Maturity Date; provided that the L/C Facility Maturity Date may be extended beyond
such date with the consent of the Letter of Credit Issuer (it being understood that, in such event, unless otherwise consented to by any L/C Participant, such L/C Participant’s L/C Participation shall nonetheless terminate on the Revolving
Credit Maturity Date). 

  
 25 

 “L/C Obligations”: as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms
but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“L/C Participant”: as defined in Section 3.3(a). 

“L/C Participation”: as defined in Section 3.3(a). 

“L’Auberge Baton Rouge Property”: the complex known as L’Auberge Casino and Hotel located in Baton Rouge,
Louisiana. 
 “L’Auberge Lake Charles Property”: the complex known as L’Auberge Casino Resort located
in Lake Charles, Louisiana. 
 “Lake Charles CIP”: (a) as of any date of determination up to and including
the fiscal quarter in which the Target Lake Charles Property is sold, an amount equal to (i) in the event that a binding purchase and sale agreement has been entered into with respect to the Target Lake Charles Property, the aggregate purchase
price payable thereunder calculated as if the closing were happening on the date of determination or (ii) if a binding purchase and sale agreement has not been entered into, an amount equal to eighty percent (80.0%) of the sum of all cash
expenditures and outstanding payables related to the development of the Target Lake Charles Property, and (b) as of any date of determination after the sale of the Target Lake Charles Property, $0. 

“Laws”: collectively, all international, foreign, federal, state and local statutes, treaties, rules, regulations,
ordinances, codes and administrative or judicial precedents, including, without limitation, Gaming Laws. 
 “Lender
Default”: (a) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of Loans (unless such Lender notifies the Administrative Agent
and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied) or Reimbursement Obligations, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, (b) the failure of any Lender to pay over to the
Administrative Agent, the Swing Line Lender, any Letter of Credit Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (c) a
Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has stated publicly that it will generally not comply with its funding obligations under loan
agreements, credit agreements and other similar agreements, unless such writing or public statement relates to such Lenders’ obligation to fund its obligations hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, 

  
 26 

 
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied, (d) a Lender has failed, within three Business Days after
request by the Administrative Agent, to confirm that it will comply with its funding obligations under this Agreement or (e) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress
Event. 
 “Lender-Related Distress Event”: with respect to any Lender or its holding company (each, a
“Distressed Person”), a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver or similar official is appointed for such Distressed Person or any
substantial part of such Distressed Person’s assets, or such Distressed Person, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having
regulatory authority over such Distressed Person to be, insolvent or bankrupt; provided that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any
Lender or its holding company by a governmental authority or an instrumentality thereof. 
 “Lender Parties”:
the Administrative Agent, the Lenders, the Treasury Management Banks and the Qualified Counterparties. 

“Lenders”: collectively, the Revolving Credit Lenders, the Tranche B-1 Term Loan Lenders, the Tranche B-2 Term Loan
Lenders and the New Term Lenders, if any, and includes the Letter of Credit Issuers (unless the context otherwise requires). 

“Letter of Credit”: each letter of credit issued pursuant to Section 3.1. 

“Letter of Credit Commitment”: $75,000,000, as the same may be reduced from time to time pursuant to
Section 3.1. 
 “Letter of Credit Exposure” with respect to any Lender, at any time, such
Lender’s Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time. 
 “Letter of
Credit Fee”: as defined in Section 4.1(b). 
 “Letter of Credit Issuer”: (a) with
respect to any Letters of Credit listed in clause (a) of Schedule 1.1(d), Barclays Bank PLC, (b) with respect to any Letters of Credit listed in clause (b) of Schedule 1.1(d), Deutsche Bank Trust Company Americas and
(c) with respect to other Letters of Credit issued under the Revolving Credit Facility, any Revolving Credit Lender and any of its Affiliates from time to time who has accepted a designation by the Borrower as a Letter of Credit Issuer and
appointed pursuant to Section 3.6 or any replacement, additional bank or successor who has accepted a designation by the Borrower as a Letter of Credit Issuer and appointed pursuant to Section 3.6. The Letter of Credit Issuer
may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Letter of Credit Issuer, and in each such case the term “Letter of Credit Issuer” shall include any such Affiliate with respect to Letters
of Credit issued by such Affiliate. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Loan Documents to the Letter of 

  
 27 

 
Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires. 

“Letters of Credit Outstanding”: at any time, the sum of, without duplication, (a) the aggregate Stated Amount of
all outstanding Letters of Credit and (b) the aggregate amount of the principal amount of all Unpaid Drawings. 

“Letter of Credit Request”: as defined in Section 3.2(a). 

“LIBOR Screen Rate”: as defined in Eurodollar Rate. 

“License Revocation”: the revocation, failure to renew, suspension of, refusal to issue, or the appointment of a
receiver, supervisor or similar official with respect to, any Gaming License covering any present or reasonably proposed casino or gaming facility of the Borrower or any Restricted Subsidiary. 

“Lien”: with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference,
priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an
operating lease be deemed to constitute a Lien. 
 “Liquor Authorities”: in any jurisdiction in which the
Borrower or any of its Subsidiaries sells and/or distributes beer, wine or liquor, or proposes to sell and/or distribute beer, wine or liquor, the applicable alcoholic beverage commission or other Governmental Authority responsible for interpreting,
administering or enforcing the Liquor Laws. 
 “Liquor Laws”: the Laws applicable to or involving the sale
and/or distribution of beer, wine or liquor by the Borrower or any of its Subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations, regulations or administration thereof by the applicable Liquor
Authorities. 
 “Liquor License”: in any jurisdiction in which the Borrower or any of its Subsidiaries sells
and/or distributes beer, wine or liquor, or proposes to sell and/or distribute beer, wine or liquor, any license, permit or other authorization to sell and distribute beer, wine or liquor that is granted or issued by the Liquor Authorities.

 “Loan”: any loan made by any Lender pursuant to this Agreement. 

“Loan Documents”: this Agreement, the Subsidiary Guaranty, the Security Documents, the Intercompany Subordination
Agreement, the Issuer Documents, the Notes and any agreement effectuating any amendment, restatement, supplement or modification to any of the foregoing. 
 “Loan Parties”: the Borrower and each Subsidiary of the Borrower that is a party to a Loan Document. 

  
 28 

 “Lumière Property”: the complex known as Lumière Place
located in downtown St. Louis, Missouri, including the Lumière Place Casino and the Four Seasons Hotel St. Louis. 

“Majority Lead Arrangers”: (a) J.P. Morgan Securities LLC, (b) Goldman Sachs Lending Partners LLC or
(c) the Arrangers who hold (or whose Affiliates hold) a majority of the Commitments held on the Effective Date by J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC and their Affiliates. 
 “Mandatory Borrowing”:
as defined in Section 2.1(d). 
 “Master Intercompany Demand Note”: the Master Intercompany Demand
Note executed and delivered by the Borrower and its Subsidiaries on the date hereof, as amended, supplemented, modified, amended, extended or supplanted from time to time in accordance with the terms of this Agreement. 

“Material Adverse Change”: any event, change, occurrence or effect that would have or would reasonably be expected to
have a material adverse effect on the business, financial condition or results of operations of the Target and its Subsidiaries, taken as a whole, other than any change, effect, event or occurrence resulting from (a) changes in general
economic, financial market, business or geopolitical conditions, (b) general changes or developments in any of the industries or markets in which the Target or its Subsidiaries operate or intend to operate, including increased competition,
(c) any actions required to be taken pursuant to Section 5.7 of the Acquisition Agreement to obtain any approval or authorization under applicable antitrust or competition Laws or applicable Gaming Laws necessary for the consummation of
the Acquisition, (d) changes in any applicable Laws or applicable accounting regulations or principles or interpretations thereof, (e) any change in the price or trading volume of the Target’s stock, in and of itself (provided,
that the facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of “Material Adverse Change” may be taken into account in determining whether there has been a Material Adverse
Change), (f) any failure by the Target to meet any published analyst estimates or expectations of the Target revenue, earnings or other financial performance or results of operations for any period, in and of itself, or any failure by the
Target to meet its internal or published projections, budgets, plans or forecasts of its revenues, earnings or other financial performance or results of operations, in and of itself (provided, that the facts or occurrences giving rise to or
contributing to such failure that are not otherwise excluded from the definition of “Material Adverse Change” may be taken into account in determining whether there has been a Material Adverse Change), (g) any outbreak or escalation
of hostilities or war or any act of terrorism or any other national or international calamity, crisis or emergency, (h) the announcement of the Acquisition Agreement and the transactions contemplated thereby, including the initiation of
litigation by any Person with respect to the Acquisition Agreement, and including any termination of, reduction in or similar negative impact on relationships, contractual or otherwise, with any customers, suppliers, distributors, partners or
employees of the Target and its Subsidiaries due to the announcement and performance of the Acquisition Agreement or the identity of the parties to the Acquisition Agreement, or the performance of the Acquisition Agreement and the transactions
contemplated thereby, including compliance with the covenants set forth therein, (i) any action taken by the Target, or which the Target causes to be taken by any of its Subsidiaries, in each case which is

  
 29 

 
required or permitted by the Acquisition Agreement or (j) any actions taken (or omitted to be taken) at the request of the Borrower. 

“Material Adverse Effect”: a material adverse effect on (a) the business, assets, property or condition (financial
or otherwise) of the Borrower and its Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement, the Subsidiary Guaranty, the Notes and the Security Documents (including amendments thereto), taken as a whole, or the
other Loan Documents (including amendments thereto), taken as a whole, or the rights or remedies of the Agents or the Lenders under this Agreement, the Subsidiary Guaranty, the Notes and the Security Documents (including amendments thereto), taken
as a whole, or the other Loan Documents (including amendments thereto), taken as a whole, or (c) on the ability of the Borrower and the Loan Parties to fulfill their obligations under the Loan Documents. 

“Material Operating Property”: as defined in Minimum Cash Requirement. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or
petroleum products, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other substances or forces of any kind, whether or not any such substance or force is defined as hazardous or
toxic under any Environmental Law, that is regulated pursuant to or could give rise to liability under any Environmental Law. 

“Maturity Date” the Tranche B-1 Term Loan Maturity Date, the Tranche B-2 Term Loan Maturity Date, the New Term Loan
Maturity Date or the Revolving Credit Maturity Date, as applicable. 
 “Maximum Foreign Subsidiary Investment
Amount”: as of any date of determination, the sum of (a) $3,000,000; plus (b) all amounts received by the Borrower or any Restricted Subsidiary as Foreign Subsidiary Receipts after January 1, 2013 through such date of
determination, minus (c) all Reclassified Foreign Subsidiary Receipts. 
 “Membership Interests Purchase
Agreement”: the Membership Interests Purchase Agreement dated as of July 24, 2013, among GNLC Holdings, Inc., as buyer, the Borrower, as parent, and, if they deliver joinder signature pages to the agreement, Ameristar Casino Lake
Charles, LLC and Ameristar Lake Charles Holdings, LLC. 
 “Merger Sub”: PNK Development 32, Inc., a Nevada
corporation. 
 “Minimum Borrowing Amount”: (a) with respect to a Borrowing of Eurodollar Loans,
$1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and (b) with respect to a Borrowing of Base Rate Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such
Borrowing). 
 “Minimum Cash Requirement”: as of any date, the sum as of such date of (a) $100,000,000
plus (b) $10,000,000 for each Material Operating Property which opened or was acquired after the Effective Date and prior to such date minus (c) $10,000,000 for each Material Operating Property which was Disposed of or
otherwise ceased operations after the Effective Date and prior to such date. For purposes of this definition, “Material Operating Property” 

  
 30 

 
means any Property which either was acquired for $100,000,000 or more or had a Construction Budget of $100,000,000 or more and at which gaming operations are conducted. 

“Moody’s”: Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 “Mortgaged Properties”: the real properties listed on Schedule 1.1(a) as and when the Administrative
Agent for the benefit of the Lender Parties is granted a Lien pursuant to one or more Mortgages in accordance with the terms of this Agreement. 
 “Mortgages”: any mortgage, deed of trust, deed to secure debt, trust deed or other security document (including any assignment, amendment, amendment and restatement or similar
modification of any existing mortgage) made by the owner of a Mortgaged Property in favor of the Administrative Agent for the benefit of the Lender Parties in respect of that Mortgaged Property to secure the Obligations, in form and substance
reasonably acceptable to the Administrative Agent, which mortgages and deeds of trust shall be substantially in the form of Exhibit E-1 or Exhibit E-4, as applicable, and which assignment shall be substantially in the form of
Exhibit E-2, in each case with such changes thereto as shall be advisable under the law of the jurisdiction in which such mortgages, deeds of trust, assignments, amendments and restatements and modifications are to be recorded and in each
case as the same may be further amended, amended and restated, restated, supplemented or otherwise modified from time to time. 

“Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA under which
Borrower, any Subsidiary and/or any Commonly Controlled Entity has any liability or obligation, whether fixed or contingent. 

“Net Cash Proceeds”: (a) in connection with any Asset Sale, any Recovery Event or any Designated Asset Sale, the
proceeds thereof in the form of Cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as
and when received) of such Asset Sale, Recovery Event or Designated Asset Sale, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly
permitted hereunder on any asset which is the subject of such Asset Sale, Recovery Event or Designated Asset Sale (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually incurred in connection therewith
and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements); and (b) in connection with any issuance or sale of equity
securities or debt securities or instruments or the incurrence of loans, the Cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and
commissions and other customary fees and expenses actually incurred in connection therewith. 
 “Net Disposition
Proceeds”: in connection with any Disposition, the proceeds thereof in the form of Cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or
purchase price 

  
 31 

 
adjustment receivable or otherwise, but only as and when received) of such Disposition, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be
applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset which is the subject of such Disposition (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually
incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements). 

“Nevada Gaming Authorities”: collectively, the Nevada Gaming Commission and the Nevada State Gaming Control Board.

 “New Capital Asset Disposition Proceeds”: as of any date of determination, the Net Disposition Proceeds
received by the Borrower and its Restricted Subsidiaries on or after January 1, 2013 and prior to such date of determination from Recovery Events and Dispositions of Property permitted by clauses (a), (c), (e), (g), (h), (i), (l), (m), (o),
(p), (q), (t) and (u) of Section 9.5. 
 “New Capital Available Proceeds”: as of any
date, the sum of (a) New Capital Asset Disposition Proceeds as of such date; (b) the amount of tax refunds received by the Borrower and its Restricted Subsidiaries in Cash and/or Cash Equivalents on or after January 1, 2013 and prior
to such date; (c) the amount of litigation settlements and/or awards received in cash (net of the expenses incurred to obtain such litigation settlements and/or awards) by the Borrower and its Restricted Subsidiaries on or after January 1,
2013 and prior to such date; (d) the amount of gross proceeds received by the Borrower from the issuance and sale of the Borrower’s Capital Stock (other than Capital Stock which is Indebtedness) and not applied to an Investment permitted
pursuant to Section 9.7(x); and (e) with respect to each Unrestricted Subsidiary for which cash dividends and distributions are received by the Borrower and/or its Restricted Subsidiaries from such Unrestricted Subsidiary on or
after January 1, 2013 and prior to such date is in excess of the Investments (excluding Investments made pursuant to Section 9.7(k)) made by the Borrower and/or its Restricted Subsidiaries in such Unrestricted Subsidiary on or after
January 1, 2013 and prior to such date, the amount of such excess. 
 “New Loan Commitments”: as defined
in Section 2.13(a). 
 “New Pinnacle Notes Offering”: as defined in the recitals hereto.

 “New Revolving Credit Commitments”: as defined in Section 2.13(a). 

“New Revolving Loan”: as defined in Section 2.13(b). 

“New Revolving Loan Lender”: as defined in Section 2.13(b). 

“New Subordinated Obligations”: unsecured subordinated Indebtedness of the Borrower that (a) does not have any
scheduled principal payment, mandatory principal prepayment or sinking fund payment due prior to the date that is six months following the latest of the Maturity Dates for the Loans, (b) is not secured by any Lien on the Property of the
Borrower or any of its Subsidiaries, and (c) is otherwise on terms (except for pricing) which are (i) in the aggregate not more favorable to the holders of such Indebtedness than those contained

  
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in the Existing Subordinated Obligations as in effect on the date hereof in any manner which is detrimental to the Agents or the Lenders or substantially identical thereto (in each case, as
determined by the Administrative Agent in its discretion) or (ii) otherwise approved by the Required Lenders; provided, however, for purposes of this clause (c) the Borrower shall be permitted to incur convertible
subordinated debt on terms reasonably acceptable to the Administrative Agent and otherwise in compliance with clauses (a) and (b) above. 
 “New Term Loan”: as defined in Section 2.13(c). 

“New Term Loan Commitments”: as defined in Section 2.13(a). 

“New Term Loan Exposure”: at any time, the outstanding principal amount of the New Term Loans of such Lender;
provided, that at any time prior to the making of the New Term Loans, the New Term Loan Exposure of any Lender shall be equal to such Lender’s New Term Loan Commitment. 

“New Term Loan Lender” as defined in Section 2.13(c). 

“New Term Loan Maturity Date”: the date on which a New Term Loan matures. 

“New Term Loan Note”: as defined in Section 2.5(g). 

“New Term Loan Repayment Amount”: as defined in Section 2.5(c). 

“New Term Loan Repayment Date”: as defined in Section 2.5(c). 

“Non-Consenting Lender”: as defined in Section 12.7(b). 

“Non-Defaulting Lender”: each Lender other than a Defaulting Lender. 

“Non-Extension Notice Date”: as defined in Section 3.2(d). 

“Non-U.S. Lender”: any Agent or Lender that is not a “United States person” as defined by
Section 7701(a)(30) of the Code. 
 “Note”: as defined in Section 2.5(g). 

“Notice of Conversion or Continuation”: as defined in Section 2.6(a). 

“Obligations”: all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising
under any Loan Document or otherwise with respect to any Commitment, Loan or Letter of Credit or under any Specified Hedge Agreement or Treasury Management Agreement, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan

  
 33 

 
Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under the Loan Documents) include the obligation (including any guarantee obligations) to pay
principal, interest, charges, expenses, fees, attorney costs, indemnities and other amounts payable by any Loan Party under any Loan Document; provided, further, that the Obligations shall not include any Excluded Swap Obligations.

 “OFAC”: the Office of Foreign Assets Control of the U.S. Department of Treasury. 

“Original Lead Arrangers”: JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC.

 “Original Revolving Credit Commitments”: all Revolving Credit Commitments, Existing Revolving Credit
Commitments and Extended Revolving Credit Commitments, other than any New Revolving Credit Commitments (and any Extended Revolving Credit Commitments related thereto). 
 “Other Connection Taxes”: with respect to the Administrative Agent or any Lender, Taxes imposed as a result of a present or former connection between the Administrative Agent or any
Lender and the jurisdiction imposing such Tax (other than connections arising from the Administrative Agent or any Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected
a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other Taxes”: all present or future stamp, court, or documentary Taxes or any other intangible, recording, filing or similar Taxes arising from any payment made hereunder or under any
other Loan Document or from the execution, performance, registration, delivery or enforcement of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document; except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 12.7(a)). 
 “Overnight Rate”: for any day, the greater of (a) the Federal Funds Effective Rate and (b) an overnight rate as reasonably determined by the Administrative Agent, the Letter of
Credit Issuer or the Swing Line Lender, as the case may be, in accordance with banking industry rules on interbank compensation. 
 “Participant”: as defined in Section 12.6(c)(i). 

“Participant Register”: as defined in Section 12.6(c)(ii). 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any
successor). 
 “Performance Letter of Credit”: a standby letter of credit issued for the account of any Person
which may be drawn by the beneficiary thereof solely in the event such Person 

  
 34 

 
fails to perform a nonmonetary contractual obligation of such Person and such letter of credit is not issued as credit support with respect to any Indebtedness of such Person. 

“Permitted Refinancing Subordinated Notes”: the notes evidencing the Permitted Refinancing Subordinated Obligations.

 “Permitted Refinancing Subordinated Obligations”: unsecured Indebtedness of the Borrower that (a) does
not have any scheduled principal payment, mandatory principal prepayment or sinking fund payment due prior to the date that is six months following the latest of the Maturity Dates for the Loans; (b) is not secured by any Lien on the Property
of the Borrower or any of its Subsidiaries, and (c) is otherwise on terms (except for pricing) which are (i) not, in the aggregate, more favorable to the holders of such Indebtedness than those contained in the Existing Subordinated
Obligations as in effect on the date hereof in any manner which is detrimental to the Agents or the Lenders or substantially identical thereto (in each case, as determined by the Administrative Agent in its discretion) or (ii) otherwise
approved by the Lenders who will represent Required Lenders after giving effect to the application of any proceeds of Permitted Refinancing Subordinated Obligations to prepay the Term Loans (or if all such Loans have been repaid, to prepay Permitted
Refinancing Subordinated Obligations and/or Permitted Senior Unsecured Obligations), or Revolving Credit Loans. 

“Permitted Senior Unsecured Notes”: the notes evidencing the Permitted Senior Unsecured Obligations. 

“Permitted Senior Unsecured Obligations”: unsecured Indebtedness of the Borrower (a) that does not have any
scheduled principal payment, mandatory principal prepayment, sinking fund payment or similar provision (including the rights on the part of any holder to require the redemption or repurchase of any such Indebtedness), in each case that could require
any payment of or on account of principal in respect thereof until the date that is six months following the latest of the Maturity Dates for the Loans (other than pursuant to change of control or asset sale provisions customary for debt securities
issued by issuers with credit ratings comparable to that of the Borrower), (b) that is not secured by any Lien on the Property of the Borrower or any of its Subsidiaries, (c) that ranks pari passu with the Loans and Commitments
hereunder and does not constitute Subordinated Obligations, and (d) is otherwise on terms (except for pricing) which are (i) not, in the aggregate, more favorable to the holders of such Indebtedness than those contained in the Existing
Senior Unsecured Obligations as in effect on the date hereof in any manner which is detrimental to the Agents or the Lenders or substantially identical thereto (in each case, as determined by the Administrative Agent in its discretion) or
(ii) otherwise approved by the Lenders who will represent Required Lenders after giving effect to the application of any proceeds of Permitted Senior Unsecured Obligations to prepay the Term Loans (or if all such Loans have been repaid, to
prepay Permitted Refinancing Subordinated Obligations or Permitted Senior Unsecured Obligations), or Revolving Credit Loans. 

“Person”: any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust
or other enterprise or any Governmental Authority. 
 “Plan”: at a particular time, any Single Employer Plan or
“employee benefit plan” (within the meaning of Section 3(3) of ERISA) other than a Multiemployer Plan and in 

  
 35 

 
respect of which the Borrower, any Subsidiary or, with respect to a Single Employer Plan, any Commonly Controlled Entity is (or, if such plan were terminated at such time, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Platform”: as defined in Section 12.17(b). 

“Pledge Agreement (Gaming Regulated)”: the pledge agreements or amended and restated pledge agreements, executed and
delivered by the Borrower or the applicable Restricted Subsidiaries (other than Immaterial Subsidiaries) covering, subject to exceptions set forth in such agreements, the Capital Stock owned by the Borrower or any Restricted Subsidiary in any
Subsidiary (other than Foreign Unrestricted Subsidiaries) that conducts gambling, gaming or casino activities that are subject to Gaming Laws, as may be supplemented, modified, amended, extended or supplanted from time to time. 

“Pledge Agreement (General)”: the amended and restated pledge agreement, executed and delivered by the Borrower and the
Restricted Subsidiaries (other than Immaterial Subsidiaries) covering, subject to exceptions set forth in such agreements, the Capital Stock held by the Borrower and any of such Subsidiaries in all Subsidiaries of the Borrower, other than the
Foreign Unrestricted Subsidiaries or the Subsidiaries the Capital Stock of which is pledged pursuant to a Pledge Agreement (Gaming Regulated) as may be supplemented, modified, amended, extended or supplanted from time to time. 

“Pledge Agreements”: collectively, the Pledge Agreements (Gaming Regulated) and the Pledge Agreement (General).

 “Pledged Stock”: Capital Stock pledged to the Administrative Agent for the benefit of the Lender Parties,
pursuant to the Pledge Agreements. 
 “Preferred Ship Mortgages”: collectively (a) each of the preferred
ship mortgages (including any assignment, amendment, amendment and restatement or similar modification of any existing preferred ship mortgage) made by any Loan Party in favor of the Administrative Agent for the benefit of the Lender Parties, as
described in Schedule 1.1(b), and (b) any other preferred ship mortgages which are made by any Loan Party in favor of the Administrative Agent from time to time in accordance with this Agreement, which preferred ship mortgages shall be
substantially in the form of Exhibit E-3, as the same may be further supplemented, amended, amended and restated, extended, supplanted or otherwise modified from time to time. 

“Prepayment Notice”: as defined in Section 5.2(g). 

“Project”: the construction and/or renovation of any improvements on any interest in any real property or any interest
in any ship or barge owned by the Borrower and/or any of its Restricted Subsidiaries, if the Expenses of such construction and/or renovation could reasonably be expected to exceed $75,000,000’ provided, that if the construction and/or
renovation of any improvements on any interest in any such real property or any interest in any such ship or barge has been divided into separate phases for the construction and/or renovation thereof, then each phase of such construction and/or
renovation will be treated as a separate Project for all purposes under this Agreement. 

  
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 “Projections”: as defined in Section 8.2(c). 

“Property”: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Capital Stock. 
 “Qualified Counterparty”: with respect
to any Specified Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender, an Agent or an Affiliate of an Agent or a Lender. 

“Rabbi Trust”: that certain Grantor Trust Agreement made the 1st day of January, 2000 by and between the Borrower and
Wells Fargo Bank, National Association (as successor-in-interest to Wachovia Bank, N.A.), as trustee (or any successor trustee), as amended, modified and supplemented from time to time in accordance with this Agreement. 

“Recipient”: the (a) Administrative Agent, (b) any Lender and (c) any Letter of Credit Issuer, as
applicable. 
 “Reclassified Foreign Subsidiary Receipts”: as of any date of determination, the aggregate
amount of Foreign Subsidiary Receipts received by the Borrower or any Restricted Subsidiary after the Effective Date and through the date of determination (a) which have not been invested in any Foreign Unrestricted Subsidiary in accordance
with the provisions of Section 9.7(j); and (b) with respect to which the Borrower has provided the Administrative Agent an irrevocable written notice prior to such date of determination that Foreign Subsidiary Receipts in such
amount is not available for investment in any Foreign Unrestricted Subsidiary. 
 “Recovery Event”: any payment
in excess of $5,000,000 in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its Restricted Subsidiaries. 

“Redevelopment Agreement”: that certain Redevelopment Agreement dated as of April 22, 2004 by and between the Land
Clearance for Redevelopment Authority of the City of St. Louis and the Borrower, as may be amended, extended, renewed, supplemented, restated, amended and restated or otherwise modified from time to time. 

“Refinanced Term Loans”: as defined in Section 12.1. 

“Register”: as defined in Section 12.6(b)(iv). 

“Regulation H”: Regulation H of the Board as in effect from time to time. 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Date” as defined in Section 3.4(a). 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse each Letter of Credit Issuer pursuant to
Section 3.4 for amounts drawn under Letters of Credit issued by such Letter of Credit Issuer. 

  
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 “Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the
aggregate Net Cash Proceeds received by the Borrower or any of its Restricted Subsidiaries in connection therewith that are not applied to prepay the Term Loans or to reduce the Revolving Credit Commitments pursuant to Section 5.2(b) or
Section 5.2(d), as applicable, as a result of the delivery of a Reinvestment Notice. 
 “Reinvestment
Event”: any Asset Sale or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice. 

“Reinvestment Notice”: a written notice executed by a Responsible Officer and delivered to the Administrative Agent
within ten (10) Business Days after an Asset Sale or Recovery Event stating that no Default or Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Restricted Subsidiary) intends and expects to
use all or a specified portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire assets useful in the business of the Borrower or the applicable Restricted Subsidiary. 

“Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the date occurring
fifteen (15) months after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire assets permitted under this Agreement with all or any portion of the relevant
Reinvestment Deferred Amount. 
 “Related Parties”: with respect to any specified Person, such Person’s
Affiliates and the directors, officers, employees, agents, trustees and advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether
through the ability to exercise voting power, by contract or otherwise. 
 “Release”: any release, spill,
emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection or leaching into the environment. 
 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 

“Repayment Amount” shall mean the Term Loan Repayment Amount, a New Term Loan Repayment Amount or an Extended Term Loan
Repayment Amount, as applicable. 
 “Replacement Term Loans” as defined in Section 12.1.

 “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as
to which the thirty day notice period is waived. 
 “Repricing Transaction”: the repayment, refinancing or
replacement of all or a portion of the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans with proceeds from the incurrence by any Loan Party of any long-term bank debt financing incurred for the primary purpose of repaying, refinancing, or
replacing the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans having an effective interest cost or weighted average yield (excluding any arrangement or commitment fees in connection therewith) that is less than the effective interest

  
 38 

 
rate for or weighted average yield of the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans, including, without limitation, as may be effected through any amendment to this Agreement relating
to the interest rate for, or weighted average yield of, the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans. 

“Required Asset Sale”: any Disposition of any of the assets listed on Schedule 5.3(a) attached hereto and any
other assets required to be sold pursuant to the FTC Order (including pursuant to the exercise of any crown jewel provision). 

“Required Lenders”: at any date, Non-Defaulting Lenders having or holding a majority of the sum of (a) the Adjusted
Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated, Non-Defaulting Lenders having or holding a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting
Lenders) in the aggregate at such date), (b) the Tranche B-1 Term Loan Exposure (excluding Tranche B-1 Term Loan Exposure of Defaulting Lenders), (c) the Tranche B-2 Term Loan Exposure (excluding Tranche B-2 Term Loan Exposure of
Defaulting Lenders), and (d) the New Term Loan Exposure (excluding New Term Loan Exposure of Defaulting Lenders). 

“Required Prepayment Lenders”: at any date, if any Term Loans are then outstanding, the Required Term Loan Lenders and
otherwise, the Required Revolving Credit Lenders. 
 “Required Revolving Credit Lenders”: at any date, Lenders
holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of
Defaulting Lenders) at such time). 
 “Required Term Loan Lenders”: at any date, Non-Defaulting Lenders having
or holding a majority of the sum (without duplication) of (a) the Total Term Loan Commitment (excluding Term Loan Commitments held by Defaulting Lenders) at such date and (b) the aggregate outstanding principal amount of the Term Loans
(excluding Term Loans held by Defaulting Lenders) at such date. 
 “Required Tranche B-1 Term Loan Lenders”: at
any date, Non-Defaulting Lenders having or holding a majority of the Tranche B-1 Term Loan Exposure (excluding any Tranche B-1 Term Loan Commitments and Tranche B-1 Term Loans held by Defaulting Lenders). 

“Required Tranche B-2 Term Loan Lenders”: at any date, Non-Defaulting Lenders having or holding a majority of the
Tranche B-2 Term Loan Exposure (excluding any Tranche B-2 Term Loan Commitments and Tranche B-2 Term Loans held by Defaulting Lenders). 
 “Requirement of Law”: as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject. 

  
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 “Responsible Officer”: the chief executive officer, president, treasurer or
chief financial officer of a Loan Party, and any member, manager, managing partner or general partner of a Loan Party, or any chief executive officer, president, treasurer or chief financial officer, member, manager, managing partner or general
partner of any entity that is the member, manager, managing partner or general partner of a Loan Party, but in any event, with respect to financial matters, the chief financial officer of the applicable Loan Party; provided, that the
treasurer or vice president of finance of the Borrower may act as a Responsible Officer with respect to any Borrowing Notices to be delivered under this Agreement. 
 “Restricted Payments”: as defined in Section 9.6. 

“Restricted Subsidiaries”: as of the date of determination, all Subsidiaries of the Borrower other than Subsidiaries of
the Borrower which have been properly designated as Unrestricted Subsidiaries of the Borrower in accordance with the definition thereof. The Borrower may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary in writing to
Administrative Agent, provided that no Default or Event of Default would be in existence following such designation. 

“Revolving Credit Commitment”: as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit
Loans to the Borrower pursuant to Section 2.1(b), (b) purchase participations in L/C Obligations and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 1.1(c) under the caption “Revolving Credit Commitment,” or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Revolving Credit Commitment as of the Effective Date is $1,000,000,000. 

“Revolving Credit Commitment Percentage”: at any time, for each Lender, the percentage obtained by dividing
(a) such Lender’s Revolving Credit Commitment at such time by (b) the amount of the Total Revolving Credit Commitment at such time, provided that at any time when the Total Revolving Credit Commitment shall have been terminated, each
Lender’s Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender’s Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time. 

“Revolving Credit Exposure”: with respect to any Lender at any time, the sum of (a) the aggregate amount of the
principal amount of Revolving Credit Loans of such Lender then outstanding, (b) such Lender’s Letter of Credit Exposure at such time and (c) such Lender’s Swing Line Exposure at such time. 

“Revolving Credit Extension Request”: as defined in Section 2.13(f)(ii). 

“Revolving Credit Facility”: any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit
Commitments at such time. 

  
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 “Revolving Credit Lender”: at any time, any Lender that has a Revolving
Credit Commitment at such time, or, if the Total Revolving Credit Commitment shall have been terminated, any Lender that has Revolving Credit Exposure. 
 “Revolving Credit Loans”: as defined in Section 2.1(b). 
 “Revolving Credit Maturity Date”: August 13, 2018 or, if such date is not a Business Day, the next preceding Business Day. 

“Revolving Credit Note”: as defined in Section 2.5(g). 

“Revolving Credit Termination Date”: the date on which the Revolving Credit Commitments shall have terminated, no
Revolving Credit Loans or Swing Line Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized or back-stopped on terms and in an amount acceptable to the applicable Letter of Credit
Issuer. 
 “Sanctioned Country”: a country or territory which is at any time subject to Sanctions. 

“Sanctions”: (a) economic or financial sanctions or trade embargoes imposed, administered or enforced from time to
time by the US government and administered by OFAC and (b) economic or financial sanctions imposed, administered or enforced from time to time by the US State Department, the US Department of Commerce or the US Department of the Treasury.

 “Sanctions List”: any of the lists of specifically designated nationals or designated persons or entities
(or equivalent) held by the US government and administered by OFAC, the US State Department, the US Department of Commerce or the US Department of the Treasury or the United Nations Security Council or any similar list maintained by any other U.S.
government entity, in each case as the same may be amended, supplemented or substituted from time to time. 

“S&P”: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, and any successor to its rating agency business. 
 “SEC”: the Securities and Exchange Commission or
any successor thereto. 
 “Section 2.13 Additional Amendment”: as defined in Section 2.13(f)(iv).

 “Section 8.1 Financials”: the financial statements delivered, or required to be delivered, pursuant to
Section 8.1(a) or (b) together with the accompanying officer’s certificate delivered, or required to be delivered, pursuant to Section 8.2(b). 

“Security Agreement”: the Amended and Restated Security Agreement executed and delivered by the Borrower and the
Restricted Subsidiaries (other than Immaterial Subsidiaries) on the date hereof, as has been amended and supplemented through the Effective 

  
 41 

 
Date and as may be further supplemented, modified, amended, extended or supplanted from time to time in accordance with the terms of this Agreement. 

“Securitization”: a public or private offering by a Lender or any of its Affiliates or their respective successors and
assigns of securities or notes that represent an interest in, or that are collateralized, in whole or in part, by the Loans and the Lender’s rights under the Loan Documents. 

“Security Documents”: the collective reference to the Security Agreement, the Pledge Agreements (Gaming Regulated), the
Pledge Agreement (General), the Mortgages, the Preferred Ship Mortgages, and any other security agreement, pledge agreement, deed of trust, mortgage, and all other security documents hereafter delivered to the Administrative Agent, as each may have
been amended, restated, supplemented, or otherwise modified from time to time, granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Senior Subordinated Indentures”: the Senior Subordinated Notes Indenture 2012 and the Senior Subordinated Notes
Indenture 2010, and any future indentures or other agreements governing any New Subordinated Obligations or any Permitted Refinancing Subordinated Obligations. 
 “Senior Subordinated Notes Indenture 2010”: Indenture dated as of May 6, 2010 among the Borrower, the initial guarantors referred to therein, and The Bank of New York Mellon Trust
Company, N.A., as Trustee, as amended from time to time, pursuant to which certain of the Existing Subordinated Obligations were issued. 
 “Senior Subordinated Notes Indenture 2012”: Indenture dated as of March 19, 2012 among the Borrower, the initial guarantors referred to therein, and The Bank of New York Mellon Trust
Company, N.A., as Trustee, as amended from time to time, pursuant to which certain of the Existing Subordinated Obligations were issued. 
 “Senior Unsecured Indentures”: the Senior Unsecured Notes Indenture 2009, the Senior Unsecured Notes Indenture 2011, the Senior Unsecured Notes Indenture 2013, and any future indentures
or other agreements governing any Permitted Senior Unsecured Obligations. 
 “Senior Unsecured Notes”: the
notes evidencing the Existing Senior Unsecured Obligations or the Permitted Senior Unsecured Obligations. 
 “Senior
Unsecured Notes Indenture 2009”: Indenture dated as of August 10, 2009 among the Borrower, the initial guarantors referred to therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee, as amended from time to time,
pursuant to which certain of the Existing Senior Unsecured Obligations were issued. 
 “Senior Unsecured Notes Indenture
2011”: Indenture dated as of April 14, 2011 among Target, the initial guarantors referred to therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee, as amended from time to time, pursuant to which certain of the
Existing Senior Unsecured Obligations were issued. 

  
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 “Senior Unsecured Notes Indenture 2013”: Indenture dated as of
August 5, 2013 among the Borrower, the initial guarantors referred to therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee, as amended from time to time, pursuant to which certain of the Existing Senior Unsecured Obligations
were issued. 
 “Series”: as defined in Section 2.13(a). 

“Single Employer Plan”: any Plan that is covered by Title IV or Section 302 of ERISA or Section 412 of the
Code, but which is not a Multiemployer Plan. 
 “Solvent”: with respect to any Person, as of any date of
determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such
quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the
amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business,
and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or
not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach
gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“SPV” as defined in Section 12.6(g). 

“Specified Change of Control”: a “Change of Control”, or like event, as defined in any of the Indentures or
other document entered into by the Borrower or any Restricted Subsidiary with respect to any New Subordinated Obligations, Permitted Refinancing Subordinated Obligations or Permitted Senior Unsecured Obligations. 

“Specified Existing Indebtedness”: (a) the Existing Senior Unsecured Obligations, (b) the Existing
Subordinated Obligations, and (c) other long-term indebtedness of the Target and its Subsidiaries in an amount not to exceed $600,000. 
 “Specified Existing Revolving Credit Commitment” as defined in Section 2.13(f)(ii). 
 “Specified Hedge Agreement”: any Hedge Agreement entered into by the Borrower or any Subsidiary Guarantor and any Qualified Counterparty. 

“Specified Representations”: the representations and warranties relating to organizational status, organizational power
and authority to enter into the Loan Documents, due authorization, execution, delivery and enforceability of the Loan Documents, no conflicts with charter documents, solvency of the Borrower on a consolidated basis, in each case, after giving effect
to the Transactions, Federal Reserve margin regulations, OFAC, the PATRIOT Act, 

  
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Foreign Corrupt Practices Act, the Investment Company Act, status of the Credit Facilities as senior debt (to the extent applicable) and the creation, validity, priority and perfection of the
security interests granted in the intended collateral (it being understood that to the extent any security interest in the intended collateral (other than any collateral the security interest in which may be perfected by the filing of a UCC
financing statement, the filing of short-form security agreements with the United States Patent and Trademark Office or the United States Copyright Office or the delivery of certificates evidencing equity interests) is not provided on the Effective
Date, as applicable, after the Borrower’s use of commercially reasonable efforts to do so, then the provision of such perfected security interest(s) shall not constitute a condition precedent to the availability of the Facilities on the
Effective Date but shall be required to be delivered after the Effective Date pursuant to arrangements to be mutually agreed by the Borrower and the Administrative Agent acting reasonably). 

“STAR and TIF Bonds”: collectively, tax based bonds and tax increment financing bonds issued by a governmental authority
to finance the development of the properties subject to the Cabela’s Transaction. 
 “Stated Amount”: with
respect to any Letter of Credit, the maximum amount from time to time available to be drawn thereunder, determined without regard to whether any conditions to drawing could then be met; provided, however, that with respect to any
Letter of Credit that by its terms or the terms of any Issuer Document provides for one or more automatic increases in the stated amount thereof, the Stated Amount shall be deemed to be the maximum stated amount of such Letter of Credit after giving
effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 “Stock
Certificate”: as defined in Section 7.1. 
 “St. Louis County Ground Lease”: that certain
Lease and Development Agreement, dated as of August 12, 2004, by and between the Borrower and the St. Louis County Port Authority, as it may be amended, amended and restated or otherwise modified from time to time, for an approximate 56 acre
tract of land, together with the improvements thereon covered by such ground lease, located in the Lemay area of St. Louis County, Missouri. 
 “Subordinated Notes”: the notes evidencing the Existing Subordinated Obligations or the New Subordinated Obligations. 

“Subordinated Obligations”: collectively, the Existing Subordinated Obligations and the New Subordinated Obligations.

 “Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of
which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or
other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
qualified, all references to a 

  
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“Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: each direct and indirect Domestic Subsidiary of the Borrower and, to the extent that it would
not result in an adverse tax, foreign gaming, or foreign law consequence that is material for or with respect to such Subsidiary, Foreign Subsidiary of the Borrower (in each case, other than the Immaterial Subsidiaries and the Unrestricted
Subsidiaries), that has executed a Subsidiary Guaranty or a joinder thereto. 
 “Subsidiary Guaranty”: the
Amended and Restated Subsidiary Guaranty executed and delivered by the Restricted Subsidiaries (other than Immaterial Subsidiaries) parties thereto on the date hereof, and as may be further supplemented, modified, amended, extended or supplanted
from time to time in accordance with the terms of this Agreement. 
 “Swap Obligation”: with respect to any
Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swing Line Commitment”: $50,000,000. 
 “Swing Line Exposure”: at any time the aggregate principal amount at such time of all outstanding Swing Line Loans. The Swing Line Exposure of any Revolving Credit Lender at any time
shall equal its Revolving Credit Commitment Percentage of the aggregate Swing Line Exposure at such time. 
 “Swing Line
Lender”: any Revolving Credit Lender from time to time designated by the Borrower as the Swing Line Lender with the consent of such Revolving Credit Lender and notice to the Administrative Agent; provided, that in no event shall
(a) there be more than one Swing Line Lender at any time and (b) any change in the Swing Line Lender be permitted to occur while any Swing Line Loans are outstanding. As of the Effective Date, there is no Swing Line Lender. 

“Swing Line Loans”: as defined in Section 2.1(c). 

“Swing Line Note”: as defined in Section 2.5(g). 

“Swing Line Maturity Date” the date that is five Business Days prior to the Revolving Credit Maturity Date. 

“Target”: Ameristar Casinos, Inc., a Nevada corporation. 

“Target Existing Credit Agreement”: the Credit Agreement, dated as of April 14, 2011 and as amended to date, by and
among the Target, the several lenders from time to time parties thereto, Deutsche Bank Trust Company Americas, as administrative agent and the other agents and financial institutions party thereto. 

“Target Lake Charles Property”: the complex known as Ameristar Casino Resort Spa located in Lake Charles, Louisiana.

  
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 “Taxes” any and all present or future taxes, duties, levies, imposts,
assessments, deductions, withholdings (including backup withholding) or other similar charges imposed by any Governmental Authority, and any interest, penalties or additions to tax with respect to the foregoing. 

“Term Loan Commitment”: with respect to each Lender, such Lender’s Tranche B-1 Term Loan Commitment, Tranche B-2
Term Loan Commitment or New Term Loan Commitment with respect to any Series. 
 “Term Loan Extension Request”:
as defined in Section 2.13(f)(i). 
 “Term Loan Lender”: at any time, any Lender that has a Term
Loan Commitment or an outstanding Term Loan. 
 “Term Loan Repayment Amount”: as defined in
Section 2.5(b). 
 “Term Loan Repayment Date”: as defined in Section 2.5(b).

 “Term Loans”: the Tranche B-1 Term Loans, the Tranche B-2 Term Loans, any New Term Loans and any Extended
Term Loans, collectively. 
 “Total Credit Exposure”: at any date, the sum, without duplication, of
(a) the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date), (b) the Total Tranche B-1 Term
Loan Exposure, (c) the Total Tranche B-2 Term Loan Exposure, and (d) the New Term Loan Exposure. 
 “Total
Revolving Credit Commitment”: the sum of the Revolving Credit Commitments and the New Revolving Credit Commitments, if applicable, of all the Lenders. 
 “Total Term Loan Commitment”: shall mean the sum of the Tranche B-1 Term Loan Commitments, the Tranche B-2 Term Loan Commitments and the New Term Loan Commitments, if applicable, of all
the Lenders. 
 “Total Tranche B-1 Term Loan Commitment”: the sum of the Tranche B-1 Term Loan Commitments of
all Lenders. The aggregate amount of the Tranche B-1 Term Loan Commitments as of the Effective Date is $500,000,000. 

“Total Tranche B-2 Term Loan Commitment”: the sum of the Tranche B-2 Term Loan Commitments of all Lenders. The aggregate
amount of the Tranche B-2 Term Loan Commitments as of the Effective Date is $1,100,000,000. 
 “Tranche B-1 Term
Loan”: as defined in Section 2.1(a). 
 “Tranche B-1 Term Loan Commitment”: as to each
Term Loan Lender, its obligation to make Tranche B-1 Term Loans to the Borrower pursuant to Section 2.1 (a)(i). The amount of each Lender’s Tranche B-1 Term Loan Commitment, if any, is set forth on Schedule

  
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1.1(c) or in the applicable Assignment and Assumption, subject to any adjustment or reduction pursuant to the terms and conditions hereof. 

“Tranche B-1 Term Loan Exposure”: at any time, the outstanding principal amount of the Tranche B-1 Term Loans of such
Lender; provided, that at any time prior to the making of the Tranche B-1 Term Loans, the Tranche B-1 Term Loan Exposure of any Lender shall be equal to such Lender’s Tranche B-1 Term Loan Commitment. 

“Tranche B-1 Term Loan Lender” a Lender having a Tranche B-1 Term Loan Commitment or an outstanding Tranche B-1 Term
Loan. 
 “Tranche B-1 Term Loan Maturity Date”: August 13, 2016 or, if such date is not a Business Day,
the first Business Day thereafter. 
 “Tranche B-1 Term Loan Note”: as defined in Section 2.5(g).

 “Tranche B-2 Term Loan”: as defined in Section 2.1(a). 

“Tranche B-2 Term Loan Commitment”: as to each Term Loan Lender, its obligation to make Tranche B-2 Term Loans to the
Borrower pursuant to Section 2.1 (a)(i). The amount of each Lender’s Tranche B-2 Term Loan Commitment, if any, is set forth on Schedule 1.1(c) or in the applicable Assignment and Assumption, subject to any adjustment or
reduction pursuant to the terms and conditions hereof. 
 “Tranche B-2 Term Loan Exposure”: at any time, the
outstanding principal amount of the Tranche B-2 Term Loans of such Lender; provided, that at any time prior to the making of the Tranche B-2 Term Loans, the Tranche B-2 Term Loan Exposure of any Lender shall be equal to such Lender’s
Tranche B-2 Term Loan Commitment. 
 “Tranche B-2 Term Loan Lender” a Lender having a Tranche B-2 Term Loan
Commitment or an outstanding Tranche B-2 Term Loan. 
 “Tranche B-2 Term Loan Maturity Date”: August 13,
2020 or, if such date is not a Business Day, the first Business Day thereafter; provided, that such date shall be accelerated to November 15, 2019 if any portion of the Borrower’s 8.75% Senior Subordinated Notes due May 15,
2020 are outstanding on November 15, 2019. 
 “Tranche B-2 Term Loan Note”: as defined in
Section 2.5(g). 
 “Transactions”: collectively, the transactions contemplated by this Agreement,
the Senior Unsecured Notes Indenture 2013 and the Acquisition and any repayment, repurchase, prepayment or defeasance of Indebtedness of Borrower, Target or any of their Subsidiaries in connection therewith and the payment of related fees and
expenses. 
 “Transferee”: as defined in Section 12.6(e). 

“Treasury Management Agreement” any agreement governing the provision of treasury or cash management services, including
deposit accounts, funds transfer, automated 

  
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clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, purchase cards, account reconciliation and reporting and trade finance services. 

“Treasury Management Bank”: with respect to any Treasury Management Agreement, any counterparty thereto that, at the
time such Treasury Management Agreement was entered into, was a Lender, an Agent or an Affiliate of an Agent or a Lender. 

“Type”: (a) as to any Term Loan, its nature as an Base Rate Term Loan or a Eurodollar Term Loan and (b) as to
any Revolving Credit Loan, its nature as an Base Rate Revolving Credit Loan or a Eurodollar Revolving Credit Loan. 

“UCC”: the Uniform Commercial Code under New York law except to the extent the law of any local jurisdiction applies.

 “UCC Filing Collateral”: as defined in Section 7.1. 

“Undeveloped Baton Rouge Property”: approximately 500 acres of undeveloped land adjacent to the L’Auberge Baton
Rouge Property in Baton Rouge, Louisiana, owned by the Borrower and/or any of its Restricted Subsidiaries as of the Effective Date. 
 “Undeveloped Land”: collectively, the Undeveloped Baton Rouge Property and the Undeveloped Reno Property. 
 “Undeveloped Reno Property”: approximately 800 acres of undeveloped land adjacent to the Boomtown Hotel and Casino in Reno, Nevada owned by the Borrower and/or any of its Restricted
Subsidiaries as of the Effective Date. 
 “Unfinished Projects”: as of any date, any Project for which the
Completion of Construction has not occurred. 
 “Unpaid Drawing”: as defined in Section 3.4(a).

 “Unrestricted Subsidiaries”: the Foreign Subsidiaries and the Domestic Subsidiaries designated on the
Effective Date as Unrestricted Subsidiaries on Schedule 6.15(a) and any other Subsidiary of the Borrower formed or acquired after the Effective Date and designated as “Unrestricted” by the Borrower to Administrative Agent in
writing, provided, however, that (a) no Subsidiary may be designated as an Unrestricted Subsidiary at any time when a Default or Event of Default has occurred and remains continuing, or would result from such designation,
(b) the Borrower shall make any such designation prior to or substantially concurrently with the acquisition or formation of the relevant Subsidiary; provided, however, that any Immaterial Subsidiary may be re-designated as
“Unrestricted” at any time before such Subsidiary ceases to be an Immaterial Subsidiary. 
 “Vietnam
Project”: the Ho Tram Strip complex of resorts and residential developments being developed by Asian Coast Development (Canada) Ltd. or any of its Affiliates in which the Borrower or any of its Affiliates are or will be investors.

  
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 “Wholly Owned Subsidiary”: as to any Person, any other Person all of the
Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 “Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the Borrower. 
 1.2 Other Definitional Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used
in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
 (c) Article,
Section, Exhibit and Schedule references are to the Loan Document in which such reference appears. 
 (d) The terms
“include”, “includes” and “including” is by way of example and not limitation. 
 (e) The term
“documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 

(f) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including”. 
 (g) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 (h) The word “will” shall be construed to have the same meaning and effect as the word “shall”.

 1.3 Accounting Terms. All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP. 

  
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 1.4 Rounding. Any financial ratios required to be maintained by the Borrower pursuant
to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the
number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number. 
 1.5
References to Agreements, Laws, Etc.. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Loan Documents) and other Contractual Obligation shall be deemed to include all
subsequent amendments, restatements, amendment and restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements and other
modifications are permitted by any Loan Document; and (b) references to any Requirement of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law.

 SECTION 2. 
 AMOUNT AND TERMS OF CREDIT 
 2.1 Commitments. 

Subject to the terms and conditions set forth herein: 
 (a) (i) Each Lender having a Tranche B-1 Term Loan Commitment severally agrees to make a loan or loans (each, a “Tranche B-1 Term Loan”) to the Borrower on the Effective Date, which
Tranche B-1 Term Loans shall not exceed for any such Lender the Tranche B-1 Term Loan Commitment of such Lender and in the aggregate shall not exceed $500,000,000. 
 (ii) Each Lender having a Tranche B-2 Term Loan Commitment severally agrees to make a loan or loans (each, a “Tranche B-2 Term Loan”) to the Borrower on the Effective Date, which Tranche
B-2 Term Loans shall not exceed for any such Lender the Tranche B-2 Term Loan Commitment of such Lender and in the aggregate shall not exceed $1,100,000,000. 
 (iii) The Company may make only one borrowing under each of the Tranche B-1 Term Loan Commitment and Tranche B-2 Term Loan Commitment. Such Term Loans (A) may at the option of the Borrower be
incurred and maintained as, and/or converted into, Base Rate Loans or Eurodollar Loans; provided, that all Term Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist
entirely of Term Loans of the same Type, (B) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed, (C) shall not exceed in the aggregate the Total Tranche B-1 Term Loan
Commitments or Total Tranche B-2 Term Loan Commitments, as applicable, (D) upon funding, shall be deemed to be funded to and received by the Borrower and (E) no Tranche B-1 Term Loan or Tranche B-2 Term Loan shall be made as a Eurodollar
Loan after the day that is one month prior to the Tranche B-1 Term Loan Maturity Date or the Tranche B-2 Term Loan Maturity Date, as applicable. On the Tranche B-1 Term Loan Maturity Date, all then unpaid Tranche B-1 Term Loans shall be repaid

  
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in full. On the Tranche B-1 Term Loan Maturity Date, all then unpaid Tranche B-1 Term Loans shall be repaid in full. Each Tranche B-1 Term Loan Commitment and Tranche B-2 Term Loan Commitment
shall terminate immediately and without further action on the Effective Date and after giving effect to the funding of such Tranche B-1 Term Loan Commitment and Tranche B-2 Term Loan Commitment on such date. 

(b) Each Revolving Credit Lender severally, and not jointly, agrees to make loans to the Borrower (each such loan, a “Revolving
Credit Loan”) in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided, that any Revolving Credit Loans (i) made available to the Borrower on
the Effective Date shall not exceed $500,000,000 and shall be used to finance the Transactions, (ii) shall be made at any time and from time to time on and after the Effective Date and prior to the Revolving Credit Maturity Date,
(iii) may, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or Eurodollar Loans; provided, that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing
shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (iv) may be repaid and reborrowed in accordance with the provisions hereof, (v) shall not, for any Lender at any time, after
giving effect thereto and to the application of the proceeds thereof, result in such Lender’s Revolving Credit Exposure at such time exceeding such Lender’s Revolving Credit Commitment at such time, (vi) shall not, after giving effect
thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Lenders’ Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of
the Lenders’ Revolving Credit Exposures at such time exceeding the aggregate Revolving Credit Commitment and (vii) no Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit
Maturity Date. 
 Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan, provided that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan and (ii) in exercising such option, such Lender shall use its reasonable efforts to minimize
any increased costs to the Borrower resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder
or that it determines would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.10 shall apply). On the Revolving Credit
Maturity Date, all Revolving Credit Loans shall be repaid in full. 
 (c) The Swing Line Lender in its individual capacity
agrees, at any time and from time to time on and after the Effective Date and prior to the Swing Line Maturity Date, to make a loan or loans (each a “Swing Line Loan” and, collectively the “Swing Line Loans”) to the
Borrower, which Swing Line Loans (i) shall be Base Rate Loans, (ii) shall have the benefit of the provisions of Section 2.1(d), (iii) shall not exceed at any time outstanding the Swing Line Commitment, (iv) shall not,
after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Lenders’ Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect, and
(v) may be repaid and reborrowed in accordance with the provisions hereof. On the Swing Line Maturity 

  
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Date, all Swing Line Loans shall be repaid in full. The Swing Line Lender shall not make any Swing Line Loan after receiving a written notice from the Borrower, the Administrative Agent or the
Required Revolving Credit Lenders stating that a Default or Event of Default exists and is continuing until such time as the Swing Line Lender shall have received written notice of (i) rescission of all such notices from the party or parties
originally delivering such notice or (ii) the waiver of such Default or Event of Default in accordance with the provisions of Section 12.1. 
 (d) On any Business Day, the Swing Line Lender may, in its sole discretion, give notice to each Revolving Credit Lender that all then-outstanding Swing Line Loans shall be funded with a Borrowing of
Revolving Credit Loans, in which case Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by each Revolving Credit Lender pro
rata based on each Lender’s Revolving Credit Commitment Percentage, and the proceeds thereof shall be applied directly to the Swing Line Lender to repay the Swing Line Lender for such outstanding Swing Line Loans. Each Revolving Credit Lender
hereby irrevocably agrees to make such Revolving Credit Loans upon one Business Days’ notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified to it in writing by
the Swing Line Lender notwithstanding (i) that the amount of the Mandatory Borrowing may not comply with the minimum amount for each Borrowing specified in Section 2.2, (ii) whether any conditions specified in
Section 7 are then satisfied, (iii) whether a Default or an Event of Default has occurred and is continuing, (iv) the date of such Mandatory Borrowing, or (v) any reduction in the Total Revolving Credit Commitment after
any such Swing Line Loans were made. In the event that, in the sole judgment of the Swing Line Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including as a result of the commencement of a
proceeding under Debtor Relief Laws in respect of the Borrower), each Revolving Credit Lender hereby agrees that it shall forthwith purchase from the Swing Line Lender (without recourse or warranty) such participation of the outstanding Swing Line
Loans as shall be necessary to cause the Lenders to share in such Swing Line Loans ratably based upon their respective Revolving Credit Commitment Percentages; provided, that all principal and interest payable on such Swing Line Loans shall
be for the account of the Swing Line Lender until the date the respective participation is purchased and, to the extent attributable to the purchased participation, shall be payable to such Lender purchasing such participation from and after such
date of purchase. 
 2.2 Minimum Amount of Each Borrowing; Maximum Number of Borrowings. The aggregate principal amount
of each Borrowing of Term Loans or Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans and in a multiple of $100,000 in excess thereof and Swing Line Loans shall be in a minimum amount
of $100,000 and in a multiple of $100,000 in excess thereof (except that Mandatory Borrowings shall be made in the amounts required by Section 2.1(d) and Revolving Credit Loans to reimburse the Letter of Credit Issuer with respect to any
Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable). More than one Borrowing may be incurred on any date, provided that at no time shall there be outstanding more than five
Borrowings of Eurodollar Loans that are Term Loans and ten Borrowings of Eurodollar Loans that are Revolving Credit Loans under this Agreement. 
 2.3 Borrowing Notice. 

  
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 (a) The Borrower shall give the Administrative Agent at the Administrative Agent’s
Office (i) prior to 12:00 noon (New York City time) at least three Business Days’ prior written notice in the case of a Borrowing of Tranche B-1 Term Loans and/or Tranche B-2 Term Loans to be made on the Effective Date if such Tranche B-1
Term Loans and/or Tranche B-2 Term Loans are to be Eurodollar Rate Loans and (ii) prior to 12:00 noon (New York City time) at least one Business Day prior to the Effective Date written notice in the case of a Borrowing of Tranche B-1 Term Loans
and/or Tranche B-2 Term Loans made on the Effective Date if such Tranche B-1 Term Loans and/or Tranche B-2 Term Loans are to be Base Rate Loans. Each Borrowing Notice shall specify (i) the aggregate principal amount of the Tranche B-1 Term
Loans and/or Tranche B-2 Term Loans to be made, (ii) the date of the Borrowing (which shall be the Effective Date), (iii) whether the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans shall consist of Base Rate Loans and/or Eurodollar
Rate Loans and, if the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans are to include Eurodollar Rate Loans, the Interest Period to be initially applicable thereto and (iv) the location and number of the Borrower’s account to which
funds are to be disbursed, which shall comply with the requirements of Section 2.4. The Administrative Agent shall promptly give each Lender written notice of the proposed Borrowing of Tranche B-1 Term Loans and/or Tranche B-2 Term
Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Borrowing Notice. 

(b) Whenever the Borrower desires to incur Revolving Credit Loans (other than Mandatory Borrowings or borrowings to repay Unpaid
Drawings), it shall give the Administrative Agent at the Administrative Agent’s Office, (i) prior to 12:00 noon (New York City Time) at least three Business Days’ prior written notice of each Borrowing of Eurodollar Revolving Credit
Loans and (ii) prior to 10:00 a.m. (New York City time) on the date of such Borrowing, prior written notice of each Borrowing of Revolving Credit Loans that are Base Rate Loans. Each such Borrowing Notice, except as otherwise expressly provided
in Section 2.10, shall specify (i) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (ii) the date of Borrowing (which shall be a Business Day) and (iii) whether the
respective Borrowing shall consist of Base Rate Loans or Eurodollar Revolving Credit Loans and, if Eurodollar Revolving Credit Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall promptly give each Revolving
Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender’s Revolving Credit Commitment Percentage thereof and of the other matters covered by the related Borrowing Notice. 

(c) Whenever the Borrower desires to incur Swing Line Loans hereunder, it shall give the Swing Line Lender telephonic notice promptly
confirmed in writing with a copy to the Administrative Agent of each Borrowing of Swing Line Loans prior to 1:00 p.m. (New York City time) on the date of such Borrowing. Each such notice shall specify (i) the aggregate principal amount of the
Swing Line Loans to be made pursuant to such Borrowing and (ii) the date of Borrowing (which shall be a Business Day). 

(d) Mandatory Borrowings shall be made upon the notice specified in Section 2.1(d), with the Borrower irrevocably agreeing,
by its incurrence of any Swing Line Loan, to the making of Mandatory Borrowings as set forth in such Section. 

  
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 (e) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in
Section 3.4(a). 
 (f) Without in any way limiting the obligation of the Borrower to confirm in writing any notice
it shall give hereunder by telephone (which such obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in
good faith to be from a Responsible Officer of the Borrower. 
 2.4 Disbursement of Funds. 

(a) No later than 2:00 p.m. (New York City time) on the date specified in each Borrowing Notice (including Mandatory Borrowings), each
Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; provided, that on the Effective Date, such funds may be made available at such earlier time as may be
agreed among the Lenders, the Borrower and the Administrative Agent for the purpose of consummating the Transactions; provided, further that all Swing Line Loans shall be made available to the Borrower in the full amount thereof by the Swing
Line Lender no later than 4:00 p.m. (New York City time) or, in the event the applicable written notice requesting such Swing Line Loan is received by the Swing Line Lender after 12:30 p.m. (New York City time) but prior to 1:30 p.m. (New York City
time), 5:00 p.m. (New York City time) on the date requested. 
 (b) Each Lender shall make available all amounts it is to fund
to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent’s Office and the Administrative Agent will (except in the case of Mandatory
Borrowings and Borrowings to repay Unpaid Drawings) make available to the Borrower, by depositing to an account designated by the Borrower to the Administrative Agent, the aggregate of the amounts so made available. Unless the Administrative Agent
shall have been notified by any Lender prior to the date (or, in the case of a request for a same-day Borrowing of Base Rate Loans, prior to the time the relevant Borrowing Notice is received) of any such Borrowing that such Lender does not intend
to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of
Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made
available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does
not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative
Agent. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to
the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the

  
 54 

 
Borrower, the then-applicable rate of interest or fees, calculated in accordance with Section 2.8, for the respective Loans. 

(c) Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments
hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill
its commitments hereunder). 
 2.5 Repayment of Loans; Evidence of Debt. 

(a) The Borrower shall repay to the Administrative Agent, for the benefit of the Tranche B-1 Term Loan Lenders, on the Tranche B-1 Term
Loan Maturity Date, the then-outstanding Tranche B-1 Term Loans. The Borrower shall repay to the Administrative Agent, for the benefit of the Tranche B-2 Term Loan Lenders, on the Tranche B-2 Term Loan Maturity Date, the then-outstanding Tranche B-2
Term Loans. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then-outstanding Revolving Credit Loans made to the Borrower. 

(b) The Borrower shall repay to the Administrative Agent, for the benefit of the applicable Term Loan Lenders, on each date set forth
below (or, if not a Business Day, the immediately preceding Business Day (each, a “Term Loan Repayment Date”), a principal amount in respect of the Tranche B-1 Term Loans and Tranche B-2 Term Loans made to the Borrower equal to
(i) the outstanding principal amount of Tranche B-1 Term Loans and Tranche B-2 Term Loans made to the Borrower on the Effective Date multiplied by (ii) the percentage set forth below opposite such Term Loan Repayment Date (each, an
“Term Loan Repayment Amount”): 
  

					
	 Date
	  	Tranche B-1 Term Loan	 	Tranche B-2 Term Loan
	 September 30, 2013
	  	0.25%	 	0.25%
	 December 31, 2013
	  	0.25%	 	0.25%
	 March 31, 2014
	  	0.25%	 	0.25%
	 June 30, 2014
	  	0.25%	 	0.25%
	 September 30, 2014
	  	0.25%	 	0.25%
	 December 31, 2014
	  	0.25%	 	0.25%
	 March 31, 2015
	  	0.25%	 	0.25%
	 June 30, 2015
	  	0.25%	 	0.25%
	 September 30, 2015
	  	0.25%	 	0.25%
	 December 31, 2015
	  	0.25%	 	0.25%
	 March 31, 2016
	  	0.25%	 	0.25%
	 June 30, 2016
	  	0.25%	 	0.25%
	 Tranche B-1 Term Loan Maturity Date
	  	Remaining
outstanding amounts	 	N/A
	 September 30, 2016
	  		 	0.25%
	 December 31, 2016
	  		 	0.25%
	 March 31, 2017
	  		 	0.25%

  
 55 

					
	 Date
	  	Tranche B-1 Term Loan	  	Tranche B-2 Term Loan
	 June 30, 2017
	  		  	0.25%
	 September 30, 2017
	  		  	0.25%
	 December 31, 2017
	  		  	0.25%
	 March 31, 2018
	  		  	0.25%
	 June 30, 2018
	  		  	0.25%
	 September 30, 2018
	  		  	0.25%
	 December 31, 2018
	  		  	0.25%
	 March 31, 2019
	  		  	0.25%
	 June 30, 2019
	  		  	0.25%
	 September 30, 2019
	  		  	0.25%
	 December 31, 2019
	  		  	0.25%
	 March 31, 2020
	  		  	0.25%
	 June 30, 2020
	  		  	0.25%
	 Tranche B-2 Term Loan Maturity Date
	  		  	Remaining
outstanding amounts

 (c) In the event that any New Term Loans are made, such New Term Loans shall, subject to
Section 2.13(d), be repaid by the Borrower in the amounts (each, a “New Term Loan Repayment Amount”) and on the dates (each a “New Term Loan Repayment Date”) set forth in the applicable Joinder
Agreement. In the event that any Extended Term Loans are established, such Extended Term Loans shall, subject to Section 2.13(f), be repaid by the Borrower in the amounts (each such amount with respect to any Extended Repayment Date, an
“Extended Term Loan Repayment Amount”) and on the dates (each, an “Extended Repayment Date”) set forth in the applicable Extension Amendment. 
 (d) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each
Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement. 

(e) The Administrative Agent shall maintain the Register pursuant to Section 12.6(b)(iv), and a subaccount for each Lender,
in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is an Tranche B-1 Term Loan, Tranche B-2 Term Loan, New Term Loan, Extended Term Loan, Revolving Credit Loan,
Extended Revolving Credit Loan, New Revolving Loan or Swing Line Loan, as applicable, the Type of each Loan made, and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

  
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 (f) The entries made in the Register and accounts and subaccounts maintained pursuant to
clauses (d) and (e) of this Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, that in the
event of inconsistency between the Register and any such account or subaccount, the Register shall govern; provided, further, that the failure of any Lender, the Administrative Agent or the Swing Line Lender to maintain such account,
such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement. 
 (g) The Borrower agrees that, upon request to the Administrative Agent by any Lender, the Borrower will promptly
execute and deliver to such Lender a promissory note of the Borrower evidencing any Tranche B-1 Term Loans, Tranche B-2 Term Loans, New Term Loans, Revolving Credit Loans, or Swing Line Loans, as the case may be, of such Lender, substantially in the
forms of Exhibit G-1, G-2, G-3, G-4, or G-5 respectively (a “Tranche B-1 Term Loan Note”, a “Tranche B-2 Term Loan Note,” a “New Term Loan Note”, a
“Revolving Credit Note”, or a “Swing Line Note”, respectively, and each such note, a “Note”), with appropriate insertions as to the date and principal amount. 

2.6 Conversions and Continuations. 
 (a) Subject to the penultimate sentence of this clause (a), (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $2,500,000 of the outstanding
principal amount of Loans of one Type into a Borrowing of another Type and (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any Eurodollar Loans as Eurodollar Loans for an additional
Interest Period; provided that (i) no partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of Eurodollar Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) Base Rate
Loans may not be converted into Eurodollar Loans if a Default or Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit
such conversion, (iii) Eurodollar Loans may not be continued as Eurodollar Loans for an additional Interest Period if a Default or Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the
Required Lenders have determined in its or their sole discretion not to permit such continuation and (iv) Borrowings resulting from conversions pursuant to this Section 2.6 shall be limited in number as provided in
Section 2.2. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent at the Administrative Agent’s Office prior to 1:00 p.m. (New York City time) at least (i) three Business
Days’ prior written notice, in the case of a continuation of or conversion to Eurodollar Loans or (ii) one Business Day’s prior written notice in the case of a conversion into Base Rate Loans (each, a “Notice of Conversion or
Continuation”, to be substantially in the form of Exhibit F) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as
Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

  
 57 

 (b) If any Default or Event of Default is in existence at the time of any proposed
continuation of any Eurodollar Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such Eurodollar Loans shall be automatically converted on the last day of
the current Interest Period into Base Rate Loans. If upon the expiration of any Interest Period in respect of Eurodollar Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in clause (a), the Borrower
shall be deemed to have elected to convert such Borrowing of Eurodollar Loans into a Borrowing of Base Rate Loans, effective as of the expiration date of such current Interest Period. 

2.7 Pro Rata Borrowings. Each Borrowing of Tranche B-1 Term Loans under this Agreement shall be made by the Lenders pro rata on
the basis of their then-applicable Tranche B-1 Term Loan Commitments. Each Borrowing of Tranche B-2 Term Loans under this Agreement shall be made by the Lenders pro rata on the basis of their then-applicable Tranche B-2 Term Loan Commitments. Each
Borrowing of Revolving Credit Loans under this Agreement shall be made by the Revolving Credit Lenders pro rata on the basis of their then-applicable Revolving Credit Commitment Percentages. Each Borrowing of New Term Loans under this Agreement
shall be made by the Lenders pro rata on the basis of their then-applicable New Term Loan Commitments. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and
that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided
herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Loan Documents shall not release any Person from performance of its obligation under any Loan Document. 

2.8 Interest. 
 (a) The unpaid principal amount of each Base Rate Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at
all times be the Applicable Margin plus the Base Rate, in each case, in effect from time to time. 
 (b) The unpaid principal
amount of each Eurodollar Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin plus the relevant Eurodollar
Rates. 
 (c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any
other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the “Default Rate”) that is (x) in the case
of overdue principal, the rate that would otherwise be applicable thereto plus 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in
Section 2.8(a) plus 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment). 

  
 58 

 (d) Interest on each Loan shall accrue from and including the date of any Borrowing to but
excluding the date of any repayment thereof and shall be payable in the same currency in which the Loan is denominated; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided
below, interest shall be payable (i) in respect of each Base Rate Loan, quarterly in arrears on the last Business Day of each March, June, September and December, (ii) in respect of each Eurodollar Loan, on the last day of each Interest
Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period and (iii) in respect of each Loan, (A) on any
prepayment in respect of Eurodollar Loans, (B) at maturity (whether by acceleration or otherwise) and (C) after such maturity, on demand. 
 (e) All computations of interest hereunder shall be made in accordance with Section 5.5. 
 (f) The Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall,
absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. 
 2.9 Interest Periods.

 At the time the Borrower gives a Borrowing Notice or Notice of Conversion or Continuation in respect of the making of, or
conversion into or continuation as, a Borrowing of Eurodollar Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest
Period shall, at the option of the Borrower, be a one, two, three or six or (if available to all the Lenders making such Eurodollar Loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month or shorter
period. 
 Notwithstanding anything to the contrary contained above: 

(a) the initial Interest Period for any Borrowing of Eurodollar Loans shall commence on the date of such Borrowing (including the date of
any conversion from a Borrowing of Base Rate Loans) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 

(b) if any Interest Period relating to a Borrowing of Eurodollar Loans begins on the last Business Day of a calendar month or begins on a
day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; 

(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next
succeeding Business Day, provided that if any Interest Period in respect of a Eurodollar Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such
Interest Period shall expire on the next preceding Business Day; and 

  
 59 

 (d) the Borrower shall not be entitled to elect any Interest Period in respect of any
Eurodollar Loan if such Interest Period would extend beyond the Maturity Date of such Loan. 
 2.10 Alternate Rate of
Interest, Increased Costs, Illegality, Etc.. 
 (a) If prior to the commencement of any Interest Period for a Borrowing of
Eurodollar Loans: 
 (i) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period; or 
 (ii) the Administrative Agent is advised by the Required Lenders that the Eurodollar Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining
their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and
the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Notice of Conversion
or Continuation that requests the conversion of any Borrowing of Eurodollar Loans to, or continuation of any Borrowings of Eurodollar Loans as, a Borrowing of Eurodollar Loans shall be ineffective and (ii) if any Borrowing Request requests a
Borrowing of Eurodollar Revolving Credit Loans, such Borrowing shall be made as a Borrowing of Base Rate Loans. 
 (b) If any
Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement
(including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender or any Letter of Credit Issuer; 

(ii) impose on any Lender, any Letter of Credit Issuer or the London interbank market any other condition, cost or expense
(other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such
Loan) or to increase the cost to such Lender, such Letter of Credit Issuer or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Letter
of Credit Issuer or such 

  
 60 

 
other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, such Letter of Credit Issuer or such other Recipient, as the case may be, such
additional amount or amounts as will compensate such Lender, such Letter of Credit Issuer or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(c) If any Lender or any Letter of Credit Issuer determines that any Change in Law regarding capital or liquidity requirements has or
would have the effect of reducing the rate of return on such Lender’s or such Letter of Credit Issuer’s capital or on the capital of such Lender’s or such Letter of Credit Issuer’s holding company, if any, as a consequence of
this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Letter of Credit Issuer, to a level below that which such Lender or such Letter of Credit Issuer or such
Lender’s or such Letter of Credit Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Letter of Credit Issuer’s policies and the policies of such Lender’s
or such Letter of Credit Issuer’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Letter of Credit Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or such Letter of Credit Issuer or such Lender’s or such Letter of Credit Issuer’s holding company for any such reduction suffered. 

(d) A certificate of a Lender or a Letter of Credit Issuer setting forth the amount or amounts necessary to compensate such Lender or
such Letter of Credit Issuer or its holding company, as the case may be, as specified in paragraph (a), (b) or (c) of this Section shall be delivered to the Borrower and the Administrative Agent and shall be conclusive absent
manifest error. The Borrower shall pay such Lender or such Letter of Credit Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(e) Failure or delay on the part of any Lender or any Letter of Credit Issuer to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or such Letter of Credit Issuer’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or a Letter of Credit Issuer pursuant to this
Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or such Letter of Credit Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s or such Letter of Credit Issuer’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 2.11
Compensation. 
 If (a) any payment of principal of any Eurodollar Loan is made by the Borrower to or for the
account of a Lender other than on the last day of the Interest Period for such Eurodollar Loan as a result of a payment or conversion pursuant to Section 2.5, 2.6, 2.10, 5.1, 5.2 or 12.7, as a result of
acceleration of the maturity of the Loans pursuant to Section 10 or for any other reason, (b) any Borrowing of Eurodollar Loans is not made as a result of a withdrawn Borrowing Notice or a failure to satisfy borrowing conditions,
(c) any Base Rate Loan is not 

  
 61 

 
converted into a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation, (d) any Eurodollar Loan is not continued as a Eurodollar Loan, as the case may be, as a
result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of principal of any Eurodollar Loan is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2, the Borrower
shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis for requesting such amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate
such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment, failure to convert, failure to continue or failure to prepay, including any loss, cost or expense (excluding loss of
anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Eurodollar Loan. 
 2.12 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10(b) or 5.4 with respect to such Lender, it
will, if requested by the Borrower, use reasonable efforts (not inconsistent with the internal policies of such Lender, in the reasonable judgment of such Lender) to designate another lending office for any Loans affected by such event, provided
that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section.
Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in Section 2.10 or 5.4. 

2.13 Incremental Facilities. 
 (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term
Loan Commitments”) and/or (y) increases in Revolving Credit Commitments or Extended Revolving Credit Commitments of any Class (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments,
the “New Loan Commitments”). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less
than ten Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent). The Borrower may approach any Lender or any Person (other than a natural
person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment.
In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided, that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such
New Loan Commitments, as applicable, (ii) all representations and warranties made by any Loan Party contained herein or in the other Loan Documents shall be true and correct in all material respects with the same effect as though such
representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects as of such earlier date), (iii) after giving effect to such New Loan Commitments, the Borrower will be in compliance on a pro forma basis 

  
 62 

 
with the covenant levels required by each of the Consolidated Senior Secured Debt Ratio and the Consolidated Total Leverage Ratio for such fiscal quarter less 0.25 (determined as of the last day
of the most recent fiscal quarter for which financial statements are required to be delivered under Section 8.1(a) or 8.1(b) as if such New Loan Commitments had been funded and the application of such proceeds had occurred on such
last day), (iv) the Borrower shall have received all approvals from all applicable Governmental Authorities necessary or, in the discretion of the Administrative Agent, advisable in connection with such New Loan Commitment, (v) the New
Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, each of which shall be recorded in the Register and shall be subject to the requirements set forth in
Section 5.4(e), (vi) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable, (vii) the Borrower shall deliver or cause to be delivered title
and extended coverage insurance for each real property Collateral covering the amount of such New Loan Commitment containing such endorsements and affirmative coverage as the Administrative Agent may reasonably request and (viii) the Borrower
shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated a separate
series (a “Series”) of New Term Loans for all purposes of this Agreement, except that any New Term Loans may be established as an increase to any existing Class of Term Loans as long as such New Term Loans have the same terms as the
Term Loans of the existing Class. 
 (b) On any Increased Amount Date on which New Revolving Credit Commitments are effective,
subject to the satisfaction of the foregoing terms and conditions, (i) each of the Lenders with Commitments of the applicable Existing Revolving Credit Class shall assign to each Lender with a New Revolving Credit Commitment (each, a
“New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Commitments of such Class, at the principal amount thereof, such interests in the Loans outstanding under such
Class of Commitments on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Loans of such Class will be held by existing Lenders of such Class and New Revolving Loan Lenders
ratably in accordance with their Commitments of such Class after giving effect to the addition of such New Revolving Credit Commitments to the Commitments of such Class, (ii) each New Revolving Credit Commitment shall be deemed for all purposes
a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Loan of the applicable Existing Revolving Credit Class, (iii) each New Revolving Loan Lender shall become
a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto and (iv) the terms of such New Revolving Credit Commitments (other than upfront fees) shall be identical to the existing Class; provided, that
the fees and Applicable Margin applicable to the existing Class of Commitments may be increased at the option of the Borrower in connection with the establishment of such New Revolving Credit Commitments. 

(c) On any Increased Amount Date on which any New Term Loan Commitments are effective, subject to the satisfaction of the foregoing terms
and conditions, (i) each Lender with such New Term Loan Commitment (each, a “New Term Loan Lender”) shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to such New Term Loan Commitment of
such New Term Loan Lender, and (ii) each such New Term Loan Lender shall 

  
 63 

 
become a Lender hereunder with respect to such New Term Loan Commitment and the New Term Loans made pursuant thereto. 
 (d) The terms and provisions of the New Term Loans, New Revolving Loans and New Term Loan Commitments shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to
one or more Classes of the existing Tranche B-2 Term Loans or the then-existing Revolving Credit Loans, as applicable; provided, that (i)(A) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Tranche B-2
Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Tranche B-2 Term Loans shall be identical or (B) the applicable New Revolving Credit Maturity
Date shall be no earlier than the Revolving Credit Maturity Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans shall be determined by the Borrower and the applicable New Term Loan Lenders and shall be
set forth in each applicable Joinder Agreement; provided that (x) the weighted average life to maturity of any New Term Loans shall be no shorter than the weighted average life to maturity of the Tranche B-2 Term Loans and (y) if
the Applicable Margin in respect of such New Term Loans exceeds the Applicable Margin in respect of the Tranche B-2 Term Loans by more than 0.25%, the Applicable Margin in respect of the Tranche B-2 Term Loans shall be adjusted to be equal to the
Applicable Margin in respect of the New Term Loans minus 0.25%; provided, further, that in determining the Applicable Margin, (x) original issue discount or upfront fees (which shall be deemed to constitute a like amount of
original issue discount) paid by the Borrower to the New Term Loan Lenders under the New Term Loans and the existing Tranche B-2 Term Loans in the initial primary syndication thereof shall be included and equated to interest rate (with original
issue discount being equated to interest based on an assumed four-year life to maturity, but for avoidance of doubt not including structuring, arrangement and other fees not shared with lenders generally or ticking fees) and (y) any amendments
to the Applicable Margin in respect of the Tranche B-2 Term Loans that become effective subsequent to the Effective Date but prior to the time of such New Term Loans shall also be included in such calculations; provided, further, that
if the Eurodollar Rate or Base Rate in respect of the New Term Loans includes a floor greater than the Eurodollar Rate or Base Rate floor applicable to the Tranche B-2 Term Loans, such excess amount shall be equated to interest margin for purposes
of determining any increase to the Applicable Margin in respect of the Tranche B-2 Term Loans; (iii) the rate of interest applicable to the New Revolving Loans shall be determined by the Borrower and the applicable New Revolving Loan Lenders
and shall be set forth in each applicable Joinder Agreement; provided that if the Applicable Margin in respect of such New Revolving Loans exceeds the Applicable Margin in respect of the Revolving Credit Loans immediately prior to the
effectiveness of the applicable Joinder Agreement by more than 0.50%, the Applicable Margin in respect of the then-existing Revolving Credit Loans shall be adjusted to be equal to the Applicable Margin in respect of the New Revolving Loans minus
0.50%; provided, further, that in determining the Applicable Margin, (x) upfront fees (which shall be deemed to constitute a like amount of original issue discount) paid by the Borrower to the New Revolving Loan Lenders under the
New Revolving Loans and the then-existing Revolving Credit Loans in the initial primary syndication thereof shall be included and equated to interest rate (with original issue discount being equated to interest based on an assumed four-year life to
maturity, but for avoidance of doubt not including structuring, arrangement and other fees not shared with lenders generally or ticking fees) and (y) any amendments to the Applicable Margin in respect of the Revolving Credit Loans that become

  
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effective subsequent to the Effective Date but prior to the time of such New Revolving Loans shall also be included in such calculations; provided, further, that if the Eurodollar
Rate or Base Rate in respect of the New Revolving Loans includes a floor greater than the Eurodollar Rate or Base Rate floor applicable to the then-existing Revolving Credit Loans, such excess amount shall be equated to interest margin for purposes
of determining any increase to the Applicable Margin in respect of the then-existing Revolving Credit Loans, and (iii) all other terms applicable to the New Term Loans or New Revolving Loans of any Series that differ from the existing Tranche
B-2 Term Loans and the then-existing Revolving Credit Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). Except to the extent permitted above, the terms and
provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments of the applicable Class. 

(e) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical amendments to this Agreement and the
other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.13. 
 (f) (i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the
scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other
terms consistent with this Section 2.13(f). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable
Existing Term Loan Class, which such request shall be offered equally to all such Lenders) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to
the Term Loans of the Existing Term Loan Class from which they are to be converted, except (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may
be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in
Section 2.5(b) or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (iv) of this
Section 2.13(f) below) and (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional
fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment; provided
that, notwithstanding anything to the contrary in this Section 2.13 or otherwise, no Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is repaid in full
except in accordance with the last sentence of Section 5.1(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension
Request. Any Extended Term Loans of any Extension 

  
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Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. 
 (ii) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments and/or any Extended Revolving Credit Commitments, each existing at the time of
such request (each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and related Existing
Revolving Credit Loans together being referred to as an “Existing Revolving Credit Class”), be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a
portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans,
“Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.13(f). In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the
Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments, which such request shall be offered equally to all such Lenders) (a “Revolving Credit
Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms shall be identical to those applicable to the Existing Revolving Credit Commitments from which they are to be
extended (the “Specified Existing Revolving Credit Commitment”), except (x) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than the final maturity dates of the
Specified Existing Revolving Credit Commitments, (y) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest margins for the Specified Existing Revolving Credit
Commitments and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding clause (A) and (z) the
revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the commitment fee rate for the Specified Existing Revolving Credit Commitment, in each case, to the extent provided in the
applicable Extension Amendment; provided, that, notwithstanding anything to the contrary in this Section 2.13(f) or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and
termination of commitments) of Loans with respect to any Existing Revolving Credit Commitments shall be made on a pro rata basis with all other Existing Revolving Credit Commitments and (2) assignments and participations of Extended Revolving
Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in
Section 12.6. No Lender shall have any obligation to agree to have any of its Existing Revolving Credit Loans or Existing Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans
or Extended Revolving Credit Commitments pursuant to any Extension Request. Unless otherwise specified in the applicable Revolving Credit Extension Request, any Extended Revolving Credit Commitments of any Extension Series shall constitute a
separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such
date). 

  
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 (iii) The Borrower shall provide each Extension Request at least five Business Days (or such
shorter period as Administrative Agent may agree) prior to the date on which Lenders under the applicable Existing Class or Existing Classes are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a
portion of its Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments,
as applicable, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans, Revolving Credit Commitments, New Revolving Credit
Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the
event that the aggregate amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of
Extended Term Loans or Extended Revolving Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, New Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing
Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, New
Revolving Credit Commitments or Extended Revolving Credit Commitments included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitments into Extended Revolving Credit Commitments, such Extended
Revolving Credit Commitments shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Swing Line Loans under Section 2.1(c) and Letters of
Credit under Section 3, except that the applicable Extension Amendment may provide that the Swing Line Maturity Date and/or the Revolving Letter of Credit Maturity Date may be extended and the related obligations to make Swing Line Loans
and issue Revolving Letters of Credit may be continued so long as the Swing Line Lender and/or the applicable Letter of Credit Issuer, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of
any other Lender shall be required in connection with any such extension). 
 (iv) Extended Term Loans or Extended Revolving
Credit Commitments, as applicable, shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this
Section 2.13(f)(iv) and notwithstanding anything to the contrary set forth in Section 12.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans or Extended
Revolving Credit Commitments, as applicable, established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any new Class of Extended Term Loans or Extended Revolving
Credit Commitments in an aggregate principal amount that is less than $50,000,000. In addition to any terms and changes required or permitted by Section 2.13(f)(i), each Extension Amendment (x) shall amend the scheduled amortization
payments pursuant to Section 2.5(b) or the applicable Joinder Agreement with respect to the Existing Term Loan Class from which the Extended Term Loans were converted to reduce each scheduled Repayment Amount for the Existing Term Loan
Class in the same proportion as the amount of Term Loans of the Existing 

  
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Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of any Repayment Amount payable with respect to any individual Term Loan of such
Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (y) may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at
such time) with respect to the final maturity and weighted average life to maturity of New Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this Section 2.13(f) and without
limiting the generality or applicability of Section 12.1 to any Section 2.13 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated
above (any such additional amendment, a “Section 2.13 Additional Amendment”) to this Agreement and the other Credit Documents; provided that such Section 2.13 Additional Amendments are within the requirements of
Section 2.13(f)(i) and do not become effective prior to the time that such Section 2.13 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of New Term
Loans and New Revolving Credit Commitments provided for in any Joinder Agreement and (2) consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for in any Extension Amendment) by such of the
Lenders, Credit Parties and other parties (if any) as may be required in order for such Section 2.13 Additional Amendments to become effective in accordance with Section 12.1. 

(v) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Class is converted
to extend the related scheduled maturity date(s) in accordance with clauses (i) and/or (ii) above (an “Extension Date”), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate principal
amount of such existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of
Term Loans (together with any other Extended Term Loans so established on such date) and (II) in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing
Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be
established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so
established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be
allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender’s Specified Existing Revolving Credit Commitments to
Extended Revolving Credit Commitments. 
 2.14 Defaulting Lenders. 

  
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 Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) the
Commitment Fee shall cease to accrue on the Commitment of such Lender so long as it is a Defaulting Lender. 
 (b) if any Swing
Line Exposure or Letter of Credit Exposure exists at the time a Lender becomes a Defaulting Lender and the conditions precedent set forth in Section 7.2 have been satisfied, then: 

(i) all or any part of such Swing Line Exposure and Letter of Credit Exposure shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages but only to the extent (x) such non-Defaulting Lender’s Revolving Credit Exposure does not exceed such non Defaulting Lender’s
Revolving Credit Commitments and (y) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swing Line Exposure and Letter of Credit Exposure does not exceed the total of all non-Defaulting
Lenders’ Revolving Credit Commitments; 
 (ii) if the reallocation described in clause (i) above
cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Defaulting Lender’s Swing Line Exposure and (y) second, Cash Collateralize such
Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 3.8 for so long as such Letter of Credit
Exposure is outstanding; 
 (iii) if any portion of such Defaulting Lender’s Letter of Credit Exposure is
Cash Collateralized pursuant to clause (ii) above, the Borrower shall not be required to pay the Letter of Credit Fee with respect to such portion of such Defaulting Lender’s Letter of Credit Exposure so long as it is Cash Collateralized;

 (iv) if any portion of such Defaulting Lender’s Letter of Credit Exposure is reallocated to the
non-Defaulting Lenders pursuant to clause (i) above, then the Letter of Credit Fee with respect to such portion shall be allocated among the non-Defaulting Lenders in accordance with their Revolving Credit Commitment Percentages; or 

(v) if any portion of such Defaulting Lender’s Letter of Credit Exposure is neither Cash Collateralized nor
reallocated pursuant to this Section 2.14(b), then, without prejudice to any rights or remedies of the Letter of Credit Issuer or any Lender hereunder, the Letter of Credit Fee payable with respect to such Defaulting Lender’s Letter
of Credit Exposure shall be payable to the Letter of Credit Issuer until such Letter of Credit Exposure is Cash Collateralized and/or reallocated). 
 (c) so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan and the Letter of Credit Issuer shall not be required to issue, amend or increase
any Letter of Credit, unless it is satisfied that the related exposure 

  
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will be 100% covered by the Revolving Credit Commitments of the non-Defaulting Lenders and/or Cash Collateralized in accordance with Section 2.14(b), and participations in any such
newly issued or increased Letter of Credit or newly made Swing Line Loan shall be allocated among non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (and Defaulting Lenders shall not participate
therein); and 
 (d) any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or
otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 12.8(a) but excluding Section 12.7) shall, in lieu of being distributed to such Defaulting Lender, be retained
by the Administrative Agent in a segregated non-interest bearing account and, subject to any applicable Requirements of Law, be applied at such time or times as may be determined by the Administrative Agent (i) first, to the payment of any
amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, pro rata to the payment of any amounts owing by such Defaulting Lender to the Letter of Credit Issuer or Swing Line Lender hereunder, (iii) third,
to the funding of any Loan or the funding or cash collateralization of any participation in any Swing Line Loan or Letter of Credit in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent, (iv) fourth, if so determined by the Administrative Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement,
(v) fifth, pro rata to the payment of any amounts owing to the Borrower or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the Borrower or any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement and (vi) sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that if such payment is (x) a prepayment of
the principal amount of any Loans or Reimbursement Obligations which a Defaulting Lender has funded its participation obligations and (y) made at a time when the conditions set forth in Section 7 are satisfied, such payment shall be
applied solely to prepay the Loans of, and Reimbursement Obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Reimbursement Obligations owed to, any Defaulting Lender. 

In the event that the Administrative Agent, the Borrower, the Letter of Credit Issuer or the Swing Line Lender, as the case may be, agree
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swing Line Exposure and Letter of Credit Exposure of the Lenders shall be readjusted to reflect the inclusion of such
Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Revolving Credit Commitment Percentage and such Lender shall cease to be a Defaulting Lender. The rights and remedies against a Defaulting Lender under this Section 2.14 are in addition to other rights and remedies that the Borrower, the
Administrative Agent, the Letter of Credit Issuer, the Swing Line Lender and the Letter of Credit Issuer may have against such Defaulting Lender. The arrangements permitted or required by this Section 2.14 shall be permitted under this
Agreement, notwithstanding any limitation on Liens or the pro rata sharing provisions or otherwise. 

  
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 SECTION 3. 
 LETTERS OF CREDIT 
 3.1 Letters of Credit. 

(a) Subject to the terms and conditions hereof, at any time and from time to time after the Effective Date and prior to the L/C Facility
Maturity Date, the Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue from time to time from the Effective Date through the L/C Facility Maturity Date
upon the request of the Borrower, a letter of credit or letters of credit (the “Letters of Credit” and each, a “Letter of Credit”) in such form as may be approved by the Letter of Credit Issuer in its reasonable
discretion 
 (b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated
Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the Letter of Credit Commitment then in effect; (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of
the Lenders’ Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no later than one year after
the date of issuance thereof, unless otherwise agreed upon by the Administrative Agent and the Letter of Credit Issuer, provided that in no event shall such expiration date occur later than the L/C Facility Maturity Date; (iv) each
Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor or cause the
Letter of Credit Issuer or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law; and (vi) no Letter of Credit shall be issued by the Letter of Credit Issuer after it has received a written notice from any Loan
Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as the Letter of Credit Issuer shall have received a written notice of
(x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of Section 12.1 The parties hereto agree that the
Existing Letters of Credit shall be deemed to be Letters of Credit issued under and pursuant to the provisions of this Section 3.1 
 (c) Upon at least two Business Days’ prior written notice to the Administrative Agent and the Letter of Credit Issuer (which the Administrative Agent shall promptly notify the applicable Lenders),
the Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitment in whole or in part, provided that, after giving effect to such termination or reduction, the Letters of Credit Outstanding
shall not exceed the Letter of Credit Commitment. 
 (d) The Letter of Credit Issuer shall not be under any obligation to issue
any Letter of Credit if: 
  

	1 	PNK to confirm status of Existing L/C issuers to continue as L/C issuers under this facility. 

  
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 (i) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or
shall impose upon the Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Letter of Credit Issuer in good faith deems material to it; 

(ii) the issuance of such Letter of Credit would violate one or more policies of the Letter of Credit Issuer applicable to
letters of credit generally; 
 (iii) except as otherwise agreed by the Administrative Agent and the Letter of
Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $100,000, in the case of a commercial Letter of Credit, or $10,000, in the case of a standby Letter of Credit; 

(iv) such Letter of Credit is denominated in a currency other than Dollars; 

(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing
thereunder; or 
 (vi) a default of any Revolving Credit Lender’s obligations to fund under
Section 3.3 exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the related exposure will be 100% covered by the Revolving Credit Commitments of the Non-Defaulting Lenders, is Cash
Collateralized or the Borrower has entered into arrangements satisfactory to the Letter of Credit Issuer to eliminate the Letter of Credit Issuer’s risk with respect to such Revolving Credit Lender. 

(e) The Letter of Credit Issuer shall be under no obligation to amend any Letter of Credit if (A) the Letter of Credit Issuer would
have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(f) The Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it
and the documents associated therewith and the Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Section 12 with respect to any acts taken or omissions suffered by the Letter
of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 12
included the Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Letter of Credit Issuer. 

  
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 3.2 Procedure for Issuance of Letter of Credit. 

(a) Whenever the Borrower desires that a Letter of Credit be issued for its account or amended, it shall give the Administrative Agent
and the Letter of Credit Issuer a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (or such lesser number as may be agreed upon by the Administrative Agent and the Letter of Credit Issuer) Business Days prior
to the proposed date of issuance or amendment. Each notice shall be executed by the Borrower and shall be substantially in the form of Exhibit H (each a “Letter of Credit Request”). If requested by any Letter of Credit
Issuer, the Borrower shall also submit a letter of credit application on such Letter of Credit Issuer’s standard form in connection with any request for a Letter of Credit. 

(b) In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and
detail reasonably satisfactory to the Letter of Credit Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day)); (B) the Stated Amount thereof; (C) the expiry date thereof; (D) the
name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing
thereunder; and (G) such other matters as the Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail
reasonably satisfactory to the Letter of Credit Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such
other matters as the Letter of Credit Issuer may reasonably require. Additionally, the Borrower shall furnish to the Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of
Credit issuance or amendment, including any Issuer Documents, as the Letter of Credit Issuer or the Administrative Agent may require. 
 (c) Promptly after receipt of any Letter of Credit Request, the Letter of Credit Issuer will confirm with the Administrative Agent in writing that the Administrative Agent has received a copy of such
Letter of Credit Request from the Borrower and, if not, the Letter of Credit Issuer will provide the Administrative Agent with a copy thereof. Unless the Letter of Credit Issuer has received written notice from any Revolving Credit Lender, the
Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Sections 6 and 7 shall not
then be satisfied, then, subject to the terms and conditions hereof, the Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in
each case in accordance with the Letter of Credit Issuer’s usual and customary business practices. 
 (d) If the Borrower
so requests in any applicable Letter of Credit Request, the Letter of Credit Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of
Credit) by giving prior notice to the beneficiary thereof not later than a 

  
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day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Letter of
Credit Issuer, the Borrower shall not be required to make a specific request to the Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not
require) the Letter of Credit Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date; provided, however, that the Letter of Credit Issuer shall not permit any
such extension if (i) the Letter of Credit Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the
provisions of clause (b) of Section 3.1 or otherwise), or (ii) it has received written notice on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the
Required Revolving Credit Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Sections 6 and 7 are not then
satisfied, and in each such case directing the Letter of Credit Issuer not to permit such extension. 
 (e) The making of each
Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, Section 3.1(b). 

3.3 Letter of Credit Participations. 
 (a) Immediately upon the issuance by the Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each
such Revolving Credit Lender, in its capacity under this Section 3.3, an “L/C Participant”), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from the Letter of
Credit Issuer, without recourse or warranty, an undivided interest and participation (each an “L/C Participation”), to the extent of such L/C Participant’s Revolving Credit Commitment Percentage in each Letter of Credit, each
substitute therefor, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; provided that the Letter of Credit Fees will be paid
directly to the Administrative Agent for the ratable account of the L/C Participants as provided in Section 4.1(b) and the L/C Participants shall have no right to receive any portion of any Fronting Fees. 

(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to
the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or
omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable
judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuer any resulting liability. 

  
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 (c) In the event that the Letter of Credit Issuer makes any payment under any Letter of
Credit issued by it and the Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer pursuant to Section 3.4(a), the Letter of Credit Issuer shall promptly notify the Administrative Agent and each L/C
Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of the Letter of Credit Issuer, the amount of such L/C Participant’s Revolving Credit Commitment Percentage
of such unreimbursed payment in immediately available funds; provided, however, that no L/C Participant shall be obligated to pay to the Administrative Agent for the account of the Letter of Credit Issuer its Revolving Credit
Commitment Percentage of such unreimbursed amount arising from any wrongful payment made by the Letter of Credit Issuer under any such Letter of Credit as a result of acts or omissions constituting willful misconduct or gross negligence on the part
of the Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction. If the Letter of Credit Issuer so notifies, prior to 11:00 a.m. (New York City time) on any Business Day, any L/C Participant
required to fund a payment under a Letter of Credit, such L/C Participant shall make available to the Administrative Agent for the account of the Letter of Credit Issuer such L/C Participant’s Revolving Credit Commitment Percentage of the
amount of such payment no later than 1:00 p.m. (New York City time) on such Business Day in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of
such payment available to the Administrative Agent for the account of the Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of the Letter of Credit Issuer, forthwith on demand, such amount,
together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of the Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in
effect, plus any administrative, processing or similar fees customarily charged by the Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of the
Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of the
Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make
available to the Administrative Agent such other L/C Participant’s Revolving Credit Commitment Percentage of any such payment. 
 (d) Whenever the Letter of Credit Issuer receives a payment in respect of an unpaid reimbursement obligation as to which the Administrative Agent has received for the account of the Letter of Credit
Issuer any payments from the L/C Participants pursuant to clause (c) above, the Letter of Credit Issuer shall pay to the Administrative Agent and the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving
Credit Commitment Percentage of such reimbursement obligation, in immediately available funds, an amount equal to such L/C Participant’s share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the
aggregate amount funded by all L/C Participants) of the amount so paid in respect of such reimbursement obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate. 

  
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 (e) The obligations of the L/C Participants to make payments to the Administrative Agent for
the account of a Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the
terms and conditions of this Agreement under all circumstances, including under any of the following circumstances: 
 (i) any lack of validity or enforceability of this Agreement or any of the other Loan Documents; 
 (ii) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any
Person for whom any such transferee may be acting), the Administrative Agent, the Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any
unrelated transactions (including any underlying transaction between the Borrower and the beneficiary named in any such Letter of Credit); 
 (iii) any draft, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or
inaccurate in any respect; 
 (iv) the surrender or impairment of any security for the performance or observance
of any of the terms of any of the Loan Documents; or 
 (v) the occurrence of any Default or Event of Default;

 provided, however, that no L/C Participant shall be obligated to pay to the Administrative Agent for the
account of the Letter of Credit Issuer its Revolving Credit Commitment Percentage of any unreimbursed amount arising from any wrongful payment made by the Letter of Credit Issuer under any such Letter of Credit as a result of acts or omissions
constituting willful misconduct or gross negligence on the part of the Letter of Credit Issuer, as determined in the final non-appealable judgment of a court of competent jurisdiction. 

3.4 Reimbursement Obligation of the Borrower. (a) The Borrower hereby agrees to reimburse the Letter of Credit Issuer, by making
payment in with respect to any drawing under any Letter of Credit. Any such reimbursement shall be made by the Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by the Letter of Credit Issuer
under any Letter of Credit (each such amount so paid until reimbursed, an “Unpaid Drawing”) no later than the date that is one Business Day after the date on which the Borrower receives notice of such payment or disbursement (the
“Reimbursement Date”), with interest on the amount so paid or disbursed by the Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to
the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be the Applicable Margin plus the Base Rate as in effect from time to time, provided that, notwithstanding anything contained in this
Agreement to the contrary, (i) unless the Borrower shall have notified the Administrative Agent and the relevant Letter of 

  
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Credit Issuer prior to 1:00 p.m. (New York City time) on the Reimbursement Date that the Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with
funds other than the proceeds of Loans, the Borrower shall be deemed to have given a Borrowing Notice requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be Base Rate Loans) on
the Reimbursement Date in the amount, and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be
irrevocably obligated to make a Revolving Credit Loan to the Borrower in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such
Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of
such Revolving Credit Loans solely for purpose of reimbursing the Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility
Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this Section 3.4 except that the Letter of Credit Issuer shall
hold the proceeds received from the L/C Participants as contemplated above as Cash Collateral for such Letter of Credit to reimburse any Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Drawings made
in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires or is returned undrawn while any such Cash Collateral remains, to the repayment of obligations in respect of any
Revolving Credit Loans that have not been paid at such time and third, to the Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this Section 3.4(a) shall affect the Borrower’s obligation to repay all
outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement. 
 (b) The obligations of the
Borrower under this Section 3.4 to reimburse the Letter of Credit Issuer with respect to Unpaid Drawings (including, in each case, interest thereon) shall be absolute, irrevocable and unconditional under any and all circumstances and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Letter of Credit Issuer under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit, (iv) any set-off, counterclaim or defense to payment that the Borrower or any other Person may have or have had against the Letter of Credit Issuer, the Administrative Agent or any Lender (including in its
capacity as an L/C Participant), including any defense based upon the failure of any drawing under a Letter of Credit (each a “Drawing”) to conform to the terms of the Letter of Credit or any non-application or misapplication by the
beneficiary of the proceeds of such Drawing or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrower’s obligations hereunder, subject to the proviso in Section 3.7 below, with such court ruling provided in an independent proceeding following the Borrower’s payment obligations to
the Letter of Credit Issuer. 

  
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 3.5 [Reserved] 

3.6 New or Successor Letter of Credit Issuer. (a) The Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60
days’ prior written notice to the Administrative Agent, the Lenders and the Borrower. The Borrower may (i) replace a Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and the Letter of Credit Issuer
and/or (ii) add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If the Letter of Credit Issuer shall resign or be replaced, or if the Borrower shall decide to add a new Letter of Credit Issuer under this Agreement,
then the Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld),
another successor or new issuer of Letters of Credit, whereupon such successor issuer shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Loan Documents, or such new
issuer of Letters of Credit shall be granted the rights, powers and duties of a Letter of Credit Issuer hereunder, and the term “Letter of Credit Issuer” shall mean such successor or such new issuer of Letters of Credit effective upon such
appointment. At the time such resignation or replacement shall become effective, the Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees pursuant to Sections 4.1(d) and 4.1(e). The
acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer
of Letters of Credit, in a form satisfactory to the Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a “Letter of Credit Issuer”
hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit
Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or
replacement pursuant to this clause (a) (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Borrower, the resigning or replaced Letter of Credit
Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of
Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue “back-stop” Letters of Credit naming
the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall
have a face amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be a drawing on the corresponding back-stopped Letters of Credit. After any resigning or replaced Letter
of Credit Issuer’s resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to a Letter of Credit Issuer shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it
was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer. 

  
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 (b) To the extent that there are, at the time of any resignation or replacement as set forth
in clause (a) above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without
limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the
obligations regarding outstanding Letters of Credit described in clause (a) above. 
 3.7 Role of Letter of Credit
Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the
Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or
with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or
(iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or
under any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuer shall be liable or responsible for any of the
matters described in Section 3.3(e); provided that anything in such Section to the contrary notwithstanding, the Borrower may have a claim against the Letter of Credit Issuer, and the Letter of Credit Issuer may be liable to
the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by the Letter of Credit Issuer’s willful misconduct or gross
negligence in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be
in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning
or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

3.8 Cash Collateral. 
 (a) Upon the request of the Required Revolving Credit Lenders if, as of the L/C Facility Maturity Date, there are any Letters of Credit Outstanding, the Borrower shall immediately Cash Collateralize the
then Letters of Credit Outstanding. 

  
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 (b) If any Event of Default shall occur and be continuing, the Administrative Agent or the
Required Revolving Credit Lenders may require that the L/C Obligations be Cash Collateralized. 
 (c) The Borrower hereby grants
to the Administrative Agent, for the benefit of the Letter of Credit Issuer and the L/C Participants, a security interest in all cash, deposit accounts and all balances therein, in each case that constitute collateral for the L/C Obligations, and
all proceeds of the foregoing. Such Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. 
 3.9 Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby
Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit.

 3.10 Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer
Document, the terms hereof shall control. 
 SECTION 4. 

FEES; COMMITMENT REDUCTIONS AND TERMINATIONS 
 4.1 Fees. 
 (a) The Borrower agrees to pay to the Administrative Agent, for
the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), other than any Defaulting Lender, a commitment fee (the “Commitment Fee”) for each day
from the Effective Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each March, June, September and December (for the three-month period (or portion
thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be
computed for each day during such period at a rate per annum (calculated in accordance with Section 5.5) equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day. 

(b) The Borrower agrees to pay to the Administrative Agent for the account of the Revolving Credit Lenders other than any Defaulting
Lender pro rata on the basis of their respective Letter of Credit Exposure, a per annum fee in respect of the face amount of each Letter of Credit (the “Letter of Credit Fee”), for the period from the date of issuance of such Letter
of Credit to the termination date of such Letter of Credit computed at the per annum rate (calculated in accordance with Section 5.5) for each day equal to the Applicable Margin for Revolving Credit Loans made at the Eurodollar Rate.
Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each March, June, September and December and (y) on the date upon which the Total Revolving Credit
Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero. 

  
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 (c) The Borrower agrees to pay to the Administrative Agent, for its own account,
administrative agent fees as have been previously agreed pursuant to the Fee Letter or as may be agreed in writing from time to time by the Borrower and the Administrative Agent. 

(d) The Borrower agrees to pay to each Letter of Credit Issuer a fee in respect of each Letter of Credit issued by it (the
“Fronting Fee”), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to the greater of (i) $125 per quarter or
(ii) 0.125% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Borrower and the Letter of Credit Issuer). Such Fronting Fees shall be due and payable
(x) quarterly in arrears on the last Business Day of each March, June, September and December and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to
zero. 
 (e) The Borrower agrees to pay directly to the Letter of Credit Issuer upon each issuance or renewal of, drawing under,
and/or amendment of, a Letter of Credit issued by it such amount as the Letter of Credit Issuer and the Borrower shall have agreed upon for issuances or renewals of, drawings under or amendments of, letters of credit issued by it. 

(f) Notwithstanding the foregoing, the Borrower shall not be obligated to pay any amounts to any Defaulting Lender pursuant to this
Section 4.1. 
 (g) The Borrower agrees to pay all fees provided for in the Fee Letter. 

(h) In the event that prior to the one year anniversary of the Effective Date a Repricing Transaction (other than in connection with a
Change of Control) occurs with respect to either the Tranche B-1 Term Loans or the Tranche B-2 Term Loans, the Borrower shall pay a premium to each Lender whose Tranche B-1 Term Loan and/or Tranche B-2 Term Loan is repaid or amended, as applicable,
equal to the 1.00% of the principal amount of such Lender’s Tranche B-1 Term Loan and/or Tranche B-2 Term Loan. 
 4.2
Voluntary Reduction of Revolving Credit Commitments. Upon at least five Business Days’ prior written notice to the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly
transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments in whole or in part, provided that (a) any such reduction
shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any
Extended Revolving Credit Commitments pursuant to Section 2.13(f), the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to
(or at the option of the Borrower, by an amount greater than) the amount of Revolving Credit Commitments of such Lender so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any
Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by
the preceding clause shall be 

  
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made in compliance with the requirements of Section 5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to
any conversion pursuant to Section 2.13(f) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to Section 2.13(f) prior to any
reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit
Commitments of any other Lender, (b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $5,000,000 and (c) after giving effect to such termination or reduction and to any prepayments of the
Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders’ Revolving
Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class. 
 4.3
Mandatory Termination of Commitments. (a) Each of the Tranche B-1 Term Loan Commitments and the Tranche B-2 Term Loan Commitments shall terminate immediately and without further action on the Effective Date and after giving effect to the
funding of such Tranche B-1 Term Loan Commitment and Tranche B-2 Term Loan Commitment on such date. 
 (b) The Revolving Credit
Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date. 
 (c) The Swing Line
Commitment shall terminate at 5:00 p.m. (New York City time) on the Swing Line Maturity Date. 
 (d) The New Term Loan
Commitment for any Series shall, unless otherwise provided in the applicable Joinder Agreement, terminate at 5:00 p.m. (New York City time) on the Increased Amount Date for such Series. 

SECTION 5. 

PAYMENTS 
 5.1
Optional Prepayments. The Borrower shall have the right to prepay its Term Loans, Revolving Credit Loans and Swing Line Loans, as applicable, in each case, without premium or penalty, in whole or in part from time to time on the following
terms and conditions: (a) the Borrower shall give the Administrative Agent at the Administrative Agent’s Office written notice of its intent to make such prepayment, the amount of such prepayment and in the case of Eurodollar Loans, the
specific Borrowing(s) pursuant to which made, which notice shall be given by the Borrower no later than 12:00 Noon (New York City time) (i) in the case of Eurodollar Loans, three Business Days prior to, (ii) in the case of Base Rate Loans
(other than Swing Line Loans), one Business Day prior to or (iii) in the case of Swing Line Loans, on the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders or the Swing Line Lender, as
the case may be; (b) each partial prepayment of (i) Term Loans and Revolving Credit Loans shall be in a minimum amount of $1,000,000 or a whole multiple thereof in excess thereof and (ii) Swing Line Loans shall be in a minimum

  
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amount of $100,000 or a whole multiple thereof, provided that no partial prepayment of Eurodollar Loans made pursuant to a single Borrowing shall reduce the outstanding Eurodollar Loans
made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Eurodollar Loans and (c) in the case of any prepayment of Eurodollar Loans pursuant to this Section 5.1 on any day other than
the last day of an Interest Period applicable thereto, the Borrower shall, after receipt of a written request by any applicable Lender (which request shall set forth in reasonable detail the basis for requesting such amount), pay to the
Administrative Agent for the account of such Lender any amounts required pursuant to Section 2.11. Each prepayment in respect of any Term Loans pursuant to this Section 5.1 shall be (a) applied to the Class or Classes of
Term Loans as the Borrower may specify and (b) applied to reduce Term Loan Repayment Amounts, any New Term Loan Repayment Amounts, and, subject to Section 2.13(f), Extended Term Loan Repayment Amounts, as the case may be, in each
case, in such order as the Borrower may specify. At the Borrower’s election in connection with any prepayment pursuant to this Section 5.1, such prepayment shall not be applied to any Term Loan or Revolving Credit Loan of a
Defaulting Lender. Notwithstanding the foregoing, the Borrower may not repay Extended Term Loans of any Extension Series unless such prepayment is accompanied by a pro rata (or greater) repayment of Term Loans of the Existing Term Loan Class from
which such Extended Term Loans were converted (or such Term Loans of the Existing Term Loan Class have otherwise been repaid in full). 
 5.2 Mandatory Prepayments. (a) Unless the Required Prepayment Lenders shall otherwise agree in writing, upon any sale, issuance or incurrence of Indebtedness (other than Indebtedness permitted
pursuant to Section 9.2) by the Borrower, then, without prejudice to any Event of Default that may occur by reason of such sale, issuance or incurrence, upon receipt of the Net Cash Proceeds from such sale, issuance or incurrence, the
Term Loans shall be prepaid, and/or the Total Revolving Credit Commitments shall be reduced, by an amount equal to the amount of such Net Cash Proceeds, as set forth in Section 5.2(f). 

(b) Unless the Required Prepayment Lenders shall otherwise agree in writing, on any date the Borrower or any of its Restricted
Subsidiaries shall receive Net Cash Proceeds from any Asset Sale other than the Required Asset Sales, the Term Loans shall be prepaid, and/or the Total Revolving Credit Commitments shall be reduced by an amount equal to the amount of such Net Cash
Proceeds, which prepayments and reductions shall be applied as set forth in Section 5.2(f); provided, that with respect to any Asset Sale other than the Required Asset Sales: 

(i) if (x) no Default or Event of Default would exist or arise therefrom and (y) not later than ten
(10) Business Days after the date of the receipt by the Borrower of the Net Cash Proceeds from any Asset Sale, Borrower shall have delivered to Administrative Agent a Reinvestment Notice stating the amount of such Net Cash Proceeds which is
intended to be used to acquire assets useful in the business of the Borrower or the applicable Restricted Subsidiary prior to the Reinvestment Prepayment Date with respect to such Reinvestment Notice, then the amount set forth in such Reinvestment
Notice as intended to be reinvested shall not be required to be applied as set forth in this Section 5.2(b); 

  
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 (ii) to the extent such Net Cash Proceeds are from an Asset Sale of
Collateral, the assets in which such Net Cash Proceeds are reinvested must also be Collateral; and 
 (iii) if
all or any portion of such Net Cash Proceeds are not reinvested in assets in accordance with the applicable Reinvestment Notice (and in the case of Net Cash Proceeds from an Asset Sale of Collateral, in compliance with clause (ii) above) on or
prior to the applicable Reinvestment Prepayment Date, such remaining portion shall be applied on the applicable Reinvestment Prepayment Date to prepay Term Loans and/or to reduce the Revolving Credit Commitments, all in accordance with
Section 5.2(f). 
 (c) On any date the Borrower or any of its Restricted Subsidiaries shall receive Net Cash
Proceeds from the Required Asset Sales, the Term Loans shall be prepaid by an amount equal to the amount of such Net Cash Proceeds, which prepayments shall be applied to the Term Loans as directed by the Borrower. 

(d) Unless the Required Prepayment Lenders shall otherwise agree, on any date the Borrower or any of its Restricted Subsidiaries shall
receive Net Cash Proceeds from any Recovery Event, the Term Loans shall be prepaid, and/or the Total Revolving Credit Commitments shall be reduced by an amount equal to the amount of such Net Cash Proceeds, which prepayments and reductions shall be
applied as set forth in Section 5.2(f); provided, that 
 (i) if (x) no Default or Event
of Default would exist or arise therefrom and (y) not later than ten (10) Business Days after the date of the receipt by the Borrower of the Net Cash Proceeds from any Recovery Event, Borrower shall have delivered to Administrative Agent a
Reinvestment Notice stating the amount of such Net Cash Proceeds which is intended to be used to acquire assets useful in the business of the Borrower or the applicable Restricted Subsidiary prior to the Reinvestment Prepayment Date with respect to
such Reinvestment Notice, then the amount set forth in such Reinvestment Notice as intended to be reinvested shall not be required to be applied as set forth in this Section 5.2(c); 

(ii) to the extent such Net Cash Proceeds are from a Recovery Event with respect to Collateral, the assets in which such
Net Cash Proceeds are reinvested must also be Collateral; and 
 (iii) if all or any portion of such Net Cash
Proceeds are not reinvested in assets in accordance with the applicable Reinvestment Notice (and in the case of Net Cash Proceeds from a Recovery Event with respect to Collateral, in compliance with clause (ii) above) on or prior to the
applicable Reinvestment Prepayment Date, such remaining portion shall be applied on the applicable Reinvestment Prepayment Date to prepay Term Loans and/or to reduce the Revolving Credit Commitments, all in accordance with
Section 5.2(f); provided, that if any portion has not been used prior to the applicable Reinvestment Prepayment Date and Borrower is diligently pursuing the reinvestment of such amount, then such application of the remaining
portion shall not be required so long as such reinvestment is being diligently pursued. 

  
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 (e) Unless the Required Prepayment Lenders shall otherwise agree, commencing with fiscal
year 2013, if there shall be Excess Cash Flow, then, on the relevant Excess Cash Flow Application Date, the Term Loans shall be prepaid and/or the Revolving Loans shall be prepaid (without any reduction in the Total Revolving Credit Commitments), by
an amount equal to 50% of such Excess Cash Flow, as set forth in Section 5.2(f). Each such prepayment and commitment reduction shall be made on a date (an “Excess Cash Flow Application Date”) no later than ten
(10) Business Days after the earlier of (i) the date on which the financial statements of the Borrower referred to in Section 8.1(a), for the fiscal year with respect to which such prepayment is made, are required to be
delivered to the Lenders and (ii) the date such financial statements are actually delivered. 
 (f) Amounts to be applied
in connection with prepayments and Commitment reductions made pursuant to clauses (a), (b), (d) or (e) of this Section 5.2 shall be allocated, first, pro rata among the Term Loans based on the applicable remaining
amounts outstanding under any such Term Loans due thereunder, and second, to reduce permanently the Total Revolving Credit Commitments; provided that (i) the Revolving Credit Commitments shall not be required to be reduced
below $500,000,000 and (ii) the Total Revolving Credit Commitments shall not be required to be reduced in connection with any prepayments under clause (e) of this Section 5.2. Any such reduction of the Total Revolving Credit
Commitments shall be accompanied by prepayment of the Revolving Credit Loans and/or Swing Line Loans to the extent, if any, that the aggregate amount of the Lenders’ Revolving Credit Exposure at such time exceeds the amount of the Total
Revolving Credit Commitments as so reduced, provided that if the aggregate principal amount of Revolving Credit Loans and Swing Line Loans then outstanding is less than the amount of such excess (because L/C Obligations constitute a portion
thereof), the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of Credit and/or deposit an amount in Cash into a cash collateral account subject to documentation reasonably satisfactory to the Administrative
Agent. 
 (g) The Borrower shall provide each of the Term Loan Lenders with five (5) Business Days prior written notice of
each such prepayment substantially in the form of Exhibit I (each, a “Prepayment Notice”), and any such Term Loan Lender, at its option, may elect, so long as there are any Term Loans outstanding, not to accept its ratable
portion of such prepayment in which event the provisions of the next sentence shall apply. Any Term Loan Lender declining such prepayment (each such Lender being a “Declining Term Loan Lender” and the amount of such Lender’s
ratable portion of such prepayment being the “Declined Term Amount”) shall give written notice to the Administrative Agent substantially in the form provided in the Prepayment Notice, by 11:00 A.M., New York City time, on the
Business Day immediately preceding the date on which such prepayment would otherwise be made, and then the Declined Term Amount for all Declining Term Loan Lenders may be retained by the Borrower; provided, that if part or all of a Declined
Term Amount consists of proceeds from the sale or other disposition of Collateral (“Collateral Proceeds”), the portion of any Declined Term Amount that consists of Collateral Proceeds shall be paid to all Lenders that are not
Declining Term Loan Lenders (the “Accepting Term Loan Lenders,” and each such Accepting Term Loan Lender being an “Accepting Term Loan Lender”) on a pro rata basis based upon the total amount outstanding (including
all accrued but unpaid interest) then owed by Borrower to each such Accepting Term Loan Lender along with any prepayment amount to be paid pursuant to this Section 5.2; provided, further, that in the event that the
Collateral Proceeds exceed the total amount owed to 

  
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Accepting Term Loan Lenders following mandatory prepayments under this Section 5.2 (other than the Collateral Proceeds), such amount shall be returned to the Borrower. 

5.3 Method and Place of Payment. (a) Except as otherwise specifically provided herein, all payments under this Agreement
shall be made by the Borrower in Dollars, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto (or, in the case of the Swing Line Loans, to the Swing Line Lender)
or the Letter of Credit Issuer entitled thereto, as the case may be, not later than 2:00 p.m. (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent’s Office or at
such other office as the Administrative Agent shall specify for such purpose by notice to the Borrower (or, in the case of the Swing Line Loans, at such office as the Swing Line Lender shall specify for such purpose by notice to the Borrower), it
being understood that written or facsimile notice by the Borrower to the Administrative Agent to make a payment from the funds in the Borrower’s account at the Administrative Agent’s Office shall constitute the making of such payment to
the extent of such funds held in such account. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 2:00 p.m. (New York City time) or, otherwise, on
the next Business Day) like funds relating to the payment of principal or interest or fees ratably to the Lenders entitled thereto. 
 (b) Any payments under this Agreement that are made later than 2:00 p.m. (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent’s sole
discretion (or, in the case of the Swing Line Loans, at the Swing Line Lender’s sole discretion). Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to
the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 

5.4 Net Payments. (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document
shall, to the extent permitted by applicable laws, be made free and clear of and without deduction or withholding for any Taxes. If, however, applicable laws require any Loan Party or the Administrative Agent to withhold or deduct any Tax, such Tax
shall be withheld or deducted in accordance with such laws as reasonably determined by such withholding agent. 

(ii) If any Loan Party or the Administrative Agent shall be required to withhold or deduct any Taxes from any payment,
then (A) such withholding agent shall withhold or make such deductions as are reasonably determined by such withholding agent to be required by applicable law, (B) such withholding agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or deductions have been made (including withholding or 

  
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deductions on account of Indemnified Taxes applicable to additional sums payable under this Section 5.4) the applicable Recipient, as the case may be, receives an amount equal to the
sum it would have received had no such withholding or deductions been made. 
 (b) Payment of Other Taxes by the
Borrower. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of any Other Taxes. 
 (c) Tax Indemnifications. Without limiting the provisions of
subsection (a) or (b) above, the Loan Parties shall, and do hereby, indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.4) payable by such Recipient, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own
behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) Evidence of Payments. After any
payment of Taxes by any Loan Party to a Governmental Authority as provided in this Section 5.4, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of any return to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Status of Lenders; Tax Documentation. 
 (i) Any Lender
that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and to the Administrative Agent, at such time or times reasonably requested by the Borrower or
the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Borrower or the
Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, (C) whether
such Lender is subject to backup withholding or information reporting requirements, and (D) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender
by any Loan Party pursuant to any Loan Document or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this
Section 5.4(e) (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Effective Date (or on or prior to the date it becomes a party to this Agreement),
(ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender’s circumstances 

  
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requiring a change in the most recent documentation previously delivered by it to the Borrower and the Administrative Agent in writing of its legal inability to do so and (iv) each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent if such Lender is no
longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 5.4(e)(ii)(A), (ii)(B) and Section 5.4(f) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting
the generality of the foregoing: 
 (A) any Lender that is a “United States person” within the meaning
of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and

 (B) each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or
reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) whichever
of the following is applicable: 
 (1) executed originals of Internal Revenue Service Form W-8BEN (or any
successor form thereto) claiming eligibility for benefits of an income tax treaty to which the United States is a party; 
 (2) executed originals of Internal Revenue Service Form W-8ECI (or any successor form thereto); 
 (3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate, substantially in the form of Exhibit J (a
“Non-Bank Certificate”), to the effect that such Non-U.S. Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no interest payments earned by the Non-U.S. Lender are effectively connected
income and (y) executed originals of Internal Revenue Service Form W-8BEN (or any successor thereto); 

  
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 (4) to the extent a Lender is not a beneficial owner (e.g., where such
Lender has sold a participation), IRS Form W-8IMY (or any successor thereto) and all required supporting documentation (including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption,
a Non-Bank Certificate of such beneficial owner(s) (provided that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Certificate(s) may be provided by the Non-U.S. Lender on behalf of the beneficial owner(s)); or

 (5) executed originals of any other form prescribed by applicable laws as a basis for claiming exemption from
or a reduction in U.S. federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 (f) FATCA Documentation. If a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Administrative Agent at the time or times prescribed by Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Requirements of Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 5.4(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Indemnified Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section, the Administrative Agent or such Lender (as applicable)
shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan Parties under this Section with respect to the Indemnified Taxes giving rise to such refund),
net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to
the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the
Administrative Agent or Lender, as the case may be, be required to pay any amount to any Loan Party pursuant to this paragraph (g) the payment of which would place the Administrative Agent or Lender in a less favorable net after-Tax

  
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position than the it would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to any Loan Party or any other Person. 
 (h) For the avoidance of doubt, for purposes of this
Section 5.4, the term “Lender” includes any Letter of Credit Issuer and the Swing Line Lender. 
 5.5
Computations of Interest and Fees. 
 (a) Except as provided in the next succeeding sentence, interest on Eurodollar
Loans and Base Rate Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on Base Rate Loans in respect of which the rate of interest is calculated on the basis of the Administrative Agent’s Prime Rate
shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. 
 (b) Fees and
the average daily Stated Amount of Letters of Credit shall be calculated on the basis of a 360-day year for the actual days elapsed. 
 5.6 Limit on Rate of Interest. 
 (a) No Payment Shall Exceed Lawful
Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obligated to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or
rate permitted under or consistent with any applicable law, rule or regulation. 
 (b) Payment at Highest Lawful Rate. If
the Borrower is not obligated to make a payment that it would otherwise be required to make, as a result of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules
and regulations. 
 (c) Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the
other Loan Documents would obligate the Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such
provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent
necessary, by reducing the amount or rate of interest required to be paid by the Borrower to the affected Lender under Section 2.8; provided that to the extent lawful, the interest or other amounts that would have been payable but
were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

  
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 Notwithstanding the foregoing, and after giving effect to all adjustments contemplated
thereby, if any Lender shall have received from the Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Borrower shall be entitled, by notice in writing to the Administrative Agent to obtain
reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Borrower. 

SECTION 6. 

REPRESENTATIONS AND WARRANTIES 
 To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the Borrower hereby represents and warrants to each Agent and
each Lender that: 
 6.1 Financial Condition. 
 (a) (i) To the knowledge of any Authorized Officer of the Borrower, the annual Historical Financial Statements and the related consolidated statements of income and consolidated statements of cash flows
for the fiscal years ended on such dates (in the case of consolidated financial statements, reported on by and accompanied by an unqualified report from a “Big Four” accounting firm or other independent certified public accountant
reasonably acceptable to the Administrative Agent), in each case, present fairly the consolidated financial condition of the Target and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows
for the respective fiscal years then ended; and (ii) the audited consolidated and unaudited consolidating balance sheets of the Borrower as of December 31, 2012 and each of the annual financial statements delivered under
Section 8.1(a) and the related consolidated and consolidating statements of income and consolidated statements of cash flows for the fiscal years ended on such dates (in the case of consolidated financial statements, reported on by and
accompanied by an unqualified report from a “Big Four” accounting firm or other independent certified public accountant reasonably acceptable to the Administrative Agent), in each case, present fairly the consolidated financial condition
of the Borrower and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. All such financial statements, including the related schedules and notes
thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). 

(b) (i) To the knowledge of any Authorized Officer of the Borrower, the quarterly Historical Financial Statements and the related
consolidated statements of income and consolidated statements of cash flows for the fiscal quarters ended on such dates, in each case, present fairly the consolidated financial condition of the Target and its Subsidiaries as at such date, and the
consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended; and (ii) the consolidated and consolidating balance sheets of the Borrower as of March 31, 2013 and June 30, 2013 and
each of the most recent quarterly financial statements delivered under Section 8.1(b) and the related consolidated and consolidating statements of income and consolidated statements of cash flows for the fiscal quarter and the
year-to-date ended on such dates, in each case, present fairly the consolidated and 

  
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consolidating financial condition of the Borrower and its Subsidiaries as at such date, and the consolidated and consolidating results of its operations and its consolidated cash flows for the
respective fiscal period then ended (subject to year-end adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved
(except as approved by the aforementioned firm of accountants and disclosed therein). 
 (c) The Borrower and its Subsidiaries
do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases other than those not prohibited hereunder or unusual forward or long-term commitments,
including, without limitation, any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this
Section 6.1, in each case to the extent required by GAAP to be so reflected and other than those that are permitted under this Agreement and have arisen after the date of such most recent financial statements. 

(d) The pro forma balance sheet and related statement of operations of the Borrower and its Subsidiaries (after giving effect to the
Acquisition) delivered in accordance with Section 7.1(k), fairly present in all material respects the consolidated pro forma financial condition of the Borrower and its Subsidiaries (after giving effect to the Acquisition) as at such
date and the consolidated pro forma results of operations of the Borrower and its Subsidiaries (after giving effect to the Acquisition) for the period ended on such date, in each case giving effect to the Transactions, all in accordance with GAAP.
To the extent the pro forma balance sheet and related statement of operations required pursuant to this Section 6.1(d) contain information based on the Target and its Subsidiaries, such information is based on information with respect to
the Target and its Subsidiaries provided to the Borrower and reasonably believed by the Borrower to be correct. 
 (e) The most
recent consolidated forecasted balance sheets, income statements and cash flow statements delivered in accordance with Section 7.1(l) on or prior to the Effective Date were prepared in good faith on the basis of the assumptions stated
therein, which assumptions were reasonably believed by the Borrower to be fair in light of the conditions existing at the time of delivery of such forecasts and at the Effective Date, and represented, at the time of delivery, the Borrower’s
best estimate of its future financial performance; it being understood and agreed that (A) any financial or business projections furnished by the Borrower are subject to significant uncertainties and contingencies, which may be beyond the
control of the Borrower, (B) no assurance is given by the Borrower that the results or forecast in any such projections will be realized, (C) the actual results may differ from the forecast results set forth in such projections and such
differences may be material and (D) the projections delivered pursuant to Section 7.1(l) have been prepared by the Borrower with reference to the historical projections of the Target. 

6.2 No Change. On the Effective Date and after giving effect to the Transactions, since December 31, 2012 there has been no
development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

  
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 6.3 Organizational Existence; Compliance with Law. Each of the Borrower and its
Restricted Subsidiaries, other than Immaterial Subsidiaries, (a) is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (b) has the organizational power
and authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and in good standing under
the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification except to the extent that the failure to be so qualified or be in good standing could not reasonably be
expected to have a Material Adverse Effect, and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 6.4 Organizational Power; Authorization; Enforceable Obligations. Each Loan Party has the organizational power and
authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary corporate or other action to authorize the
execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement, and such corporate or other action does not contravene the
terms of any of such Loan Party’s Certificate of Incorporation and By-Laws, Certificate of Formation and Operating Agreement or other comparable organizational documents, as applicable. No consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings hereunder or the execution, delivery, performance, validity or enforceability of the Acquisition Agreement, this Agreement or
any of the other Loan Documents, except (i) consents, approvals, authorizations, filings and notices which have been obtained or made and are in full force and effect; and certain consents, approvals, authorization, filings and notices
specifically identified on Schedule 6.4 which have not been obtained or given, but have been or will promptly be requested or given, and in the case of consents, approvals and authorizations, are anticipated to be received in the due course
of business of the applicable party from whom such consent, approval or authorization has been requested and (ii) the filings referred to in Section 6.19 and Section 8.10. Each Loan Document has been duly executed and
delivered on behalf of each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable
against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by
general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 6.5 No Legal Bar. The
execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate in any material respect any Requirement of Law or
any Contractual Obligation of the Borrower or any of its Subsidiaries and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such
Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation 

  
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applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 
 6.6 No Material Litigation. No litigation, action, suit, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower,
threatened by or against the Borrower or any of its Subsidiaries or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby except
proceedings of the Gaming Boards identified on Schedule 6.4, or (b) that could reasonably be expected to have a Material Adverse Effect. 
 6.7 No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a
Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
 6.8 Ownership of Property;
Liens. 
 (a) Each of the Borrower and its Restricted Subsidiaries has good, marketable and insurable title to, or a valid
leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material Property, and the Property is not subject to any Lien except as permitted by Section 9.3. 

(b) Other than as could not reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties has complied with all
obligations under all leases to which it is a party and all such leases are in full force and effect. Each of the Borrower and its Restricted Subsidiaries enjoys peaceful and undisturbed possession under all such leases. 

(c) Other than as could not reasonably be expected to result in a Material Adverse Effect, none of the Loan Parties has received any
notice of, nor has any knowledge of, any pending, threatened or contemplated condemnation or eminent domain proceeding with respect to any of the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation. 

(d) Except as permitted by the terms of this Agreement, none of the Loan Parties is obligated under any right of first refusal, option or
other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein. 
 (e) Other
than as could not reasonably be expected to result in a Material Adverse Effect, each parcel of Mortgaged Property is taxed as a separate tax lot and is currently being used in a manner that is consistent with and in compliance in all respects with
the property classification assigned to it for real estate tax assessment purposes. 
 (f) Other than as could not reasonably be
expected to result in a Material Adverse Effect, the Mortgaged Properties are zoned in all respects to permit the uses for which such Mortgaged Properties are currently being used or the appropriate zoning relief has been obtained for such uses.

  
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 6.9 Intellectual Property. The Borrower and its Restricted Subsidiaries own, or are
licensed to use, all material Intellectual Property necessary for the conduct of their business as currently conducted, taken as a whole. No material claim has been asserted and is pending by any Person challenging or questioning the use of any such
Intellectual Property or the validity or effectiveness of any such Intellectual Property in a manner that reasonably could be expected to result in a Material Adverse Effect, nor does the Borrower know of any valid basis for any such claim. The use
of such Intellectual Property by the Borrower and its Restricted Subsidiaries does not infringe on the rights of any Person in any material respect in a manner that reasonably could be expected to result in a Material Adverse Effect. 

6.10 Taxes. Each of the Borrower and each of its Restricted Subsidiaries has filed or caused to be filed all federal, state and
other material tax returns that are required to be filed and has paid all material taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property and all other taxes, fees or other charges imposed on
it or any of its Property by any Governmental Authority (other than those with respect to which the amount or validity thereof is being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP
have been provided on the books of the Borrower or its Subsidiaries, as the case may be); and no tax Lien, other than Liens permitted under Section 9.3(a), has been filed, and, to the knowledge of the Borrower, no claim is being
asserted, with respect to any such tax, fee or other charge. 
 6.11 Federal Regulations. No part of the proceeds of any
Loans will be used for “purchasing” or “carrying” any “margin stock” (within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect) in a manner that is
in violation of any of the Regulations of the Board or for any purpose that otherwise violates, or could cause the Lenders to violate, the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the
Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation
U. 
 6.12 Labor Matters. There are no strikes, work stoppages, slowdowns, lockouts or other labor disputes against or
involving the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. As of the Effective Date,
(i) there is no collective bargaining or similar agreement with any union, labor organization, works council or similar representative covering any employee of Borrower or any of its Subsidiaries, and (ii) no petition for certification or
election of any such representative is existing or pending with respect to any employee of Borrower or any of its Subsidiaries. Hours worked by and payments made to employees of the Borrower and its Subsidiaries have not been in violation of the
Fair Labor Standards Act or any other applicable Requirement of Law except as (individually or in the aggregate) could not reasonably be expected to have a Material Adverse Effect. All payments due from the Borrower or any of its Subsidiaries on
account of employee health and welfare insurance that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the Borrower or the relevant
Subsidiary. 

  
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 6.13 ERISA. Except as could not (individually or in the aggregate) reasonably be
expected to result in a Material Adverse Effect, none of (i) a Reportable Event, (ii) any failure by the Borrower, any of its Subsidiaries or any Commonly Controlled Entity to satisfy the minimum funding standard applicable to such Plan
under Section 412 or 430 of the Code or Section 302 or 303 of ERISA, whether or not waived, or to make by its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA with respect to any Single
Employer Plan, or to make any required contribution to any Multiemployer Plan when due, (iii) the withdrawal of Borrower, any of its Subsidiaries or any Commonly Controlled Entity from a Single Employer Plan subject to Section 4063 of
ERISA during a plan year in which it was a “substantial employer,” as defined in Section 4001(a)(2) of ERISA; (iv) the institution of proceedings to terminate a Single Employer Plan or Multiemployer Plan by the PBGC under
Section 4042 of ERISA; (v) a determination that any Single Employer Plan is, or is expected to be, in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(i)(4) of ERISA; (vi) the
receipt by Borrower, any of its Subsidiaries or any Commonly Controlled Entity of notice from any Multiemployer Plan that it is in “endangered status” or “critical status” within the meaning of Section 432(b) of the Code or
Section 305(b) of ERISA; (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Single Employer Plan; (vii) the
disqualification by the IRS of any Single Employer Plan (or any other Plan intended to qualify for tax exempt status under Section 401(a) of the Code) under Section 401(a) of the Code; (viii) any event or condition that could
reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer Plan or Multiemployer Plan; (ix) the imposition of any liability upon
Borrower, any of its Subsidiaries or any Commonly Controlled Entity under Title IV of ERISA other than for PBGC premiums due but not delinquent; (x) the Borrower’s or any of its Subsidiaries’ engagement in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan; or (xi) any “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of
ERISA) with respect to any Plan has occurred. Each Plan has complied in all material respects with the applicable provisions of ERISA and the Code and all other applicable Requirements of Law, except where such noncompliance could not reasonably be
expected to result in a Material Adverse Effect. Except as could not (individually or in the aggregate) reasonably be expected to result in a Material Adverse Effect, no termination of a Single Employer Plan has occurred, nor has there been any
filing of a notice of intent to terminate a Single Employer Plan (or treatment of a plan amendment as a termination) under Section 4041 of ERISA, and no Lien has been imposed under Section 412 or 430(k) of the Code or Section 303 or
4068 of ERISA, in any case, on the property of Borrower, any of its Subsidiaries or any Commonly Controlled Entity in favor of the PBGC, a Plan or otherwise. Except as could not (individually or in the aggregate) reasonably be expected to result in
a Material Adverse Effect, the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is
made or deemed made, materially exceed the fair market value of the assets of such Plan. Except those arising out of the operations of the Atlantic City Entities (which arose prior to January 1, 2010 and with respect to which all of the related
liabilities have been paid and no liabilities, whether fixed or contingent, remain) and except as could not (individually or in the aggregate) reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any Commonly
Controlled Entity has had a 

  
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complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan that has resulted or could reasonably be expected to result in material
liability to Borrower and any of its Subsidiaries, and neither the Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw
completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. Except as could not (individually or in the aggregate) reasonably be expected to result in a
Material Adverse Effect, no Multiemployer Plan is in Reorganization or Insolvent, and no Multiemployer Plan has been terminated (and no amendment to a Multiemployer Plan has been treated as a termination) under Section 4041A of ERISA. The
events and circumstances described in this Section 6.13 are referred to below collectively as “ERISA Events” and each individually as an “ERISA Event”. 

6.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) which
limits its ability to incur or secure Indebtedness. 
 6.15 Subsidiaries. 

(a) The Subsidiaries listed on Schedule 6.15(a) constitute all the Subsidiaries of the Borrower at the Effective Date. Schedule
6.15(a) sets forth as of the Effective Date the name and jurisdiction of formation of each such Subsidiary and, as to each Subsidiary, the percentage of each class of Capital Stock owned by each Loan Party. Schedule 6.15(a) also
identifies all of the Unrestricted Subsidiaries and Immaterial Subsidiaries as of the Effective Date. 
 (b) As of the Effective
Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options, restricted stock and phantom stock units issued or granted to employees or directors pursuant to an equity
plan adopted by the Borrower and directors’ qualifying shares, and with respect to the Capital Stock of the Borrower, subscriptions, options, warrants, calls, rights or other agreements or commitments to which the Borrower is not a party) of
any nature relating to any Capital Stock of the Borrower or any Subsidiary, except as disclosed on Schedule 6.15(b). 

6.16 Use of Proceeds. (a) The proceeds of the Term Loans, the New Pinnacle Notes Offering and a portion of the proceeds of
Borrowings under the Revolving Credit Facility shall be used to (i) pay the consideration for the Acquisition, (ii) repay in full all existing Indebtedness of the Borrower, the Target and their respective Subsidiaries as of the Effective
Date other than the Specified Existing Indebtedness and other Indebtedness permitted to remain outstanding under the terms of this Agreement, (iii) pay the fees, costs and expenses related to the Transactions contemplated by this Agreement, the
other Loan Documents and the Acquisition Documents, and (iv) for the working capital and general corporate purposes of the Borrower and its Subsidiaries. 

  
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 (b) The Borrower will use the Letters of Credit, remaining Revolving Credit Loans and Swing
Line Loans for general corporate purposes of the Borrower and its Subsidiaries; provided, that the proceeds of the Revolving Credit Loans may not be used to make an optional prepayment of the Term Loans. 

6.17 Environmental Matters. Other than exceptions to any of the following that could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect: 
 (a) The Borrower and its Subsidiaries: (i) are, and
within the period of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or
intended operations or for any property owned, leased, or otherwise operated by any of them; (iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits; and
(iv) reasonably believe that: (A) each of their Environmental Permits will be timely renewed and complied with, without material expense; (B) any additional Environmental Permits that may be required of any of them will be timely
obtained and complied with, without material expense; and (C) compliance with any Environmental Law that is or is expected to become applicable to any of them will be timely attained and maintained, without material expense. 

(b) Materials of Environmental Concern are not present at, on, under, in, or about any real property now or formerly owned, leased or
operated by the Borrower or any of its Subsidiaries, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment, storage, or disposal)
which could reasonably be expected to (i) give rise to liability of the Borrower or any of its Subsidiaries under any applicable Environmental Law or otherwise result in costs to the Borrower or any of its Subsidiaries, or (ii) interfere
with the Borrower’s or any of its Subsidiaries’ continued operations, or (iii) impair the fair saleable value of any real property owned or leased by the Borrower or any of its Subsidiaries. 

(c) There is no judicial, administrative, or arbitral proceeding (including any notice of violation or alleged violation) under or
relating to any Environmental Law to which the Borrower or any of its Subsidiaries is, or to the knowledge of the Borrower or any of its Subsidiaries will be, named as a party that is pending or, to the knowledge of the Borrower or any of its
Subsidiaries, threatened. 
 (d) Neither the Borrower nor any of its Subsidiaries has received any written request for
information, or been notified that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law, or with respect to any Materials of
Environmental Concern. 
 (e) Neither the Borrower nor any of its Subsidiaries has entered into or agreed to any consent decree,
order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any
Environmental Law. 

  
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 (f) Neither the Borrower nor any of its Subsidiaries has assumed or retained, by contract or
operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Material of Environmental Concern. 
 6.18 Accuracy of Information, Etc.. No statement or information (other than projections and pro forma financial information) contained in this Agreement, any other Loan Document or any other
document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents,
contained as of the date such statement, information, document or certificate was so furnished (giving effect to any updates and/or supplements which were provided prior to the date of making this representation), any untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements contained herein or therein not misleading. The financial projections and pro forma financial information in the material referenced above are based upon good faith
estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that because the projections are based on estimates and assumptions as to future events, they are inherently
uncertain and actual results during the period or periods covered by such projections may differ from the projected results set forth therein by a material amount. There is no fact known to any Loan Party that could reasonably be expected to have a
Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents or in any other documents, certificates and statements furnished to the Agents and the Lenders for use in connection with the transactions contemplated
hereby and by the other Loan Documents. 
 6.19 Security Documents. 

(a) The Security Documents are effective to create in favor of the Administrative Agent, for the benefit of the Lender Parties, a legal,
valid and enforceable security interest in the Collateral described therein and proceeds thereof; provided, that the pledge of the Pledged Stock of any Loan Party that is licensed by or registered with the Nevada Gaming Authorities requires
the approval of the requisite Nevada Gaming Authorities in order for such pledge to become effective, and such approvals will be obtained in accordance with the time limits specified pursuant to Schedule 8.13. In the case of the Pledged Stock
pledged in favor of the Administrative Agent pursuant to the Pledge Agreements, when any certificates representing such Pledged Stock that is a security under Section 8-102(a)(15) of the UCC are delivered
to the Administrative Agent, and in the case of the other Collateral described in the Security Documents as to which a security interest can be perfected by filing of the UCC financing statement, when UCC financing statements in appropriate form are
filed in the offices specified on Schedule 6.19(a) (which financing statements have been duly completed and delivered to the Administrative Agent), the security interests created by the Security Documents securing such Collateral shall
constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations, in each case prior and superior in right to any other
Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 9.3). 

  
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 (b) Each of the Mortgages is effective to create in favor of the Administrative Agent, for
the benefit of the Lender Parties, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof; and each Mortgage shall (as of the Effective Date in the case of the Mortgages filed on or prior to the
Effective Date and when such Mortgage is filed in the recording office designated by the Borrower in the case of any Mortgage to be executed and delivered pursuant to Section 8.10(b)) constitute a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties described therein and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to
any other Person (other than Persons holding Liens or other encumbrances or rights permitted by the relevant Mortgage). 
 6.20
Solvency. The Borrower and its Restricted Subsidiaries, taken as a whole, (a) as of the Effective Date, are, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith will be, and
(b) on any date after the Effective Date on which this representation is made, are, and after giving effect to the making of any Loan or the issuance of any Letter of Credit hereunder on such date, will be, Solvent. 

6.21 Senior Indebtedness. The Obligations constitute “Senior Debt” of the Borrower under and as defined in the
Indentures governing Subordinated Obligations or Permitted Refinancing Subordinated Obligations. The obligations of each Subsidiary Guarantor under the Subsidiary Guaranty constitute “Guarantor Senior Indebtedness” of such Subsidiary
Guarantor under and as defined in the Indentures governing Subordinated Obligations or Permitted Refinancing Subordinated Obligations. 
 6.22 Regulation H. No Mortgage encumbers improved real property which is located in a Flood Zone (except for any Mortgaged Properties as to which such flood insurance as required by
Section 7.1(b)(viii) has been obtained and is in full force and effect as required by this Agreement). 
 6.23
Gaming Laws. The Borrower and the Restricted Subsidiaries are in compliance with all applicable Gaming Laws in all respects which are applicable to the operations, businesses and prospects of the Borrower and the Restricted Subsidiaries,
taken as a whole, except where such noncompliance could not reasonably be expected to result in a Material Adverse Effect. 

6.24 Anti-Terrorism Laws. Borrower represents on a continuing basis that: 

(a) Each of the Borrower and its Subsidiaries and their respective directors, officers and employees, or to the knowledge of the Borrower
and its Subsidiaries, their affiliated companies and the respective directors, officers and employees of such affiliated companies, have conducted their business in material compliance with Anti-Corruption Laws and have instituted and maintained
policies and procedures designed to promote and achieve compliance with such laws. 
 (b) None of the Borrower or its
Subsidiaries or their respective directors, officers, employees or representatives acting or benefiting in any capacity in connection with this Agreement or the New Pinnacle Notes Offering, or to the knowledge of the Borrower and its

  
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Subsidiaries, their affiliated companies or the respective directors, officers, employees or representatives acting or benefiting in any capacity in connection with this Agreement or the New
Pinnacle Notes Offering of such affiliated companies: 
 (i) is a Designated Person; 

(ii) is a Person that is owned or controlled by a Designated Person; 

(iii) is located, organized or resident in a Sanctioned County; or 

(iv) has directly or indirectly engaged in, or is now directly or indirectly engaged in, any dealings or transactions
(1) with any Designated Person, (2) in any Sanctioned Country, or (3) otherwise in violation of Sanctions. 

6.25 Insurance Proceeds. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable
insurance companies not Affiliates of the Borrower, in such amounts (taking into account self-insurance), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where the Borrower or the applicable Subsidiary operates as reasonably determined by the management of the Borrower. The Estimated Business Interruption Insurance included in the most recent certificate delivered by the
Borrower pursuant to Section 8.2 is a good faith estimate of the aggregate amount to be received with respect to business interruption insurance for the applicable periods with respect to the Property of the Borrower or its Restricted
Subsidiaries. 
 SECTION 7. 
 CONDITIONS PRECEDENT 
 7.1 Conditions to Initial Borrowing. The agreement
of each Lender to make the initial Borrowing requested to be made by it hereunder is subject to the satisfaction or waiver (in accordance with Section 12.1), prior to or concurrently with the making of such Borrowing on the Effective
Date, of the following conditions precedent: 
 (a) Loan Documents. The Administrative Agent shall have received the
following (each of which shall be originals or facsimiles or PDF copies (other than the Notes, which shall be originals)): 
 (i) this Agreement, executed and delivered by a duly authorized officer of the Borrower, the Administrative Agent and each Lender, 

(ii) a Note or Notes, executed and delivered by a duly authorized officer of the Borrower in favor of each Lender
requesting the same; 
 (iii) the Subsidiary Guaranty, executed and delivered by a duly authorized officer of
each Subsidiary Guarantor, 
 (iv) the Security Agreement, executed and delivered by a duly authorized officer of
each grantor party thereto; 

  
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 (v) the Pledge Agreements, executed and delivered by a duly authorized
officer of each pledgor party thereto; 
 (vi) the Intercompany Subordination Agreement, executed and delivered
by a duly authorized officer of each obligor party thereto; 
 (vii) the Master Intercompany Demand Note, with an
endorsement thereto in favor of the Administrative Agent, executed and delivered by a duly authorized officer of each obligor party thereto; and 
 (viii) the Preferred Ship Mortgages, executed and delivered by a duly authorized officer of the relevant Subsidiary Guarantor and the Administrative Agent. 

(b) Collateral. Subject, in each case, to the last paragraph of this Section 7.1: 

(i) The Administrative Agent shall have received the certificates representing the shares of Capital Stock that are
securities under Section 8-102(a)(15) of the UCC pledged pursuant to the Pledge Agreements, together with an undated stock power or assignment for each such certificate executed in blank by a duly authorized officer of the pledgor thereof;
provided, the Lenders and the Administrative Agent acknowledge the pledge of the Pledged Stock of any Loan Party that is licensed by or registered with the Gaming Boards pursuant to the Pledge Agreements (Gaming Regulated) requires the
approval of the Gaming Boards in order for such pledge to become effective and the certificates representing the shares of such Pledged Stock may not be delivered to the Administrative Agent or its custodial agent until and unless such approval is
obtained. 
 (ii) The Administrative Agent shall have received results of lien searches with respect to each Loan
Party (including a search as to judgments, bankruptcy, tax and UCC matters) dated as of a recent date prior to the Effective Date in each jurisdiction and filing office in which filings or recordations under applicable Uniform Commercial Code or
other applicable Law should be made to evidence or perfect a security interest with respect to such matters along with copies of the financing statements on file referenced in such searches and, in each case, indicating that the assets of such Loan
Party are free and clear of all Liens (other than Liens permitted hereunder). 
 (iii) All Uniform Commercial
Code financing statements, short-form security agreements with the United States Patent and Trademark Office and/or United States Copyright Office, and other applicable personal property filings, reasonably requested by the Administrative Agent to
be filed, registered or recorded to create the Liens intended to be created by any Security Document and perfect such Liens to the extent required by, and with the priority required by, such Security Document shall have been delivered to the
Administrative Agent for filing, registration or recording. 
 (iv) The Borrower shall deliver to the
Administrative Agent copies of insurance policies or certificates of insurance of the Loan Parties evidencing insurance coverage meeting the requirements set forth in the Loan Documents, including appropriate endorsements to insurance policies
naming the Administrative Agent as 

  
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additional insured (in the case of liability insurance) or lender’s loss payee (in the case of hazard insurance) on behalf of the Lenders. 

(v) Title Insurance. With respect to each Mortgaged Property, (i) the Administrative Agent shall have
received, and a nationally recognized title insurance company shall have issued, a title insurance policy or, if applicable, mortgage assignment, date down and modification endorsements (and such other endorsements as requested by the Administrative
Agent) to the existing title insurance policies, naming the Administrative Agent as the insured party, insuring, or assuring, as applicable, the first priority lien of each Mortgage on the applicable Mortgaged Property, containing such customary
endorsements and affirmative insurance, coinsurance and reinsurance as the Administrative Agent may reasonably require, and be otherwise in form and substance reasonably satisfactory to the Administrative Agent and (ii) the Administrative Agent
shall have received evidence reasonably satisfactory to it that the relevant Loan Party has paid to the title insurance company or to the appropriate governmental authorities all expenses and premiums of the title insurance company and all other
sums required in connection with the issuance of each such title insurance policy or assignment and modification endorsement, as applicable, referred to in clause (i) above of this Section 7.1(b)(v), and all charges and recording
and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgage for each such Mortgaged Property in the appropriate real estate records. 

(vi) Surveys. The Administrative Agent shall have received either (i) maps or plans of an ALTA survey of each
Mortgaged Property (or, where available and reasonably satisfactory to the Administrative Agent, updates to existing maps and plans of such Mortgaged Property), which shall show, among other things, the location of any improvements thereon,
certified to the Administrative Agent and the title insurance company issuing the title insurance policies referenced in Section 7.1(b)(v) and dated by an independent professional licensed land surveyor reasonably satisfactory to the
Administrative Agent or (ii) existing maps or plans of an ALTA survey of each Mortgaged Property, in each case in a manner reasonably satisfactory to the Administrative Agent. 

(vii) Environmental. The Administrative Agent shall have received a copy of an environmental assessment report to
the extent prepared by the Borrower (and, to the extent requested, reliance letters) as to any environmental hazards, liabilities or remedial action to which the Borrower or any of the Subsidiaries may be subject. 

(viii) Flood. 
 (A) With respect to each Mortgaged Property, the Administrative Agent shall have received a Flood Certificate from a third party vendor reasonably acceptable to the Administrative Agent. 

(B) If any parcel of any improved Mortgaged Property is located in a Flood Zone, then Administrative Agent shall have
received and the Borrower shall maintain or cause its applicable Subsidiary to maintain, (i) a policy of flood 

  
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insurance with a financially sound and reputable insurance company that (u) covers such parcel of improved Mortgage Property located in a Flood Zone; (v) names the Administrative Agent,
as the loss payee and mortgagee, (w) provides coverage in such total amount as the Administrative Agent or the Lenders may require, but at a minimum, in an amount sufficient to comply with the Flood Program; (x) has a term ending not
earlier than the maturity of the indebtedness secured by such Mortgage or that may be extended to such maturity date; (y) to the extent personal property securing the Obligations, including, without limitation inventory and other trade or
movable property, is located on or in such Mortgaged Property such policy of flood insurance must also include contents coverage with respect to such personal property; and (z) such other requirements as Administrative Agent or the Lenders may
reasonably require, and (ii) confirmation that the Borrower has received the Flood Notice. 
 (ix)
Mortgage. With respect to each Mortgaged Property, (i) the applicable Loan Party shall have executed and delivered to the Administrative Agent a Mortgage (including, as applicable, an assignment of any existing Mortgage in favor of
Barclays Bank PLC, together with an amendment, modification or an amendment and restatement of such Mortgage) in recordable form, granting to the Administrative Agent, for the benefit of the Lender Parties, a first priority perfected security
interest and Lien with respect to such Mortgaged Property, subject only to Liens permitted under Section 9.3 and (ii) any consents, estoppels or subordination non-disturbance and attornment agreements reasonably requested by the
Administrative Agent in connection with such Mortgage and, in each case, in form and substance reasonably satisfactory to the Administrative Agent; and 
 (x) Mortgage Opinions. The Administrative Agent shall have received a letter of opinion addressed to the Administrative Agent and the Lenders with respect to due authorization, execution and
delivery and enforceability and validity of each Mortgage and any related fixture filings in form and substance reasonably satisfactory to the Administrative Agent, in each case with respect to the Mortgages on the Mortgaged Properties listed on
Schedule 1.1(a). 
 (c) No Material Adverse Change. Since December 20, 2012, there has been no Material
Adverse Change. 
 (d) Legal Opinions. The Lenders shall have received a reasonably satisfactory opinion from each
counsel to the Borrower and the Guarantors listed on Schedule 7.1(d) (which shall cover, among other things, authority, legality, validity, binding effect and enforceability of this Agreement and the other Loan Documents and the validity of
the Liens pursuant to the Security Documents (other than the Mortgages)). Each such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as are customary for similar transactions. 

(e) Closing Certificates. The Administrative Agent shall have received a certificate of the Loan Parties, dated the Effective
Date, substantially in the form of Exhibit K, with appropriate insertions and attachments, executed by any Responsible Officer of each such Loan Party, and attaching a complete and correct copy of the Acquisition Agreement and the

  
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Senior Unsecured Notes Indenture 2013, in each case including all schedules, exhibits, amendments, supplements and modifications thereto and all related material agreements. 

(f) Authorization of Proceedings of Each Loan Party; Corporate Documents. The Administrative Agent shall have received (i) a
copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors or other managers of each Loan Party (or a duly authorized committee thereof) authorizing (A) the execution, delivery
and performance of the Loan Documents (and any agreements relating thereto) to which it is a party and (B) in the case of the Borrower, the extensions of credit contemplated hereunder, (ii) the Certificate of Incorporation and By-Laws,
Certificate of Formation and Operating Agreement or other comparable organizational documents, as applicable, of each Loan Party and a good standing certificate from the secretary of state of its jurisdiction of organization, dated within 30 days of
the Effective Date and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of each Loan Party executing the Loan Documents to which it is a party. 

(g) Representations and Warranties. On the Effective Date, the Business Representations and the Specified Representations shall be
true and correct in all material respects (or if qualified by “materiality,” “material adverse effect” or similar language, in all respects (after giving effect to such qualification)). 

(h) Solvency Certificate. The Lenders shall have received a solvency certificate by the chief financial officer of the Borrower,
certifying as to the financial condition and solvency of the Borrower and its Subsidiaries on a consolidated basis after giving effect to the Transactions, in form and substance reasonably satisfactory to the Lenders. 

(i) Acquisition. Concurrently with the initial Credit Event hereunder, the Acquisition shall have been consummated in accordance
with the terms of the Acquisition Agreement (or the Arrangers shall be reasonably satisfied with the arrangements in place for the consummation of the Acquisition promptly after the initial Credit Event hereunder and shall have received confirmation
from representatives of the Borrower that such actions shall be taken promptly after the initial Credit Event hereunder, with all such consummation to occur on the Effective Date), without giving effect to any alterations, amendments, supplements,
modifications, other changes or express waivers thereto that are materially adverse to the Lenders without the prior written consent of the Majority Lead Arrangers. 
 (j) PATRIOT Act. The Arrangers shall have received such documentation and information as is reasonably requested in writing at least ten (10) Business Days prior to the Effective Date by the
Administrative Agent about the Borrower and the Guarantors to the extent the Administrative Agent and Borrower in good faith mutually agree is required by regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including, without limitation, the PATRIOT Act. 
 (k) Pro Forma Financials. The
Administrative Agent shall have received pro forma balance sheet and related statement of operations of the Borrower and the Target for (i) the fiscal year ended December 31, 2012, (ii) each fiscal quarter ending after
December 31, 2012 and at least 40 days before the Effective Date and (iii) the latest-four-quarter period ending with 

  
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the last fiscal quarter for which such statements are required to be delivered under clause (ii), in each case prepared after giving effect to the Transactions as if the Transactions had occurred
as of such date. 
 (l) Forecasts. The Arrangers and the Lenders shall have received forecasts prepared by management of
the Borrower, each in form reasonably satisfactory to the Arrangers and the Lenders, of balance sheets, income statements and cash flow statements for each quarter for the first two years following the Effective Date and for each of the four years
commencing with the first fiscal year following the Effective Date. 
 (m) Existing Indebtedness. The Administrative
Agent shall have received reasonably satisfactory evidence that, after giving effect to the Transaction, the Borrower and its Subsidiaries shall have outstanding no indebtedness for borrowed money or preferred stock other than (a) the loans and
other extensions of credit under the Credit Facilities and (b) other indebtedness for borrowed money as set forth on Schedule 9.2(d). The Lead Arrangers shall have received reasonably satisfactory evidence that the Existing Credit
Agreements and all other indebtedness shall have been paid in full on the closing of the Facilities. 
 (n) Fees. The
Borrower shall have paid all fees then due to the Administrative Agent, the Lead Arrangers and the Lenders and all expenses to be paid or reimbursed to the Administrative Agent and the Lead Arrangers that have been invoiced at least 3 Business Days
prior to the Effective Date (except as otherwise agreed by the Borrower) from the proceeds of the Borrowings under this Agreement on the Effective Date or otherwise. 
 (o) Approvals. All material governmental and/or regulatory approvals (including approvals from all applicable Gaming Authorities and excluding only the consents and approvals listed on Schedule
6.4 attached hereto) necessary to consummate the transactions contemplated by this Agreement shall have been obtained and be in full force and effect or otherwise applied for or requested (and the Borrower has no reason to believe that they will
not be obtained in due course). 
 (p) Target Company’s Existing Indenture; New Pinnacle Notes Offering. The Fourth
Supplemental Indenture dated as of April 2, 2013 (the “Consent Supplemental Indenture”) among the Target, the guarantors (as defined therein) and Wilmington Trust, National Association, as trustee, (i) remains in full
force and effect and (ii) shall not have been altered, amended or otherwise changed or supplemented or any provision waived or consented to that would be materially adverse to the Lenders or the Lead Arrangers (in their capacity as such)
without the prior written consent of the Original Lead Arrangers and the Majority Lead Arrangers. Concurrently with the closing of the Credit Facilities, the Target shall have delivered written notice to Wilmington Trust, National Association of the
occurrence of the effective time of the Alternative Merger and the Post-Effective Merger (each as defined the Consent Supplement Indenture), pursuant to Section 3.01 of the Consent Supplemental Indenture. On the Effective Date, Target shall
have paid to the paying agent on behalf of Holders (as defined in the Consent Supplemental Indenture) who delivered valid and unrevoked consents to the Waivers (as defined in the Consent Supplemental Indenture) and Amendments (as defined in the
Consent Supplemental Indenture) prior to the Expiration Time (as defined in the Consent Supplemental Indenture) the remaining 50% of the Consent Fee (as defined in the Consent Solicitation 

  
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Statement (as defined in the Consent Supplemental Indenture)). The New Pinnacle Note Offering shall have been consummated and the Borrower shall have received the proceeds of the New Pinnacle
Notes Offering in an aggregate amount of not less than $850,000,000. 
 (q) Borrowing Notice. Prior to the making of the
Loans on the Effective Date, the Administrative Agent shall have received a Borrowing Notice meeting the requirements of Section 2.3. 
 For purposes of determining compliance with the conditions specified in this Section 7.1 on the Effective Date, each Lender that has signed this Agreement shall be deemed to have consented to,
approved or accepted or to be satisfied with, each document or other matter required hereunder or thereunder to be consented to or approved by or be acceptable or satisfactory (or reasonably acceptable or reasonably satisfactory) to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the Effective Date specifying such Lender’s objection thereto. 
 Notwithstanding anything herein to the contrary, it is understood and agreed that, to the extent any Collateral is not provided on the Effective Date after the Borrower’s use of commercially
reasonable efforts to do so, the perfection of a Lien on such Collateral shall not constitute a condition precedent to the availability of the Facility on the Effective Date but shall be required to be delivered after the Effective Date in
accordance with Section 8.13; provided that (a) with respect to perfection of security interests in UCC Filing Collateral, the Borrower shall have delivered all applicable UCC financing statements to the Administrative Agent
or shall have authorized (or shall cause the applicable Subsidiary Guarantor to authorize) the Administrative Agent to file all applicable UCC financing statements, (b) with respect to perfection of security interests in Collateral constituting
Intellectual Property, the Borrower shall have authorized the Administrative Agent (or shall cause the applicable Subsidiary Guarantor to authorize) the Administrative Agent to file all short-form security agreements with the United States Patent
and Trademark Office or the United States Copyright Office, and (c) the Borrower shall have delivered all Stock Certificates to the Administrative Agent. For purposes of this paragraph, “UCC Filing Collateral” means
collateral for which a security interest can be perfected by filing a UCC financing statement. “Stock Certificates” means Collateral consisting of stock certificates representing capital stock of the Borrower and its Domestic
Subsidiaries that are Restricted Subsidiaries for which (i) a security interest can be perfected by delivering such stock certificates and (ii) a security interest is required to be perfected in accordance with the provisions of the
relevant Security Documents. 
 7.2 Conditions Precedent to All Loan Events. Except for the Loans to be made on the
Effective Date, the agreement of each Lender except as specifically contemplated in Section 3, to make any Loan requested to be made by it on any date (excluding Mandatory Borrowings and Revolving Credit Loans required to be made by the
Revolving Credit Lenders in respect of Unpaid Drawings pursuant to Sections 3.3 and 3.4) and the obligation of the Letter of Credit Issuer to issue Letters of Credit on any date is subject to the satisfaction of the following
conditions precedent: 
 (a) No Default; Representations and Warranties. At the time of each Credit Event and also after
giving effect thereto (other than any Credit Event on the Effective Date) (a)

  
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no Default or Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Loan Party contained herein or in the other Loan Documents shall
be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Loan Department (except where such representations and warranties expressly relate to an
earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date). 
 (b) Borrowing Notice; Letter of Credit Request 
 (i) Prior
to the making of each Term Loan, the Administrative Agent shall have received a Borrowing Notice meeting the requirements of Section 2.3. 
 (ii) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to Section 3.4(a)) and each Swing Line Loan, the Administrative Agent shall have
received a Borrowing Notice meeting the requirements of Section 2.3. 
 (iii) Prior to the issuance
of each Letter of Credit, the Administrative Agent and the Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of Section 3.2(a). 

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Loan Party to each of the
Lenders that all the applicable conditions specified in Section 7 above have been satisfied as of that time. 

SECTION 8. 

AFFIRMATIVE COVENANTS 
 The Borrower hereby covenants and agrees that on the Effective Date and thereafter, until the Commitments have been terminated and each Letter of Credit has been Cash Collateralized or back-stopped in a
manner reasonably acceptable to the applicable Letter of Credit Issuer, and the Loans and Unpaid Drawings, together with interest, Fees and all other Obligations incurred hereunder (other than contingent indemnity and other contingent obligations as
to which no claim has been asserted), are paid in full, that the Borrower shall and shall cause each Restricted Subsidiary to: 

8.1 Financial Statements. Furnish to the Administrative Agent (including by e-mail): 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, (i) a copy of the
audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form
the figures as of the end of and for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by a “Big Four” accounting firm or other
independent certified public accountant reasonably acceptable to the Administrative Agent; and (ii) supporting consolidating financial information in a form reasonably acceptable to the Administrative Agent; and 

  
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 (b) as soon as available, but in any event not later than 45 days after the end of each of
the first three quarterly periods of each fiscal year of the Borrower, (i) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated
statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures as of the end of and for the corresponding period in the previous
year, and (ii) supporting consolidating financial information in a form reasonably acceptable to the Administrative Agent, in each case, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); 
 all such financial statements to be complete and correct in all material
respects and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed
therein). 
 8.2 Certificates; Other Information. Furnish to the Administrative Agent: 

(a) concurrently with the delivery of the financial statements referred to in Section 8.1(a), a certificate of the
independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate (it being
understood that such certificate shall be limited to the items that independent certified public accountants are permitted to cover in such certificates pursuant to their professional standards and customs of the profession); 

(b) concurrently with the delivery of any financial statements pursuant to Section 8.1, (i) a certificate of a
Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this
Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and
(ii) in the case of quarterly or annual financial statements, a Compliance Certificate containing all information and calculations necessary for determining compliance by the Borrower and its Subsidiaries with the provisions of this Agreement
referred to therein as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be; 
 (c) as soon
as available, and in any event no later than 70 days after the end of each fiscal year of the Borrower, detailed quarterly consolidated budgets for such fiscal year (including quarterly projected consolidated balance sheets of the Borrower and its
consolidated Subsidiaries as of the end of the following fiscal year, and the related quarterly consolidated statements of projected cash flow, quarterly projected changes in financial position and quarterly projected income), and, as soon as
available, significant revisions, if any, of such budget and projections for such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating
that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 

  
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 (d) if the Borrower is not required to file financial statements with the SEC, within 45
days after the end of each fiscal quarter of the Borrower, a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its consolidated Subsidiaries for such fiscal quarter and for the period from the
beginning of the then current fiscal year to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year; 

(e) within five days after the same are sent, copies in electronic form (or if such statements are publicly available, notice via
electronic mail of such availability) of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, notification via
electronic mail of all financial statements and reports that the Borrower makes to, or files with, the SEC; 
 (f) promptly,
such additional financial and other information as any Lender may from time to time reasonably request; 
 (g) upon request by
the Administrative Agent and/or any Lender, copies of (i) any annual report filed in connection with each Single Employer Plan, (ii) all notices received by Borrower, any Subsidiary or any Commonly Controlled Entity from a Multiemployer
Plan sponsor or the PBGC concerning an ERISA Event, and (iii) such other documents or governmental reports or filings relating to any Plan as the Administrative Agent and/or any Lender shall reasonably request; 

(h) concurrently with the delivery of the financial statements referred to in Section 8.1(a), a certificate of a Responsible
Officer providing a report on any developments and improvements on any real property owned or leased by the Loan Parties that occurred in the past fiscal year, to the extent that such developments and/or improvements result in (i) any fee
interest in any real property having a book value (together with improvements thereon) of at least $20,000,000 or (ii) any interest in any real property being used as part of an operating gaming facility of the Loan Parties, the absence of
which could reasonably be expected to have a material adverse effect on the ability of the Loan Parties to operate such facility (including the gaming operations and any ancillary services provided, or to be provided, in connection with such
facility), promptly deliver to the Administrative Agent each of the items set forth in Sections 7.1(b)(ii), (iv – x), pursuant to and in accordance with Section 8.10(b); and 

(i) if all or any portion of the Condo Component is to be developed by the Borrower or any of its Restricted Subsidiaries, as soon as
practicable, the Borrower shall deliver to the Administrative Agent, with respect to the Condo Component, the following information and materials (collectively, the “Condo Information Package”): 

(i) the construction budget, the construction timetable and the construction plans and specifications; and 

(ii) the organizational documents of any Person formed as a Restricted Subsidiary to own and/or develop the Condo
Component. 

  
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 The Borrower shall cause representatives of the Borrower to be available to discuss the
Condo Information Package (and its contents) with the Administrative Agent, and shall attempt to answer and resolve any questions the Administrative Agent may have concerning the Condo Information Package. 

8.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the
case may be, all its material obligations of whatever nature, except (a) where the amount or validity thereof is currently being contested in good faith by appropriate proceedings, if any, and reserves in conformity with GAAP with respect
thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be or (b) to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect. 

8.4 Conduct of Business and Maintenance of Existence, Etc.. 

(a) (i) Preserve, renew and keep in full force and effect its corporate or other existence and (ii) take all reasonable action to
maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 9.4 and except, in the case of clause (ii) above, to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (b) Comply with all Contractual
Obligations and Requirements of Law, except (i) to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, or (ii) with respect to Contractual Obligations and/or
Requirements of Law being diligently contested in good faith and by appropriate proceedings; provided, that the result of such contest could not reasonably be expected to have a Material Adverse Effect. 

(c) Conduct the operations of the Property subject to the Indiana Power of Attorney (the “Indiana Gaming Property”) in a
manner so as to avoid any authorization by the Indiana Gaming Commission for the trustee under the Indiana Power of Attorney to conduct the operations at the Indiana Gaming Property unless such authorization and conducting of business could not
reasonably be expected to have a Material Adverse Effect. 
 8.5 Maintenance of Property; Insurance. 

(a) Except as in the aggregate could not reasonably be expected to result in a Material Adverse Effect, keep all Property and systems
useful and necessary in its business in good working order and condition, ordinary wear and tear excepted. 
 (b) Maintain with
financially sound and reputable insurance companies insurance on all its Property in at least such amounts and against at least such risks (but including in any event public liability and business interruption) as are usually insured against in the
same general area by companies engaged in the same or a similar business. 
 (c) If at any time a parcel of any improved
Mortgaged Property is designated as (i) a Flood Zone, then Administrative Agent shall have received and the Borrower shall maintain or cause its applicable Subsidiary to maintain a policy of flood insurance in accordance

  
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with Section 7.1(b)(viii) or (ii) being in a “Zone 3” or “Zone 4” area and having a probable maximum loss in excess of twenty percent (20%), such
probable maximum loss to be determined by an engineering firm reasonably acceptable to the Administrative Agent, obtain earthquake insurance in such total amount as the Administrative Agent or the Required Lenders may from time to time reasonably
require. 
 (d) With respect to any Mortgaged Property, carry and maintain comprehensive general liability insurance including
the “broad form CGL endorsement” and coverage on an occurrence basis against claims made for personal injury (including bodily injury, death and property damage) and umbrella liability insurance against any and all claims, in no event for
a combined single limit of less than that which is customary for companies in the same or similar businesses operating in the same or similar locations, naming the Administrative Agent as loss payee and mortgagee, on forms reasonably satisfactory to
the Administrative Agent. Unless the Administrative Agent shall have received from the Borrower evidence satisfactory to the Administrative Agent of the insurance coverage required by this Agreement, the Administrative Agent may purchase such
insurance at the Borrower’s expense. 
 8.6 Inspection of Property; Books and Records; Discussions. (a) keep
proper books of records and accounts in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to the business and activities of the Borrower and its
consolidated Subsidiaries and (b) subject to any Gaming Laws restricting such actions, permit representatives of any Lender, coordinated through the Administrative Agent, to visit and inspect any of its properties and examine and make abstracts
from any of its books and records at any reasonable time and, if no Default or Event of Default has occurred, upon reasonable advance notice and as often as may reasonably be desired and to discuss the business, operations, properties and financial
and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants. 

8.7 Notices. Promptly give notice to the Administrative Agent of: 

(a) the occurrence of any Default or Event of Default; 
 (b) any (i) default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time
between the Borrower or any of its Subsidiaries and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect; 

(c) any litigation or proceeding which, if adversely determined against the Borrower or any of its Restricted Subsidiaries in which the
amount involved is $75,000,000 or more and not covered by insurance or which could reasonably be expected to have a Material Adverse Effect (after giving effect to applicable insurance coverage); 

(d) the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof:
(i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any material required contribution to a Plan, the 

  
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creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings
or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; 

(e) in any event within ten days of obtaining knowledge thereof, the issuance of any authorization by the Indiana Gaming Commission for
the trustee under the Indiana Power of Attorney to conduct the operations at the Indiana Gaming Property; 
 (f) promptly, and
in any event within thirty (30) days after any officer of Borrower, any Subsidiary or any Commonly Controlled Entity obtains knowledge thereof, of the occurrence of any ERISA Event, to the extent such event could reasonably be expected to
result in material liability to Borrower, and Subsidiary or any Commonly Controlled Entity, specifying the nature thereof, any action that any such party has taken, is taking, or proposes to take with respect thereto, and, when known, any action
taken or threatened to be taken by the IRS, Department of Labor or PBGC pertaining thereto; and 
 (g) in any event within ten
days of obtaining knowledge thereof, any development, event, or condition that, individually or in the aggregate with other developments, events or conditions, could reasonably be expected to result in a Material Adverse Effect. 

Each notice pursuant to this Section 8.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence
referred to therein and stating what action the Borrower or the relevant Restricted Subsidiary proposes to take with respect thereto. 
 8.8 Environmental Laws. 
 (a) Except as in the aggregate could not
reasonably be expected to result in a Material Adverse Effect, comply in all material respects with, and ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
in all material respects with and maintain, and ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable
Environmental Laws. 
 (b) Except as in the aggregate could not reasonably be expected to result in a Material Adverse Effect,
conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all
Governmental Authorities regarding Environmental Laws. 
 8.9 Control Agreements. Not later than 30 days after delivery
of a written request from either the Administrative Agent or the Arrangers (which request can only be delivered if an Event of Default has occurred and is continuing), enter into a control agreement, in form and substance reasonably satisfactory to
the Arrangers and the Administrative Agent, with respect to each Deposit Account (as defined in the UCC) and each Securities Account (as defined in the UCC) of the Borrower and the Restricted Subsidiaries, each such control agreement to be among the
Administrative Agent, the Borrower or Restricted Subsidiary that is the holder of 

  
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the applicable Deposit Account or Securities Account and the financial institution at which such Deposit Account or Securities Account is maintained 

8.10 Additional Collateral, Etc.. 
 (a) With respect to any Property that is of the type that would otherwise be subject to Liens created under the Security Documents and is acquired after the Effective Date by any Loan Party (other than
(w) any Property described in paragraph (b) or paragraph (c) of this Section; (x) any Property, the pledge of which requires a consent of a third party that has not been obtained; provided, that the Borrower and/or the
applicable Loan Party has taken commercially reasonable efforts to obtain such consent; (y) any Property subject to a Lien expressly permitted by Section 9.3(g), (h) and (s); and (z) any interest in any real
property) and subject to compliance with applicable Gaming Laws (which the Borrower agrees and agrees to cause the applicable Loan Party to pursue approvals to permit any such pledges) as to which the Administrative Agent, for the benefit of the
Lender Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Administrative Agent such amendments to the Security Documents (provided, that amendments to intellectual property collateral assignments with respect to
any intellectual property that is newly developed, acquired or otherwise obtained during any fiscal quarter shall be executed and delivered to the Administrative Agent with the Compliance Certificate delivered in respect of such fiscal quarter, but
solely to the extent the Borrower has actual knowledge of such intellectual property within ten (10) Business Days prior to the date such Compliance Certificate is required to be delivered) or such other documents as the Administrative Agent
deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lender Parties, a security interest in such Property, and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the
benefit of the Lender Parties, a perfected first priority security interest in such Property (subject only to Liens permitted pursuant to Section 9.3 of this Agreement), including without limitation, the filing of Uniform Commercial Code
financing statements in such jurisdictions as may be required by the Security Documents or by law or as may be requested by the Administrative Agent; provided, (1) if the Borrower gives notice that a Property acquired after the Effective
Date will be used for the Condo Component, the Borrower will have thirty (30) days to execute and deliver to the Administrative Agent such amendments to the Security Documents or such other documents as the Administrative Agent deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the Lender Parties, a security interest in such Property, and (2) if such Property is transferred in a transaction permitted pursuant to Section 9.7(n), no such
security interest shall be required. 
 (b) With respect to (x) any fee interest in any real property having a value
(together with improvements thereof) of at least $20,000,000, (y) any leasehold interest in any real property pursuant to leases entered into by any Loan Party, as a tenant, with gross annual rent payments for each lease in excess of $8,000,000
and a term in excess of three (3) years, and (z) any interest in real property used as part of an operating gaming facility of the Loan Parties, the absence of which could reasonably be expected to have a material adverse effect on the
ability of the Loan Parties to operate such facility (including the gaming operations and any ancillary services provided, or to be provided, in connection with such facility), as applicable, in the case of each of clauses (x), (y) and (z),
acquired or entered into after the Effective Date by the Loan Parties (other than (w) any leasehold interests with respect to solely office space; 

  
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(x) any leasehold interest if the granting of a mortgage requires a consent of a third party that has not been obtained; provided, that the Borrower and/or the applicable Loan Party
has taken commercially reasonable efforts to obtain such consent; (y) any leasehold interest if a memorandum of lease for such leasehold has not been recorded; provided, that the Borrower and/or the applicable Loan Party has taken
commercially reasonable efforts to obtain such memorandum of lease; and (z) any such real property subject to a Lien expressly permitted by Section 9.3(g) and Section 9.3(h)), promptly deliver to the Administrative Agent
each of the items set forth in Sections 7.1(b)(ii), (iv – x); provided, if the Borrower gives notice that a Property acquired after the Effective Date will be used for the Condo Component, the Borrower will have thirty
(30) days to execute and deliver to the Administrative Agent such amendments to the Security Documents or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the
Lender Parties, a security interest in such Property and if such Property is transferred in a transaction permitted pursuant to Section 9.7(n), no such security interest shall be required. 

(c) With respect to any new Domestic Restricted Subsidiary (other than an Immaterial Subsidiary) created or acquired after the Effective
Date and, to the extent that it would not result in an adverse tax, foreign gaming or foreign law consequence that is material for or with respect to such Subsidiary, any new Foreign Restricted Subsidiary created or acquired after the Effective Date
(which in each case, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Unrestricted Subsidiary by designation or otherwise) and subject to compliance with applicable Gaming Laws (which the Borrower agrees
and agrees to cause the applicable Loan Party to pursue approvals to permit any such security interests), by any Loan Party, promptly (i) execute and deliver to the Administrative Agent such amendments to the Security Documents as the
Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lender Parties, a perfected first priority security interest in the Capital Stock of such new Domestic Restricted Subsidiary (subject only
to Liens permitted pursuant to Section 9.3 of this Agreement) and in the 66% of the total outstanding Capital Stock of such new Foreign Restricted Subsidiary, (ii) upon receipt of any approvals of the applicable Gaming Boards
required in connection with the pledge of such Capital Stock, deliver to the Administrative Agent the certificates representing such Capital Stock that are securities under Section 8-102(a)(15) of the UCC, together with undated stock powers or
assignments, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Loan Documents and (B) to take such
actions necessary or advisable to grant to the Administrative Agent for the benefit of the Lender Parties a perfected first priority security interest in the Collateral described in the Security Documents with respect to such new Subsidiary (subject
only to Liens permitted pursuant to Section 9.3 of this Agreement), including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Documents or by law or
as may be requested by the Administrative Agent, and (iv) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters opined on with respect to the original version of the Loan
Documents delivered by the Borrower, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

  
 115

 (d) With respect to any new Unrestricted Subsidiary (other than (x) the Foreign
Unrestricted Subsidiaries and (y) to the extent actions described herein are prohibited by the terms of the formation or organizational documents of an Unrestricted Subsidiary or agreements by which such Unrestricted Subsidiary or its assets
are bound, the Unrestricted Subsidiaries created or acquired for purposes of the transactions permitted under Section 9.7(l), (n) and (s) created or acquired after the Effective Date by the Borrower or any of its
Restricted Subsidiaries, and subject to compliance with applicable Gaming Laws (which the Borrower agrees and agrees to cause the applicable Unrestricted Subsidiary to pursue approvals to permit any such pledges), promptly (i) execute
and deliver to the Administrative Agent such amendments to the Loan Documents or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lender Parties, a
perfected first priority security interest in the Capital Stock of such new Domestic Unrestricted Subsidiary, (ii) upon receipt of any approvals of the applicable Gaming Boards required in connection with the pledge of such Capital Stock,
deliver to the Administrative Agent the certificates representing such Capital Stock that are securities under Section 8-102(a)(15) of the UCC, together with undated stock powers or assignments, in blank, executed and delivered by a duly
authorized officer of the Borrower or such Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and
(iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters opined on with respect to the original version of loan documents delivered by the Borrower, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 (e) With respect to
any material third party agreements or material entitlements that do not attach to the real property entered into or received by the Borrower or any of its Restricted Subsidiaries in connection with the construction of any Unfinished Project, use
best efforts to promptly execute and deliver to the Administrative Agent such collateral assignment of the applicable third party agreement or entitlement in a form as is reasonably acceptable to the Administrative Agent. 

(f) The provisions of this Section 8.10 shall not apply to assets as to which the Administrative Agent determines in its sole
discretion that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the value of the security afforded thereby. 
 8.11 OFAC and Anti-Corruption Provisions. 
 (a) Borrower shall not, and
shall ensure that none of its affiliated companies will, directly or indirectly use the proceeds of the Loans and the New Pinnacle Notes Offering: (i) for any purpose which would breach the U.K Bribery Act 2010, the United States Foreign
Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions, (ii) to fund, finance or facilitate any activities, business or transaction of or with any Designated Person or in any Sanctioned Country, or otherwise in
violation of Sanctions, as such Sanctions Lists or Sanctions are in effect from time to time; or (iii) in any other manner that will result in the violation of any applicable Sanctions by the Administrative Agent. 

  
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 (b) Borrower and its Subsidiaries shall not, and shall use its commercially reasonable
efforts to ensure that none of its affiliated companies will, use funds or assets obtained directly or indirectly from transactions with or otherwise relating to (i) Designated Persons, or (ii) any Sanctioned Country, to pay or repay any
amount owing to the Lenders under this Agreement or to holders of the notes under the New Pinnacle Notes Offering. 
 (c)
Borrower and its Subsidiaries shall, and shall use its commercially reasonable efforts to ensure that each of its affiliated companies will: 
 (i) conduct its business in compliance with Anti-Corruption Laws; 

(ii) maintain policies and procedures designed to promote and achieve compliance with Anti-Corruption Laws; and

 (iii) have appropriate controls and safeguards in place designed to prevent any proceeds of any Loan or the
New Pinnacle Notes Offering from being used contrary to the representations and undertakings set forth herein. 
 (d) Borrower
shall and its Subsidiaries shall, and shall use its commercially reasonable efforts to ensure that each of its affiliated companies will: comply in all material respects with all foreign and domestic laws, rules and regulations (including the USA
Patriot Act, foreign exchange control regulations, foreign asset control regulations and other trade-related regulations) now or hereafter applicable to the Loans or the New Pinnacle Notes Offering, the transactions underlying such Loans or the New
Pinnacle Notes Offering or Borrower’s execution, delivery and performance of the Loan Documents. 
 8.12 Compliance with
FTC Order. Comply in all material respects with the requirements of the FTC Order. 
 8.13 Post-Closing Matters.
Notwithstanding anything to the contrary in this Agreement, the parties hereto agree that certain of the conditions precedent in Section 7.1 and listed in Schedule 8.13 were not satisfied as of the Effective Date, and the Lenders
hereby waive any such condition in exchange for Borrower’s agreement in the next sentence. Borrower shall, and shall ensure that each of the Restricted Subsidiaries shall, execute and deliver the documents and complete the tasks set forth on
Schedule 8.13, in each case within the time limits specified on such Schedule (as each such period may be extended by the Administrative Agent). 
 8.14 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the
Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent and the
Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the Borrower or any Restricted Subsidiary which may be deemed
to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent,
approval, 

  
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recording, qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications,
instruments and other documents and papers that the Administrative Agent or such Lender may be required to obtain from the Borrower or any of its Restricted Subsidiaries for such governmental consent, approval, recording, qualification or
authorization. 
 SECTION 9. 
 NEGATIVE COVENANTS 
 The Borrower hereby covenants and agrees that on the
Effective Date (immediately after consummation of the Acquisition) and thereafter, until the Commitments have been terminated and each Letter of Credit has been Cash Collateralized or back-stopped in a manner reasonably acceptable to the applicable
Letter of Credit Issuer, and the Loans and Unpaid Drawings, together with interest, Fees and all other Obligations incurred hereunder (other than contingent indemnity and other contingent obligations as to which no claim has been asserted), are paid
in full, the Borrower shall not, and shall not permit any Restricted Subsidiary to: 
 9.1 Financial Condition Covenants.
So long as any Revolving Credit Commitments are outstanding: 
 (a) Consolidated Senior Secured Debt Ratio. Permit the
Consolidated Senior Secured Debt Ratio as of the last day of any four consecutive fiscal quarter period of the Borrower and its Restricted Subsidiaries ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such
fiscal quarter: 
  

			
	 Fiscal Quarter Ending
	  	Maximum Senior
Secured Debt 
Ratio
	 September 30, 2013
	  	3.50 to 1.00
	 December 31, 2013
	  	3.50 to 1.00
	 March 31, 2014
	  	3.50 to 1.00
	 June 30, 2014
	  	3.50 to 1.00
	 September 30, 2014
	  	3.25 to 1.00
	 December 31, 2014
	  	3.00 to 1.00
	 March 31, 2015
	  	3.00 to 1.00
	 June 30, 2015
	  	2.75 to 1.00
	 September 30, 2015
	  	2.75 to 1.00
	 December 31, 2015
	  	2.75 to 1.00
	 March 31, 2016
	  	2.75 to 1.00
	 June 30, 2016
	  	2.75 to 1.00

  
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	 Fiscal Quarter Ending
	  	Maximum Senior
Secured Debt 
Ratio
	 September 30, 2016
	  	2.75 to 1.00
	 December 31, 2016
	  	2.75 to 1.00
	 March 31, 2017
	  	2.75 to 1.00
	 June 30, 2017
	  	2.75 to 1.00
	 September 30, 2017
	  	2.75 to 1.00
	 December 31, 2017 and each fiscal quarter thereafter
	  	2.75 to 1.00

 (b) Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio as of the last
day of any four consecutive fiscal quarter period of the Borrower and its Restricted Subsidiaries ending with any fiscal quarter set forth below to exceed the ratio set forth below opposite such fiscal quarter: 

 

			
	 Fiscal Quarter Ending
	  	Maximum Consolidated
Total Leverage
Ratio
	 September 30, 2013
	  	8.00 to 1.00
	 December 31, 2013
	  	8.00 to 1.00
	 March 31, 2014
	  	8.00 to 1.00
	 June 30, 2014
	  	7.75 to 1.00
	 September 30, 2014
	  	7.75 to 1.00
	 December 31, 2014
	  	7.50 to 1.00
	 March 31, 2015
	  	7.25 to 1.00
	 June 30, 2015
	  	7.00 to 1.00
	 September 30, 2015
	  	6.75 to 1.00
	 December 31, 2015
	  	6.25 to 1.00
	 March 31, 2016
	  	6.25 to 1.00
	 June 30, 2016
	  	6.00 to 1.00
	 September 30, 2016
	  	5.75 to 1.00
	 December 31, 2016
	  	5.50 to 1.00
	 March 31, 2017
	  	5.25 to 1.00
	 June 30, 2017
	  	5.00 to 1.00
	 September 30, 2017
	  	5.00 to 1.00

  
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	 Fiscal Quarter Ending
	  	Maximum Consolidated
Total Leverage
Ratio
	 December 31, 2017 and each fiscal quarter thereafter
	  	5.00 to 1.00

 (c) Minimum Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio
for any period of four consecutive fiscal quarters of the Borrower and its Restricted Subsidiaries to be less than 2.00 to 1.00; 
 (d) The provisions of this Section 9.1 are solely for the benefit of the Revolving Credit Lenders and, notwithstanding anything to the contrary in this Agreement, the Required Revolving Credit
Lenders may (a) amend or otherwise modify this Section 9.1 or, solely for purposes of Sections 9.1(a), (b) or (c), the defined terms used, directly or indirectly, herein or (ii) waive any noncompliance with Sections 9.1(a),
(b) or (c) or any Event of Default resulting from any such noncompliance, in each case, without the consent of any other Lenders. 
 9.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 
 (b)
Indebtedness of (i) the Borrower to any Subsidiary, (ii) any Wholly Owned Subsidiary Guarantor to the Borrower or any other Wholly Owned Subsidiary Guarantor, and (iii) any Restricted Subsidiary that is not a Wholly Owned Subsidiary
Guarantor to any other Restricted Subsidiary that is not a Wholly Owned Subsidiary Guarantor; provided any such Indebtedness is unsecured and subordinated to the Obligations in a manner satisfactory to the Administrative Agent; 

(c) (i) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by
Section 9.3(g)(g) and (ii) Indebtedness of any Person that becomes a direct or indirect Subsidiary of the Borrower after the Effective Date in an acquisition, provided such Indebtedness existed prior to the time such Person
becomes a Subsidiary and neither the Borrower nor any other Loan Party (other than the newly acquired Subsidiary) is liable for such Indebtedness; provided, that the aggregate principal amount of Indebtedness permitted pursuant to this
Section 9.2(c) shall not exceed $100,000,000 at any time outstanding; 
 (d) Indebtedness outstanding on the date
hereof and listed on Schedule 9.2(d); 
 (e) Guarantee Obligations made by Borrower or any of its Restricted Subsidiaries
of obligations of (i) the Borrower or any Restricted Subsidiary or (ii) any Unrestricted Subsidiary; provided, that the aggregate amount of Guarantee Obligations permitted under this clause (ii) shall not exceed $75,000,000 at
any time outstanding; 
 (f) (i) Indebtedness of the Borrower in respect of the Existing Subordinated Obligations and
(ii) Guarantee Obligations of any Subsidiary Guarantor in respect of such 

  
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Indebtedness; provided, that such Guarantee Obligations are subordinated to the obligations of such Subsidiary Guarantor under the Security Documents to the same extent as the obligations
of the Borrower in respect of the Existing Subordinated Obligations are subordinated to the Obligations; 
 (g) New Subordinated
Obligations (and Guarantee Obligations of any Subsidiary Guarantor in respect of such Indebtedness), provided, that after giving effect to the incurrence of such Indebtedness and the application of the proceeds thereof on the date of such
incurrence (treating (x) any Indebtedness paid or prepaid with such proceeds as being paid or prepaid on the date of such incurrence if an irrevocable notice of payment or prepayment is given on the date of such incurrence and such payment or
prepayment occurs on or prior to five (5) Business Days after such incurrence and (y) any net proceeds not applied to pay Indebtedness as an increase in Cash of the Person holding such Cash), the Consolidated Total Leverage Ratio
(calculated pro forma as if such incurrence and application (including any increase in Cash) has occurred as of the last day of the most recent fiscal quarter for which financial statements have been delivered or required to be delivered
pursuant to Section 6.1(a) or Section 6.1(b)) shall not be higher than 0.25 less than the level required for such fiscal quarter pursuant to Section 9.1(b); 

(h) New Subordinated Obligations and/or Permitted Refinancing Subordinated Obligations (and Guarantee Obligations of any Subsidiary
Guarantor in respect of such Indebtedness), all of the Net Cash Proceeds of which are used to refinance (including pursuant to a tender, redemption, exchange or other replacement) Term Loans, Revolving Credit Loans, Subordinated Obligations,
Permitted Senior Unsecured Obligations or Permitted Refinancing Subordinated Obligations (and all interest and expenses incurred in connection therewith); 
 (i) to the extent not available from the Lenders, (x) Guarantee Obligations with respect to commercial letters of credit up to an aggregate amount not to exceed $50,000,000 at any one time
outstanding so long as (i) such Indebtedness is incurred in the ordinary course of business and (ii) such Indebtedness is incurred for the purpose of effecting payment for goods or services required by the Borrower or any of its Restricted
Subsidiaries, and (y) Guarantee Obligations with respect to standby letters of credit up to an aggregate amount of $13,500,000 at any time one outstanding; 
 (j) Deferred compensation payable to employees, officers and/or directors in accordance with the terms of the Deferred Compensation Plan; 

(k) any Indebtedness incurred in accordance with Section 2.13; 

(l) Indebtedness incurred pursuant to Section 4.21.3 of the Redevelopment Agreement in an aggregate principal amount not to
exceed $10,000,000 at any one time outstanding; 
 (m) Indebtedness incurred in connection with the purchase, equipping,
furnishing and/or refurbishing of one or more aircraft in an aggregate principal amount not to exceed $20,000,000 at any one time outstanding; 

  
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 (n) (i) Indebtedness of the Borrower in respect of the Existing Senior Unsecured Obligations
or Permitted Senior Unsecured Obligations and (ii) Guarantee Obligations of any Subsidiary Guarantor in respect of such Existing Senior Unsecured Obligations or Permitted Senior Unsecured Obligations; provided, that (x) after giving
effect to the incurrence of such Indebtedness and the application of the proceeds thereof on the date of such incurrence (treating (A) any Indebtedness paid or prepaid with such proceeds as being paid or prepaid on the date of such incurrence
if an irrevocable notice of payment or prepayment is given on the date of such incurrence and such payment or prepayment occurs on or prior to five (5) Business Days after such incurrence and (B) any net proceeds not applied to pay
indebtedness as an increase in Cash of the Person holding such Cash), the Consolidated Total Leverage Ratio (calculated pro forma as if such incurrence and application (including any increase in Cash) has occurred as of the last day of the
most recent fiscal quarter for which financial statements have been delivered or required to be delivered pursuant to Section 8.1(a) or Section 8.1(b)) shall not be higher than 0.25 less than the level required for such
fiscal quarter pursuant to Section 9.1(b); and (y) unless the Consolidated Total Leverage Ratio (calculated pro forma as if such incurrence and application (including any increase in Cash) has occurred as of the last day of
the most recent fiscal quarter for which financial statements have been delivered or required to be delivered pursuant to Section 8.1(a) or Section 8.1(b)) is less than 6.00 to 1.00, the aggregate principal amount of
Indebtedness under this clause (n) shall not exceed $3,500,000,000; 
 (o) Indebtedness to the applicable franchisor or
manager for funds advanced on behalf of, or obligations owed by, the Borrower or any Restricted Subsidiary pursuant to any Hotel Agreements; and 
 (p) Indebtedness respecting obligations of the Borrower or any Restricted Subsidiary to reimburse a Person who is not an Affiliate for amounts paid for options on land that such Person will be
transferring to the Borrower or one of its Restricted Subsidiaries for development; provided, that the aggregate principal amount of Indebtedness outstanding under this clause (p) shall not exceed $30,000,000 at any time; 

(q) Indebtedness of the Borrower or any Subsidiary of the Borrower owed for property, casualty or liability insurance, so long as such
Indebtedness shall be incurred only to defer the cost of such insurance for the year in which such Indebtedness is incurred; and 
 (r) Indebtedness not otherwise permitted by this Section 9.2, so long as the aggregate principal amount of Indebtedness outstanding under this clause (r) shall not exceed $125,000,000 at
any time. 
 9.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether
now owned or hereafter acquired, except for: 
 (a) Liens for taxes, assessments and other similar governmental charges not yet
due or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Restricted Subsidiaries, as the case may be, in conformity with
GAAP; 

  
 122

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business or in connection with the projects which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings;

 (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation; 
 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases,
statutory or regulatory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (e) easements, rights-of-way, encroachment, title defects, restrictions and other similar encumbrances created or suffered in the ordinary course of business or incurred in permitted real estate
development activities (including, without limitation in connection with obtaining the necessary approvals to develop any Unfinished Project); 
 (f) Liens in existence on the date hereof listed on Schedule 9.3(f); 
 (g)
Liens securing Indebtedness of the Borrower or any other Restricted Subsidiary incurred pursuant to Section 9.2(c) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created
substantially simultaneously with the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any Property other than the Property financed by such Indebtedness, (iii) the amount of Indebtedness secured
thereby is not increased and (iv) the amount of Indebtedness initially secured thereby is not less than 75%, or more than 100% of the purchase price of such fixed or capital asset; 

(h) any Lien to secure Indebtedness permitted pursuant to Section 9.2(c)(ii); provided, that (i) such Lien is on
Property of a Person existing at the time such Person becomes a Subsidiary or is merged into or consolidated with the Borrower or any Restricted Subsidiary; (ii) such Lien was not created in contemplation of the acquisition of, merger or
consolidation with or investment in such Person and (iii) such Lien does not extend to any assets other than those of the Person subject to such acquisition, merger, consolidation or investment; 

(i) Liens created pursuant to the Security Documents; 
 (j) any lease affecting Property owned by the Borrower or any other Subsidiary entered into, assumed or otherwise acquired in the ordinary course of its business and covering only the assets so leased;

 (k) Liens on Cash deposited to secure reimbursement obligations under commercial letters of credit permitted under
Section 9.2(i), so long as the amount of Cash subject to any such Lien does not exceed 110% of the amount of the Indebtedness secured thereby; 
 (l) Intellectual Property rights granted by the Borrower or a Restricted Subsidiary not interfering in any material respect with the ordinary conduct of the business of the Borrower or the Restricted
Subsidiaries, taken as a whole; 

  
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 (m) any attachment or judgment Lien not constituting an event of default under
Section 10.7; 
 (n) Liens arising from the filing of UCC financing statements relating solely to leases permitted
by this Agreement; 
 (o) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods; 
 (p) any zoning or similar law or right reserved to or vested in
any Governmental Authority to control or regulate the use of any real property which does not materially interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole; 

(q) Liens reflected as exceptions on the title policies issued or endorsed to the Administrative Agent on the Effective Date as
contemplated under Section 7.1(b)(iv), or in connection with Property acquired or mortgaged after the Effective Date, on title policies issued or endorsed pursuant to Section 8.10; 

(r) [Reserved]; 

(s) Liens securing Indebtedness of the Borrower or any other Restricted Subsidiary incurred pursuant to Section 9.2(m),
provided that (i) such Liens do not at any time encumber any Property other than the Property financed or refinanced by such Indebtedness, and (ii) the amount of Indebtedness initially secured thereby is not more than 100% of fair
market value of such fixed or capital asset; 
 (t) Earnest money or other deposits in Cash or Cash Equivalents for transactions
permitted under this Agreement; 
 (u) Liens not otherwise permitted by this Section 9.3 so long as (i) such
Liens do not secure funded Indebtedness and (ii) the aggregate outstanding amount of the obligations secured thereby does not exceed $50,000,000 at any one time outstanding; 

(v) [Reserved]; 

(w) Lien securing Indebtedness permitted pursuant to Section 9.2(o) or other obligations owed to the applicable franchisor or
manager pursuant to any Hotel Agreements; 
 (x) Liens on incurred premiums, dividends and rebates which may become payable
under insurance policies and loss payments which reduce the incurred premiums on such insurance policies securing financing of the premiums with respect thereto to the extent such Indebtedness is permitted to be incurred pursuant to
Section 9.2(q); 
 (y) Any preferential arrangement in favor of the trustee under the Indiana Power of Attorney
created by the execution and delivery of the Indiana Power of Attorney; provided, however, that the Indiana Power of Attorney may not create any other Lien or otherwise constitute or result in a Default or Event of Default; and

  
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 (z) Liens required in connection with the FTC Order. 

9.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that: 
 (a) any Person may be merged, consolidated or amalgamated with or into the Borrower (provided that the Borrower shall be the continuing or surviving entity and the Borrower shall comply with
Section 8.14 in connection therewith) or with or into any Subsidiary Guarantor (provided that (i) the Subsidiary Guarantor shall be the continuing or surviving entity or (ii) simultaneously with such transaction, the
continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section 8.10 and Section 8.14 in connection therewith) and any Immaterial Subsidiary may be merged, consolidated or
amalgamated with or into any Immaterial Subsidiary; 
 (b) any Restricted Subsidiary of the Borrower may liquidate, wind up,
dissolve or cease to exist or may Dispose of any or all of its assets to the Borrower or any Restricted Subsidiary; 
 (c) a
conversion of any Restricted Subsidiary to another form of organization when no Default or Event of Default exists or would result therefrom; provided, that the Borrower and such Restricted Subsidiary execute any assumption documents
reasonably requested by the Administrative Agent to continue the perfection of Liens granted pursuant to the Loan Documents and to continue all other obligations under the Loan Documents to which such Restricted Subsidiary was a party; 

(d) any Immaterial Subsidiary may be liquidated or dissolved or otherwise cease to exist; and 

(e) any Person may merge, consolidate, amalgamate, liquidate, dissolve or Dispose of all or substantially all of its assets in a
transaction that is a Disposition, or a series of transactions that are Dispositions, permitted pursuant to Section 9.5 (other than Section 9.5(c)). 
 9.5 Limitation on Disposition of Property. Dispose of any of its Property (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the
case of any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Capital Stock to any Person, except: 
 (a) the Disposition of personal property that is no longer used or useful in the ordinary course of business; 
 (b) the Disposition of Cash or Cash Equivalents and the sale of inventory in the ordinary course of business; 
 (c) Dispositions permitted by Section 9.4; 
 (d) Dispositions by the
Borrower or a Restricted Subsidiary to the Borrower or another Restricted Subsidiary; 

  
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 (e) Dispositions of any Investment in an Unrestricted Subsidiary; 

(f) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor and the sale or issuance of
any Immaterial Subsidiary’s Capital Stock to any Immaterial Subsidiary; 
 (g) any Designated Asset Sale, provided
that a Fair Value Determination has been made with respect to such Disposition; 
 (h) Dispositions of Property, not otherwise
permitted under this Section 9.5, in any one transaction or series of related transactions having a value not in excess of $25,000,000, and having an aggregate value not in excess of $50,000,000 in any fiscal year and not in excess of
$150,000,000 during the term of this Agreement; 
 (i) any Recovery Event, provided, that the requirements of
Section 5.2(d) are complied with in connection therewith; 
 (j) any Disposition of any Investment permitted
pursuant to Section 9.7(k); 
 (k) any Disposition constituting any lease otherwise permitted under
Section 9.3(j) 
 (l) any Disposition of Intellectual Property otherwise permitted under Section 9.3(l);

 (m) any Disposition of all or any portion of the Property comprising the Condo Component, provided that a Fair Value
Determination has been made with respect to such Disposition; 
 (n) dedications of rights of way, easements or other
development concessions made by Borrower or its Restricted Subsidiaries as necessary, otherwise desirable, or as may be required in connection with obtaining the necessary approvals to develop, or as otherwise may be desirable to improve or remodel
any Property; 
 (o) any Disposition of one or more aircraft; 

(p) any Disposition of all or any portion of the Undeveloped Land; 

(q) any Disposition of all or any portion of the STAR and TIF Bonds; 

(r) any Required Asset Sale and any actions related thereto for purposes of compliance with the FTC Order; 

(s) any Disposition of one or more of the Properties including by merger of a Subsidiary owning any such Properties, provided that
(a) the aggregate amount of the net sale proceeds received from all such Dispositions shall not exceed $500,000,000, (b) the Borrower or its Subsidiaries, as the case may be, receives consideration for such Disposition at least equal to
the Fair Market Determination of the assets sold or otherwise disposed of as determined in good 

  
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faith by the Borrower, and (c) the Net Cash Proceeds thereof are applied as set forth in Section 5.2; 
 (t) any Disposition required by any Gaming Board to the extent the Net Cash Proceeds thereof are applied as set forth in Section 5.2; and 

(u) any Disposition of assets (i) relating to the Target Lake Charles Property and/or the L’Auberge Lake Charles Property
pursuant to the Shared Space Term Sheet (as defined in the Membership Interests Purchase Agreement), including termination of, or relinquishment of rights to enter into, the contemplated “Festival Grounds” lease in exchange for the new
lease as contemplated therein, and any Disposition of other property and improvements in the Lake Charles, Louisiana area (other than land which the primary elements of (x) the L’Auberge Lake Charles hotel and casino currently occupy or
(y) the Target Lake Charles Property hotel and casino which is currently under construction are expected to occupy) that Borrower determines would be desirable to contribute to the shared space arrangement contemplated by the Shared Space Term
Sheet or (ii) pursuant to another purchase and sale agreement relating to the assets described in clause (i) above that accomplishes the business purposes contemplated by the Shared Space Term Sheet for such assets. 

9.6 Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for
a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of the Borrower or any Restricted Subsidiary, whether now or hereafter outstanding, or make any other distribution in
respect thereof, either directly or indirectly, whether in Cash or property or in obligations of the Borrower or any Restricted Subsidiary, or enter into any derivatives or other transaction with any financial institution, commodities or stock
exchange or clearinghouse (a “Derivatives Counterparty”) obligating the Borrower or any Restricted Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock
(collectively, “Restricted Payments”), except that: 
 (a) (i) any Subsidiary may make Restricted Payments to
the Borrower or any Wholly Owned Subsidiary Guarantor or (ii) any Restricted Subsidiary that is not a Wholly Owned Subsidiary Guarantor may make Restricted Payments to another Restricted Subsidiary that is not a Wholly Owned Subsidiary
Guarantor; 
 (b) the Borrower may make Restricted Payments in the form of common stock of the Borrower; 

(c) the Borrower may repurchase or redeem Capital Stock of the Borrower to the extent required by any Gaming Board to prevent a License
Revocation; 
 (d) the Borrower may purchase the Borrower’s common stock or common stock options from present or former
officers or employees of the Borrower or any Subsidiary following the death, disability or termination of employment of such officer or employee, provided, that the aggregate amount of payments under this paragraph subsequent to the Effective
Date (net of any proceeds received by the Borrower during the corresponding period 

  
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following the Effective Date in connection with resales of any common stock or common stock options so purchased) shall not exceed $5,000,000 per fiscal year; 

(e) the Borrower may make Restricted Payments consisting of Investments in Unrestricted Subsidiaries permitted to be Disposed of pursuant
to Section 9.5(e); 
 (f) so long as no Default or Event of Default has occurred and is continuing or would result
therefrom, the Borrower may make (i) redemptions, repurchases, defeasances, repayments or other acquisitions or retirements for value of Capital Stock to the extent required by any Gaming Board having jurisdiction over the Borrower or its
Subsidiaries or deemed necessary by the Borrower in order to avoid the suspension, revocation or denial of a gaming license by any Gaming Board or other right to conduct lawful gaming operations and (ii) redemptions, repurchases, defeasances,
repayments or other acquisitions expressly permitted by Section 9.8; and 
 (g) in addition to the Restricted
Payments otherwise expressly permitted by this Section 9.6, the Borrower may make Restricted Payments in an aggregate amount not to exceed $100,000,000, provided, that (i) no Default or Event of Default has occurred and is
continuing or would result therefrom, and (ii) the Consolidated Senior Secured Debt Ratio (calculated pro forma as if such transaction has occurred as of the last day of the most recent fiscal quarter for which financial statements have
been delivered or required to be delivered pursuant to Section 8.1(a) or Section 8.1(b)) shall be less than 2.75 to 1.00. 
 9.7 Limitation on Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or
other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing, “Investments”), except: 

(a) extensions of trade credit in the ordinary course of business (including, without limitation, advances to patrons of the casino
operations of the Borrower or the Restricted Subsidiaries consistent with ordinary course gaming operations); 
 (b) Investments
in Cash Equivalents; 
 (c) Investments arising in connection with the incurrence of Indebtedness permitted by
Section 9.2(b) and Section 9.2(e); 
 (d) Investments in existence on the date hereof listed on
Schedule 9.7(d); 
 (e) loans and advances to employees of the Borrower or any Restricted Subsidiaries of the Borrower in
the ordinary course of business (including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount for the Borrower and Restricted Subsidiaries of the Borrower not to exceed $10,000,000 at any one time
outstanding; 
 (f) Investments consisting of the extension of credit to customers and suppliers of the Borrower and the
Restricted Subsidiaries in the ordinary course of business and Investments received in satisfaction or partial satisfaction thereof; 

  
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 (g) Investments received in connection with the settlement of any bona fide dispute with
another Person or in satisfaction of judgments; 
 (h) Investments in assets not prohibited by Section 9.14 made by
the Borrower or any of its Restricted Subsidiaries with the proceeds of any Reinvestment Deferred Amount; 
 (i) Investments by
the Borrower or any of its Restricted Subsidiaries in the Borrower or any Person that, prior to such Investment, is a Restricted Subsidiary; 
 (j) Investments in the Foreign Unrestricted Subsidiaries by the Borrower or a Restricted Subsidiary in an aggregate amount not to exceed the Maximum Foreign Subsidiary Investment Amount; 

(k) In addition to Investments otherwise expressly permitted by this Section 9.7, Investments by the Borrower or any of its
Restricted Subsidiaries in an aggregate amount outstanding at any time (valued at cost) not exceeding the sum of $300,000,000 plus an amount (but not less than zero) equal to 50% of the New Capital Available Proceeds; 

(l) Borrower or its Restricted Subsidiaries shall be permitted to transfer all or any portion of the Undeveloped Land to an Unrestricted
Subsidiary or a joint venture of the Borrower or its Restricted Subsidiary; provided, that any equity interest received by the Borrower or its Restricted Subsidiary in exchange therefore or in connection therewith shall be pledged as
Collateral; 
 (m) Investments made in connection with Hedge Agreements entered into by Borrower or any of its Subsidiaries as
required by Section 8.9 and to the extent not prohibited by Section 9.15; 
 (n) Investments in an
Unrestricted Subsidiary or a joint venture for the purpose of development of the Condo Component in an amount not to exceed $10,000,000 at any one time outstanding; 
 (o) (i) Investments by the Borrower or any of its Restricted Subsidiaries in any Person that concurrently with such Investment becomes a Restricted Subsidiary or that is merged into or consolidated with
Borrower or a Restricted Subsidiary pursuant to Section 9.4(a), or (ii) the acquisition of any assets (including by merger, consolidation or otherwise) constituting an ongoing business by a Borrower or a Restricted Subsidiary;
provided, that in the case of clause (i) and (ii), the Borrower and the applicable Restricted Subsidiaries, if any, shall comply with Section 8.10 in connection therewith; 

(p) Investments made by the Borrower in any Subsidiary received in exchange solely for common stock of the Borrower; 

(q) [Reserved]; 

(r) Investments made pursuant to the Redevelopment Agreement; 

  
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 (s) Investments made pursuant to the Hotel Agreements, not to exceed $10,000,000 at any time
outstanding; 
 (t) Investments by the Borrower in the Atlantic City Entities not to exceed $12,000,000 in any calendar year;

 (u) Investments by the Borrower in the Atlantic City Entities the proceeds of which are applied by the Atlantic City Entities
for settlements and maintenance support of the Atlantic City Property, including application to property taxes, lease payments, demolition costs and other expenses, in an aggregate amount not to exceed $8,000,000 during the term of this Agreement;

 (v) Investments by the Borrower in the Vietnam Project, provided that such Investments shall not exceed $50,000,000 at any
time; 
 (w) Investments received by the Borrower in connection with the bankruptcy or reorganization of suppliers and customers
and in settlement of delinquent obligations and other disputes with, customers and suppliers; and 
 (x) Investments by the
Borrower with the net cash proceeds of new issuances of Capital Stock of the Borrower so long as such Investments are made within 180 days following the date of receipt of such proceeds. 

9.8 Limitation on Optional Payments and Modifications of Debt Instruments, Etc.. 

(a) Make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or
optionally defease, the principal of Subordinated Notes, the Permitted Refinancing Subordinated Notes or Permitted Senior Unsecured Obligations, or segregate funds for any such payment, prepayment, repurchase, redemption or defeasance, or enter into
any derivative or other transaction with any Derivatives Counterparty obligating the Borrower or any Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of the Subordinated Notes, the Permitted
Refinancing Subordinated Notes or Permitted Senior Unsecured Obligations, provided that: 
 (i) the
Borrower may prepay Existing Subordinated Obligations, New Subordinated Obligations, Permitted Refinancing Subordinated Obligations and Permitted Senior Unsecured Obligations in connection with the refinancing of such Existing Subordinated
Obligations, New Subordinated Obligations, Permitted Refinancing Subordinated Obligations or Permitted Senior Unsecured Obligations with the proceeds of (1) New Subordinated Obligations and/or Permitted Refinancing Subordinated Obligations
permitted pursuant to Section 9.2(h), or (2) Permitted Senior Unsecured Obligations permitted pursuant to Section 9.2(n); or 
 (ii) the Borrower may make any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease the Borrower’s Indebtedness under the
Subordinated Notes and/or the Senior Unsecured Notes (including with the proceeds of any Loan); provided, that (x) no Default or Event of Default shall have occurred and be continuing or would result from such transaction,

  
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(y) the Consolidated Senior Secured Debt Ratio (calculated pro forma as if such transaction has occurred as of the last day of the most recent fiscal quarter for which financial statements
have been delivered or required to be delivered pursuant to Section 8.1(a) or Section 8.1(b)) shall be less than 2.75 to 1.00, and (z) the Borrower and its Restricted Subsidiaries shall be in compliance with the
Financial Condition Covenants for such fiscal quarter immediately prior to and after giving pro forma effect to such transaction; 
 (b) amend, modify or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Subordinated Notes or the Permitted Refinancing Subordinated
Notes or the Permitted Senior Unsecured Notes, other than: 
 (i) any such amendment, modification, waiver or
other change which would extend the maturity or reduce the amount of any payment of principal thereof, reduce the rate or extend the date for payment of interest thereon, or such amendments, modifications, waivers or other changes that do not in the
aggregate render such instruments more restrictive than they were prior thereto; or 
 (ii) any other revisions,
amendments, waivers or modifications that are determined by the Administrative Agent not to be adverse to the Lenders; 
 (c)
designate any Indebtedness (other than the Obligations) as “Designated Senior Indebtedness” for the purposes of the Senior Subordinated Indentures; 
 (d) amend the Borrower’s certificate of incorporation in any manner determined by the Administrative Agent to be adverse to the Lenders; or 

(e) amend or otherwise modify the FTC Order in any manner that is materially adverse to the Loan Parties or the Lenders. 

9.9 Limitation on Transactions with Affiliates. Enter into any transaction, including, without limitation, any purchase, sale,
lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than (i) transactions between or among the Borrower or any Restricted Subsidiary,
(ii) indemnification agreements, arrangements or provisions between the Borrower or any of its Subsidiaries and the officers, directors or any other employee of Borrower or any of its Subsidiaries, (iii) the allocation, or lack thereof, of
common expenses (including, without limitation, insurance premiums and overhead expenses), (iv) payments pursuant to tax sharing agreements between or among the Borrower and any of its Subsidiaries that the Borrower has determined in its
business judgment should be paid collectively, (v) any single transaction or series of related transactions involving payments of less than $5,000,000, and (vi) the transactions listed on Schedule 9.9 hereto) unless such transaction
is (a) not prohibited under this Agreement and (b) upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person
that is not an Affiliate; provided, that the provisions of this Section 9.9 shall not 

  
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apply to transactions permitted pursuant to Section 9.5(f), Section 9.6, Section 9.7(e), (j), (l), (n), (p), (s),
(t), (u) or (v). 
 9.10 Limitation on Sales and Leasebacks. Except for (a) the
Disposition of one or more aircraft in a transaction permitted pursuant to Section 9.5(o), (b) sale and leaseback transactions that are (i) permitted pursuant to Section 9.5(n), (ii) entered into after
January 1, 2013 and (iii) do not exceed in the aggregate Property with a value during the term of this Agreement in excess of $30,000,000 or (c) sale and leaseback transactions that do not exceed in the aggregate Property with a value
in any fiscal year in excess of $15,000,000, enter into any arrangement with any Person providing for the leasing by the Borrower or any Restricted Subsidiary of real or personal property, which has been or is to be sold or transferred by the
Borrower or such Restricted Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or such Subsidiary. 

9.11 Limitation on Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31
or change the Borrower’s method of determining fiscal quarters. 
 9.12 Limitation on Negative Pledge Clauses. Enter
into or suffer to exist or become effective any agreement that prohibits or limits the ability of the Borrower or any of its Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether
now owned or hereafter acquired, to secure the Obligations or, in the case of any guarantor, its obligations under the Security Documents, other than (a) this Agreement and the other Loan Documents, (b) the Indentures, (c) any
agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (d) customary provisions in leases
and licenses entered into in the ordinary course of business consistent with past practices (in each case applicable solely to such lease or license or the Property subject to such lease or license), (e) customary restrictions in an agreement
to Dispose of assets in a transaction permitted under Section 9.5 solely to the extent that such restrictions apply solely to the assets to be Disposed, (f) in accordance with applicable Gaming Laws, (g) restrictions in any
agreement relating to the Condo Component and the Undeveloped Land, (h) the St. Louis County Ground Lease, and (i) customary restrictions contained in agreements with respect to Indebtedness permitted pursuant to
Section 9.2(c), Section 9.2(d) and Section 9.2(m). 
 9.13 Limitation on Restrictions on
Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such
Restricted Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary, (b) make Investments in the Borrower or any other Restricted Subsidiary, or (c) transfer any of its assets to the Borrower or
any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents; (ii) any restrictions with respect to a Restricted Subsidiary imposed
pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary; (iii) customary 

  
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restrictions in an agreement to Dispose of assets in a transaction permitted under Section 9.5 solely to the extent that such restriction applies solely to the assets to be Disposed;
(iv) customary anti-assignment provisions in leases and licenses entered into in the ordinary course of business consistent with past practices (in each case applicable solely to such lease or license or the Property subject to such lease or
license); (v) customary restrictions on transfers of assets contained in any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be
effective against the assets financed thereby), (vi) restrictions in any agreement relating to the Condo Component and the Undeveloped Land, and (vii) restrictions contained in agreements with respect to Indebtedness permitted pursuant to
Section 9.2(c), Section 9.2(d) and Section 9.2(m). 
 9.14 Limitation on Lines of
Business. Enter into any business, either directly or through any Restricted Subsidiary, except for those businesses (including horse racing) in which the Borrower and its Restricted Subsidiaries are engaged on the date of this Agreement or that
are reasonably related or similar thereto except the Borrower may (i) engage in businesses related to online gaming, (ii) enter into any joint venture or financing for the Condo Component or (ii) pursue the pre-development of all or
any part of the Undeveloped Land. 
 9.15 Limitation on Hedge Agreements. Enter into any Hedge Agreement other than Hedge
Agreements entered into in the ordinary course of business, and not for speculative purposes, to protect against changes in interest rates. 
 9.16 Limitation on Changes to Deferred Compensation Plan. Amend or modify the Deferred Compensation Plan in a manner that would change its nature from that of a “defined contribution
plan,” within the meaning of Section 414(i) of the Code, to a “defined benefit plan,” within the meaning of Section 414(j) of the Code. 
 9.17 Directors’ and Officers’ Trust. Notwithstanding anything to the contrary contained in this Agreement (including the negative covenants in this Section 9), Borrower may
deposit up to $10,000,000 into a Directors’ and Officers’ Trust. 
 SECTION 10. 

EVENTS OF DEFAULT 

Upon the occurrence of any of the following specified events (each an “Event of Default”): 

10.1 Payments. 
 The Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or
Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or 

  
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 10.2 Representations, Etc.. 

Any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or
deemed made or furnished; or 
 10.3 Covenants. 
 (a) Any Loan Party shall default in the observance or performance of any agreement contained in clause (i) or (ii) of Section 8.4(a) (with respect to the Borrower only) or
Section 9; provided, that any default under the Financial Condition Covenants shall not constitute an Event of Default with respect to the Term Loan Facility until the date on which the Revolving Credit Loans (if any) have been
accelerated or the Revolving Credit Commitments have been terminated, in each case, by the Required Revolving Credit Lenders; or 
 (b) Any Loan Party shall default in, or an event of default shall occur with respect to, the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other
than as provided in Sections 10.1, 10.2 and 10.3(a)), and such default or event of default shall continue unremedied for a period of 30 days; or 
 10.4 Default Under Other Agreements. 
 The Borrower or any of its
Restricted Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Loans and Reimbursement Obligations) on the scheduled or original
due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or
(iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if
required, such Indebtedness to become due prior to its stated maturity or to become subject to or mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable;
provided, that a default, event or condition described in clause (i), (ii) or (iii) of this Section 10.4 shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or
conditions of the type described in clauses (i), (ii) and (iii) of this Section 10.4 shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate
$50,000,000; or 
 10.5 Bankruptcy, Etc.. 
 (a) The Borrower or any of its Subsidiaries shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an 

  
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order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for
it or for all or any substantial part of its assets, or the Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or 
 (b) There shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (a) above that (i) results in the entry of an
order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 days; 
 (c) or there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process
against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or 

(d) the Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (a), (b), or (c) above; or 
 (e) the Borrower or any of its
Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 10.6 ERISA. 
 Any ERISA Event shall occur that, either alone or together
with all other such ERISA Events, if any, could, in the sole judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect; or 
 10.7 Judgments. 
 One or more judgments or decrees shall be entered against
the Borrower or any of its Subsidiaries involving for the Borrower and its Subsidiaries taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $50,000,000 or
more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 
 10.8 Security Documents. 
 Any of the Security Documents shall cease, for
any reason (other than by reason of the express release thereof pursuant to Section 11.11), to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security
Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

  
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 10.9 Guaranty. 

The guarantee contained in the Subsidiary Guaranty shall cease, for any reason (other than by reason of the express release thereof
pursuant to Section 11.11), to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 
 10.10 Change of Control. 
 Any Change of Control shall occur; or

 10.11 Subordinated Notes. 
 The Subordinated Notes or the guarantees thereof shall cease, for any reason, to be validly subordinated to the Obligations or the obligations of the Subsidiary Guarantors under the Security Documents, as
the case may be, as provided in the applicable Indentures, or any Loan Party, any Affiliate of any Loan Party, the trustee in respect of the Subordinated Notes or the holders of at least 25% in aggregate principal amount of the Subordinated Notes
shall so assert; 
 then, and in any such event, (i) if such event is an Event of Default specified in clause (a) or (b) of
Section 10.5 above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan
Documents (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then- outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable,
and (ii) if such event is any other Event of Default, either or both of the following actions may be taken: (A) with the consent of the Required Revolving Credit Lenders, the Administrative Agent may, or upon the request of the Required
Revolving Credit Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall immediately terminate; and (B) with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts
owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then-outstanding Letters of Credit shall have presented the documents required
thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. In the case of all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration
pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such
cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any,
shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all
other obligations of the Borrower hereunder and under the other 

  
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Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto).

 10.12 Application of Proceeds. 
 Any amount received by the Administrative Agent from any Loan Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with
respect to the Borrower under Section 10.5 shall be applied: 
 (a) first, to the payment of all reasonable
and documented costs and expenses incurred by the Administrative Agent in connection with any collection or sale or otherwise in connection with any Loan Document, including all court costs and the reasonable fees and expenses of its agents and
legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other reasonable and documented costs or expenses incurred in connection with the exercise
of any right or remedy hereunder or under any other Loan Document; 
 (b) second, to the Lender Parties, an amount
(x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such
amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Lender Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit
Outstanding; and 
 (c) third, any surplus then remaining shall be paid to the applicable Loan Parties or their
successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct; 
 provided that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Letter of Credit Borrower for Unpaid Drawings under the
applicable Letters of Credit at the time of expiration of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in clauses (a) through (c) above. 

SECTION 11. 

THE AGENTS 
 11.1
Appointment. (a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents (including as Mortgage Trustee for such Lender and the other
Lender Parties under the Preferred Ship Mortgages) and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such
powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. The provisions of this
Section 11 (other than Section 11.1(c) with respect to the Arrangers) are solely for the benefit of the Agents and the Lenders, and the Borrower shall have no rights as third party beneficiary of any such provision. Each
references in this Section 11 to the Administrative Agent shall include 

  
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the Administrative Agent in its capacity as Mortgage Trustee under the Preferred Ship Mortgages. 
 (b) Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities except those expressly set forth herein, or any
fiduciary relationship with any of the Lenders, the Swing Line Lender or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent. 
 (c) Each of the Arrangers, the Co-Documentation Agents and the
Co-Managers each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this Section 11. 

11.2 Delegation of Duties. The Administrative Agent may each execute any of its duties under this Agreement and the other Loan
Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or
misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction). 

11.3 Exculpatory Provisions. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall
be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful misconduct, as
determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals,
statements, representations or warranties made by any of the Borrower or any Guarantor or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided
for in, or received by such Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or the
perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of the Borrower or any Guarantor or any other Loan Party to perform its obligations hereunder or thereunder.
No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Loan Party or any Affiliate thereof. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
 11.4
Reliance by Agents. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement,
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believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower),
independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless
a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by
it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of
the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent shall not be required to take any
action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Loan Document or applicable law. For purposes of determining compliance with the conditions specified in Section 7 on the
Effective Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto. 
 11.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has
received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such
a notice, it shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders, provided that unless and until
the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable). 

11.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that the
Administrative Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including any
review of the affairs of the Borrower, any Guarantor or any other Subsidiary, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender, the Swing Line Lender or any Letter of Credit Issuer. Each Lender,
the Swing Line Lender and each Letter of Credit Issuer represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower, 

  
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Guarantor and any other Subsidiary and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower, any Guarantor and any
other Subsidiary. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with
any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Borrower, any Guarantor or any other Subsidiary that may come into the possession of the
Administrative Agent or any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 11.7
Indemnification. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so), ratably according to their
respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full,
ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this
Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with
any of the foregoing, provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from
such Agent’s gross negligence, bad faith or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in
accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this
Section 11.7. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may
at any time occur (including at any time following the payment of the Loans), this Section 11.7 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the
foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys’ fees) incurred by such Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any
document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such 

  
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expenses by or on behalf of the Borrower, provided that such reimbursement by the Lenders shall not affect the Borrower’s continuing reimbursement obligations with respect thereto. If
any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such
additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess
of such Lender’s pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit,
cost, expense or disbursement resulting from such Agent’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this Section 11.7 shall
survive the payment of the Loans and all other amounts payable hereunder. 
 11.8 Agents in Their Individual Capacities.
Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or any Guarantor as though such Agent were not an Agent hereunder and under the other Loan Documents. With respect
to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and
“Lenders” shall include each Agent in its individual capacity. 
 11.9 Successor Agents and Successor Swing Line
Lender. 
 (a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit
Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Borrower (not to be unreasonably withheld or delayed) so long as no Default under
Section 10.1 or 10.5 is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent
meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying person has accepted such appointment, then such resignation shall nonetheless become effective
in accordance with such notice and (1) the retiring agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on
behalf of the Lenders or the Letter of Credit Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security as nominee until such time as a successor Administrative Agent is appointed) and
(2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Letter of Credit Issuer directly, until such time as the Required Lenders
appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as the Administrative Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing
statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or notices, as 

  
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may be necessary or desirable, or as the Required Lenders may reasonably request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower (following the effectiveness of such appointment) to such Agent shall be the same as
those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 11 (including
Section 11.7) and Section 12.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring Agent was acting as an Agent. 
 Any resignation by JPMorgan Chase Bank, N.A. as Administrative Agent
pursuant to this Section shall also constitute its resignation as Letter of Credit Issuer and its Affiliates’ resignation as Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
(a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer and Swing Line Lender, (b) the retiring Letter of Credit Issuer and Swing Line Lender shall
be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements reasonably satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of
Credit. 
 11.10 Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold
from any payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly
withhold tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative
Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by
any applicable Loan Party and without limiting the obligation of any applicable Loan Party to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and
interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 11.10. For the avoidance of doubt, for purposes of this Section 11.10, the term “Lender”
includes any Letter of Credit Issuer and the Swing Line Lender. 
 11.11 Agents Under Security Documents and Subsidiary
Guaranty. Each Lender Party hereby further authorizes the Administrative Agent on behalf of and for the benefit of the Lender 

  
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Parties, to be the agent for and representative of the Lender Parties with respect to the Collateral and the Security Documents. Subject to Section 12.1, without further written
consent or authorization from any Lender Party, the Administrative Agent may execute any documents or instruments necessary to (a) in connection with a sale or disposition of assets permitted by this Agreement or with respect to which Required
Lenders (or such other Lenders as may be required to give such consent under Section 12.1) have otherwise consented, (i) release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of
assets or (ii) release any Guarantor from the Subsidiary Guaranty, (b) in its discretion, subordinate any Lien on any item of Collateral that is subject to a Permitted Lien (that requires such subordination) or (c) upon request of the
Borrower, to execute and deliver subordination and non-disturbance agreements whereby the Administrative Agent agrees not to disturb the rights of a counterparty to a Hotel Agreement absent default by such party thereunder, and such party agrees
that its rights under such Hotel Agreement shall be subordinate to the Liens and security interests of the Administrative Agent under the Loan Documents. 
 The Administrative Agent shall have its own independent right to demand payment of the amounts payable by the Borrower under this Section 11.11, irrespective of any discharge of the
Borrower’s obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Borrower to preserve their entitlement to be paid those amounts. 

Any amount due and payable by the Borrower to the Administrative Agent under this Section 11.11 shall be decreased to the
extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Loan Documents and any amount due and payable by the Borrower to the Administrative Agent under those
provisions shall be decreased to the extent that the Administrative Agent has received (and is able to retain) payment in full of the corresponding amount under this Section 11.11. 

11.12 Right to Realize on Collateral and Enforce Guarantee. Anything contained in any of the Loan Documents to the contrary
notwithstanding, the Borrower, the Agents and each Lender Party hereby agree that (i) no Lender Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all
powers, rights and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Lender Parties in accordance with the terms hereof and all powers, rights and remedies under the Collateral Documents may be exercised solely
by the Administrative Agent, and (ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent or any Lender may be the purchaser or
licensor of any or all of such Collateral at any such sale or other disposition and the Administrative Agent, as agent for and representative of the Lender Parties (but not any Lender or Lenders in its or their respective individual capacities
unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply
any of the Obligations as a credit on account of the purchase price for any collateral payable by the Administrative Agent at such sale or other disposition. 

  
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 11.13 Treasury Management Agreements and Hedge Agreements. Except as otherwise
expressly set forth herein or in any Security Document, no Treasury Management Bank or Qualified Counterparty that obtains the guarantees hereunder or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right
to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a
Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Section 11 to the contrary, no Agent shall be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Obligations arising under Treasury Management Agreements and Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Treasury Management Bank or Qualified Counterparty, as the case may be. 
 SECTION 12. 
 MISCELLANEOUS 

12.1 Amendments, Waivers and Releases. Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof, may be
amended, supplemented or modified except in accordance with the provisions of this Section 12.1. The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time,
(a) enter into with the relevant Loan Party or Loan Parties written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or
changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent may specify in such instrument, any of the
requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that each such waiver and each such amendment, supplement or modification shall be effective only in
the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall: 

(i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated
rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the Default Rate or amend Section 2.8(c)), or forgive any portion, or extend the date
for the payment, of any interest or fee payable hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Lender’s Commitment or extend the final
expiration date of any Letter of Credit beyond the L/C Facility Maturity Date, or increase the aggregate amount of the Commitments of any Lender, or amend or modify any provisions of Sections 5.3(a) (with respect to the ratable allocation of
any payments only) and 12.8(a) and 12.19, or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely
affected thereby, or 

  
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 (ii) amend, modify or waive any provision of this Section 12.1,
consent to the assignment or transfer by the Borrower of its rights and obligations under any Loan Document to which it is a party (except as permitted pursuant to Section 9.4) or alter the order of application set forth in
Section 10.12, in each case without the written consent of each Lender directly and adversely affected thereby, or 
 (iii) amend, modify or waive any provision of Section 12 without the written consent of the then-current Administrative Agent in a manner that directly and adversely affects such Person, or

 (iv) amend, modify or waive any provision of Section 3 with respect to any Letter of Credit
without the written consent of the Letter of Credit Issuer, or 
 (v) amend, modify or waive any provisions
hereof relating to Swing Line Loans without the written consent of the Swing Line Lender in a manner that directly and adversely affects such Person, or 
 (vi) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees or this Agreement) or release all or substantially all of the Collateral under
the Security Documents (except as expressly permitted by the Security Documents or this Agreement) without the prior written consent of each Lender, or 
 (vii) amend Section 2.9 so as to permit Interest Period intervals greater than six months without regard to availability to Lenders, without the written consent of each Lender directly and
adversely affected thereby, or 
 (viii) decrease the amount or allocation of any mandatory prepayment to be
received by any Term Loan Lender without the written consent of the Required Term Loan Lenders, (x)(A) decrease the Term Loan Repayment Amount applicable to Tranche B-1 Term Loans, Tranche B-2 Term Loans or any other Class of Term Loans, as
applicable, extend any scheduled Term Loan Repayment Date applicable to Tranche B-1 Term Loans, Tranche B-2 Term Loans or any other Class of Term Loans, as applicable, in each case without the written consent of the Required Tranche B-1 Term Loan
Lenders, Required Tranche B-2 Term Loan Lenders or the Required Term Loan Lenders of such Class, as applicable and (B) decrease the amount or allocation of any mandatory prepayment to be received by any Tranche B-1 Term Loan Lender, Tranche B-2
Term Loan Lender or by any other Lender of any other Class of Term Loans, as applicable, in a manner disproportionately adverse to the interests of the Tranche B-1 Term Loan Lenders, the Tranche B-2 Term Loan Lenders or by any other Lender of any
other Class of Term Loans, as applicable, in relation to the Lenders of any other Class of Term Loans, in each case without the written consent of the Required Tranche B-1 Term Loan Lenders, the Required Tranche B-2 Term Loan Lenders or the Required
Term Loan Lenders of such Class, as applicable; or 
 (ix) reduce the percentages specified in the definitions of
the terms “Required Lenders”, “Required Prepayment Lenders”, “Required Revolving Credit Lenders”, 

  
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“Required Tranche B-1 Term Loan Lenders” or “Required Tranche B-2 Term Loan Lenders” or amend, modify or waive any provision of this Section 12.1 that has the
effect of altering the number of Lenders that must approve any amendment, modification or waiver, in each case without the written consent of each Lender. 
 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (i) the Commitment of such
Lender may not be increased or extended, (ii) the principal amount of the Loans of such Lender may not be forgiven or reduced and (iii) amend, modify or waive any provision hereof which requires the approval of all Lenders or all affected
Lenders if such amendment, modification or waiver disproportionately directly and adversely affects such Defaulting Lender, in each case without the consent of such Defaulting Lender. 

Notwithstanding the foregoing, only the Required Revolving Credit Lenders shall have the ability to waive, amend, supplement or modify
the Financial Condition Covenants. 
 Any such waiver and any such amendment, supplement or modification shall apply equally to
each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be
restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute
amendments, modifications, waivers or consents on behalf of such Lender. 
 Notwithstanding the foregoing, in addition to any
credit extensions and related Joinder Agreement(s) or Extension Amendment effectuated without the consent of Lenders in accordance with Section 2.13, this Agreement may be amended (or amended and restated) with the written consent of the
Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees
in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the
Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Term Loans and Revolving Credit Loans. 
 In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans
to permit the refinancing of all or any portion of outstanding Term Loans of any Class (“Refinanced Term Loans”) with a replacement term loan tranche (“Replacement Term Loans”) hereunder; provided that
(a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the weighted average life to maturity of such Replacement Term Loans shall not be shorter
than the weighted average life to maturity of such Refinanced Term 

  
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Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the applicable Term Loans) and
(c) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans (when taken as a whole) than those applicable to such Refinanced Term
Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans of such Class in effect immediately prior to such refinancing; provided that a
certificate of an Authorized Officer of Borrower delivered to the Administrative Agent at least five Business Days (or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence of such Replacement Term Loans,
together with a reasonably detailed description of the material terms and conditions of such Replacement Term Loans or drafts of the documentation relating thereto, stating that Borrower has determined in good faith that such terms and conditions
satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies Borrower within two Business Days after receipt of such certificate that it
disagrees with such determination (including a reasonable description of the basis upon which it disagrees). 
 The Lenders
hereby irrevocably agree that the Liens granted to the Administrative Agent by the Loan Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder
(except for contingent indemnification obligations in respect of which a claim has not yet been made), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition
permitted hereunder) to any Person other than another Loan Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on a certificate to that effect
provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Loan Party, upon termination or expiration of such lease, (iv) if the release
of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this Section 12.1), (v) to the extent the property
constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence) and (vi) as required to effect any sale or other
disposition of Collateral in connection with any exercise of remedies of the Administrative Agent pursuant to the Collateral Documents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than
those being released) upon (or obligations (other than those being released) of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the
Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents. Additionally, the Lenders hereby irrevocably agree that any Restricted Subsidiary that is a Guarantor shall be released from the Guarantees
upon consummation of any transaction resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary. The Lenders hereby authorize the Administrative Agent to execute and deliver any instruments, documents, and agreements necessary or
desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender. 

  
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 Without the consent of any other person, the applicable Loan Party or Loan Parties and the
Administrative Agent may (in its or their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the
granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Lender Parties, or as required by local law to give effect to, or protect any
security interest for the benefit of the Lender Parties, in any property or so that the security interests therein comply with applicable Requirements of Law. 
 12.2 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile
transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall
be made to the applicable telephone number, as follows: 
  

			
	Borrower:	  	Pinnacle Entertainment, Inc.
		  	8918 Spanish Ridge Avenue
		  	Las Vegas, Nevada 89148
		  	Attn: Carlos Ruisanchez
		  	With copies to John A. Godfrey
		  	Telecopy: (702) 541-7778
		  	Telephone: (702) 541-7777
		
	Administrative Agent:	  	JPMorgan Chase Bank, N.A.
		  	500 Stanton Road, Ops 2
		  	Third Floor
		  	Newark, DE 19713
		  	Attn: Brittany Duffy
		  	E-mail: brittany.duffy@jpmorgan.com
		  	Telecopy: (302) 634-4733
		  	Telephone: (302) 634-8814
		
	Letter of Credit Issuer:	  	As notified by such Letter of Credit Issuer to
		  	the Administrative Agent and the Borrower

 All such notices and other communications shall be deemed to be given or made upon the earlier to occur of
(i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three (3) Business Days after deposit
in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; provided, that notices and other communications to the
Administrative Agent or the Lenders pursuant to Sections 2.3, 2.6, 2.9, 4.2 and 5.1 shall not be effective until received; provided further, that in the cases of clauses (ii)(C) and (D), any notices and
other communications sent after normal business hours of any recipient shall be deemed to have been received on the next Business Day. 

  
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 12.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law. 
 12.4 Survival of Representations and Warranties. All representations
and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans
hereunder. 
 12.5 Payment of Expenses; Indemnification. The Borrower agrees (a) to pay or reimburse the Agents for
all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution and delivery of, and any amendment, supplement or modification to, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees, disbursements and other charges of a primary
counsel to the Agents, or such other counsel retained with the Borrower’s consent (such consent not to be unreasonably withheld) and, if necessary, one firm of local counsel in each appropriate jurisdiction, (b) to pay or reimburse each
Agent and each Lender for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or after the occurrence of a Default, preservation of any rights under this Agreement, the other Loan Documents
and any such other documents, including the reasonable fees, disbursements and other charges of counsel to the Agents and the Lenders (including the allocated fees and disbursements and other charges of in-house counsel), (c) to pay, indemnify,
and hold harmless each Lender and Agent from, any and all recording and filing fees and (d) to pay, indemnify, and hold harmless each Lender and Agent and their respective Affiliates, their respective Affiliates’ controlling persons, and
the directors, officers, employees, trustees, investment advisors and agents of any of the foregoing (collectively, the “Indemnitees”), from and against any and all other liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable and documented fees, disbursements and other charges of one primary counsel and one local counsel in each relevant
jurisdiction to such indemnified Persons (unless there is an actual or perceived conflict of interest or the availability of different claims or defenses in which case each such group of indemnified Persons may retain other counsel), related to the
Transactions (including, without limitation, the Acquisition) or, with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents (all the foregoing in
this clause (d), collectively, the “indemnified liabilities”), provided that the Borrower shall have no obligation hereunder to any Indemnitee with respect to indemnified liabilities to the extent it has been determined by a
final non-appealable judgment of a court of competent jurisdiction to have resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnitees, or (ii) disputes between and among Persons otherwise entitled to
indemnification other than disputes involving the Administrative Agent in its capacity as such. No Person entitled to indemnification under clause (d) of this Section 12.5 shall be liable for any damages arising from

  
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the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any such Person
have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Effective Date).
In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 12.5 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan
Party, its directors, stockholders or creditors or any other Person, whether or not any Person entitled to indemnification under clause (d) of this Section 12.5 is otherwise a party thereto. Without limiting the foregoing, and to
the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries so to waive, all rights for contribution or any other rights of recovery
with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any
Indemnitee. All amounts due under this Section shall be payable not later than 30 days after written demand therefor. Statements payable by the Borrower pursuant to this Section shall be submitted to the Vice President of Finance, at the
address of the Borrower set forth in Section 12.2, or to such other Person or address as may be hereafter designated by the Borrower in a notice to the Administrative Agent. The agreements in this Section 12.5 shall survive
repayment of the Loans and all other amounts payable hereunder. This Section 12.5 shall not apply with respect to any claims for Taxes, which shall be governed exclusively by Section 5.4 and, to the extent set forth therein,
Section 2.10. 
 12.6 Successors and Assigns; Participations and Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.6. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in clause (c) of this
Section 12.6) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Letter of Credit Issuer and the Lenders and each other Person entitled to indemnification under
Section 12.5) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject
to the conditions set forth in clause (b)(ii) below, any Lender may at any time assign to one or more assignees (other than any natural Persons) all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans (including participations in L/C Obligations or Swing Line Loans) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

  
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 (A) the Borrower, provided that no consent of the Borrower shall be required
for (1) an assignment of Term Loans to (X) a Lender, (Y) an Affiliate of a Lender, or (Z) an Approved Fund or (2) an assignment of Loans or Commitments to any other assignee if an Event of Default under
Section 10.1 or Section 10.5 has occurred and is continuing, provided that the Borrower shall be deemed to have consented to any assignment if the Borrower does not respond within ten Business Days of a request for its
consent with respect to such assignment; and 
 (B) the Administrative Agent and, in the case of Revolving Credit
Commitments or Revolving Credit Loans only, the Swing Line Lender and the Letter of Credit Issuer, provided that no consent of the Administrative Agent shall be required for an assignment of any Term Loan to a Lender, an Affiliate of a Lender
or an Approved Fund. 
 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 in the case of Revolving Credit Commitments and $1,000,000 in the case of Term Loans, unless each of the Borrower and the Administrative Agent
otherwise consents (which consents shall not be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required if an Event of Default under Section 10.1 or Section 10.5 has occurred and is continuing;
provided further that contemporaneous assignments to a single assignee made by Affiliates of Lenders and related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or
Loans; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $3,500; provided that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment; 
 (D) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the “Administrative Questionnaire”) and applicable tax forms; and

  
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 (E) any assignment of Term Loans to the Borrower or any Subsidiary shall
also be subject to the requirements of Section 12.6(h). Notwithstanding anything to the contrary contained herein, no Lender may assign Revolving Credit Loans or Revolving Credit Commitments to the Borrower or any Subsidiary, 

(iii) Subject to acceptance and recording thereof pursuant to clause (b)(iv) of this Section 12.6, from and
after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.11, 5.4 and 12.5). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with clause (c) of this Section 12.6. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this Section 12.6, (i) the Administrative Agent, the new Lender and
other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired
or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Loan Documents and (ii) the benefit of each Security Document shall be maintained
in favor of the new Lender. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the
Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of
the Loans (and related interest amounts) and any payment made by the Letter of Credit Issuer under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the “Register”). Further, each Register
shall contain the name and address of the Administrative Agent and the lending office through which each such Person acts under this Agreement. The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the
Administrative Agent, the Letter of Credit Issuer and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower, the Letter of Credit Issuer and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in clause (b) of this

  
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Section 12.6 and any written consent to such assignment required by clause (b) of this Section 12.6, the Administrative Agent shall promptly accept such Assignment
and Acceptance and record the information contained therein in the Register. 
 (c) (i) Any Lender may, without
the consent of the Borrower or the Administrative Agent, the Letter of Credit Issuer or the Swing Line Lender, sell participations to one or more banks or other entities (other than the Borrower and its Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it), provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Borrower, the Administrative Agent, the Letter of
Credit Issuer and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document, provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in clauses (i) and (vii) of the second proviso to Section 12.1 that
affects such Participant. Subject to clause (c)(ii) of this Section 12.6, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.10, 2.11 and 5.4 to the same extent as if it were a
Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section 12.6, including the requirements of clause
(e) of Section 5.4). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.8(b) as though it were a Lender, provided such Participant agrees to be subject to
Section 12.8(a) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive
any greater payment under Section 2.10, 2.11, or 5.4 than the applicable Lender would have been entitled to receive absent the sale of the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent (which consent shall not be unreasonably withheld). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on
which it enters the name and address of each participant and the principal amounts (and related interest amounts) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other
obligation is in registered form under 

  
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Section 5f.103-1(c) of the United States Treasury Regulations complied with the requirements of said Section, and provided, further, that no Participant shall be entitled to
receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer
occurred. The entries in the Participant Register shall be conclusive, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such Loan (or other right or obligation) hereunder as the owner thereof
for all purposes of this Agreement notwithstanding any notice to the contrary. Any such Participant Register shall be available for inspection by an Agent at any reasonable time and from time to time upon reasonable prior notice. 

(d) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other governmental authority, and this Section 12.6 shall
not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto. 
 (e) Subject to Section 12.16, the Borrower authorizes each Lender to disclose to
any Participant, secured creditor of such Lender or assignee (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates that
has been delivered to such Lender by or on behalf of the Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower and its Affiliates in connection with such Lender’s credit
evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement. 
 (f) The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

(g) SPV Lender. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (a “SPV”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any
Loan that such Granting Lender would otherwise be obligated to make the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to
exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the

  
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Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the
date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other person in instituting against, such SPV any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 12.6, any SPV may (i) with
notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial
institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any
non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This Section 12.6(g) may not be amended without the written
consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of Sections 2.10, 2.11, and 5.4 to the same extent as if it were a
Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section 12.6, including the requirements of clause
(e) of Section 5.4). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under Section 2.10, 2.11, or 5.4 than its Granting Lender would have been entitled to
receive absent the grant to such SPV, unless such grant to such SPV is made with the Borrower’s prior written consent (which consent shall not be unreasonably withheld). 
 (h) Notwithstanding anything to the contrary contained herein, (x) any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans
to the Borrower or any Subsidiary and (y) the Borrower and any Subsidiary may, from time to time, purchase or prepay Term Loans, in each case, on a non-pro rata basis through (x) Dutch auction procedures open to all applicable Lenders on a
pro rata basis in accordance with customary procedures to be agreed between the Borrower and the Administrative Agent (or other applicable agent managing such auction) or (y) open market purchases; provided that any Loans or Commitments
acquired by the Borrower or any Subsidiary shall be retired and cancelled promptly upon the acquisition thereof. 
 12.7
Replacements of Lenders Under Certain Circumstances. 
 (a) The Borrower shall be permitted to replace any Lender that
(a) requests reimbursement for amounts owing pursuant to Section 2.10 or 5.4, (b) is affected in the manner described in Section 2.10(b)(iii) and as a result thereof any of the actions described in such
Section is required to be taken or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution, provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of
Default under Section 10.1 or 10.5 shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and interest,
fees and other amounts payable 

  
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to such replaced Lender, including other amounts pursuant to Section 2.10, 2.11 or 5.4, as the case may be) owing to such replaced Lender prior to the date of
replacement, (iv) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (v) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 12.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein) and (vi) any such replacement shall not be
deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 
 (b) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of
Section 12.1 requires the consent of either (i) all of the Lenders affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders shall have granted their consent, then provided no Event of
Default then exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or
more assignees reasonably acceptable to the Administrative Agent; provided that (a) all Obligations hereunder of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender
concurrently with such assignment and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any
such assignment, the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 12.6; provided further, that such Non-Consenting Lenders being replaced as a
result of failing to consent to any Repricing Transaction with respect to the Tranche B-1 Term Loans and/or Tranche B-2 Term Loans shall receive the fees contemplated by Section 4.1(g) with respect to such Lender’s Tranche B-1 Term
Loans and/or Tranche B-2 Term Loans. 
 (c) If any Gaming Board shall determine that any Lender does not meet suitability
standards prescribed under applicable Gaming Laws (an “Unsuitable Lender”), each of the Administrative Agent and the Borrower shall have the right (but not the duty) to immediately or within a time period prescribed by the
applicable Gaming Board to cause such Unsuitable Lender (and such Unsuitable Lender hereby irrevocably agrees) to assign its outstanding Loans and its Commitments, if any, in full to one or more eligible assignees (each a “Substitute
Lender”) in accordance with the provisions of Section 12.6 and the Unsuitable Lender shall pay any fees payable thereunder in connection with such assignment; provided, that (i) on the date of such assignment, the
Substitute Lender shall pay to the Unsuitable Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Unsuitable Lender, (B) an amount equal to all Unpaid
Drawings and participations that have been funded by such Unsuitable Lender, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Unsuitable
Lender; and (ii) on the date of such assignment, the Borrower shall pay any amounts payable to such Unsuitable Lender pursuant to Article 5 or otherwise as if it were a prepayment. The Borrower shall bear the costs and expenses of any
Lender required by any Gaming Boards to file an application for a finding of suitability in 

  
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connection with the investigation of an application by the Borrower or the other Loan Parties for a license to operate a gaming establishment. 

(d) Notwithstanding the provisions of Section 12.7(c), if any Lender becomes an Unsuitable Lender, and if the Administrative
Agent or the Borrower fails to find a Substitute Lender pursuant to the foregoing Section 12.7(c) within any time period specified by the appropriate Gaming Boards for the withdrawal of an Unsuitable Lender (the “Withdrawal
Period”), the Borrower shall, if and to the extent required by the appropriate Gaming Boards, promptly prepay in full the outstanding amount of all Loans and Revolving Credit Exposure of the Unsuitable Lender, together with all unpaid fees
owing to such Unsuitable Lender and any amounts payable to such Unsuitable Lender pursuant to Article 5 or otherwise as if it were a prepayment and, in each case where applicable, with accrued interest thereon to the earlier of (x) the
date of payment or (y) the last day of the applicable Withdrawal Period. Upon the prepayment of all amounts owing to any Unsuitable Lender and the termination of such Unsuitable Lender’s Commitments, if any, such Unsuitable Lender shall no
longer constitute a “Lender” for purposes hereof; provided any rights of such Unsuitable Lender to indemnification hereunder shall survive as to such Unsuitable Lender. 

12.8 Adjustments; Set-off. 

(a) Except as contemplated in Section 12.6 or elsewhere herein, if any Lender (a “benefited Lender”) shall
at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in
Section 10.5, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such benefited Lender shall purchase for
cash from the other Lenders a participating interest in such portion of each such other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such
benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from
such benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to
the Loan Parties, any such notice being expressly waived by the Loan Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Loan Parties hereunder (whether at the stated maturity, by acceleration or
otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case
whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Loan Parties. Each Lender agrees promptly to notify the
Loan Parties and the Administrative Agent after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

  
 157

 12.9 Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this
Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
 12.10
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 12.11 Integration. This Agreement and the other Loan Documents represent the agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there
are no promises, undertakings, representations or warranties by the Borrower, the Administrative Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

12.12 GOVERNING LAW. 
 (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW OR CHOICE OF LAW PROVISIONS THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

(B) EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, BOROUGH OF MANHATTAN, AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE LETTER OF CREDIT ISSUER OR ANY LENDER MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING 

  
 158

 
TO THIS AGREEMENT AGAINST THE LOAN PARTIES OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 12.13 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally: 
 (a) consents that any such action or proceeding shall be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court
or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts; 

(b) agrees that service of process in any such action or proceeding shall be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on Schedule 12.12 at such other address of which the Administrative Agent shall have been notified pursuant to
Section 12.12; and 
 (c) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 12.13 any special, exemplary, punitive or consequential damages. 
 12.14 Acknowledgments. The Borrower hereby acknowledges that: 
 (a) it has
been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 
 (b) (i)
the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length
commercial transaction between the Borrower and the Loan Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Borrower and the other Loan Parties are capable of evaluating and
understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with
the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Borrower, any other Loan Parties or any of
their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the
Borrower or any other Loan Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of
whether the Administrative Agent or other Agent has advised or is currently advising the Borrower, the other Loan Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the
Borrower, the other Loan Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly 

  
 159

 
set forth herein and in the other Loan Documents; (iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and their Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship;
and (v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or
other modification hereof or of any other Loan Document) and the Borrower have consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Borrower hereby waives and releases, to the fullest extent
permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower, on the one hand, and
any Lender, on the other hand. 
 12.15 WAIVERS OF JURY TRIAL. THE BORROWER, EACH AGENT AND EACH LENDER HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 12.16 Confidentiality. The Administrative Agent, each other Agent and each Lender shall hold all non-public information furnished by or on behalf of the Borrower or any of its Subsidiaries in
connection with such Lender’s evaluation of whether to become a Lender hereunder or obtained by such Lender, the Administrative Agent or such other Agent pursuant to the requirements of this Agreement (“Confidential
Information”), confidential in accordance with its customary procedure for handling confidential information of this nature and (in the case of a Lender that is a bank) in accordance with safe and sound banking practices and in any event
may make disclosure as required or requested by any governmental, regulatory or self-regulatory agency or representative thereof or pursuant to legal process or applicable law or regulation or (a) to such Lender’s, the Administrative
Agent’s, other Agent’s or Affiliates of Lenders, the Administrative Agent or other Agent and its and their attorneys, professional advisors, agents, independent auditors, trustees, partners (other than any portfolio company or other
potential competitor of the Borrower and provided, that, in the case of Affiliates, such Confidential Information is provided on a need to know basis and only to the extent directly related to providing the Loans hereunder and such Affiliates
are informed of the confidential nature of the Confidential Information), (b) to an investor or prospective investor in a Securitization that agrees its access to information regarding the Loan Parties, the Loans and the Loan Documents is
solely for purposes of evaluating an investment in a Securitization and who agrees to treat such information as confidential, (c) to a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in connection with the
administration, servicing and reporting on the assets serving as collateral for a Securitization and who agrees to treat such information as confidential, (d) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder and (e) to a nationally 

  
 160

 
recognized ratings agency that requires access to information regarding the Loan Parties, the Loans and Loan Documents in connection with ratings issued with respect to a Securitization;
provided that unless specifically prohibited by applicable law or court order, each Lender, the Administrative Agent and each other Agent shall use commercially reasonable efforts to notify the Borrower of any request made to such Lender, the
Administrative Agent or such other Agent by any governmental, regulatory or self-regulatory agency or representative thereof (other than (i) any such request in connection with an examination of the financial condition of such Lender by such
agency or (ii) routine regulatory requests of which the Loan Parties are not the specific target) for disclosure of any such non-public information prior to disclosure of such information, and provided further that in no event
shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Borrower or any Subsidiary. Each Lender, the Administrative Agent and each other Agent agrees that it will not provide to
prospective Transferees or to any pledgee referred to in Section 12.6 or to prospective direct or indirect contractual counterparties in swap agreements to be entered into in connection with Loans made hereunder any of the Confidential
Information unless such Person is advised of and agrees to be bound by the provisions of this Section 12.16 or confidentiality provisions at least as restrictive as those set forth in this Section 12.16. Notwithstanding the
foregoing (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a nonconfidential basis from a source other than the Borrower or its Subsidiaries and (ii) the
Administrative Agent shall not be responsible for compliance with this Section 12.16 by any other Agent or any Lender. 
 12.17 Direct Website Communications. 
 (a) The Borrower may, at its option,
provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial
statements, financial and other reports, certificates and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit
(including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default
or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded
communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at
an email address provided by the Administrative Agent from time to time; provided that (i) upon written request by the Administrative Agent or the Borrower shall deliver paper copies of such documents to the Administrative Agent for further
distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting
of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper
copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this Section 12.17 shall prejudice the right of the Borrower, the Administrative Agent, any other

  
 161

 
Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its email address set forth above
shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to
the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to
time of such Lender’s email address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such email address. 

(b) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on
IntraLinks or a substantially similar electronic transmission system (the “Platform”), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and
(ii) remains subject to the confidentiality requirements set forth in Section 12.16. 
 (c) THE PLATFORM IS
PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE LOAN PARTIES (THE “BORROWER MATERIALS”) OR THE ADEQUACY OF THE
PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the
“Agent Parties” and each an “Agent Party”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party’s (or any of its Related
Parties’ (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Loan Documents as determined in the final non-appealable judgment of a court of competent jurisdiction. 

(d) The Borrower and each Lender acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do not wish
to receive material non-public information with respect to the Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Loan Documents or otherwise are being distributed through the
Platform, any document or notice that the Borrower has indicated contains only publicly available information with respect to the Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Borrower has not
indicated whether a document or notice delivered contains only publicly available information, 

  
 162

 
the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the
Borrower, the Subsidiaries and their securities. Notwithstanding the foregoing, the Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information. 

12.18 USA Patriot Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender to identify each Loan Party in accordance with the PATRIOT Act. 

12.19 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or
any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part
thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent
upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time
in effect. 
 12.20 Gaming Laws and Liquor Laws. Any other provision of this Agreement or any other Loan Documents to the
contrary notwithstanding, (a) all rights, remedies and powers provided in this Agreement and the other Loan Documents, including with respect to the Collateral, may be exercised only to the extent, and in the manner, that the exercise thereof
does not violate any applicable provisions of the Gaming Laws and Liquor Laws, and only to the extent that any required approvals, including prior approvals are obtained from the requisite Gaming Boards and Liquor Authorities; (b) all
provisions of this Agreement and the other Loan Documents, including with respect to the Collateral, are to be subject to all Gaming Laws and Liquor Laws; and (c) Administrative Agent will timely comply with notice requirements and obtain all
required approvals, as applicable, and otherwise comply with all rules and regulations, of the applicable Gaming Board and Liquor Authorities for the sale or other disposition of any Collateral, including, without limitation, any equity interest in
any Loan Party holding a Gaming License or Liquor License or owning any gaming property or equipment regulated by Gaming Laws (including any gaming equipment consisting of slot machines, video lottery terminals, tote machines and similar wagering
equipment, gaming tables, cards, dice, gaming chips, player tracking systems, and all other “gaming devices,” “associated equipment,” “mobile gaming systems,” “cashless wagering systems” and “interactive
gaming systems” (as each of the foregoing terms or words of like import referring thereto are defined in the applicable Gaming Laws)). Each of the Agents and Lenders acknowledge that it is subject to being called forward by the applicable
Gaming Boards or the Liquor Authorities, in their discretion, for licensing or a finding of suitability or to file or provide other information. 

  
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 Notwithstanding any other provision of this Agreement, each of the Lender Parties agrees to
cooperate, and the Loan Parties expressly authorize each of the Agents and the other Lender Parties to cooperate, with the applicable Gaming Boards and Liquor Authorities in connection with the administration of their regulatory jurisdiction over
the Borrower and the other Loan Parties, including, without limitation, to the extent not inconsistent with the internal policies of such Agent or other Lender Party and any applicable legal or regulatory restrictions, the provision of such
documents or other information as may be requested by any such applicable Gaming Boards and Liquor Authorities relating to the Agents, the other Lender Parties or the Borrower or any other Loan Party, or the Loan Documents. The parties acknowledge
that the provisions of this Section 12.20 shall not be for the benefit of any Loan Party or any other Person. 

12.21 Amendment and Restatement. It is the intention of each of the parties hereto that the Existing Pinnacle Credit Agreement be
amended and restated so as to preserve the perfection and priority of all security interests securing indebtedness and obligations under the Existing Pinnacle Credit Agreement and that all Indebtedness and Obligations of the Borrower and the other
Loan Parties under the Loan Documents shall be secured by the Security Documents and that this Agreement does not constitute a novation of the obligations and liabilities existing under the Existing Pinnacle Credit Agreement. The parties hereto
further acknowledge and agree that this Agreement constitutes an amendment of the Existing Pinnacle Credit Agreement made under and in accordance with the Existing Pinnacle Credit Agreement. 

[Signature Pages Follow] 

  
 164

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

			
	BORROWER
	
	 PINNACLE ENTERTAINMENT, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Carlos A. Ruisanchez

		 	Name:  Carlos A. Ruisanchez
		 	Title:    President and Chief Financial Officer

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	ADMINISTRATIVE AGENT, LETTER OF CREDIT ISSUER AND LENDER
	
	JPMORGAN CHASE BANK, N.A.,
		
	By:	 	 /s/ Marc Costantino

		 	Name:  Marc Costantino
		 	Title:    Executive Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LETTER OF CREDIT ISSUER
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Noam Azachi

		 	Name: Noam Azachi
		 	Title:   Vice President

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LETTER OF CREDIT ISSUER
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Marcus M. Tarkington

		 	Name: Marcus M. Tarkington
		 	Title:   Director
		
	By:	 	 /s/ Keith C. Braun

		 	Name: Keith C. Braun
		 	Title:   Managing Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	GOLDMAN SACHS LENDING PARTNERS LLC
		
	By:	 	 /s/ Robert Ehudin

		 	Name: Robert Ehudin
		 	Title:   Authorized Signatory

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Brandon Bolio

		 	Name: Brandon Bolio
		 	Title:   Vice President

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	Deutsche Bank AG New York Branch
		
	By:	 	 /s/ Mary Kay Coyle

		 	Name:  Mary Kay Coyle
		 	Title:    Managing Director
		
	By:	 	 /s/ Benjamin Souh

		 	Name:  Benjamin Souh
		 	Title:    Vice President

  
 PINNACLE
ENTERTAINMENT 
 Signature Page to Amended and Restated Agreement 

August 2013 

 
			
	LENDER
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Rick Bokum

		 	Name:  Rick Bokum
		 	Title:    Managing Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	BARCLAYS BANK PLC,
		
	By:	 	 /s/ Noam Azachi

		 	Name: Noam Azachi
		 	Title:   Vice President

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	Credit Agricole Corporate and Investment Bank,
		
	By:	 	 /s/ Joseph A. Asciolla

		 	Name: Joseph A. Asciolla
		 	Title:   Managing Director
		
	By:	 	 /s/ David Bowers

		 	Name: David Bowers
		 	Title:   Managing Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	FIFTH THIRD BANK,
		
	By:	 	 /s/ Richard Arendale

		 	Name: Richard Arendale
		 	Title:   Vice President

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	UBS LOAN FINANCE LLC,
		
	By:	 	 /s/ Lana Gifas

		 	Name: Lana Gifas
		 	Title: Director
		
	By:	 	 /s/ Joselin Fernandes

		 	Name: Joselin Fernandes
		 	Title: Associate Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	U.S. BANK NATIONAL ASSOCIATION,
		
	By:	 	 /s/ Chad T. Orrock

		 	Name:  Chad T. Orrock
		 	Title:    Vice President

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	The Royal Bank of Scotland plc,
		
	By:	 	 /s/ Alex Daw

		 	Name: Alex Daw
		 	Title: Director

  
 Signature Page
to Amended and Restated Credit Agreement 

 
			
	LENDER
	
	SUMITOMO MITSUI BANKING CORPORATION,
		
	By:	 	 /s/ William G. Karl

		 	Name: William G. Karl
		 	Title:   General Manager

  
 Signature Page
to Amended and Restated Credit Agreement 

 Schedule 1.1(a) 

Part I: List of Mortgaged Pinnacle Properties (Leasehold and Fee) 

DESCRIPTION OF PROPERTIES 
  

	1.	Boomtown Casino & Hotel Bossier City (fee and leasehold) located at 300 Riverside Drive in Bossier City, Louisiana 71111 (Bossier Parish/Caddo Parish), owned
by PNK (Bossier City), Inc., a Louisiana corporation 

  

	2.	Belterra Casino Resort & Spa (fee and leasehold) located at 777 Belterra Drive in Florence, Indiana 47020 (Switzerland county), owned by Belterra Resort
Indiana, LLC, a Nevada limited liability company 

  

	3.	 Lumiere Casino & Hotels (fee) located at 999 N. 2nd Street in St. Louis, Missouri 63102 (St. Louis City county), owned by Casino One Corporation, a Mississippi
corporation 

  

	4.	Undeveloped land, located in Reno/Verdi, Nevada 89439, owned by PNK (Reno), LLC, a Nevada limited liability company, more specifically described as:

 All that certain real property situate in the County of Washoe, State of Nevada, described as follows: 

PARCEL 1: ( 038-132-25 ) 
 A
parcel of land, being Parcel A as shown on Parcel Map No. 2502, File No. 1460127 of the Official Records of Washoe County, Nevada, EXCEPTING THEREFROM that portion conveyed by Deed recorded August 15, 1991, in Book 3310, Page 805, as
Document No. 1501647 of the Official Records of Washoe County, Nevada and situate within Section 16, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 

Beginning at the South  1/4 corner of said Section 16; Thence North 86°37’42” West, along the
Southerly line of said Section 16, a distance of 149.49 feet; Thence North 02°26’38” East, a distance of 1200.41 feet; Thence North 02°27’02” East, a distance of 154.27 feet; Thence South 85°42’22”
East, a distance of 27.23 feet; Thence North 46°28’15” East, a distance 201.33 feet; Thence South 43°31’45” East, a distance 40.00 feet; Thence North 46°28’15” East, a distance of 151.62 feet; Thence South
89°00’25” East, a distance of 93.00 feet; Thence South 50°39’08” East, a distance of 89.87 feet; Thence South 06°28’28” East, a distance of 297.31 feet; Thence along a tangent circular curve to the right
with a radius of 255.00 feet and a central angle of 10°06’59” an arc length of 45.02 feet; Thence with a non-tangent line South 02°25’45” West, a distance of 86.84 feet; Thence South 86°21’47” East, a
distance of 49.99 feet; Thence from a tangent which bears South 03°40’06” West, along a circular curve to the left with a radius of 75.00 feet and a central angle of 52°29’40”, an arc length of 68.72 feet;

 Thence South 48°49’34” East, a distance of 234.90 feet; Thence South 86°13’28”
East, a distance of 1463.03 feet; Thence South 79°50’28” East, a distance of 315.88 feet; Thence South 02°38’17” West, a distance 341.12 feet; Thence North 87°21’43” West, a distance of 50.00 feet; Thence
South 02°38’17” West, a distance of 46.56 feet; Thence North 87°05’01” West, a distance of 529.69 feet; Thence South 03°44’09” West, a distance of 452.97 feet; Thence North 87°04’15” West, a
distance of 1811.62 feet to the POINT OF BEGINNING. 
 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations
“Knoll” to “Verdi Bluff” taken as North 25°27’12” West. 
 APN: 038-132-25 

PARCEL 2: ( 038-120-10 ) 
 A
parcel of land situated within Section 16, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 
 Beginning at the Northwest corner of the Southwest  1/4 of the Southwest  1/4 of said Section 16, from which the Southwest corner of said Section 16
bears South 03°12’29” West, a distance of 1336.75 feet; Thence North 03°12’29” East, a distance of 1219.54 feet to the Southerly line of Interstate Highway 80; Thence along the Southerly line of Interstate Highway 80 the
following eight (8) courses: 
 Thence South 72°14’22” East, a distance of 264.64 feet;
Thence South 71°52’20” East, a distance of 1173.16 feet; Thence South 56°12’00” East, a distance of 944.50 feet; Thence along a tangent circular curve to the left with a radius of 550.00 feet and a central angle of
25°52’39”, an arc length of 248.41 feet; Thence with a non-tangent line South 01°42’40” East, a distance of 57.92 feet; Thence North 88°17’20” East, a distance of 115.00 feet; Thence South
01°42’40” East, a distance of 33.23 feet; Thence South 43°31’45” East, a distance of 84.39 feet; Thence South 46°28’15” West, a distance of 201.33 feet; Thence North 85°42’22” West, a distance
of 27.23 feet; Thence South 02°27’02” West, a distance of 154.27 feet; Thence South 02°26’38” West, a distance of 1200.41 feet to the Southerly line of said Section 16; Thence North 86°37’42” West,
along the Southerly line of said Section 16, a distance of 1161.72 feet to the Southeast corner of the Southwest  1/4 of the Southwest
 1/4 of said Section 16; Thence North 02°50’11” East, a distance of 1345.35 feet to the Northeast corner of the Southwest  1/4 of the Southwest  1/4 of said Section 16; Thence North 87°00’13” West, a distance of 1303.76 feet to the POINT OF BEGINNING.

 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to “Verdi
Bluff” taken as North 25°27’12” West. 
 APN: 038-120-10 

  
 2 

 PARCEL 3: ( 038-120-03 ) 
 A parcel of land situated within Section 17, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 

Beginning at the Southeast corner of said Section 17; Thence North 88°15’14” West, along the Southerly line of
said Section 17, a distance of 962.68 feet to the Northeasterly line of the Timber Reserve Line; Thence North 44°51’49” West, along said Timber Reserve Line, a distance of 3648.64 feet to an angle point in said Timber Reserve
Line; Thence North 88°52’39” West, along said Timber Reserve Line, a distance of 370.13 feet to the Westerly line of the Northeast  1/4 of the Southwest  1/4 of said Section 17; Thence North 01°50’29” East, a distance of 101.67 feet to the Northwest corner of the Southwest  1/4 of the Southwest  1/4 of said Section 17; Thence South 89°13’07” East, a distance of 1336.04 feet to the Northeast corner of
the Northeast  1/4 of the Southwest  1/4 of said Section 17; Thence South 89°13’07” East, along the Northerly line of the Southeast
 1/4 of said Section 17, a distance of 2275.99 feet to the Southerly line of Interstate Highway 80; Thence South 75°06’06” East, along the Southerly line of Interstate Highway 80, a
distance of 311.00 feet; Thence South 72°14’22” East, along the Southerly line of Interstate Highway 80, a distance of 140.36 feet to the Easterly line of said Section 17; Thence South 03°12’29” West, along the
Easterly line of said Section 17, a distance of 2556.29 to the POINT OF BEGINNING. 

Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to “Verdi Bluff” taken as North
25°27’12” West. 
 APN: 038-120-03 
 PARCEL 4: ( 038-120-13 ) 
 A parcel of land situated within Section 17, Township
19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 
 Beginning at the center of said
Section 17, from which the Southeast corner of said Section 17 bears South 43°29’18” East, a distance of 3729.89 feet; Thence North 47°01’07” East, a distance of 671.33 feet to the Southerly line of Interstate
Highway 80; Thence along the Southerly line of Interstate Highway 80 the following seven courses: 
 Thence South
86°24’37” East, a distance of 252.20 feet; Thence South 72°32’45” East, a distance of 187.82 feet; Thence South 24°11’02” East, a distance of 83.65 feet; Thence South 01°26’43” East, a distance
of 142.33 feet; Thence South 89°06’58” East, a distance of 322.25 feet; Thence South 87°16’16” East, a distance of 327.03 feet; Thence South 75°06’06” East, a distance of 690.25 feet to the Southerly line of
the Northeast  1/4 of said Section 17; Thence North 89°13’07” West, along the Southerly line of the Northeast
 1/4 of said Section 17, a distance of 2275.99 feet to the POINT OF BEGINNING. 

  
 3 

 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to “Verdi
Bluff” taken as North 25°27’12” West. 
 APN: 038-120-13 
 PARCEL 5: ( 038-120-12 ) 
 A parcel of land situated within Section 17, Township
19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 
 Beginning at the center of said
Section 17, from which the Southeast corner of said Section 17 bears South 43°29’18” East, a distance of 3729.89 feet; Thence North 47°01’07” East, a distance of 671.33 feet to the Southerly line of Interstate
Highway 80; Thence North 86°24’37” West, along the Southerly line of Interstate Highway 80, a distance of 472.75 feet to the North-South centerline of said Section 17; Thence South 02°16’07” West, along the
North-South centerline of said Section 17, a distance of 487.67 feet to the POINT OF BEGINNING. 
 Basis of Bearing: The line between
U.S.C. and G.S. triangulation stations “Knoll” to “Verdi Bluff” taken as North 25°27’12” West. 
 APN:
038-120-12 
 PARCEL 6: ( 038-090-61 ) 
 A parcel of land situated within Section 17, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 

Beginning at the center of said Section 17, from which the Southeast corner of said Section 17 bears South 43°29’18” East, a
distance of 3729.89 feet; Thence North 02°16’07” East, along the North-South centerline of said Section 17, a distance of 487.67 feet, to the Southerly line of Interstate Highway 80; Thence along the Southerly line of Interstate
Highway 80 the following three courses: 
 Thence North 86°24’37” West, a distance of 211.00 feet; Thence
North 03°50’21” West, a distance of 5.00 feet; Thence from a tangent which bears South 86°09’39” West, along a circular curve to the left with a radius of 4660.00 feet and a central angle of 14°17’05” an arc
length of 1161.82 feet, to the Westerly line of the Southeast  1/4 of the Northwest  1/4 of said Section 17; Thence South 01°26’35” West, along the
Westerly line of the Southeast
 1/4 of the Northwest  1/4 of said Section 17, a distance of 266.61 feet to the Southwest corner of the Southeast  1/4 of the Northwest  1/4 of said Section 17; Thence South 89°13’07” East, a distance of 1336.04 feet to the POINT OF BEGINNING.

 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to
“Verdi Bluff” taken as North 25°27’12” West. 
 APN: 038-090-61 

  
 4 

 PARCEL 7: ( 038-090-34 ) 
 A parcel of land situated within Section 17, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 

Beginning at the Northeast corner of the Southeast
 1/4 of the Northwest  1/4 of said Section 17; Thence South 02°16’07” West, along the North-South centerline of said
Section 17, a distance of 570.09 feet to the Northerly line of Interstate Highway 80; Thence along the Northerly line of Interstate Highway 80, from a tangent which bears South 88°56’31” West, along a circular curve to the left
with a radius of 4900.00 feet and a central angle of 16°04’17”, an arc length of 1374.45 feet to the Westerly line of the Southeast
 1/4 of the Northwest  1/4 of said Section 17; Thence North 01°26’35” East, a distance of 807.00 feet to the Northwest corner of
the Southeast  1/4 of the Northwest  1/4 of said Section 17; Thence South 89°07’47” East, a distance of 1355.13 feet to the POINT OF BEGINNING.

 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to
“Verdi Bluff” taken as North 25°27’12” West. 
 APN 038-090-34 
 PARCEL 8: ( 038-100-12 ) 
 A parcel of land situated within Section 17, Township
19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 
 Beginning at the Northeast corner of said
Section 17; Thence North 88°56’51” West, along the Northerly line of said Section 17, a distance of 353.77 feet, more or less, to the natural ordinary high water line of the Truckee River; Thence along the natural ordinary
high water line of the Truckee River, the following two (2) courses: 
 Thence South 23°27’47” East, a distance of 84.02
feet; Thence South 48°38’41” East, a distance of 16.34 feet to the Northerly line of the Southern Pacific Railroad right-of-way; Thence along the Northerly line of said Railroad, the following two (2) courses: 

Thence South 75°17’14” East, a distance of 213.49 feet; Thence along a tangent circular curve to the left with a radius of 1609.40 feet and
a central angle of 03°23’33”, an arc length of 95.30 feet to the Easterly line of said Section 17; Thence North 03°09’31” East, along the Easterly line of said Section 17, a distance of 157.29 feet to the POINT
OF BEGINNING. 
 Basis of Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to “Verdi Bluff” taken as
North 25°27’12” West. 
 APN: 038-100-12 

  
 5 

 PARCEL 9: ( 038-100-26 ) 
 A parcel of land situated within Section 16, Township 19 North, Range 18 East, M.D.M., Washoe County, Nevada, and more particularly described as follows: 

Beginning at a point on the Westerly line of said Section 16 from which the West  1/4 corner of said Section 16 bears South 03°09’31” West, a distance of 1805.25 feet; Thence North 03°09’31” East, along the Westerly line of said Section 16, a distance
of 274.10 feet to the Southerly line of the Southern Pacific Railroad right-of-way; Thence along said Southerly line from a tangent which bears South 80°18’45” East, along a circular curve to the left with a radius of 2009.40 feet and
a central angle of 08°46’41”, an arc length of 307.85 feet to the Northerly line of Old Verdi Road, as described in that Deed to Central Pacific Railway Co., recorded in Book 40, Page 487, File 1333, Deed Records of Washoe County,
Nevada; Thence along Old Verdi Road, the following seven (7) courses: Thence with a non-tangent line South 70°37’04” West, a distance of 11.52 feet; Thence South 65°05’04” West, a distance of 111.94 feet; Thence
South 37°46’34” West, a distance of 59.84 feet; Thence South 21°39’04” West, a distance of 82.82 feet; Thence South 51°59’04” West, a distance of 67.36 feet; Thence South 66°26’04” West, a
distance of 43.40 feet; Thence South 77°06’04” West, a distance of 50.16 feet to the POINT OF BEGINNING. 
 Basis of
Bearing: The line between U.S.C. and G.S. triangulation stations “Knoll” to “Verdi Bluff” taken as North 25°27’12” West. 
 APN: 038-100-26 
 PARCEL 10: ( 038-090-33 ) 

All that portion of the Southwest
 1/4 of the Northwest  1/4 of Section 17, Township 19 North, Range 18 East, M.D.M., lying Southerly and Easterly of Lett’s Addition-Verdi,
according to the map thereof, filed in the office of the County Recorder of Washoe County, State of Nevada, on April 30, 1891. 
 Excepting those portions of the streets and alleys conveyed to the State of Nevada. 
 Also
excepting those portions of said land, lying within the boundaries of Interstate Highway 80. 
 Excepting therefrom the above described parcel,
all abutter’s rights and access rights in and to Interstate Highway 80. 
 APN: 038-090-33 

  
 6 

 PARCEL 11: ( 038-090-14 and 60 ) 
 Lots 8, 9, 10 and 11 in Block 4; Lots 1, 2, 3, 10, 11 and 12 in Block 5; Lots 10, 11 and 12 in Block 8; all of Blocks 9, 10 and 12; Lots 1, 6, 7 and 8 in Block 13; Lots 2 through 18 in Block 15,
Lett’s Addition-Verdi, according to the map thereof, filed in the office of the County Recorder of Washoe County, State of Nevada, on April 30, 1891; also those portions of the streets and alleys vacated by instruments recorded under
filing Nos. 305868 and 305878, Liens and Miscellaneous; and Document No. 261474, in Book 676, Page 558, Official Records, and a resolution Clarifying Abandonment Order, recorded November 10, 1987, in Book 2645, Page 34, Document
No. 1205836, Official Records, to which the parties are entitled as adjoining owners. 
 Excepting therefrom those portions of the
following lots heretofore conveyed to the State of Nevada, Lots 10, 11 and 12 in Block 8; Lots 4, 5 and 6 in Block 9; Lots 1, 6 and 7 in Block 13; Lots 17 and 18 in Block 15. 
 Also excepting therefrom those portions of the streets and alleys conveyed to the State of Nevada. 

APN: 038-090-14 and 60 
 PARCEL 12: (
048-020-06 and 08 ) 
 The West
 1/2 of the East  1/2; and the East  1/2 of the Southeast  1/4 of Section 19, also Lots 3 and 4 of the Southwest  1/4 of Section 30, Township 18 North, Range 18 East, M.D.B. & M. 

Excepting therefrom the following reservation as set forth in the Deed executed by Thomas O. Shirley and Katherine M. Shirley, to Chris Garson, et al,
recorded August 30, 1949, in Book 238, Page 462, of Deeds, Washoe County, Nevada, recorded as Document No. 176649, recited as follows: 
 “The parties of the first part reserve an undivided one-half (1/2) interest in and to all underground mineral rights in the above described property.” 

APN: 048-020-06 and 08 
 PARCEL 13: (
038-190-17 ) 
 The Northeast
 1/4 of the Northwest  1/4 of Section 32, Township 19 North, Range 18 East, M.D.M. 

APN 038-190-17 
 PARCEL 14: (
038-870- 19, 20 and 22 ) 
 Parcels A, B and D2 of Parcel Map No. 4852, filed in the office of the County Recorder of Washoe County,
State of Nevada on November 1, 2007 as file no. 3590217 of Official Records. 
 APN: 038-870- 19, 20 and 22 

  
 7 

 Excepting therefrom Parcels 1 through 14 above, all those portions lying below the natural ordinary high
water line of the Truckee River. 
 Also excepting from Parcels 1 through 14 above, all those portions within the boundaries of the Southern
Pacific Railroad right-of-way. 
 Also excepting from Parcels 3
through 9 above, any and all abutter’s rights including access rights, in and to Interstate Highway 80, as contained in the “Final Order of Condemnation” recorded December 30, 1965, in Book 141, Page 630, Document No. 48698,
Official Records. 
 Also excepting therefrom any portion Deeded to the United States of America and the State of Nevada for highway and road
purpose including any and all abutter’s and access rights. 
 Document No. 2970540 is provided pursuant to the requirements of
Section 6.NRS 111.312. 
  

	5.	Boomtown New Orleans (fee) located at 4132 Peters Road, Harvey in Louisiana 70058 (Jefferson Parish), owned by Louisiana-I Gaming, a Louisiana Partnership in Commendam

  

	6.	L’Auberge du Lac Hotel and Riverboat Casino (fee & leasehold) located at 777 Avenue L’Auberge in Lake Charles, Louisiana 70601, owned by PNK (Lake
Charles), L.L.C., a Louisiana limited liability company, and an additional vacant parcel, more specifically described as 

 TRACT 11 
 That certain tract or parcel of land lying in the
Northwest Quarter of the Northeast Quarter (NW/4-NE/4) of Section 14, Township 10 South, Range 9 West, Calcasieu Parish, Louisiana, and being more particularly described as follows to-wit: 

Beginning at the Northeast Corner of the Northwest Quarter of the Northeast Quarter (NW/4-NE/4) of Section 14, Township 10 South,
Range 9 West, Calcasieu Parish, Louisiana. 
 Thence South 00° 54’ 20” West, along the East
line of the Northwest Quarter of the Northeast Quarter (NW/4-NE/4) of said Section 14, for a distance of 525.23 feet to an existing  1/2” crimp pipe on the North right-of-way line of Interstate 210 Bypass, State
Project Number 450-30-01; 
 Thence North 88° 14’ 50” West, along the North right-of-way line of said
Interstate 210 Bypass, for a distance of 454.50 feet; 

  
 8 

 Thence South 85° 46’ 51” West, along the North right-of-way line of said
Interstate 210 Bypass, for a distance of 132.95 feet; 
 Thence North 40° 51’ 11” West, for a distance of 708.46
feet to the North line of the Northwest Quarter of the Northeast Quarter (NW/4-NE/4) of Section 14; 
 Thence South 89°
11’ 50” East, along the North line of the Northwest Quarter of the Northeast Quarter (NW/4-NE/4) of said Section 14, for a distance of 1058.71 feet to the Point of Beginning. 

Herein described tract containing 9.90 acres, more or less. 

 

	7.	 Hotel Lumiere (fee) located at 901 and 925 N. First Street and 1000 N. 2nd St. in St. Louis, Missouri 63102, owned by PNK (ES), LLC, a Delaware limited liability company

  

	8.	11 Parcels (fee) located in St. Louis, Missouri, owned by PNK (ST. LOUIS RE), LLC, a Delaware limited liability company, more specifically described as:

 PARCEL 1: 
 Lot 1 of Consolidation Plat of City Block 17, according to the plat thereof recorded in Plat Book 10042007 Page 0056 of the St. Louis City Records 
 PARCEL 2: 
 A Lot in Block Seventeen (17) of the City of St. Louis, Missouri,
fronting 28 feet 1 inch on the East line of Main Street (now First Street), by a depth Eastwardly of 122 feet 6 inches on the South line and 122 feet 3 inches, more or less, on the North line of said Lot to the West line of Commercial Alley; bounded
South by Franklin Avenue, (now Dr. Martin Luther King Drive). 
 PARCEL 3: 

Lots Three (3) and Four (4) on Plat “D” of the Subdivision in Partition of the John Mullanphy Estate and in Block Eighteen
(18) of the City of St. Louis, Missouri, fronting 90 feet on the Eastern line of First or Main Street, by a depth Eastwardly of 125 feet, more or less, to an alley; bounded North by a line 90 feet, South of the Southern line of Carr Street, as
shown on the foregoing plat. 
 EXCEPTING THEREFROM that part conveyed to the City of St. Louis by deed recorded in Book 8379 Page 518.

 PARCEL 4: 
 Lot Two
(2) in Plat “D” of the Subdivision in Partition of the Estate of John Mullanphy, and in Block Eighteen (18) of the City of St Louis, Missouri, fronting 50 feet on the East line of First Street by a depth Eastwardly of 124 feet,
more or less, to an alley; bounded North by a line 40 feet South of the South line of Carr Street. 

  
 9 

 PARCEL 5: 
 Lot Five (5) according to Plat “D” of the Subdivision in Partition of John Mullanphy’s Estate, and in Block Eighteen (18) of the City of St. Louis, Missouri, fronting 50 feet on
the East line of First Street by a depth Eastwardly of 125 feet 1-2/3 inches on the North line and 125 feet 7-3/4 inches on the South line to an alley. 
 PARCEL 6: 
 Lot Six (6) of the Subdivision in Partition of John Mullanphy’s
Estate, in Block Eighteen (18) of the City of St. Louis, Missouri, fronting 50 feet on the Eastern line of Fist Street by a depth Eastwardly of 126 feet, more or less, to an alley. 
 PARCEL 7: 
 Lot Seven (7) according to Plat “D” of the Subdivision in
Partition of John Mullanphy’s Estate, in Block Eighteen (18) of the City of St. Louis, Missouri, fronting 40 feet on the Eastern line of First Street, by a depth Eastwardly of 126 feet 7-1/2 inches, more or less, to an alley; bounded South
by Wash Street (now Cole Street) and a depth on its North line of 126 feet 2 inches, more or less. 
 PARCEL 8: 

A Parcel of land in Block Eighteen (18) of the City of St. Louis, Missouri, described as: Beginning at the point of intersection of the South line of Carr
Street, 50 feet wide, and the West line of Wharf Street; thence South 7 degrees 51 minutes 22.775 seconds West along said West line of Wharf, 149.712 feet, to a point; thence South 69 degrees 06 minutes 27.553 seconds West, 80.893 feet, to a point;
thence North 81 degrees 28 minutes 19.225 seconds West, 29.081 feet, to a point in the East line of the 20 foot wide alley in City Block 18; thence North 7 degrees 51 minutes 22.775 seconds East along said East line of alley, 63.812 feet, to a
point; thence North 68 degrees 18 minutes 17.601 seconds East, 92.083 feet, to a point; thence North 19 degrees 20 minutes 09.40 seconds West, 88.932 feet, to a point in the South line of Carr Street 50 feet wide; thence South 82 degrees 10 minutes
82.225 seconds East along the South line of Carr Street, 50 feet wide, 60.210 feet to the point of beginning. 
 PARCEL 9:

 All that part of Lot Four (4) in City Block Eighteen (18) described as follows: Beginning at the Northeast corner of Lot One
(1) in Block Eighteen (18), which is also the point of intersection of the South line of Carr Street, 50 feet wide and the West line of North and South alley 20 feet wide in said City Block 18; thence South 7 degrees 51 minutes 22.775 seconds
West, One Hundred Thirty-five and One Hundred Fifteen Thousandths (135.115)

  
 10 

 
feet along said West line of alley 20 feet wide; to a true point of beginning; thence South 68 degrees 18 minutes 17.601 seconds West, Twenty-three and Four Hundred Seventy-eight Thousandths
(23.478) feet, to a point; thence South 8 degrees 33 minutes 40.775 seconds West Thirty-three and Three Hundred Eight Thousandths (33.308) feet, to a point in the South line of said Lot 4; thence South 82 degrees 08 minutes 37.225 seconds
East, along said South line of Lot 4, Twenty and Eight Hundred Thirty-four Thousandths (20.834) feet, to a point in the Western line of said alley 20 feet wide, which is also the Southeast corner of said Lot 4; thence North 7 degrees 51 minutes
22.775 seconds East, along said West line of alley 20 feet wide, Forty-four and Eight Hundred Eighty-five Thousandths (44.805) feet, to the true point of beginning. 
 PARCEL 10: 
 A parcel of laid in part of Lot One (1) of Bryant Mullanphy
Estates in the Partition in Surveys 372-331 and in City Block Eighteen (18) of the City of St. Louis and being more particularly described as follows: Beginning at the intersection of the Southern line of Carr Street, 50 feet wide, and the
Eastern line of First Street, 38.5 feet wide; thence along the Southern right of way line of said Carr Street, Eastwardly South 82 degrees 10 minutes 29 seconds East 123.23 feet to the Western line of Commercial Street, 20 feet wide; thence along
the Western line of said Commercial Street, Southwardly South 07. degrees 53 minutes 50 seconds West 40.00 feet to a point; thence along a line running parallel with the Southern right of way line of Carr Street, Westwardly North 82 degrees 10
minutes 29 seconds West 123.62 feet to the Eastern right of way line of said First Street, Northwardly North 08 degrees 29 minutes 48 seconds East 40.00 feet to the point of beginning. 
 PARCEL 11: 
 A tract of land in part of Lot One (1) of
Bryan Mullanphy Estate in Partition in Surveys 372-331, in City Block Eighteen (18) of the City of St. Louis, Missouri, said tract being more particularly described as follows: Commencing at the intersection of the Easterly line of 1st Street, 38 feet 6 inches wide, with the Southerly line of Carr
Street, 50 feet wide; thence along said Southerly line, South 82 degrees 10 minutes, 29 seconds East 143.25 feet to the point of intersection with the Easterly line of a North-South alley, 20 feet wide, and said point being the true point of
beginning of the tract of land herein described; thence continuing along the Southerly line of said Carr Street, South 82 degrees 10 minutes 29 seconds East 39.79 feet to the Easterly line of a parcel described in deed to Cherrick Distributing Co.,
recorded as Daily 19 on January 31, 1973; thence along said Easterly line, South 18 degrees 30 minutes 32 seconds East 25.24 feet; thence along a line parallel with the Southerly line of said Carr Street, North 82 degrees 10 minutes 29 seconds
West 51.01 feet to the Easterly line of said North-South alley; thence along said Easterly line, North 07 degrees 53 minutes 50 seconds East 22.62 feet to the true point of beginning, according to Order No. 157649 executed by James
Engineering & Surveying Co., Inc., in December, 1998. 
  

	9.	River City Casino (ground lease) located at 777 River City Casino Blvd. in St. Louis, Missouri 63125 (St. Louis county), leased by Pinnacle Entertainment, Inc., a
Delaware corporation 

  
 11 

	10.	 Fortune Valley Hotel and Casino f/k/a Harvey’s Wagon (fee) located at 321 Gregory Street, Central City, Colorado 80427, owned by Pinnacle
Entertainment, Inc., a Delaware corporation1

  

	11.	L’Auberge Baton Rouge (Yankton) (fee) located at 15500-15600 River Road and 16000-16100 River Road in East Baton Rouge, Louisiana 70820, owned by Yankton
Investments, LLC, a Nevada limited liability company 

 Tax Parcels: 1835-123-01-065; 1835-123-01-047 

 

	12.	River Downs (fee) located at 6301 Kellog Avenue in Cincinnati, Ohio 45230, owned by PNK (Ohio), LLC, an Ohio limited liability company 

 

	1 	Actual hotel and casino not owned by Pinnacle Entertainment, Inc. 

  
 12 

 Part II: List of Mortgaged Ameristar Properties (Leasehold and Fee)2
 
 Description of Properties

  

	1.	Ameristar Casino Springfield (fee) located at 655-735 Page Blvd. in Springfield, Massachusetts 01104, owned by Ameristar Casino Springfield, LLC, a Massachusetts
limited liability company 

 Tax Parcels: 094401000 & 094400999 

 

	2.	Black Hawk (fee) located at 15173 Hwy 119, 100 Richman Street, 111 Richman St. and 401 Silver Gulch Rd. in Black Hawk, Colorado 80422, owned by Ameristar Casino Black
Hawk, Inc., a Colorado corporation 

 Tax Parcel: 1833-073-01-125 

 

	3.	Jackpot (Cactus Pete’s) (fee) located at 1104, 1200, 1304, 1308, 1385 Highway 93, 2400, 2405, 2301 Ace Drive, 1315, 1201, 1490 Keno Drive in Jackpot, Nevada 89825,
owned by Cactus Pete’s Inc., a Nevada corporation 

 Tax Parcels: 009-005-021; 009-005-024; 009-005-025;
009-005-026; 009-005-027; 009-005-037; 009-008-003; 009-008-004; 009-008-020 
  

	4.	Kansas City (leasehold and fee) located at 3200 Ameristar Drive, 3250 N. Ameristar Drive and 8600 N.E. Underground Drive in Kansas City, Missouri 64161, owned by
Ameristar Casino Kansas City, Inc., a Missouri corporation 

 Tax Parcels: 18218001000701; 18219000500100;
18219000500201; 18219000500300; 18204000800600; 18502000100200; 18502000100100; 18204000800601; 18502000100201; 18502000100300; 18218001000300; 18219000500200; 18218001000600; 5-400-01-09-00-0-00-000; 05-400-04-01-00-0-00-000 

 

	5.	Vicksburg (fee) located at 4116 - 4146, 4155, 4116, 4117, 4119, 4120, 4127, 4133 Washington, St., 710 Lucy Bryson St., Lucy Bryant St. in Vicksburg, Mississippi 39180,
owned by Ameristar Casino Vicksburg, Inc., a Mississippi corporation 

 Tax Parcels: 1085 31 9999 001000 (PPIN
013474); 1085 31 9999 001001 (PPIN 022054); 1085 31 9999 001002 (PPIN 022055); 1085 31 9999 001003 (PPIN 027338); 1081032 9999 000100 (PPIN 013441); 1081032 9999 000200 (PPIN 013442); 1081032 9999 000300 (PPIN 013443); 1081032 9999 000600 (PPIN
013446); 1081032 9999 000601 (PPIN 024765); 1081032 9999 000602 (PPIN 030700); 1081032 9999 000701 (PPIN 023509); 1081032 9999 001000 (PPIN 013450) 

 

	2 	 The Ameristar properties on Part II of this Schedule 1.1(a) will not be “Mortgaged Properties” on the Effective Date. Each such property will
become a Mortgaged Property post-closing pursuant to Section 8.13 of the Credit Agreement. 

  
 13 

	6.	 St. Charles (fee) located at One Ameristar Blvd, 1350 S. 5th Street in St. Charles, Missouri 63301 and at 1260 S. Main Street in St. Charles, Missouri 63303, owned by Ameristar
Casino St. Charles, Inc., a Missouri corporation 

 Tax Parcels: A966000146; A966000147; A966000155;
A943001666; 434490B000; A943001667; 818430A000; 818850B000; 054430A000; 054380A000; T090600009 
  

	7.	Council Bluffs (fee and land use agreement) located at 2200, 2202, 2204 River Road in Council Bluffs, Iowa 51501, owned by Ameristar Casino Council Bluffs, Inc., an
Iowa corporation 

 Tax Parcels: 7444-04-100-003; 7444-04-300-01 

 

	8.	East Chicago (leasehold) located at 777 Ameristar Blvd. in East Chicago, Indiana 46312, leased by Ameristar Casino East Chicago, LLC, an Indiana limited liability
company 

 Tax Parcel: 45-03-22-226-901.000-024 

 

	9.	Lake Charles (leasehold) located in Calcasieu Parish, Louisiana, leased by Ameristar Casino Lake Charles, LLC, a Louisiana limited liability company

 Tax Parcel: 00077135; 00077135A; 01336549; 00752495 

  
 14 

 Schedule 1.1(b) 

Part I: List of Pinnacle Preferred Ship Mortgages 
 Description of Preferred Ship Mortgages 
  

	1.	First Preferred Ship Mortgage, by Louisiana-I Gaming, a Louisiana Partnership in Commendam, for Boomtown Belle II, No. 1028319 

 

	2.	First Preferred Ship Mortgage, by PNK (Bossier City), Inc., a Louisiana corporation, for Mary’s Prize No. 1028011 

 

	3.	First Preferred Ship Mortgage by Belterra Resort Indiana, LLC, a Nevada limited liability company, for Miss Belterra, No. 1098321 

 

	4.	Assignment of First Preferred Ship Mortgage, by PNK (Lake Charles), L.L.C., a Louisiana limited liability company for L’Auberge Du Lac, No. 1160993.

  
 15 

 Part II: List of Ameristar Preferred Ship Mortgages 

Description of Preferred Ship Mortgages 
  

	1.	First Preferred Ship Mortgage by Ameristar Casino East Chicago, LLC, an Indiana limited liability company, for Winstar, No. 1052579 

 

	2.	First Preferred Ship Mortgage by Ameristar Casino St. Charles, Inc., a Missouri corporation, for St. Charles I, No. 1043286 and St. Charles II, No. 1043287

  

	3.	First Preferred Ship Mortgage by Ameristar Casino Kansas City, Inc. a Missouri corporation, for River King, No. 1050080 and River Queen, No. 1050081

  

	4.	First Preferred Ship Mortgage by Ameristar Casino Council Bluffs, Inc., an Iowa corporation, for Ameristar II, No. 1035267 

  
 16 

 Schedule 1.1(c) 

List of Commitments of Lenders 
 Revolving Credit Commitments 
  

									
	 Lender
	  	Revolving Credit
Commitment	 	  	Pro Rata Share of
Revolving Credit
Exposure	 
	 JPMorgan Chase Bank, N.A.
	  	$	125,472,637	  	  	 	12.547	% 
	 Goldman Sachs Lending Partners LLC
	  	$	110,995,025	  	  	 	11.100	% 
	 Bank of America, N.A.
	  	$	110,995,025	  	  	 	11.100	% 
	 Deutsche Bank AG New York Branch
	  	$	110,995,025	  	  	 	11.100	% 
	 Wells Fargo Bank, National Association
	  	$	110,995,025	  	  	 	11.100	% 
	 Credit Agricole Corporate and Investment Bank
	  	$	96,517,413	  	  	 	9.652	% 
	 Barclays Bank PLC
	  	$	72,388,060	  	  	 	7.239	% 
	 UBS Loan Finance LLC
	  	$	96,517,413	  	  	 	9.652	% 
	 Fifth Third Bank
	  	$	57,910,448	  	  	 	5.791	% 
	 U.S. Bank National Association
	  	$	38,606,965	  	  	 	3.861	% 
	 The Royal Bank of Scotland plc
	  	$	38,606,965	  	  	 	3.861	% 
	 Sumitomo Mitsui Banking Corporation
	  	$	30,000,000	  	  	 	3.000	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	1,000,000,000.00	  	  	 	100.0	% 
		  	  
	  
	 	  	  
	  
	 

 Term Loan Commitments 
  

																	
	 Lender
	  	Tranche B-1
Term Loan
Commitment	 	  	Tranche B-2
Term Loan
Commitment	 	  	Pro Rata
Share
of
Tranche B-1
Term Loan
Exposure	 	 	Pro Rata
Share of
Tranche B-1
Term 
Loan
Exposure	 
	 JPMorgan Chase Bank, N.A.
	  	$	500,000,000	  	  	$	1,100,000,000	  	  	 	100	% 	 	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total
	  	$	500,000,000	  	  	$	1,100,000,000	  	  	 	100	% 	 	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 

  
 17 

 Schedule 1.1(d) 

List of Existing Letters of Credit 
 Part A: Letters of Credit issued by Barclays Bank PLC 
  

	 	•	 	 Letter of Credit #SB-01395 in the amount of $7,900,000 for the benefit of Zurich American Insurance Company with an expiry date of April 14, 2014.

  

	 	•	 	 Letter of Credit #SB-01394 in the amount of $175,000 for the benefit of Discover Property & Casualty Insurance Co. with an expiry date of
March 23, 2014. 

 Part B: Letters of Credit Issued by Deutsche Bank Trust Company Americas 

 

	 	•	 	 Letter of Credit #S-13906 in the amount of $170,000 for the benefit of Entergy Mississippi, Inc. with an expiry date of November 20, 2013.

  

	 	•	 	 Letter of Credit #S-14217 in the amount of $500,000 for the benefit of Legion Insurance Company with an expiry date of November 20, 2013

  

	 	•	 	 Letter of Credit #S-14964 in the amount of $344,000 for the benefit of the State of Nevada, Division of Insurance with an expiry date of
November 20, 2013 

  

	 	•	 	 Letter of Credit #S-18341 in the amount of $381,035 for the benefit of Northern Indiana Public Service Co. with an expiry date of May 31, 2014.

  
 18 

 Schedule 5.3(a) 

List of Required Asset Sales 
 1. The complex known as Lumière Place Casino and Hotels located in downtown St. Louis, Missouri, including the Lumière Place Casino, HoteLumiere and the Four Seasons Hotel St. Louis and all
real property and personal property associated with such complex or used in connection with such complex, including, but not limited to, intellectual property rights, computer software, books and records, and contractual rights, etc. 

2. The complex being described as Ameristar Casino Resort Spa located in Lake Charles, Louisiana and all real property and personal property associated
with such complex or used in connection with such complex, including, but not limited to, intellectual property rights, computer software, books and records, and contractual rights etc. 
 3. Any and all related assets that are transferred to the purchasers of 1 or 2 above, which are related to the sale of such complexes. 
 4. Equity interests in any of the Restricted Subsidiaries which own the complexes described in 1 or 2 above and associated assets and the assets held by such Restricted Subsidiary. 

  
 19 

 Schedule 6.4 

List of Outstanding Consents, Authorizations, Filings, Proceedings and Notices 

SEC 
 Filing a Form 8-K with the SEC
regarding the execution of the Amended and Restated Credit Agreement and the other Loan Documents and the consummation of the transactions contemplated thereby within four (4) business days of the Effective Date. 

Gaming Boards 
  

	1.	Louisiana: 

  

	 	1.1.	After consummation of a Debt Transaction, as defined in Louisiana Administrative Code 42:III.2522, including amendments and modifications of existing Debt Transactions,
the Borrower shall provide a term sheet or executive summary of the Debt Transaction and an executed copy of the documents evidencing the Debt Transaction to the Louisiana State Police, Gaming Enforcement Division, Audit Section, Corporate
Securities Unit; 

  

	 	1.2.	The acceptance of the settlement of the Administrative Complaint and placement of the consent on the public record by the Federal Trade Commission.

  

	2.	Nevada: 

  

	 	2.1.	Post-closing transaction and informational reports to the extent required by Nevada Gaming Commission Regulation 8.130 to be filed with the Nevada State Gaming Control
Board. 

  

	 	2.2.	The pledge of the Pledged Stock of any Loan Party that is licensed by or registered with the Nevada Gaming Authorities requires the approval of the requisite Nevada
Gaming Authorities in order for such pledge to be effective. 

  

	3.	Missouri: 

  

	 	3.1.	File with the Missouri Gaming Commission on behalf of the Class A Licensee and the Missouri Class B Licensees a required written notice that the transactions have
been consummated pursuant to 11 CSR 45-10.040(7). 

  

	 	3.2.	File with the Missouri Gaming Commission a copy of the closing documentation. 

 

	4.	Indiana: 

  

	 	4.1.	Submission of a legal opinion from Indiana gaming counsel demonstrating compliance with IC 4-33-4-21. 

 

	 	4.2.	Submission of final financing documentation to the Indiana Gaming Commission as contemplated under IGC Order 2013-120. 

  
 20 

	5.	Iowa: 

  

	 	5.1.	Notify the Iowa Racing and Gaming Commission under Iowa Administrative Code 491-5.4(20) of all debt transactions, including subsequent amendments and modifications of
debt transactions, and provide executed copies of the documents evidencing the transaction. 

  

	6.	Colorado: 

  

	 	6.1.	Each Colorado gaming licensee must report to the Colorado Division of Gaming, at least quarterly, the name and address of every person, including lending agencies, who
has a right to share in the revenues of limited gaming or to whom an interest or share in the profits of limited gaming has been pledged or hypothecated as security. 

 

	7.	Mississippi 

  

	 	7.1.	Mississippi Gaming Commission Regulation Title 13, Part 2 Licensing, Chapter 9 Transfers of Ownership; Loans; Leases, Rule 9.11 Loans to Licensees and Other Reportable
Transactions requires Ameristar Casino Vicksburg, Inc. to file a loan to licensees report. 

  
 21 

 Schedule 6.15(a) 

List of Subsidiaries (Unrestricted, Restricted and Immaterial)3 
  

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	 Type of

Subsidiary4

						
	 ACE Gaming LLC

(uncertificated)
	  	New Jersey LLC	  	N/A	  	100%	 	PNK Development 13, LLC	  	U
						
	 AREH MLK LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK (Biloxi), LLC	  	U
						
	 AREP Boardwalk Properties LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK (Biloxi), LLC	  	U
						
	 Belterra Resort Indiana, LLC
	  	Nevada LLC	  	100% membership
units	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Boomtown, LLC

(certificated, elected into UCC Article 8)
	  	Delaware LLC	  	100% membership
units	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Brighton Park Maintenance Corp.
	  	New Jersey corporation	  	100 shares	  	100 shares	 	ACE Gaming, LLC	  	U
						
	 Casino Magic, LLC

(uncertificated)
	  	Minnesota LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Casino Magic (Europe), BV

(uncertificated)
	  	Netherlands corporation	  	40 shares	  	40 shares	 	Casino Magic, LLC	  	U
						
	 Casino Magic Hellas Management Services, SA

(uncertificated)
	  	Greece corporation	  	10,000 shares	  	9,999 shares	 	Casino Magic (Europe), BV	  	U
						
	 Casino One Corporation
	  	Mississippi corporation	  	100 shares	  	100 shares	 	Casino Magic, LLC	  	R

 

	3 	This schedule reflects the list of subsidiaries after the merger of Ameristar Casinos, Inc. into Pinnacle Entertainment, Inc., which will occur on the Effective Date.

	4 	“R” = Restricted; “U” = Unrestricted; “I” = Immaterial. 

  
 22 

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	 Type of

Subsidiary4

						
	 Double Bogey, LLC

(uncertificated)
	  	Texas LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	I
						
	 Landing Condominium, LLC

(uncertificated)
	  	Missouri LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 Louisiana-I Gaming, a Louisiana Partnership in Commendam

(uncertificated)
	  	Louisiana partnership in Commendam	  	N/A	  	Boomtown,
LLC (95%)

 
 Pinnacle
Entertainment,
Inc.

(5%)
	 	 Boomtown, LLC
 (General Partner)
  
 Pinnacle Entertainment, Inc.
 (Limited Partner)
	  	R
						
	 Mitre Associates LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK Development 13, LLC	  	U
						
	 OGLE HAUS, LLC

(uncertificated)
	  	Indiana LLC	  	N/A	  	100%	 	Belterra Resort Indiana, LLC	  	R
						
	 Pinnacle Retama Partners, LLC

(uncertificated)
	  	Texas LLC	  	N/A	  	75%	 	PNK (SA), LLC	  	U
						
	 PNK (Baton Rouge) Partnership

(uncertificated)
	  	Louisiana partnership	  	N/A	  	PNK
Development 8,
LLC
(1%)
  

PNK
Development 9,
LLC
 (99%)
	 	 PNK Development 8, LLC
  

PNK Development 9, LLC
	  	R
						
	 PNK (BILOXI), LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Casino Magic, LLC	  	R
						
	 PNK (BOSSIER CITY), Inc.
	  	Louisiana corporation	  	100 shares	  	100%	 	Casino Magic, LLC	  	R
						
	 PNK Development 7, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R

  
 23 

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	 Type of

Subsidiary4

						
	 PNK Development 8, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK Development 9, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK Development 10, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK Development 11, LLC

(uncertificated)
	  	Nevada LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK Development 13, LLC

(uncertificated)
	  	New Jersey LLC	  	N/A	  	100%	 	PNK (Biloxi), LLC	  	U
						
	 PNK Development 17, LLC

(uncertificated)
	  	Nevada LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK Development 18, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK Development 11, LLC	  	U
						
	 PNK Development 28, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK Development 11, LLC	  	U
						
	 PNK Development 29, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK Development 30, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK Development 31, LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK Development 18, LLC	  	U
						
	 PNK (ES), LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (Kansas), LLC

(uncertificated)
	  	Kansas LLC	  	N/A	  	100%	 	PNK Development 17, LLC	  	U
						
	 PNK (LAKE CHARLES), L.L.C.

(uncertificated)
	  	Louisiana LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R

  
 24 

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	Type of
Subsidiary4
						
	 PNK (Ohio), LLC

(uncertificated)
	  	Ohio LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (Ohio) II, LLC

(uncertificated)
	  	Ohio LLC	  	N/A	  	100%	 	PNK (Ohio), LLC	  	R
						
	 PNK (Ohio) III, LLC

(uncertificated)
	  	Ohio LLC	  	N/A	  	100%	 	PNK (Ohio), LLC	  	R
						
	 PNK (Reno), LLC
	  	Nevada LLC	  	100 shares	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (River City), LLC

(uncertificated)
	  	Missouri LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (SA), LLC

(uncertificated)
	  	Texas LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	U
						
	 PNK (SAM), LLC

(uncertificated)
	  	Texas LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (SAZ), LLC

(uncertificated)
	  	Texas LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (SCB), L.L.C.

(uncertificated)
	  	Louisiana LLC	  	N/A	  	100%	 	PNK Development 7, LLC	  	R
						
	 PNK (ST. LOUIS RE), LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (STLH), LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 PNK (VN), Inc.
	  	Cayman Islands corporation	  	1,000 shares	  	100%	 	PNK Development 18, LLC	  	U
						
	 Port St. Louis Condominium, LLC

(uncertificated)
	  	Missouri LLC	  	N/A	  	50%	 	Landing Condominium, LLC	  	U
						
	 President Riverboat Casino-Missouri, Inc.
	  	Missouri corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 PSW Properties LLC

(uncertificated)
	  	Delaware LLC	  	N/A	  	100%	 	PNK (Biloxi), LLC	  	U

  
 25 

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	Type of
Subsidiary4
						
	 Realty Investment Group, Inc.
	  	Delaware corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	U
						
	 Riverside Community Development District, Inc.
	  	Missouri non-profit corporation	  	—  	  	—  	 	Non-Profit Corporation formed by Pinnacle Entertainment, Inc.	  	N/A
						
	 Riverside Warehousing, LLC

(uncertificated)
	  	Missouri LLC	  	N/A	  	100%	 	St. Louis Warehousing Properties, LLC	  	I
						
	 St. Louis Warehousing Properties, LLC

(uncertificated)
	  	Missouri LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	I
						
	 The Pinnacle Entertainment Foundation
	  	Nevada non-profit corporation	  	—  	  	—  	 	Non-Profit Corporation formed by Pinnacle Entertainment, Inc.	  	N/A
						
	 Yankton Investments, LLC

(uncertificated)
	  	Nevada LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Entities
	  		  		  		 		  	
						
	 Ameristar Casino Black Hawk, Inc.
	  	Colorado corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino Council Bluffs, Inc.
	  	Iowa corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino St. Charles, Inc.
	  	Missouri corporation	  	100 shares	  	100 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino St. Louis, Inc.
	  	Missouri corporation	  	100 shares	  	100 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino Kansas City, Inc.
	  	Missouri corporation	  	100 shares	  	100 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino Vicksburg, Inc.
	  	Mississippi corporation	  	2,000 shares	  	2,000 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Cactus Pete’s, Inc.
	  	Nevada corporation	  	100 shares	  	100 shares	 	Pinnacle Entertainment, Inc.	  	R

  
 26 

											
	 Name
	  	 Jurisdiction of
Organization,

Type of Entity
	  	No. Shares/Units
Issued &
Outstanding	  	No.
Shares/Units/
Percentage
Owned by
Borrower
or
Subsidiary of
Borrower	 	 Owner
	  	Type of
Subsidiary4
						
	 Ameristar Casino Las Vegas, Inc.
	  	Nevada corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casinos Financing Corp. (f/k/a A.C. Food Services, Inc.)
	  	Nevada corporation	  	100 shares	  	100 shares	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar East Chicago Holdings, LLC

(uncertificated)
	  	Indiana LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino East Chicago, LLC

(uncertificated)
	  	Indiana LLC	  	N/A	  	100%	 	Ameristar East Chicago Holdings, LLC	  	R
						
	 Richmond Street Development, Inc.
	  	Pennsylvania corporation	  	1,000 shares	  	1,000 shares	 	Pinnacle Entertainment, Inc.	  	I
						
	 Ameristar Casino Springfield, LLC

(uncertificated)
	  	Massachusetts LLC	  	N/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R
						
	 Ameristar Casino Lake Charles, LLC

(uncertificated)
	  	Louisiana LLC	  	N/A	  	100%	 	Ameristar Lake Charles Holdings, LLC	  	R
						
	 Ameristar Lake Charles Holdings, LLC

(uncertificated)
	  	Louisiana LLC	  	M/A	  	100%	 	Pinnacle Entertainment, Inc.	  	R

  
 27 

 Schedule 6.15(b) 

List of Outstanding Subscriptions, Options, Warrants, Calls, Rights or Other Agreements or Commitments 

1. The Borrower has established the 2008 Amended and Restated Pinnacle Entertainment, Inc. Directors Deferred Compensation Plan (as it may be further
amended, modified or supplemented from time to time, the “Directors Plan”), which is limited to directors of the Borrower, and each eligible director may elect to defer all or a portion of his annual retainer and any fees for
meetings attended. Any such deferred compensation is credited to a deferred compensation account, either in cash or in shares of the Borrower’s common stock, at each director’s election. The only condition to each director’s
receipt of shares credited to his deferred compensation account is cessation of such director’s service as a director of the Borrower. 

2. Nonqualified Stock Option Agreement dated as of March 14, 2010 by and between Pinnacle Entertainment, Inc. and Anthony M. Sanfilippo. 

3. Nonqualified Stock Option Agreement dated as of August 1, 2008 by and between Pinnacle Entertainment, Inc. and Carlos Ruisanchez. 

4. Nonqualified Stock Option Agreements and Restricted Stock Unit Agreements, dated as of the Effective Date by and between Pinnacle Entertainment, Inc.
with the following employees: 
  

			
	 Name
	  	 Title

	 Michelle Shriver
	  	EVP Operations
	 Troy Stremming
	  	EVP Gov’t Relations/Public Affairs
	 Jack Mohn
	  	SVP Design & Construction
	 Toni Pepper
	  	Chief Information Officer
	 Bob Sobczyk
	  	VP Gaming Operations
	 Dave Clark
	  	VP Planning & Analysis
	 Jan Carpineto
	  	VP Hotel Operations
	 Denise White
	  	VP Compensation & Benefits
	 Michelle Lane
	  	VP HR Operations
	 Dan Redding
	  	VP Security & Surveillance
	 Ricky D’Costa
	  	VP Workforce Planning
	 Jim Franke
	  	VP & GM – St. Charles
	 Sean Barnard
	  	VP & GM – Kansas City
	 Monty Terhune
	  	VP & GM – Council Bluffs
	 Sherri Summers
	  	VP & GM – Black Hawk
	 George Stadler
	  	VP & GM – Vicksburg
	 Matt Schuffert
	  	VP & GM – East Chicago
	 Andy Hamblen
	  	VP & GM – Jackpot
	 Steve Peate
	  	AGM/VP Hospitality – SC
	 Will Israel
	  	AGM/VP Player Dev’t – KC
	 Michael Adams
	  	AGM/VP Player Dev’t – CB

  
 28 

			
	 Annie Jenkins
	  	AGM/VP – Vicksburg
	 Valerie Stewart
	  	AGM/VP – Jackpot
	 Kim Planck
	  	VP, Operational Excellence

  
 29 

 Schedule 6.19(a) 

UCC Financing Statements Filing Jurisdictions5 
  

					
	  	  	 Name
	  	 Jurisdiction

			
	 1.
	  	Belterra Resort Indiana, LLC	  	 Nevada
 (state of formation – file with SOS)

			
	 2.
	  	Boomtown, LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 3.
	  	Casino Magic, LLC	  	 Minnesota
 (state of formation – file with SOS)

			
	 4.
	  	Casino One Corporation	  	 Mississippi
 (state of incorporation – file with SOS)

			
	 5.
	  	 Louisiana-I Gaming,
 a
Louisiana Partnership in Commendam
	  	 Louisiana
 (state of formation – file with Jefferson Parish)

			
	 6.
	  	OGLE HAUS, LLC	  	 Indiana
 (state of formation – file with SOS)

			
	 7.
	  	Pinnacle Entertainment, Inc.	  	 Delaware
 (state of incorporation – file with SOS)

			
	 8.
	  	PNK (Baton Rouge) Partnership	  	 Louisiana
 (state of formation – file with Calcasieu Parish)

			
	 9.
	  	PNK (BILOXI), LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 10.
	  	PNK (BOSSIER CITY), Inc.	  	 Louisiana
 (state of incorporation – file with Bossier Parish)

			
	 11.
	  	PNK Development 7, LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 12.
	  	PNK Development 8, LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 13.
	  	PNK Development 9, LLC	  	 Delaware
 (state of formation – file with SOS)

  

	5 	This schedule reflects the list of subsidiaries after the merger of Ameristar Casinos, Inc. into Pinnacle Entertainment, Inc., which will occur on the Effective Date.

  
 30 

					
	  	  	 Name
	  	 Jurisdiction

			
	 14.
	  	PNK (ES), LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 15.
	  	PNK (LAKE CHARLES), L.L.C.	  	 Louisiana
 (state of formation – file with Calcasieu Parish)

			
	 16.
	  	PNK (Ohio), LLC	  	 Ohio
 (state of formation – file with SOS)

			
	 17.
	  	PNK (Ohio) II, LLC	  	 Ohio
 (state of formation – file with SOS)

			
	 18.
	  	PNK (Ohio) III, LLC	  	 Ohio
 (state of formation – file with SOS)

			
	 19.
	  	PNK (Reno), LLC	  	 Nevada
 (state of formation – file with SOS)

			
	 20.
	  	PNK (River City), LLC	  	 Missouri
 (state of formation – file with SOS)

			
	 21.
	  	PNK (SAM), LLC	  	 Texas
 (state of formation – file with SOS)

			
	 22.
	  	PNK (SAZ), LLC	  	 Texas
 (state of formation – file with SOS)

			
	 23.
	  	PNK (SCB), L.L.C.	  	 Louisiana
 (state of formation – file with Calcasieu Parish)

			
	 24.
	  	PNK (ST. LOUIS RE), LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 25.
	  	PNK (STLH), LLC	  	 Delaware
 (state of formation – file with SOS)

			
	 26.
	  	President Riverboat Casino-Missouri, Inc.	  	 Missouri
 (state of incorporation – file with SOS)

			
	 27.
	  	Yankton Investments, LLC	  	 Nevada
 (state of formation – file with SOS)

			
	 28.
	  	Ameristar Casino Black Hawk, Inc.	  	 Colorado
 (state of incorporation – file with SOS)

  
 31 

					
	  	  	 Name
	  	 Jurisdiction

			
	 29.
	  	Ameristar Casino Council Bluffs, Inc.	  	 Iowa
 (state of incorporation – file with SOS)

			
	 30.
	  	Ameristar Casino St. Charles, Inc.	  	 Missouri
 (state of incorporation – file with SOS)

			
	 31.
	  	Ameristar Casino Kansas City, Inc.	  	 Missouri
 (state of incorporation – file with SOS)

			
	 32.
	  	Ameristar Casino Vicksburg, Inc.	  	 Mississippi
 (state of incorporation – file with SOS)

			
	 33.
	  	Cactus Pete’s, Inc.	  	 Nevada
 (state of incorporation – file with SOS)

			
	 34.
	  	Ameristar Casino Las Vegas, Inc.	  	 Nevada
 (state of incorporation – file with SOS)

			
	 35.
	  	Ameristar East Chicago Holdings, LLC	  	 Indiana
 (state of formation – file with SOS)

			
	 36.
	  	Ameristar Casino East Chicago, LLC	  	 Indiana
 (state of formation – file with SOS)

			
	 37.
	  	Ameristar Casino Springfield, LLC	  	 Massachusetts
 (state of formation – file with SOS)

			
	 38.
	  	Ameristar Casino St. Louis, Inc.	  	 Missouri
 (state of formation – file with SOS)

			
	 39.
	  	Ameristar Casino Lake Charles, LLC	  	 Louisiana
 (state of incorporation – file with Calcasieu Parish)

			
	 40.
	  	Ameristar Lake Charles Holdings, LLC	  	 Louisiana
 (state of incorporation – file with Calcasieu Parish)

			
	 41.
	  	Ameristar Casinos Financing Corp.	  	 Nevada
 (state of incorporation – file with SOS)

  
 32 

 Schedule 7.1(d) 

List of Legal Opinions as of the Effective Date 
  

	1.	Opinion of Morrison & Foerster LLP (Delaware, New York) 

  

	2.	Opinion of Brownstein Hyatt Farber Schreck, LLP (Colorado) 

  

	3.	Opinion of Faegre Baker Daniels LLP (Indiana) 

  

	4.	Opinion of Brown, Winick, Graves, Gross, Baskerville and Schoenebaum, P.L.C. (Iowa) 

 

	5.	Opinion of Stone Pigman Walther Wittman LLC (Louisiana) 

  

	6.	Opinion of Bacon Wilson (Massachusetts) 

  

	7.	Opinion of Briol & Associates (Minnesota) 

  

	8.	Opinion of Jones Walker LLP (Mississippi) 

  

	9.	Opinion of Lathrop & Gage LLP (Missouri) 

  

	10.	Opinion of Brownstein Hyatt Farber Schreck, LLP (Nevada) 

  

	11.	Opinion of Taft Stettinius & Hollister LLP (Ohio) 

  

	12.	Opinion of Baker Botts (Texas) 

  

	13.	Opinion of Burke & Parsons (Maritime Counsel) 

  
 33 

 Schedule 8.13 

List of Post-Closing Matters 
  

							
	 Task
	  	 Time Period

	1.	 	Delivery of any one of the following for each of the below-listed UCC-1 financing statements: (1) a copy of a filed termination statement terminating the relevant
UCC-1 financing statement of record, (2) a UCC-3 amendment amending the collateral description in the relevant UCC-1 financing statement to the reasonable satisfaction of the Administrative Agent to narrow the same so that it is consistent with
the relevant equipment subject thereto, or (3) evidence reasonably satisfactory to the Administrative Agent that (x) in each case, the relevant UCC-1 financing statement relates to a transaction the value of which is less than $6.0 million
or (y) all of the following UCC-1 financing statements, in the aggregate, relate to transactions the value of which is less than $20.0 million:	  	Within 30 days after the Closing Date
				
		 	(a)	 	UCC-1 Financing Statement No. 2011 0876865 with Pinnacle Entertainment, Inc. as the debtor and Chateau Plaza Holdings, L.P. as secured party;	  	
				
		 	(b)	 	UCC-1 Financing Statement No. P12001912-5 with Ameristar Casino Council Bluffs, Inc. as the debtor and Ainsworth Game Technology Limited as secured party;	  	
				
		 	(c)	 	UCC-1 Financing Statement No. 120628982795 with Ameristar Casino Kansas City, Inc. as the debtor and Bally Technologies, Inc. as secured party;	  	
				
		 	(d)	 	UCC-1 Financing Statement No. 200900006880992 with Ameristar Casino East Chicago, LLC as the debtor and Ainsworth Game Technology Limited as secured party; and	  	
				
		 	(e)	 	UCC-1 Financing Statement No. 637016 with Cactus Pete’s Inc. as the debtor and Bally Technologies, Inc. as secured party.	  	
			
	2.	 	Delivery of the title insurance policy, or, if applicable, mortgage assignment, date down and modification endorsements (and such other endorsements as requested by the
Administrative Agent) to the existing title insurance policies, naming the Administrative Agent as the insured party,	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Target Lake Charles Property and the
Lumière

  
 34 

							
		 	insuring, or assuring, as applicable, the first priority lien of the Mortgages on the Mortgaged Properties), containing such customary endorsements and affirmative
insurance, coinsurance and reinsurance as the Administrative Agent may reasonably require, and be otherwise in form and substance reasonably satisfactory to the Administrative Agent.	  	Property (collectively, the “Delayed Title Properties”)), and within 270 days after the Closing Date for each of the Delayed Title Properties that is not Disposed
of by the applicable Loan Party prior to such date
			
	3.	 	Delivery of evidence reasonably satisfactory to the Administrative Agent that the relevant Loan Party has paid to the title insurance company or to the appropriate
governmental authorities all expenses and premiums of the title insurance company and all other sums required in connection with the issuance of each such title insurance policy or assignment and modification endorsement, as applicable, referred to
in item 2 above, and all charges and recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgage for each Mortgaged Property (other than the Delayed Title Properties) in the
appropriate real estate records.	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title
Properties that is not Disposed of by the applicable Loan Party prior to such date
			
	4.	 	Delivery to the Administrative Agent of either (i) maps or plans of an ALTA survey of each Mortgaged Property other than the Delayed Title Properties (or, where
available and reasonably satisfactory to the Administrative Agent, updates to existing maps and plans of such Mortgaged Property), which shall show, among other things, the location of any improvements thereon, certified to the Administrative Agent
and the title insurance company issuing the title insurance policies referenced in item (2) and dated by an independent professional licensed land surveyor reasonably satisfactory to the Administrative Agent or (ii) existing maps or plans
of an ALTA survey of each Mortgaged Property other than the Delayed Title Properties, in each case in a manner reasonably satisfactory to the Administrative Agent	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title
Properties that is not Disposed of by the applicable Loan Party prior to such date
			
	5.	 	With respect to each Mortgaged Property listed in Part II of Schedule 1.01(a) (other than any Delayed Title Property on such schedule), delivery to the Administrative
Agent of a Mortgage signed by the applicable Loan Party in recordable form, granting to the Administrative Agent, for the benefit of the Lender Parties, a first priority perfected security interest and Lien with respect to such Mortgaged Property,
subject only to Liens permitted under Section 9.3.	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title
Properties that is not Disposed of by the applicable Loan Party prior to such date

  
 35 

							
	  
 6.
	 	  
 Delivery to the Administrative Agent of any consents,
estoppels or subordination non-disturbance and attornment agreements reasonably requested by the Administrative Agent in connection with any Mortgage, in each case, in form and substance reasonably satisfactory to the Administrative
Agent.
	  	  
 Within 90 days after the Closing Date for each Mortgaged Property
(other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title Properties that is not Disposed of by the applicable Loan Party prior to such date

			
	7.	 	Delivery to the Administrative Agent of a letter of opinion addressed to the Administrative Agent and the Lenders with respect to due authorization, execution and
delivery and enforceability and validity of each Mortgage and any related fixture filings in form and substance reasonably satisfactory to the Administrative Agent, in each case with respect to the Mortgages on the Mortgaged Properties listed in
Part II of Schedule 1.1(a) (other than any Delayed Title Property on such schedule).	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title
Properties that is not Disposed of by the applicable Loan Party prior to such date
			
	8.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Borrower provided a term sheet or executive summary of the Debt
Transaction (as defined in Louisiana Administrative Code 42:III.2522) and an executed copy of the documents evidencing the Debt Transaction to the Louisiana State Police, Gaming Enforcement Division, Audit Section, Corporate Securities
Unit.	  	Within 10 days after the Closing Date
			
	9.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Borrower delivered a copy of the FTC Order to the Louisiana
Gaming Board, which evidences the acceptance of the settlement of the Administrative Complaint and placement of the consent on the public record by the Federal Trade Commission.	  	Within 10 days after the Closing Date
			
	10.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Borrower has filed with the Nevada State Gaming Control Board
all post-closing transaction and informational reports to the extent required by Nevada Gaming Commission Regulation 8.130.	  	Within 30 days following September 30, 2013

  
 36 

							
	  
 11.
	 	  
 Delivery to the Administrative Agent of evidence
reasonably satisfactory to the Administrative Agent that the Borrower has received the approval of the requisite Nevada Gaming Authorities of the pledge of the Pledged Stock of any Loan Party that is licensed by or registered with the Nevada Gaming
Authorities.
	  	  
 Within 6 months after the Closing Date

			
	12.	 	Delivery to the Administrative Agent or its custodial agent, as applicable, all existing certificates evidencing the Pledged Stock identified in item 10 and stock powers
or assignments duly endorsed in blank covering all such certificated Pledged Stock.	  	Within 5 Business Days after the receipt by Borrower of the approval of the requisite Nevada Gaming Authorities
			
	13.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Borrower has filed with the Missouri Gaming Commission a copy
of the closing documentation.	  	Within 7 days after the Closing Date
			
	14.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Borrower has filed with the Missouri Gaming Commission on
behalf of the Class A Licensee and the Missouri Class B Licensees a required written notice that the transactions have been consummated pursuant to 11 CSR 45-10.040(7)	  	Within 7 days after the Closing Date
			
	15.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that the Borrower has submitted with the Indiana Gaming Commission a
legal opinion from Indiana gaming counsel demonstrating compliance with IC 4-33-4-21.	  	Within 30 days after the Closing Date
			
	16.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that the Borrower has submitted final financing documentation to the
Indiana Gaming Commission as contemplated under IGC Order 2013-120.	  	Within 30 days after the Closing Date
			
	17.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that the Borrower has notified the Iowa Racing and Gaming Commission
under Iowa Administrative Code 491-5.4(20) of all debt transactions, including subsequent amendments and modifications of debt transactions, and provided executed copies of the documents evidencing the transaction.	  	Within 10 days after the Closing Date
			
	18.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that the Borrower or one of its Subsidiaries has reported to the
Colorado Division of	  	By September 30, 2013.

  
 37 

							
		 	Gaming the name and address of every person, including lending agencies, who has a right to share in the revenues of limited gaming or to whom an interest or share in
the profits of limited gaming has been pledged or hypothecated as security.	  	
			
	19.	 	Delivery to the Administrative Agent of evidence reasonably satisfactory to the Administrative Agent that Ameristar Casino Vicksburg, Inc. has filed a loan to licenses
report pursuant to Mississippi Gaming Commission Regulation Title 13 Part 2 Licensing, Chapter 9 Transfers of Ownership; Loans; Leases, Rule 9.11 Loans to Licensees and Other	  	Within 30 days after the Closing Date
			
	20.	 	Delivery to the Administrative Agent of updates to the Mortgaged Properties listed in Part II of Schedule 1.1(a) and to the properties listed in item 23 of this
Schedule 8.13, to the extent surveys and title insurance necessitate updates.	  	Within 90 days after the Closing Date for each Mortgaged Property (other than the Delayed Title Properties), and within 270 days after the Closing Date for each of the Delayed Title
Properties that is not Disposed of by the applicable Loan Party prior to such date
			
	21.	 	Delivery to the Administrative Agent of releases of security interests filed against the following trademarks by Wells Fargo Bank, N.A. at Reel/Frame 1619/0354 and
Reel/Frame 1639/0449 : (i) Ameristar Casino, Reg. No. 2132916, (ii) Ameristar Casino, Reg. No. 1971539, (iii) Cactus Petes (and design), Reg. No. 2145768 and (iv) Cactus Petes, Reg. No. 2080518	  	Within 60 days after the Closing Date
			
	22.	 	Delivery to the Administrative Agent of releases of security interests filed against the following trademark by Wells Fargo Bank, N.A. at Reel Frame 4584/0880: Boomtown,
Reg. No. 1866988	  	Within 60 days after the Closing Date
			
	 23.
	 	 Delivery to the Administrative Agent of a Mortgage signed by the applicable Loan Party in recordable form, granting to the
Administrative Agent, for the benefit of the Lender Parties, a first priority perfected security interest and Lien with respect to such Mortgaged Property, subject only to Liens permitted under Section 9.3, with respect to the Mortgaged
Property described as follows:
  
 L’Auberge Casino & Hotel
Baton Rouge (fee) located at 777 L’Auberge Avenue, 770 L’Auberge Avenue, 3877 L’Auberge Crossing Drive and 3711 L’Auberge Crossing Drive in Baton Rouge, Louisiana 70820, owned by PNK (Baton Rouge) Partnership, a Louisiana
partnership
	  	Within 90 days after the Closing Date

  
 38 

 Schedule 9.2(d) 

List of Existing Indebtedness 
 1. Lease and Development Agreement dated as of August 12, 2004 by and between the St. Louis County Port Authority and Pinnacle Entertainment, Inc., as amended. Pursuant to the Lease and Development
Agreement, we have a long term deferred rent obligation in the amount of $10,512,284 as of June 30, 2013. 
 2. Guaranty Agreement, dated
August 1, 2007, by Pinnacle Entertainment, Inc., as Guarantor to Lake Charles Harbor & Terminal District with respect to obligations by PNK (LAKE CHARLES), L.L.C. 
 3. Sawyer Note Payable, with a principal balance of $98,154, which accrues interest at an annual rate of 10% and matures on February 1, 2024. 

  
 39 

 Schedule 9.3(f) 

Existing Liens 
 1.
Certain licenses granted in connection with sale of Casino Magic Bay St. Louis and Boomtown Biloxi, as follows: 
 a) Pursuant
to that certain Asset Purchase Agreement between Casino Magic Corp., a Minnesota corporation, and BSL, Inc., a Mississippi corporation, dated as of December 9, 1999 (as amended), Casino Magic Corp. sold to BSL, Inc. certain real and personal
property, tangible and intangible, used by Casino Magic Corp. in the operation of the Casino Magic casino located in Bay St. Louis, Mississippi. In connection with such sale, Casino Magic Corp. and BSL, Inc. entered into a License Agreement on
August 8, 2000, pursuant to which Casino Magic Corp. granted a nonexclusive, royalty-free, perpetual license to use certain marks and certain additional marks (as more particularly described in Schedule 1 to the License Agreement) in connection
with casino operations with all ancillary goods and services. 
 b) Pursuant to that certain Asset Purchase Agreement between
Boomtown, Inc., a Delaware corporation, and BTN, Inc., a Mississippi corporation, dated as of December 9, 1999 (as amended), Boomtown, Inc. sold to BTN, Inc. certain real and personal property, tangible and intangible, used by Boomtown, Inc. in
the operation of the Boomtown Biloxi casino located in Biloxi, Mississippi. In connection with such sale, Boomtown, Inc. and BTN, Inc. entered into a License Agreement on August 8, 2000, pursuant to which Boomtown, Inc. granted a nonexclusive,
royalty-free, perpetual license to use certain marks and certain additional marks (as more particularly described in Schedule 1 to the License Agreement) in connection with casino operations with all ancillary goods and services. 

2. Security Interest Assignment in “Boomtown” mark from BSL, Inc. to Deutsche Bank Trust Company, recorded with the Patent and Trademark Office
on October 3, 2005 at Reel 3175 Frame 0228. 
 3. Security Interest Assignment in “Boomtown” mark from BTN, Inc. to Deutsche Bank
Trust Company, recorded with the Patent and Trademark Office on October 3, 2005 at Reel 3175 Frame 0228. 
 4. Inter-Company Assignments
and Licenses listed on Schedule V to the Security Agreement. 
 5. Directors and Officers Trust presently with Wilmington Trust Company
providing for indemnification of officers and directors of the Borrower, as such trust may be amended, amended and restated, substituted or replaced from time to time. 
 6. Landlord’s lien in favor of Chateau Plaza Holdings, L.P. with regard to the leased premises located at 2515 McKinney Avenue, Suite 920, Dallas, TX. 

  
 40 

 Schedule 9.5(g) 

List of Designated Assets 
  

			
	 Description of Asset
	  	 Location

		
	 St. Louis City Owned Property (Parking)
  

806-808 North 1st Street (Parking)
  

810-812 North
1st Street (Parking)

 
 814 North 1st Street (Parking)
	  	Missouri
		
	 St. Louis City Owned Properties (Parking)
  

900 N First Street
 902-918 N First
Street
  
 1014R N. First Street

1016 N. First Street
 1020 N. First
Street
 1024 N. First Street
 1012 N.
First Street
 1004 N. First Street

1000 N. First Street
 1028 N. First
Street
  
 1101 N Second Street

 
 1101 N. First Street
	  	Missouri
		
	 St. Louis City Owned Properties (Parking for Former President Casino)

 
 1030R N. Commercial Street
 8 Carr Street (undeveloped)
	  	Missouri
		
	 St. Louis City Owned Properties (proposed condo development)

 
 801 N. Leonor K. Sullivan Blvd.

807 N. Leonor K. Sullivan Boulevard
	  	Missouri
		
	1100-1122 N. Second Street (warehouse)	  	Missouri
		
	Excess (non-operating) and excess undeveloped land near the Boomtown Casino in New Orleans, Louisiana	  	Louisiana
		
	Remainder of four parcels (fee) purchased from Richard, Sittig, Connor, and Hatchett in Lake Charles, Louisiana	  	Louisiana

  
 41 

			
	 Description of Asset
	  	 Location

		
	Approximately 56 acres of Real Property in Lake Charles, Louisiana (Cline Canal Tract) purchased from Bailey, Verret, Vail Rigler, Chesson, Schoolsky, Queenan, Chesson, Bodin and
Robichaux in various transactions in 2007	  	Louisiana
		
	The single family dwelling at 3801 Burgoyne St., Lake Charles, Louisiana, 70605	  	Louisiana
		
	Ameristar Springfield Property	  	Massachusetts
		
	Excess (non-operating) and excess undeveloped land in Lake Charles, Louisiana	  	Louisiana
		
	Excess (non-operating) and excess undeveloped land at Boomtown Bossier City	  	Louisiana
		
	Real property located in Central City, Colorado, or any portion thereof	  	Colorado
		
	The Ogle Haus at Belterra Casino Resort	  	Indiana
		
	Excess (non-operating) and excess undeveloped land at Belterra Casino Resort	  	Indiana
		
	Equity interests in any Restricted Subsidiary, the sole assets of which are listed on this Schedule 9.5(g), including, but not limited to, PNK (Reno), LLC	  	N/A
		
	Remainder of property following a Disposition of a portion of such property permitted by Section 9.5(n) of the Credit Agreement	  	N/A
		
	Excess (non-operating) and excess undeveloped land at River Downs	  	Ohio

  
 42 

 Schedule 9.7(d) 

List of Existing Investments 
 DESCRIPTION OF INVESTMENTS 
  

	1.	$35,500,000 Investment by Pinnacle Entertainment, Inc. in PNK Development 10, LLC 

 

	2.	$169,300,000 Investment by Pinnacle Entertainment, Inc. in PNK Development 11, LLC 

 

	3.	$9,000,000 Investment by Pinnacle Entertainment, Inc. in PNK Finance Corp. 

 

	4.	$25,000,000 Investment by Pinnacle Entertainment, Inc. in PNK (SA), LLC 

  

	5.	$38,905 Investment by Pinnacle Entertainment, Inc. in Port St. Louis Condominium, LLC 

 

	6.	$9,142 Investment by Pinnacle Entertainment, Inc. in PNK (Exuma), Limited 

  

	7.	$1,075,910 Investment by Pinnacle Entertainment, Inc. on behalf of Atlantic City entities 

 

	8.	$6,225,740 Investment by Pinnacle Entertainment, Inc. for Madison House Lease Settlement 

 

	9.	$468,150 Investment by Pinnacle Entertainment, Inc. on behalf of PNK (VN), Inc. 

  
 43 

 Schedule 9.9 

List of Permitted Transactions with Affiliates 
 1. Any co-leasing or joint venture arrangement relating to the Target Lake Charles Property and/or the L’Auberge Lake Charles Property pursuant to the Shared Space Term Sheet (as defined in the
Membership Interests Purchase Agreement), including termination of, or relinquishment of rights to enter into, the contemplated “Festival Grounds” lease in exchange for the new lease as contemplated therein, and any Disposition of other
property and improvements in the Lake Charles, Louisiana area (other than land which the primary elements of (x) the L’Auberge Lake Charles hotel and casino currently occupy or (y) the Target Lake Charles Property hotel and casino
which is currently under construction are expected to occupy) that Borrower determines would be desirable to contribute to the shared space arrangement contemplated by the Shared Space Term Sheet or (ii) pursuant to another purchase and sale
agreement relating to the assets described in clause (i) above that accomplishes the business purposes contemplated by the Shared Space Term Sheet for such assets. 

  
 44 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ACCEPTANCE 
 This Assignment and Acceptance (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an]
“Assignor”) and [the][each]2 Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Assignment and Acceptance as if set forth herein in full. 
 For an agreed consideration, [the][each]
Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity
as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] in respect of the Commitments and Loans identified below [including, without limitation, Letters of Credit and Swing Line Loans, as applicable)]5 and (ii) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims,
tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor
to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse 

 

	1 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	Select as appropriate. 

	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

	5 	Include only if assignment is of revolving credit commitments. 

  
 A-1

 
to [the][any] Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by [the][any] Assignor. The benefit of each Security Document shall
be maintained in favor of each Assignee. 
  

							
	1.	 	Assignor[s]:	 	  
	 	
				
		 		 	  
	 	
				
	2.	 	Assignee[s]:	 	  
	 	
				
		 		 	  
	 	
		
		 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
				
	3.	 	Borrower(s):	 	  
	 	

							
		
	4.	 	Administrative Agent: JPMorgan Chase Bank, N.A., as the Administrative Agent under the Credit Agreement
		
	5.	 	Credit Agreement: Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (each a
“Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto.
		
	6.	 	Assigned Interest:

  

																	
	 Assignor[s]6
	  	 Assignee[s]7
	  	 Commitment/Loans

Assigned8
	  	Aggregate
Amount of
Commitment/
Loans for all
Lenders9	 	 	Amount of
Commitment/
Loans
Assigned	 	 	Percentage
Assigned of
Commitment/
Loans10	 
		  		  		  	$	[            	] 	 	$	[            	] 	 	 	  	% 
		  		  		  	$	[            	] 	 	$	[            	] 	 	 	  	% 
		  		  		  	$	[            	] 	 	$	[            	] 	 	 	  	% 

  

	6 	List each Assignor, as appropriate. 

	7 	List each Assignee, as appropriate. 

	8 	Fill in Class (and Series or Extension Series, as applicable) of Commitment/Loans being assigned. 

	9 	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. “All Lenders” refers to all Lenders under the applicable Class (and Series or Extension Series, as applicable). 

	10 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders under the applicable Class (and Series or Extension Series, as applicable).

  
 A-2

							
	[7.	 	Trade Date:	 	  
	 	]11

 Effective Date:             ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

 

	11 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 A-3

 The terms set forth in this Assignment and Acceptance are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	CONSENTED TO AND ACCEPTED:
	  
 JPMorgan Chase Bank, N.A.,
as
 Administrative Agent

		
	By:	 	  

		
		 	Title:
		
		 	 [[Letter of Credit Issuer], as

Letter of Credit Issuer]12

		
	By:	 	  

		
		 	Title:
		
		 	 [[Swing Line Lender], as

Swing Line Lender]13

		
	By:	 	  

		
		 	Title:

  

	12 	Reference to Letter of Credit Issuer required for an assignment of Revolving Credit Commitments. 

	13 	Reference to Swing Line Lender required for an assignment of Revolving Credit Commitments. 

  
 A-4

 Consented to: 

 

			
	PINNACLE ENTERTAINMENT, INC.14
		
	By:	 	  

		
		 	Title:

  

	14 	Include if Borrower consent required under Section 12.6(b)(i)(A) of the Credit Agreement. 

  
 A-5

 ANNEX 1 TO ASSIGNMENT AND ACCEPTANCE 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ACCEPTANCE 
 1. Representations and Warranties.

 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the
requirements to be an assignee under Section 12.6(b)(i) [and][,] (b)(ii) of the Credit Agreement (subject to such consents, if any, as may be required under Section 12.6(b)(i) of the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in
acquiring assets of such type, (v) it has received a copy of the Credit Agreement and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1 of
the Credit Agreement, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such] Assigned Interest, and
(vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment
and Acceptance and to purchase [the][such] Assigned Interest. 
 2. Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the
Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. 

  
 A-6

 3. General Provisions. This Assignment and Acceptance shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and construed in
accordance with, the law of the State of New York. 

  
 A-7

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 
                  , 20     
 JPMorgan Chase Bank, N.A., 
 as Administrative Agent 

500 Stanton Road, Ops 2 
 Third Floor 

Newark, DE 19713 
 Attention: Brittany Duffy

 Pinnacle Entertainment, Inc. 
 Ladies and Gentlemen: 
 Pursuant to that certain Amended and Restated Credit
Agreement, dated as of August 13, 2013 (as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein having
the meanings given such terms in the Credit Agreement), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto
(each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto, the Borrower hereby gives the Administrative Agent irrevocable notice that the
Borrower hereby requests a Loan or Swing Line Loan under the Credit Agreement, and in that connection sets forth below the information relating to such Loan or Swing Line Loan: 

 

	 	1.	The Borrower hereby requests (Check one box only): 

					
		
	 (a).    A Revolving Credit Loan under Revolving Credit Commitment
	 	 ̈
			
	 (b).    A Swing Line Loan under Revolving Credit Commitment
	 	 ̈    	 	
			
	 (c).    A Loan under the Tranche B-1 Term Loan Commitment
	 	 ̈    	 	
			
	 (d).    A Loan under the Tranche B-2 Term Loan Commitment
	 	 ̈    	 	
			
	 (e).    A Loan under the New Term Loan Commitment
	 	 ̈    	 	

  

	 	2.	The aggregate amount of the proposed Loan is $        . 

 

	 	3.	The Business Day of the proposed Loan is                     

  

	 	4.	Type of the proposed Loan elected (Check one box only): 

 

					
	 (a).    Base Rate Loan
	 	 ̈    	 	
			
	 (b).    Eurodollar Loan
                     with an interest period of
                     months.1
	 	 ̈    	 	

  

	1 	 Specify 1, 2, 3 or 6 months Interest Period or (if available to all the Lenders making such Eurodollar Loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve
month or shorter period. 

  
 B-1

 In connection with the requested Loan, the Borrower hereby certifies that the following
statements are true and correct on the date hereof, and will be true and correct on the date of the proposed Loan: 
 (a) Each
of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents is true and correct in all material respects on and as of such date as if made on and as of such date, except for representations and warranties
expressly stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date. 
 (b) No Default or Event of Default has occurred and is continuing on such date, or would result from the proposed Loan or the application of the proceeds thereof. 

The Borrower agrees that, if prior to the time of the proposed Loan any of the foregoing certifications shall cease to be true and
correct, the Borrower shall forthwith notify the Administrative Agent thereof in writing (any such notice, a “Non-Compliance Notice”). Except to the extent, if any, that prior to the time of the proposed Loan the Borrower shall
deliver a Non-Compliance Notice to the Administrative Agent, each of the foregoing certifications shall be deemed to be made additionally on the date of the proposed Loan as if made on such date. 

[Signature page follows] 

  
 B-2

 
					
	Very truly yours,
	
	PINNACLE ENTERTAINMENT, INC.,
	a Delaware corporation
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 This Compliance Certificate is delivered to you pursuant to Section 8.2(b) of the Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, amended and restated,
supplemented, replaced or modified from time to time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or
entities from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Credit Agreement. 
 1. I am a duly elected, qualified and
acting Responsible Officer of the Borrower. 
 2. I have reviewed and am familiar with the contents of this Certificate.

 3. I have reviewed the terms of the Credit Agreement and the other Loan Documents and have made, or caused to be made under
my supervision, a review in reasonable detail of the transactions and condition of the Borrower and its Restricted Subsidiaries during the accounting period covered by the financial statements attached hereto as Attachment 1 (the
“Financial Statements”). To the best of my knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in the Credit Agreement and the
other Loan Documents to which it is a party to be observed, performed or satisfied by it, and such review did not disclose the existence during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge of
the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or Event of Default, except as previously disclosed to the Administrative Agent pursuant to Section 8.7(a) or as set forth below.

 4. Attached hereto as Attachment 2 are the computations showing compliance with the covenants in the Credit Agreement
identified in such attachment. 
 IN WITNESS WHEREOF, I execute this Certificate this      day of
            , 20    . 
  

					
	PINNACLE ENTERTAINMENT, INC.,
	a Delaware corporation
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 C-1

 ATTACHMENT 1 

FINANCIAL STATEMENTS 

  
 C-2

 ATTACHMENT 2 

The information described herein is as of             
    , 20     (the “Certification Date”), and pertains to the period from                  ,
20     to                  , 20    . 
  

	I.	FINANCIAL CONDITION COVENANTS 

  

	 	A.	Consolidated EBITDA: 

  

											
	 	  	Quarter
Ending
[                 
   ]	  	Quarter
Ending
[                 
   ]	  	Quarter
Ending
[                 
   ]	  	Quarter
Ending
[                 
   ]	  	TOTAL
	 Consolidated Net Income of the Borrower and its Restricted Subsidiaries
	  		  		  		  		  	
						
	Plus:	  		  		  		  		  	
						
	 income tax expense
	  		  		  		  		  	
						
	 Consolidated Interest Expense of the Borrower and its Restricted Subsidiaries, amortization or writeoff of debt discount and debt
issuance costs and commissions, discounts and other fees and charges associated with Indebtedness
	  		  		  		  		  	
						
	 depreciation and amortization expense
	  		  		  		  		  	
						
	 amortization and write-off of intangibles (including, but not limited to, goodwill) and organization costs
	  		  		  		  		  	
						
	 any extraordinary, unusual or non-recurring expenses or losses (including (i) whether or not otherwise includable as a
separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business, (ii) losses resulting from any temporary business interruption resulting from integration of
facilities or systems relating to the
	  		  		  		  		  	

  
 C-3

											
	 Acquisition, (iii) costs and expenses related to the Acquisition incurred on or before the date that is 18 months after the Effective Date, including
non-recurring integration costs of the Borrower and its Subsidiaries, professional and consulting fees and expenses, and severance, relocation costs and curtailments or modifications to pension and post-retirement employee benefit plans related
thereto, (iv) any other non-recurring integration costs of the Borrower and its Subsidiaries and professional and consulting fees and expenses, in an aggregate amount not to exceed $10,000,000 in any fiscal year and (v) any fees associated with the
cancellation of lease obligations)
	  		  		  		  		  	
						
	 pre-opening and related promotional expenses incurred in connection with any Project
	  		  		  		  		  	
						
	 any other non-cash charges (including, without limitation, the amortization of up-front bonuses and non-cash charges in respect
of equity compensation)
	  		  		  		  		  	
						
	 any customary and reasonable fees and expenses incurred during such period, or any amortization thereof for such period, in
connection with any acquisition, investment, recapitalization, disposition, issuance or repayment of Indebtedness (and related hedging obligations), issuance of Capital Stock, refinancing transaction or amendment or modification of any debt
instrument (in each case, including any such transaction undertaken but not completed)
	  		  		  		  		  	
						
	 any net after-tax losses on disposal of abandoned, disposed or discontinued operations during such period or attributable to
asset dispositions or the sale or other disposition of any Capital Stock of any Person in each case other than in the ordinary course of business during such period
	  		  		  		  		  	

  
 C-4

											
						
	 cash dividends and distributions paid to the Borrower and its Restricted Subsidiaries from any Person that is not a Restricted
Subsidiary, provided, that the cumulative amount of such cash dividends and distributions included in Consolidated EBITDA shall not exceed the cumulative amount of the Borrower’s and its Restricted Subsidiaries’ share of the Consolidated
EBITDA of such Person
	  		  		  		  		  	
						
	 severance, relocation costs and curtailments or modifications to pension and post-retirement employee benefit plans in an
aggregate amount not to exceed $10,000,000 in any fiscal year
	  		  		  		  		  	
						
	 redemption or prepayment premiums relating to the acquisition of debt permitted pursuant to this Agreement
	  		  		  		  		  	
						
	 anticipated future cost savings from synergies related to the Acquisition in an aggregate amount of $40,000,000 per annum for the
fiscal quarter of the Borrower and its Subsidiaries in which the Acquisition occurs, such amount to decline thereafter by $5,000,000 in each subsequent fiscal quarter until it reaches zero in the eighth fiscal quarter thereafter
	  		  		  		  		  	
						
	 any amount expended towards the development of businesses not prohibited by Section 9.14, in an aggregate amount not
to exceed $10,000,000 in any fiscal year
	  		  		  		  		  	

  
 C-5

											
						
	 minus:
	  		  		  		  		  	
						
	 the sum of:
	  		  		  		  		  	
						
	 interest income (except to the extent deducted in determining Consolidated Interest Expense)
	  		  		  		  		  	
						
	 any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in
the statement of such Consolidated Net Income for such period, gains on sales of assets outside of the ordinary course of business, but not including business interruption insurance proceeds and gains on discount repurchases of Indebtedness by the
Borrower or any of its Restricted Subsidiaries)
	  		  		  		  		  	
						
	 any net after-tax gains on disposal of abandoned, disposed or discontinued operations during such period or attributable to asset
dispositions or the sale or other disposition of any Capital Stock of any Person in each case other than in the ordinary course of business during such period
	  		  		  		  		  	
						
	 any other non-cash income
	  		  		  		  		  	
						
	 TOTAL CONSOLIDATED EBITDA*
	  		  		  		  		  	

  

	*	With respect to fiscal quarters of the Borrower and its Restricted Subsidiaries ending prior to the Effective Date, Consolidated EBITDA for the Borrower and its
Restricted Subsidiaries (after giving pro forma effect to the Acquisition) is deemed to be (i) $144,001,000 for the fiscal quarter ended December 31, 2012, (ii) $163,872,000 for the fiscal quarter ended March 31, 2013, and
(iii) $165,438,000 for the fiscal quarter ended June 30, 2013. With respect to the fiscal quarter ended September 30, 2013, Consolidated EBITDA for the Borrower and its Restricted Subsidiaries (after giving pro forma effect to the
Acquisition) shall be calculated as if the Transactions occurred on the first day of such fiscal quarter. 

  

	 	B.	Annualized Adjusted EBITDA: 

  

	 	1.	Consolidated EBITDA: $            , 

 

	 	2.	To the extent deducted in arriving at Consolidated EBITDA for such period, non-cash write downs to goodwill required by Financial Accounting Standards Board Statement
No. 142, and any non-cash reductions to the value of the assets of the Borrower and its Restricted Subsidiaries required by Financial Accounting Standards Board Statement No. 121 or No. 144:
$            , 

  
 C-6

	 	3.	Without duplication of amounts included in clause (j) of the definition of Consolidated EBITDA, the Foreign Subsidiary Receipts that were (x) received during
such period by the Borrower or any Restricted Subsidiary and (y) irrevocably designated during such period as Reclassified Foreign Subsidiary Receipts: $            ,

  

					
		 	Annualized Adjusted EBITDA:	  	$        

  

	 	C.	Consolidated Senior Secured Debt Ratio. Consolidated Senior Secured Debt Ratio on a consolidated basis of Borrower and its Restricted Subsidiaries as of the last
day of the consecutive four-fiscal-quarter period from             ,          through
            ,         . 

  

					
	1.	 	Consolidated Senior Secured Debt of the Borrower and its Restricted Subsidiaries (aggregate principal amount of all Indebtedness) less Excess Cash:
$            .
			
	2.	 	Annualized Adjusted EBITDA (from Item B)	  	$        
			
	3.	 	Consolidated Senior Secured Debt Ratio (C.1. divided by C.2):	  	
			
	4.	 	Maximum permitted Consolidated Senior Secured Ratio:	  	

  

			
	 Fiscal Quarter Ending
	  	Maximum Consolidated
Senior Secured 
Debt Ratio
	 September 30, 2013
	  	3.50 to 1.00
	 December 31, 2013
	  	3.50 to 1.00
	 March 31, 2014
	  	3.50 to 1.00
	 June 30, 2014
	  	3.50 to 1.00
	 September 30, 2014
	  	3.25 to 1.00
	 December 31, 2014
	  	3.00 to 1.00
	 March 31, 2015
	  	3.00 to 1.00
	 June 30, 2015
	  	2.75 to 1.00
	 September 30, 2015
	  	2.75 to 1.00
	 December 31, 2015
	  	2.75 to 1.00
	 March 31, 2016
	  	2.75 to 1.00
	 June 30, 2016
	  	2.75 to 1.00
	 September 30, 2016
	  	2.75 to 1.00

  
 C-7

			
	 Fiscal Quarter Ending
	  	Maximum Consolidated
Senior Secured 
Debt Ratio
	 December 31, 2016
	  	2.75 to 1.00
	 March 31, 2017
	  	2.75 to 1.00
	 June 30, 2017
	  	2.75 to 1.00
	 September 30, 2017
	  	2.75 to 1.00
	 December 31, 2017 and each fiscal quarter thereafter
	  	2.75 to 1.00

  

	 	D.	Consolidated Total Leverage Ratio. Consolidated Total Leverage Ratio of Borrower and its Restricted Subsidiaries for the four-fiscal-quarter period from
            ,          through             ,
        . 

  

					
	1.	 	Consolidated Total Debt of the Borrower and its Restricted Subsidiaries (aggregate principal amount of all Indebtedness) less Excess Cash:
		 		  	$        
			
	2.	 	Annualized Adjusted EBITDA (from Item B):	  	$        
			
	3.	 	Consolidated Total Leverage Ratio (D.1 divided by D.2):	  	
			
	4.	 	Minimum permitted Consolidated Total Leverage Ratio:	  	

  

			
	 Fiscal Quarter Ending
	  	Minimum Consolidated
Total Leverage
Ratio
	 September 30, 2013
	  	8.00 to 1.00
	 December 31, 2013
	  	8.00 to 1.00
	 March 31, 2014
	  	8.00 to 1.00
	 June 30, 2014
	  	7.75 to 1.00
	 September 30, 2014
	  	7.75 to 1.00
	 December 31, 2014
	  	7.50 to 1.00
	 March 31, 2015
	  	7.25 to 1.00
	 June 30, 2015
	  	7.00 to 1.00
	 September 30, 2015
	  	6.75 to 1.00
	 December 31, 2015
	  	6.25 to 1.00
	 March 31, 2016
	  	6.25 to 1.00
	 June 30, 2016
	  	6.00 to 1.00

  
 C-8

			
	 Fiscal Quarter Ending
	  	Minimum Consolidated
Total Leverage
Ratio
	 September 30, 2016
	  	5.75 to 1.00
	 December 31, 2016
	  	5.50 to 1.00
	 March 31, 2017
	  	5.25 to 1.00
	 June 30, 2017
	  	5.00 to 1.00
	 September 30, 2017
	  	5.00 to 1.00
	 December 31, 2017 and each fiscal quarter thereafter
	  	5.00 to 1.00

  

	 	E.	Consolidated Interest Coverage Ratio. Consolidated Interest Coverage Ratio of the Borrower and its Restricted Subsidiaries as of the last day of any four
consecutive fiscal quarter period from             ,          through             ,
        . 

  

					
	1.	 	Annualized Adjusted EBITDA (from Item B):	  	$        
			
	2.	 	Consolidated Interest Expense:	  	$        
			
	3.	 	Consolidated Interest Coverage Ratio (E.1. divided by E.2.):	  	
		
	4.	 	Maximum permitted Consolidated Interest Coverage Ratio: 2.00 to 1.00.

  

	II.	INDEBTEDNESS 

  

					
	A.	 	Aggregate Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens pursuant to Section 9.3(g) permitted under
Section 9.2(c)(i):	  	
		 		  	$        
			
	B.	 	Aggregate Indebtedness of any and all Persons that became a direct or indirect Subsidiary of the Borrower after the Effective Date in an acquisition permitted under
Section 9.2(c)(ii)):	  	$        
			
	C.	 	Aggregate Indebtedness described in II.A. and II.B:	  	$        
1
			
	D.	 	Aggregate Guarantee Obligations made by Borrower or any of its Restricted Subsidiaries of obligations of any Unrestricted Subsidiary:	  	$        
2
			
	E.	 	Aggregate Indebtedness incurred in the form of Guarantee Obligations with respect to commercial letters of credit permitted under Section 9.2(i)(x):	  	$        
3

  

	1 	Shall not exceed $100,000,000 at any one time outstanding. 

	2 	Shall not exceed $75,000,000 at any one time outstanding. 

	3 	Shall not exceed $50,000,000 at any one time outstanding. 

  
 C-9

					
			
	F.	 	Aggregate Indebtedness incurred in the form of Guarantee Obligations with respect to standby letters of credit permitted under Section 9.2(i)(y):	  	$        
4
			
	G.	 	Indebtedness incurred pursuant to Section 4.21.3 of the Redevelopment Agreement permitted under Section 9.2(l):	  	$        
5
			
	H.	 	Aggregate Indebtedness incurred in connection with the purchase, equipping, furnishing and/or refurbishing of one or more aircraft permitted under Section 9.2(m):	  	$        
6
			
	I.	 	Existing Senior Unsecured Obligations or Permitted Senior Unsecured Obligations permitted under Section 9.2(n):	  	$        
7
			
	J.	 	Aggregate Indebtedness incurred in the form of an obligation to reimburse any and all Persons for amounts paid for options on land permitted under Section 9.2(p):	  	$        
8
			
	K.	 	Other Indebtedness incurred permitted under Section 9.2(r):	  	$        
9

  

	4 	Shall not exceed $13,500,000 at any one time outstanding. 

	5 	Shall not exceed $10,000,000 at any one time outstanding. 

	6 	Shall not exceed $20,000,000 at any one time outstanding. 

	7 	 Shall not exceed $3,500,000,000 at any one time outstanding unless Consolidated Total Leverage Ratio is less than 6.00 to 1.00. 

	8 	Shall not exceed $30,000,000 at any one time outstanding. 

	9 	 Shall not exceed $125,000,000 at any one time outstanding. 

  
 C-10

	III.	INVESTMENTS 

  

					
	A.	 	Aggregate amount of loans and advances to employees of the Borrower or any Restricted Subsidiaries in the ordinary course of business permitted under
Section 9.7(e):	  	$        
10
			
	B.	 	Aggregate amount of Investments permitted under Section 9.7(k):	  	$        
11
			
	C.	 	Aggregate amount of Investments in an Unrestricted Subsidiary or a joint venture for the purpose of development of the Condo Component permitted under
Section 9.7(n):	  	$        
12
			
	D.	 	Aggregate amount of Investments made pursuant to the Hotel Agreements permitted under Section 9.7(s):	  	$        
13
			
	E.	 	Aggregate amount of Investments in the Atlantic City Entities permitted under Section 9.7(t):	  	$        
14
			
	F.	 	Aggregate amount of Investments in the Atlantic City Entities for settlements and maintenance support permitted under Section 9.7(u):	  	$        
15
			
	G.	 	Aggregate amount of Investments in the Vietnam Project permitted under Section 9.7(v):	  	$        
16

  

	10 	 Shall not exceed $10,000,000 at any one time outstanding. 

	11 	 Shall not exceed (i) $300,000,000 plus (ii) an amount (but not less than zero) equal to 50% of the New Capital Available Proceeds. 

	12 	 Shall not exceed $10,000,000 at any one time outstanding. 

	13 	 Shall not exceed $10,000,000 at any one time outstanding. 

	14 	 Shall not exceed $12,000,000 in any calendar year. 

	15 	 Shall not exceed $8,000,000 during the term of the Agreement. 

	16 	 Shall not exceed $50,000,000 at any one time outstanding. 

  
 C-11

 EXHIBIT D 

FORM OF JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of [            , 20    ] (this “Agreement”), by and among [NEW TERM LOAN
LENDERS][NEW REVOLVING LOAN LENDERS] (each, a “New Term Loan Lender” and/or a “New Revolving Loan Lender”, as applicable), Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), and
JPMorgan Chase Bank, N.A., as Administrative Agent. 
 RECITALS: 

WHEREAS, reference is hereby made to the Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; each capitalized term used but not defined herein shall have the meaning provided in the Credit Agreement), among the Borrower, the several
banks and other financial institutions or entities from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties
thereto; and 
 WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrower may establish New
Revolving Credit Commitments and/or New Term Loan Commitments by, among other things, entering into one or more Joinder Agreements with New Revolving Loan Lenders and/or New Term Loan Lenders (each, a “New Loan Lender”), as
applicable; 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the
parties hereto agree as follows: 
 Each New Loan Lender party hereto hereby agrees to commit to provide its respective New
Revolving Credit Commitment (in the case of each New Loan Lender that is a New Revolving Loan Lender) and/or New Term Loan Commitment (in the case of each New Loan Lender that is a New Term Loan Lender), as set forth on Schedule A annexed
hereto, on the terms and subject to the conditions set forth below. 
 Each New Loan Lender (i) confirms that it has
received a copy of the Credit Agreement and the other Loan Documents and the exhibits thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, any other New Loan Lender or any other Lender or Agent and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such powers under the 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 (iv) agrees
that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a New Term Loan Lender and/or New Revolving Loan Lender, as the case may be. 

  
 D-1

 SECTION 1. Each New Loan Lender hereby agrees to make its respective
Commitment on the following terms and conditions:1

 SECTION 2. Applicable Margin. The Applicable Margin for each Series [    ] New Term Loan shall mean, as
of any date of determination, the applicable percentage per annum as set forth below. 
  

			
	Series [    ] New Term Loans
	Eurodollar Loans	 	Base Rate Loans
	%	 	%

 SECTION 3. Principal Payments. The Borrowers of the Series [    ] New Term Loans
shall make principal payments on the Series [    ] New Term Loans in installments on the dates and in the amounts set forth below: 
  

					
	(A)	 	(B)	 
	 New Term Loan Payment
Date
	 	Scheduled
Repayment of Series [    ]
New Term Loans	 
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  
		 	$	            	  

  

	1 	 Insert completed items 1-7 as applicable, with such modifications as may be agreed to by the parties hereto to the extent consistent with the Credit
Agreement. If the New Term Loans are being established as an increase to any existing class of Term Loans, insert the following language in lieu of items 1-4: “Except as otherwise set forth herein, the New Term Loans shall have the same terms
as the [    ] Term Loans.” 

  
 D-2

 SECTION 4. Optional and Mandatory Prepayments. Scheduled installments of principal of the
Series [    ] New Term Loans set forth above shall be reduced in connection with any optional or mandatory prepayments of the Series [    ] New Term Loans in accordance with Sections 5.1 and 5.2
of the Credit Agreement respectively. 
 SECTION 5. Prepayment Fees. The Borrowers of the Series [    ] New
Term Loans agree to pay to each New Term Loan Lender the following prepayment fees, if any: [                    ]. 

[Insert other additional prepayment provisions with respect to Series [    ] New Term Loans] 

SECTION 6. Other Fees. The Borrowers agree to pay each [New Term Loan Lender][New Revolving Loan Lender] its pro rata share (determined
based upon each [New Term Loan Lender’s][New Revolving Loan Lender’s] share of the [New Term Loan Commitments][New Revolving Credit Commitments]) an aggregate fee equal to
[                    ] on [            ,
        ]. 
 SECTION 7. Proposed Borrowing. This Agreement represents a request by the
Borrower to borrow [Series [    ] New Term Loans][New Revolving Loans] from the [New Term Loan Lenders][New Revolving Loan Lenders] as follows (the “Proposed Borrowing”): 

 

	 	(a)	Business Day of Proposed Borrowing:             ,         

  

	 	(b)	Amount of Proposed Borrowing: $         

 

	 	(c)	Interest rate option: 

  

	 	(i)	Base Rate Loan(s) 

  

	 	(ii)	Eurodollar Loans 

 with an
initial Interest 
 Period of              month(s) 

[New Loan Lenders. Each New Loan Lender acknowledges and agrees that upon its execution of this Agreement and the
making of New Revolving Loans and/or Series [    ] New Term Loans, as the case may be, that such New Loan Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents,
and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.]2 

 

	2 	 Insert bracketed language if the lending institution is not already a Lender. 

  
 D-3

 SECTION 8. Credit Agreement Governs. Except as set forth in this Agreement, the New
Revolving Loans and/or Series [    ] New Term Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents. 
 SECTION 9. Borrower Certifications. By its execution of this Agreement, the undersigned officer of each Borrower party hereto, to the best of his or her knowledge, and such Borrower hereby certifies that:

 (i) after giving effect to such New Loan Commitments, the Borrower will be in compliance on a pro forma basis
with the covenant levels required by each of the Consolidated Senior Secured Debt Ratio and the Consolidated Total Leverage Ratio for such fiscal quarter less 0.25 (determined as of the last day of the most recent fiscal quarter for which financial
statements are required to be delivered under Section 8.1(a) or 8.1(b) of the Credit Agreement as if such New Loan Commitments had been funded and the application of such proceeds had occurred on such last day); 

(ii) no Default or Event of Default exists on the date hereof before or after giving effect to the New Term Loan
Commitments and/or New Revolving Credit Commitments contemplated hereby; and 
 (iii) the representations and
warranties contained in the Credit Agreement or in the other Loan Documents are true and correct in all material respects on and as of the date hereof with the same effect as though made on and as of the date hereof, except where such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date. 

SECTION 10. Notice. For purposes of the Credit Agreement, the initial notice address of each New Loan Lender shall be as set forth below
its signature below. 
 SECTION 11. Tax Forms. For each relevant New Loan Lender, delivered herewith to the Administrative Agent
are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such New Loan Lender may be required to deliver to the Administrative Agent pursuant to Section 5.4(d) and/or
Section 5.4(e) of the Credit Agreement. 
 SECTION 12. Recordation of the New Loans. Upon execution and delivery
hereof, the Administrative Agent will record the Series [    ] New Term Loans and/or New Revolving Loans, as the case may be, made by each New Loan Lender in the Register. 

  
 D-4

 SECTION 13. Amendment, Modification and Waiver. This Agreement may not be amended, modified
or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto. 

SECTION 14. Entire Agreement. This Agreement, the Credit Agreement and the other Loan Documents constitute the entire agreement among the
parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 

SECTION 15. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 16. Severability. Any term or provision of this
Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only
so broad as would be enforceable. 
 SECTION 17. Counterparts. This Agreement may be executed in counterparts (including by
facsimile or other electronic transmission), each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. 

  
 D-5

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of the date first set forth above. 
  

					
	[NAME OF NEW LOAN LENDER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Notice Address:
	Attention:
	Telephone:
	Facsimile:
	
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 
					
	Consented to by:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 SCHEDULE A 

TO JOINDER AGREEMENT 
  

											
	 Name of New Loan

Lender
	  	 Type of Commitment
	  	Commitment Amount	 
	[                    ]	  	 [New Term Loan Commitment]

[New Revolving Credit Commitment]
	  				  	$	            	  
	[                    ]	  		  				  	$	 	  
		  		  				  	  
	  
	 
		  		  	 	Total:	  	  	$	            	  
		  		  				  	  
	  
	 

 EXHIBIT E-1 

FORM OF MORTGAGE 
 (See attached) 

			
	 RECORDING REQUESTED BY:
 AND WHEN RECORDED MAIL TO:
  
 Latham & Watkins LLP
 355 South Grand Avenue

Los Angeles, California 90071-1560
 Attention:
Glen Collyer, Esq.
  
 Re: PINNACLE ENTERTAINMENT, INC.

 
 Location:

 
 Municipality:

 
 County:

 
 State:
  
	 	 

 Space above this line for recorder’s use only 

[AMENDED AND RESTATED]1 [FEE AND LEASEHOLD] MORTGAGE, SECURITY 

AGREEMENT, ASSIGNMENT OF RENTS 
 AND LEASES AND FIXTURE FILING 
 This [AMENDED AND RESTATED]2 [FEE AND LEASEHOLD]3
 MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING, dated as of
                 , 2013 (as amended, consolidated, amended and restated, supplemented or otherwise modified from time to time, this “Mortgage”), by and
[                    ], a [                    ]
with an address at                      (“Mortgagor”), to JPMORGAN CHASE BANK, N.A., with an address at 500 Stanton Road, Ops
2, Third Floor, Newark, Delaware 19713, as administrative agent for the benefit of the Lender Parties under and as said term is defined in the Credit Agreement (in such capacity, together with its successors and assigns,
“Mortgagee”). 
 RECITALS: 

WHEREAS, Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), Mortgagee, and the Lenders (as
such term is defined in the Credit Agreement (as defined below)) party thereto from time to time are parties to that certain Amended and Restated Credit 

 

	1 	To be inserted for existing Pinnacle Mortgages only 

	2 	To be inserted for existing Pinnacle Mortgages only 

	3 	 Insert for Leasehold Mortgage. 

  
 Mortgage - [County, State,
Site     ] 

 
Agreement, dated as of August     , 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”;
except as otherwise provided herein, capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement), which amends and restates that certain Fourth Amended and Restated Credit Agreement, dated as of
August 2, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time thereafter prior to August     , 2013, the “Original Credit Agreement”), by and among the Borrower,
Barclays Bank PLC, as agent (the “Original Agent”), and the several banks and other financial institutions or entities from time to time party thereto, as lenders; 

WHEREAS, pursuant to that certain Amended and Restated Subsidiary Guaranty, dated as of August     , 2013
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Mortgagor and certain other guarantors party thereto (“Guarantors”) in favor of Mortgagee, which
amends and restates that certain Second Amended and Restated Subsidiary Guaranty, dated as of December 14, 2005, as amended and supplemented from time to time thereafter prior to August     , 2013 (the “Original
Guaranty”), made by [Mortgagor and certain
other]4 [certain] Guarantors party thereto in favor of
Original Agent, Mortgagor agreed to guarantee all of the Borrower’s Obligations under the Credit Agreement. Unless extended or renewed, the Notes issued in accordance with the Credit Agreement and all Obligations outstanding under the Credit
Agreement are due and payable in full on or before the Maturity Date subject to earlier termination pursuant to the Credit Agreement; 
 [WHEREAS, in order to secure the Secured Obligations (as defined in the Original Mortgage (as defined below)), Mortgagor executed and delivered to the Original Agent that certain [Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing] described on Schedule 1 attached hereto (the “Original Mortgage”). As of the date hereof, Mortgagee is the holder of the Original Mortgage pursuant to that
certain Assignment of Mortgage, dated on or about the date hereof, made by Original Agent in favor of
Mortgagee;]5 

WHEREAS, subject to the terms and conditions of the Credit Agreement, Mortgagor may enter into one or more Specified Hedging
Agreements with one or more Qualified Counterparties; 
 WHEREAS, Mortgagor is the holder of the fee estate in and to all
of the real property located in the County of [                    ] and the State of
[                    ] (the “State”), described in Exhibit A attached hereto and made a part hereof; 

[WHEREAS, Mortgagor is the holder of leasehold title in and to all of the real property located in the County of
                     and State of
                     [(the “State”)], described in Exhibit B attached hereto and made a part hereof, pursuant to that certain
Lease, dated as of                  ,             , by and between
                    , as lessor (“Lessor”), and Mortgagor, as lessee 

 

	4 	To be inserted for existing Pinnacle Mortgages only 

	5 	 To be inserted for existing Pinnacle Mortgages only 

  
 Mortgage - [County, State,
Site     ] 
 2 

 
(“Lessee”) as described in Exhibit C attached hereto and made a part hereof (together with any and all modifications, renewals, extensions, and substitutions of the
foregoing, the “Pledged Lease”), [a memorandum of which is recorded in Book             , Page          with the Clerk of
             County,             ,] which Premises, as defined below, forms a portion of the Mortgaged Property described
below;]6 

WHEREAS, Mortgagor is the [directly][indirectly] wholly owned subsidiary of Borrower, as a result of which Mortgagor is a direct
or indirect beneficiary of the Loans and other accommodations of Lenders and Qualified Counterparties as set forth in the Credit Agreement and may receive advances therefrom, whether or not Mortgagor is a party to the Credit Agreement; and

 WHEREAS, in consideration of the making of the Loans and other accommodations of Lenders and Qualified Counterparties
as set forth in the Credit Agreement and the Specified Hedge Agreements, respectively, Mortgagor has agreed, subject to the terms and conditions hereof and each other Loan Document and each of the Specified Hedge Agreements, to secure, by execution
and delivery of this Mortgage[, which amends and restates the terms, provisions and conditions of the Original Mortgage in its entirety, as set forth in this Mortgage,]7 Mortgagor’s obligations under the Guaranty, the other Loan Documents and the Specified Hedge Agreements as set
forth herein. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, Mortgagee and Mortgagor agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 Definitions. As used herein, the following terms shall have the following meanings: 

“Debt” shall have the meaning ascribed to the defined term “Obligations” in the Credit Agreement. The Debt
secured by this Mortgage may include future advances which will be advanced from time to time and after the date hereof in connection with the Loans evidenced by the Credit Agreement and may include readvances of sums repaid, provided, however, that
the aggregate principal amount of the Loans at any one time outstanding shall not exceed [Five Billion Two Hundred Million Dollars ($5,200,000,000)]. 
 “Mortgaged Property” means all of Mortgagor’s interest, if any, in (i) the owned real property described in Exhibit A, together with any greater or additional estate
therein as hereafter may be acquired by Mortgagor [(the “Owned Real Property”)][(the “Land”)]; [(ii) Mortgagor’s leasehold interest created by the Pledged Lease with respect to the leased real property
described in Exhibit B ( the “Leased Real Property”, and together with the Owned Real Property, the “Land”), and any non-disturbance, attornment and recognition agreement benefiting Mortgagor with respect to
the Pledged Lease, together with all credits, deposits, privileges, rights, estates, title and interest of Mortgagor as tenant under the Pledged Lease (including all rights of 

 

	6 	Insert for Leasehold Mortgage. 

	7 	 To be inserted for existing Pinnacle Mortgages only 

  
 Mortgage - [County, State,
Site     ] 
 3 

 
Mortgagor to either treat the Pledged Lease as terminated or elect to retain certain rights under Pledged Lease, each pursuant to Section 365(h)(1)(A) of the Bankruptcy Code (a
“365(h) Election”)), or any other state or deferral insolvency, reorganization, moratorium or similar law for the relief of debtors (a “Bankruptcy Law”), or any comparable right provided under any other Bankruptcy
Law, together with all rights, remedies and privileges related thereto, and all books and records that contain records of payments of rent or security made under the Pledged Lease and all of Mortgagor’s claims and rights to the payment of
damages that may arise from Lessor’s failure to perform under the Pledged Lease, or rejection of the Pledged Lease under any Bankruptcy Law (a “Lease Damage Claim”), Mortgagee having the right, at any time and from time to
time, to notify Lessor of the rights of Mortgagee hereunder; (iii) all assignments, modifications, extensions and renewals of the Pledged Lease and all credits, deposits, options, privileges and rights of Mortgagor as tenant under the Pledged
Lease, including, but not limited to, rights of first refusal, if any, and the right, if any, to renew or extend the Pledged Lease for a succeeding term or terms]8 [(ii)][(iv)] all improvements now owned or hereafter acquired by Mortgagor, now or at any time situated, placed or
constructed upon the Land subject to the Permitted Liens, (the “Improvements”; the Land and Improvements are collectively referred to as the “Premises”); [(iii)][(v)] all materials, supplies, equipment, apparatus
and other items of personal property now owned or hereafter acquired by Mortgagor and now or hereafter attached to, installed in or used in connection with any of the Improvements or the Land, and water, gas, electrical, telephone, storm and
sanitary sewer facilities and all other utilities whether or not situated in easements (the “Fixtures”); [(iv)][(vi)] all leases, licenses, concessions, occupancy agreements or other agreements (written or oral, now or at any time
in effect) which grant to any Person (other than Mortgagor) a possessory interest in, or the right to use, all or any part of the Mortgaged Property, together with all related security and other deposits subject to depositors rights and requirements
of law (the “Leases”); [(v)][(vii)] all of the rents, revenues, royalties, income, proceeds, profits, security and other types of deposits subject to depositors rights and requirements of law, and other benefits paid or payable by
parties to the Leases for using, leasing, licensing possessing, operating from, residing in, selling or otherwise enjoying the Mortgaged Property (the “Rents”), [(vi)][(viii)] to the extent mortgageable or assignable, all other
agreements, such as construction contracts, architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements, management agreements, service contracts, listing agreements, guaranties, warranties, permits, licenses,
certificates and entitlements in any way relating to the construction, use, occupancy, operation, maintenance, enjoyment or ownership of the Mortgaged Property (the “Property Agreements”); [(vii)][(ix)] to the extent mortgageable or
assignable, all rights, privileges, tenements, hereditaments, rights-of-way, easements, appendages and appurtenances appertaining to the foregoing; [(viii)][(x)] all
property tax refunds payable to Mortgagor (the “Tax Refunds”); [(ix)][(xi)] all accessions, replacements and substitutions for any of the foregoing and all proceeds thereof (the “Proceeds”); [(x)][(xii)] all
insurance policies, unearned premiums therefor and proceeds from such policies covering any of the above property now or hereafter acquired by Mortgagor (the “Insurance”); and [(xi)][(xiii)] all of Mortgagor’s right, title and
interest in and to any awards, damages, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental authority pertaining to the Land, Improvements or Fixtures (the “Condemnation
Awards”). As used in this Mortgage, the term “Mortgaged Property” shall mean all or, where the context permits or requires, any portion of the above or any interest therein. 

 

	8 	Insert for Leasehold Mortgage. 

  
 Mortgage - [County, State,
Site     ] 
 4 

 “Obligations” means all of the agreements, covenants, conditions,
warranties, representations and other obligations of the Mortgagor under the Guaranty (including, without limitation, the obligation to guarantee the repayment of the Debt of the Borrower under the Credit Agreement), any other Loan Document,
including, without limitation, the “Obligations” (as defined in the Credit Agreement) and payment of any and all other indebtedness now or hereafter owing by the Mortgagor to Mortgagee, evidenced by promissory note or notes or agreement or
agreements signed by Mortgagor, whether or not otherwise secured, or any of the Specified Hedge Agreements, provided that Obligations shall not include any Excluded Swap Obligations. 

“Permitted Liens” means any Liens expressly permitted by Section 9.3 of the Credit Agreement. 

“UCC” means the Uniform Commercial Code of New York or, if the creation, perfection and enforcement of any security
interest herein granted is governed by the laws of a state other than New York, then, as to the matter in question, the Uniform Commercial Code in effect in that state. 
 1.2 Interpretation 
 References to “Sections” shall be to
Sections of this Mortgage unless otherwise specifically provided. Section headings in this Mortgage are included herein for convenience of reference only and shall not constitute a part of this Mortgage for any other purpose or be given any
substantive effect. The rules of construction set forth in Section 1.2 of the Credit Agreement shall be applicable to this Mortgage mutatis mutandis. 
 SECTION 2. GRANT 
 To secure the full and timely payment of the Debt
and the full and timely performance of the Obligations, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor does hereby MORTGAGE, GIVE, GRANT, BARGAIN, SELL, TRANSFER, WARRANT, PLEDGE,
ASSIGN and CONVEY WITH POWER OF SALE (if available under State law) to Mortgagee the Mortgaged Property, TO HAVE AND TO HOLD all of the Mortgaged Property unto and, for the use and benefit of Mortgagee, its heirs, successors and assigns [in fee
simple]9 for so long as any of the Obligations remain
outstanding, upon the trust, terms and conditions contained herein, and Mortgagor does hereby bind itself, its heirs, successors and assigns to WARRANT AND FOREVER DEFEND (i) the title to the Mortgaged Property unto Mortgagee and its heirs,
successors and assigns, subject only to Permitted Liens and (ii) the validity and priority of the Liens of this Mortgage, subject only to Permitted Liens, in each case against the claims of all Persons whomsoever, for so long as any of the
Obligations remain outstanding, upon the trust, terms and conditions contained herein.  
  

	9 	Delete bracketed language for Leasehold Mortgage. 

  
 Mortgage - [County, State,
Site     ] 
 5 

 SECTION 3. WARRANTIES, REPRESENTATIONS AND COVENANTS 

3.1 Title. Mortgagor represents and warrants to Mortgagee that except for the Permitted Liens, (a) [other than the Leased
Real Property,]10 Mortgagor owns the Mortgaged Property
free and clear of any liens, claims or interests, [and] (b) [Mortgagor holds a leasehold interest in the Leased Real Property free and clear of any liens, claims or interests and (c)]11 this Mortgage creates valid, enforceable first priority liens and security interests against the Mortgaged Property.

 3.2 First Lien Status. Mortgagor shall preserve and protect the first lien and security interest status of this
Mortgage and the other Loan Documents to the extent related to the Mortgaged Property. If any lien or security interest other than a Permitted Lien is asserted against the Mortgaged Property, Mortgagor shall, subject to any rights granted to
Mortgagor under the Credit Agreement to contest such liens or security interests, promptly, and at its expense, pay the underlying claim in full or take such other action so as to cause it to be released. 

3.3 Payment and Performance. Mortgagor shall pay the Debt when due under the Loan Documents and shall perform the Obligations in
full when they are required to be performed as required under the Loan Documents. 
 3.4 Replacement of Fixtures.
Mortgagor shall not Dispose of or replace any of the Fixtures, except as expressly permitted by Section 9.5 of the Credit Agreement. Mortgagor shall maintain all of the Mortgaged Property pursuant to and in accordance with
Section 8.5(a) of the Credit Agreement. 
 3.5 Inspection. Mortgagor shall permit Mortgagee, and
Mortgagee’s agents, representatives and employees, upon reasonable prior notice to Mortgagor, to inspect the Mortgaged Property and all books and records of Mortgagor located thereon, and to conduct such environmental and engineering studies as
Mortgagee may reasonably require; provided, such inspections and studies shall not materially interfere with the use and operation of the Mortgaged Property. 
 3.6 Covenants Running with the Land. All Obligations contained in this Mortgage are intended by Mortgagor and Mortgagee to be, and shall be construed as, covenants running with the Mortgaged
Property. As used herein, “Mortgagor” shall refer to the party named in the first paragraph of this Mortgage and to any subsequent owner of all or any portion of the Mortgaged Property. All Persons who may have or acquire an interest in
the Mortgaged Property shall be deemed to have notice of, and be bound by, the terms of the Credit Agreement and the other Loan Documents; however, no such party shall be entitled to any rights thereunder without the prior written consent of
Mortgagee. In addition, all of the covenants of Mortgagor in any Loan Document party thereto are incorporated herein by reference and, together with covenants in this Section, shall be covenants running with the land. 

 

	10 	Insert for Leasehold Mortgage. 

	11 	Insert for Leasehold Mortgage. 

  
 Mortgage - [County, State,
Site     ] 
 6 

 3.7 Condemnation Awards and Insurance Proceeds. Except as otherwise stated in the
Credit Agreement, Mortgagor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation
and to give proper receipts and acquittances therefor, subject to the terms of the Credit Agreement. Mortgagor assigns to Mortgagee all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, subject to the
terms of the Credit Agreement. Mortgagor authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Mortgagee, instead of to
Mortgagor and Mortgagee jointly, subject to the terms of the Credit Agreement. 
 3.8 Change in Tax Law. Upon the
enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (i) deducting or allowing Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security
interest thereon or (ii) subjecting Mortgagee or any of the Lenders to any tax or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such
case, so as to affect this Mortgage, the Debt or Mortgagee, and the result is to increase the taxes imposed upon or the cost to Mortgagee of maintaining the Debt, or to reduce the amount of any payments receivable hereunder, then, and in any such
event, Mortgagor shall, on demand, pay to Mortgagee and the Lenders additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to Mortgagee, or would
constitute usury or render the Debt wholly or partially usurious under applicable law, then Mortgagor shall pay or reimburse Mortgagee or the Lenders for payment of the lawful and non-usurious portion thereof.

 3.9 Mortgage Tax. Mortgagor shall (i) pay when due any mortgage recording tax or similar tax imposed upon it or
upon Mortgagee or any Lender or Qualified Counterparty pursuant to the tax law of the state in which the Mortgaged Property is located in connection with the execution, delivery and recordation of this Mortgage, and (ii) prepare, execute and
file any form required to be prepared, executed and filed by Mortgagor in connection therewith. 
 3.10 Prohibited
Transfers. Except as expressly permitted by Section 9.5 of the Credit Agreement, Mortgagor shall not Dispose of any part of the Mortgaged Property.  
 SECTION 4. DEFAULT AND FORECLOSURE 
 4.1 Remedies. If an Event
of Default has occurred and is continuing, Mortgagee may, at Mortgagee’s election, exercise any or all of the following rights, remedies and recourses: (a) declare the Debt to be immediately due and payable, without further notice,
presentment, protest, notice of intent to accelerate, notice of acceleration, demand or action of any nature whatsoever (each of which hereby is expressly waived by Mortgagor), whereupon the same shall become immediately due and payable;
(b) enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon and if 

  
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Mortgagor remains in possession of the Mortgaged Property after an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess
Mortgagor; (c) hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements
and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions hereof; (d) institute proceedings
for the complete foreclosure of this Mortgage, either by judicial action or by power of sale, in which case the Mortgaged Property may be sold for cash or credit in one or more parcels. With respect to any notices required or permitted under the
UCC, Mortgagor agrees that ten (10) days’ prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings, power of sale, or any other legal right, remedy or recourse, the title to and
right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of
redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against all other Persons claiming or to claim the property sold or
any part thereof, by, through or under Mortgagor. Mortgagee or any of the Lenders may be a purchaser at such sale and if Mortgagee is the highest bidder, Mortgagee shall credit the portion of the purchase price that would be distributed to Mortgagee
against the Debt in lieu of paying cash. In the event this Mortgage is foreclosed by judicial action, appraisement of the Mortgaged Property is waived; (e) make application to a court of competent jurisdiction for, and obtain from such court as
a matter of strict right and without notice to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of the Debt, the appointment of a receiver of the Mortgaged Property, and Mortgagor irrevocably consents to such
appointment. Any such receiver shall have all the usual powers and duties of receivers in similar cases, including the full power to rent, maintain and otherwise operate the Mortgaged Property upon such terms as may be approved by the court, and
shall apply such Rents in accordance with the provisions hereof; and/or (f) exercise all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity. 

4.2 Separate Sales. The Mortgaged Property may be sold in one or more parcels and in such manner and order as Mortgagee in its
sole discretion may elect; the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales. 
 4.3 Remedies Cumulative, Concurrent and Nonexclusive. Mortgagee shall have all rights, remedies and recourses granted in the Loan Documents and available at law or equity (including the UCC), which
rights (a) shall be cumulative and concurrent, (b) may be pursued separately, successively or concurrently against Mortgagor or others obligated under the Loan Documents, or against the Mortgaged Property, or against any one or more of
them, at the sole discretion of Mortgagee or the Lenders, (c) may be exercised as often as occasion therefor shall arise, and the exercise or failure to exercise any of them shall not be construed as a waiver or release thereof or of any other
right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive. No action by Mortgagee or the Lenders in the enforcement of any rights, remedies or recourses under the Loan Documents or otherwise at law or equity shall be
deemed to cure any Event of Default. 

  
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 4.4 Release of and Resort to Collateral. Mortgagee may release, regardless of
consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the Mortgaged Property, any part of the Mortgaged Property without, as to the remainder, in any way impairing, affecting, subordinating or
releasing the lien or security interest created in or evidenced by the Loan Documents or their status as a first and prior lien and security interest in and to the Mortgaged Property. For payment of the Debt, Mortgagee may resort to any other
security in such order and manner as Mortgagee may elect. 
 4.5 Waiver of Redemption, Notice and Marshalling of Assets.
To the fullest extent permitted by law, Mortgagor hereby irrevocably and unconditionally waives and releases (a) all benefit that might accrue to Mortgagor by virtue of any present or future statute of limitations or law or judicial decision
exempting the Mortgaged Property from attachment, levy or sale on execution or providing for any stay of execution, exemption from civil process, redemption or extension of time for payment; (b) all notices of any Event of Default or of
Mortgagee’s election to exercise or the actual exercise of any right, remedy or recourse provided for under the Loan Documents; and (c) any right to a marshalling of assets or a sale in inverse order of alienation. Mortgagor waives the
statutory right of redemption and equity of redemption. 
 4.6 Discontinuance of Proceedings. If Mortgagee or the Lenders
shall have proceeded to invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon it for any reason, Mortgagee or the Lenders shall have the unqualified right to do so and, in such
an event, Mortgagor and Mortgagee or the Lenders shall be restored to their former positions with respect to the Debt, the Obligations, the Loan Documents, the Mortgaged Property and otherwise, and the rights, remedies, recourses and powers of
Mortgagee or the Lenders shall continue as if the right, remedy or recourse had never been invoked, but no such discontinuance or abandonment shall waive any Event of Default which may then exist or the right of Mortgagee or the Lenders thereafter
to exercise any right, remedy or recourse under the Loan Documents for such Event of Default. 
 4.7 Application of
Proceeds. The proceeds of any sale of, and the Rents and other amounts generated by the holding, leasing, management, operation or other use of the Mortgaged Property, shall be applied by Mortgagee (or the receiver, if one is appointed) in
accordance with Section 10.12 of the Credit Agreement. 
 4.8 Occupancy After Foreclosure. Any sale of the
Mortgaged Property or any part thereof will divest all right, title and interest of Mortgagor in and to the property sold. Subject to applicable law, any purchaser at a foreclosure sale will receive immediate possession of the property purchased. If
Mortgagor retains possession of such property or any part thereof subsequent to such sale, Mortgagor will be considered a tenant at sufferance of the purchaser, and will, if Mortgagor remains in possession after demand to remove, be subject to
eviction and removal, forcible or otherwise, with or without process of law. 
 4.9 Additional Advances and Disbursements;
Costs of Enforcement. If any Event of Default exists, Mortgagee and each of the Lenders shall have the right, but not the obligation, to 

  
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cure such Event of Default in the name and on behalf of Mortgagor in accordance with the Credit Agreement. All reasonable sums advanced and expenses incurred at any time by Mortgagee or any
Lender under this Section 4.9, or otherwise under this Mortgage or any of the other Loan Documents or applicable law, shall bear interest from the date that such sum is advanced or expense incurred if not repaid within five (5) days
after demand therefor, to and including the date of reimbursement, computed at the rate or rates at which interest is then computed on the Debt, and all such sums, together with interest thereon, shall be secured by this Mortgage. Mortgagor shall
pay all expenses (including reasonable attorneys’ fees and expenses) of or incidental to the perfection and enforcement of this Mortgage and the other Loan Documents, or the enforcement, compromise or settlement of the Debt or any claim under
this Mortgage and the other Loan Documents, and for the curing thereof, or for defending or asserting the rights and claims of Mortgagee or the Lenders in respect thereof, by litigation or otherwise. 

4.10 No Mortgagee in Possession. Neither the enforcement of any of the remedies under this Section, the assignment of the Rents
and Leases under Section 5 hereof, the security interests under Section 6 hereof, nor any other remedies afforded to Mortgagee or the Lenders under the Loan Documents, at law or in equity shall cause Mortgagee or any Lender
to be deemed or construed to be a mortgagee in possession of the Mortgaged Property, to obligate Mortgagee or any Lender to lease the Mortgaged Property or attempt to do so, or to take any action, incur any expense, or perform or discharge any
obligation, duty or liability whatsoever under any of the Leases or otherwise. 
 SECTION 5. ASSIGNMENT OF RENTS AND
LEASES 
 5.1 Assignment. In furtherance of and in addition to the assignment made by Mortgagor herein, Mortgagor
hereby absolutely and unconditionally assigns, sells, transfers and conveys to Mortgagee all of its right, title and interest in and to all Leases, whether now existing or hereafter entered into, and all of its right, title and interest in and to
all Rents. This assignment is an absolute assignment and not an assignment for additional security only. So long as no Event of Default shall have occurred and be continuing, Mortgagor shall have a revocable license from Mortgagee to exercise all
rights extended to the landlord under the Leases, including the right to receive and collect all Rents and to hold the Rents in trust for use in the payment and performance of the Obligations and to otherwise use the same. The foregoing license is
granted subject to the conditional limitation that no Event of Default shall have occurred and be continuing. Upon the occurrence and during the continuance of an Event of Default, whether or not legal proceedings have commenced, and without regard
to waste, adequacy of security for the Obligations or solvency of Mortgagor, the license herein granted shall automatically expire and terminate, without notice by Mortgagee (any such notice being hereby expressly waived by Mortgagor). 

5.2 Perfection Upon Recordation. Mortgagor acknowledges that Mortgagee has taken all reasonable actions necessary to obtain, and
that upon recordation of this Mortgage Mortgagee shall have, to the extent permitted under applicable law, a valid and fully perfected, first priority, present assignment of the Rents arising out of the Leases and all security for such Leases
subject to the Permitted Liens and in the case of security deposits, rights of depositors and requirements of law. Mortgagor acknowledges and agrees that upon recordation of this Mortgage Mortgagee’s 

  
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interest in the Rents shall be deemed to be fully perfected, “choate” and enforced as to Mortgagor and all third parties, including, without limitation, any subsequently appointed
trustee in any case under Title 11 of the United States Code (the “Bankruptcy Code”), without the necessity of commencing a foreclosure action with respect to this Mortgage, making formal demand for the Rents, obtaining the
appointment of a receiver or taking any other affirmative action. 
 5.3 Bankruptcy Provisions. Without limitation of the
absolute nature of the assignment of the Rents hereunder, Mortgagor and Mortgagee agree that (a) this Mortgage shall constitute a “security agreement” for purposes of Section 552(b) of the Bankruptcy Code, (b) the security
interest created by this Mortgage extends to property of Mortgagor acquired before the commencement of a case in bankruptcy and to all amounts paid as Rents, and (c) such security interest shall extend to all Rents acquired by the estate after
the commencement of any case in bankruptcy. 
 SECTION 6. SECURITY AGREEMENT 

6.1 Security Interest. This Mortgage constitutes a “security agreement” on personal property within the meaning of the
UCC and other applicable law and with respect to the Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards. To this end, Mortgagor grants to Mortgagee a first and prior security interest in the
Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance, Condemnation Awards and all other Mortgaged Property which is personal property to secure the payment of the Debt and performance of the Obligations subject to the
Permitted Liens, and agrees that Mortgagee shall have all the rights and remedies of a secured party under the UCC with respect to such property. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures,
Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards sent to Mortgagor at least ten (10) days prior to any action under the UCC shall constitute reasonable notice to Mortgagor. 

6.2 Financing Statements. Mortgagor shall execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such
financing statements and such further assurances as Mortgagee may, from time to time, reasonably consider necessary to create, perfect and preserve Mortgagee’s security interest hereunder and Mortgagee may cause such statements and assurances
to be recorded and filed, at such times and places as may be required or permitted by law to so create, perfect and preserve such security interest. Mortgagor’s chief executive office is at the address set forth set forth in the first paragraph
hereof. 
 6.3 Fixture Filing. This Mortgage shall also constitute a “fixture filing” for the purposes
of the UCC against all of the Mortgaged Property which is or is to become fixtures. Information concerning the security interest herein granted may be obtained at the addresses of Debtor (Mortgagor) and Secured Party (Mortgagee) as set forth in the
first paragraph of this Mortgage. 

  
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 SECTION 7.
ATTORNEY-IN-FACT 
 Mortgagor hereby
irrevocably appoints Mortgagee and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest and with full power of substitution,
(a) to execute and/or record any notices of completion, cessation of labor or any other notices that Mortgagee deems appropriate to protect Mortgagee’s interest, if Mortgagor shall fail to do so within ten (10) days after written
request by Mortgagee, (b) upon the issuance of a deed pursuant to the foreclosure of this Mortgage or the delivery of a deed in lieu of foreclosure, to execute all instruments of assignment, conveyance or further assurance with respect to the
Leases, Rents, Fixtures, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards in favor of the grantee of any such deed and as may be necessary or desirable for such purpose, (c) to prepare, execute and file or record
financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve Mortgagee’s security interests and rights in or to any of the Mortgaged Property, and (d) while any Event
of Default exists, to perform any obligation of Mortgagor hereunder; provided, (i) Mortgagee shall not under any circumstances be obligated to perform any obligation of Mortgagor; (ii) any sums advanced by Mortgagee in such performance
shall be added to and included in the Debt and shall bear interest at the rate or rates at which interest is then computed on the Debt provided that from the date incurred said advance is not repaid within five (5) days demand therefor;
(iii) Mortgagee as such attorney-in-fact shall only be accountable for such funds as are actually received by Mortgagee; and (iv) Mortgagee shall not be liable
to Mortgagor or any other person or entity for any failure to take any action which it is empowered to take under this Section. 
 SECTION 8. MORTGAGEE AS AGENT 
 Mortgagee has been appointed to act as
Mortgagee hereunder by Lenders and, by their acceptance of the benefits hereof, Qualified Counterparties. Mortgagee shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any
rights, and to take or refrain from taking any action (including the release or substitution of Mortgaged Property), solely in accordance with this Mortgage and the Credit Agreement; provided, Mortgagee shall exercise, or refrain from exercising,
any remedies provided for herein in accordance with the instructions of (a) Required Lenders, or (b) after payment in full of all Obligations under the Credit Agreement and the other Loan Documents, the holders of a majority of the
aggregate notional amount (or, with respect to any Specified Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination
payments then due) under such Specified Hedge Agreement) under all Specified Hedge Agreements. In furtherance of the foregoing provisions of this Section 8, each Qualified Counterparty, by its acceptance of the benefits hereof, agrees
that it shall have no right individually to realize upon any of the Mortgaged Property, it being understood and agreed by such Qualified Counterparty that all rights and remedies hereunder may be exercised solely by Mortgagee for the benefit of
Lenders and Qualified Counterparties in accordance with the terms of this Section 8 and Section 11.12 of the Credit Agreement. Mortgagee shall at all times be the same Person that is Administrative Agent under the Credit
Agreement. Written notice of resignation by Administrative Agent pursuant to terms of the Credit Agreement shall also constitute notice of resignation as Mortgagee under this Mortgage; removal of Administrative Agent pursuant to the terms of the
Credit Agreement shall also constitute removal as Mortgagee under this Mortgage; and appointment of a successor Administrative Agent pursuant to the terms 

  
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of the Credit Agreement shall also constitute appointment of a successor Mortgagee under this Mortgage. Upon the acceptance of any appointment as Administrative Agent under the terms of the
Credit Agreement by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Mortgagee under this Mortgage, and
the retiring or removed Mortgagee under this Mortgage shall promptly (i) transfer to such successor Mortgagee all sums, securities and other items of Mortgaged Property held hereunder, together with all records and other documents necessary or
appropriate in connection with the performance of the duties of the successor Mortgagee under this Mortgage, and (ii) execute and deliver to such successor Mortgagee such amendments to financing statements, and take such other actions, as may
be necessary or appropriate in connection with the assignment to such successor Mortgagee of the security interests created hereunder, whereupon such retiring or removed Mortgagee shall be discharged from its duties and obligations under this
Mortgage thereafter accruing. After any retiring or removed Administrative Agent’s resignation or removal hereunder as Mortgagee, the provisions of this Mortgage shall continue to enure to its benefit as to any actions taken or omitted to be
taken by it under this Mortgage while it was Mortgagee hereunder. 
 SECTION 9. TERMINATION AND RELEASE.

 Upon payment and performance in full of the Obligations and the termination of all commitments under the Credit Agreement
and the other Loan Documents, subject to and in accordance with the terms and provisions of the Credit Agreement, Mortgagee, at Mortgagor’s expense, shall release the liens and security interests created by this Mortgage or reconvey the
Mortgaged Property to Mortgagor, or, at the request of Mortgagor, assign this Mortgage without recourse, in either case in accordance with, and subject to the satisfaction of the conditions set forth in, Section 11.11 of the Credit
Agreement.  
 SECTION 10. LOCAL LAW PROVISIONS 

[to be provided, if any, by local counsel or title company] 
 SECTION 11. [LEASEHOLD PROVISIONS.]12 
 11.1 Mortgagor represents, warrants and agrees as follows:

 (a) Mortgagor has delivered to Mortgagee a true, correct and complete copy of the Pledged Lease, including all amendments
and modifications thereto existing as of the date hereof and the Pledged Lease is in full force and effect. 
 (b) Mortgagor
owns the entire tenant’s interest under the Pledged Lease and has the right under the Pledged Lease to execute this Mortgage. 

 

	12 	Insert for Leasehold Mortgage. Note that further provisions may be incorporated with respect to each specific lease. 

  
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 (c) Except as expressly permitted under the Credit Agreement, Mortgagor shall not enter into
any new leases of all or any portion of the Mortgaged Property except with Mortgagee’s prior written consent which consent shall not be unreasonably withheld or delayed. 
 (d) No material default now exists under the Pledged Lease. To Mortgagor’s knowledge, no event has occurred that, with the giving of notice or the passage of time or both, would constitute such a
material default or would entitle Mortgagor or any other party under the Pledged Lease to cancel the same. 
 (e) Except for
this Mortgage or other assignments in favor of Mortgagee, Mortgagor has not executed any assignment or pledge of the Pledged Lease or of Mortgagor’s right, title and interest in the same. 

(f) This Mortgage does not constitute a violation or default under the Pledged Lease, and is, and shall at all times constitute a valid
lien (subject only to matters permitted by this Mortgage) on Mortgagor’s interests in the Pledged Lease. 
 (g) Mortgagor
shall perform and observe, in all material respects, all terms, covenants, and conditions to the extent required to be performed and observed by Mortgagor as Lessee under the Pledged Lease. Mortgagor shall enforce, in all material respects, the
Lessor’s obligations under the Pledged Lease. Without limiting the generality of Section 7 hereof, Mortgagor specifically acknowledges Mortgagee’s right, while any default by Mortgagor under the Pledged Lease remains uncured,
to perform the defaulted obligations and take all other actions which Mortgagee deems necessary to protect its interests with respect thereto, and Mortgagor hereby irrevocably appoints Mortgagee its true and lawful attorney in fact (which
appointment is irrevocable and coupled with an interest) in its name or otherwise to execute all documents, and perform all other acts, which Mortgagee reasonably deems necessary to preserve its or Mortgagor’s rights with respect to the Pledged
Lease. 
 (h) Mortgagor shall promptly deliver to Mortgagee a copy of any material notice of default or termination that it
receives from the Lessor with respect to the Pledged Lease. Mortgagor shall promptly notify Mortgagee of any written request that either party to the Pledged Lease makes for arbitration pursuant to the Pledged Lease and the guidelines of the
institution of any such arbitration. Mortgagor shall promptly deliver to Mortgagee a copy of the arbitrators’ written determination in each such arbitration. Mortgagee may participate in any such arbitration in such manner as Mortgagee shall
determine appropriate following an Event of Default and during the continuance thereof, to the exclusion of Mortgagor if so determined by Mortgagee in its reasonable discretion. 

(i) Subject to the terms of the Credit Agreement, Mortgagor shall not, without Mortgagee’s prior written consent, (i) enter
into any modification or amendment of the Pledged Lease (ii) cause or permit the termination of the Pledged Lease or (iii) consent to any action requested by Lessor or any third party as required pursuant to the terms and provisions of
such Pledged Lease, in each case, if the same would have a material adverse effect on Mortgagor’s day to day operations at the Mortgaged Property. 

  
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 (j) Mortgagor shall not subordinate the Pledged Lease to any mortgage or other encumbrance
of, or lien on, any interest in the Land without the prior written consent of Mortgagee. Any such prohibited subordination without such consent shall, at Mortgagee’s option, be void. 

(k) All material subleases expressly permitted under the Credit Agreement to be entered into by Mortgagor with respect to all or any
portion of the Mortgaged Property (and all existing subleases modified by Mortgagor) shall provide that such subleases are subordinate to the lien of this Mortgage and any modifications of this Mortgage and the obligations secured hereby and that,
if Mortgagee forecloses under this Mortgage or enters into a new lease with Lessor pursuant to Section 11.7 hereof, the subtenant shall attorn to Mortgagee or its assignee and the sublease shall remain in full force and effect in
accordance with its terms notwithstanding the termination of the Pledged Lease. 
 (l) Promptly upon demand by Mortgagee,
Mortgagor shall use reasonable efforts to obtain from Lessor and furnish to Mortgagee an estoppel certificate of Lessor stating the date through which rent has been paid, whether or not there are any defaults, and the specific nature of any claimed
defaults. 
 (m) Mortgagor shall exercise any option or right to renew or extend the term of the Pledged Lease prior to the date
of termination of any such option or right, shall give immediate written notice thereof to Mortgagee, and shall execute, deliver and record any documents requested by Mortgagee to evidence the lien of this Mortgage on such extended or renewed lease
term unless the Pledged Lease is not renewed or extended as expressly permitted pursuant to the Credit Agreement. If Mortgagor fails to exercise any such option or right as required herein, Mortgagee may exercise the option or right as
Mortgagor’s agent and attorney in fact pursuant to this Mortgage, or in Mortgagee’s own name or in the name of and on behalf of a nominee of Mortgagee, as Mortgagee chooses in its sole and absolute discretion; provided, however, if
Mortgagor shall fail to exercise any option or right to renew or extend the term of the Pledged Lease, Mortgagor shall give Mortgagee reasonable prior notice. Mortgagee shall thereafter provide Mortgagor prior written notice of such action(s), or if
Mortgagee reasonably determines that providing such prior written notice is not feasible, then substantially concurrent written notice of such action(s). 
 (n) As security for the Obligations, Mortgagor hereby assigns to Mortgagee a security interest in all prepaid rents and security deposits and all other security which Lessor holds for the performance of
Mortgagor’s obligations thereunder. 
 (o) To the extent permitted by law, the price payable by Mortgagor or any other
party in the exercise of the right of redemption, if any, from any sale under, or decree of foreclosure of, this Mortgage shall include all rents and other amounts paid and other sums advanced by Mortgagee on behalf of Mortgagor as Lessee.

 (p) Mortgagor’s obligations under this Mortgage are independent of and in addition to Mortgagor’s obligations under
the Pledged Lease. Nothing in this Mortgage shall be construed to require Mortgagor or Mortgagee to take or omit to take any action that would cause a default under the Pledged Lease. 

  
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 11.2 Treatment of Lease in Bankruptcy. 

(a) If the Lessor rejects or disaffirms, or seeks or purports to reject or disaffirm, the Pledged Lease pursuant to any Bankruptcy Law,
then Mortgagor shall not exercise the 365(h) Election except as otherwise provided in this Mortgage. To the extent permitted by law, Mortgagor shall not suffer or permit the termination of any Pledged Lease by exercise of the 365(h) Election or
otherwise without Mortgagee’s prior written consent. Mortgagor acknowledges that because the Pledged Lease is a primary element of Mortgagee’s security for the Obligations secured hereunder, it is not anticipated that Mortgagee would
consent to termination of the Pledged Lease. If Mortgagor makes any 365(h) Election in violation of this Mortgage, then such 365(h) Election shall be void and of no force or effect. 

(b) To the extent permissible under law, Mortgagor hereby assigns to Mortgagee the right to make the 365(h) Election with respect to the
Pledged Lease until the Obligations secured hereunder have been satisfied in full. Mortgagor acknowledges and agrees that the foregoing assignment of the 365(h) Election and related rights is one of the rights that Mortgagee may use at any time to
protect and preserve Mortgagee’s other rights and interests under this Mortgage. Mortgagor further acknowledges that exercise of the 365(h) Election in favor of terminating the Pledged Lease would constitute waste prohibited by this Mortgage.
Mortgagor acknowledges and agrees that the 365(h) Election is in the nature of a remedy available to Mortgagor under the Pledged Lease, and is not a property interest that Mortgagor can separate from the Pledged Lease as to which it arises.
Therefore, Mortgagor agrees and acknowledges that exercise of the 365(h) Election in favor of preserving the right to possession under the Pledged Lease shall not be deemed to constitute Mortgagee’s taking or sale of the Land (or any element
thereof) and shall not entitle Mortgagor to any credit against the Obligations secured hereunder or otherwise impair Mortgagee’s remedies. 
 (c) Mortgagor acknowledges that if the 365(h) Election is exercised in favor of Mortgagor’s remaining in possession under the Pledged Lease, then Mortgagor’s resulting occupancy rights, as
adjusted by the effect of Section 365 of the Bankruptcy Code, shall then be part of the Mortgaged Property and shall be subject to the lien of this Mortgage. 
 11.3 Rejection of Lease by Lessor. If the Lessor rejects or disaffirms the Pledged Lease or purports or seeks to disaffirm such Pledged Lease pursuant to any Bankruptcy Law, then, to the extent
permissible under law: 
 (a) Mortgagor shall remain in possession of the Land demised under the Pledged Lease and shall perform
all acts necessary for Mortgagor to remain in such possession for the unexpired term of such Pledged Lease (including all renewals), whether the then existing terms and provisions of such Pledged Lease require such acts or otherwise; and 

(b) All the terms and provisions of this Mortgage and the lien created by this Mortgage shall remain in full force and effect and shall
extend automatically, to the extent permitted by law, to all of Mortgagor’s rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy Code, including all of Mortgagor’s rights to remain in
possession of the Land. 

  
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 11.4 Assignment of Claims to Mortgagee. Mortgagor shall notify Mortgagee promptly
(i) upon learning of Lessor’s rejection of the Pledged Lease pursuant to any Bankruptcy Law or (ii) in the event that Mortgagor sends any notice of default to Lessor pursuant to the terms of the Pledged Lease. Mortgagor
unconditionally assigns, transfers, and sets over to Mortgagee any and all Lease Damage Claims. This assignment constitutes a present, irrevocable, and unconditional assignment of the Lease Damage Claims, and shall continue in effect until this
Mortgage is released or terminated in accordance with Section 9 hereof. 
 11.5 Offset by Mortgagor. If
pursuant to Section 365(h)(1)(B) of the Bankruptcy Code or any other similar Bankruptcy Law, Mortgagor seeks to offset against any rent under the Pledged Lease the amount of any Lease Damage Claim, then Mortgagor shall notify Mortgagee of its
intent to do so at least 20 days before effecting such offset. Such notice shall set forth the amounts proposed to be so offset and the basis for such offset. If Mortgagee reasonably objects to all or any part of such offset, then Mortgagor shall
not effect any offset of the amounts to which Mortgagee reasonably objects. If Mortgagee approves such offset, then Mortgagor may effect such offset as set forth in Mortgagor’s notice. Neither Mortgagee’s failure to object, nor any
objection or other communication between Mortgagee and Mortgagor that relates to such offset, shall constitute Mortgagee’s approval of any such offset. Mortgagor shall indemnify Mortgagee against any offset against the rent reserved in any
Lease. 
 11.6 Mortgagor’s Acquisition of Interest in Leased Parcel. If Mortgagor acquires the fee or any other
interest in any Land or Improvements originally subject to the Pledged Lease, then, such acquired interest shall immediately become subject to the lien of this Mortgage as fully and completely, and with the same effect, as if Mortgagor now owned it
and as if this Mortgage specifically described it, without need for the delivery and/or recording of a supplement to this Mortgage or any other instrument. In the event of any such acquisition, the fee and leasehold interests in such Land or
Improvements, unless Mortgagee elects otherwise in writing, remain separate and distinct and shall not merge, notwithstanding any principle of law to the contrary. 
 11.7 New Lease Issued to Agent. If the Pledged Lease is for any reason whatsoever terminated before the expiration of its term and, pursuant to any provision of the Pledged Lease, Mortgagee or its
designee shall acquire from Lessor a new lease of the relevant leased premises, then Mortgagor shall have no right, title or interest in or to such new lease or the estate created thereby. 

11.8 Event of Default. In addition to all other Events of Default described in this Mortgage, the occurrence of any of the
following shall be an Event of Default hereunder: 
 (a) A breach or default by Mortgagor under the Pledged Lease, subject to
any applicable cure period; or 
 (b) The occurrence of any event or circumstance which gives Lessor a right to terminate the
Pledged Lease. 

  
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 17 

 SECTION 12. [GAMING LAWS.] 

[to be provided, if any, by local gaming counsel] 
 SECTION 13. MULTI-SITE REAL ESTATE TRANSACTIONS. 
 Mortgagor
acknowledges that this Mortgage is one of a number of Mortgages and other security documents (“Other Mortgages”) that secure the Obligations. Mortgagor agrees that, subject to the terms of Section 9 hereof, the lien of
this Mortgage shall be absolute and unconditional and shall not in any manner be affected or impaired by any acts or omissions whatsoever of Mortgagee, and without limiting the generality of the foregoing, the lien hereof shall not be impaired by
any acceptance by Mortgagee of any security for or guarantees of the Obligations, or by any failure, neglect or omission on the part of Mortgagee to realize upon or protect any Obligation or any collateral security therefor including the Other
Mortgages. Subject to the terms of Section 9 hereof, the lien of this Mortgage shall not in any manner be impaired or affected by any release (except as to the property released), sale, pledge, surrender, compromise, settlement, renewal,
extension, indulgence, alteration, changing, modification or disposition of any of the Obligations or of any of the collateral security therefor, including the Other Mortgages or any guarantee thereof, and, to the fullest extent permitted by
applicable law, Mortgagee may at its discretion foreclose, exercise any power of sale, or exercise any other remedy available to it under any or all of the Other Mortgages without first exercising or enforcing any of its rights and remedies
hereunder. Such exercise of Mortgagee’s rights and remedies under any or all of the Other Mortgages shall not in any manner impair the indebtedness hereby secured or the lien of this Mortgage and any exercise of the rights and remedies of
Mortgagee hereunder shall not impair the lien of any of the Other Mortgages or any of Mortgagee’s rights and remedies thereunder. To the fullest extent permitted by applicable law, Mortgagor specifically consents and agrees that Mortgagee may
exercise its rights and remedies hereunder and under the Other Mortgages separately or concurrently and in any order that it may deem appropriate and waives any right of subrogation. 

SECTION 14. MISCELLANEOUS 
 14.1 Notices. Any notice required or permitted to be given under this Mortgage shall be given in accordance with the notice provisions of Section 12.2 of the Credit Agreement.

 14.2 Governing Law. THE PROVISIONS OF THIS MORTGAGE REGARDING THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS
AND SECURITY INTERESTS HEREIN GRANTED SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE IN WHICH THE MORTGAGED PROPERTY IS LOCATED. ALL OTHER PROVISIONS OF THIS MORTGAGE AND THE RIGHTS AND OBLIGATIONS OF MORTGAGOR AND MORTGAGEE SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK, AND FURTHER, WITH RESPECT TO ANY PERSONAL PROPERTY INCLUDED IN THE MORTGAGED PROPERTY, THE CREATION OF THE SECURITY INTEREST SHALL BE GOVERNED BY THE UNIFORM COMMERCIAL CODE AS IN EFFECT FROM TIME TO TIME IN THE STATE OF NEW YORK (THE
“NY UCC”) AND THE PERFECTION, THE EFFECT OF 

  
 Mortgage - [County, State,
Site     ] 
 18 

 
PERFECTION OR NON-PERFECTION AND PRIORITY OF THE SECURITY INTEREST WILL BE GOVERNED IN ACCORDANCE WITH THE MANDATORY CHOICE OF LAW RULES SET FORTH IN THE NY UCC. 

14.3 Severability. In case any provision in or obligation under this Mortgage shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All covenants hereunder shall be
given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid
the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 14.4 Conflicts. In the
event of any conflict or inconsistency with the terms of this Mortgage and the terms of the Credit Agreement, the Credit Agreement shall control. 
 14.5 Time of Essence. Time is of the essence of this Mortgage. 
 14.6
WAIVER OF JURY TRIAL. EACH OF MORTGAGOR AND MORTGAGEE (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF
MORTGAGOR AND MORTGAGEE (BY ITS ACCEPTANCE HEREOF) ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS MORTGAGE, AND THAT EACH WILL CONTINUE
TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH OF MORTGAGOR AND MORTGAGEE (BY ITS ACCEPTANCE HEREOF) FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 14.6
AND EXECUTED BY EACH OF MORTGAGOR AND MORTGAGEE), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS
MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS MORTGAGE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  
 Mortgage - [County, State,
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 19 

 14.7 Successors and Assigns. This Mortgage shall be binding upon and inure to the
benefit of Mortgagee and Mortgagor and their respective successors and assigns. Mortgagor shall not, without the prior written consent of Mortgagee, assign any rights, duties or obligations hereunder. 

14.8 No Waiver. Any failure by Mortgagee to insist upon strict performance of any of the terms, provisions or conditions of the
Loan Documents shall not be deemed to be a waiver of same, and Mortgagee shall have the right at any time to insist upon strict performance of all of such terms, provisions and conditions. No failure or delay on the part of Mortgagee or any Lender
in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this Mortgage and the other Loan Documents are cumulative to, and not exclusive of,
any rights or remedies otherwise available. 
 14.9 Subrogation. To the extent proceeds of the Loan have been used to
extinguish, extend or renew any indebtedness against the Mortgaged Property, then Mortgagee shall be subrogated to all of the rights, liens and interests existing against the Mortgaged Property and held by the holder of such indebtedness and such
former rights, liens and interests, if any, are not waived, but are continued in full force and effect in favor of Mortgagee. 

14.10 Waiver of Stay, Moratorium and Similar Rights. Mortgagor agrees, to the full extent that it may lawfully do so, that it will
not at any time insist upon or plead or in any way take advantage of any appraisement, valuation, stay, marshalling of assets, extension, redemption or moratorium law now or hereafter in force and effect so as to prevent or hinder the enforcement of
the provisions of this Mortgage or the indebtedness secured hereby, or any agreement between Mortgagor and Mortgagee or any rights or remedies of Mortgagee. 
 14.11 Entire Agreement. This Mortgage and the other Loan Documents embody the entire agreement and understanding between Mortgagee and Mortgagor and supersede all prior agreements and
understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Loan Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten
oral agreements between the parties. 
 14.12 Counterparts. This Mortgage is being executed in several counterparts, all
of which are identical, except that to facilitate recordation, if the Mortgaged Property is situated offshore or in more than one county, descriptions of only those portions of the Mortgaged Property located in the county in which a particular
counterpart is recorded shall be attached as Exhibit A thereto. Each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument. 

  
 Mortgage - [County, State,
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 20 

 [Remainder of page intentionally left blank] 

  
 Mortgage - [County, State,
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 IN WITNESS WHEREOF, Mortgagor has on the date set forth in the acknowledgment hereto,
effective as of the date first above written, caused this instrument to be duly executed and delivered by authority duly given. 
  

			
	[                          
                                         
             ]
	a
[                                         
                                    ]
		
	By:	 	  

	Name:
	Title:

  
 Mortgage - [County, State,
Site     ] 

 State of New York        ) 

                         
           ) ss.: 
 County
of                      ) 
 On
the      day of             . in the year 2013. before me, the undersigned, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument. 
  

			
	  
	 	(Seal)

 [APPROPRIATE NOTARY BLOCK TO BE PROVIDED BY LOCAL COUNSEL] 

  
 Mortgage - County, State
[Site     ] 
  

 EXHIBIT A TO 
 MORTGAGE 
 Legal Description of Owned Real Property: 

  
 Mortgage - County, State
[Site     ] 
 A-1 

 [EXHIBIT B TO 
 MORTGAGE]13 
 Legal Description of Leased Real Property: 

 

	13 	Insert for Leasehold Mortgage. 

  
 Mortgage - County, State,
Site     ] 
 B-1 

 [EXHIBIT C TO 
 MORTGAGE]14 
 Description of Pledged Leased: 

 

	14 	Insert for Leasehold Mortgage. 

  
 Mortgage - County, State,
Site     ] 
 C-1 

 EXHIBIT E-2 

FORM OF ASSIGNMENT OF MORTGAGE 
 (See attached) 

 RECORDING REQUESTED BY AND 
 WHEN RECORDED RETURN TO: 
 Latham & Watkins LLP 

355 South Grand Avenue 
 Los Angeles, California
90071-1560 
 Attention: Glen Collyer, Esq. 
  

 
  

[County, State] 

ASSIGNMENT OF [MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, COLLATERAL ASSIGNMENT 

OF PROPERTY AGREEMENTS, SECURITY AGREEMENT AND FIXTURE FILING]1 
 by and between 
 BARCLAYS BANK PLC, as Assignor, 

and 
 JPMORGAN
CHASE BANK, N.A., as Assignee 
  
  

 
  

	1 	To be conformed to the title of the specific mortgage. 

  
 Assignment of Mortgage -
County, State [Site     ] 
 1 

 ASSIGNMENT OF [MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, 

COLLATERAL ASSIGNMENT OF PROPERTY AGREEMENTS, SECURITY AGREEMENT 
 AND FIXTURE FILING]2 
 KNOW THAT BARCLAYS BANK PLC, a public limited company registered in
England (“Assignor”), in its capacity as Administrative Agent under and as said term is defined in the Credit Agreement (as defined in the Mortgage (as defined below)), having an office address of 200 Park Avenue, New York, New York
10166, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby assigns, as of this [    ] day of
[            ], 2013, to JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent under and as said term is defined in that certain Amended and Restated Credit Agreement,
dated as of [            ], 2013, having an address at 500 Stanton Road, Ops 2, Third Floor, Newark, Delaware 19713 (“Assignee”), that certain [Mortgage, Assignment of
Leases and Rents, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing]3 as more fully described in Exhibit A annexed hereto and made a part hereof (the “Mortgage”) covering the property described in Exhibit B annexed hereto and made a part
hereof. 
 TOGETHER with the obligations described in said Mortgage and the moneys due and to grow due thereon with interest.

 TO HAVE AND TO HOLD the same unto Assignee, and to the successors, legal representatives and assigns of Assignee forever.

 This assignment is made without representation, warranty, or recourse. 

This assignment shall inure to the benefit of, and be binding upon Assignor and Assignee, and their respective successors and assigns.

 [SIGNATURE PAGE FOLLOWS] 

 

	2 	To be conformed to the title of the specific mortgage. 

	3 	To be conformed to the title of the specific mortgage. 

  
 Assignment of Mortgage -
County, State [Site     ] 

 EXECUTED as of the date first above written. 

 

			
	ASSIGNOR:
	
	BARCLAYS BANK PLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 Assignment of Mortgage -
County, State [Site     ] 

 ACKNOWLEDGMENT 
 State of New York ) 

                         
   ) ss.: 
 County of              ) 

On the      day of             . in the year
            . before me, the undersigned, personally appeared                     ,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 
  

			
	  
	 	(Seal)

  
 Assignment of Mortgage -
County, State [Site     ] 

 EXHIBIT A 

MORTGAGE SCHEDULE 
 That certain [Mortgage, Assignment of Leases and Rents, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing]4, dated as of             , 20    , by
                                         for the
benefit of [Barclays Bank PLC], submitted for recording in the applicable recording office in the County of                     , State of
                     on             , 20    . 

 

	4 	To be conformed to the title of the specific mortgage. 

  
 Assignment of Mortgage -
County, State [Site     ] 

 EXHIBIT B 

Legal Description[s] 

  
 Assignment of Mortgage -
County, State [Site     ] 

 EXHIBIT E-3 

FORM OF PREFERRED SHIP MORTGAGE 
 (See attached) 

	
	For National Vessel
Documentation Center Use

[                      
                  ] 
 FIRST
PREFERRED SHIP [FLEET] MORTGAGE 

[                    ] to

 JPMORGAN CHASE BANK, N.A. 
 as Ship Mortgage Trustee 
 FIRST PREFERRED SHIP MORTGAGE (as amended or supplemented from
time to time, this “Mortgage”) dated as of August     , 2013, made by 

[                    ], a
[                    ] having an address at
[                    ] (the “Owner”), to 
 JPMORGAN CHASE BANK, N.A., a national banking association having an address at 500 Stanton Road, Ops 2 Third Floor, Newark DE 19713, not in its individual capacity, but solely as ship mortgage trustee
(together with its successors and assigns, in such capacity, the “Mortgagee”) on behalf of the Lender Parties party to the Credit Agreement (as defined below). 
 Statement required by 46 USC § 31321 (b)(3) 
 The MAXIMUM AMOUNT of the direct or
contingent obligations that is or may become secured by this Mortgage is the principal sum of TWO BILLION SIX HUNDRED MILLION DOLLARS ($2,600,000,000.00), excluding interest, expenses and fees. The discharge amount is the same as the maximum amount.

 Recitals 
 A. The Owner is the sole owner of the whole (100%) of the casino vessel [                    ] (as
further described in the granting clause below, the “Vessel”), documented in the name of the Owner under the laws of the United States. 
 B. The Owner is a subsidiary of Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”). The Borrower has entered into an amended and restated

 
credit agreement dated as of the date hereof with the Mortgagee, the Lenders and others (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) pursuant to which the Lenders will make certain extensions of credit in the aggregate principal amount of $2,600,000,000.00, and the Owner has agreed to guaranty the Obligations (as defined in the Credit Agreement) pursuant to the
terms of an amended and restated subsidiary guaranty dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Subsidiary Guaranty”). Capitalized terms used but not defined in
this Mortgage are defined in the Credit Agreement. 
 C. Pursuant to Section 11.1 of the Credit Agreement,
each of the Lenders has appointed the Mortgagee as ship mortgage trustee to act on its behalf under this Mortgage. 
 D. Copies of the forms of the Credit Agreement (without its exhibits and schedules, except Exhibits G-1 through G-4, being the forms of the Notes) and of the Subsidiary Guaranty, in each case as in effect
on the date hereof, are attached hereto as Mortgage Exhibits “A” and “B” respectively, and incorporated herein by reference. In the event of a conflict between the terms of this Mortgage and the Credit Agreement, the terms of the
Credit Agreement shall control. 
 E. [PINNACLE MORTGAGES ONLY] The Obligations are in substantial part
the continuation of obligations originally secured by a prior first preferred ship mortgage dated [                    ], as amended and assigned,
which is described more fully in Mortgage Schedule 1 hereto (the “Original Mortgage”). This Mortgage is declared by the Owner and the Mortgagee to be a renewal and continuation of the Original Mortgage as security for the Obligations,
notwithstanding that the Original Mortgage shall be released of record immediately prior to the filing of this Mortgage and in contemplation thereof, as parts of a single continuous transaction. The Owner and the Mortgagee intend that this Mortgage
shall retain the priority of the Original Mortgage to the extent of the Obligations secured by the Original Mortgage at the time of its release of record. 
 IN ORDER TO SECURE the full and timely payment of the Obligations (including the principal of and interest thereon) according to their terms pursuant to the Subsidiary Guaranty, and the full and timely
payment of all other sums that may hereinafter be secured by this Mortgage in accordance with the terms hereof, and to secure the full and timely performance and observance of and compliance with all the agreements, covenants, terms and conditions
of the Credit Agreement, Subsidiary Guaranty, 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 2 of 3

 
all other Loan Documents and this Mortgage (all of the foregoing being referred to herein as the “Secured Obligations”), the Owner and the Mortgagee have duly authorized the execution
and delivery of this first preferred ship mortgage under and pursuant to Chapter 313 of Title 46 of the United States Code, as at any time amended (“Chapter 313”) and the other applicable laws and regulations of the United States of
America. 
 NOW THEREFORE in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency whereof is
hereby acknowledged, and to secure the full and timely payment and performance of the Secured Obligations, the Owner does hereby mortgage, grant, pledge, assign and convey the whole (100%) of the Vessel unto the Mortgagee and its successors and
assigns, together with (i) all of her masts, boilers, cables, bowsprits, sails, rigging, anchors, chains, fittings, radar, sonar, navigational devices and supplies, engines, machinery, tackle, apparel, boats, rigging, furniture, tools, spare
parts, pumps, equipment, gaming fixtures and related equipment and supplies, artwork, and all other appurtenances thereunto appertaining or belonging, whether now owned or hereafter acquired, whether on board or not, and all additions, accessories,
improvements and replacements hereafter made in or to the Vessel, or any part thereof, or in or to any of the appurtenances aforesaid, (ii) leased equipment, to the extent deemed part of the Vessel, and (iii) all earnings, freight,
sub-freights, charter hires and sub-charter hires of the Vessel. All of the foregoing set forth in subclauses (i), (ii) and (iii) of this paragraph shall be included in the term “Vessel”. 

TO HAVE AND TO HOLD the same unto the Mortgagee, and its successors and assigns, forever, upon the terms herein set forth for the enforcement of the full
and timely payment and performance of the Secured Obligations; 
 PROVIDED and the conditions of these presents are such, that upon payment and
performance in full of the Secured Obligations and the termination of all commitments under the Credit Agreement and the other Loan Documents, subject to and in accordance with the Credit Agreement, then this Mortgage and the estate and rights
hereby granted shall cease and be void, otherwise to remain in full force and effect. 
 THE OWNER HEREBY AGREES with the Mortgagee and its
permitted successors and assigns that the Vessel shall be held subject to the further covenants, conditions, terms and uses hereinafter set forth. 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 3 of 3

 Article I 
 Representations, Warranties and Covenants of the Owner 
 The Owner represents and warrants
to, and covenants and agrees with, the Mortgagee as follows: 
 Section 1.01 The Owner was duly organized and is now validly
existing as a [                    ] under the laws of the State of
[                    ], United States of America, and shall so remain during the life of this Mortgage. The Owner is now, and shall so remain until
this Mortgage is discharged, a citizen of the United States duly qualified to own and operate the Vessel under a certificate of documentation with such endorsements as may be appropriate for the service in which the Vessel is engaged from time to
time. The Owner is duly authorized to mortgage the Vessel, and all [                    ] action necessary and required by law for the execution and
delivery of the Subsidiary Guaranty and this Mortgage has been duly and effectively taken. 
 Section 1.02 The Subsidiary
Guaranty is and will be the legal, valid and binding obligation of the Owner, enforceable in accordance with its terms. 

Section 1.03 The Owner lawfully owns and is lawfully possessed of the whole of the Vessel. The Vessel is free of any commitment for charter
or sale or use by any governmental authority. The Owner will warrant and defend its title to the Vessel and to every part thereof as described herein, for the benefit of the Mortgagee and its successors and assigns and against the claims and demands
of all persons whomsoever. 
 Section 1.04 The Vessel is free from any lien, charge, security interest or encumbrance
whatsoever, except for Liens expressly permitted by Section 9.3 of the Credit Agreement (the “Permitted Liens”). 

Section 1.05 The Owner will comply with the provisions of Title 46 United States Code, Chapter 313, and the regulations in 46 CFR Part 67, as
at any time amended, in order to establish and maintain this Mortgage as a first preferred ship mortgage thereunder on the Vessel and on all renewals, improvements and replacements made in or to the same, except to the extent that the failure to
comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 1.06 The
Owner will fully and timely pay the Secured Obligations evidenced as aforesaid and interest thereon pursuant to the terms of the Credit Agreement, 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 4 of 3

 
and the Owner will fully and timely observe, perform and comply with each and every one of the agreements, covenants, terms and conditions herein and in the Credit Agreement, Subsidiary Guaranty,
and other Loan Documents, express or implied, on its part to be observed, performed or complied with. 
 Section 1.07 The Owner
shall insure the Vessel and maintain at all times throughout the term of this Mortgage and at Owner’s sole expense, the policies of insurance required to be maintained by the Owner pursuant to the terms of the Credit Agreement. The insurance
required hereby shall be in such amounts, against such risks, in such form and with such insurers as responsible companies engaged in similar businesses and owning similar assets would maintain. In no event shall Mortgagee be responsible for the
payment of premiums to any insurer or any agent thereof, or the compliance with warranties, conditions or representations in the policies. The insurance maintained by Owner shall be primary without any right of contribution from insurance which may
be maintained by Mortgagee. The Owner shall furnish to the Mortgagee a certificate or other evidence satisfactory to Mortgagee that such insurance coverage is in effect, but the Mortgagee shall be under no duty to ascertain the existence or adequacy
of such insurance. 
 Section 1.08 The Owner will not cause or permit the Vessel to be operated in any manner contrary to
applicable law, will not abandon the Vessel, will not engage in any unlawful trade or violate any law that will expose the Vessel to penalty, forfeiture or seizure, and will not take, tolerate or permit any action which might adversely affect the
documentation of the Vessel under the laws of the United States of America unless such action is the result of a change in such laws or in Coast Guard policy. 
 Section 1.09 Neither the Owner, the Master of the Vessel, any charterer nor any other person has or shall have the right, power or authority to continue, create, incur or permit to be placed
or imposed upon the Vessel, her freights, profits or hire, any liens whatsoever, other than Permitted Liens. 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 5 of 3

 Section 1.10 A certified copy of this Mortgage shall be carried with the ship’s documents
on board the Vessel, and shall, in compliance with the provisions of Title 46 USC § 31324, be exhibited, on demand, to any person having business with the Vessel, or to any representative of the Mortgagee. A notice reading as follows, printed
in clear bold type and substantially filling an 8 1/2” x 11” page, shall be framed beneath glass and displayed prominently in the Master’s cabin or office of the Vessel: 

NOTICE OF FIRST PREFERRED SHIP MORTGAGE 
 This vessel is owned by [                    ] and is subject to a First Preferred Ship Mortgage in
favor of JPMorgan Chase Bank, N.A. as mortgage trustee pursuant to the laws of the United States of America. The Mortgage prohibits the owner, the master of the vessel, any charterer or any other person from creating, incurring or permitting to be
placed upon the vessel any other lien whatsoever except for certain limited “Permitted Liens” which are defined in Section 1.04 of the Mortgage. A copy of the Mortgage is available on board and will be produced upon demand for
inspection by any person having business with this vessel. 
 The Mortgagee and its counsel are hereby jointly and severally authorized and
directed to jointly certify, on behalf of the Owner and the Mortgagee, a true copy of this Mortgage, duly endorsed by the National Vessel Documentation Center to show its filing and recording data, to be carried on board each Vessel in compliance
with this section and 46 USC § 31324. 
 Section 1.11 Except for Permitted Liens, the Owner will not create or suffer to be
continued any security interest, lien, encumbrance or charge on the Vessel or any income therefrom and in due course and, subject to any rights granted to Owner under the Credit Agreement to contest such security interests, liens, encumbrances or
charges, and at Owner’s expense, promptly after the same becomes due and payable will pay or cause to be discharged or make adequate provision for the payment or discharge of all claims or demands which, if not paid or discharged, might result
in the creation of such a security interest, lien, encumbrance or charge, and the Owner will cause the Vessel to be released or discharged therefrom. 
 Section 1.12 If a notice of claim of lien, libel, complaint or similar process of maritime arrest shall be filed against the Vessel, or if the Vessel shall be attached, levied upon or taken
into custody, or detained by any proceedings in any court or tribunal or by any government or other authority, the Owner shall promptly thereafter cause the Vessel to be released and any lien thereon, other than the Permitted Liens, to be
discharged, subject to any rights granted to the Owner under the Credit Agreement to contest the same. The Owner shall forthwith notify the Mortgagee by facsimile or email, confirmed by letter, at the place specified in Section 3.02 below of any
such action against the Vessel and the response of the Owner thereto. The Owner will provide the Mortgagee with all information and copies of documents relating to such action as requested. 

Section 1.13 The Owner will at all times and without cost or expense to the Mortgagee maintain and preserve the Vessel in seaworthy condition
and in good running order and repair, and in any event in at least as good condition, running order and repair as the Vessel is in at the date of this Mortgage. 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 6 of 3

 Section 1.14 The Vessel shall, and the Owner covenants that it will, at all times comply in all
material respects with all applicable laws, treaties and conventions of the United States of America, and applicable state laws, and the rules and regulations issued thereunder. 
 Section 1.15 The Owner will at all times comply in all material respects with the applicable requirements of the American Bureau of Shipping and the United States Coast Guard. To the extent
that it is possible to do so under applicable law and Coast Guard policy, the Owner will keep the Vessel duly documented under the laws of the United States. The Owner shall not transfer or change the flag or registry of the Vessel without first
receiving written approval thereof from the Mortgagee. 
 Section 1.16 The Mortgagee shall have the right at all times on reasonable
notice, to inspect the Vessel to ascertain her condition and to satisfy itself that the Vessel is being properly maintained as required by this Mortgage (provided that such inspections do not interfere with the normal commercial operation of the
Vessel), and the Owner shall cause to be made all such repairs, without expense to the Mortgagee, as such inspection may show to be required to maintain the Vessel in compliance with this Mortgage. 

Section 1.17 Upon request by the Mortgagee, the Owner shall provide the Mortgagee with copies of all documents and contracts relating to the
Vessel, whether on board or ashore. 
 Section 1.18 The Owner will pay and discharge, or cause to be paid and discharged,
when due and payable from time to time, all taxes, assessments, governmental charges, fines and penalties lawfully imposed on the Vessel, subject to any rights granted to the Owner under the Credit Agreement to contest the same. 

Section 1.19 Except as otherwise expressly permitted under the Credit Agreement, the Owner shall not (a) sell, mortgage, deliver or
lease the Vessel, nor charter the Vessel, nor in any manner transfer or agree to sell, mortgage, lease, charter, deliver or otherwise transfer, to any person, any interest or control in the Vessel, nor (b) merge or consolidate with any other
person, firm or corporation, or dissolve. Sections 1.09 and 1.10 hereof, and this Section 1.19, shall be included in any charter party with respect to the Vessel. 

  

			
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 Section 1.20 In the event that this Mortgage, the Credit Agreement, the Subsidiary Guaranty or
any other Loan Document or any document provided for therein, or any provisions hereof or thereof, shall be deemed invalidated in whole or in part by reason of any present or future law or any decision of any court of competent jurisdiction, or if
the documents at any time held by the Mortgagee be deemed for any reason insufficient to carry out the true intent and spirit of this Mortgage, the Credit Agreement, the Subsidiary Guaranty or any other Loan Document, then, from time to time, the
Owner will execute, on its own behalf, such other and further assurances and documents as may be reasonably required more effectually to subject the Vessel to the full and timely payment and performance of the Secured Obligations, as in the Credit
Agreement, the Subsidiary Guaranty or any other Loan Document and as herein provided, and to the full and timely performance of the terms and provisions of the Credit Agreement, the Subsidiary Guaranty, this Mortgage and any other Loan Document.

 Section 1.21 The Owner will reimburse the Mortgagee promptly, with interest at a rate equal to the Default Rate (as defined
in Section 2.8(c) of the Credit Agreement), for all expenses which the Mortgagee may from time to time incur in providing such protection in respect of insurance, discharge of liens, taxes, dues, assessments, governmental charges, fines and
penalties lawfully imposed, repairs, attorneys’ fees and other matters as the Owner is obligated herein to provide, but fails to provide. Such obligation of the Owner to reimburse the Mortgagee shall be an additional indebtedness due from it,
secured by this Mortgage, and shall be payable by it on demand. The Mortgagee, though privileged so to do, shall be under no obligation to the Owner or any other person to make any such expenditures, nor shall the making thereof relieve the Owner of
any default in that respect. 
 Section 1.22 Subject to Section 5.2(d) of the Credit Agreement, in the event that the
Vessel becomes a total loss or a constructive total loss (whether actual or agreed), or a compromised or arranged total loss, or is abandoned, or is requisitioned for title, appropriated, confiscated, seized, or forfeited (any such occurrence being
an “Event of Loss”) then the Owner shall repay that portion of the Secured Obligations as required by and in accordance with the Credit Agreement, the Subsidiary Guaranty, or any other Loan Document, subject to the terms thereof.

 Section 1.23 The Owner shall immediately notify the Mortgagee of any casualty or damage to the Vessel in an amount equal to
or in excess of $500,000. 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 8 of 3

 Section 1.24 Unless it shall have first received the written permission of the Mortgagee, the
Owner will not operate or permit the Vessel to be operated outside of the territorial waters of the United States. 

Article II 

Events of Default and Remedies 
 Section 2.01 In case any one or more of the following events, each herein termed an “Event of Default”, shall occur: 

 

	 	a.	an Event of Default as defined in the Credit Agreement shall occur; or 

  

	 	b.	the Vessel shall be abandoned by the Owner; 

THEN upon the occurrence and during the continuance of any such Event of Default the Secured Obligations shall become immediately due, payable and
enforceable and the Mortgagee shall, without further notice, presentment, protest, notice of intent to accelerate, notice of acceleration, demand or action of any nature whatsoever (each of which hereby is expressly waived by Owner) have the right
to: 
 (1) exercise all of the rights and remedies in foreclosure and otherwise given to preferred mortgagees by the provisions of the laws of
the United States of America; 
 (2) bring suit against the Owner to recover the debt, interest, or any other obligation due hereunder or under
the Credit Agreement or the Subsidiary Guaranty or the other Loan Documents; 
 (3) take the Vessel, wherever the same may be, without legal
process and without being responsible for loss or damage, and the Owner or other person in possession forthwith upon demand of the Mortgagee shall surrender to the Mortgagee possession of the Vessel and the Mortgagee may hold, lay up, lease,
charter, operate or otherwise use the Vessel for such time and upon such terms as it may deem to be for its best advantage, as permitted by the laws of the United States (including, without limitation, 46 CFR § 221.19), accounting only for the
net profits, if any, arising from such use of the Vessel and charging upon all receipts from the use of the Vessel or from any sale thereof or from the exercise of any of the powers conferred by Subsection (4) next following, all costs,
expenses, charges or losses by reason of such use; and if at any time the Mortgagee shall take the Vessel pursuant hereto, the Mortgagee shall have the right to dock the Vessel for a reasonable time at any dock, pier or other facility of the Owner
without charge, or to dock same at any other place at the cost and expense of the Owner; 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 9 of 3

 (4) without being responsible for loss or damage, sell the Vessel at any place at such time as the Mortgagee
may specify and in such manner as it deems advisable, free from any claim by the Owner in admiralty, in equity, at law or by statute, in the case of a public sale after first giving notice of the time and place of sale with a general description of
the property in the following manner: 
 (a) By publishing such notice for five (5) consecutive business days in some newspaper of general
circulation published in New York City, or in the alternative, in Lloyd’s List, published in London; or in TradeWinds, or in the Internet edition of any such newspaper; 
 (b) by publication of a similar notice for five (5) consecutive business days in a newspaper of general circulation or its Internet edition, if any, published or available at or nearest the place of
sale; and 
 (c) by sending the text of the notice by registered mail, facsimile, overnight courier service, or by hand delivery to the Owner
not later than the day of first publication; and 
 (5) demand, collect, receive, compromise and sue for, in the name of the Owner or otherwise,
all freight, hire, earnings, issues, revenues, income and profits of the Vessel, all amounts due from underwriters under any insurance thereon as payments of losses or as return premiums, or otherwise, all salvage awards and recoveries, all
recoveries in general average or otherwise and all other sums due or to become due in respect of the Vessel, or in respect of any insurance thereon, from any person whomsoever, and make, give and execute in the name of the Owner acquittances,
receipts, releases or other discharges for the same, and to endorse and accept in the name of the Owner all checks, notes, drafts, warrants, agreements and other instruments in writing with respect to the foregoing, and the Owner does hereby
irrevocably appoint the Mortgagee and its agents, successors, and assigns the attorneys-in-fact of the Owner, upon the happening and continuance of an Event of Default, to do all such things. 
 (a) In the event that the Vessel shall be offered for private sale pursuant to the exercise of the rights and remedies granted pursuant to this Article II, no publication of notice shall be required, but
the Mortgagee shall send a notice of sale to the Owner at least ten (10) days prior to the date fixed for entering into the contract of sale. The Mortgagee may, without notice or publication, adjourn any public or private sale or cause such
sale to be adjourned from time to time by announcement at the time and place fixed for sale or for entering into a contract of sale, and such sale or 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 10 of 3

 
contract of sale may, without further notice, be made at the time and place to which the sale or contract of sale was so adjourned. The Mortgagee shall not be obligated to complete the sale of
the Vessel if it shall determine not to do so, regardless of whether or not a notice of sale may have been published or given. Any private sale may be conducted without bringing the Vessel to the place designated for such sale, and in such manner as
the Mortgagee may deem appropriate. The Owner agrees that any sale made in accordance with this Section shall be deemed to have been made in a commercially reasonable manner. 
 (b) The Owner hereby appoints the Mortgagee or its agent as the attorney-in-fact of the Owner with full power and authority to execute and deliver to any purchaser aforesaid a good conveyance of the title
to the Vessel sold at private sale following an Event of Default. 
 Section 2.02 The Owner covenants and agrees that in addition to
any and all other rights, powers and remedies elsewhere in this Mortgage granted to and conferred upon the Mortgagee, the Mortgagee in any suit to enforce any of its rights, powers or remedies, if an Event of Default shall have occurred and shall
not have been cured, shall be entitled as a matter of right and not as a matter of discretion (a) to the appointment of a receiver or receivers of the Vessel, and any receiver so appointed shall have full rights and powers to use and operate
the Vessel or such other powers as the Court appointing such receiver may prescribe, including but not limited to the power to pay off the crew of the Vessel and repatriate the crew, if need be, and (b) to a decree ordering and directing the
sale and disposal of the Vessel, and the Mortgagee may become the purchaser at any such sale and shall have the right to credit on the purchase price any and all sums of money due under the Credit Agreement, the Subsidiary Guaranty, and all other
Loan Documents, or otherwise hereunder. 
 Section 2.03 In the event that the Vessel shall be arrested or detained by a
marshal or other officer of any court of law, equity or admiralty jurisdiction or by any government authority and shall not be released from arrest or detention, within twenty-one (21) days from the date of arrest or detention, the Owner does
hereby authorize and empower the Mortgagee, in the name of the Owner, or its successors or assigns, to apply for and receive possession of and to take possession of the Vessel with all the rights and powers that the Owner, or its successors or
assigns, might have or exercise in any such event; and this power of attorney shall be irrevocable and may be exercised not only by the Mortgagee but also by an appointee or appointees, with full power of substitution, to the same extent as if the
said appointee or appointees had been named as one of the attorneys by express designation. 

  

			
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 Section 2.04 The Owner authorizes and empowers the Mortgagee or its appointees or any of them to
appear in the name of the Owner, its successors or assigns, in any court where a suit is pending against the Vessel because of or on account of any alleged lien against the Vessel from which the Vessel has not been released and to take such
proceedings as to them or any of them may seem proper towards the defense of such suit and the discharge of such lien, and all expenditures made or incurred by them or any of them for the purpose of such defense or discharge shall be a debt due from
the Owner, its successors and assigns, to the Mortgagee, and shall be secured by the lien of this Mortgage in like manner and extent as if the amount and description thereof were written herein. 

a. Each and every power and remedy herein specifically given to the Mortgagee or otherwise in this Mortgage shall be
cumulative and shall be in addition to every other power and remedy herein specifically given or now or hereafter existing at law, in equity, in admiralty or by statute, and each and every power and remedy whether specifically herein given or
otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the
right to exercise at the same time or thereafter any other power or remedy. 
 b. No delay or omission by the
Mortgagee in the exercise of any right or power or in the pursuance of any remedy accruing upon any Event of Default as above defined shall impair any such right, power or remedy or be construed to be a waiver of such Event of Default or to be an
acquiescence therein; nor shall the acceptance by the Mortgagee of any security or of any payment after an Event of Default be construed to be a waiver of any right to take advantage of any future Event of Default or of any past Event of Default not
completely cured thereby. 
 c. To the fullest extent that it may lawfully do so, the Owner agrees that it will
not at any time assert, claim, plead, or take advantage of any law relating to appraisement, valuation, stay, extension, moratorium or redemption if as a consequence thereof the enforcement of this Mortgage would be prevented, delayed or hindered,
and the Owner hereby waives the benefit of all such laws. 
 Section 2.05 In case the Mortgagee shall have proceeded to enforce any
right, power or remedy under this Mortgage by foreclosure, entry or otherwise and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Mortgagee, then and in every such case the
Owner and the Mortgagee shall be restored to their former positions and rights hereunder with respect to the property subject to this Mortgage, and all rights, remedies and powers of the Mortgagee shall continue as if no such proceedings had been
taken. 

  

			
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 Section 2.06 The net proceeds of any judicial or other sale, and any lease, charter, management,
operation or other use of the Vessel by the Mortgagee, of any claim for damages, of any judgment, and any insurance received by the Mortgagee (except to the extent paid to the Owner or applied in payment of repairs or otherwise for Owner’s
benefit) shall be applied by the Mortgagee in accordance with Section 10.12 of the Credit Agreement. The Mortgagee shall be entitled to collect any deficiency from the Owner. The Owner shall be entitled to any surplus, subject to setoff in
favor of the Mortgagee or any Lender for any other indebtedness of the Owner under the Loan Documents. 
 Section 2.07 Any right,
power or authority granted to the Mortgagee in this Mortgage may be exercised by the Mortgagee or such agent as the Mortgagee shall appoint. 

Section 2.08 Until an Event of Default shall occur, the Owner shall be permitted to retain actual possession and use of the Vessel. Except as
otherwise expressly permitted in the Credit Agreement, Owner shall not permit or dispose of free from the lien of this Mortgage any masts, boilers, cables, bowsprits, sails, rigging, anchors, chains, fittings, radar, sonar, navigational devices and
supplies, engines, machinery, tackle, apparel, boats, rigging, outfit, furniture, furnishings, appliances, tools, spare and replacement parts, pumps, equipment, gaming fixtures and related equipment and supplies, artwork and other appurtenances
unless the same are no longer useful or necessary in the operation of the Vessel, and first or simultaneously replacing the same by new items of equal or better suitability and value to the Owner, which shall forthwith become subject to the lien of
this Mortgage as a first preferred mortgage thereon. 
 Section 2.09 If at any time from and after an Event of Default and prior to
the actual sale of the Vessel by the Mortgagee or prior to any enforcement or foreclosure proceedings the Owner offers completely to cure all Events of Default, with interest at the rate applicable to the Obligations at the time (including default,
penalty or other interest applicable at such time), and to pay all expenses, advances and damages to the Mortgagee consequent on such Events of Default, then the Mortgagee may, but shall not be obligated to, accept such offer and payment and restore
the Owner to its former position, but such action, if taken, shall not affect any subsequent Event of Default or impair any rights consequent thereon. 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 13 of 3

 Article III 
 Other Provisions 
 Section 3.01 Subject to compliance with the terms of the
Credit Agreement, the Mortgagee has the right to assign this Mortgage to any person or entity without the Owner’s consent. The Owner may not assign this Mortgage to any person or entity without the express written consent of the Mortgagee. All
of the covenants, stipulations and agreements of the Owner in this Mortgage shall bind the Owner and its permitted successors and assigns and shall inure to the benefit of the Mortgagee and its successors and assigns. In the event of an assignment
of this Mortgage by the Mortgagee, the term “Mortgagee”, as used herein, shall be deemed to refer to such assignee. 

Section 3.02 All notices, statements, reports and other communications hereunder shall be given in accordance with Section 12.2 of the
Credit Agreement, with notices to the Owner being sent in care of the Borrower, and notices to the Mortgagee being sent in care of the Administrative Agent. 
 Section 3.03 No amendment or waiver of any provision of this Mortgage shall be effective unless the same shall be in writing and signed by the Owner and the Mortgagee, and such amendment or
waiver shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 3.04 [NOTE: CONFORM
STATE LAW REFERENCE BASED ON LOCATION OF VESSEL] The parties hereto acknowledge that this Mortgage is subject to applicable Gaming Laws, including
[                    ]. Without limiting the foregoing, the Lenders acknowledge that all rights, remedies and powers in or under this Mortgage may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of the [                    ] or the regulations
promulgated thereunder and only to the extent that required approvals (including prior approvals) are obtained from the [                    ]. The
Lenders agree to cooperate with the [                    ] in connection with the provision of such documents or other information as may be
requested by the [                    ]. 

Section 3.05 [NOTE: CONFORM STATE LAW REFERENCE BASED ON LOCATION OF VESSEL] Notwithstanding any other provisions of this Mortgage to the
contrary, nothing in this Mortgage shall (a) effect any transfer of any ownership interest in the Owner or (b) effect any transfer, sale, purchase, lease or hypothecation of, or any borrowing or loaning of money against, or any
establishment of any voting trust agreement or similar agreement with respect to any certificate or finding of suitability or any license or permit heretofore or hereinafter issued to any person, including the Owner, all within the meaning of
applicable provisions of the [                    ] and the regulations promulgated thereunder. 

  

			
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 Section 3.06 Unless an Event of Default shall have occurred and is continuing, the Owner shall
be permitted to retain actual possession and use of the Vessel. Upon the payment and performance in full of the Secured Obligations and the termination of all commitments under the Credit Agreement and the other Loan Documents, subject to and in
accordance with the Credit Agreement, the Mortgagee agrees, at the expense of the Owner, to promptly submit for filing and recording a release of this Mortgage with the United States Coast Guard National Vessel Documentation Center. 

Section 3.07 This Mortgage shall be governed by and construed in accordance with the federal maritime laws and the general maritime law of
the United States of America, and (but only to the limited extent of matters not within the scope of the foregoing) by the laws of the State of New York without regard to conflicts of law principles that would permit or require the application of
the laws of another jurisdiction. Nothing herein shall be construed to prevent or limit in any way the enforcement of this Mortgage in a jurisdiction other than the United States of America, subject to the laws (including conflicts of law
principles) there in force. 
 Continued on following page 

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 15 of 3

 IN WITNESS WHEREOF the Owner has executed this First Preferred Ship Mortgage as of the day and year first
above written. 
  

			
		 	[                             
           ]
		
	By	 	  

 STATE OF NEVADA 
 COUNTY OF CLARK 
 On August     , 2013, before me personally appeared
                    , to me known, who being by me duly sworn, did depose and say that his business address is
                    ; that he is the
                     of                     , the
                     described in and which executed the foregoing instrument; and that he signed his name to the foregoing instrument by authority
of                     . 
  

	
	  
	Notary Public

  

			
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	FIRST PREFERRED SHIP MORTGAGE	 	Page 16 of 3

 MORTGAGE SCHEDULE 1 

  

			
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  ]	 	
	FIRST PREFERRED SHIP MORTGAGE	 	Page 1 of 1

 Copy of the form of the Credit Agreement, excluding its 

exhibits and schedules except Exhibits G-1 through G-4, 
 the form of the Notes (ref Recital D) 
 Mortgage Exhibit “A”

 Copy of the form of the Subsidiary Guaranty (ref Recital D) 

Mortgage Exhibit “B” 

 EXHIBIT E-4 

FORM OF DEED OF TRUST 
 (See attached) 

			
	 RECORDING REQUESTED BY:

AND WHEN RECORDED MAIL TO:
  

Latham & Watkins LLP
 355 South Grand
Avenue
 Los Angeles, California 90071-1560
 Attention: Glen Collyer, Esq.
  

Re: PINNACLE ENTERTAINMENT, INC.
  

Location:
  
 Municipality:
  

County:
  
 State:
  
	  	 

 Space above this line for recorder’s use only 

[AMENDED AND RESTATED]1 [FEE AND LEASEHOLD] DEED OF TRUST, 
 SECURITY AGREEMENT, ASSIGNMENT OF RENTS 
 AND LEASES AND FIXTURE FILING

 This [AMENDED AND RESTATED]2 [FEE AND LEASEHOLD]3 DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES
AND FIXTURE FILING, dated as of                  , 2013 (as amended, consolidated, amended and restated, supplemented or otherwise modified from time to time, this
“Deed of Trust”), by and from [                    ], a
[                    ] with an address at
                    (“Grantor”), to [ADD TRUSTEE’S NAME], with an address at [ADD TRUSTEE’S ADDRESS], as
trustee (together with its successors and assigns, in such capacity, “Trustee”), in favor of JPMORGAN CHASE BANK, N.A., with an address at 500 Stanton Road, Ops 2, Third Floor, Newark, Delaware 19713, as administrative agent
for the benefit of the Lender Parties under and as said term is defined in the Credit Agreement (in such capacity, together with its successors and assigns, “Beneficiary”). 

 

	1 	To be inserted for existing Pinnacle Deeds of Trust only 

	2 	To be inserted for existing Pinnacle Deeds of Trust only 

	3 	Insert for Leasehold Deed of Trust. 

  
 Deed of Trust - [County,
State, Site     ] 

 RECITALS: 
 WHEREAS, Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), Beneficiary, and the Lenders (as such term is defined in the Credit Agreement (as defined below))
party thereto from time to time are parties to that certain Amended and Restated Credit Agreement, dated as of August     , 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”; except as otherwise provided herein, capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement), which amends and restates that certain Fourth Amended and
Restated Credit Agreement, dated as of August 2, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time thereafter prior to August     , 2013, the “Original Credit
Agreement”), by and among the Borrower, Barclays Bank PLC, as agent (the “Original Agent”), and the several banks and other financial institutions or entities from time to time party thereto, as lenders; 

WHEREAS, pursuant to that certain Amended and Restated Subsidiary Guaranty, dated as of August     , 2013
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Grantor and certain other guarantors party thereto (“Guarantors”) in favor of Beneficiary, which
amends and restates that certain Second Amended and Restated Subsidiary Guaranty, dated as of December 14, 2005, as amended and supplemented from time to time thereafter prior to August     , 2013 (the “Original
Guaranty”), made by [Grantor and certain other]4
[certain] Guarantors party thereto in favor of Original Agent, Grantor agreed to guarantee all of the Borrower’s Obligations under the Credit Agreement. Unless extended or renewed, the Notes issued in accordance with the Credit Agreement and
all Obligations outstanding under the Credit Agreement are due and payable in full on or before the Maturity Date subject to earlier termination pursuant to the Credit Agreement; 

[WHEREAS, in order to secure the Secured Obligations (as defined in the Original Deed of Trust (as defined below)), Grantor
executed and delivered to the Original Agent that certain [Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing] described on Schedule 1 attached hereto (the “Original Deed of Trust”). As of the date
hereof, Beneficiary is the holder of the Original Deed of Trust pursuant to that certain Assignment of Deed of Trust, dated on or about the date hereof, made by Original Agent in favor of Beneficiary;]5 

WHEREAS, subject to the terms and conditions of the Credit Agreement, Grantor may enter into one or more Specified Hedging
Agreements with one or more Qualified Counterparties; 
 WHEREAS, Grantor is the holder of the fee estate in and to all
of the real property located in the County of [                    ] and the State of
[                    ] (the “State”), described in Exhibit A attached hereto and made a part hereof; 

 

	4 	To be inserted for existing Pinnacle Deeds of Trust only 

	5 	To be inserted for existing Pinnacle Deeds of Trust only 

  
 Deed of Trust - [County,
State, Site     ] 
 2 

 [WHEREAS, Grantor is the holder of leasehold title in and to all of the real property
located in the County of                      and State of
                    [(the “State”)], described in Exhibit B attached hereto and made a part hereof, pursuant to that certain
Lease, dated as of                  ,             , by and between
                    , as lessor (“Lessor”), and Grantor, as lessee (“Lessee”) as described in Exhibit C
attached hereto and made a part hereof (together with any and all modifications, renewals, extensions, and substitutions of the foregoing, the “Pledged Lease”), [a memorandum of which is recorded in Book     ,
Page      with the Clerk of                      County,
                    ,] which Premises, as defined below, forms a portion of the Trust Property described below;]6 

WHEREAS, Grantor is the [directly][indirectly] wholly owned subsidiary of Borrower, as a result of which Grantor is a direct or
indirect beneficiary of the Loans and other accommodations of Lenders and Qualified Counterparties as set forth in the Credit Agreement and may receive advances therefrom, whether or not Grantor is a party to the Credit Agreement; and 

WHEREAS, in consideration of the making of the Loans and other accommodations of Lenders and Qualified Counterparties as set forth
in the Credit Agreement and the Specified Hedge Agreements, respectively, Grantor has agreed, subject to the terms and conditions hereof and each other Loan Document and each of the Specified Hedge Agreements, to secure, by execution and delivery of
this Deed of Trust[, which amends and restates the terms, provisions and conditions of the Original Deed of Trust in its entirety, as set forth in this Deed of Trust,]7 Grantor’s obligations under the Guaranty, the other Loan Documents and the Specified Hedge Agreements as set forth
herein. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein
contained, Beneficiary and Grantor agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 Definitions. As used herein, the following terms shall have the following meanings: 

“Debt” shall have the meaning ascribed to the defined term “Obligations” in the Credit Agreement. The Debt
secured by this Deed of Trust may include future advances which will be advanced from time to time and after the date hereof in connection with the Loans evidenced by the Credit Agreement and may include readvances of sums repaid, provided, however,
that the aggregate principal amount of the Loans at any one time outstanding shall not exceed [Five Billion Two Hundred Million Dollars ($5,200,000,000)]. 
 “Trust Property” means all of Grantor’s interest, if any, in (i) the owned real property described in Exhibit A, together with any greater or additional estate therein as
hereafter may be 
  

	6 	Insert for Leasehold Deed of Trust. 

	7 	 To be inserted for existing Pinnacle Deeds of Trust only 

  
 Deed of Trust - [County,
State, Site     ] 
 3 

 
acquired by Grantor [(the “Owned Real Property”)][(the “Land”)]; [(ii) Grantor’s leasehold interest created by the Pledged Lease with respect to the leased
real property described in Exhibit B ( the “Leased Real Property”, and together with the Owned Real Property, the “Land”), and any non-disturbance, attornment and recognition agreement benefiting Grantor with
respect to the Pledged Lease, together with all credits, deposits, privileges, rights, estates, title and interest of Grantor as tenant under the Pledged Lease (including all rights of Grantor to either treat the Pledged Lease as terminated or elect
to retain certain rights under Pledged Lease, each pursuant to Section 365(h)(1)(A) of the Bankruptcy Code (a “365(h) Election”)), or any other state or deferral insolvency, reorganization, moratorium or similar law for the
relief of debtors (a “Bankruptcy Law”), or any comparable right provided under any other Bankruptcy Law, together with all rights, remedies and privileges related thereto, and all books and records that contain records of payments
of rent or security made under the Pledged Lease and all of Grantor’s claims and rights to the payment of damages that may arise from Lessor’s failure to perform under the Pledged Lease, or rejection of the Pledged Lease under any
Bankruptcy Law (a “Lease Damage Claim”), Beneficiary having the right, at any time and from time to time, to notify Lessor of the rights of Beneficiary hereunder; (iii) all assignments, modifications, extensions and renewals of
the Pledged Lease and all credits, deposits, options, privileges and rights of Grantor as tenant under the Pledged Lease, including, but not limited to, rights of first refusal, if any, and the right, if any, to renew or extend the Pledged Lease for
a succeeding term or terms]8 [(ii)][(iv)] all improvements
now owned or hereafter acquired by Grantor, now or at any time situated, placed or constructed upon the Land subject to the Permitted Liens, (the “Improvements”; the Land and Improvements are collectively referred to as the
“Premises”); [(iii)][(v)] all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired by Grantor and now or hereafter attached to, installed in or used in connection with any of
the Improvements or the Land, and water, gas, electrical, telephone, storm and sanitary sewer facilities and all other utilities whether or not situated in easements (the “Fixtures”); [(iv)][(vi)] all leases, licenses, concessions,
occupancy agreements or other agreements (written or oral, now or at any time in effect) which grant to any Person (other than Grantor) a possessory interest in, or the right to use, all or any part of the Trust Property, together with all related
security and other deposits subject to depositors rights and requirements of law (the “Leases”); [(v)][(vii)] all of the rents, revenues, royalties, income, proceeds, profits, security and other types of deposits subject to
depositors rights and requirements of law, and other benefits paid or payable by parties to the Leases for using, leasing, licensing possessing, operating from, residing in, selling or otherwise enjoying the Trust Property (the
“Rents”), [(vi)][(viii)] to the extent mortgageable or assignable all other agreements, such as construction contracts, architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements, management
agreements, service contracts, listing agreements, guaranties, warranties, permits, licenses, certificates and entitlements in any way relating to the construction, use, occupancy, operation, maintenance, enjoyment or ownership of the Trust Property
(the “Property Agreements”); [(vii)][(ix)] to the extent mortgageable or assignable, all rights, privileges, tenements, hereditaments, rights-of-way,
easements, appendages and appurtenances appertaining to the foregoing; [(viii)][(x)] all property tax refunds payable to Grantor (the “Tax Refunds”); [(ix)][(xi)] all accessions, replacements and substitutions for any of the
foregoing and all proceeds thereof (the “Proceeds”); [(x)][(xii)] all insurance policies, unearned premiums therefor 

 

	8 	 Insert for Leasehold Deed of Trust. 

  
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and proceeds from such policies covering any of the above property now or hereafter acquired by Grantor (the “Insurance”); and [(xi)][(xiii)] all of Grantor’s right, title
and interest in and to any awards, damages, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental authority pertaining to the Land, Improvements or Fixtures (the “Condemnation
Awards”). As used in this Deed of Trust, the term “Trust Property” shall mean all or, where the context permits or requires, any portion of the above or any interest therein. 

“Obligations” means all of the agreements, covenants, conditions, warranties, representations and other obligations of
the Grantor under the Guaranty (including, without limitation, the obligation to guarantee the repayment of the Debt of the Borrower under the Credit Agreement), any other Loan Document, including, without limitation, the “Obligations” (as
defined in the Credit Agreement) and payment of any and all other indebtedness now or hereafter owing by the Grantor to Beneficiary, evidenced by promissory note or notes or agreement or agreements signed by Grantor, whether or not otherwise
secured, or any of the Specified Hedge Agreements, provided that Obligations shall not include any Excluded Swap Obligations. 

“Permitted Liens” means any Liens expressly permitted by Section 9.3 of the Credit Agreement. 

“UCC” means the Uniform Commercial Code of New York or, if the creation, perfection and enforcement of any security
interest herein granted is governed by the laws of a state other than New York, then, as to the matter in question, the Uniform Commercial Code in effect in that state. 
 1.2 Interpretation 
 References to “Sections” shall be to
Sections of this Deed of Trust unless otherwise specifically provided. Section headings in this Deed of Trust are included herein for convenience of reference only and shall not constitute a part of this Deed of Trust for any other purpose or be
given any substantive effect. The rules of construction set forth in Section 1.2 of the Credit Agreement shall be applicable to this Deed of Trust mutatis mutandis. 
 SECTION 2. GRANT 
 To secure the full and timely payment of the Debt
and the full and timely performance of the Obligations, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor does hereby MORTGAGE, GIVE, GRANT, BARGAIN, SELL, TRANSFER, WARRANT, PLEDGE,
ASSIGN and CONVEY WITH POWER OF SALE (if available under State law) the Trust Property to Trustee and Trustee’s successors and assigns, IN TRUST, for the benefit and security of the Beneficiary, TO HAVE AND TO HOLD all of the Trust Property
unto the Trustee and, for the use and benefit of Beneficiary, its heirs, successors and assigns [in fee
simple]9 for so long as any of the Obligations remain
outstanding, upon the 
  

	9 	 Delete bracketed language for Leasehold Deed of Trust. 

  
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trust, terms and conditions contained herein, and Grantor does hereby bind itself, its heirs, successors and assigns to WARRANT AND FOREVER DEFEND (i) the title to the Trust Property unto
Trustee and its heirs, successors and assigns, subject only to Permitted Liens and (ii) the validity and priority of the Liens of this Deed of Trust, subject only to Permitted Liens, in each case against the claims of all Persons whomsoever,
for so long as any of the Obligations remain outstanding, upon the trust, terms and conditions contained herein.  

SECTION 3. WARRANTIES, REPRESENTATIONS AND COVENANTS 

3.1 Title. Grantor represents and warrants to Beneficiary that except for the Permitted Liens, (a) [other than the Leased
Real Property,]10 Grantor owns the Trust Property free and
clear of any liens, claims or interests, [and] (b) [Grantor holds a leasehold interest in the Leased Real Property free and clear of any liens, claims or interests and (c)]11 this Deed of Trust creates valid, enforceable first priority liens and security interests against the Trust Property.

 3.2 First Lien Status. Grantor shall preserve and protect the first lien and security interest status of this Deed of
Trust and the other Loan Documents to the extent related to the Trust Property. If any lien or security interest other than a Permitted Lien is asserted against the Trust Property, Grantor shall, subject to any rights granted to Grantor under the
Credit Agreement to contest such liens or security interests, promptly, and at its expense, pay the underlying claim in full or take such other action so as to cause it to be released. 

3.3 Payment and Performance. Grantor shall pay the Debt when due under the Loan Documents and shall perform the Obligations in
full when they are required to be performed as required under the Loan Documents. 
 3.4 Replacement of Fixtures. Grantor
shall not Dispose of or replace any of the Fixtures, except as expressly permitted by Section 9.5 of the Credit Agreement. Grantor shall maintain all of the Trust Property pursuant to and in accordance with Section 8.5(a) of
the Credit Agreement. 
 3.5 Inspection. Grantor shall permit Beneficiary, and Beneficiary’s agents, representatives
and employees, upon reasonable prior notice to Grantor, to inspect the Trust Property and all books and records of Grantor located thereon, and to conduct such environmental and engineering studies as Beneficiary may reasonably require; provided,
such inspections and studies shall not materially interfere with the use and operation of the Trust Property. 
 3.6
Covenants Running with the Land. All Obligations contained in this Deed of Trust are intended by Grantor and Beneficiary to be, and shall be construed as, covenants running with the Trust Property. As used herein, “Grantor” shall refer
to the party named in the first paragraph of this Deed of Trust and to any subsequent owner of all or any portion of the Trust 

 

	10 	Insert for Leasehold Deed of Trust. 

	11 	 Insert for Leasehold Deed of Trust. 

  
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Property. All Persons who may have or acquire an interest in the Trust Property shall be deemed to have notice of, and be bound by, the terms of the Credit Agreement and the other Loan Documents;
however, no such party shall be entitled to any rights thereunder without the prior written consent of Beneficiary. In addition, all of the covenants of Grantor in any Loan Document party thereto are incorporated herein by reference and, together
with covenants in this Section, shall be covenants running with the land. 
 3.7 Condemnation Awards and Insurance
Proceeds. Except as otherwise stated in the Credit Agreement, Grantor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Beneficiary and authorizes Beneficiary to
collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Credit Agreement. Grantor assigns to Beneficiary all proceeds of any insurance policies insuring against loss or
damage to the Trust Property, subject to the terms of the Credit Agreement. Grantor authorizes Beneficiary to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such
losses directly to Beneficiary, instead of to Grantor and Beneficiary jointly, subject to the terms of the Credit Agreement. 

3.8 Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any
applicable law (i) deducting or allowing Grantor to deduct from the value of the Trust Property for the purpose of taxation any lien or security interest thereon or (ii) subjecting Beneficiary or any of the Lenders to any tax or changing
the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Deed of Trust, the Debt or Beneficiary, and the result is to increase the
taxes imposed upon or the cost to Beneficiary of maintaining the Debt, or to reduce the amount of any payments receivable hereunder, then, and in any such event, Grantor shall, on demand, pay to Beneficiary and the Lenders additional amounts to
compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to Beneficiary, or would constitute usury or render the Debt wholly or partially usurious under applicable law,
then Grantor shall pay or reimburse Beneficiary or the Lenders for payment of the lawful and non-usurious portion thereof. 
 3.9 Mortgage Tax. Grantor shall (i) pay when due any mortgage recording tax or similar tax imposed upon it or upon Beneficiary or any Lender or Qualified Counterparty pursuant to the tax law
of the state in which the Trust Property is located in connection with the execution, delivery and recordation of this Deed of Trust, and (ii) prepare, execute and file any form required to be prepared, executed and filed by Grantor in
connection therewith. 
 3.10 Prohibited Transfers. Except as expressly permitted by Section 9.5 of the
Credit Agreement, Grantor shall not Dispose of any part of the Trust Property.  

  
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 SECTION 4. DEFAULT AND FORECLOSURE 

4.1 Remedies. If an Event of Default has occurred and is continuing, Beneficiary may, at Beneficiary’s election, exercise any
or all of the following rights, remedies and recourses: (a) declare the Debt to be immediately due and payable, without further notice, presentment, protest, notice of intent to accelerate, notice of acceleration, demand or action of any nature
whatsoever (each of which hereby is expressly waived by Grantor), whereupon the same shall become immediately due and payable; (b) enter the Trust Property and take exclusive possession thereof and of all books, records and accounts relating
thereto or located thereon and if Grantor remains in possession of the Trust Property after an Event of Default and without Beneficiary’s prior written consent, Beneficiary may invoke any legal remedies to dispossess Grantor; (c) hold,
lease, develop, manage, operate or otherwise use the Trust Property upon such terms and conditions as Beneficiary may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions,
from time to time, as Beneficiary deems necessary or desirable), and apply all Rents and other amounts collected by Beneficiary in connection therewith in accordance with the provisions hereof; (d) institute proceedings for the complete
foreclosure of this Deed of Trust, either by judicial action or by power of sale, in which case the Trust Property may be sold for cash or credit in one or more parcels. With respect to any notices required or permitted under the UCC, Grantor agrees
that ten (10) days’ prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings, power of sale, or any other legal right, remedy or recourse, the title to and right of possession of
any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Grantor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever,
either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Grantor, and against all other Persons claiming or to claim the property sold or any part thereof, by, through or under
Grantor. Beneficiary or any of the Lenders may be a purchaser at such sale and if Beneficiary is the highest bidder, Beneficiary shall credit the portion of the purchase price that would be distributed to Beneficiary against the Debt in lieu of
paying cash. In the event this Deed of Trust is foreclosed by judicial action, appraisement of the Trust Property is waived; (e) make application to a court of competent jurisdiction for, and obtain from such court as a matter of strict right
and without notice to Grantor or regard to the adequacy of the Trust Property for the repayment of the Debt, the appointment of a receiver of the Trust Property, and Grantor irrevocably consents to such appointment. Any such receiver shall have all
the usual powers and duties of receivers in similar cases, including the full power to rent, maintain and otherwise operate the Trust Property upon such terms as may be approved by the court, and shall apply such Rents in accordance with the
provisions hereof; and/or (f) exercise all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity. 
 4.2 Separate Sales. The Trust Property may be sold in one or more parcels and in such manner and order as Beneficiary in its sole discretion may elect; the right of sale arising out of any Event of
Default shall not be exhausted by any one or more sales. 
 4.3 Remedies Cumulative, Concurrent and Nonexclusive.
Beneficiary shall have all rights, remedies and recourses granted in the Loan Documents and available at law or equity (including the UCC), which rights (a) shall be cumulative and concurrent, (b) may be pursued separately,
successively or concurrently against Grantor or others obligated under the Loan 

  
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Documents, or against the Trust Property, or against any one or more of them, at the sole discretion of Beneficiary or the Lenders, (c) may be exercised as often as occasion therefor shall
arise, and the exercise or failure to exercise any of them shall not be construed as a waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive. No action by Beneficiary or the
Lenders in the enforcement of any rights, remedies or recourses under the Loan Documents or otherwise at law or equity shall be deemed to cure any Event of Default. 
 4.4 Release of and Resort to Collateral. Beneficiary may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the
Trust Property, any part of the Trust Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interest created in or evidenced by the Loan Documents or their status as a first and prior
lien and security interest in and to the Trust Property. For payment of the Debt, Beneficiary may resort to any other security in such order and manner as Beneficiary may elect. 

4.5 Waiver of Redemption, Notice and Marshalling of Assets. To the fullest extent permitted by law, Grantor hereby irrevocably and
unconditionally waives and releases (a) all benefit that might accrue to Grantor by virtue of any present or future statute of limitations or law or judicial decision exempting the Trust Property from attachment, levy or sale on execution or
providing for any stay of execution, exemption from civil process, redemption or extension of time for payment; (b) all notices of any Event of Default or of Beneficiary’s election to exercise or the actual exercise of any right, remedy or
recourse provided for under the Loan Documents; and (c) any right to a marshalling of assets or a sale in inverse order of alienation. Grantor waives the statutory right of redemption and equity of redemption. 

4.6 Discontinuance of Proceedings. If Beneficiary or the Lenders shall have proceeded to invoke any right, remedy or recourse
permitted under the Loan Documents and shall thereafter elect to discontinue or abandon it for any reason, Beneficiary or the Lenders shall have the unqualified right to do so and, in such an event, Grantor and Beneficiary or the Lenders shall be
restored to their former positions with respect to the Debt, the Obligations, the Loan Documents, the Trust Property and otherwise, and the rights, remedies, recourses and powers of Beneficiary or the Lenders shall continue as if the right, remedy
or recourse had never been invoked, but no such discontinuance or abandonment shall waive any Event of Default which may then exist or the right of Beneficiary or the Lenders thereafter to exercise any right, remedy or recourse under the Loan
Documents for such Event of Default. 
 4.7 Application of Proceeds. The proceeds of any sale of, and the Rents and other
amounts generated by the holding, leasing, management, operation or other use of the Trust Property, shall be applied by Beneficiary (or the receiver, if one is appointed) in accordance with Section 10.12 of the Credit Agreement.

 4.8 Occupancy After Foreclosure. Any sale of the Trust Property or any part thereof will divest all right, title and
interest of Grantor in and to the property sold. Subject to applicable law, any purchaser at a foreclosure sale will receive immediate possession of the property purchased. If Grantor retains possession of such property or any part thereof
subsequent to such sale, Grantor will be considered a tenant at sufferance of the purchaser, and will, if Grantor remains in possession after demand to remove, be subject to eviction and removal, forcible or otherwise, with or without process of
law. 

  
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 4.9 Additional Advances and Disbursements; Costs of Enforcement. If any Event of
Default exists, Beneficiary and each of the Lenders shall have the right, but not the obligation, to cure such Event of Default in the name and on behalf of Grantor in accordance with the Credit Agreement. All reasonable sums advanced and expenses
incurred at any time by Beneficiary or any Lender under this Section 4.9, or otherwise under this Deed of Trust or any of the other Loan Documents or applicable law, shall bear interest from the date that such sum is advanced or expense
incurred if not repaid within five (5) days after demand therefor, to and including the date of reimbursement, computed at the rate or rates at which interest is then computed on the Debt, and all such sums, together with interest thereon,
shall be secured by this Deed of Trust. Grantor shall pay all expenses (including reasonable attorneys’ fees and expenses) of or incidental to the perfection and enforcement of this Deed of Trust and the other Loan Documents, or the
enforcement, compromise or settlement of the Debt or any claim under this Deed of Trust and the other Loan Documents, and for the curing thereof, or for defending or asserting the rights and claims of Beneficiary or the Lenders in respect thereof,
by litigation or otherwise. 
 4.10 No Mortgagee in Possession. Neither the enforcement of any of the remedies under this
Section, the assignment of the Rents and Leases under Section 5 hereof, the security interests under Section 6 hereof, nor any other remedies afforded to Beneficiary or the Lenders under the Loan Documents, at law or in
equity shall cause Beneficiary or any Lender to be deemed or construed to be a Beneficiary in possession of the Trust Property, to obligate Beneficiary or any Lender to lease the Trust Property or attempt to do so, or to take any action, incur any
expense, or perform or discharge any obligation, duty or liability whatsoever under any of the Leases or otherwise. 

SECTION 5. ASSIGNMENT OF RENTS AND LEASES 
 5.1 Assignment. In furtherance of and in addition to the assignment made by Grantor herein, Grantor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Beneficiary all of
its right, title and interest in and to all Leases, whether now existing or hereafter entered into, and all of its right, title and interest in and to all Rents. This assignment is an absolute assignment and not an assignment for additional security
only. So long as no Event of Default shall have occurred and be continuing, Grantor shall have a revocable license from Beneficiary to exercise all rights extended to the landlord under the Leases, including the right to receive and collect all
Rents and to hold the Rents in trust for use in the payment and performance of the Obligations and to otherwise use the same. The foregoing license is granted subject to the conditional limitation that no Event of Default shall have occurred and be
continuing. Upon the occurrence and during the continuance of an Event of Default, whether or not legal proceedings have commenced, and without regard to waste, adequacy of security for the Obligations or solvency of Grantor, the license herein
granted shall automatically expire and terminate, without notice by Beneficiary (any such notice being hereby expressly waived by Grantor). 

  
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 5.2 Perfection Upon Recordation. Grantor acknowledges that Beneficiary has taken all
reasonable actions necessary to obtain, and that upon recordation of this Deed of Trust Beneficiary shall have, to the extent permitted under applicable law, a valid and fully perfected, first priority, present assignment of the Rents arising out of
the Leases and all security for such Leases subject to the Permitted Liens and in the case of security deposits, rights of depositors and requirements of law. Grantor acknowledges and agrees that upon recordation of this Deed of Trust
Beneficiary’s interest in the Rents shall be deemed to be fully perfected, “choate” and enforced as to Grantor and all third parties, including, without limitation, any subsequently appointed trustee in any case under Title 11 of the
United States Code (the “Bankruptcy Code”), without the necessity of commencing a foreclosure action with respect to this Deed of Trust, making formal demand for the Rents, obtaining the appointment of a receiver or taking any other
affirmative action. 
 5.3 Bankruptcy Provisions. Without limitation of the absolute nature of the assignment of the
Rents hereunder, Grantor and Beneficiary agree that (a) this Deed of Trust shall constitute a “security agreement” for purposes of Section 552(b) of the Bankruptcy Code, (b) the security interest created by this Deed of
Trust extends to property of Grantor acquired before the commencement of a case in bankruptcy and to all amounts paid as Rents, and (c) such security interest shall extend to all Rents acquired by the estate after the commencement of any case
in bankruptcy. 
 SECTION 6. SECURITY AGREEMENT 

6.1 Security Interest. This Deed of Trust constitutes a “security agreement” on personal property within the meaning of
the UCC and other applicable law and with respect to the Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards. To this end, Grantor grants to Beneficiary a first and prior security interest in the
Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance, Condemnation Awards and all other Trust Property which is personal property to secure the payment of the Debt and performance of the Obligations subject to the Permitted
Liens, and agrees that Beneficiary shall have all the rights and remedies of a secured party under the UCC with respect to such property. Any notice of sale, disposition or other intended action by Beneficiary with respect to the Fixtures, Leases,
Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards sent to Grantor at least ten (10) days prior to any action under the UCC shall constitute reasonable notice to Grantor. 

6.2 Financing Statements. Grantor shall execute and deliver to Beneficiary, in form and substance satisfactory to Beneficiary,
such financing statements and such further assurances as Beneficiary may, from time to time, reasonably consider necessary to create, perfect and preserve Beneficiary’s security interest hereunder and Beneficiary may cause such statements and
assurances to be recorded and filed, at such times and places as may be required or permitted by law to so create, perfect and preserve such security interest. Grantor’s chief executive office is at the address set forth set forth in the first
paragraph hereof. 
 6.3 Fixture Filing. This Deed of Trust shall also constitute a “fixture filing” for the
purposes of the UCC against all of the Trust Property which is or is to become fixtures. 

  
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Information concerning the security interest herein granted may be obtained at the addresses of Debtor (Grantor) and Secured Party (Beneficiary) as set forth in the first paragraph of this Deed
of Trust. 
 SECTION 7.
ATTORNEY-IN-FACT 
 Grantor hereby
irrevocably appoints Beneficiary and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest and with full power of substitution,
(a) to execute and/or record any notices of completion, cessation of labor or any other notices that Beneficiary deems appropriate to protect Beneficiary’s interest, if Grantor shall fail to do so within ten (10) days after written
request by Beneficiary, (b) upon the issuance of a deed pursuant to the foreclosure of this Deed of Trust or the delivery of a deed in lieu of foreclosure, to execute all instruments of assignment, conveyance or further assurance with respect
to the Leases, Rents, Fixtures, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards in favor of the grantee of any such deed and as may be necessary or desirable for such purpose, (c) to prepare, execute and file or
record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve Beneficiary’s security interests and rights in or to any of the Trust Property, and (d) while any
Event of Default exists, to perform any obligation of Grantor hereunder; provided, (i) Beneficiary shall not under any circumstances be obligated to perform any obligation of Grantor; (ii) any sums advanced by Beneficiary in such
performance shall be added to and included in the Debt and shall bear interest at the rate or rates at which interest is then computed on the Debt provided that from the date incurred said advance is not repaid within five (5) days demand
therefor; (iii) Beneficiary as such attorney-in-fact shall only be accountable for such funds as are actually received by Beneficiary; and (iv) Beneficiary
shall not be liable to Grantor or any other person or entity for any failure to take any action which it is empowered to take under this Section. 
 SECTION 8. BENEFICIARY AS AGENT 
 Beneficiary has been appointed to
act as Beneficiary hereunder by Lenders and, by their acceptance of the benefits hereof, Qualified Counterparties. Beneficiary shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking any action (including the release or substitution of Trust Property), solely in accordance with this Deed of Trust and the Credit Agreement; provided, Beneficiary shall exercise, or refrain
from exercising, any remedies provided for herein in accordance with the instructions of (a) Required Lenders, or (b) after payment in full of all Obligations under the Credit Agreement and the other Loan Documents, the holders of a
majority of the aggregate notional amount (or, with respect to any Specified Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early
termination payments then due) under such Specified Hedge Agreement) under all Specified Hedge Agreements. In furtherance of the foregoing provisions of this Section 8, each Qualified Counterparty, by its acceptance of the benefits
hereof, agrees that it shall have no right individually to realize upon any of the Trust Property, it being understood and agreed by such Qualified Counterparty that all rights and remedies hereunder may be exercised solely by Beneficiary for the
benefit of Lenders and Qualified Counterparties in accordance with the terms 

  
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of this Section 8 and Section 11.12 of the Credit Agreement. Beneficiary shall at all times be the same Person that is Administrative Agent under the Credit Agreement.
Written notice of resignation by Administrative Agent pursuant to terms of the Credit Agreement shall also constitute notice of resignation as Beneficiary under this Deed of Trust; removal of Administrative Agent pursuant to the terms of the Credit
Agreement shall also constitute removal as Beneficiary under this Deed of Trust; and appointment of a successor Administrative Agent pursuant to the terms of the Credit Agreement shall also constitute appointment of a successor Beneficiary under
this Deed of Trust. Upon the acceptance of any appointment as Administrative Agent under the terms of the Credit Agreement by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges and duties of the retiring or removed Beneficiary under this Deed of Trust, and the retiring or removed Beneficiary under this Deed of Trust shall promptly (i) transfer to such successor Beneficiary all sums,
securities and other items of Trust Property held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Beneficiary under this Deed of Trust, and
(ii) execute and deliver to such successor Beneficiary such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Beneficiary of the security
interests created hereunder, whereupon such retiring or removed Beneficiary shall be discharged from its duties and obligations under this Deed of Trust thereafter accruing. After any retiring or removed Administrative Agent’s resignation or
removal hereunder as Beneficiary, the provisions of this Deed of Trust shall continue to enure to its benefit as to any actions taken or omitted to be taken by it under this Deed of Trust while it was Beneficiary hereunder. 

SECTION 9. TERMINATION AND RELEASE. 
 Upon payment and performance in full of the Obligations and the termination of all commitments under the Credit Agreement and the other Loan Documents, subject to and in accordance with the terms and
provisions of the Credit Agreement, Beneficiary, at Grantor’s expense, shall release the liens and security interests created by this Deed of Trust or reconvey the Trust Property to Grantor, or, at the request of Grantor, assign this Deed of
Trust without recourse, in either case in accordance with, and subject to the satisfaction of the conditions set forth in, Section 11.11 of the Credit Agreement.  

SECTION 10. LOCAL LAW PROVISIONS 
 [to be provided, if any, by local counsel or title company] 
 SECTION 11.
[LEASEHOLD PROVISIONS.]12 

11.1 Grantor represents, warrants and agrees as follows: 
 (a) Grantor has delivered to Beneficiary a true, correct and complete copy of the Pledged Lease, including all amendments and modifications thereto existing as of the date hereof and the Pledged Lease is
in full force and effect. 
  

	12 	Insert for Leasehold Deed of Trust. Note that further provisions may be incorporated with respect to each specific lease. 

  
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 (b) Grantor owns the entire tenant’s interest under the Pledged Lease and has the right
under the Pledged Lease to execute this Deed of Trust. 
 (c) Except as expressly permitted under the Credit Agreement, Grantor
shall not enter into any new leases of all or any portion of the Trust Property except with Beneficiary’s prior written consent which consent shall not be unreasonably withheld or delayed. 

(d) No material default now exists under the Pledged Lease. To Grantor’s knowledge, no event has occurred that, with the giving of
notice or the passage of time or both, would constitute such a material default or would entitle Grantor or any other party under the Pledged Lease to cancel the same. 
 (e) Except for this Deed of Trust or other assignments in favor of Beneficiary, Grantor has not executed any assignment or pledge of the Pledged Lease or of Grantor’s right, title and interest in the
same. 
 (f) This Deed of Trust does not constitute a violation or default under the Pledged Lease, and is, and shall at all
times constitute a valid lien (subject only to matters permitted by this Deed of Trust) on Grantor’s interests in the Pledged Lease. 
 (g) Grantor shall perform and observe, in all material respects, all terms, covenants, and conditions to the extent required to be performed and observed by Grantor as Lessee under the Pledged Lease.
Grantor shall enforce, in all material respects, the Lessor’s obligations under the Pledged Lease. Without limiting the generality of Section 7 hereof, Grantor specifically acknowledges Beneficiary’s right, while any default by
Grantor under the Pledged Lease remains uncured, to perform the defaulted obligations and take all other actions which Beneficiary deems necessary to protect its interests with respect thereto, and Grantor hereby irrevocably appoints Beneficiary its
true and lawful attorney in fact (which appointment is irrevocable and coupled with an interest) in its name or otherwise to execute all documents, and perform all other acts, which Beneficiary reasonably deems necessary to preserve its or
Grantor’s rights with respect to the Pledged Lease. 
 (h) Grantor shall promptly deliver to Beneficiary a copy of any
material notice of default or termination that it receives from the Lessor with respect to the Pledged Lease. Grantor shall promptly notify Beneficiary of any written request that either party to the Pledged Lease makes for arbitration pursuant to
the Pledged Lease and the guidelines of the institution of any such arbitration. Grantor shall promptly deliver to Beneficiary a copy of the arbitrators’ written determination in each such arbitration. Beneficiary may participate in any such
arbitration in such manner as Beneficiary shall determine appropriate following an Event of Default and during the continuance thereof, to the exclusion of Grantor if so determined by Beneficiary in its reasonable discretion. 

(i) Subject to the terms of the Credit Agreement, Grantor shall not, without Beneficiary’s prior written consent, (i) enter
into any modification or amendment of the Pledged Lease (ii)

  
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 14 

 
cause or permit the termination of the Pledged Lease or (iii) consent to any action requested by Lessor or any third party as required pursuant to the terms and provisions of such Pledged
Lease, in each case, if the same would have a material adverse effect on Grantor’s day to day operations at the Trust Property. 
 (j) Grantor shall not subordinate the Pledged Lease to any mortgage or other encumbrance of, or lien on, any interest in the Land without the prior written consent of Beneficiary. Any such prohibited
subordination without such consent shall, at Beneficiary’s option, be void. 
 (k) All material subleases expressly
permitted under the Credit Agreement to be entered into by Grantor with respect to all or any portion of the Trust Property (and all existing subleases modified by Grantor) shall provide that such subleases are subordinate to the lien of this Deed
of Trust and any modifications of this Deed of Trust and the obligations secured hereby and that, if Beneficiary forecloses under this Deed of Trust or enters into a new lease with Lessor pursuant to Section 11.7 hereof, the subtenant
shall attorn to Beneficiary or its assignee and the sublease shall remain in full force and effect in accordance with its terms notwithstanding the termination of the Pledged Lease. 

(l) Promptly upon demand by Beneficiary, Grantor shall use reasonable efforts to obtain from Lessor and furnish to Beneficiary an
estoppel certificate of Lessor stating the date through which rent has been paid, whether or not there are any defaults, and the specific nature of any claimed defaults. 
 (m) Grantor shall exercise any option or right to renew or extend the term of the Pledged Lease prior to the date of termination of any such option or right, shall give immediate written notice thereof to
Beneficiary, and shall execute, deliver and record any documents requested by Beneficiary to evidence the lien of this Deed of Trust on such extended or renewed lease term unless the Pledged Lease is not renewed or extended as expressly permitted
pursuant to the Credit Agreement. If Grantor fails to exercise any such option or right as required herein, Beneficiary may exercise the option or right as Grantor’s agent and attorney in fact pursuant to this Deed of Trust, or in
Beneficiary’s own name or in the name of and on behalf of a nominee of Beneficiary, as Beneficiary chooses in its sole and absolute discretion; provided, however, if Grantor shall fail to exercise any option or right to renew or extend the term
of the Pledged Lease, Grantor shall give Beneficiary reasonable prior notice. Beneficiary shall thereafter provide Grantor prior written notice of such action(s), or if Beneficiary reasonably determines that providing such prior written notice is
not feasible, then substantially concurrent written notice of such action(s). 
 (n) As security for the Obligations, Grantor
hereby assigns to Beneficiary a security interest in all prepaid rents and security deposits and all other security which Lessor holds for the performance of Grantor’s obligations thereunder. 

(o) To the extent permitted by law, the price payable by Grantor or any other party in the exercise of the right of redemption, if any,
from any sale under, or decree of foreclosure of, this Deed of Trust shall include all rents and other amounts paid and other sums advanced by Beneficiary on behalf of Grantor as Lessee. 

  
 Deed of Trust - [County,
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 (p) Grantor’s obligations under this Deed of Trust are independent of and in addition
to Grantor’s obligations under the Pledged Lease. Nothing in this Deed of Trust shall be construed to require Grantor or Beneficiary to take or omit to take any action that would cause a default under the Pledged Lease. 

11.2 Treatment of Lease in Bankruptcy. 
 (a) If the Lessor rejects or disaffirms, or seeks or purports to reject or disaffirm, the Pledged Lease pursuant to any Bankruptcy Law, then Grantor shall not exercise the 365(h) Election except as
otherwise provided in this Deed of Trust. To the extent permitted by law, Grantor shall not suffer or permit the termination of any Pledged Lease by exercise of the 365(h) Election or otherwise without Beneficiary’s prior written consent.
Grantor acknowledges that because the Pledged Lease is a primary element of Beneficiary’s security for the Obligations secured hereunder, it is not anticipated that Beneficiary would consent to termination of the Pledged Lease. If Grantor makes
any 365(h) Election in violation of this Deed of Trust, then such 365(h) Election shall be void and of no force or effect. 

(b) To the extent permissible under law, Grantor hereby assigns to Beneficiary the right to make the 365(h) Election with respect to the
Pledged Lease until the Obligations secured hereunder have been satisfied in full. Grantor acknowledges and agrees that the foregoing assignment of the 365(h) Election and related rights is one of the rights that Beneficiary may use at any time to
protect and preserve Beneficiary’s other rights and interests under this Deed of Trust. Grantor further acknowledges that exercise of the 365(h) Election in favor of terminating the Pledged Lease would constitute waste prohibited by this Deed
of Trust. Grantor acknowledges and agrees that the 365(h) Election is in the nature of a remedy available to Grantor under the Pledged Lease, and is not a property interest that Grantor can separate from the Pledged Lease as to which it arises.
Therefore, Grantor agrees and acknowledges that exercise of the 365(h) Election in favor of preserving the right to possession under the Pledged Lease shall not be deemed to constitute Beneficiary’s taking or sale of the Land (or any element
thereof) and shall not entitle Grantor to any credit against the Obligations secured hereunder or otherwise impair Beneficiary’s remedies. 
 (c) Grantor acknowledges that if the 365(h) Election is exercised in favor of Grantor’s remaining in possession under the Pledged Lease, then Grantor’s resulting occupancy rights, as adjusted by
the effect of Section 365 of the Bankruptcy Code, shall then be part of the Trust Property and shall be subject to the lien of this Deed of Trust. 
 11.3 Rejection of Lease by Lessor. If the Lessor rejects or disaffirms the Pledged Lease or purports or seeks to disaffirm such Pledged Lease pursuant to any Bankruptcy Law, then, to the extent
permissible under law: 
 (a) Grantor shall remain in possession of the Land demised under the Pledged Lease and shall perform
all acts necessary for Grantor to remain in such possession for the unexpired term of such Pledged Lease (including all renewals), whether the then existing terms and provisions of such Pledged Lease require such acts or otherwise; and 

  
 Deed of Trust - [County,
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 (b) All the terms and provisions of this Deed of Trust and the lien created by this Deed of
Trust shall remain in full force and effect and shall extend automatically, to the extent permitted by law, to all of Grantor’s rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy Code, including
all of Grantor’s rights to remain in possession of the Land. 
 11.4 Assignment of Claims to Beneficiary. Grantor
shall notify Beneficiary promptly (i) upon learning of Lessor’s rejection of the Pledged Lease pursuant to any Bankruptcy Law or (ii) in the event that Grantor sends any notice of default to Lessor pursuant to the terms of the Pledged
Lease. Grantor unconditionally assigns, transfers, and sets over to Beneficiary any and all Lease Damage Claims. This assignment constitutes a present, irrevocable, and unconditional assignment of the Lease Damage Claims, and shall continue in
effect until this Deed of Trust is released or terminated in accordance with Section 9 hereof. 
 11.5 Offset by
Grantor. If pursuant to Section 365(h)(1)(B) of the Bankruptcy Code or any other similar Bankruptcy Law, Grantor seeks to offset against any rent under the Pledged Lease the amount of any Lease Damage Claim, then Grantor shall notify
Beneficiary of its intent to do so at least 20 days before effecting such offset. Such notice shall set forth the amounts proposed to be so offset and the basis for such offset. If Beneficiary reasonably objects to all or any part of such offset,
then Grantor shall not effect any offset of the amounts to which Beneficiary reasonably objects. If Beneficiary approves such offset, then Grantor may effect such offset as set forth in Grantor’s notice. Neither Beneficiary’s failure to
object, nor any objection or other communication between Beneficiary and Grantor that relates to such offset, shall constitute Beneficiary’s approval of any such offset. Grantor shall indemnify Beneficiary against any offset against the rent
reserved in any Lease. 
 11.6 Grantor’s Acquisition of Interest in Leased Parcel. If Grantor acquires the fee or
any other interest in any Land or Improvements originally subject to the Pledged Lease, then, such acquired interest shall immediately become subject to the lien of this Deed of Trust as fully and completely, and with the same effect, as if Grantor
now owned it and as if this Deed of Trust specifically described it, without need for the delivery and/or recording of a supplement to this Deed of Trust or any other instrument. In the event of any such acquisition, the fee and leasehold interests
in such Land or Improvements, unless Beneficiary elects otherwise in writing, remain separate and distinct and shall not merge, notwithstanding any principle of law to the contrary. 

11.7 New Lease Issued to Agent. If the Pledged Lease is for any reason whatsoever terminated before the expiration of its term
and, pursuant to any provision of the Pledged Lease, Beneficiary or its designee shall acquire from Lessor a new lease of the relevant leased premises, then Grantor shall have no right, title or interest in or to such new lease or the estate created
thereby. 
 11.8 Event of Default. In addition to all other Events of Default described in this Deed of Trust, the
occurrence of any of the following shall be an Event of Default hereunder: 
 (a) A breach or default by Grantor under the
Pledged Lease, subject to any applicable cure period; or 

  
 Deed of Trust - [County,
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 (b) The occurrence of any event or circumstance which gives Lessor a right to terminate the
Pledged Lease. 
 SECTION 12. [GAMING LAWS.] 

[to be provided, if any, by local gaming counsel] 
 SECTION 13. RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE 
 Notwithstanding anything to the contrary in this Deed of Trust, Grantor and Beneficiary agree as follows. 
 13.1 Exercise of Remedies by Trustee. To the extent that this Deed of Trust or applicable law authorizes or empowers Beneficiary to exercise any remedies set forth in Section 4 hereof
or otherwise, or perform any acts in connection therewith, Trustee (but not to the exclusion of Beneficiary unless so required under the law of the State) shall have the power to exercise any or all such remedies, and to perform any acts provided
for in this Deed of Trust in connection therewith, all for the benefit of Beneficiary and on Beneficiary’s behalf in accordance with applicable law of the State. In connection therewith, Trustee: (a) shall not exercise, or waive the
exercise of, any Beneficiary’s remedies (other than any rights of Trustee to any indemnity or reimbursement), except at Beneficiary’s request, and (b) shall exercise, or waive the exercise of, any or all of Beneficiary’s remedies
at Beneficiary’s request, and in accordance with Beneficiary’s directions as to the manner of such exercise or waiver. Trustee may, however, decline to follow Beneficiary’s request or direction if Trustee shall be advised by counsel
that the action or proceeding, or manner thereof, so directed may not lawfully be taken or waived. 
 13.2 Rights and
Privileges of Trustee. To the extent that this Deed of Trust requires Grantor to reimburse Beneficiary for any expenditures Beneficiary may incur, Trustee shall be entitled to the same rights to reimbursement of expenses as Beneficiary, subject
to such limitations and conditions as would apply in the case of Beneficiary. To the extent that this Deed of Trust negates or limits Beneficiary’s liability as to any matter, Trustee shall be entitled to the same negation or limitation of
liability. To the extent that Grantor, pursuant to this Deed of Trust, appoints Beneficiary as Grantor’s attorney in fact for any purpose, Beneficiary or (when so instructed by Beneficiary) Trustee shall be entitled to act on Grantor’s
behalf without joinder or confirmation by the other. 
 13.3 Authority of Beneficiary. If Beneficiary is a banking
corporation, state banking corporation or a national banking association and the instrument of appointment of any successor or replacement Trustee is executed on Beneficiary’s behalf by an officer of such corporation, state banking corporation
or national banking association, then such appointment may be executed by any authorized officer or agent of Beneficiary and such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without
proof of any action by the board of directors or any superior officer of Beneficiary. 

  
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 13.4 Effect of Appointment of Successor Trustee. Upon the appointment and designation
of any successor, substitute or replacement Trustee, Trustee’s entire estate and title in the Trust Property shall vest in the designated successor, substitute or replacement Trustee. Such successor, substitute or replacement Trustee shall
thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to Trustee shall be deemed to refer to Trustee (including any successor or
substitute appointed and designated as herein provided) from time to time acting hereunder. 
 13.5 Confirmation of Transfer
and Succession. Any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of his predecessor in the rights
hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the written request of Beneficiary or of any successor, substitute or replacement Trustee, any former Trustee ceasing to act shall execute and deliver an
instrument transferring to such successor, substitute or replacement Trustee all of the right, title, estate and interest in the Trust Property of Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties
herein conferred upon Trustee, and shall duly assign, transfer and deliver all properties and moneys held by said Trustee hereunder to said successor, substitute or replacement Trustee. 

13.6 Exculpation. Trustee shall not be liable for any error of judgment or act done by Trustee in good faith, or otherwise be
responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence, willful misconduct or knowing violation of law. Trustee shall not be personally liable in case of entry by him, or anyone entering by virtue
of the powers herein granted him, upon the Trust Property for debts contracted or liability or damages incurred in the management or operation of the Trust Property. Trustee shall have the right to rely on any instrument, document or signature
authorizing or supporting any action taken or proposed to be taken by it hereunder, believed by it in good faith to be genuine. All moneys received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for
which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by law). Trustee shall be under no liability for interest on any moneys received by it hereunder. 

13.7 Endorsement and Execution of Documents. Upon Beneficiary’s written request, Trustee shall, without liability or notice
to Grantor, execute, consent to, or join in any instrument or agreement in connection with or necessary to effectuate the purposes of the Loan Documents. Grantor hereby irrevocably designates Trustee as its attorney in fact to execute, acknowledge
and deliver, on Grantor’s behalf and in Grantor’s name, all instruments or agreements necessary to implement any provision(s) of this Deed of Trust or to further perfect the lien created by this Deed of Trust on the Trust Property. This
power of attorney shall be deemed to be coupled with an interest and shall survive any disability of Grantor. 
 13.8
Multiple Trustees. If Beneficiary appoints multiple trustees, then any Trustee, individually, may exercise all powers granted to Trustee under this instrument, without the need for action by any other Trustee(s). 

  
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 13.9 No Required Action. Trustee shall not be required to take any action under this
Deed of Trust or to institute, appear in or defend any action, suit or other proceeding in connection therewith where in his opinion such action will be likely to involve him in expense or liability, unless requested so to do by a written instrument
signed by Beneficiary and, if Trustee so requests, unless Trustee is tendered security and indemnity satisfactory to him against any and all costs, expense and liabilities arising therefrom. Trustee shall not be responsible for the execution,
acknowledgment or validity of the Loan Documents, or for the proper authorization thereof, or for the sufficiency of the lien and security interest purported to be created hereby, and makes no representation in respect thereof or in respect of the
rights, remedies and recourses of Beneficiary. 
 13.10 Terms of Trustee’s Acceptance. Trustee accepts the trust
created by this Deed of Trust upon the following terms and conditions: 
 (a) Delegation. Trustee may exercise any of its
powers through appointment of attorney(s) in fact or agents. 
 (b) Security. Trustee shall be under no obligation to
take any action upon any Event of Default unless furnished security or indemnity, in form satisfactory to Trustee, against costs, expenses, and liabilities that Trustee may incur. 

(c) Costs and Expenses. Grantor shall reimburse Trustee, as part of the Obligations secured hereunder, for all reasonable
disbursements and expenses (including reasonable legal fees and expenses) incurred by reason of or arising from an Actionable Default and as provided for in this Deed of Trust, including any of the foregoing incurred in Trustee’s administering
and executing the trust created by this Deed of Trust and performing Trustee’s duties and exercising Trustee’s powers under this Deed of Trust. 
 SECTION 14. MULTI-SITE REAL ESTATE TRANSACTIONS. 
 Grantor
acknowledges that this Deed of Trust is one of a number of Mortgages and other security documents (“Other Mortgages”) that secure the Obligations. Grantor agrees that, subject to the terms of Section 9 hereof, the lien
of this Deed of Trust shall be absolute and unconditional and shall not in any manner be affected or impaired by any acts or omissions whatsoever of Beneficiary, and without limiting the generality of the foregoing, the lien hereof shall not be
impaired by any acceptance by Beneficiary of any security for or guarantees of the Obligations, or by any failure, neglect or omission on the part of Beneficiary to realize upon or protect any Obligation or any collateral security therefor including
the Other Mortgages. Subject to the terms of Section 9 hereof, the lien of this Deed of Trust shall not in any manner be impaired or affected by any release (except as to the property released), sale, pledge, surrender, compromise,
settlement, renewal, extension, indulgence, alteration, changing, modification or disposition of any of the Obligations or of any of the collateral security therefor, including the Other Mortgages or any guarantee thereof, and, to the fullest extent
permitted by applicable law, Beneficiary may at its discretion foreclose, exercise any power of sale, or exercise any other remedy available to it under any or all of the Other Mortgages without first exercising or enforcing any of its rights and
remedies hereunder. Such exercise of Beneficiary’s rights and remedies under any or all of the Other Mortgages shall not in any manner impair the indebtedness hereby secured or the lien of this Deed of Trust and any exercise of the rights and

  
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remedies of Beneficiary hereunder shall not impair the lien of any of the Other Mortgages or any of Beneficiary’s rights and remedies thereunder. To the fullest extent permitted by
applicable law, Grantor specifically consents and agrees that Beneficiary may exercise its rights and remedies hereunder and under the Other Mortgages separately or concurrently and in any order that it may deem appropriate and waives any right of
subrogation. 
 SECTION 15. MISCELLANEOUS 
 15.1 Notices. Any notice required or permitted to be given under this Deed of Trust shall be given in accordance with the notice provisions of Section 12.2 of the Credit Agreement.

 15.2 Governing Law. THE PROVISIONS OF THIS DEED OF TRUST REGARDING THE CREATION, PERFECTION AND ENFORCEMENT OF THE
LIENS AND SECURITY INTERESTS HEREIN GRANTED SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE IN WHICH THE TRUST PROPERTY IS LOCATED. ALL OTHER PROVISIONS OF THIS DEED OF TRUST AND THE RIGHTS AND OBLIGATIONS OF GRANTOR AND BENEFICIARY
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE
STATE OF NEW YORK, AND FURTHER, WITH RESPECT TO ANY PERSONAL PROPERTY INCLUDED IN THE TRUST PROPERTY, THE CREATION OF THE SECURITY INTEREST SHALL BE GOVERNED BY THE UNIFORM COMMERCIAL CODE AS IN EFFECT FROM TIME TO TIME IN THE STATE OF NEW YORK (THE
“NY UCC”) AND THE PERFECTION, THE EFFECT OF PERFECTION OR NON-PERFECTION AND PRIORITY OF THE SECURITY INTEREST WILL BE GOVERNED IN ACCORDANCE WITH THE MANDATORY CHOICE OF LAW RULES SET FORTH IN THE NY UCC. 

15.3 Severability. In case any provision in or obligation under this Deed of Trust shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All covenants hereunder shall
be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not
avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 15.4 Conflicts.
In the event of any conflict or inconsistency with the terms of this Deed of Trust and the terms of the Credit Agreement, the Credit Agreement shall control. 
 15.5 Time of Essence. Time is of the essence of this Deed of Trust. 

15.6 WAIVER OF JURY TRIAL. EACH OF GRANTOR AND BENEFICIARY (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES TO WAIVE, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ITS RESPECTIVE RIGHTS TO A JURY 

  
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TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION
OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF GRANTOR AND BENEFICIARY (BY ITS ACCEPTANCE HEREOF) ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS DEED OF TRUST, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH OF GRANTOR AND BENEFICIARY (BY ITS ACCEPTANCE HEREOF) FURTHER
WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 15.6 AND EXECUTED BY EACH OF GRANTOR AND BENEFICIARY), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS DEED OF TRUST MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT. 
 15.7 Successors and Assigns. This Deed of Trust shall be binding upon and inure to the benefit of Beneficiary
and Grantor and their respective successors and assigns. Grantor shall not, without the prior written consent of Beneficiary, assign any rights, duties or obligations hereunder. 

15.8 No Waiver. Any failure by Beneficiary to insist upon strict performance of any of the terms, provisions or conditions of the
Loan Documents shall not be deemed to be a waiver of same, and Beneficiary shall have the right at any time to insist upon strict performance of all of such terms, provisions and conditions. No failure or delay on the part of Beneficiary or any
Lender in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this Deed of Trust and the other Loan Documents are cumulative to, and not
exclusive of, any rights or remedies otherwise available. 
 15.9 Subrogation. To the extent proceeds of the Loan have
been used to extinguish, extend or renew any indebtedness against the Trust Property, then Beneficiary shall be 

  
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subrogated to all of the rights, liens and interests existing against the Trust Property and held by the holder of such indebtedness and such former rights, liens and interests, if any, are not
waived, but are continued in full force and effect in favor of Beneficiary. 
 15.10 Waiver of Stay, Moratorium and Similar
Rights. Grantor agrees, to the full extent that it may lawfully do so, that it will not at any time insist upon or plead or in any way take advantage of any appraisement, valuation, stay, marshalling of assets, extension, redemption or
moratorium law now or hereafter in force and effect so as to prevent or hinder the enforcement of the provisions of this Deed of Trust or the indebtedness secured hereby, or any agreement between Grantor and Beneficiary or any rights or remedies of
Beneficiary. 
 15.11 Entire Agreement. This Deed of Trust and the other Loan Documents embody the entire agreement and
understanding between Beneficiary and Grantor and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Loan Documents may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. 

15.12 Counterparts. This Deed of Trust is being executed in several counterparts, all of which are identical, except that to
facilitate recordation, if the Trust Property is situated offshore or in more than one county, descriptions of only those portions of the Trust Property located in the county in which a particular counterpart is recorded shall be attached as
Exhibit A thereto. Each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, Grantor has on the date set forth in the acknowledgment hereto,
effective as of the date first above written, caused this instrument to be duly executed and delivered by authority duly given. 
  

			
	[                           
             ]
	a
[                                        
]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Deed of Trust - [County,
State, Site     ] 

			
	State of New York	 	)
		
	)	 	ss.:
		
	County of             	 	)

 On the      day of            . in the
year 2013. before me, the undersigned, personally appeared                     , personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 
  

			
	  
	 	 (Seal)

 [APPROPRIATE NOTARY BLOCK TO BE PROVIDED BY LOCAL COUNSEL] 

  
 Deed of Trust - County, State
[Site     ] 

 EXHIBIT A TO 
 DEED OF TRUST 
 Legal Description of Owned Real Property: 

  
 Deed of Trust - County, State
[Site     ] 
 A-1 

 [EXHIBIT B TO 
 DEED OF TRUST]13 
 Legal Description of Leased Real Property: 

 

	13 	Insert for Leasehold Deed of Trust. 

  
 Deed of Trust - [County,
State, Site     ] 
 B-1 

 [EXHIBIT C TO 
 DEED OF TRUST]14 
 Description of Pledged Leased: 

 

	14 	Insert for Leasehold Deed of Trust. 

  
 Deed of Trust - [County,
State, Site     ] 
 C-1 

 EXHIBIT F 

FORM OF NOTICE OF CONVERSION OR CONTINUATION 
 Date:                  , 20     

 

	To:	JPMorgan Chase Bank, N.A., 

 as
Administrative Agent 
 500 Stanton Road, Ops 2 
 Third Floor 
 Newark, DE 19713 

Email: brittany.duffy@jpmorgan.com 
 Facsimile No: (302) 634-4733 
 Ladies and Gentlemen: 

Reference is made to the Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, amended and
restated, supplemented, replaced or modified from time to time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Unless otherwise
defined herein, capitalized terms used in this Notice of Conversion or Continuation shall have the respective meanings given to them in the Credit Agreement. 
 Pursuant to Section 2.6 of the Credit Agreement, the undersigned Borrower hereby requests the following conversion or continuation of certain Loans as specified below: 

Class of Loans to be converted or continued: 
  

			
	[Tranche B-1 Term Loans]	  	
	[Tranche B-2 Term Loans]	  	
	[Revolving Credit Loans]	  	
	[Series [    ] of New Term Loans]	  	
	[Swing Line Loans]	  	

  

	 	(1)	convert $[        ] of Base Rate Loans in the name of the Borrower into Eurodollar Loans with an Interest Period duration of
            1 month(s) on             .2 

 

	1	One, two, three or six or (if available to all the Lenders making such Eurodollar Loans as determined by such Lenders in good faith based on prevailing market
conditions) a twelve month or shorter period. 

	2	Date of conversion (must be a Business Day). 

  
 F-1

	 	(2)	convert $[        ] of Eurodollar Loans in the name of the Borrower into Base Rate Loans on
            .3 

  

	 	(3)	continue $[        ] of Eurodollar Loans in the name of the Borrower with an Interest Period duration of
            4 month(s) on             .5 

  

	 	(4)	pay down $[        ] of Eurodollar Loans in the name of the Borrower and continue
$[        ] of Eurodollar Loans with an Interest Period duration of             6 month(s) on             .7 

[Signature Page Follows] 

 

	3	Date of conversion (must be a Business Day). 

	4	One, two, three or six or (if available to all the Lenders making such Eurodollar Loans as determined by such Lenders in good faith based on prevailing market
conditions) a twelve month or shorter period. 

	5	Date of continuation (must be a Business Day). 

	6	One, two, three or six or (if available to all the Lenders making such Eurodollar Loans as determined by such Lenders in good faith based on prevailing market
conditions) a twelve month or shorter period. 

	7	Date of conversion (must be a Business Day). 

 
			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT G-1 

FORM OF PROMISSORY NOTE 
 (TRANCHE B-1 TERM LOANS) 

            , 20     

FOR VALUE RECEIVED, the undersigned, PINNACLE ENTERTAINMENT, INC. (the “Borrower”) hereby promises to pay to
                    or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of (a)                     ($        ), or, if less,
(b) the aggregate unpaid principal amount, if any, of the Tranche B-1 Term Loan made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

The Borrower promises to pay interest on the unpaid principal amount of the Tranche B-1 Term Loan made by the Lender from the date of
such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in
Dollars in immediately available funds at the Administrative Agent’s office or such other place as the Administrative Agent shall have specified. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to
be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 

This promissory note (this “Promissory Note”) is one of the promissory notes referred to in Section 2.5(g) of the
Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. The Tranche B-1 Term Loan evidenced hereby is guaranteed and secured as provided therein and in the
other Loan Documents. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Promissory Note shall become, or may be declared to be, immediately due
and payable all as provided in the Credit Agreement. The Tranche B-1 Term Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach
schedules to this Promissory Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby waives presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Promissory Note. 

[signature page follows] 

  
 G-1-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Promissory
Note – Tranche B-1 Term Loans] 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	Date	 	Type of Loan
Made	 	Amount of
Loan Made	 	End of
Interest
Period	 	Amount of
Principal or
Interest Paid
This Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

 EXHIBIT G-2 

FORM OF PROMISSORY NOTE 
 (TRANCHE B-2 TERM LOANS) 

            , 20     

FOR VALUE RECEIVED, the undersigned, PINNACLE ENTERTAINMENT, INC. (the “Borrower”) hereby promises to pay to
                     or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of (a)                      ($        ), or, if less,
(b) the aggregate unpaid principal amount, if any, of the Tranche B-2 Term Loan made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

The Borrower promises to pay interest on the unpaid principal amount of the Tranche B-2 Term Loan made by the Lender from the date of
such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in
Dollars in immediately available funds at the Administrative Agent’s office or such other place as the Administrative Agent shall have specified. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to
be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 

This promissory note (this “Promissory Note”) is one of the promissory notes referred to in Section 2.5(g) of the
Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. The Tranche B-2 Term Loan evidenced hereby is guaranteed and secured as provided therein and in the
other Loan Documents. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Promissory Note shall become, or may be declared to be, immediately due
and payable all as provided in the Credit Agreement. The Tranche B-2 Term Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach
schedules to this Promissory Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby waives presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Promissory Note. 

[signature page follows] 

  
 G-2-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Promissory
Note – Tranche B-2 Term Loans] 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	Date	 	Type of Loan
Made	 	Amount of
Loan Made	 	End of
Interest
Period	 	Amount of
Principal or
Interest Paid
This Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

  
 G-2

 EXHIBIT G-3 

FORM OF PROMISSORY NOTE 
 (NEW TERM LOANS) 

            , 20     

FOR VALUE RECEIVED, the undersigned, PINNACLE ENTERTAINMENT, INC. (the “Borrower”) hereby promises to pay to
                     or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of (a)                      ($        ), or, if less,
(b) the aggregate unpaid principal amount, if any, of the New Term Loan made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

The Borrower promises to pay interest on the unpaid principal amount of the New Term Loan made by the Lender from the date of such Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent’s office or such other place as the Administrative Agent shall have specified. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon
demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement. 
 This promissory note (this “Promissory Note”) is one of the promissory notes referred to in Section 2.5(g) of the Credit Agreement, is entitled to the benefits thereof and may be
prepaid in whole or in part subject to the terms and conditions provided therein. The New Term Loan evidenced hereby is guaranteed and secured as provided therein and in the other Loan Documents. Upon the occurrence and continuation of one or more
of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Promissory Note shall become, or may be declared to be, immediately due and payable all as provided in the Credit Agreement. The New Term Loan made
by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Promissory Note and endorse thereon the date, amount and maturity of
its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby waives presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Promissory Note. 
 [signature page
follows] 

  
 G-3-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Promissory
Note – New Term Loans] 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	Date	 	Type of Loan
Made	 	Amount of
Loan Made	 	End of
Interest
Period	 	Amount of
Principal or
Interest Paid
This Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

 EXHIBIT G-4 

FORM OF PROMISSORY NOTE 
 (REVOLVING CREDIT LOANS) 

            , 20     

FOR VALUE RECEIVED, the undersigned, PINNACLE ENTERTAINMENT, INC. (the “Borrower”) hereby promises to pay to
[                    ] or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of (a)                     ($        ), or, if less,
(b) the aggregate unpaid principal amount, if any, of the Revolving Credit Loans made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

The Borrower promises to pay interest on the unpaid principal amount of the Revolving Credit Loans made by the Lender from the date of
such Loans until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in
the currency in which such Revolving Credit Loans are denominated (or as otherwise provided in the Credit Agreement) in immediately available funds at the Administrative Agent’s office or such other place as the Administrative Agent shall have
specified. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per
annum rate set forth in the Credit Agreement. 
 This promissory note (this “Promissory Note”) is one of the
promissory notes referred to in Section 2.5(g) of the Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. The Revolving Credit Loans evidenced hereby
are guaranteed and secured as provided therein and in the other Loan Documents. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Promissory Note
shall become, or may be declared to be, immediately due and payable all as provided in the Credit Agreement. The Revolving Credit Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the
ordinary course of business. The Lender may also attach schedules to this Promissory Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 

  
 G-4-1

 The Borrower, for itself, its successors and assigns, hereby waives presentment, protest and
demand and notice of protest, demand, dishonor and non-payment of this Promissory Note. 
 [signature pages follow]

  
 G-4-2

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Promissory Note – Revolving Credit Loans] 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	Date	 	Type of Loan
Made	 	Amount of
Loan Made	 	End of
Interest
Period	 	Amount of
Principal or
Interest Paid
This Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

 EXHIBIT G-5 

FORM OF PROMISSORY NOTE 
 (SWING LINE LOANS) 

            , 20     

FOR VALUE RECEIVED, the undersigned, PINNACLE ENTERTAINMENT, INC. (the “Borrower”) hereby promises to pay to
[                    ] or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as
hereinafter defined), the principal amount of (a)                     ($        ), or, if less,
(b) the aggregate unpaid principal amount, if any, of the Swing Line Loans made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), among the Borrower, the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

The Borrower promises to pay interest on the unpaid principal amount of the Swing Line Loans made by the Lender from the date of such
Loans until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the
currency in which such Swing Line Loans are denominated (or as otherwise provided in the Credit Agreement) in immediately available funds at the Administrative Agent’s office or such other place as the Administrative Agent shall have specified.
If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Credit Agreement. 
 This promissory note (this “Promissory Note”) is one of the promissory
notes referred to in Section 2.5(g) of the Credit Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. The Swing Line Loans evidenced hereby are guaranteed
and secured as provided therein and in the other Loan Documents. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Promissory Note shall become,
or may be declared to be, immediately due and payable all as provided in the Credit Agreement. The Swing Line Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of
business. The Lender may also attach schedules to this Promissory Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors and assigns, hereby waives presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Promissory Note. 

[signature pages follow] 

  
 G-5-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Promissory Note – Swing Line Loans] 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	Date	 	Type of Loan
Made	 	Amount of
Loan Made	 	End of
Interest
Period	 	Amount of
Principal or
Interest Paid
This Date	 	Outstanding
Principal
Balance This
Date	 	Notation
Made By
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

 EXHIBIT H 

FORM OF LETTER OF CREDIT REQUEST 
  

					
	No.                     1	 	Dated                     2	  	

  

			
	To:	  	[Letter of Credit Issuer]
		  	[                    ]
		
		  	[                    ]
		  	Email: [                ]
		  	Facsimile No: [                ]

 Ladies and Gentlemen: 
 For purposes of this Letter of Credit Request, unless otherwise defined, all capitalized terms used but not defined herein shall have the meanings provided in that certain Amended and Restated Credit
Agreement, dated as of August 13, 2013 (as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware
corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. 

[The undersigned hereby requests that the Letter of Credit Issuer issue a Letter of Credit on
                    
3 (the “Date of Issuance”) in the
aggregate stated amount of                     4. 
 The beneficiary of the requested Letter of Credit will be                     5, and such Letter of Credit will be in support of
                    
6 and will have a stated termination date of
                    
7. 

In the event of any drawing under the requested Letter of Credit, the beneficiary shall promptly present to the
Administrative Agent and Letter of Credit Issuer (i)     8 and (ii) certificate(s) substantially in the form attached
hereto.]9 

 

	1 	 Letter of Credit Request Number. 

	2 	 Date of Letter of Credit Request. 

	3 	 Date of Issuance (must be a Business Day). 

	4 	 Aggregate initial stated amount of Letter of Credit. 

	5 	 Insert name and address of beneficiary. 

	6 	 Insert description of supported obligations and name of agreement to which it relates, if any. 

	7 	 Insert last date upon which drafts may be presented. 

	8 	 Insert description of documents to be presented by the beneficiary in case of any drawing under the requested Letter of Credit.

	9 	 Include for Letter of Credit issuance requests. 

  
 H-1

 [The undersigned hereby requests that the Letter of Credit Issuer named
above amend Letter of Credit No.     10 on             , 20    11 (the “Date of Amendment”) in the following manner:
            12.]13

 The undersigned hereby certifies that: 
 (a) All representations and warranties made by any Credit Party contained in the Credit Agreement or in the other Loan Documents shall be true and correct in all material respects with the same
effect as though such representations and warranties had been made on and as of the Date of [Issuance] [Amendment] (except where such representations and warranties expressly relate to an earlier date, in which case such representations and
warranties were true and correct in all material respects as of such earlier date). 
 (b) No Default or Event of Default
shall have occurred and be continuing as of the Date of [Issuance][Amendment] requested hereby nor, after giving effect to the [issuance][amendment] of the Letter of Credit requested hereby, would such a Default or Event of Default occur.

  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	10 	 Insert the Letter of Credit number for the Letter of Credit to be amended 

	11 	 Date of Amendment. 

	12 
	 Insert the nature of the proposed amendment. 

	13 	 Include for Letter of Credit amendment requests. 

  
 H-2

 EXHIBIT I 

FORM OF PREPAYMENT NOTICE 
 Pinnacle Entertainment, Inc. 
 8918 Spanish Ridge Avenue 

Las Vegas, Nevada 89148 
  

	To:	The Administrative Agent and the Lenders 

	    	under the Credit Agreement referred to below 

 [Date] 
 Ladies and Gentlemen: 

The undersigned refers to that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time
to time parties thereto (each, a “Lender”, and collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other parties
thereto. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. The Borrower hereby gives notice pursuant to Section 5.2(f) of the Credit Agreement
of an offer of prepayment and the amount of such prepayment to be made to the Lenders by the Borrower. The portion of the prepayment amount to be allocated to the Loan held by you and the date on which such prepayment will be made to you (should you
elect to receive such prepayment) are set forth below: 
  

					
	(A)	 	Total prepayment amount:	  	
			
	(B)	 	Portion of prepayment amount to be received by you:	  	
			
	(C)	 	Mandatory prepayment date (5 Business Days after the date of this Declining Lender Notice):	  	

 IF YOU DO NOT WISH TO RECEIVE ALL OF THE PREPAYMENT AMOUNT TO BE ALLOCATED TO YOU ON THE MANDATORY
PREPAYMENT DATE INDICATED IN PARAGRAPH (C) ABOVE, please sign this notice in the space provided below and indicate the percentage of the prepayment amount otherwise payable WHICH YOU DO NOT WISH TO RECEIVE. Please return this notice
as so completed via telecopy to the attention of [                    ] at
[                    ], no later than 11:00 a.m., New York City time, one business day prior to the mandatory prepayment date,
at Telecopy No. [                    ]. 

  
 I-1

 IF YOU DO NOT RETURN THIS NOTICE, YOU WILL RECEIVE 100% OF THE PREPAYMENT ALLOCATED TO
YOU ON THE MANDATORY PREPAYMENT DATE. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	  

		 	Name:
		 	Title:

                         
               , hereby DECLINES its option to receive all of the prepayment amount. 
 [Name of Lender] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT J-1 

FORM OF NON-BANK CERTIFICATE 
 (For Foreign Lenders that are Not Partnerships for U.S. Federal Income Tax Purposes) 
 Reference is made to the Amended and Restated Credit Agreement dated as of August 13, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (each a “Lender”
and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement. 
 Pursuant to the provisions of Section 5.4(e) of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iii) it is not a 10 percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with a
certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 

  
 J-1-1

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	                 , 20    

 EXHIBIT J-2 

FORM OF NON-BANK CERTIFICATE 
 (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Credit Agreement dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to
time parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Capitalized terms used but not otherwise defined herein
shall have the meanings assigned to them in the Credit Agreement. 
 Pursuant to the provisions of Section 5.4(e) of the
Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a 10 percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the
Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form
W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

  
 J-2-1

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	                 , 20    

  
 J-2-1

 EXHIBIT J-3 

FORM OF NON-BANK CERTIFICATE 
 (For Foreign Participants that are Not Partnerships for U.S. Federal Income Tax Purposes) 
 Reference is made to the Amended and Restated Credit Agreement dated as of August 13, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (each a “Lender”
and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement. 
 Pursuant to the provisions of Section 5.4(e) of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a 10 percent
shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

  
 J-3-1

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	                 , 20    

 EXHIBIT J-4 

FORM OF NON-BANK CERTIFICATE 
 (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes) 
 Reference is made to the Amended and Restated Credit Agreement dated as of August 13, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Pinnacle Entertainment, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (each a “Lender”
and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement. 
 Pursuant to the provisions of Section 5.4(e) of the Credit Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such
participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a 10 percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:
(i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and
currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

  
 J-4-1

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Date:              , 20    

 EXHIBIT K 

FORM OF CREDIT PARTY CLOSING CERTIFICATE 
 CLOSING CERTIFICATE 
 OF
[                    ] 

August [—], 2013 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of August 13, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among PINNACLE ENTERTAINMENT, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time
parties thereto (each a “Lender” and, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent. Terms used but not defined herein shall have the meanings given to such terms in the Credit
Agreement. 
 1. Each of the undersigned, acting as a Responsible Officer of the applicable Loan Party listed on Exhibit
A, solely in each such Responsible Officer’s capacity as an officer of the applicable Loan Party(ies) and not individually, hereby certifies as follows: 
 (a) the Business Representations and the Specified Representations are true and correct in all material respects on and as of the date hereof (or if qualified by “materiality,” “material
adverse effect” or similar language, in all respects (after giving effect to such qualification)). 
 (b) Concurrently with
the initial Credit Event under the Credit Agreement, the Acquisition will be consummated in accordance with the terms of the Acquisition Agreement (or the Arrangers shall be reasonably satisfied with the arrangements in place for the consummation of
the Acquisition promptly after the initial Credit Event under the Credit Agreement and have received confirmation from representatives of the Borrower that such actions will be taken promptly after the initial Credit Event under the Credit
Agreement, with all such consummation to occur on the Effective Date), without giving effect to any alterations, amendments, supplements, modifications, other changes or express waivers thereto that are materially adverse to the Lenders without the
prior written consent of the Majority Lead Arrangers. 
 (c) All material governmental and/or regulatory approvals (including
approvals from all applicable Gaming Authorities and excluding only the consents and approvals listed on Schedule 6.4 of the Credit Agreement) necessary to consummate the transactions contemplated by the Credit Agreement have been obtained and are
in full force and effect or otherwise applied for or requested (and the Borrower has no reason to believe that they will not be obtained in due course). 

  
 K-1

 (d) The New Pinnacle Note Offering has been consummated and the Borrower has received the
proceeds of the New Pinnacle Notes Offering in an aggregate amount of not less than $850,000,000. 
 (e)
[            ], [            ] and [            ] are each the duly
elected and qualified [Secretary/Assistant Secretary] of the applicable Loan Party as set forth on Exhibit A, and the signature set forth on the signature line for each such officer below is each such officer’s true and genuine
signature. 
 (f) Attached hereto as Exhibit B is a complete and correct copy of the Acquisition Agreement (including all
schedules, exhibits, amendments, supplements and modifications thereto) and all related material documents. 
 (g) Attached
hereto as Exhibit C is a complete and correct copy of the Senior Unsecured Notes Indenture 2013 (including all schedules, exhibits, amendments, supplements and modifications thereto) and all related material documents. 

(h) Since December 20, 2012, there has been no Material Adverse Change. 

2. Each of the undersigned [            ],
[            ], and [            ], each a/an [Secretary/Assistant Secretary] of the applicable Loan Parties as shown on
Exhibit A attached hereto, each solely in [his/her] capacity as [Secretary/Assistant Secretary] of the applicable Loan Parties and not individually, hereby certifies as follows: 

(a) attached hereto as Exhibit D-1 through D-[-] are complete and correct copies of the resolutions duly adopted by the board of
directors of each Loan Party organized as a corporation, by the members/managers of each Loan Party organized as a limited liability company and by the partners of each Loan Party organized as a limited partnership, authorizing (i) the
execution, delivery and performance of each of the Loan Documents (and any agreements relating thereto) to which it is a party and (ii) in the case of the Borrower, the extensions of credit contemplated by the Credit Agreement; such resolutions
have not in any way been amended, modified, revoked or rescinded and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect; and such resolutions are the only proceedings of the
Loan Parties now in force relating to or affecting the matters referred to therein; 
 (b) attached hereto as Exhibit E-1
through E-[-] are true and complete copies of the Certificates of Incorporation, Certificates of Formation, or other formation document, as applicable, of each of the Loan Parties certified by the Secretary of State of the jurisdiction of
organization of each such Loan Party, in each case as of a recent date, as in effect at all times from the date shown on the attached certificate to and including the date hereof; 

(c) attached hereto as Exhibit F-1 through F-[-] are true and complete copies of the By-Laws, Operating Agreements, or other
governing documents, as applicable, of each of the Loan Parties as in effect at all times since the adoption thereof to and including the date hereof; 

  
 K-2

 (d) set forth on Exhibit A hereto is a list of the now duly elected and qualified
Responsible Officers of each of the Loan Parties holding the offices indicated next to their respective names, and the signatures appearing opposite their respective names are the true and genuine signatures of such officers, and such officers are
duly authorized to execute and deliver on behalf of the Loan Parties each Loan Document to which each such Loan Party is a party and any certificate or other document to be delivered by the each such Loan Party pursuant to each Loan Document; and

 (e) attached hereto as Exhibit G-1 through G-[-] are true and correct copies of certificates of good standing from the
Secretary of State of each Loan Party’s jurisdiction of organization, dated within 30 days of the date hereof. 
 3. Each
of the undersigned [            ], [            ], and
[            ], acting as a Responsible Officer of Louisiana-I Gaming, PNK (Baton Rouge) Partnership, PNK (BOSSIER CITY), Inc. PNK (LAKE CHARLES), L.L.C., PNK (SCB), L.L.C., Ameristar
Casino Lake Charles, LLC, and Ameristar Lake Charles Holdings, LLC hereby certifies to the following: 
 (a) The Louisiana
Gaming Control Board issued a Resolution dated July 18, 2013, entitled “In the Matter of Pinnacle Entertainment Inc.’s Second Application for Shelf Approval of Debt Transactions” (the “Louisiana Shelf Approval
Resolution”). Pursuant to the Louisiana Shelf Approval Resolution, for a period of three years beginning July 18, 2013, the Company is granted approval pursuant to Louisiana Administrative Code 42:III.2525 to enter into “Debt
Transactions,” as defined in Louisiana Administrative Code 42:III.2522, not to exceed a cumulative total outstanding at any time of $7.0 billion. As of the date of this Certificate, the Borrower continues to satisfy the requisites for shelf
approval of Debt Transactions pursuant to Louisiana Administrative Code 42:III.2525, and the Louisiana Shelf Approval Resolution has not been rescinded, amended or modified. As of the date of this Certificate and upon consummation of all of the Debt
Transactions related to the Acquisition, the cumulative total amount of the Borrower’s outstanding Debt Transactions is and will be less than $7.0 billion. 
 [Signature pages follow] 

  
 K-3

 IN WITNESS WHEREOF, the undersigned have hereto set our names as of the date set forth
above. 
  

									
	  
	 		 	  

	Name:	 		 		 	Name:	 	
	Title:	 	[President/Vice President]	 		 	Title:	 	[Secretary/Assistant Secretary]

 [Credit Party Closing Certificate] 

 EXHIBIT A 
 Loan Parties and Responsible Officers 
  

							
	 Office
	  	 Name
	  	 Loan Party
	  	 Signature

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

  
 K-Exhibit A

 EXHIBIT B 
 Acquisition Agreement 

  
 K-Exhibit B

 EXHIBIT C 
 Senior Unsecured Notes Indenture 2013 

  
 K-Exhibit C

 EXHIBIT D-[1] 
 Resolutions/Unanimous Written Consent of [Loan Party] 
 [see attached] 

  
 K-Exhibit D

 EXHIBIT E-[1] 
 Certificate of [Incorporation][Formation] of [Loan Party] 
 [see attached]

  
 K-Exhibit E

 EXHIBIT F-[1] 
 [By-Laws] [Operating Agreement] of [Loan Party] 
 [see attached] 

  
 K-Exhibit F

 EXHIBIT G-[1] 
 Good Standing Certificates of the Loan Parties 
 [see attached] 

  
 K-Exhibit G

 EXHIBIT L-1 

FORM OF FLOOD NOTICE (NFIP PARTICIPATION) 
 STANDARD NOTIFICATION FORM 
  

					
	Borrower Name:	 	  
	  	
	Property Address:	 	  
	  	
	Property Address:	 	  
	  	

  

											
	Loan Identifier:	 	  
	 		 	Request #:	 	  
	 	

 We are giving you this notice to inform you that: 

 

	 	•	 	 The building or mobile home which secures or will secure the loan for which you have applied or for which you have requested a renewal, extension or
increase, is located in an area prone to high flood risks that we call a Special Flood Hazard Area (SFHA). 

  

	 	•	 	 The area has been identified by the Federal Emergency Management Agency (FEMA) as an SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard
Boundary Map (FHBM) for the community number             . FIRMs are prepared by FEMA in cooperation with the applicable community to identify high flood risk and low-to-moderate flood risk
areas. The SFHA in which the building or mobile home is located has at least a one percent chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. During the life of a 30-year mortgage loan, the risk of
flooding in an SFHA is 26 percent. 

  

	 	•	 	 Federal law allows a lender and borrower jointly to request the Administrator of FEMA to review the determination of whether the property securing the
loan is located in an SFHA. If you would like to make such a request, please contact us for further information. Borrowers may also call a FEMA mapping specialist at (877) 336-2627 to discuss their concerns. 

 

	 	•	 	 The community in which the property securing the loan is located participates in the National Flood Insurance Program (“NFIP”). Federal
financial assistance, including FEMA disaster assistance, flood mitigation grants and federally backed mortgage lending is available in the NFIP participating communities. Mandatory flood insurance requirements are applicable to all Federal
financial assistance. The mandatory flood insurance purchase requirements under section 102(b) of the Flood Disaster Protection Act of 1973 are applicable to Federally regulated lenders making, renewing, extending or increasing loans in SFHAs. We
will not make you the loan that you have applied for, or renew, extend or increase your existing loan if you do not purchase flood insurance. If you fail to renew flood insurance on the property, federal law authorizes and requires us to purchase
the flood insurance for you at your expense. The flood insurance must be maintained for the life of your loan. 

  
 L-1

	 	•	 	 Flood insurance coverage under the NFIP may be purchased through an insurance agent who will obtain the policy either directly through the NFIP or
through a Write Your Own (WYO) company that has agreed to write and service NFIP policies on behalf of FEMA. 

  

	 	•	 	 Flood insurance that provides the same level of coverage as a NFIP policy may also be available from private insurers that are not federally backed.

  

	 	•	 	 We encourage you to compare the flood insurance coverage, deductibles, exclusions, conditions and premiums of an NFIP and a private insurance policy
and to direct inquiries to your agent. 

  

	 	•	 	 At a minimum, Federal law requires that flood insurance purchased must cover the lowest of: (1) the outstanding principal balance of the loan(s);
or (2) the maximum amount of coverage allowed for the type of building and/or contents under the NFIP; or (3) the full replacement cost value (RCV) of the building and/or contents securing the loan. The market value or land value on which
the building is located has no bearing on the RCV of the building. 

  

	 	•	 	 The minimum flood insurance requirements of JPMorgan Chase Bank, N.A. are different from the minimum flood insurance requirements specified in the
foregoing paragraph and, in most cases, will exceed the amount of coverage required under Federal law. 

  

	 	•	 	 Federal disaster relief assistance, the majority of which is in the form of a low-interest disaster assistance loan from the Small Business
Administration (SBA), may be available for losses not covered by your flood insurance policy. Flood insurance requirements apply to recipients of Federal disaster assistance grants and SBA disaster assistance loans. If you are planning to build a
structure or make repairs, contact the local community’s chief executive official to determine building standards for structures within an SFHA. 

 Acknowledgment 
 The undersigned acknowledges receipt of the foregoing Notice by signing
below. 
 The undersigned agrees to furnish, at the undersigned’s expense, an application for flood insurance with acceptable proof of
payment, a copy of the flood insurance policy or the declarations page from the policy satisfying our requirements on or before closing of the loan or the extension, renewal or increase of the loan. The undersigned agrees to maintain flood insurance
during the life of the loan in the amount that we require. 
 Dated this      day of
            , 20    . 
  

			
		  	  

 EXHIBIT L-2 

FORM OF FLOOD NOTICE (NON-NFIP PARTICIPATION) 
 STANDARD NOTIFICATION FORM 
 Borrower Name 

Property Address 
 Property Address 

 

											
	Loan Identifier:	 	  
	 		 	Request #:	 	  
	 	

 We are giving you this notice to inform you that: 

 

	 	•	 	 The building or mobile home which secures or will secure the loan for which you have applied or for which you have requested a renewal, extension or
increase is located in area prone to high flood risks, also known as a Special Flood Hazard Area (SFHA). 

  

	 	•	 	 The area has been identified by the Federal Emergency Management Agency (FEMA) as an SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard
Boundary Map (FHBM) for the community number             . FIRMs are prepared by FEMA in cooperation with the applicable community to identify high flood risk and low-to-moderate flood risk
areas. The SFHA in which the building or mobile home is located has at least a one percent chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. During the life of a 30-year mortgage loan, the risk of
flooding in an SFHA is 26 percent. 

  

	 	•	 	 Federal law allows a lender and borrower jointly to request the Administration of FEMA to review the determination of whether the property which
secures or will secure the loan is located in an SFHA. If you would like to make such request, please contact us for further information. Borrowers may also call a FEMA mapping specialist at (877) 336-2627 to discuss their concerns.

  

	 	•	 	 The community in which the property securing the loan is located does not participate in the National Flood Insurance Program (NFIP). Federal flood
insurance is not available. However, flood insurance that provides the same level of coverage as an NFIP policy may be available on a limited basis in the SFHAs of non-participating communities from private insurers that are not federally backed. We
encourage you to direct inquiries concerning private flood insurance to your agent. Federal financial assistance including disaster assistance, grants, or loans and flood mitigation grants are not available in SFHAs of non-participating communities.
For example, if the non-participating community has been identified for at least one year as containing an SFHA, properties located in the community will not be eligible for Federal disaster relief assistance in the event of a federally declared
flood disaster. 

	 	•	 	 Conventional loans that are not federally backed can be made on buildings in SFHAs of non-participating communities, if authorized by the regulatory
authority of the lending institution. However, government guaranteed or insured loans (e.g., SBA, VA, and FHA loans) are not permitted to be made in non-participating communities, if secured by structures in SFHAs. 

A non-participating community can join the NFIP - contact your local chief executive official for additional information. 

 

			
	Notice received by	 	  

			
	Date

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