Document:

Second Amended and Restated Credit Agreement

 Exhibit 10.53 
 EXECUTION VERSION 
  
  
  
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 by and among 
 LANDRY’S RESTAURANTS, INC., 
 as Borrower, 
 THE LENDERS THAT ARE SIGNATORIES HERETO 
 as the Lenders, 
 WELLS FARGO FOOTHILL, LLC 
 as the Agent, 
 WELLS FARGO FOOTHILL, LLC AND JEFFERIES FINANCE LLC, 

 as Co-Lead Arrangers and Co-Bookrunners, and 
 WELLS FARGO FOOTHILL, LLC AND JEFFERIES FINANCE LLC, 
 as Co-Syndication Agents 
 Dated as of November 30, 2009 
  
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	1.	  	DEFINITIONS AND CONSTRUCTION	  	1
				
		  	1.1	  	Definitions	  	1
				
		  	1.2	  	Accounting Terms	  	1
				
		  	1.3	  	Code	  	1
				
		  	1.4	  	Construction	  	2
				
		  	1.5	  	Schedules and Exhibits	  	2
			
	2.	  	LOAN AND TERMS OF PAYMENT	  	2
				
		  	2.1	  	Revolver Advances	  	2
				
		  	2.2	  	Term Loan	  	3
				
		  	2.3	  	Borrowing Procedures and Settlements	  	3
				
		  	2.4	  	Payments; Reductions of Commitments; Prepayments	  	7
				
		  	2.5	  	Overadvances	  	12
				
		  	2.6	  	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations	  	12
				
		  	2.7	  	Crediting Payments	  	14
				
		  	2.8	  	Designated Account	  	14
				
		  	2.9	  	Maintenance of Loan Account; Statements of Obligations	  	14
				
		  	2.10	  	Fees	  	15
				
		  	2.11	  	Letters of Credit	  	15
				
		  	2.12	  	LIBOR Option	  	18
				
		  	2.13	  	Capital Requirements	  	20
			
	3.	  	CONDITIONS; TERM OF AGREEMENT	  	20
				
		  	3.1	  	Conditions Precedent to the Initial Extension of Credit	  	20
				
		  	3.2	  	Conditions Precedent to all Extensions of Credit	  	20
				
		  	3.3	  	Term	  	20
				
		  	3.4	  	Effect of Termination	  	20
				
		  	3.5	  	Early Termination by Borrower	  	21
			
	4.	  	REPRESENTATIONS AND WARRANTIES	  	21
				
		  	4.1	  	Due Organization and Qualification; Subsidiaries	  	21
				
		  	4.2	  	Due Authorization; No Conflict	  	22
				
		  	4.3	  	Governmental Consents	  	22
				
		  	4.4	  	Binding Obligations; Perfected Liens	  	23
				
		  	4.5	  	Title to Assets; No Encumbrances	  	23
				
		  	4.6	  	Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims	  	23

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	4.7	  	Litigation	  	23
				
		  	4.8	  	Compliance with Laws	  	24
				
		  	4.9	  	Material Adverse Change	  	24
				
		  	4.10	  	Fraudulent Transfer	  	24
				
		  	4.11	  	Employee Benefits	  	24
				
		  	4.12	  	Environmental Condition	  	24
				
		  	4.13	  	Intellectual Property	  	25
				
		  	4.14	  	Leases	  	25
				
		  	4.15	  	Deposit Accounts and Securities Accounts	  	25
				
		  	4.16	  	Complete Disclosure	  	25
				
		  	4.17	  	Material Contracts	  	25
				
		  	4.18	  	Patriot Act	  	26
				
		  	4.19	  	Indebtedness	  	26
				
		  	4.20	  	Payment of Taxes	  	26
				
		  	4.21	  	Margin Stock	  	26
				
		  	4.22	  	Governmental Regulation	  	26
				
		  	4.23	  	OFAC	  	26
				
		  	4.24	  	[Intentionally Omitted]	  	27
				
		  	4.25	  	Other Documents	  	27
			
	5.	  	AFFIRMATIVE COVENANTS	  	27
				
		  	5.1	  	Financial Statements, Reports, Certificates	  	27
				
		  	5.2	  	Collateral Reporting	  	27
				
		  	5.3	  	Existence	  	27
				
		  	5.4	  	Maintenance of Properties	  	27
				
		  	5.5	  	Taxes	  	27
				
		  	5.6	  	Insurance	  	28
				
		  	5.7	  	Inspection	  	28
				
		  	5.8	  	Compliance with Laws	  	28
				
		  	5.9	  	Environmental	  	28
				
		  	5.10	  	Disclosure Updates	  	29
				
		  	5.11	  	Formation of Subsidiaries; Designation of Additional Restricted Subsidiaries	  	29
				
		  	5.12	  	Further Assurances	  	29
				
		  	5.13	  	Lender Meetings	  	30

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	5.14	  	Material Contracts	  	30
				
		  	5.15	  	Maintenance of Ratings	  	30
				
		  	5.16	  	Proceeds of Senior Secured Notes	  	30
			
	6.	  	NEGATIVE COVENANTS	  	30
				
		  	6.1	  	Indebtedness	  	30
				
		  	6.2	  	Liens	  	30
				
		  	6.3	  	Restrictions on Fundamental Changes	  	31
				
		  	6.4	  	Disposal of Assets	  	31
				
		  	6.5	  	Change Name	  	31
				
		  	6.6	  	Nature of Business	  	31
				
		  	6.7	  	Prepayments and Amendments	  	32
				
		  	6.8	  	Change of Control	  	32
				
		  	6.9	  	Restricted Junior Payments	  	32
				
		  	6.10	  	Accounting Methods	  	34
				
		  	6.11	  	Investments	  	34
				
		  	6.12	  	Transactions with Affiliates	  	34
				
		  	6.13	  	Limitations on Dividends and Other Payment Restrictions Affecting Restricted	  	
		  		  	Subsidiaries	  	35
				
		  	6.14	  	Limitation on Issuance of Capital Stock	  	36
				
		  	6.15	  	Use of Proceeds	  	36
				
		  	6.16	  	Designation of Saltgrass Entities as Unrestricted Subsidiaries	  	36
				
		  	6.17	  	Senior Secured Notes Excess Proceeds; Restricted Account	  	37
			
	7.	  	FINANCIAL COVENANTS	  	37
			
	8.	  	EVENTS OF DEFAULT	  	40
			
	9.	  	RIGHTS AND REMEDIES	  	42
				
		  	9.1	  	Rights and Remedies	  	42
				
		  	9.2	  	Remedies Cumulative	  	42
			
	10.	  	WAIVERS; INDEMNIFICATION	  	42
				
		  	10.1	  	Demand; Protest; etc.	  	42
				
		  	10.2	  	The Lender Group’s Liability for Collateral	  	42
				
		  	10.3	  	Indemnification	  	43
			
	11.	  	NOTICES	  	44
			
	12.	  	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER	  	45
			
	13.	  	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	  	45

  

 - iii - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	13.1	  	Assignments and Participations	  	45
				
		  	13.2	  	Successors	  	48
			
	14.	  	AMENDMENTS; WAIVERS	  	48
				
		  	14.1	  	Amendments and Waivers	  	48
				
		  	14.2	  	Replacement of Lenders	  	50
				
		  	14.3	  	No Waivers; Cumulative Remedies	  	51
			
	15.	  	AGENT; THE LENDER GROUP	  	51
				
		  	15.1	  	Appointment and Authorization of Agent	  	51
				
		  	15.2	  	Delegation of Duties	  	52
				
		  	15.3	  	Liability of Agent	  	52
				
		  	15.4	  	Reliance by Agent	  	52
				
		  	15.5	  	Notice of Default or Event of Default	  	52
				
		  	15.6	  	Credit Decision	  	53
				
		  	15.7	  	Costs and Expenses; Indemnification	  	53
				
		  	15.8	  	Agent in Individual Capacity	  	54
				
		  	15.9	  	Successor Agent	  	54
				
		  	15.10	  	Lender in Individual Capacity	  	55
				
		  	15.11	  	Collateral and Guaranty Matters	  	55
				
		  	15.12	  	Restrictions on Actions by Lenders; Sharing of Payments	  	56
				
		  	15.13	  	Agency for Perfection	  	56
				
		  	15.14	  	Payments by Agent to the Lenders	  	57
				
		  	15.15	  	Concerning the Collateral and Related Loan Documents	  	57
				
		  	15.16	  	Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other	  	
		  		  	Reports and Information	  	57
				
		  	15.17	  	Several Obligations; No Liability	  	58
			
	16.	  	WITHHOLDING TAXES	  	58
			
	17.	  	GENERAL PROVISIONS	  	60
				
		  	17.1	  	Effectiveness	  	60
				
		  	17.2	  	Section Headings	  	60
				
		  	17.3	  	Interpretation	  	60
				
		  	17.4	  	Severability of Provisions	  	60
				
		  	17.5	  	Bank Product Providers	  	61
				
		  	17.6	  	Debtor-Creditor Relationship	  	61
				
		  	17.7	  	Counterparts; Electronic Execution	  	61

  

 - iv - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	17.8	  	Revival and Reinstatement of Obligations	  	61
				
		  	17.9	  	Confidentiality	  	61
				
		  	17.10	  	Lender Group Expenses	  	62
				
		  	17.11	  	USA PATRIOT Act	  	62
				
		  	17.12	  	Integration	  	63
				
		  	17.13	  	Acknowledgment of Prior Obligations and Continuation Thereof	  	63
				
		  	17.14	  	No Novation	  	63
				
		  	17.15	  	Intercreditor Agreement	  	64

  

 - v - 

 TABLE OF CONTENTS 
 (continued) 
 EXHIBITS AND SCHEDULES 
  

			
	Exhibit A-1	  	Form of Assignment and Acceptance
	Exhibit C-1	  	Form of Compliance Certificate
	Exhibit L-1	  	Form of LIBOR Notice
		
	Schedule A-1	  	Agent’s Account
	Schedule A-2	  	Authorized Persons
	Schedule C-1	  	Commitments
	Schedule D-1	  	Designated Account
	Schedule E-1	  	Existing Letters of Credit
	Schedule P-1	  	Permitted Investments
	Schedule P-2	  	Permitted Liens
	Schedule R-1	  	Real Property Collateral
	Schedule R-2	  	Redemption Documents
	Schedule 1.1	  	Definitions
	Schedule 3.1	  	Conditions Precedent
	Schedule 4.1(b)	  	Capitalization of Borrower
	Schedule 4.1(c)	  	Capitalization of Borrower’s Subsidiaries
	Schedule 4.6(a)	  	States of Organization
	Schedule 4.6(b)	  	Chief Executive Offices
	Schedule 4.6(c)	  	Organizational Identification Numbers
	Schedule 4.6(d)	  	Commercial Tort Claims
	Schedule 4.7(b)	  	Litigation
	Schedule 4.12	  	Environmental Matters
	Schedule 4.13	  	Intellectual Property
	Schedule 4.15	  	Deposit Accounts and Securities Accounts
	Schedule 4.17	  	Material Contracts
	Schedule 4.19	  	Permitted Indebtedness
	Schedule 5.1	  	Financial Statements, Reports, Certificates
	Schedule 5.2	  	Collateral Reporting

  

 - vi - 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), is entered into as of November 30, 2009,
by and among the lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), WELLS FARGO FOOTHILL, LLC, a Delaware limited liability company (“WFF”), as the agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity,
“Agent”), WFF and JEFFERIES FINANCE LLC, a Delaware limited liability company (“Jefferies Finance”), as co-lead arrangers and co-bookrunners (each in such capacity, together with its successors and assigns in
such capacity, a “Co-Arranger”), WFF and Jefferies Finance, as co-syndication agents (each in such capacity, together with its successors and permitted assigns in such capacity, a “Co-Syndication Agent”), and
LANDRY’S RESTAURANTS, INC., a Delaware corporation (“Borrower”). 
 W I T N E S S E T H 

WHEREAS, Agent, Lenders, and Borrower are parties to that certain Amended and Restated Credit Agreement, dated as of
February 13, 2009 (as amended, supplemented, or otherwise modified from time to time prior to the date hereof, the “Original Credit Agreement”); and 
 WHEREAS, Agent, Lenders, and Borrower desire to amend and restate the Original Credit Agreement in its entirety subject to the terms and conditions set forth herein, it being understood that no
repayment of the obligations under the Original Credit Agreement is being effected hereby, but merely an amendment and restatement in accordance with the terms hereof. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree to amend and restate the Original Credit Agreement in its entirety as follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION. 

 1.1 Definitions. Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, consistently applied, in each case, which are in effect on the Closing Date in the United States (“GAAP”). When used herein, the term “financial statements”
shall include the notes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related definition, it shall be understood to mean Borrower and its Restricted Subsidiaries on a consolidated
basis, unless the context clearly requires otherwise. 
 1.3 Code. Any terms used in this Agreement that are
defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein; provided, however, that to the extent that the Code is used to define any term herein and such term is defined differently in
different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. 

 1.4 Construction. Unless the context of this Agreement or any other Loan
Document clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except
where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan
Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit
references herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions,
modifications, renewals, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, joinders, and supplements set forth herein). The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference
herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean the repayment in full in cash or immediately available funds (or, (a) in the case of Letters of Credit, providing Letter of
Credit Collateralization, and (b) in the case of contingent Bank Products, providing Bank Product Collateralization) of all monetary Obligations other than unasserted contingent indemnification Obligations and other than any Bank Product
Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing
contained herein or in any other Loan Document shall be satisfied by the transmission of a Record. 
 1.5 Schedules and
Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 
  

	2.	LOAN AND TERMS OF PAYMENT. 

 2.1 Revolver Advances. 
 (a) Subject to the terms and conditions of this Agreement, and
during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make advances (“Advances”) to Borrower in an amount at any one time outstanding not to exceed such
Lender’s Pro Rata Share of an amount equal to the Maximum Revolver Amount less the outstanding amount of Swing Loans at such time less the Letter of Credit Usage at such time. On the Closing Date, “Advances” (as defined
in the Original Credit Agreement) outstanding under the Original Credit Agreement (the “Existing Advances”) shall be converted into Advances hereunder, it being understood that no repayment of the Existing Advances is being effected
hereby, but merely an amendment, restatement, and renewal in accordance with the terms hereof. On the Closing Date, the Lenders shall effect a settlement (pursuant to Section 2.3(e) or as may otherwise be agreed upon by the applicable
Lenders) of the Existing Advances so as to cause each Lender to hold its Pro Rata Share (calculated pursuant to clause (a) of such definition) thereof. 
 (b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this
Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with unpaid interest accrued thereon, shall be due and payable on the Maturity Date or, if earlier, on the date on which
they are declared due and payable pursuant to the terms of this Agreement. 
  

 - 2 - 

 2.2 Term Loan. Subject to the terms and conditions of this Agreement, on the
Closing Date, $160,600,000 of the “Term Loan” (as defined in the Original Credit Agreement) outstanding under the Original Credit Agreement (the “Existing Term Loan”) shall be converted into (and deemed made as) a term
loan (the “Term Loan”) hereunder (it being understood that no repayment of the Existing Term Loan is being effected hereby, but merely an amendment, restatement, and continuation in accordance with the terms hereof). The principal
amount of the Term Loan shall be repaid on the following dates and in the following amounts: 
  

				
	 Date
	  	Installment Amount
	 December 31, 2009
	  	$	4,000,000
	 March 31, 2010
	  	$	4,000,000
	 June 30, 2010
	  	$	4,000,000
	 September 30, 2010
	  	$	4,000,000
	 December 31, 2010
	  	$	4,000,000
	 March 31, 2011
	  	$	4,000,000
	 June 30, 2011
	  	$	4,000,000
	 September 30, 2011
	  	$	4,000,000
	 December 31, 2011
	  	$	4,000,000
	 March 31, 2012
	  	$	4,000,000
	 June 30, 2012
	  	$	4,000,000
	 September 30, 2012
	  	$	4,000,000
	 December 31, 2012
	  	$	4,000,000
	 March 31, 2013
	  	$	4,000,000
	 June 30, 2013
	  	$	4,000,000
	 September 30, 2013
	  	$	4,000,000

 On the Closing Date, the Lenders
shall effect a settlement (as agreed upon by the applicable Lenders) of the Existing Term Loan so as to cause each Lender to hold its Pro Rata Share (calculated pursuant to clause (c) of such definition) thereof. 
 (b) All principal of, interest on, and other amounts payable in respect of the Term Loan shall constitute Obligations. Any
principal amount of the Term Loan that is repaid or prepaid may not be reborrowed. The outstanding unpaid principal balance and all accrued and unpaid interest on the Term Loan shall be due and payable on the earlier of (i) the Maturity Date,
and (ii) the date of acceleration of the Term Loan in accordance with the terms hereof. 
 2.3 Borrowing Procedures
and Settlements. 
 (a) Procedure for Borrowing. Each Borrowing shall be made by a written request
by an Authorized Person delivered to Agent. Unless Swing Lender is not obligated to make a Swing Loan pursuant to Section 2.3(b) below, such notice must be received by Agent no later than 11:00 a.m. (California time) on the Business Day
that is the requested Funding Date specifying (i) the amount of such Borrowing, and (ii) the requested Funding Date, which shall be a Business Day; provided, however, that if Swing Lender is not

  

 - 3 - 

 
obligated to make a Swing Loan as to a requested Borrowing, such notice must be received by Agent no later than 11:00 a.m. (California time) on the Business Day prior to the date that is the
requested Funding Date. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any
such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request. 
 (b) Making of Swing Loans. In the case of a request for an Advance and so long as either (i) the aggregate amount
of Swing Loans made since the last Settlement Date, minus the amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed $5,000,000, or (ii) Swing Lender, in
its sole discretion, shall agree to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make an Advance in the amount of such Borrowing (any such Advance made solely by Swing Lender pursuant to this
Section 2.3(b) being referred to as a “Swing Loan” and such Advances being referred to collectively as “Swing Loans”) available to Borrower on the Funding Date applicable thereto by transferring
immediately available funds to Borrower’s Designated Account. Each Swing Loan shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments on any Swing
Loan shall be payable to Swing Lender solely for its own account (or, to the extent that settlement with respect to such Swing Loan has occurred with the Lenders, for the ratable account of such Lenders). Swing Lender shall not make and shall not be
obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the requested
Borrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been
satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall be secured by the Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances
that are Base Rate Loans. 
 (c) Making of Loans. 
 (i) In the event that Swing Lender is not obligated to make a Swing Loan, then promptly after receipt of a request for a
Borrowing pursuant to Section 2.3(a), Agent shall notify the Lenders, not later than 1:00 p.m. (California time) on the Business Day immediately preceding the Funding Date applicable thereto, by telecopy, telephone, or other similar form
of transmission, of the requested Borrowing. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, not later than 10:00 a.m.
(California time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, Agent shall make the proceeds thereof available to Borrower on the applicable Funding Date by transferring immediately available
funds equal to such proceeds received by Agent to the Designated Account; provided, however, that, Agent shall not request any Lender to make, and no Lender shall have the obligation to make, any Advance if (1) one or more of the
applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the
Availability on such Funding Date. 
 (ii) Unless Agent receives notice from a Lender prior to 9:00 a.m.
(California time) on the date of a Borrowing, that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata Share of the Borrowing, Agent may assume that each
Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrower on such date a corresponding
amount. If any Lender shall not have made its full amount available to Agent in immediately available funds and if Agent in such circumstances has made available to Borrower such amount, that Lender shall on the Business Day following such Funding
Date make such amount available to Agent, together with interest at the Defaulting Lender Rate for each day during such period. A notice submitted by Agent to any Lender with respect to amounts owing under this subsection shall

  

 - 4 - 

 
be conclusive, absent manifest error. If such amount is so made available, such payment to Agent shall constitute such Lender’s Advance on the Funding Date for all purposes of this
Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account,
together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Advances composing such Borrowing. The failure of any Lender to make any Advance on
any Funding Date shall not relieve any other Lender of any obligation hereunder to make an Advance on such Funding Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on
any Funding Date. 
 (iii) Agent shall not be obligated to transfer to a Defaulting Lender any payments
(including any fees or expense reimbursements) made by Borrower to Agent for the Defaulting Lender’s benefit (or any Collections or proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender), and, in the absence
of such transfer to the Defaulting Lender, Agent shall transfer any such payments (A) first, to Swing Lender to the extent of any Swing Loans that were made by Swing Lender and that were required to be, but were not, repaid by the Defaulting
Lender, (B) second, to the Issuing Lender, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but was not, repaid by the Defaulting Lender, (C) third, to each non-Defaulting Lender ratably in
accordance with their Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion of an Advance (or other funding obligation) was funded by such other non-Defaulting Lender), and (D) to a suspense account
maintained by Agent, the proceeds of which shall be retained and may be made available to be re-advanced to Borrower as if such Defaulting Lender had made its portion of Advances (or other funding obligations) to Borrower. Subject to the foregoing,
Agent may hold and, in its Permitted Discretion, re-lend to Borrower for the account of such Defaulting Lender the amount of all such payments received and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of
voting or consenting to matters with respect to the Loan Documents or for the purposes of calculating the fee payable under Section 2.10(b) hereof, such Defaulting Lender shall be deemed not to be a “Lender” and such
Lender’s Commitment shall be deemed to be zero; provided that, notwithstanding the foregoing, the Commitments of such Lender may not be increased without such Defaulting Lender’s consent. This Section shall remain effective with
respect to such Lender until (x) the Obligations under this Agreement shall have been declared or shall have become immediately due and payable, (y) the non-Defaulting Lenders, Agent, and Borrower shall have waived such Defaulting
Lender’s default in writing, or (z) the Defaulting Lender makes its Pro Rata Share of the applicable Advance and pays to Agent all amounts owing by Defaulting Lender in respect thereof. The operation of this Section shall not be construed
to increase or otherwise affect the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by Borrower of its
duties and obligations hereunder to Agent or to the Lenders other than such Defaulting Lender. Any such failure to fund by any Defaulting Lender shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle
Borrower at its option, upon written notice to Agent, to arrange for a substitute Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably acceptable to Agent. In connection with the arrangement of such a
substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Acceptance in favor of the substitute Lender (and agrees that it shall be deemed to
have executed and delivered such document if it fails to do so) subject only to being repaid in full its share of the outstanding Obligations other than Bank Product Obligations (without any premium or penalty of any kind whatsoever, but including
(x) all interest, fees and other amounts that may be due and payable in respect thereof, and (y) an assumption of its Pro Rata Share of the Letters of Credit); provided, however, that any such assumption of the Commitment of
such Defaulting Lender shall not be deemed to constitute a waiver of any of the Lender Groups’ or Borrower’s rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. 
  

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 (d) Protective Advances. 
 (i) Any contrary provision of this Agreement notwithstanding, Agent hereby is authorized by Borrower and the Lenders, from
time to time in Agent’s sole discretion, (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions precedent set forth in
Section 3 are not satisfied or waived, to make Advances to, or for the benefit of, Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (1) to preserve or protect the Collateral, or
any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (any of the Advances described in this Section 2.3(d)(i) shall be referred to as “Protective
Advances”); provided that the aggregate outstanding principal amount of Protective Advances shall not exceed $10,000,000 at any one time outstanding. 
 (ii) Intentionally Omitted. 
 (iii) Each Protective Advance shall be deemed to be an Advance hereunder, except that no Protective Advance shall be eligible to be a LIBOR Rate Loan and, prior to Settlement therefor, all payments on the
Protective Advances shall be payable to Agent solely for its own account. The Protective Advances shall be repayable on demand, secured by the Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time
to time to Advances that are Base Rate Loans. The provisions of this Section 2.3(d) are completely discretionary and shall not increase the Commitment of any Lender. 
 (e) Settlement. It is agreed that each Lender’s funded portion of the Advances is intended by the Lenders to
equal, at all times, such Lender’s Pro Rata Share of the outstanding Advances. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the benefit of Borrower) that in order to
facilitate the administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Advances, the Swing Loans, and the Protective Advances shall take place on a periodic basis in accordance with the following
provisions: 
 (i) Agent shall request settlement (“Settlement”) with the Lenders on a weekly
basis, or on a more frequent basis if so determined by Agent (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2) for itself, with respect to the outstanding Protective Advances, and (3) with respect to
payments received, as to each by notifying the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. (California time) on the Business Day immediately prior to the date of such
requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount of outstanding Advances, Swing Loans, and Protective Advances
for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including Section 2.3(c)(iii)): (y) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances)
exceeds such Lender’s Pro Rata Share of the Advances (including Swing Loans and Protective Advances) as of a Settlement Date, then Agent shall, by no later than 12:00 p.m. (California time) on the Settlement Date, transfer in immediately
available funds to a Deposit Account of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans
and Protective Advances), and (z) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances) is less than such Lender’s Pro Rata Share of the Advances (including Swing Loans and Protective Advances) as of a
Settlement Date, such Lender shall no later than 12:00 p.m. (California time) on the Settlement Date transfer in immediately available funds to the Agent’s Account, an amount such that each such Lender shall, upon transfer of such amount, have
as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans and Protective Advances). Such amounts made available to Agent under clause (z) of the immediately preceding sentence shall be applied against the amounts of
the applicable Swing Loans or Protective Advances and, together with the portion of such Swing Loans or Protective Advances representing Swing Lender’s Pro Rata Share thereof, shall constitute Advances of such Lenders. If any such amount is not
made available to Agent by any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount on demand from such Lender together with interest thereon at
the Defaulting Lender Rate. 
  

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 (ii) In determining whether a Lender’s balance of the Advances, Swing
Loans, and Protective Advances is less than, equal to, or greater than such Lender’s Pro Rata Share of the Advances, Swing Loans, and Protective Advances as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such
balance the portion of payments actually received in good funds by Agent with respect to principal, interest, fees payable by Borrower and allocable to the Lenders hereunder, and proceeds of Collateral. 
 (iii) Between Settlement Dates, Agent, to the extent Protective Advances or Swing Loans are outstanding, may pay over to
Agent or Swing Lender, as applicable, any payments received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Advances, for application to the Protective Advances or Swing Loans. Between
Settlement Dates, Agent, to the extent no Protective Advances or Swing Loans are outstanding, may pay over to Swing Lender any payments received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the
Advances, for application to Swing Lender’s Pro Rata Share of the Advances. If, as of any Settlement Date, payments of Borrower received since the then immediately preceding Settlement Date have been applied to Swing Lender’s Pro Rata
Share of the Advances other than to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the Lenders, to be applied to the outstanding Advances of such
Lenders, an amount such that each Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Advances. During the period between Settlement Dates, Swing Lender with respect to Swing Loans, Agent with
respect to Protective Advances, and each Lender (subject to the effect of agreements between Agent and individual Lenders) with respect to the Advances other than Swing Loans and Protective Advances, shall be entitled to interest at the applicable
rate or rates payable under this Agreement on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 
 (f) Notation. Agent, as a non-fiduciary agent for Borrower, shall maintain a register showing the principal amount of the Advances (and portion of the Term Loan, as applicable), owing to each
Lender, including the Swing Loans owing to Swing Lender, and Protective Advances owing to Agent, and the interests therein of each Lender, from time to time and such records shall, absent manifest error, conclusively be presumed to be correct and
accurate. 
 (g) Lenders’ Failure to Perform. All Advances (other than Swing Loans and Protective
Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance
(or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its
obligations hereunder shall excuse any other Lender from its obligations hereunder. 
 2.4 Payments; Reductions of
Commitments; Prepayments. 
 (a) Payments by Borrower. 
 (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the
account of the Lender Group and shall be made in immediately available funds, no later than 11:00 a.m. (California time) on the date specified herein. Any payment received by Agent later than 11:00 a.m. (California time) shall be deemed to have been
received on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. 
  

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 (ii) Unless Agent receives notice from Borrower prior to the date on which
any payment is due to the Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may
(but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date
when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date
repaid. 
 (b) Apportionment and Application. 
 (i) So long as no Application Event has occurred and is continuing and except as otherwise provided with respect to
Defaulting Lenders, all principal and interest payments shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and
expenses required hereunder (other than fees or expenses required hereunder that are for Agent’s separate account) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a
particular fee or expense relates. All payments to be made hereunder by Borrower shall be remitted to Agent and all (subject to Section 2.4(b)(ii), Section 2.4(b)(iv) and Section 2.4(e)) such payments shall be
applied, so long as no Application Event has occurred and is continuing, to reduce the balance of Advances outstanding and, thereafter, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law.

 (ii) At any time that an Application Event has occurred and is continuing and except as otherwise provided
with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: 
 (A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due and payable to Agent in its capacity as such under the Loan Documents, until paid in
full, 
 (B) second, to pay any fees or premiums then due and payable to Agent in its capacity as such
under the Loan Documents until paid in full, 
 (C) third, to pay interest due and payable in respect of
all Protective Advances until paid in full, 
 (D) fourth, to pay the principal of all Protective
Advances until paid in full, 
 (E) fifth, ratably to pay any Lender Group Expenses (including cost or
expense reimbursements) or indemnities then due and payable to any of the Lenders under the Loan Documents, until paid in full, 
 (F) sixth, ratably to pay any fees or premiums then due and payable to any of the Lenders under the Loan Documents until paid in full, 
 (G) seventh, ratably to pay interest due and payable in respect of the Advances (other than Protective Advances), the
Swing Loans, and the Term Loan until paid in full, 
 (H) eighth, ratably (i) to pay the principal
of all Swing Loans until paid in full, (ii) to pay the principal of all Advances until paid in full, (iii) to Agent, to be held by Agent, for the benefit of Issuing Lender (and for the ratable benefit of each of the Lenders that have an
obligation to pay to

  

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Agent, for the account of the Issuing Lender, a share of each Letter of Credit Disbursement), as cash collateral in an amount up to 105% of the Letter of Credit Usage (to the extent permitted by
applicable law, such cash collateral shall be applied to the reimbursement of any Letter of Credit Disbursement as and when such disbursement occurs and, if a Letter of Credit expires undrawn, the cash collateral held by Agent in respect of such
Letter of Credit shall, to the extent permitted by applicable law, be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), and (iv) to pay the outstanding principal balance of the Term Loan until the
Term Loan is paid in full, 
 (I) ninth, to pay any other Obligations on a ratable basis (including being
paid, ratably, to the Bank Product Provider on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Provider, as
cash collateral (which cash collateral may be released by Agent to the Bank Product Provider and applied by the Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the
Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product
Obligations shall be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), and 
 (J) tenth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 
 (iii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender
in writing, such funds as it may be entitled to receive, subject to a Settlement delay as provided in Section 2.3(e). 
 (iv) In each instance, so long as no Application Event has occurred and is continuing, Section 2.4(b)(i) shall not apply to any payment made by Borrower to Agent and specified by Borrower to
be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other Loan Document. 
 (v) For purposes of Section 2.4(b)(ii), “paid in full” means payment in cash or immediately available funds of all amounts owing under the Loan Documents, including loan fees,
service fees, professional fees, accrued and unpaid interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), accrued and unpaid default interest, accrued and unpaid interest on interest, and expense
reimbursements, whether or not any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. 
 (vi) In the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision contained in any other Loan Document (other than the Intercreditor
Agreement), it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved
as aforesaid, the terms and provisions of this Section 2.4 shall control and govern. 
 (c)
Reduction of Commitments. 
 (i) Revolver Commitments. The Revolver Commitments shall terminate on
the Maturity Date. Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a
request has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall
be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (unless the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 5 Business Days
prior written notice to Agent and shall

  

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be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately
in accordance with its Pro Rata Share thereof. 
 (ii) Term Loan Commitments. The Term Loan Commitments
shall terminate upon the conversion of the Existing Term Loan into the Term Loan. 
 (d) Optional Prepayments.
 
 (i) Advances. Borrower may prepay the principal of any Advance at any time in whole or in part
without penalty or premium (except as otherwise provided in Section 3.5). 
 (ii) Term Loan.
Borrower may, upon at least 3 Business Days prior written notice to Agent, prepay the principal of the Term Loan, in whole or in part without penalty or premium (except as otherwise provided in Section 3.5). Each prepayment made pursuant
to this Section 2.4(d)(ii) shall be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. Each such prepayment shall be applied against the remaining installments of principal due on the Term
Loan on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on the Maturity Date shall constitute an installment). 
 (e) Mandatory Prepayments.  
 (i) Excess Cash and Cash
Equivalents. If, as of the last day of any fiscal quarter, the amount of cash and Cash Equivalents of Borrower and its Restricted Subsidiaries (excluding, up to but not on or after, the Restricted Account Termination Date, the cash and Cash
Equivalents originally deposited into the Restricted Account and any earnings thereon) are in excess of $40,000,000, then Borrower shall immediately apply the amount of any such excess in accordance with Section 2.4(f)(i). 
 (ii) Dispositions. Except to the extent of dispositions governed by Section 2.4(e)(iii) hereof, within 3
Business Days of the date of receipt by Borrower or any of its Restricted Subsidiaries of the Net Cash Proceeds of any voluntary or involuntary sale or disposition by Borrower or any of its Restricted Subsidiaries of assets (including casualty
losses or condemnations but excluding sales or dispositions which qualify as Permitted Dispositions under clauses (a), (b), (c), (d), (g), (h), (i), (j), (k), (m), or (n) of the definition of Permitted Dispositions), Borrower shall prepay the
outstanding principal amount of the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 100% of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection
with such sales or dispositions; provided that so long as (A) no Default under Section 8.1 or 8.4 shall have occurred and is continuing and no Event of Default shall have occurred and is continuing, (B) Borrower
shall have given Agent prior written notice of Borrower’s intention to apply such monies to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost of purchase or construction of other
assets useful in the business of Borrower or its Restricted Subsidiaries, (C) if the aggregate amount of the Net Cash Proceeds received from one or more related sales or other dispositions equals or exceeds $20,000,000, the monies constituting
such Net Cash Proceeds (as and when received, but less the amount of such Net Cash Proceeds that have been previously applied to the costs of replacement of the assets that are the subject of such sale or disposition or the cost of purchase or
construction of other assets useful in the business of Borrower or its Restricted Subsidiaries) are held in a cash collateral Deposit Account in which Agent has a perfected first-priority security interest, and (D) Borrower or its Restricted
Subsidiaries, as applicable, complete such replacement, purchase, or construction within 270 days after the initial receipt of such monies, or become subject, within 270 days of such receipt, to a binding obligation to complete such replacement,
purchase, or construction (so long as such replacement, purchase, or construction is completed within 365 days of such receipt), Borrower and its Restricted Subsidiaries shall have the option to apply such monies (including any such monies held in a
cash collateral Deposit Account), to the costs of replacement of the assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrower or its Restricted Subsidiaries
unless and to the extent that such applicable period shall

  

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have expired without such replacement, purchase, or construction being made or completed, in which case, any amounts remaining in the cash collateral Deposit Account shall be paid to Agent and
applied in accordance with Section 2.4(f)(ii); provided, however, that Borrower and its Subsidiaries shall not have the right to use such Net Cash Proceeds to make such replacements, purchases, or construction in excess of
$35,000,000 in any given fiscal year. Nothing contained in this Section 2.4(e)(ii) shall permit Borrower or any of its Restricted Subsidiaries to sell or otherwise dispose of any assets other than in accordance with the express
provisions of this Agreement and the other Loan Documents. 
 (iii) Saltgrass Disposition. Within 3
Business Days of the date of receipt by Borrower, by any of its Restricted Subsidiaries, or by Saltgrass of the Net Cash Proceeds of a Qualified IPO, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with
Section 2.4(f)(ii) in an amount equal to 100% of such Net Cash Proceeds received by such Person in connection with such public offering. Nothing contained in this Section 2.4(e)(iii) shall permit Borrower or any of its
Subsidiaries to sell or otherwise dispose of any assets other than in accordance with the express provisions of this Agreement and the other Loan Documents. 
 (iv) Indebtedness. Within 3 Business Days of the date of incurrence by Borrower or any of its Restricted Subsidiaries
of any Indebtedness (other than Permitted Indebtedness), Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(iii) in an amount equal to 100% of the Net Cash Proceeds received by
such Person in connection with such incurrence. The provisions of this Section 2.4(e)(iv) shall not be deemed to be implied consent to any such incurrence otherwise prohibited by the terms and conditions of this Agreement or the other
Loan Documents. 
 (v) Equity. Within 3 Business Days of the date of the issuance by Borrower or any of
its Restricted Subsidiaries of any shares of its or their Capital Stock (other than (A) in the event that Borrower or any of its Restricted Subsidiaries forms any Subsidiary in accordance with the terms hereof, the issuance by such Subsidiary
of Capital Stock to Borrower or such Restricted Subsidiary, as applicable, (B) the issuance of shares of Borrower’s Capital Stock (other than Prohibited Preferred Stock) in connection with the acquisition of assets or Capital Stock in
exchange for the issuance of such Capital Stock, (C) the issuance of Capital Stock of Borrower to directors, officers, and employees of Borrower and its Restricted Subsidiaries pursuant to employee stock option plans (or other employee
incentive plans or other compensation arrangements) approved by the Board of Directors, and (D) the issuance of shares of Borrower’s Capital Stock (other than Prohibited Preferred Stock) in connection with a transaction permitted under
Section 6.9(d)(ii)), Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(iii) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection
with such issuance. The provisions of this Section 2.4(e)(v) shall not be deemed to be implied consent to any such issuance otherwise prohibited by the terms and conditions of this Agreement. 
 (vi) Excess Cash Flow. Within 10 Business Days of delivery to Agent and the Lenders of audited annual financial
statements pursuant to Section 5.1, commencing with the delivery to Agent and the Lenders of the financial statements for Borrower’s fiscal year ended December 31, 2010 or, if such financial statements are not delivered to
Agent and the Lenders on the date such statements are required to be delivered pursuant to Section 5.1, 10 Business Days after the date such statements are required to be delivered to Agent and the Lenders pursuant to
Section 5.1, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(iii) in an amount equal to 50% of the Excess Cash Flow of Borrower and its Restricted Subsidiaries for
such fiscal year. 
 (f) Application of Payments. 
 (i) Each prepayment pursuant to Section 2.4(e)(i) above (A) if the outstanding principal amount of the
Advances is in excess of $10,000,000 and no Application Event has occurred and is continuing, shall be applied to repay, without penalty or premium, the outstanding principal amount of the

  

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Advances (without a corresponding permanent reduction in the Maximum Revolver Amount), until the outstanding principal amount of the Advances is $10,000,000, and otherwise, shall be retained by
Borrower, and (B) if an Application Event shall have occurred and be continuing, shall be applied in the manner set forth in Section 2.4(b)(ii). 
 (ii) Each prepayment pursuant to Section 2.4(e)(ii) or Section 2.4(e)(iii) above shall (A) so
long as no Application Event shall have occurred and be continuing, be applied, without penalty or premium, first, to the outstanding principal amount of the Term Loan until paid in full, and second, to the outstanding principal amount
of the Advances (with a corresponding permanent reduction in the Maximum Revolver Amount), until paid in full, and (B) if an Application Event shall have occurred and be continuing, be applied in the manner set forth in
Section 2.4(b)(ii). Each such prepayment of the Term Loan shall be applied against the remaining installments of principal of the Term Loan on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on the
Maturity Date shall constitute an installment). 
 (iii) Each prepayment pursuant to 2.4(e)(iv),
2.4(e)(v), or 2.4(e)(vi) above shall (A) so long as no Application Event shall have occurred and be continuing, be applied, without penalty or premium, first, to the outstanding principal amount of the Term Loan until paid
in full, and second, to the outstanding principal amount of the Advances, until paid in full, and (B) if an Application Event shall have occurred and be continuing, be applied in the manner set forth in Section 2.4(b)(ii).
Each such prepayment of the Term Loan shall be applied against the remaining installments of principal of the Term Loan on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on the Maturity Date shall constitute an
installment). 
 2.5 Overadvances. If, at any time or for any reason, the amount of Obligations owed by Borrower
to the Lender Group pursuant to Section 2.1 or Section 2.11 is greater than any of the limitations set forth in Section 2.1 or Section 2.11, as applicable (an “Overadvance”), Borrower
shall immediately pay to Agent, in cash, the amount of such excess, which amount shall be used by Agent to reduce the Obligations in accordance with the priorities set forth in Section 2.4(b). Borrower promises to pay the Obligations
(including principal, interest, fees, costs, and expenses) in Dollars in full on the Maturity Date or, if earlier, on the date on which the Obligations are declared due and payable pursuant to the terms of this Agreement. 
 2.6 Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations. 
 (a) Interest Rates. Except as provided in Section 2.6(c), all Obligations (except for undrawn Letters of
Credit and except for Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows: 
 (i) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the LIBOR Rate Margin,
and 
 (ii) otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin. 
 (b) Letter of Credit Fee. Borrower shall pay Agent (for the ratable benefit of the Lenders with a Revolver Commitment,
subject to any agreements between Agent and individual Lenders), a Letter of Credit fee (in addition to the charges, commissions, fees, and costs set forth in Section 2.11(e)) which shall accrue at a per annum rate equal to 6.00% times
the Daily Balance of the undrawn amount of all outstanding Letters of Credit. 
 (c) Default Rate. Upon
the occurrence and during the continuation of an Event of Default and at the election of the Required Lenders (written notice of such election to be given by Agent to Borrower as promptly as practicable), 
  

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 (i) all Obligations (except for undrawn Letters of Credit and except for
Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable
hereunder, and 
 (ii) the Letter of Credit fee provided for in Section 2.6(b) shall be increased to
2 percentage points above the per annum rate otherwise applicable hereunder. 
 (d) Payment. Except as
provided to the contrary in the Fee Letter or Section 2.12(a), interest, Letter of Credit fees, and all other fees payable hereunder shall be due and payable, in arrears, on the first day of each January, April, July, and October at any
time that Obligations or Commitments are outstanding. Borrower hereby authorizes Agent, from time to time without prior notice to Borrower, to charge all accrued and unpaid interest and fees (when due and payable), all Lender Group Expenses (as and
when incurred), all charges, commissions, fees, and costs provided for in Section 2.11(e) (as and when accrued or incurred), all fees and costs provided for in Section 2.10 (as and when accrued or incurred), and all other
payments as and when due and payable under any Loan Document (including any amounts due and payable to the Bank Product Providers in respect of Bank Products) to the Loan Account, which amounts thereafter shall constitute Advances hereunder and
shall accrue interest at the rate then applicable to Advances that are Base Rate Loans. Any interest not paid when due shall be compounded by being charged to the Loan Account and shall thereafter constitute Advances hereunder and shall accrue
interest at the rate then applicable to Advances that are Base Rate Loans. 
 (e) Computation. All
interest and fees chargeable under the Loan Documents (other than interest with respect to Base Rate Loans) shall be computed on the basis of a 360 day year, in each case, for the actual number of days elapsed in the period during which the interest
or fees accrue. Interest with respect to Base Rate Loans shall be computed on the basis of a 365/366 day year for the actual number of days elapsed in the period during which the interest accrues. In the event the Base Rate is changed from time to
time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount equal to such change in the Base Rate. 
 (f) Intent to Limit Charges to Maximum Lawful Rate. The Lender Group and all other parties to the Loan Documents
intend to contract in strict compliance with applicable usury law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Documents shall ever be construed to
create a contract to pay, for the use, forbearance or detention of money, or interest in excess of the Maximum Interest. No Loan Party, endorser, or other Person hereafter becoming liable for payment of any Obligation shall ever be liable to pay
interest thereon in excess of the Maximum Interest, and the provisions of this section shall control over all other provisions of the Loan Documents which may be in conflict or apparent conflict herewith. If (i) the maturity of any Obligation
is accelerated for any reason, (ii) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Interest, or (iii) any Lender or any other holder of any or all of the
Obligations shall otherwise collect moneys that are determined to constitute interest which would otherwise increase the interest and other amounts deemed interest on any or all of the Obligations to an amount in excess of the Maximum Interest, then
all sums determined to constitute interest in excess of the Maximum Interest shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at such Lender’s or holder’s option, promptly
returned to Borrower upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Interest, the Lender Group and Loan Parties shall to the greatest extent permitted under
applicable law, (x) characterize any non-principal payment as an expense, fee or premium rather than as interest, (y) exclude the voluntary prepayments and the effects thereof, and (z) amortize, prorate, allocate, and spread the total
amount of interest throughout the entire contemplated term of the instruments evidencing Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Interest in order to lawfully charge the Maximum Interest.
If at any time mandatory provisions of law provide for the application of an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance

  

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Code”) as amended, at such time, the ceiling shall be the “weekly ceiling” as defined in the Texas Finance Code; provided that if any applicable law permits greater interest,
the law permitting the greatest interest shall apply. To the extent that the interest rate or rates otherwise payable under this Agreement plus any other amounts paid under this Agreement or any other Loan Document are limited under applicable law,
each Lender agrees to limit the interest to which it is otherwise entitled to the Maximum Interest. Such limitation for each Lender for any period shall be in an amount equal to such Lender’s Pro Rata Share multiplied by the difference between
the applicable interest rate under this Agreement and the Maximum Interest. For purposes of this calculation at any date of determination, any fees or charges included in the calculation of interest not directly related to a particular type of
Obligation shall be allocated ratably to each Lender based upon the outstanding Obligations of each Lender compared to all Obligations. As provided in Section 12(a), this Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York. The foregoing provisions are included solely out of an abundance of caution and shall not be construed to mean that any of the above referenced provisions of Texas law are in any way applicable to this Agreement,
the other Loan Documents, or the Obligations. 
 2.7 Crediting Payments.  
 (a) The receipt of any payment item by Agent shall not be considered a payment on account unless such payment item is a wire
transfer of immediately available federal funds made to the Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when presented for payment, then Borrower shall be
deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received by Agent only if it is received into the Agent’s Account on
a Business Day on or before 11:00 a.m. (California time). If any payment item is received into the Agent’s Account on a non-Business Day or after 11:00 a.m. (California time) on a Business Day, it shall be deemed to have been received by Agent
as of the opening of business on the immediately following Business Day. 
 (b) Intentionally Omitted.

 2.8 Designated Account. Agent is authorized to make the Advances and the Term Loan, and Issuing Lender is
authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone believed by Agent in good faith to be an Authorized Person or, without instructions, if pursuant to
Section 2.6(d). Borrower agrees to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of the Advances requested by Borrower and made by Agent or the Lenders hereunder.
Unless otherwise agreed by Agent and Borrower, any Advance, Protective Advance, or Swing Loan requested by Borrower and made by Agent or the Lenders hereunder shall be made to the Designated Account. 
 2.9 Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of
Borrower (the “Loan Account”) on which Borrower will be charged with the Term Loan, all Advances (including Protective Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrower or for Borrower’s account,
the Letters of Credit issued by Issuing Lender for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, accrued interest, fees and expenses, and
Lender Group Expenses. In accordance with Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrower or for Borrower’s account. Agent shall render statements regarding the Loan Account to
Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and such statements, absent manifest error, shall be conclusively presumed to be correct and accurate
and constitute an account stated between Borrower and the Lender Group unless, within 30 days after receipt thereof by Borrower, Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such
statements. 
  

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 2.10 Fees. Borrower shall pay to Agent, 
 (a) for the account of Agent, as and when due and payable under the terms of the Fee Letter, the fees set forth in the Fee
Letter. 
 (b) for the ratable account of those Lenders with Revolver Commitments, on the first day of each
January, April, July and October from and after the Closing Date up to the day immediately prior to the Payoff Date and on the Payoff Date, an unused line fee in an amount equal to 0.75% per annum times the result of (i) the Maximum
Revolver Amount, less (ii) the average Daily Balance of the Revolver Usage during the quarter (or portion thereof) ended immediately prior to such date. 
 2.11 Letters of Credit. 
 (a) Subject to the terms
and conditions of this Agreement, upon the request of Borrower made in accordance herewith, the Issuing Lender agrees to issue, or to cause an Underlying Issuer, as Issuing Lender’s agent, to issue, a requested Letter of Credit. If Issuing
Lender, at its option, elects to cause an Underlying Issuer to issue a requested Letter of Credit, then Issuing Lender agrees that it will enter into arrangements relative to the reimbursement of such Underlying Issuer (which may include, among,
other means, by becoming an applicant with respect to such Letter of Credit or entering into undertakings which provide for reimbursements of such Underlying Issuer with respect to such Letter of Credit; each such obligation or undertaking,
irrespective of whether in writing, a “Reimbursement Undertaking”) with respect to Letters of Credit issued by such Underlying Issuer. By submitting a request to Issuing Lender for the issuance of a Letter of Credit, Borrower shall
be deemed to have requested that Issuing Lender issue or that an Underlying Issuer issue the requested Letter of Credit and to have requested Issuing Lender to issue a Reimbursement Undertaking with respect to such requested Letter of Credit if it
is to be issued by an Underlying Issuer (it being expressly acknowledged and agreed by Borrower that Borrower is and shall be deemed to be an applicant (within the meaning of Section 5-102(a)(2) of the Code) with respect to each Underlying
Letter of Credit). Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be made in writing by an Authorized Person and delivered to the Issuing Lender via hand
delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to the Issuing
Lender and shall specify (i) the amount of such Letter of Credit, (ii) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (iii) the expiration date of such Letter of Credit, (iv) the name and address
of the beneficiary of the Letter of Credit, and (v) such other information (including, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to
prepare, amend, renew, or extend such Letter of Credit. Anything contained herein to the contrary notwithstanding, the Issuing Lender may, but shall not be obligated to, issue or cause the issuance of a Letter of Credit or to issue a Reimbursement
Undertaking in respect of an Underlying Letter of Credit, in either case, that supports the obligations of Borrower or its Subsidiaries (1) in respect of (A) a lease of real property (unless the Issuing Lender is reasonably satisfied that
the amount of the proposed Letter of Credit is less than the amount of the potential claim of the lessor if that claim is to be determined by Section 502(b)(6) of the Bankruptcy Code), or (B) an employment contract, or (2) at any time
that one or more of the Lenders is a Defaulting Lender. The Issuing Lender shall have no obligation to issue a Letter of Credit or a Reimbursement Undertaking in respect of an Underlying Letter of Credit, in either case, if any of the following
would result after giving effect to the requested issuance: 
 (i) the Letter of Credit Usage would exceed
$25,000,000, or 
 (ii) the Letter of Credit Usage would exceed the result of (x) the Maximum Revolver
Amount less (y) the outstanding amount of Advances less (z) the outstanding amount of Swing Loans. 
  

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 Borrower and the Lender Group hereby acknowledge and agree that all Existing
Letters of Credit shall constitute Letters of Credit under this Agreement on and after the Closing Date with the same effect as if such Existing Letters of Credit were issued by Issuing Lender or an Underlying Issuer at the request of Borrower on
the Closing Date. Each Letter of Credit shall be in form and substance reasonably acceptable to the Issuing Lender, including the requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Lender makes a payment under a
Letter of Credit or an Underlying Issuer makes a payment under an Underlying Letter of Credit, Borrower shall pay to Agent an amount equal to the applicable Letter of Credit Disbursement on the date such Letter of Credit Disbursement is made and, in
the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be an Advance hereunder and, initially, shall bear interest at the rate then applicable to Advances that are Base Rate
Loans. If a Letter of Credit Disbursement is deemed to be an Advance hereunder, Borrower’s obligation to pay the amount of such Letter of Credit Disbursement to Issuing Lender shall be discharged and replaced by the resulting Advance. Promptly
following receipt by Agent of any payment from Borrower pursuant to this paragraph, Agent shall distribute such payment to the Issuing Lender or, to the extent that Lenders have made payments pursuant to Section 2.11(b) to reimburse the
Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. 
 (b) Promptly
following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.11(a), each Lender with a Revolver Commitment agrees to fund its Pro Rata Share of any Advance deemed made pursuant to Section 2.11(a) on
the same terms and conditions as if Borrower had requested the amount thereof as an Advance and Agent shall promptly pay to Issuing Lender the amounts so received by it from the Lenders. By the issuance of a Letter of Credit or a Reimbursement
Undertaking (or an amendment to a Letter of Credit or a Reimbursement Undertaking increasing the amount thereof) and without any further action on the part of the Issuing Lender or the Lenders with Revolver Commitments, the Issuing Lender shall be
deemed to have granted to each Lender with a Revolver Commitment, and each Lender with a Revolver Commitment shall be deemed to have purchased, a participation in each Letter of Credit issued by Issuing Lender and each Reimbursement Undertaking, in
an amount equal to its Pro Rata Share of such Letter of Credit or Reimbursement Undertaking, and each such Lender agrees to pay to Agent, for the account of the Issuing Lender, such Lender’s Pro Rata Share of any Letter of Credit Disbursement
made by Issuing Lender or an Underlying Issuer under the applicable Letter of Credit. In consideration and in furtherance of the foregoing, each Lender with a Revolver Commitment hereby absolutely and unconditionally agrees to pay to Agent, for the
account of the Issuing Lender, such Lender’s Pro Rata Share of each Letter of Credit Disbursement made by Issuing Lender or an Underlying Issuer and not reimbursed by Borrower on the date due as provided in Section 2.11(a), or of
any reimbursement payment required to be refunded to Borrower for any reason. Each Lender with a Revolver Commitment acknowledges and agrees that its obligation to deliver to Agent, for the account of the Issuing Lender, an amount equal to its
respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this Section 2.11(b) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default
or Default or the failure to satisfy any condition set forth in Section 3. If any such Lender fails to make available to Agent the amount of such Lender’s Pro Rata Share of a Letter of Credit Disbursement as provided in this
Section, such Lender shall be deemed to be a Defaulting Lender and Agent (for the account of the Issuing Lender) shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate until
paid in full. 
 (c) Borrower hereby agrees to indemnify, save, defend, and hold the Lender Group and each
Underlying Issuer harmless from any loss, cost, expense, or liability, and reasonable attorneys fees incurred by Issuing Lender, any other member of the Lender Group, or any Underlying Issuer arising out of or in connection with any Reimbursement
Undertaking or any Letter of Credit; provided, however, that Borrower shall not be obligated hereunder to indemnify for any loss, cost, expense, or liability that a court of competent jurisdiction finally determines to have resulted
from the gross negligence or willful misconduct of the Issuing Lender, any other member of the Lender Group, or any Underlying Issuer. Borrower agrees to be bound by the Underlying Issuer’s regulations and interpretations of any Letter of
Credit or by Issuing Lender’s interpretations of any Reimbursement Undertaking even though this interpretation may be different from

  

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Borrower’s own, and Borrower understands and agrees that none of the Issuing Lender, the Lender Group, or any Underlying Issuer shall be liable for any error, negligence, or mistake, whether
of omission or commission, in following Borrower’s instructions or those contained in the Letter of Credit or any modifications, amendments, or supplements thereto. Borrower understands that the Reimbursement Undertakings may require Issuing
Lender to indemnify the Underlying Issuer for certain costs or liabilities arising out of claims by Borrower against such Underlying Issuer. Borrower hereby agrees to indemnify, save, defend, and hold Issuing Lender and the other members of the
Lender Group harmless with respect to any loss, cost, expense (including reasonable attorneys fees), or liability incurred by them as a result of the Issuing Lender’s indemnification of an Underlying Issuer; provided, however,
that Borrower shall not be obligated hereunder to indemnify for any such loss, cost, expense, or liability to the extent that it is caused by the gross negligence or willful misconduct of the Issuing Lender or any other member of the Lender Group.
Borrower hereby acknowledges and agrees that none of the Issuing Lender, any other member of the Lender Group, or any Underlying Issuer shall be responsible for delays, errors, or omissions resulting from the malfunction of equipment in connection
with any Letter of Credit. 
 (d) Borrower hereby authorizes and directs any Underlying Issuer to deliver to the
Issuing Lender all instruments, documents, and other writings and property received by such Underlying Issuer pursuant to such Underlying Letter of Credit and to accept and rely upon the Issuing Lender’s instructions with respect to all matters
arising in connection with such Underlying Letter of Credit and the related application. 
 (e) Any and all
issuance charges, usage charges, commissions, fees, and costs incurred by the Issuing Lender relating to Underlying Letters of Credit shall be Lender Group Expenses for purposes of this Agreement and shall be reimbursable immediately by Borrower to
Agent for the account of the Issuing Lender; it being acknowledged and agreed by Borrower that, as of the Closing Date, the usage charge imposed by the Underlying Issuer is .375% per annum times the undrawn amount of each Underlying Letter of
Credit, that such usage charge may be changed from time to time, and that the Underlying Issuer also imposes a schedule of charges for amendments, extensions, drawings, and renewals. Agent agrees to provide Borrower with prompt written notice of any
changes in such charges. 
 (f) If by reason of (i) any change after the Closing Date in any applicable law,
treaty, rule, or regulation or any change in the interpretation or application thereof by any Governmental Authority, or (ii) compliance by the Issuing Lender, any other member of the Lender Group, or Underlying Issuer with any direction,
request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D of the Federal Reserve Board as from time to time in effect (and any successor thereto):

 (i) any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter
of Credit issued or caused to be issued hereunder or hereby, or 
 (ii) there shall be imposed on the Issuing
Lender, any other member of the Lender Group, or Underlying Issuer any other condition regarding any Letter of Credit or Reimbursement Undertaking, 
 and the result of the foregoing is to increase, directly or indirectly, the cost to the Issuing Lender, any other member of the Lender Group, or an Underlying Issuer of issuing, making, guaranteeing, or maintaining any Reimbursement
Undertaking or Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify
Borrower by delivery of the certificate referenced in the immediately following sentence, and Borrower shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate the Issuing Lender, any other
member of the Lender Group, or an Underlying Issuer for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans
hereunder; provided, however, that Borrower shall not be required to provide any compensation pursuant to this Section 2.11(f) for any such amounts incurred more than 90 days prior to the date on which the demand for
payment of

  

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such amounts is first made to Borrower; provided further, however, that if an event or circumstance giving rise to such amounts is retroactive, then the 90-day period
referred to above shall be extended to include the period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section 2.11(f), as set forth in a certificate setting forth the calculation thereof
in reasonable detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. 
 2.12 LIBOR Option. 
 (a) Interest and Interest
Payment Dates. Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon
conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate in lieu of having interest charged at the rate based upon the Base Rate. Interest
on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or
(iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to
such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to
request that Advances or the Term Loan bear interest at a rate based upon the LIBOR Rate. 
 (b) LIBOR
Election. 
 (i) Borrower may, at any time and from time to time, so long as no Event of Default has
occurred and is continuing, elect to exercise the LIBOR Option by notifying Agent prior to 11:00 a.m. (California time) at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”).
Notice of Borrower’s election of the LIBOR Option for a permitted portion of the Advances or the Term Loan and an Interest Period pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR
Deadline, or by telephonic notice received by Agent before the LIBOR Deadline (to be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. (California time) on the same day). Promptly upon its receipt of each such
LIBOR Notice, Agent shall provide a copy thereof to each of the affected Lenders. 
 (ii) Each LIBOR Notice shall
be irrevocable and binding on Borrower. In connection with each LIBOR Rate Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of
(A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last
day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding
Losses”). A certificate of Agent or a Lender delivered to Borrower setting forth in reasonable detail the calculation of any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall
be conclusive absent manifest error. Borrower shall pay such amount to Agent or the Lender, as applicable, within 30 days of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the
applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of Borrower, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and
apply such amounts to the payment of the applicable LIBOR Rate Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such
application, Borrower shall be obligated to pay any resulting Funding Losses. No Agent or Lender shall be entitled to recover under this Section losses, costs, or expenses incurred by such Agent or Lender as a result of the bad faith, gross
negligence, or willful misconduct of such Agent or Lender. 
  

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 (iii) Borrower shall have not more than 8 LIBOR Rate Loans in effect at any
given time. Borrower only may exercise the LIBOR Option for LIBOR Rate Loans of at least $1,000,000. 
 (c) Conversion. Borrower may convert LIBOR Rate Loans to Base Rate Loans at any time; provided, however, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the last day of the
Interest Period applicable thereto, including as a result of any automatic prepayment through the required application by Agent of proceeds of Borrower’s and its Subsidiaries’ Collections in accordance with Section 2.4(b) or
for any other reason, including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their
Participants harmless against any and all Funding Losses in accordance with Section 2.12 (b)(ii) above. 
 (d) Special Provisions Applicable to LIBOR Rate. 
 (i) The LIBOR Rate may be adjusted by Agent
with respect to any Lender on a prospective basis to take into account any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring
subsequent to the commencement of the then applicable Interest Period, including changes in tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors of
the Federal Reserve System (or any successor), excluding the Reserve Percentage, which additional or increased costs would increase the cost of funding or maintaining loans bearing interest at the LIBOR Rate. In any such event, the affected Lender
shall give Borrower and Agent prompt written notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrower may, by notice to
such affected Lender (y) require such Lender to furnish to Borrower a statement setting forth the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (z) repay the LIBOR Rate Loans with
respect to which such adjustment is made (together with any amounts due under Section 2.12(b)(ii)). Such statement shall be in reasonable detail and shall certify that the claim for additional amounts referred to therein is generally
consistent with such Lender’s treatment of similarly situated customers of such Lender whose transactions with such Lender are similarly affected by the change in circumstances giving rise to such payment. In no event will any such Lender be
required to disclose any confidential or proprietary information in connection with such statement. Upon giving such a written notice, the affected Lender shall be obligated to comply with Section 14.2(c). 
 (ii) In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or
in the interpretation or application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or
maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give written notice of such changed circumstances to Agent and Borrower and Agent promptly shall transmit the notice to each other Lender and (y) in the
case of any LIBOR Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such
Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrower shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so.

 (e) No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding,
neither Agent, nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate. 
  

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 2.13 Capital Requirements. If, after the date hereof, any Lender determines
that (i) the adoption of or change in any law, rule, regulation or guideline regarding capital requirements for banks or bank holding companies, or any change in the interpretation or application thereof by any Governmental Authority charged
with the administration thereof, or (ii) compliance by such Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the
effect of reducing the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s Commitments hereunder to a level below that which such Lender or such holding company could have achieved but for such
adoption, change, or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount
deemed by such Lender to be material, then such Lender may notify Borrower and Agent thereof. Following receipt of such notice, Borrower agrees to pay such Lender the amount of such reduction of return of capital as and when such reduction is
determined, payable within 30 days after presentation by such Lender of a statement in the amount and setting forth in reasonable detail such Lender’s calculation thereof and the assumptions upon which such calculation was based (which
statement shall be deemed true and correct absent manifest error). In determining such amount, such Lender may use any reasonable averaging and attribution methods. Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to this Section for any reductions in return incurred more than 90
days prior to the date that such Lender notifies Borrower of such law, rule, regulation or guideline giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided further that if such claim
arises by reason of the adoption of or change in any law, rule, regulation or guideline that is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  

	3.	CONDITIONS; TERM OF AGREEMENT. 

 3.1 Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided for hereunder or to the conversion of the Existing Term Loan into the Term Loan or the
Existing Advances into Advances, is subject to the fulfillment or waiver, to the satisfaction of Agent and each of the Co-Syndication Agents of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension
of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent ). 
 3.2
Conditions Precedent to all Extensions of Credit. The obligation of the Lender Group (or any member thereof) to make any Advances hereunder (or to extend any other credit hereunder) at any time shall be subject to the following
conditions precedent: 
 (a) the representations and warranties of Borrower or its Subsidiaries contained in this
Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date); and 
 (b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall
either result from the making thereof. 
 3.3 Term. This Agreement shall continue in full force and effect for a
term ending on November 30, 2013 (the “Maturity Date”). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under this Agreement
immediately upon the occurrence and during the continuation of an Event of Default in accordance with Section 9.1. 
 3.4 Effect of Termination. On the date of termination of this Agreement, all monetary Obligations (including contingent reimbursement obligations of Borrower with respect to outstanding Letters of Credit and including all Bank
Product Obligations) immediately shall become due and payable without

  

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notice or demand (including the requirement that Borrower provide (a) Letter of Credit Collateralization, and (b) Bank Product Collateralization). No termination of this Agreement,
however, shall relieve or discharge the Loan Parties of their duties, Obligations, or covenants hereunder or under any other Loan Document and the Agent’s Liens in the Collateral shall remain in effect until all Obligations have been paid in
full and the Lender Group’s obligations to provide additional credit hereunder have been terminated. When this Agreement has been terminated and all of the Obligations have been paid in full and the Lender Group’s obligations to provide
additional credit under the Loan Documents have been terminated irrevocably, Agent will, at Borrower’s sole expense, execute and deliver any termination statements, lien releases, mortgage releases, re-assignments of trademarks, discharges of
security interests, and other similar discharge or release documents (and, if applicable, in recordable form) as are reasonably necessary to release, as of record, the Agent’s Liens and all notices of security interests and liens previously
filed by Agent with respect to the Obligations. 
 3.5 Early Termination by Borrower. Borrower has the option, at
any time upon 3 Business Days prior written notice to Agent, to terminate this Agreement and terminate the Commitments hereunder by paying to Agent the Obligations (including (a) providing Letter of Credit Collateralization with respect to the
then existing Letter of Credit Usage, and (b) providing Bank Product Collateralization with respect to the then existing Bank Products), in full. If Borrower has sent a notice of termination pursuant to the provisions of this
Section 3.5, then on the date set forth as the date of termination of this Agreement in such notice, Borrower shall pay to Agent, in cash, the Applicable Prepayment Premium for the ratable benefit of the Lenders. In the event of a
Prepayment for any other reason, including (i) acceleration of the Obligations as a result of the occurrence of an Event of Default, (ii) foreclosure and sale of, or collection of, the Collateral, (iii) sale of the Collateral in any
Insolvency Proceeding, or (iv) the restructure, reorganization, or compromise of the Obligations by the confirmation of a plan of reorganization or any other plan of compromise, restructure, or arrangement in any Insolvency Proceeding, then, in
view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Lender Group or profits lost by the Lender Group as a result of such Prepayment, and by mutual agreement of the parties as to a reasonable
estimation and calculation of the lost profits or damages of the Lender Group, Borrower shall pay to Agent, in cash, the Applicable Prepayment Premium, measured as of the date of such Prepayment. 
  

	4.	REPRESENTATIONS AND WARRANTIES. 

 In order to induce the Lender Group to enter into this Agreement, Borrower makes the following representations and warranties to the Lender Group which shall be true, correct, and complete in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof, and shall be true, correct, and complete in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the Closing Date and at and as of the date of the making of each
Advance (or other extension of credit) made thereafter, as though made on and as of the date of such Advance (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date) and such
representations and warranties shall survive the execution and delivery of this Agreement: 
 4.1 Due Organization and
Qualification; Subsidiaries. 
 (a) Each Loan Party (i) is duly organized and existing and, other
than Landry’s Seafood House – Biloxi, Inc., in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified reasonably could be expected to
result in a Material Adverse Change, and (iii) has all requisite organizational power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents
to which it is a party and to carry out the transactions contemplated thereby. 
  

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 (b) Set forth on Schedule 4.1(b) is a complete and accurate
description of the authorized Capital Stock of Borrower, by class, and, as of the Closing Date, a description of the number of shares of each such class that are issued and outstanding. Other than as described on Schedule 4.1(b), there are no
subscriptions, options, warrants, or calls relating to any shares of Borrower’s Capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. Borrower is not subject to any obligation
(contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Capital Stock or any security convertible into or exchangeable for any of its Capital Stock. 
 (c) Set forth on Schedule 4.1(c) (as such Schedule may be updated from time to time to reflect changes permitted to be
made under Section 5.11), is a complete and accurate list of the Loan Parties’ direct and indirect Restricted Subsidiaries, showing: (i) the number of shares of each class of common and Preferred Stock authorized for each of
such Restricted Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by Borrower. All of the outstanding Capital Stock of each such Restricted Subsidiary has been validly
issued and is fully paid and non-assessable. 
 (d) Except as set forth on Schedule 4.1(c), there are no
subscriptions, options, warrants, or calls relating to any shares of Borrower’s Restricted Subsidiaries’ Capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. Except as set forth
on Schedule 4.1(c), neither Borrower nor any of its Restricted Subsidiaries is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of Borrower’s Restricted Subsidiaries’
Capital Stock or any security convertible into or exchangeable for any such Capital Stock. 
 4.2 Due Authorization; No
Conflict. 
 (a) As to each Loan Party, the execution, delivery, and performance by such Loan Party of
the Loan Documents to which it is a party have been duly authorized by all necessary organizational action on the part of such Loan Party. 
 (b) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party do not and will not (i) violate any provision of federal, state, or
local law or regulation applicable to such Loan Party, the Governing Documents of such Loan Party, or any order, judgment, or decree of any court or other Governmental Authority binding on such Loan Party except to the extent that any such violation
could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of
such Loan Party except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (iii) result in or require the creation or imposition of any
Lien of any nature whatsoever upon any assets of such Loan Party, other than Permitted Liens, or (iv) require any approval of such Loan Party’s interestholders or any approval or consent of any Person under any Material Contract of such
Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate
reasonably be expected to cause a Material Adverse Change. 
 (c) As to each Loan Party, the conversion of
Existing Advances into Advances and the incurrence of Advances, the issuance or renewal of each Letter of Credit, and the conversion of the Existing Term Loan into the Term Loan does not conflict with, result in a breach of, or constitute a default
under any Senior Secured Notes Document. 
 4.3 Governmental Consents. The execution, delivery, and performance by
each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration with, consent, or approval of, or notice to, or other
action with or by, any Governmental Authority, other than (a) consents or approvals that have been obtained and that are still in force and effect, (b) filings required to be made with the SEC, (c) filings and recordings with respect
to the Collateral required to be made, or otherwise delivered to the Agent for filing or recordation, as of the Closing Date in accordance with the Loan Documents, (d) prior to the

  

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date that they are required to be made pursuant to the terms of the Loan Documents, other filings, recordings or other actions necessary to perfect Liens granted to Agent in Collateral, and
(e) with respect to the Gaming Pledge Agreement only, the consent of the Nevada Gaming Commission. 
 4.4 Binding
Obligations; Perfected Liens.  
 (a) Each Loan Document has been duly executed and delivered by each
Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by
bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 (b) The Agent’s Liens are validly created, perfected (other than (i) in respect of equipment subject to certificate of title laws, (ii) any Deposit Accounts and Securities Accounts not
required to be subject to a Control Agreement pursuant to the terms of the Loan Documents, and (iii) prior to the date they are required to be made, or otherwise delivered to the Agent for filing or recordation, pursuant to the terms of the
Loan Documents, other filings, recordings or other actions necessary to perfect Liens granted to Agent and subject only to the filing of financing statements, the recordation of the Mortgages, and possession of any Collateral as to which the Code
requires possession in order to be perfected), and first priority Liens, subject only to Permitted Liens which by operation of law or contract would have priority over the Liens securing the Obligations. 
 4.5 Title to Assets; No Encumbrances. Each of the Loan Parties and its Restricted Subsidiaries has (i) good and
marketable title to (in the case of fee interests in Real Property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good and valid title to (in the case of all other personal
property), all of their respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent
permitted by the Loan Documents. All of such assets are free and clear of Liens except for Permitted Liens. 
 4.6
Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims. 
 (a) The name of (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Loan Party and each of its Restricted Subsidiaries is set forth on Schedule 4.6(a)
(as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 6.5). 
 (b) The chief executive office of each Loan Party and each of its Restricted Subsidiaries is located at the address indicated on Schedule 4.6(b) (as such Schedule may be updated from time to time
to reflect changes permitted to be made under Section 6.5). 
 (c) Each Loan Party’s and each of
its Restricted Subsidiaries’ tax identification numbers and organizational identification numbers, if any, are identified on Schedule 4.6(c) (as such Schedule may be updated from time to time to reflect changes permitted to be made under
Section 6.5). 
 (d) As of the Closing Date, no Loan Party and no Restricted Subsidiary of a Loan
Party holds any commercial tort claims that exceed $5,000,000 in amount, except as set forth on Schedule 4.6(d). 
 4.7
Litigation.  
 (a) There are no actions, suits, or proceedings pending or, to the best knowledge
of Borrower, threatened in writing against Borrower or any of its Restricted Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change. 
  

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 (b) Schedule 4.7(b) sets forth a complete and accurate description,
with respect to each of the actions, suits, or proceedings that, as of the Closing Date, is pending or, to the best knowledge of Borrower, threatened in writing against Borrower or any of its Restricted Subsidiaries and that involves a reasonable
likelihood of liability of Borrower or one of its Restricted Subsidiaries of $5,000,000 or more, of (i) the parties to such actions, suits, or proceedings, (ii) the nature of the dispute that is the subject of such actions, suits, or
proceedings, (iii) Borrower’s reasonable estimate of the maximum amount of the liability of Loan Parties and their Subsidiaries in connection with such actions, suits, or proceedings, (iv) the status, as of the Closing Date, with
respect to such actions, suits, or proceedings, and (v) whether any liability of the Loan Parties’ and their Subsidiaries in connection with such actions, suits, or proceedings is covered, or claimed to be covered, by insurance.

 4.8 Compliance with Laws. Neither Borrower nor any of its Restricted Subsidiaries (a) is in violation of
any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Change, or (b) is subject to or in default with
respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Change and except in such instances in which such laws, rules, regulations, executive orders, codes (including Environmental Laws), judgments, writs,
injunctions, or decrees are being contested in good faith by appropriate proceedings diligently pursued. 
 4.9 Material
Adverse Change. All financial statements relating to Borrower and its Restricted Subsidiaries that have been delivered by Borrower to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements,
for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, Borrower and its Restricted Subsidiaries’ consolidated financial condition as of the date thereof and results of operations
for the period then ended. Since December 31, 2007, except for the effects of Hurricane Ike, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse Change with respect to the Loan
Parties and their Restricted Subsidiaries. 
 4.10 Fraudulent Transfer.  
 (a) Each of Borrower and its Restricted Subsidiaries is Solvent. 
 (b) No transfer of property is being made by Borrower or any Restricted Subsidiary and no obligation is being incurred by
Borrower or any Restricted Subsidiary in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party. 
 4.11 Employee Benefits. No Loan Party, none of their Subsidiaries, nor any of their ERISA Affiliates maintains or contributes
to any Benefit Plan. 
 4.12 Environmental Condition. Except as set forth on Schedule 4.12, (a) to
Borrower’s actual knowledge, none of Borrower’s or its Restricted Subsidiaries’ properties or assets has ever been used by Borrower or its Restricted Subsidiaries or by previous owners or operators in the disposal of, or to produce,
store, handle, treat, release, or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to
Borrower’s actual knowledge, none of Borrower’s or its Restricted Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials
disposal site, (c) neither Borrower nor its Restricted Subsidiaries has received notice that a Lien (other than a Permitted Lien) arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by
Borrower or its Restricted Subsidiaries, and (d) neither Borrower nor its Restricted Subsidiaries nor any of their respective facilities or operations is

  

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subject to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Change. 
 4.13 Intellectual Property.
Each of Borrower and its Restricted Subsidiaries own, or hold licenses in, all trademarks, trade names, copyrights, patents, and licenses that are necessary to the conduct of its business as currently conducted, and attached hereto as
Schedule 4.13 (as updated from time to time) is a true, correct, and complete listing of all material trademarks, trade names, copyrights, and patents as to which Borrower or one of its Restricted Subsidiaries is the owner or is an exclusive
licensee; provided, however, that Borrower may amend Schedule 4.13 to add additional intellectual property so long as such amendment occurs by written notice to Agent not less than 45 days after the date on which Borrower or its
Restricted Subsidiary acquires any such property after the Closing Date, and with Agent’s consent, which consent shall not be unreasonably withheld, conditioned or delayed, to remove intellectual property that is no longer useful to the conduct
of business as then conducted by Borrower or any of its Restricted Subsidiaries. 
 4.14 Leases. Each of Borrower
and its Restricted Subsidiaries enjoy peaceful and undisturbed possession under all leases material to their business and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases
are valid and subsisting and no material default by Borrower or its Restricted Subsidiaries, as applicable, exists under any of them, individually or in the aggregate, that could reasonably be expected to result in a Material Adverse Change.

 4.15 Deposit Accounts and Securities Accounts. Set forth on Schedule 4.15 (as updated pursuant to the
provisions of the Security Agreement from time to time) is a listing of all of Borrower’s and its Restricted Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary
(a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person. 
 4.16 Complete Disclosure. All factual information (taken as a whole) furnished by or on behalf of Borrower or its Restricted Subsidiaries in writing to Agent or any Lender (including all
information contained in the Schedules hereto or in the other Loan Documents, but excluding Projections) for purposes of or in connection with this Agreement, the other Loan Documents, or any transaction contemplated herein or therein is, and all
other such written factual information (taken as a whole) hereafter furnished by or on behalf of Borrower or its Restricted Subsidiaries in writing to Agent or any Lender (other than Projections) will be, true and accurate, in all material respects,
on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances
under which such information was provided. On the Closing Date, the Closing Date Projections represent, and as of the date on which any other Projections are delivered to Agent, such additional Projections represent Borrower’s good faith
estimate of Borrower’s and its Restricted Subsidiaries’ future performance for the periods covered thereby based upon assumptions believed by Borrower to be reasonable at the time of the delivery thereof to Agent (it being understood that
such Projections are subject to uncertainties and contingencies, many of which are beyond the control of Borrower and its Restricted Subsidiaries, the actual results during the period or periods covered by such Projections may differ significantly
from the projected results, and no assurances can be given that such projections or forecasts will be realized). 
 4.17
Material Contracts. Set forth on Schedule 4.17 (as updated from time to time) is a reasonably detailed list of the Material Contracts of Borrower and its Restricted Subsidiaries; provided, however, that Borrower
may amend Schedule 4.17 to add additional Material Contracts so long as such amendment occurs by written notice to Agent at the time that Borrower provides its quarterly financial statements pursuant to Section 5.1. Except for
matters which, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change, each Material Contract (other than those that have expired at the end of their normal terms) (a) is in full force
and effect and is binding upon and enforceable against the Borrower or its Restricted Subsidiary, as applicable, and, to the best of Borrower’s knowledge,

  

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each other Person that is a party thereto in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by
Section 6.7(b)), and (c) is not in default due to the action or inaction of Borrower or its Restricted Subsidiary. 
 4.18 Patriot Act. To the extent applicable, each of Borrower and its Restricted Subsidiaries is in compliance with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the
Untied States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism (USA Patriot Act of 2001) (the “Patriot Act”). No part of the proceeds of the loans made hereunder will be used, directly or indirectly, for any payments to any governmental 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, as amended. 
 4.19 Indebtedness. Set forth on Schedule 4.19 is a true and complete
list of all Indebtedness for borrowed money of Borrower and each of Borrower’s Restricted Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding after the Closing Date and such Schedule accurately sets
forth the aggregate principal amount of such Indebtedness as of the Closing Date. 
 4.20 Payment of Taxes. Except
as otherwise permitted under Section 5.5, all tax returns and reports of Borrower and its Restricted Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable
and all assessments, fees and other governmental charges upon Borrower and its Restricted Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and payable. Borrower and
each of its Restricted Subsidiaries have made adequate provision in accordance with GAAP for all taxes not yet due and payable. Borrower knows of no proposed tax assessment against a Loan Party or any of its Restricted Subsidiaries that is not being
actively contested by such Loan Party or such Restricted Subsidiary diligently, in good faith, and by appropriate proceedings; provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall
have been made or provided therefor. 
 4.21 Margin Stock. Neither Borrower nor any of its Restricted Subsidiaries
is 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. No part of the proceeds of the loans made to Borrower will be used to purchase or carry
any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of said Board of Governors.

 4.22 Governmental Regulation. Neither Borrower nor any of its Restricted Subsidiaries is subject to regulation
under the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations
unenforceable. Neither Borrower nor any of its Restricted Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a
“registered investment company” as such terms are defined in the Investment Company Act of 1940. 
 4.23
OFAC. Neither Borrower nor any of its Restricted Subsidiaries is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. Neither Borrower nor any of its Restricted Subsidiaries
(a) is a Sanctioned Person or a Sanctioned Entity, (b) has more than 10% of its assets located in Sanctioned Entities, or (c) derives more than 10% of its revenues from investments in, or transactions with Sanctioned Persons or
Sanctioned Entities. The proceeds of any Advance or of the Term Loan will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. 
  

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 4.24 [Intentionally Omitted]. 
 4.25 Other Documents.  
 (a) Borrower has delivered to Agent a complete and correct copy of the Senior Secured Notes Documents, including all schedules and exhibits thereto. The execution, delivery and performance of each of the
Senior Secured Notes Documents has been duly authorized by all necessary action on the part of Borrower. Each Senior Secured Notes Document is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its
terms, in each case, except (i) as may be limited by equitable principles or applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting generally the enforcement of creditors’ rights and
(ii) the availability of the remedy of specific performance or injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefor may be brought. Borrower is not in default in any material
respect in the performance or compliance with any provisions thereof. All representations and warranties made by Borrower in the Senior Secured Notes Documents and in the certificates delivered in connection therewith are true and correct in all
material respects as of the date when such representations and warranties were made (except to the extent such representations and warranties relate to an earlier date). To Borrower’s knowledge, no other party’s representations or
warranties in the Senior Secured Notes Documents contain any untrue statement of a material fact or omit any material fact necessary to make the statements therein not misleading, in any case that could reasonably be expected to result in a Material
Adverse Change. 
  

	5.	AFFIRMATIVE COVENANTS. 

 Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, the Loan Parties shall and shall cause each of their Restricted Subsidiaries to comply with each of the following:

 5.1 Financial Statements, Reports, Certificates. Deliver to Agent each of the financial statements, reports,
and other items set forth on Schedule 5.1 at the times specified therein. In addition, Borrower agrees that no Restricted Subsidiary of Borrower will have a fiscal year different from that of Borrower. In addition, Borrower agrees to maintain
a system of accounting that enables Borrower to produce financial statements respecting it and each of its Restricted Subsidiaries in accordance with GAAP. 
 5.2 Collateral Reporting. Provide Agent with each of the reports set forth on Schedule 5.2 at the times specified therein. 
 5.3 Existence. Except as otherwise permitted under the Loan Documents, at all times preserve and keep in full force and effect
its existence (including being in good standing in its jurisdiction of organization) and, except to the extent that the loss of any such rights, franchises, licenses, or permits could not individually or in the aggregate reasonably be expected to
have a Material Adverse Change. 
 5.4 Maintenance of Properties. Maintain and preserve all of its assets that are
necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear, tear, and casualty excepted and Permitted Dispositions excepted, and comply with the material provisions of all material leases to which it
is a party as lessee, so as to prevent the loss or forfeiture thereof, unless such provisions are the subject of a Permitted Protest. 
 5.5 Taxes. Cause all assessments and taxes imposed, levied, or assessed against Borrower or its Restricted Subsidiaries, or any of their respective assets or in respect of any of its income, businesses, or franchises to be
paid in full, before delinquency or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the subject of a Permitted Protest. Borrower will cause each of its Restricted Subsidiaries
to make timely payment or deposit of all tax payments and withholding taxes required of it and them by applicable laws (exclusive of an aggregate amount of up to $1,000,000 at any one time), including those laws concerning F.I.C.A., F.U.T.A., state
disability, and local, state, and federal income taxes, and will, upon request, furnish Agent with proof reasonably satisfactory to Agent indicating that Borrower and its Restricted Subsidiaries have made such payments or deposits. 
  

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 5.6 Insurance. At Borrower’s expense, maintain insurance with reputable
insurance companies covering such risks and in such amounts as is consistent with past practices of Borrower and its Restricted Subsidiaries. All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of
Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard non contributory “lender” or “secured party” clause and are to contain such other provisions
as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to Agent, with the loss payable and additional
insured endorsement in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation; provided, however, that so long as no
Event of Default has occurred and is continuing, Agent agrees to either (a) endorse and deliver to Borrower any payment item that Agent receives on account of casualty insurance or business interruption insurance, or (b) in those instances
governed by Section 2.4(e)(ii)(C), endorse and deposit any such payment item to the applicable cash collateral Deposit Account . If Borrower fails to maintain such insurance, Agent may arrange for such insurance, but at Borrower’s
expense. Borrower shall give Agent prompt notice of any loss exceeding $10,000,000 covered by its casualty insurance or business interruption insurance. Upon the occurrence and during the continuance of an Event of Default, Agent shall have the sole
right to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents
that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. 
 5.7
Inspection. Permit Agent and each of its duly authorized representatives or agents to visit any of its properties and audit, appraise or inspect any of its assets or books and records, to perform business valuations of the Borrower and
its Subsidiaries, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers and employees all during normal business hours and at such intervals as
Agent may reasonably designate and, so long as no Default under Sections 8.1 or 8.4 exists or any Event of Default exists, with reasonable prior notice to Borrower. 
 5.8 Compliance with Laws. Comply with the requirements of all applicable laws, rules, regulations, and orders of any
Governmental Authority, other than laws, rules, regulations, and orders the failure to comply with which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Change. 
 5.9 Environmental. 
 (a) Except as could not reasonably be expected to have a Material Adverse Change, keep any property either owned or operated by Borrower or its Restricted Subsidiaries free of any Environmental Liens or
post bonds or other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, 
 (b) except as could not reasonably be expected to have a Material Adverse Change, comply, in all material respects, with Environmental Laws and provide to Agent documentation of such compliance which
Agent reasonably requests, 
 (c) promptly notify Agent of any release of a Hazardous Material in any reportable
quantity from or onto property owned or operated by Borrower or its Restricted Subsidiaries and, except as could not reasonably be expected to have a Material Adverse Change, take any Remedial Actions required to abate said release or otherwise to
come into compliance with applicable Environmental Law, and 
  

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 (d) promptly, but in any event within 10 Business Days of its receipt
thereof, provide Agent with written notice of any of the following: (i) notice that an Environmental Lien has been filed against any of the real or personal property of Borrower or its Restricted Subsidiaries, (ii) commencement of any
Environmental Action or notice that an Environmental Action will be filed against Borrower or its Restricted Subsidiaries, and (iii) notice of a violation, citation, or other administrative order which could reasonably be expected to result in
a Material Adverse Change. 
 5.10 Disclosure Updates. Promptly and in no event later than 10 Business Days after
obtaining knowledge thereof, (a) notify Agent if any written information, exhibit, or report furnished to the Lender Group pursuant to the Loan Documents contained, at the time it was furnished, any untrue statement of a material fact or
omitted to state any material fact necessary to make the statements contained therein not misleading in light of the circumstances in which made, and (b) correct any defect or error that may be described therein or in any Loan Document or the
execution, acknowledgment, filing or recording thereof. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue statement of a material fact or
omission of any material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto. 
 5.11 Formation of Subsidiaries; Designation of Additional Restricted Subsidiaries. At the time that any Loan Party forms any direct or indirect Subsidiary (other than any Unrestricted
Subsidiary), acquires any direct or indirect Subsidiary (other than any Unrestricted Subsidiary), or designates an Unrestricted Subsidiary as a Restricted Subsidiary, in each case, after the Closing Date, such Loan Party shall (a) within 30
days of such formation or acquisition or designation cause any such Subsidiary to provide to Agent a joinder to the Guaranty and the Security Agreement, together with such other security documents (including mortgages with respect to any Real
Property owned in fee with a Fair Market Value in excess of $1,000,000 for an individual property of such Subsidiary), as well as appropriate financing statements (and with respect to all property subject to a mortgage, fixture filings), all in form
and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired or designated Subsidiary); provided that the
Guaranty, the Security Agreement, and such other security documents shall not be required to be provided to Agent with respect to any newly formed or acquired Subsidiary of Borrower that is a CFC if providing such documents would result in material
adverse tax consequences, (b) within 30 days of such designation, formation or acquisition (or such later date as permitted by Agent in its sole discretion) provide to Agent a pledge agreement and appropriate certificates and powers or
financing statements, hypothecating all of the direct or beneficial ownership interest in such Subsidiary reasonably satisfactory to Agent; provided that only 65% of the total outstanding Voting Stock of any first tier Subsidiary of a Loan
Party that is a CFC and none of the total outstanding Voting Stock of any other Subsidiary of such CFC shall be required to be pledged if hypothecating a greater amount would result in material adverse tax consequences, and (c) within 30 days
of such designation, formation or acquisition (or such later date as permitted by Agent in its sole discretion) provide to Agent all other documentation, including, if requested by Agent, one or more opinions of counsel reasonably satisfactory to
Agent, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance or other documentation with respect to all Real Property owned in fee with
a Fair Market Value in excess of $5,000,000 for an individual property and subject to a mortgage). Any document, agreement, or instrument executed or issued pursuant to this Section 5.11 shall be a Loan Document. 
 5.12 Further Assurances. At any time upon the reasonable request of Agent, execute or deliver to Agent any and all financing
statements, fixture filings, security agreements, pledges, assignments, endorsements of certificates of title, mortgages, deeds of trust, opinions of counsel, and all other documents (collectively, the “Additional Documents”) that
Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue perfected or to better perfect the Agent’s Liens in substantially all of the assets of Borrower and its Restricted
Subsidiaries (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and perfect Liens in favor of

  

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Agent in any Real Property acquired by Borrower or its Restricted Subsidiaries after the Closing Date and owned in fee, and in order to fully consummate all of the transactions contemplated
hereby and under the other Loan Documents); provided that the foregoing shall not apply to (i) any Unrestricted Subsidiary or (ii) any Subsidiary of a Loan Party that is a CFC if providing such documents would result in material
adverse tax consequences. To the maximum extent permitted by applicable law, after the occurrence and during the continuation of an Event of Default, Borrower authorizes Agent to execute any such Additional Documents in the applicable Loan
Party’s or its Restricted Subsidiary’s name, as applicable, and authorizes Agent to file such executed Additional Documents in any appropriate filing office. In furtherance and not in limitation of the foregoing, each Loan Party shall take
such actions as Agent may reasonably request from time to time to ensure that the Obligations are guarantied by the Guarantors and are secured by substantially all of the assets of the Loan Parties including all of the outstanding Capital Stock of
Borrower’s Restricted Subsidiaries (subject to limitations contained in the Loan Documents with respect to CFCs). 
 5.13
Lender Meetings. Within 90 days after the close of each fiscal year of Borrower, at the request of Agent or of the Required Lenders and upon reasonable prior notice, hold a meeting (at a mutually agreeable location and time or, at the
option of Borrower, by conference call) with all Lenders who choose to attend such meeting (or conference call), at which meeting (or conference call) shall be reviewed the financial results of the previous fiscal year and the financial condition of
Borrower and its Restricted Subsidiaries and the projections presented for the current fiscal year of Borrower. 
 5.14
Material Contracts. Contemporaneously with the delivery of each Compliance Certificate pursuant hereto, provide Agent with copies of (a) each Material Contract entered into since the delivery of the previous Compliance
Certificate, and (b) each material amendment or modification of any Material Contract entered into since the delivery of the previous Compliance Certificate. 
 5.15 Maintenance of Ratings. Borrower will use commercially reasonable efforts to cause the credit ratings for the credit facilities hereunder issued by S&P and Moody’s and
Borrower’s private corporate credit ratings issued by S&P and Moody’s to be maintained (but not to obtain or maintain a specific rating). 
 5.16 Proceeds of Senior Secured Notes. Prior to the earliest of (a) the date of consummation of the Going Private Transactions, (b) any date on which the Merger Agreement is
terminated, and (c) December 31, 2010 (the “Restricted Account Termination Date”), Borrower shall maintain the Senior Secured Notes Excess Proceeds and any earnings thereon in the Restricted Account. 
  

	6.	NEGATIVE COVENANTS. 

 Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, the Loan Parties will not and will not permit any of their Restricted Subsidiaries to do any of the following:

 6.1 Indebtedness. Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or
indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness. The foregoing to the contrary notwithstanding, Borrower will not incur, and will not permit any Restricted Subsidiary to incur, any Indebtedness (including
Permitted Indebtedness) that is contractually subordinated in right of payment to any other Indebtedness of Borrower or such Restricted Subsidiary unless such Indebtedness is also contractually subordinated in right of payment to the Obligations and
the applicable Guarantees on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of
being secured on a first or junior Lien basis. 
 6.2 Liens. Create, incur, assume, or suffer to exist, directly
or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. Borrower shall not create, incur, assume, or suffer to exist,
directly or

  

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indirectly, any Lien on or with respect to, or otherwise pledge, any of the Capital Stock issued by Landry’s Gaming, Inc., except for (a) Liens in favor of Agent to secure the
Obligations and (b) Liens permitted pursuant to clause (z) of the definition of Permitted Liens. Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume, or suffer to exist, directly or
indirectly, any Lien on or with respect to, or otherwise pledge, any leasehold interest of Borrower or any of its Restricted Subsidiaries, except for Permitted Liens. 
 6.3 Restrictions on Fundamental Changes. 
 (a) Enter
into any merger, consolidation, reorganization, or recapitalization, or reclassify its Capital Stock, except for (i) any merger between Loan Parties, provided that in any merger involving Borrower, Borrower shall be the surviving entity
of any such merger, (ii) any merger between Loan Parties and Restricted Subsidiaries of Borrower that are not Loan Parties so long as such Loan Party is the surviving entity of any such merger, (iii) any merger between Subsidiaries of
Borrower that are not Loan Parties, and (iv) so long as (A) no Event of Default has occurred and is continuing or would result therefrom, (B) the merger occurs on or before December 31, 2010, (C) Availability plus Qualified
Cash of Borrower and its Restricted Subsidiaries both before and immediately after giving effect thereto is greater than $25,000,000, and (D) in connection therewith, the Fertitta Group executes and delivers a joinder to the Guaranty and
Security Agreement, in form and substance reasonably satisfactory to Agent (provided that the joinder will not prohibit the Fertitta Group from dissolving or merging into Borrower), the merger of Merger Sub with and into Borrower with Borrower as
the surviving entity pursuant to, and in accordance with, the Merger Agreement; 
 (b) Liquidate, wind up, or
dissolve itself (or suffer any liquidation or dissolution), except for (i) the liquidation or dissolution of non-operating Restricted Subsidiaries of Borrower with nominal assets and nominal liabilities, (ii) the liquidation or dissolution
of a Loan Party (other than Borrower) or any of its wholly-owned Restricted Subsidiaries so long as all of the assets (including any interest in any Capital Stock) of such liquidating or dissolving Loan Party or Restricted Subsidiary are transferred
to a Loan Party that is not liquidating or dissolving, (iii) the liquidation or dissolution of a Restricted Subsidiary of Borrower that is not a Loan Party so long as all of the assets of such liquidating or dissolving Restricted Subsidiary are
transferred to a Restricted Subsidiary of Borrower that is not liquidating or dissolving, or (iv) the dissolution of the Fertitta Group; or 
 (c) Suspend or go out of a substantial portion of its or their business, except as permitted pursuant to clauses (a) or (b) above or in connection with the transactions permitted pursuant to
Section 6.4. 
 6.4 Disposal of Assets. Other than Permitted Dispositions, Permitted Investments, or
transactions expressly permitted by Sections 6.3 or 6.11, convey, sell, lease, license, assign, transfer, or otherwise dispose of (or enter into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of)
any of Borrower’s or its Restricted Subsidiaries’ assets. 
 6.5 Change Name. Change Borrower’s or
any of its Restricted Subsidiaries’ name, organizational identification number, chief executive office location, state of organization or organizational identity; provided, however, that Borrower or any of its Restricted
Subsidiaries may change their names, chief executive office location, or tax or organizational identification number upon at least 5 days prior written notice to Agent of such change. 
 6.6 Nature of Business. Make any change in the principal nature of its or their business as conducted as of the Closing Date
or acquire any properties or assets that are not reasonably related to the conduct of such business activities; provided that Borrower and its Restricted Subsidiaries may engage in any business that is reasonably related, ancillary,
incidental, or complementary to its or their business. 
  

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 6.7 Prepayments and Amendments.  
 (a) Except in connection with Permitted Refinancing Indebtedness permitted by Section 6.1, 
 (i) optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of Borrower or its Restricted
Subsidiaries (or agree to do any of the foregoing), other than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany Advances, or (C) so long as no Event of Default has occurred and is continuing or would
result therefrom, the Existing Notes, or 
 (ii) make any payment on account of Indebtedness that has been
contractually subordinated in right of payment if such payment is not permitted at such time under the subordination terms and conditions, or 
 (b) Directly or indirectly, amend, modify, or change any of the terms or provisions of 
 (i) the Senior Secured Notes Documents unless such amendment, modification, or change is not prohibited by the Intercreditor Agreement, 
 (ii) any Material Contract (other than the Merger Agreement, which is addressed in Section 6.7(b)(iii) below)
except to the extent that such amendment, modification, or change could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, 
 (iii) the Merger Agreement except to the extent that such amendment, modification, or change is not, individually or in the
aggregate, adverse to the Lenders or the Loan Parties, or 
 (iv) the Governing Documents of any Loan Party or
any of its Restricted Subsidiaries or of Landry’s Gaming, Inc. (unless expressly permitted by the terms of this Agreement) if the effect thereof, either individually or in the aggregate, could reasonably be expected to be materially adverse to
the interests of the Lenders. 
 6.8 Change of Control. Cause, permit, or suffer, directly or indirectly, any
Change of Control. 
 6.9 Restricted Junior Payments. Make any Restricted Junior Payment; provided,
however, that, so long as it is permitted by applicable law, 
 (a) any Restricted Subsidiary of Borrower
that is a Guarantor may make Restricted Junior Payments to Borrower or another Restricted Subsidiary of Borrower that is a Guarantor; 
 (b) any Restricted Subsidiary of Borrower that is not a Guarantor may make Restricted Junior Payments to Borrower or another Restricted Subsidiary of Borrower; 
 (c) [intentionally omitted]; and 
 (d) so long as no Default or Event of Default has occurred and is continuing or would be caused thereby, the preceding
provisions shall not prohibit: 
 (i) the payment of any dividend or the consummation of any irrevocable
redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of
this Agreement; 
 (ii) other than with the proceeds of the Going Private Equity Contribution, the making of any
Restricted Junior Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of Borrower) of, Equity Interests of Borrower (other than Prohibited Preferred Stock) or from the
substantially concurrent contribution of common equity capital to Borrower; 
  

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 (iii) the repurchase, redemption, defeasance or other acquisition or
retirement for value of Indebtedness of Borrower or any Restricted Subsidiary of Borrower that is a Guarantor that is contractually subordinated in right of payment to the Obligations with the net cash proceeds from a substantially concurrent
incurrence of Permitted Refinancing Indebtedness; 
 (iv) a Restricted Junior Payment made in cash for the
purpose of repurchasing, redeeming or otherwise acquiring or retiring any Equity Interests of Borrower, any Restricted Subsidiary of Borrower or any direct or indirect parent of Borrower held by any current or former officer, director or employee of
Borrower or any of its Restricted Subsidiaries or its direct or indirect parent, as the case may be, pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the
aggregate amount of Restricted Junior Payments permitted pursuant to this clause (iv) may not exceed $750,000 during any 12-month period; provided, however, that any amount not paid in a 12 month period shall be added to, and
available in, subsequent 12 month periods; 
 (v) the repurchase of Equity Interests deemed to occur upon the
exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; and 
 (vi) the payment of merger consideration in connection with the consummation of the Going Private Transactions consisting solely of (A) the proceeds of the Going Private Equity Contribution,
(B) the Senior Secured Notes Excess Proceeds in the Restricted Account, and (C) not more than $5,000,000 of cash of Borrower and its Restricted Subsidiaries, if and so long as (x) the Going Private Transactions are consummated on or
before December 31, 2010, (y) Availability plus Qualified Cash of Borrower and its Restricted Subsidiaries both before and immediately after giving effect thereto is greater than $25,000,000, and (z) in connection therewith, the
Fertitta Group executes and delivers a joinder to the Guaranty and Security Agreement, in form and substance reasonably satisfactory to Agent (provided that the joinder will not prohibit the Fertitta Group from dissolving or merging into Borrower);

 (vii) the designation of the Saltgrass Entities as Unrestricted Subsidiaries provided that (A) such
designation is made in connection with the consummation of a Qualified IPO, (B) immediately after giving effect to such designation and any related transactions, Borrower’s First Lien Leverage Ratio is less than or equal to 1.0:1.0, and
(C) the Net Cash Proceeds received by Borrower, by its Restricted Subsidiaries, or by Saltgrass from such Qualified IPO are applied in accordance with Section 2.4(e)(iii); 
 (viii) Permitted Tax Distributions; 
 (ix) so long as Availability plus Qualified Cash of Borrower and its Restricted Subsidiaries both before and immediately
after giving effect thereto is greater than $25,000,000, 
 (A) the declaration and payment of dividends by
Borrower in an amount not to exceed $2,500,000 in any calendar year, and 
 (B) the making of Restricted Junior
Payments (1) during 2009 in an amount not to exceed $2,500,000, (2) during 2010 in an amount not to exceed $10,000,000, and (3) during each calendar year thereafter in an amount not to exceed $10,000,000; provided,
however, that if the amount of Restricted Junior Payments permitted to be made in any fiscal year as set forth in this clause (ix)(B) is greater than the amount of Restricted Junior Payments actually made in such fiscal year (such amount, the
“Excess RJP Amount”), then such Excess RJP Amount may be carried forward to the next succeeding fiscal year (the “Succeeding Fiscal Year”); provided further that the Excess RJP Amount applicable to a
particular Succeeding Fiscal Year may not be used in that fiscal year until the amount permitted in this clause (ix)(B) to be expended in such fiscal year has first been used in full and the Excess RJP Amount applicable to a particular Succeeding
Fiscal Year may not be carried forward to another fiscal year. 
  

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 The amount of all Restricted Junior Payments (other than cash) will be the
Fair Market Value on the date of the Restricted Junior Payment of the asset(s) or securities proposed to be transferred or issued by Borrower or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Junior Payment. The Fair
Market Value of any assets or securities that are required to be valued by this covenant will be determined by the Board of Directors of Borrower whose resolution with respect thereto will be delivered to Agent. The Board of Directors’
determination must be based upon an opinion or appraisal issued by a reputable accounting, appraisal or investment banking firm if the Fair Market Value exceeds $10,000,000. 
 6.10 Accounting Methods. Modify or change its fiscal year or its method of accounting (other than as may be required to
conform to GAAP). 
 6.11 Investments. Except for Permitted Investments, directly or indirectly, make or acquire
any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment; provided, however, that (other than (a) an aggregate amount of not more than $400,000 at any one time, in the
case of Borrower and its Restricted Subsidiaries (other than those that are CFCs), (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for
Borrower’s or its Restricted Subsidiaries’ employees, and (c) an aggregate amount of not more than $100,000 (calculated at current exchange rates) at any one time, in the case of Restricted Subsidiaries of Borrower that are CFCs)
Borrower and its Restricted Subsidiaries shall not have Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Borrower or its Restricted Subsidiary, as applicable, and the
applicable securities intermediary or bank have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) the Agent’s Liens in such Permitted Investments. Subject to the
foregoing proviso, Borrower shall not and shall not permit its Restricted Subsidiaries to establish or maintain (a) any Deposit Account unless either (i) Agent shall have received a Control Agreement in respect of such Deposit Account or
(ii) such Deposit Account is subject to irrevocable instructions satisfactory to Agent requiring all amounts in such Deposit Account to be forwarded by daily sweep to a Deposit Account that is subject to a Control Agreement or (b) any
Securities Account unless Agent shall have received a Control Agreement in respect of such Securities Account. 
 6.12
Transactions with Affiliates. Make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of Borrower or any of its Restricted Subsidiaries (each, an “Affiliate Transaction”), unless: 
 (a) the Affiliate Transaction is on terms that are no less favorable to Borrower or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by Borrower or such Restricted Subsidiary with an unaffiliated Person, and 
 (b) Borrower delivers to Agent (i) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $7,500,000, a resolution of the
Board of Directors set forth in an officer’s certificate certifying that such Affiliate Transaction complies with this covenant, and (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $15,000,000, an opinion as to the fairness to Borrower or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of
national standing. 
  

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 The following shall not be deemed to be Affiliate Transactions and, therefore, will not be
subject to the provisions of the prior paragraph: 
 (i) transactions permitted by Section 6.3 or
Section 6.9, or any Permitted Intercompany Advance; 
 (ii) [intentionally omitted]; 
 (iii) transactions between or among Borrower or its Restricted Subsidiaries; 
 (iv) payment of reasonable directors’ fees; 
 (v) any issuance of Equity Interests (other than Prohibited Preferred Stock) of Borrower to Affiliates of Borrower;

 (vi) Restricted Junior Payments and Permitted Investments that do not violate the provisions of this
Agreement; and 
 (vii) loans or advances to employees in the ordinary course of business not to exceed
$1,000,000 in the aggregate at any one time outstanding. 
 6.13 Limitations on Dividends and Other Payment Restrictions
Affecting Restricted Subsidiaries. Directly or indirectly create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of Borrower to: (i) pay dividends or to make
any other distributions on its Capital Stock to Borrower or any of its Restricted Subsidiaries, or with respect to any other interest in or participation in, or measured by, its profits, or pay any Indebtedness owed to Borrower or any of its
Restricted Subsidiaries, (ii) to make loans or advances to Borrower or any of its Restricted Subsidiaries, or (iii) transfer any of its property or assets to Borrower or any of its Restricted Subsidiaries; provided, however, that nothing
in any of clauses (i) through (iii) of this Section 6.13 shall apply to encumbrances or restrictions existing under or by reason of, or prohibit or restrict compliance with: 
 (a) this Agreement and the other Loan Documents; 
 (b) the Senior Secured Notes Documents as amended to the extent not prohibited by the Intercreditor Agreement; 
 (c) any applicable law, rule or regulation (including applicable currency control laws and applicable state corporate
statutes restricting the payment of dividends in certain circumstances) or order; 
 (d) any instrument governing
Indebtedness or Capital Stock of a Person (which term includes any Subsidiaries of such Person) acquired by Borrower or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or
Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of
the Person so acquired; 
 (e) customary non-assignment provisions in contracts, leases, and licenses entered
into in the ordinary course of business; 
 (f) purchase money obligations for property acquired in the ordinary
course of business and Capitalized Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (iii) of the preceding paragraph; 
 (g) any agreement for the sale or other disposition of a Restricted Subsidiary of Borrower that restricts distributions by
that Restricted Subsidiary pending the sale or other disposition; 
  

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 (h) Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (i) Permitted Liens that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (j) provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale
agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements;

 (k) restrictions imposed by third parties on deposits made pursuant to the requirements of contracts entered
into with third parties in the ordinary course of business; 
 (l) net worth limitations imposed by third parties
pursuant to the requirements of contracts entered into with third parties in the ordinary course of business; and 
 (m) any instrument governing Indebtedness of a Foreign Restricted Subsidiary; provided that such Indebtedness was permitted by the terms of this Agreement. 
 6.14 Limitation on Issuance of Capital Stock. Except for the issuance or sale of common Capital Stock or Permitted Preferred Stock by Borrower, issue or sell or enter into any agreement or
arrangement for the issuance and sale of, or permit any of its Restricted Subsidiaries to issue or sell or enter into any agreement or arrangement for the issuance and sale of, any shares of its Capital Stock, any securities convertible into or
exchangeable for its Capital Stock or any warrants. 
 6.15 Use of Proceeds. Use the proceeds of the Advances and
the Term Loan for any purpose other than (a) on the Closing Date, to pay transactional fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and
(b) thereafter, consistent with the terms and conditions hereof, for its other lawful and permitted purposes; provided that, in no event shall the proceeds of the Advances be used to pay any portion of the merger consideration in
connection with the Going Private Transactions. 
 6.16 Designation of Saltgrass Entities as Unrestricted
Subsidiaries. Designate any Restricted Subsidiary of Borrower as an Unrestricted Subsidiary on or after the Closing Date; provided, however, that the Board of Directors may designate Saltgrass and each of its Subsidiaries that
are engaged in the business of the Saltgrass Steak House division (the “Saltgrass Entities”) to be Unrestricted Subsidiaries so long as (a) no Default or Event of Default has occurred and is continuing or would occur as a
result of such designation, (b) immediately after giving effect to such designation and any related transactions, Borrower’s First Lien Leverage Ratio is less than or equal to 1.0:1.0, and (c) such designation occurs concurrent with
the consummation of a Qualified IPO. That designation will only be permitted if the Restricted Subsidiary otherwise meets the definition of Qualified Unrestricted Subsidiary. Any designation of a Saltgrass Entity as an Unrestricted Subsidiary will
be evidenced to Agent by filing with Agent a certified copy of a resolution of the Board of Directors giving effect to such designation and an officers’ certificate certifying that such designation complied with the preceding conditions. At the
time that one or more of the Saltgrass Entities is designated as an Unrestricted Subsidiary in compliance with each of the foregoing requirements (including the delivery of the officer’s certificate to Agent and the making of the prepayment
required by Section 2.4(e)(iii)), the applicable Saltgrass Entities shall be released by Agent from their obligations under the Guaranty and the Security Agreement, such release to be by means of a writing in form and substance
satisfactory to Agent, and Borrower or any Restricted Subsidiary of Borrower that owns any Capital Stock of a Saltgrass Entity shall confirm to Agent that such Capital Stock remains pledged by such Person pursuant to the terms and conditions of the
Security Agreement. Anything to the contrary contained in this Agreement notwithstanding, prior to designation of any Saltgrass Entity as an Unrestricted Subsidiary, neither Borrower nor any Guarantor shall

  

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make any Investments in, or otherwise transfer any assets to, such Saltgrass Entity in a transaction that is outside of the ordinary course of business (it being understood and agreed that after
designation of such Saltgrass Entity as an Unrestricted Subsidiary in accordance herewith, Investments in, and transfers of assets to, such Saltgrass Entity shall be governed by the relevant provisions of this Agreement). 
 6.17 Senior Secured Notes Excess Proceeds; Restricted Account. Prior to the Restricted Account Termination Date,
(a) deposit or maintain any cash or Cash Equivalents in the Restricted Account other than the Senior Secured Notes Excess Proceeds and earnings thereon, or (b) use the Senior Secured Notes Excess Proceeds for any purpose other than to
finance the consummation of the Going Private Transactions. 
  

	7.	FINANCIAL COVENANTS. 

 Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, Borrower will comply with each of the following financial covenants: 
 (a) Fixed Charge Coverage Ratio. Have a Fixed Charge Coverage Ratio, measured on a quarter-end basis, of at least the
required amount set forth in the following table for the applicable period set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	Applicable Period
	 1.10:1.0
	  	For the 12 month period
 ending
December 31, 2009

		
	 1.10:1.0
	  	For the 12 month period
 ending
March 31, 2010

		
	 1.10:1.0
	  	For the 12 month period
 ending
June 30, 2010

		
	 1.10:1.0
	  	For the 12 month period
 ending
September 30, 2010

		
	 1.10:1.0
	  	For the 12 month period
 ending
December 31, 2010

		
	 1.15:1.0
	  	For the 12 month period
 ending
March 31, 2011

		
	 1.15:1.0
	  	For the 12 month period
 ending
June 30, 2011

		
	 1.15:1.0
	  	For the 12 month period
 ending
September 30, 2011

		
	 1.15:1.0
	  	For the 12 month period
 ending
December 31, 2011

		
	 1.20:1.0
	  	For the 12 month period
 ending
March 31, 2012

  

 - 37 - 

			
	 Applicable Ratio
	  	Applicable Period
	 1.20:1.0
	  	For the 12 month period
 ending
June 30, 2012

		
	 1.20:1.0
	  	For the 12 month period
 ending
September 30, 2012

		
	 1.20:1.0
	  	For the 12 month period
 ending
December 31, 2012

		
	 1.25:1.0
	  	For the 12 month period
 ending
March 31, 2013

		
	 1.25:1.0
	  	For the 12 month period
 ending
June 30, 2013

		
	 1.25:1.0
	  	For the 12 month period
 ending
September 30, 2013

 (b) First Lien Leverage Ratio. Have a First Lien Leverage Ratio,
measured on a quarter-end basis, of not greater than the applicable ratio set forth in the following table for the applicable date set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	Applicable Date
	 2.00:1.0
	  	For the 12 month period
 ending
December 31, 2009

		
	 2.00:1.0
	  	For the 12 month period
 ending
March 31, 2010

		
	 2.00:1.0
	  	For the 12 month period
 ending
June 30, 2010

		
	 2.00:1.0
	  	For the 12 month period
 ending
September 30, 2010

		
	 2.00:1.0
	  	For the 12 month period
 ending
December 31, 2010

		
	 2.00:1.0
	  	For the 12 month period
 ending
March 31, 2011

		
	 2.00:1.0
	  	For the 12 month period
 ending
June 30, 2011

		
	 2.00:1.0
	  	For the 12 month period
 ending
September 30, 2011

		
	 2.00:1.0
	  	For the 12 month period
 ending
December 31, 2011

  

 - 38 - 

			
	 Applicable Ratio
	  	Applicable Date
	 2.00:1.0
	  	For the 12 month period
 ending
March 31, 2012

		
	 2.00:1.0
	  	For the 12 month period
 ending
June 30, 2012

		
	 2.00:1.0
	  	For the 12 month period
 ending
September 30, 2012

		
	 2.00:1.0
	  	For the 12 month period
 ending
December 31, 2012

		
	 2.00:1.0
	  	For the 12 month period
 ending
March 31, 2013

		
	 2.00:1.0
	  	For the 12 month period
 ending
June 30, 2013

		
	 2.00:1.0
	  	For the 12 month period
 ending
September 30, 2013

 (c) Intentionally omitted. 
 (d) Total Leverage Ratio. Have a Total Leverage Ratio, measured on a quarter-end basis, of not greater than the
applicable ratio set forth in the following table for the applicable date set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	Applicable Date
	 4.75:1.0
	  	For the 12 month period
 ending
December 31, 2009

		
	 4.75:1.0
	  	For the 12 month period
 ending
March 31, 2010

		
	 4.75:1.0
	  	For the 12 month period
 ending
June 30, 2010

		
	 4.75:1.0
	  	For the 12 month period
 ending
September 30, 2010

		
	 4.75:1.0
	  	For the 12 month period
 ending
December 31, 2010

		
	 4.75:1.0
	  	For the 12 month period
 ending
March 31, 2011

  

 - 39 - 

			
	 Applicable Ratio
	  	Applicable Date
	 4.75:1.0
	  	For the 12 month period
 ending
June 30, 2011

		
	 4.50:1.0
	  	For the 12 month period
 ending
September 30, 2011

		
	 4.50:1.0
	  	For the 12 month period
 ending
December 31, 2011

		
	 4.50:1.0
	  	For the 12 month period
 ending
March 31, 2012

		
	 4.50:1.0
	  	For the 12 month period
 ending
June 30, 2012

		
	 4.25:1.0
	  	For the 12 month period
 ending
September 30, 2012

		
	 4.25:1.0
	  	For the 12 month period
 ending
December 31, 2012

		
	 4.25:1.0
	  	For the 12 month period
 ending
March 31, 2013

		
	 4.00:1.0
	  	For the 12 month period
 ending
June 30, 2013

		
	 4.00:1.0
	  	For the 12 month period
 ending
September 30, 2013

  

	8.	EVENTS OF DEFAULT. 

 Any
one or more of the following events shall constitute an event of default (each, an “Event of Default”) under this Agreement: 
 8.1 If Borrower fails to pay when due and payable, or when declared due and payable, (a) all or any portion of the Obligations consisting of interest, fees, or charges due the Lender Group,
reimbursement of Lender Group Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations, and such failure continues for a period of 3 Business Days, or (b) all or any portion of the principal of
the Obligations; 
 8.2 If any Loan Party or any of its Restricted Subsidiaries: 
 (a) fails to perform or observe any covenant or other agreement contained in any of (i) Sections 5.1,
5.2, 5.3, 5.6, 5.7, 5.10, 5.11, or 5.13 of this Agreement, (ii) Sections 6.1 through 6.17 of this Agreement, (iii) Section 7 of this Agreement, or (iv) Section 6
of the Security Agreement; 
 (b) fails to perform or observe any covenant or other agreement contained in any of
Sections 5.8, 5.12 or 5.14 of this Agreement and such failure continues for a period of 10 days after the earlier of (i) the date on which such failure shall first become known to any officer of Borrower or (ii) the
date on which written notice thereof is given to Borrower by Agent; or 
  

 - 40 - 

 (c) fails to perform or observe any covenant or other agreement contained in
this Agreement, or in any of the other Loan Documents, in each case, other than any such covenant or agreement that is the subject of another provision of this Section 8 (in which event such other provision of this Section 8
shall govern), and such failure continues for a period of 30 days after the earlier of (i) the date on which such failure shall first become known to any officer of Borrower or (ii) the date on which written notice thereof is given to
Borrower by Agent; 
 8.3 If one or more judgments, orders, or awards for the payment of money involving an aggregate amount of
$25,000,000, or more (except to the extent fully covered (other than customary deductibles) by insurance pursuant to which the insurer has accepted liability therefor in writing) is entered or filed against a Loan Party or any of its Restricted
Subsidiaries, or with respect to any of their respective assets, and either (a) there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which a stay of enforcement thereof is not in
effect or during which such judgment or order is not vacated or bonded, or (b) enforcement proceedings are commenced upon such judgment, order, or award; 
 8.4 If an Insolvency Proceeding is commenced by a Loan Party, any Restricted Subsidiary, or any Significant Subsidiary; 
 8.5 If an Insolvency Proceeding is commenced against a Loan Party, any Restricted Subsidiary or any Significant Subsidiary and any of the following events occur: (a) such Loan Party or such
Restricted Subsidiary or such Significant Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the
Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any
substantial portion of the business of, such Loan Party, such Restricted Subsidiary or such Significant Subsidiary, or (e) an order for relief shall have been issued or entered therein; 
 8.6 If a Loan Party or any of its Restricted Subsidiaries is enjoined, restrained, or in any way prevented by court order from continuing to
conduct all or any material part of its business affairs and, as a result thereof, a Material Adverse Change occurs or could reasonably be expected to result therefrom; 
 8.7 If there is a default in one or more agreements to which a Loan Party or any of its Restricted Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its
Restricted Subsidiaries’ Indebtedness involving an aggregate amount of $25,000,000 or more and such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective
of whether exercised, to accelerate the maturity of such Loan Party’s or its Restricted Subsidiary’s obligations thereunder; 
 8.8 If any warranty, representation, statement, or Record made by a Loan Party herein or in any other Loan Document or delivered in writing to Agent or any Lender pursuant to this Agreement or any other Loan Document proves to be untrue in
any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of issuance or making or deemed
making thereof; 
 8.9 If the obligation of any Guarantor under the Guaranty is limited or terminated by operation of law or by
such Guarantor (for the avoidance of doubt, a transaction permitted under Section 6.3 shall not result in an Event of Default under this Section 8.9); 
 8.10 If the Security Agreement or any other Loan Document that purports to create a Lien, shall fail or cease to create a valid and, following the filing of financing statements, the recordation of
Mortgages or the filing or recording of other filings or documents or other actions necessary to perfect Agent’s Lien in the

  

 - 41 - 

 
Collateral as required by the Loan Documents, perfected first priority Lien on the Collateral covered thereby (subject to any Permitted Liens which by operation of law or contract would have
priority over the Liens securing the Obligations), except as a result of a disposition of the applicable Collateral in a transaction permitted under this Agreement or the other Loan Documents; or 
 8.11 If any provision of any Loan Document shall at any time for any reason be declared to be null and void, or the validity or
enforceability thereof shall be contested by a Loan Party, or a proceeding shall be commenced by a Loan Party, or by any Governmental Authority having jurisdiction over a Loan Party, seeking to establish the invalidity or unenforceability thereof,
or a Loan Party shall deny that such Loan Party has any liability or obligation purported to be created under any Loan Document (except to the extent a Loan Party or the applicable Collateral shall have been released in accordance with the Loan
Documents). 
  

	9.	RIGHTS AND REMEDIES. 

 9.1 Rights and Remedies. Upon the occurrence and during the continuation of an Event of Default, Agent may, and at the instruction of the Required Lenders, shall, by written notice to Borrower and in addition to any other
rights or remedies provided for hereunder or under any other Loan Document or by applicable law, do any one or more of the following on behalf of the Lender Group: 
 (a) declare the Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
immediately due and payable, whereupon the same shall become and be immediately due and payable, without presentment, demand, protest, or further notice or other requirements of any kind, all of which are hereby expressly waived by Borrower; and

 (b) declare the Revolver Commitments terminated, whereupon the Revolver Commitments shall immediately be
terminated together with any obligation of any Lender hereunder to make Advances and the obligation of the Issuing Lender to issue Letters of Credit. 
 The foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5, in addition to the remedies set forth above, without any notice to Borrower or any
other Person or any act by the Lender Group, the Commitments shall automatically terminate and the Obligations then outstanding, together with all accrued and unpaid interest thereon and all fees and all other amounts due under this Agreement and
the other Loan Documents, shall automatically and immediately become due and payable, without presentment, demand, protest, or notice of any kind, all of which are expressly waived by Borrower. 
 9.2 Remedies Cumulative. The rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all
other written agreements with the Loan Parties shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or
remedy shall be deemed an election, and no waiver by the Lender Group of any Event of Default shall be deemed to be a waiver in any similar or other circumstances. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by
it. 
  

	10.	WAIVERS; INDEMNIFICATION. 

 10.1 Demand; Protest; etc. Except as expressly provided herein, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise,
settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which Borrower may in any way be liable. 
 10.2 The Lender Group’s Liability for Collateral. Borrower hereby agrees that: (a) so long as Agent or the
applicable member of the Lender Group having possession of any Collateral complies with its obligations, if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the
Collateral, (ii) any loss or damage thereto occurring or arising in any manner or

  

 - 42 - 

 
fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all
risk of loss, damage, or destruction of the Collateral shall be borne by Borrower. 
 10.3 Indemnification.
Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Co-Arranger Related Persons, the Co-Syndication Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an “Indemnified
Person”) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages (other than in relation to lawsuits
solely between the Lenders or Lender-Related Persons or solely between the Co-Arrangers, the Co-Arranger Related Persons, the Co-Syndication Agents, or the Co-Syndication Agent Related Person related to (i) the sharing of fees or payments
pursuant to the Loan Documents or (ii) the sharing of fees or payments pursuant to any agreement of the type referenced in Section 14.1(f), but expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the Co-Arrangers,
the Co-Arranger Related Persons, the Co-Syndication Agents, and the Co-Syndication Agent Related Persons, in such capacities), and all reasonable fees and out-of-pocket disbursements of attorneys, experts, or consultants and all other costs and
expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by
any of them (a) in connection with or as a result of or related to the execution and delivery (provided that Borrower shall not be liable for costs and expenses (including attorneys fees) of any Lender (other than WFF and Jefferies Finance)
incurred in advising, structuring, drafting, reviewing, administering or syndicating the Loan Documents), enforcement, performance, or administration (including any restructuring or workout with respect hereto) of the Commitment Letter, this
Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of Borrower’s and its Restricted Subsidiaries’ compliance with the terms of the Loan Documents (other than disputes solely
between the Lenders or Lender-Related Persons or solely between the Co-Arrangers, the Co-Arranger Related Persons, the Co-Syndication Agents, or the Co-Syndication Agent Related Person related to (y) the sharing of fees or payments pursuant to
the Loan Documents or (z) the sharing of fees or payments pursuant to any agreement of the type referenced in Section 14.1(f), but expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the Co-Arrangers, the
Co-Arranger Related Persons, the Co-Syndication Agents, and the Co-Syndication Agent Related Persons, in such capacities), (b) with respect to any investigation, litigation, or proceeding related to the Commitment Letter, this Agreement, any
other Loan Document, or the use of the proceeds of the credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or the transactions contemplated by the Commitment Letter, this Agreement, any of the other Loan
Documents, or the transactions contemplated hereby or thereby, or any act, omission, event, or circumstance in any manner related thereto, and (c) in connection with or arising out of any presence or release of Hazardous Materials at, on,
under, to or from any assets or properties owned, leased or operated by Borrower or any of its Restricted Subsidiaries or any Environmental Actions, Environmental Liabilities and Costs or Remedial Actions related in any way to any such assets or
properties of Borrower or any of its Restricted Subsidiaries at any time prior to foreclosure upon Agent’s Liens and Agent’s possession of the applicable property or assets (each and all of the foregoing, the “Indemnified
Liabilities”). The foregoing to the contrary notwithstanding, Borrower shall have no obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court of competent jurisdiction
finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, attorneys, or agents. This provision shall survive the termination of this Agreement and the
repayment of the Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which Borrower was required to indemnify the Indemnified Person receiving such payment, the
Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrower with respect thereto; provided, that, to the extent of any payments made by Borrower to any Indemnified Person in respect of Indemnified
Liabilities pursuant to this Section 10.3, Borrower shall be subrogated to the rights of recovery by such Indemnified Persons against any third Person in respect of such Indemnified Liabilities, so long as Borrower has indefeasibly paid
in full all of the Indemnified Liabilities owed by Borrower to the Indemnified Persons pursuant to the terms and conditions of this Section 10.3. WITHOUT LIMITATION, THE FOREGOING

  

 - 43 - 

 
INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED
PERSON OR OF ANY OTHER PERSON. 
  

	11.	NOTICES. 

 Unless
otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail,
postage prepaid) shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as a party may designate in accordance herewith), or
telefacsimile. In the case of notices or demands to Borrower or Agent, as the case may be, they shall be sent to the respective address set forth below: 
  

					
		 	If to Borrower:	  	
		 		  	LANDRY’S RESTAURANTS, INC.
		 		  	1510 West Loop South
		 		  	Houston, Texas 77027
		 		  	Attn: Steven L. Scheinthal
		 		  	Fax No. 713-386-7070
			
		 	with copies to:	  	HAYNES AND BOONE, LLP
		 		  	2323 Victory Ave.
		 		  	Suite 700
		 		  	Dallas, Texas 75219
		 		  	Attn: Paul H. Amiel, Esq.
		 		  	Fax No.: 214-200-0555
			
		 	If to Agent:	  	WELLS FARGO FOOTHILL, LLC
		 		  	2450 Colorado Avenue
		 		  	Suite 3000W
		 		  	Santa Monica, CA 90404
		 		  	Attn: Specialty Finance Manager
		 		  	Fax No.: 310-453-7442
			
		 	with copies to:	  	PAUL, HASTINGS, JANOFSKY & WALKER LLP
		 		  	515 South Flower Street
		 		  	Los Angeles, CA 90071
		 		  	Attn: John Francis Hilson, Esq.
		 		  	Fax No.: 213-996-3300

 Any party hereto
may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 10, shall be deemed received on the
earlier of the date of actual receipt or 3 Business Days after the deposit thereof in the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening on business on the next Business Day for the recipient) and (c) notices by
electronic mail shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment).

  

 - 44 - 

	12.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

 (a) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION,
INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (b) THE PARTIES AGREE THAT ALL ACTIONS OR
PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK;
PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR
OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE
EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12(b). 
 (c) BORROWER AND EACH
MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

	13.	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 

 13.1 Assignments and Participations. 
 (a) With the
prior written consent of Borrower, which consent of Borrower shall not be unreasonably withheld, delayed or conditioned (and shall not be required (i) if an Event of Default has occurred and is continuing, (ii) in connection with an
assignment to a Person that is a Lender, a Related Fund, or an Affiliate (other than individuals) of a Lender, or (iii) in connection with assignments of all or any portion of the Term Loan), and with the prior written consent of Agent, which
consent of Agent shall not be unreasonably withheld, delayed or conditioned (and shall not be required in connection with an assignment to a Person that is a Lender or an Affiliate (other than individuals) of a Lender), any Lender may assign and
delegate to one or more assignees (each an “Assignee”; provided that no Loan Party or Affiliate of a Loan Party shall be permitted to become an Assignee) all or any portion of the Obligations, the Commitments and the other rights
and obligations of such Lender hereunder and under the other Loan Documents, in a minimum amount (unless waived by the Agent) of $1,000,000 (except such minimum amount shall not apply to (x) an

  

 - 45 - 

 
assignment or delegation by any Lender to any other Lender or an Affiliate of any Lender or (y) a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of such
new Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least $1,000,000); provided, however, that Borrower and Agent may continue to deal solely and directly with such Lender in connection with
the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses, and related information with respect to the Assignee, have been given to Borrower and Agent by such Lender and
the Assignee, (B) such Lender and its Assignee have delivered to Borrower and Agent an Assignment and Acceptance and Agent has notified the assigning Lender of its receipt thereof in accordance with Section 13.1(b), and
(C) unless waived by the Agent, the assigning Lender or Assignee has paid to Agent for Agent’s separate account a processing fee in the amount of $3,500. 
 (b) From and after the date that Agent notifies the assigning Lender (with a copy to Borrower) that it has received an
executed Assignment and Acceptance and, if applicable, payment of the required processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to
such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan Documents, and (ii) the assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been
assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with respect to Section 10.3 hereof) and be released from any future obligations under this Agreement (and in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto), and such assignment shall effect a
novation among Borrower, the assigning Lender, and the Assignee; provided, however, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such
assigning Lender’s obligations under Section 15 and Section 17.9 of this Agreement. 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such
Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the
financial condition of Borrower or the performance or observance by Borrower of any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii) such Assignee confirms that it has received a copy of this
Agreement, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such Assignee will, independently and without reliance
upon Agent, such assigning Lender 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 decisions in taking or not taking action under this Agreement, (v) such
Assignee appoints and authorizes Agent to take such actions and to exercise such powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with such powers as are reasonably
incidental thereto, and (vi) such Assignee agrees that it will perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d) Immediately upon Agent’s receipt of the required processing fee, if applicable, and delivery of notice to the
assigning Lender pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising
therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto. 
  

 - 46 - 

 (e) Any Lender may at any time sell to one or more commercial banks,
financial institutions, or other Persons (a “Participant”) participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender (the “Originating
Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the
Participant receiving the participating interest in the Obligations, the Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and
the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Borrower, Agent, and the Lenders shall
continue to deal solely and directly with the Originating Lender in connection with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating
interest under which the Participant has the right to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this
Agreement or of any other Loan Document would (A) extend the final maturity date of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such
Participant is participating, (C) release all or substantially all of the Collateral or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant
is participating, (D) postpone the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender, or (E) change the amount or due dates of scheduled principal repayments or prepayments or
premiums, and (v) all amounts payable by Borrower hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall
have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount
of its participating interest were owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any
rights under this Agreement or the other Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the Collections of Borrower or its Subsidiaries, the Collateral, or otherwise in respect of the Obligations. No Participant shall
have the right to participate directly in the making of decisions by the Lenders among themselves. 
 (f) In
connection with any such assignment or participation or proposed assignment or participation or any grant of a security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of
Section 17.9, disclose all documents and information which it now or hereafter may have relating to Borrower and its Subsidiaries and their respective businesses. 
 (g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or
pledge, all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal Reserve
Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
 (h) Agent (as
a non-fiduciary agent on behalf of Borrower) shall maintain, or cause to be maintained, a register (the “Register”) on which it enters the name and address of each Lender as the registered owner of the Term Loan (and the principal
amount thereof and stated interest thereon) held by such Lender (each, a “Registered Loan”). Other than in connection with an assignment by a Lender of all or any portion of its portion of the Term Loan to an Affiliate of such
Lender or a Related Fund of such Lender (i) a Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each
registered note shall expressly so provide) and (ii) any assignment or sale of all or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of such assignment or sale on the
Register, together with the surrender of the registered note, if any, evidencing the same duly endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon, at the request
of the designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate

  

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principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the registration of assignment or sale of any Registered Loan (and the registered note, if any evidencing
the same), Borrower shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is registered as the owner thereof for the purpose of receiving all payments thereon and for all other purposes,
notwithstanding notice to the contrary. In the case of any assignment by a Lender of all or any portion of the Term Loan to an Affiliate of such Lender or a Related Fund of such Lender, and which assignment is not recorded in the Register, the
assigning Lender, on behalf of Borrower, shall maintain a register comparable to the Register. 
 (i) In the
event that a Lender sells participations in the Registered Loan, such Lender, as a non-fiduciary agent on behalf of Borrower, shall maintain a register on which it enters the name of all participants in the Registered Loans held by it (the
“Participant Register”). A Registered 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 such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register. 
 (j) Agent shall make a copy of the Register (and each Lender shall make a copy of its Participant Register in the extent it
has one) available for review by Borrower from time to time as Borrower may reasonably request. 
 (k)
Notwithstanding anything to the contrary contained in this Section 13.1, without the consent of Borrower, no Lender shall assign , or sell participating interests in, all or a portion of its rights and obligations under this Agreement
and the other Loan Documents to an Assignee who is a direct competitor of Borrower (if and only if such assigning Lender has actual knowledge that such proposed Assignee is a direct competitor of Borrower); provided that the restriction set forth in
this subsection (k) shall not be applicable if (i) an Event of Default has occurred and is continuing, (ii) such assignment is in connection with any merger, consolidation, sale, transfer, or other disposition of all or any
substantial portion of the business or loan portfolio of the Lender making such assignment, or (iii) the proposed Assignee is a finance company, fund or other similar entity which merely has an economic interest in any such direct competitor
that has been so identified, and is not itself such a direct competitor that has been so identified. 
 13.2
Successors. This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided, however, that Borrower may not assign this Agreement or any rights or duties
hereunder without the Lenders’ prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall release Borrower from its Obligations. A Lender may assign this
Agreement and the other Loan Documents and its rights and duties hereunder and thereunder pursuant to Section 13.1 hereof and, except as expressly required pursuant to Section 13.1 hereof, no consent or approval by Borrower is
required in connection with any such assignment. 
  

	14.	AMENDMENTS; WAIVERS. 

 14.1 Amendments and Waivers.  
 (a) No amendment, waiver or other modification of any
provision of this Agreement or any other Loan Document (other than Bank Product Agreements, the Fee Letter, or the Market Flex Letter), or the Intercreditor Agreement, and no consent with respect to any departure by Borrower therefrom, shall be
effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and Borrower and then any such waiver or consent shall be effective, but only in the specific instance and
for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by all of the Lenders directly affected thereby and Borrower, do any of the following:

 (i) increase the amount of or extend the expiration date of any Commitment of any Lender, 
  

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 (ii) postpone or delay any date fixed by this Agreement or any other Loan
Document for any payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document, 
 (iii) reduce the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document (except (y) in connection with the
waiver of applicability of Section 2.6(c) (which waiver shall be effective with the written consent of the Required Lenders), and (z) that any amendment or modification of defined terms used in the financial covenants in this
Agreement shall not constitute a reduction in the rate of interest or a reduction of fees for purposes of this clause (iii)), 
 (iv) amend or modify this Section or any provision of this Agreement providing for consent or other action by all Lenders, 
 (v) other than as permitted by Section 15.11, release Agent’s Lien in and to any of the Collateral,

 (vi) amend or modify the definition of “Required Lenders” or “Pro Rata Share”, 

(vii) contractually subordinate any of the Agent’s Liens, 
 (viii) other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the
terms hereof or the other Loan Documents, release Borrower or any Guarantor from any obligation for the payment of money or consent to the assignment or transfer by the Borrower or any Guarantor of any of its rights or duties under this Agreement or
the other Loan Documents, 
 (ix) amend any of the provisions of Section 2.4(b)(i) or (ii),

 (x) amend Section 13.1(a) to permit a Loan Party or an Affiliate of a Loan Party to be permitted
to become an Assignee, or 
 (xi) amend or modify the definition of Maximum Revolver Amount; 
 provided, further, however, that no such waiver, amendment, or consent shall, unless in writing and
signed by the Supermajority Lenders and Borrower, amend, modify, eliminate, or otherwise change the definitions of “Change of Control” or “Permitted Holder”. 
 (b) No amendment, waiver, modification, or consent shall amend, modify, or waive (i) the definition of, or any of the
terms or provisions of, the Fee Letter, without the written consent of Agent and Borrower (and shall not require the written consent of any of the Lenders), (ii) the definition of, or any of the terms or provisions of, the Market Flex Letter,
without the written consent of Agent, Co-Arrangers, Co-Syndication Agents, and Borrower (and shall not require the written consent of any of the Lenders), (iii) the terms or provisions of the Intercreditor Agreement without the written consent
of Agent and the Supermajority Lenders, and (iv) any provision of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent,
Borrower, and the Required Lenders, 
 (c) No amendment, waiver, modification, or consent shall amend, modify, or
waive any provision of this Agreement or the other Loan Documents pertaining to Issuing Lender, or any other rights or duties of Issuing Lender under this Agreement or the other Loan Documents, without the written consent of Issuing Lender, Agent,
Borrower, and the Required Lenders, 
  

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 (d) No amendment, waiver, modification, or consent shall amend, modify, or
waive any provision of this Agreement or the other Loan Documents pertaining to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the other Loan Documents, without the written consent of Swing Lender, Agent,
Borrower, and the Required Lenders, 
 (e) Anything in this Section 14.1 to the contrary
notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and
that does not affect the rights or obligations of Borrower, shall not require consent by or the agreement of any Loan Party; provided, however, that Agent shall promptly give notice to Borrower of any agreement pursuant to this
provision. 
 (f) Agent and certain of the Lenders may execute an agreement on or after the Closing Date pursuant
to which the Agent and certain Lenders agree, among other things, to certain voting arrangements relative to matters requiring the approval of the Lenders. The rights and duties of the Agent and the Lenders with respect to such matters are subject
to any such agreement. 
 14.2 Replacement of Lenders. 
 (a) If any action to be taken by the Lender Group or Agent hereunder requires the consent, authorization, or agreement of all
Lenders or all Lenders affected thereby and if such action has received the consent, authorization, or agreement of the Required Lenders but not of all Lenders or of all Lenders affected thereby, then Borrower, upon at least 5 Business Days prior
irrevocable notice, may permanently replace any Lender (a “Holdout Lender”) that failed to give its consent, authorization, or agreement with one or more Replacement Lenders, and the Holdout Lender shall have no right to refuse to
be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. 
 (b) Prior to the effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver
an Assignment and Acceptance, subject only to the Holdout Lender being repaid in full its share of the outstanding Obligations (without any premium or penalty of any kind whatsoever, but including (i) all interest, fees and other amounts that
may be due and payable in respect thereof, and (ii) an assumption of its Pro Rata Share of the Letters of Credit). If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date
of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment and Acceptance (with any applicable processing and recordation fee to be paid by the Borrower or the Replacement Lender). The replacement of any
Holdout Lender shall be made in accordance with the terms of Section 13.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the Holdout Lender
hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make the Holdout Lender’s Pro Rata Share of Advances and to purchase a participation in each Letter of Credit, in an amount equal to its Pro Rata Share
of such Letters of Credit. 
 (c) If any Lender requests additional or increased costs referred to in
Section 2.12(d)(i) or amounts under Section 2.13 or Section 16 (any such Lender, a “Affected Lender”), then such Affected Lender shall use reasonable efforts to promptly designate a different one
of its lending offices or to assign its rights and obligations hereunder to another of its offices or branches, if (i) in the reasonable judgment of such Affected Lender, such designation or assignment would eliminate or reduce amounts payable
pursuant to Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable, and (ii) in the reasonable judgment of such Affected Lender, such designation or assignment would not subject it to any material
unreimbursed cost or expense and would not otherwise be materially disadvantageous to it. Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by such Affected Lender in connection with any such designation or assignment.
If, after such reasonable efforts, such Affected Lender does not so designate a

  

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different one of its lending offices or assign its rights to another of its offices or branches so as to eliminate Borrower’s obligation to pay any future amounts to such Affected Lender
pursuant to Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable, then Borrower (without prejudice to any amounts then due to such Affected Lender under Section 2.12(d)(i) or
Section 2.13 or Section 16, as applicable) may, unless prior to the effective date of any such assignment the Affected Lender withdraws its request for such additional amounts under Section 2.12(d)(i) or
Section 2.13 or Section 16, as applicable, designate another Lender reasonably acceptable to Agent to purchase the Obligations owed to such Affected Lender and such Affected Lender’s Commitments hereunder (a
“Replacement Lender”), such Affected Lender shall assign to the Replacement Lender its Obligations and Commitments within 5 Business Days of Borrower’s notice of such designation of a Replacement Lender, pursuant to an
Assignment and Acceptance Agreement, and upon such purchase by the Replacement Lender, such Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and such Affected Lender shall cease to be a “Lender”
for purposes of this Agreement. 
 14.3 No Waivers; Cumulative Remedies. No failure by Agent or any Lender to
exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by Agent or any Lender will be effective unless it is in
writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require strict performance by Borrower of any provision of
this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have. 
  

	15.	AGENT; THE LENDER GROUP. 

 15.1 Appointment and Authorization of Agent. Each Lender hereby designates and appoints WFF as its agent under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and
deliver each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to
Agent by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Agent agrees to act as agent for and on behalf of the Lenders (and the Bank Product Providers) on the conditions
contained in this Section 15. Any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein
or in the other Loan Documents, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender (or Bank Product Provider), 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 Agent. Without limiting the generality of the foregoing, the use of the term “agent” in this Agreement or the other Loan Documents with reference to Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only a
representative relationship between independent contracting parties. Each Lender hereby further authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent to act as the secured party
under each of the Loan Documents that create a Lien on any item of Collateral. Except as expressly otherwise provided in this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any
discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under or pursuant to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any
other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its
customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries, and related matters, (b) execute or file any and all financing or similar statements
or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan Documents, (c) make Advances, for itself or on behalf 
  

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of Lenders, as provided in the Loan Documents, (d) exclusively receive, apply, and distribute the Collections of Borrower and its Subsidiaries as provided in the Loan Documents,
(e) open and maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes with respect to the Collateral and the Collections of Borrower
and its Subsidiaries, (f) perform, exercise, and enforce any and all other rights and remedies of the Lender Group with respect to Borrower or its Subsidiaries, the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries,
or otherwise related to any of same as provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the
Loan Documents. 
 15.2 Delegation of Duties. Agent may execute any of its duties under this Agreement or any
other Loan Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or
attorney in fact that it selects as long as such selection was made without gross negligence or willful misconduct. 
 15.3
Liability of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of the Lenders (or Bank Product Providers) for any recital, statement, representation or warranty made by Borrower or
any of its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent
under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Borrower or its Subsidiaries or
any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lenders (or Bank Product Providers) 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 books and records or properties of Borrower or its Subsidiaries. 
 15.4 Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or telephone message, statement or other document or conversation 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 Borrower or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received,
Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders (and, if it so elects, the Bank Product Providers) against any and all liability and
expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a
request or consent of the requisite Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders (and Bank Product Providers). 
 15.5 Notice of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent has
actual knowledge, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default.” Agent promptly
will notify the Lenders of its

  

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receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the
other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section 15.4, Agent shall take such action with respect to such Default or Event of
Default as may be requested by the Required Lenders in accordance with Section 9; provided, however, that unless and until Agent has received any such request, 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. 
 15.6
Credit Decision. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs
of Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender (or Bank Product Provider). Each Lender represents (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to represent) to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such due diligence, documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the
transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to
represent) that it will, independently and without reliance upon any Agent-Related Person 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 investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of Borrower or any other Person party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide
any Lender (or Bank Product Provider) with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document that may
come into the possession of any of the Agent-Related Persons. Each Lender acknowledges (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that Agent does not have any duty or responsibility,
either initially or on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender (or Bank Product Provider) with any credit or other information with respect to Borrower, its Affiliates or any of
their respective business, legal, financial or other affairs, and irrespective of whether such information came into Agent’s or its Affiliates’ or representatives’ possession before or after the date on which such Lender became a
party to this Agreement (or such Bank Product Provider entered into a Bank Product Agreement). 
 15.7 Costs and Expenses;
Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents,
including court costs, attorneys fees and expenses, fees and expenses of financial accountants, advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or
insurance premiums paid to maintain the Collateral, whether or not Borrower is obligated to reimburse Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient
amounts from the Collections of Borrower and its Subsidiaries received by Agent to reimburse Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders (or Bank Product Providers). In the event Agent is not
reimbursed for such costs and expenses by Borrower or its Subsidiaries, each Lender hereby agrees that it is and shall be obligated to pay to Agent such Lender’s Pro Rata Share thereof. Whether or not the transactions contemplated hereby are
consummated, the Lenders shall indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), according to their Pro Rata Shares, from and against

  

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any and all Indemnified Liabilities; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities
resulting solely from such Person’s gross negligence or willful misconduct nor shall any Lender be liable for the obligations of any Defaulting Lender in failing to make an Advance or other extension of credit hereunder. Without limitation of
the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection
with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice 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 Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the payment of all Obligations
hereunder and the resignation or replacement of Agent. 
 15.8 Agent in Individual Capacity. WFF and its
Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, provide Bank Products to, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other
business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Document as though WFF were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The other
members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, WFF or its Affiliates may receive information regarding Borrower or
its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders (or Bank Product Providers),
and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver
Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to provide such information to them. The terms “Lender” and “Lenders” include WFF in its individual capacity. 
 15.9 Successor Agent. Agent may resign as Agent upon 30 days prior written notice to the Lenders (unless such notice is waived
by the Required Lenders) and Borrower (unless such notice is waived by Borrower) and without any notice to the Bank Product Providers. If Agent resigns under this Agreement, the Required Lenders shall be entitled, with (so long as no Event of
Default has occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for the Lenders (and the Bank Product Providers). If, at the time that Agent’s
resignation is effective, it is acting as the Issuing Lender or the Swing Lender, such resignation shall also operate to effectuate its resignation as the Issuing Lender or the Swing Lender, as applicable, and it shall automatically be relieved of
any further obligation to issue Letters of Credit, to cause the Underlying Issuer to issue Letters of Credit, or to make Swing Loans. If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint,
after consulting with the Lenders and Borrower, a successor Agent. If Agent has materially breached or failed to perform any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing to remove and replace
Agent with a successor Agent from among the Lenders with (so long as no Event of Default has occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event, upon the
acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s
appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Agent under this Agreement. If no successor Agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless
thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent as provided for above. 
  

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 15.10 Lender in Individual Capacity. Any Lender and its respective Affiliates
may make loans to, issue letters of credit for the account of, accept deposits from, provide Bank Products to, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with
Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group (or the Bank Product Providers).
The other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, such Lender and its respective Affiliates may receive
information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the
Lenders, and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which
waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such information to them. 
 15.11 Collateral and Guaranty Matters. 
 (a) The
Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably authorize) Agent to release any Lien on any Collateral (i) upon the termination of the Commitments
and payment and satisfaction in full by Borrower of all Obligations, (ii) constituting property being sold or disposed of if a release is required or desirable in connection therewith and if Borrower certifies to Agent that the sale or
disposition is permitted under this Agreement or any other Loan Document (and Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property in which Borrower or its Restricted Subsidiaries owned no
interest at the time Agent’s Lien was granted nor at any time thereafter, (iv) to the extent expressly required by the Intercreditor Agreement, or (v) constituting property leased to Borrower or its Subsidiaries under a lease that has
expired or is terminated in a transaction permitted under this Agreement. The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent, based upon the
instruction of the Required Lenders, to credit bid and purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted by Agent under the provisions of the Code, including
pursuant to Sections 9-610 or 9-620 of the Code, at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code, or at any sale or foreclosure conducted by Agent (whether by judicial
action or otherwise) in accordance with applicable law. Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y) if the release is of all or
substantially all of the Collateral, all of the Lenders (without requiring the authorization of the Bank Product Providers), or (z) otherwise, the Required Lenders (without requiring the authorization of the Bank Product Providers). Upon
request by Agent or Borrower at any time, the Lenders will (and is so requested, the Bank Product Providers will) confirm in writing Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this
Section 15.11; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that, in Agent’s reasonable opinion, would expose Agent to liability or create any
obligation or entail any consequence other than the release of such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those
expressly being released) upon (or obligations of Borrower in respect of) all interests retained by Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. The Lenders further hereby
irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent, at its option and in its sole discretion, to subordinate any Lien granted to or held by Agent under any Loan
Document to the holder of any Permitted Lien on such property if such Permitted Lien secures Permitted Purchase Money Indebtedness. 
  

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 (b) Agent shall have no obligation whatsoever to any of the Lenders (or the
Bank Product Providers) to assure that the Collateral exists or is owned by Borrower or its Subsidiaries or is cared for, protected, or insured or has been encumbered, or that Agent’s Liens have been properly or sufficiently or lawfully
created, perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and
powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent
may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender (or Bank
Product Provider) as to any of the foregoing, except as otherwise provided herein. 
 (c) The Lender Group hereby
irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably authorize) Agent to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a
Restricted Subsidiary as a result of a transaction permitted hereunder. Upon request by Agent or Borrower, the Lender Group and, by entering into a Bank Product Agreement, the Bank Product Providers agree that they, will confirm in writing
Agent’s authority to release any such Guarantor pursuant to this Section 15.11; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that, in
Agent’s reasonable opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Guarantor without recourse, representation, or warranty, and (2) such release shall not in any
manner discharge, affect, or impair the Obligations or any Liens (other than those expressly so released) and the Agent’s Liens shall automatically attach to the proceeds from any such sale, license, lease, or other dispositions of any such
Collateral. 
 15.12 Restrictions on Actions by Lenders; Sharing of Payments. 
 (a) Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the
extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to Borrower or its Subsidiaries or any deposit accounts of Borrower or its Subsidiaries now or hereafter
maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to
enforce any Loan Document against Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. 
 (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of
Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro
Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds, as applicable,
for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the
Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however, that to the extent that such excess payment received
by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing
party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. 
 15.13 Agency for Perfection. Agent hereby appoints each other Lender (and each Bank Product Provider) as its agent (and each Lender hereby accepts (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to accept) such appointment) for the purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code can be perfected by

  

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possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor shall
deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 
 15.14
Payments by Agent to the Lenders. All payments to be made by Agent to the Lenders (or Bank Product Providers) shall be made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party
may designate for itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof) represents principal, premium, fees, or interest of the Obligations. 
 15.15 Concerning the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to
enter into this Agreement and the other Loan Documents. Each member of the Lender Group agrees (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to agree) that any action taken by Agent in accordance with the
terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of
the Lenders (and such Bank Product Provider). 
 15.16 Audits and Examination Reports; Confidentiality; Disclaimers by
Lenders; Other Reports and Information. By becoming a party to this Agreement, each Lender: 
 (a) is
deemed to have requested that Agent furnish such Lender, promptly after it becomes available, a copy of each field audit or examination report respecting Borrower or its Subsidiaries (each a “Report” and collectively,
“Reports”) prepared by or at the request of Agent, and Agent shall so furnish each Lender with such Reports, 
 (b) expressly agrees and acknowledges that Agent does not (i) make any representation or warranty as to the accuracy of any Report, and (ii) shall not be liable for any information contained in
any Report, 
 (c) expressly agrees and acknowledges that the Reports are not comprehensive audits or
examinations, that Agent or other party performing any audit or examination will inspect only specific information regarding Borrower and its Subsidiaries and will rely significantly upon Borrower’s and its Subsidiaries’ books and records,
as well as on representations of Borrower’s personnel, 
 (d) agrees to keep all Reports and other material,
non-public information regarding Borrower and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with Section 17.9, and 
 (e) without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to
hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection with any loans or other credit
accommodations that the indemnifying Lender has made or may make to Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrower, and (ii) to pay and protect, and
indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and costs) incurred by Agent and any
such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 
 In addition to the foregoing: (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document provided by Borrower or its
Subsidiaries to Agent that has not been contemporaneously provided by Borrower or such Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender, (y) to the extent that

  

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Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from Borrower or its Subsidiaries, any Lender may, from time to time, reasonably request
Agent to exercise such right as specified in such Lender’s notice to Agent, whereupon Agent promptly shall request of Borrower the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from Borrower or
such Subsidiary, Agent promptly shall provide a copy of same to such Lender, and (z) any time that Agent renders to Borrower a statement regarding the Loan Account, Agent shall send a copy of such statement to each Lender. 
 15.17 Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter may have been or
will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and not joint)
obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount of their respective Commitments.
Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible
for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in
Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to Borrower or any other Person for any failure by any other Lender (or Bank
Product Provider) to fulfill its obligations to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or on its behalf, nor to take any other action on behalf of such Lender (or Bank Product Provider) hereunder
or in connection with the financing contemplated herein. 
  

	16.	WITHHOLDING TAXES. 

 (a) All payments made by Borrower hereunder or under any note or other Loan Document will be made without setoff, counterclaim, or other defense. In addition, all such payments will be made free and clear
of, and without deduction or withholding for, any present or future Taxes, and in the event any deduction or withholding of Taxes is required, Borrower shall comply with the next sentence of this Section 16(a). If any Taxes are so levied
or imposed, Borrower agrees to pay the full amount of such Taxes and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this
Section 16(a) after withholding or deduction for or on account of any Taxes, will not be less than the amount provided for herein; provided, however, that Borrower shall not be required to increase any such amounts if the
increase in such amount payable results from Agent’s or such Lender’s own willful misconduct or gross negligence (as finally determined by a court of competent jurisdiction). Borrower will furnish to Agent as promptly as possible after the
date the payment of any Tax is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by Borrower. 
 (b) Borrower agrees to pay any present or future stamp, value added or documentary taxes or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or
from the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or any other Loan Document. 
 (c) If a Lender or Participant claims an exemption or reduction from United States withholding tax, such Lender or Participant agrees with and in favor of Agent, to deliver to Agent (or, in the case of a
Participant, to the Lender granting the participation only) one of the following before receiving its first payment under this Agreement: 
 (i) if such Lender or Participant claims an exemption from United States withholding tax pursuant to its portfolio interest exception, (A) a statement of the Lender or Participant, signed

  

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under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder of Borrower (within the meaning of
Section 871(h)(3)(B) of the IRC), or (III) a controlled foreign corporation related to Borrower within the meaning of Section 864(d)(4) of the IRC, and (B) a properly completed and executed IRS Form W-8BEN or Form W-8IMY (with proper
attachments); 
 (ii) if such Lender or Participant claims an exemption from, or a reduction of, withholding tax
under a United States tax treaty, a properly completed and executed copy of IRS Form W-8BEN; 
 (iii) if such
Lender or Participant claims that interest paid under this Agreement is exempt from United States withholding tax because it is effectively connected with a United States trade or business of such Lender, a properly completed and executed copy of
IRS Form W-8ECI; 
 (iv) if such Lender or Participant claims that interest paid under this Agreement is exempt
from United States withholding tax because such Lender or Participant serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (with proper attachments); or 
 (v) a properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under the
IRC or other laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup withholding tax. 
 Each Lender or Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the
participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 
 (d) If a Lender or Participant claims an exemption from withholding tax in a jurisdiction other than the United States, such Lender or such Participant agrees with and in favor of Agent, to deliver to
Agent (or, in the case of a Participant, to the Lender granting the participation only) any such form or forms, as may be required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup
withholding tax before receiving its first payment under this Agreement, but only if such Lender or such Participant is legally able to deliver such forms, provided, however, that nothing in this Section 16(d) shall require
a Lender or Participant to disclose any information that it deems to be confidential (including without limitation, its tax returns). Each Lender and each Participant shall provide new forms (or successor forms) upon the expiration or obsolescence
of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction.

 (e) If a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or
Participant sells, assigns, grants a participation in, or otherwise transfers all or part of the Obligations of Borrower to such Lender or Participant, such Lender or Participant agrees to notify Agent (or, in the case of a sale of a participation
interest, to the Lender granting the participation only) of the percentage amount in which it is no longer the beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage amount, Agent will treat such
Lender’s or such Participant’s documentation provided pursuant to Section 16(c) or 16(d) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation, pursuant to
Section 16(c) or 16(d), if applicable. Borrower agrees that each Participant shall be entitled to the benefits of this Section 16 with respect to its participation in any portion of the Commitments and the Obligations
so long as such Participant complies with the obligations set forth in this Section 16 with respect thereto. 
 (f) If a Lender or a Participant is entitled to a reduction in the applicable withholding tax, Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any
interest payment to such Lender or such Participant an amount equivalent to the applicable withholding tax after taking into account such reduction. If the forms or other documentation required by subsection (c) or

  

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(d) of this Section 16 are not delivered to Agent (or, in the case of a Participant, to the Lender granting the participation), then Agent (or, in the case of a Participant, to
the Lender granting the participation) then Agent may withhold from any interest payment to such Lender or such Participant not providing such forms or other documentation an amount equivalent to the applicable withholding tax. 
 (g) If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent (or,
in the case of a Participant, to the Lender granting the participation) did not properly withhold tax from amounts paid to or for the account of any Lender or any Participant due to a failure on the part of the Lender or any Participant (because the
appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such Participant failed to notify the Lender granting the participation) of a change in circumstances which rendered the exemption from,
or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or, in the case of a Participant, such Participant shall indemnify and hold the Lender granting the participation harmless)
for all amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the
amounts payable to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this Section 16, together with all costs and expenses (including attorneys fees and expenses). The obligation of the Lenders
and the Participants under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent. 
 (h) If Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid
additional amounts pursuant to this Section 16, so long as no Default or Event of Default has occurred and is continuing, it shall promptly notify Borrower and promptly pay over such refund to Borrower (but only to the extent of payments
made, or additional amounts paid, by Borrower under this Section 16 with respect to Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such a refund); provided, that Borrower, upon the request of Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges, imposed by the
relevant Governmental Authority, other than such penalties, interest or other charges imposed as a result of the willful misconduct or gross negligence of Agent hereunder) to Agent or such Lender in the event Agent or such Lender is required to
repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this Section 16 shall not be construed to require Agent or any Lender to make available its tax returns (or any other
information which it deems confidential) to Borrower or any other Person. 
  

	17.	GENERAL PROVISIONS. 

 17.1
Effectiveness. This Agreement shall be binding and deemed effective when executed by Borrower, Agent, and each Lender whose signature is provided for on the signature pages hereof. 
 17.2 Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled
by the context, everything contained in each Section applies equally to this entire Agreement. 
 17.3 Interpretation.
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and
shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 
 17.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of
any specific provision. 
  

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 17.5 Bank Product Providers. Each Bank Product Provider shall be deemed a
third party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting. Each Bank Product Provider, by virtue of providing a Bank Product, shall
automatically be deemed to have accepted the benefits of the Loan Documents. Agent hereby agrees to act as agent for such Bank Product Providers and, by virtue of providing a Bank Product, each Bank Product Provider shall be automatically deemed to
have appointed Agent as its agent; it being understood and agreed that the rights and benefits of each Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and
security interests (and, if applicable, guarantees) granted to Agent and the right to share in payments and collections out of the Collateral as more fully set forth herein. In addition, each Bank Product Provider, by virtue of providing a Bank
Product, shall be automatically deemed to have agreed that Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release reserves in respect of the Bank Product Obligations and that if reserves are established
there is no obligation on the part of Agent to determine or insure whether the amount of any such reserve is appropriate or not. In connection with any such distribution of payments and collections, Agent shall be entitled to assume no amounts are
due or owing to any Bank Product Provider unless such Bank Product Provider has provided a written certification to Agent as to the amounts that are due and owing to it and such written certification is received by Agent a reasonable period of time
prior to the making of such distribution. 
 17.6 Debtor-Creditor Relationship. The relationship between the
Lenders and Agent, on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. No member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or
in connection with the Loan Documents or the transactions contemplated thereby, and there is no agency or joint venture relationship between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any
Loan Document or any transaction contemplated therein. 
 17.7 Counterparts; Electronic Execution. This Agreement
may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the
same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering
an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect
the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 
 17.8 Revival and Reinstatement of Obligations. If the incurrence or payment of the Obligations by Borrower or Guarantor or the transfer to the Lender Group of any property should for any
reason subsequently be asserted, or declared, to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or
recoverable payments of money or transfers of property (each, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable
advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto,
the liability of Borrower or Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 
 17.9 Confidentiality.  
 (a) Agent, Co-Arrangers,
Co-Syndication Agents, Swing Lender, Issuing Lender and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding Borrower and Borrower’s Subsidiaries, their operations, assets,
and existing and contemplated business plans shall be treated by Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender 
  

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and Lenders in a confidential manner, and shall not be disclosed by Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or Lenders to Persons who are not parties to this
Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to any member of the Lender Group, (ii) to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product
Providers), provided that any such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to, and to treat such information in accordance with, the terms of this Section 17.9, (iii) as may be
required by statute, decision, or judicial or administrative order, rule, or regulation, (iv) as may be agreed to in advance by Borrower or as requested or required by any Governmental Authority pursuant to any subpoena or other legal process,
(v) as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or Lenders), (vi) in
connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided that any such assignee, participant, or pledgee shall have agreed in writing to receive such information hereunder subject to, and
to treat such information in accordance with, the terms of this Section 17.9, (vii) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves
claims related to the rights or duties of such parties under this Agreement or the other Loan Documents and (viii) to the extent necessary or reasonably desirable in connection with the exercise of any right or remedy under this Agreement or
under any other Loan Document. The provisions of this Section 17.9(a) shall survive for two (2) years after the payment in full of the Obligations. 
 (b) Anything in this Agreement to the contrary notwithstanding, Agent may provide information concerning the terms and
conditions of this Agreement and the other Loan Documents to loan syndication and pricing reporting services. 
 (c) Anything in this Agreement or the other Loan Documents to the contrary notwithstanding, in no event shall Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or any Lender issue any press release or other public
announcement regarding this Agreement, the other Loan Documents, Borrower or any of its Restricted Subsidiaries without the prior review and approval of such proposed press release or other public announcement by Borrower. 
 17.10 Lender Group Expenses. Borrower agrees to pay any and all Lender Group Expenses promptly after demand therefor by Agent
and agrees that its obligations contained in this Section 17.10 shall survive payment or satisfaction in full of all other Obligations. 
 17.11 USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
  

 - 62 - 

 17.12 Integration. This Agreement, together with the other Loan Documents and
the Commitment Letter, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. In the event of
any conflict between the terms of the Commitment Letter and the terms of any Loan Document, the terms of the applicable Loan Document shall control. In the event of a direct conflict between the terms and provisions of this Agreement and any other
Loan Document, it is the intention of the parties hereto that both such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot
be resolved as aforesaid, the terms and provisions of this Agreement shall control and govern; provided, however, that the inclusion in any Loan Document of additional obligations on the part of any Loan Party or supplemental rights and remedies in
favor of Agent, in each case in respect of the Collateral, shall not be deemed a conflict with the Credit Agreement. 
 17.13
Acknowledgment of Prior Obligations and Continuation Thereof. Borrower (a) consents to the amendment and restatement of the Original Credit Agreement by this Agreement; (b) acknowledges and agrees that (i) its
Obligations (as defined in the Original Credit Agreement) owing to Agent and Lenders, and (ii) the prior grant or grants of security interests in favor of any of the Agent or the Lender Group or the Bank Product Providers in its properties and
assets, under each “Loan Document” as defined in the Original Credit Agreement (the “Original Loan Documents”), and each Loan Document to which it is a party shall be in respect of the Obligations of Borrower, under this
Agreement and the other Loan Documents; (c) reaffirms (i) all of its Obligations (as defined in the Original Credit Agreement) owing to Agent and Lenders, and (ii) all prior or concurrent grants of security interests in favor of any
of the Agent or the Lender Group or the Bank Product Providers under each Original Loan Document and each Loan Document; and (d) agrees that, except as expressly amended hereby or unless being amended and restated concurrently herewith, each of
the Original Loan Documents to which it is a party is and shall remain in full force and effect. Borrower acknowledges that, as of the Closing Date, under the Original Credit Agreement: (i) the aggregate outstanding principal amount of the
Existing Advances is $28,262,200, (ii) the accrued but unpaid interest and unused line fees on such Existing Advances is $145,207.93, (iii) the outstanding principal amount of the Existing Term Loan is $160,600,000, (iv) the accrued
but unpaid interest on the Existing Term Loan is $462,244.52, (v) the aggregate accrued but unpaid Letter of Credit fees under the Original Credit Agreement is $169,628.33, and (vi) Letter of Credit Usage (as defined in the Original Credit
Agreement) is $17,004,841.03 (in each case, prior to payment thereof, if any, by Borrower on the Closing Date). Borrower hereby confirms and agrees that all outstanding principal, interest and fees (including such accrued and unpaid principal,
interest, and fees set forth in the immediately preceding sentence) and other Obligations (as defined in the Original Credit Agreement) under the Original Credit Agreement immediately prior to the Closing Date shall, to the extent not paid on the
Closing Date, from and after the Closing Date, be, without duplication, Obligations owing and payable pursuant to this Agreement and the other Loan Documents as in effect from time to time, shall accrue interest thereon as specified in this
Agreement, and shall be secured by this Agreement and the other Loan Documents. Borrower hereby further confirms and agrees that all “Letters of Credit” as defined in the Original Credit Agreement which are outstanding on the Closing Date
under the Original Credit Agreement shall become Letters of Credit under this Agreement. Although Borrower has been informed of the matters set forth herein and has acknowledged and agreed to the same, it understands that Agent and Lenders shall
have no obligation to inform it of such matters in the future or to seek its acknowledgement or agreement to future amendments or modifications, and nothing herein shall create such a duty. 
 17.14 No Novation. This Agreement does not extinguish the obligations for the payment of money outstanding under the Original
Credit Agreement or discharge or release the obligations or the liens or priority of any mortgage, pledge, security agreement or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the
obligations outstanding under the Original Credit Agreement, the other Original Loan Documents or instruments securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith.
Nothing expressed or implied in this Agreement shall be construed as a release or other discharge of Borrower or any Guarantor from any of its obligations or liabilities under the Original Credit Agreement or any of the security agreements, pledge
agreements, mortgages, guaranties or other loan documents executed in connection therewith. Borrower

  

 - 63 - 

 
hereby (a) confirms and agrees that each Original Loan Document to which it is a party that is not being amended and restated concurrently herewith is, and shall continue to be, in full
force and effect and is hereby ratified and confirmed in all respects except that on and after the Closing Date, all references in any such Original Loan Document to “the Credit Agreement,” “thereto,” “thereof,”
“thereunder” or words of like import referring to the Original Credit Agreement shall mean the Original Credit Agreement as amended and restated by this Agreement; and (b) confirms and agrees that to the extent that any such Original
Loan Document purports to assign or pledge to any of the Agent or the Lender Group or the Bank Product Providers or to grant to any of the Agent or the Lender Group or the Bank Product Providers a security interest in or lien on, any collateral as
security for the obligations of Borrower or any other Loan Party, as the case may be, from time to time existing in respect of the Original Credit Agreement or the Original Loan Document, such pledge or assignment or grant of the security interest
or lien is hereby ratified and confirmed in all respects with respect to this Agreement and the Loan Documents. 
 17.15
Intercreditor Agreement. EACH MEMBER OF THE LENDER GROUP (A) ACKNOWLEDGES THAT IT HAS RECEIVED A COPY OF THE INTERCREDITOR AGREEMENT, (B) CONSENTS TO THE SUBORDINATION OF LIENS SECURING THE EXCESS FIRST LIEN
OBLIGATIONS (AS DEFINED IN THE INTERCREDITOR AGREEMENT) PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (C) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND (D) AUTHORIZES
AND INSTRUCTS THE AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT AS AGENT AND ON BEHALF OF SUCH PERSON. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE SECOND LIEN CLAIMHOLDERS (AS DEFINED IN THE INTERCREDITOR AGREEMENT) UNDER THE
SECOND LIEN LOAN DOCUMENTS (AS DEFINED IN THE INTERCREDITOR AGREEMENT) TO PERMIT THE INCURRENCE OF INDEBTEDNESS UNDER THIS AGREEMENT AND TO EXTEND CREDIT TO THE BORROWER AND CERTAIN OF ITS SUBSIDIARIES AND SUCH SECOND LIEN CLAIMHOLDERS (AS DEFINED
IN THE INTERCREDITOR AGREEMENT) ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND THE PROVISIONS OF THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS REGARDING THE LIENS AND SECURITY INTERESTS OR THE EXERCISE OF ANY RIGHT OR REMEDY BY THE AGENT OR THE LENDERS WITH RESPECT TO THE COLLATERAL, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 [Signature pages to follow.] 
  

 - 64 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
  

			
	 LANDRY’S RESTAURANTS, INC.,
 a Delaware corporation, as Borrower

		
	By:	 	/s/ Rick H. Liem
	Name:	 	Rick H. Liem
	Title:	 	Executive Vice President and Chief Financial Officer

			
	 WELLS FARGO FOOTHILL, LLC,
 a Delaware limited liability company, as Agent,
Co-Arranger, Co-Syndication Agent and as a Lender

		
	By:	 	/s/ Steve Scott
	Name:	 	Steve Scott
	Title:	 	VP

			
	 JEFFERIES FINANCE LLC,
 a Delaware limited liability company, as
Co-Arranger, Co-Syndication Agent and as a Lender

		
	By:	 	/s/ Illegible
	Name:	 	Illegible
	Title:	 	Managing Director

			
	JEFFERIES LEVERAGE CREDIT PRODUCTS, LLC, as a Lender
		
	By:	 	/s/ Illegible
	Name:	 	Illegible
	Title:	 	SVP

			
	PHOENIX EDGE SERIES FUND; PHOENIX MULTI-SECTOR FIXED INCOME SERIES, as a Lender
		
	By:	 	/s/ Kyle Jennings
	Name:	 	Kyle Jennings
	Title:	 	Managing Director
	
	VIRTUS MULTI-SECTOR FIXED INCOME FUND, as a Lender
		
	By:	 	/s/ Kyle Jennings
	Name:	 	Kyle Jennings
	Title:	 	Managing Director
	
	VIRTUS MULTI-SECTOR SHORT TERM BOND FUND, as a Lender
		
	By:	 	/s/ Kyle Jennings
	Name:	 	Kyle Jennings
	Title:	 	Managing Director
	
	VIRTUS SENIOR FLOATING RATE FUND, as a Lender
		
	By:	 	/s/ Kyle Jennings
	Name:	 	Kyle Jennings
	Title:	 	Managing Director

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Katherine L. Stewart
	Name:	 	Katherine L. Stewart
	Title:	 	Authorized Signatory

			
	 POST STRATEGIC MASTER FUND, LP
 As a Lender
 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner
	
	 POST TOTAL RETURN MASTER FUND, LP
 As a Lender
 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner
	
	 ROYAL MAIL PENSION PLAN
 As a Lender
 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner
	
	 VIRGINIA RETIREMENT SYSTEM
 As a Lender
 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner

			
	 NEW MEXICO EDUCATIONAL RETIREMENT BOARD
 As a Lender
 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner
	
	 POST LEVERAGED LOAN MASTER FUND, LP As a Lender
 By: Beach Point Advisors, LLC
 Its General Partner

 By: Beach Point Capital Management, LP
 Its Investment Manager

		
	By:	 	/s/ Carl H. Goldsmith
	Name:	 	Carl H. Goldsmith
	Title:	 	Managing Partner

					
	THE HOSPITAL FOR SICK CHILDREN PENSION TRUST FUND, as a Lender
		
	By:	 	RBC DEXIA INVESTOR SERVICES TRUST, solely as Trustee
			
	By:	 	/s/ Kaye Martin	 	/s/ Brian Bagley
	Name:	 	Kaye Martin	 	Brian Bagley
	Title:	 	Manager, Client Service	 	Client Service Manager
		 	[Illegible] Dexia Investor Services Trust
	
	Investment Manager:

					
		
		 	THE HOSPITAL FOR SICK CHILDREN EMPLOYEE PENSION PLAN, as a Lender
			
		 	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Manager
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
		
		 	THE HOSPITAL FOR SICK CHILDREN FOUNDATION, as a Lender
			
		 	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Manager
			
		 	By:	 	/s/ Kaitlin Trinh
		 	Name:	 	Kaitlin Trinh
		 	Title:	 	Director
		
		 	SEI INSTITUTIONAL MANAGED TRUST – HIGH YIELD BOND FUND, as a Lender
			
		 	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Sub-Advisor
			
		 	By:	 	/s/ Kaitlin Trinh
		 	Name:	 	Kaitlin Trinh
		 	Title:	 	Director

			
	SEI INSTITUTIONAL INVESTMENTS TRUST–HIGH YIELD BOND FUND, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Sub-Advisor
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director
	
	ORPHEUS FUNDING LLC, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Manager
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director
	
	SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF DOUGLAS COUNTY SCHOOL DISTRICT 0001, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Investment Advisor
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director
	
	NZC GUGGENHEIM MASTER FUND LIMITED, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Manager
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

			
	BDIFS LLC, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Investment Manager
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director
	
	BDIF LLC, as a Lender
		
	By:	 	GUGGENHEIM INVESTMENT MANAGEMENT, LLC, as Investment Manager
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

			
	 JEFFERIES FINANCE CP FUNDING LLC,
 a Delaware limited liability company, as a Lender

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director
	
	 JFIN CLO 2007 LTD.
 By: Jefferies Finance LLC as Collateral Manager

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director
	
	 BABSON CAPITAL LOAN PARTNERS I, L.P.
 By: Babson Capital Management LLC as Investment Manager

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director
	
	 HOLLY INVESTMENT CORPORATION
 By: Babson Capital Management LLC as Investment Manager

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director
	
	 BILL & MELINDA GATES FOUNDATION TRUST
 By: Babson Capital Management LLC as Investment Adviser

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director

			
	 XELO VII LIMITED
 By: Babson Capital Management LLC as Sub-Adviser

		
	By:	 	/s/ Marcus Sowell
	Name:	 	Marcus Sowell
	Title:	 	Managing Director

			
	 SWISS CAPITAL PRO LOAN LIMITED
 For and on Behalf of BNY Mellon Trust Company (Ireland) Limited under power of attorney

		
	By:	 	/s/ Illegible
	Name:	 	Illegible
	Title:	 	Assistant Vice President

			
	 Concordia Partners, L.P.,
 as a Lender

	
	/s/ Robert J. Capozzi
	By: Robert J. Capozzi
	Portfolio Manager and co-head of Distressed Trading

			
	 Concordia Institutional Multi-Strategy Ltd.,
 as a Lender

	
	/s/ Robert J. Capozzi
	By: Robert J. Capozzi
	Portfolio Manager and co-head of Distressed Trading

			
	 Concordia MAC29 Ltd.,
 as a Lender

	
	/s/ Robert J. Capozzi
	By: Robert J. Capozzi
	Portfolio Manager and co-head of Distressed Trading

			
	SEAWALL OC FUND, LTD., as a Lender
		
	By:	 	SEAWALL CAPITAL MANAGEMENT, LLC, as investment advisor to the Fund
		
	By:	 	/s/ Eli T. Ullum
	Name:	 	Eli T. Ullum
	Title:	 	Managing Partner
	
	SEAWALL CREDIT VALUE MASTER FUND, LTD., as a Lender
		
	By:	 	SEAWALL CAPITAL MANAGEMENT, LLC, as investment advisor to the Fund
		
	By:	 	/s/ Eli T. Ullum
	Name:	 	Eli T. Ullum
	Title:	 	Managing Partner

			
	 UBS Loan Finance LLC,
 as a Lender

		
	By:	 	/s/ Irja R. Otsa
	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
		
	By:	 	/s/ Marie Haddad
	Name:	 	Marie Haddad
	Title:	 	Associate Director

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as a Lender

		
	By:	 	/s/ MaryKay Coyle
	Name:	 	MaryKay Coyle
	Title:	 	Managing Director
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as a Lender

		
	By:	 	/s/ Scottye D. Lindsey
	Name:	 	Scottye D. Lindsey
	Title:	 	Director

 [SIGNATURE
PAGE TO CREDIT AGREEMENT]11 5/8% Senior Secured Notes Due 2015 Purchase Agreement

 Exhibit 10.56 
 EXECUTION VERSION 
 $406,500,000 
 LANDRY’S RESTAURANTS, INC. 
 11 5/8% Senior Secured Notes due 2015 
 PURCHASE AGREEMENT 
 November 17, 2009 
 JEFFERIES & COMPANY, INC. 
 520 Madison Avenue 
 New York, New York 10022 
 UBS SECURITIES LLC 
 299 Park Avenue 
 New York, New York 10171

 DEUTSCHE BANK SECURITIES INC. 
 60
Wall Street 
 New York, New York 10005 
 Ladies and Gentlemen: 
 Landry’s Restaurants, Inc., a Delaware corporation (the “Company”), and each of the
Guarantors (as hereinafter defined) hereby agree with you as follows: 
 1. Issuance of Notes.
Subject to the terms and conditions herein contained, the Company proposes to issue and sell to the initial purchasers listed on Schedule I hereto (the “Initial Purchasers”) $406,500,000 aggregate principal amount of its
11 5/8% Senior Secured Notes due 2015 (the
“Notes”). The Notes will be issued pursuant to an indenture (the “Indenture”), to be dated as of November 30, 2009, by and among the Company, the Guarantors and Deutsche Bank Trust Company Americas, as trustee
(in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”). Capitalized terms used, but not defined herein, shall have the meanings set forth in the “Description
of Notes” section of the Final Offering Memorandum (as hereinafter defined). 
 The Notes will be offered and
sold to the Initial Purchasers pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”). Upon original issuance thereof, and until such time as the same is no
longer required under the applicable requirements of the Securities Act, the Notes shall bear the legends set forth in the “Notice to Investors” section of the Final Offering Memorandum (defined below). The “Final Offering
Memorandum” shall mean the final offering memorandum, dated the date hereof, including the information incorporated by reference therein. The Company has prepared a preliminary offering memorandum, dated November 9, 2009, including the
information incorporated by reference therein (the “Preliminary Offering Memorandum”) and a pricing term sheet attached hereto as Schedule I (the “Pricing Supplement”), which includes pricing terms and other
information relating to the purchase and sale of the Notes by the Initial Purchasers (the “Offering”). The term “Offering Memorandum” means collectively the Preliminary Offering Memorandum (as supplemented by the
Pricing Supplement) and the Final Offering Memorandum, and any amendment or supplement to any such document, including exhibits and schedules thereto, including all information incorporated by reference therein. The Preliminary Offering Memorandum
and the Pricing Supplement are together referred to herein as the “Pricing Disclosure Package.” 

 On the Closing Date and concurrently with the consummation of this Offering, the Company
will enter into an amended senior secured credit facility among the Company, the Guarantors, Wells Fargo Foothill, LLC, as administrative agent, co-lead arranger and co-syndication agent, Jefferies Finance LLC, as co-lead arranger and co-syndication
agent, and the lenders party thereto, which will provide for a $75.0 million senior secured revolving credit facility and a $165.6 million senior secured term loan facility (as amended, supplemented, modified, extended or restated from time to time,
the “Amended and Restated Credit Agreement”). 
 The proceeds of the Notes will be used (a) to redeem and
repay all of the Company’s issued and outstanding 14% senior secured notes due 2011 (the “14% Notes”), (b) to pay related fees and expenses and (c) for general corporate purposes or, if consummated, for the proposed
acquisition of the Company by affiliates of Tilman J. Fertitta. 
 2. Terms of Offering. The Initial Purchasers
have advised the Company, and the Company understands, that the Initial Purchasers will make offers to sell (the “Exempt Resales”) some or all of the Notes purchased by the Initial Purchasers hereunder on the terms set forth in the
Pricing Disclosure Package and the Final Offering Memorandum, as amended or supplemented, solely to persons (the “Subsequent Purchasers”) whom the Initial Purchasers reasonably believe to be (a) “qualified institutional
buyers” as defined in Rule 144A under the Securities Act (“QIBs”), as such rule may be amended from time to time, and (b) non-U.S. persons permitted to purchase the Notes in offshore transactions in reliance upon
Regulation S under the Securities Act (“Regulation S Persons”), as such rule may be amended from time to time. 
 Pursuant to the Indenture, each Domestic Restricted Subsidiary of the Company shall fully and unconditionally guarantee to each holder of the Notes and the Trustee, on a senior secured basis, the payment and performance of the
Company’s Obligations under the Indenture and the Notes (each such subsidiary being referred to herein as a “Guarantor” and each such guarantee being referred to herein as a “Guarantee”). 
 Pursuant to the terms of the Indenture and the Collateral Agreements, all of the Company’s and each Guarantor’s obligations under
the Indenture, the Notes and the Guarantees will be secured by a Lien on substantially all the assets of the Company and the Guarantors; provided, however, that pursuant to the terms of the Intercreditor Agreement, such Lien will be
contractually subordinated to a Lien on the Collateral that secures all Obligations under the Amended and Restated Credit Agreement and certain other permitted indebtedness. 
 Holders of the Notes will have the registration rights set forth in the registration rights agreement applicable to the Notes (the
“Registration Rights Agreement”), to be executed on and dated as of the Closing Date, in a form reasonably acceptable to the Initial Purchasers in conformity in all material respects with the description of such registration rights
contained in the Pricing Disclosure Package and the Final Offering Memorandum. Pursuant to the Registration Rights Agreement, the Company and the Guarantors will agree, among other things, to file with the SEC (i) a registration statement under
the Securities Act relating to the 11 % Senior Secured Notes due 2015 (the “Exchange Notes”), which shall be identical to the Notes (except that the Exchange Notes shall have been registered pursuant to such registration
statement and will not be subject to restrictions on transfer or contain additional interest provisions) to be offered in exchange for the Notes (such offer to exchange being referred to as the “Exchange Offer”), and/or
(ii) under certain circumstances, a shelf registration statement pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”) relating to the resale by certain holders 
  

 2 

 
of the Notes. If required under the Registration Rights Agreement, the Company will issue Exchange Notes and cause the Guarantors to issue exchange guarantees to the Initial Purchasers (the
“Private Exchange Notes” and “Private Exchange Guarantees,” respectively). If the Company fails to satisfy its obligations under the Registration Rights Agreement, it will be required to pay additional interest to
the holders of the Notes under certain circumstances in accordance with the terms of the Registration Rights Agreement. 
 This
Agreement, the Indenture, the Collateral Agreements, the Registration Rights Agreement, the Notes, the Exchange Notes, the Private Exchange Notes, the Guarantees and the Private Exchange Guarantees are collectively referred to herein as the
“Transaction Documents.” The Offering, the entry into the Amended and Restated Credit Agreement and the application of the proceeds therefrom as described in the Pricing Disclosure Package and the Offering Memorandum and the
issuance and sale of the Notes in accordance with this Agreement are collectively referred to herein as the “Transactions”. 
 3. Purchase, Sale and Delivery. On the basis of the representations, warranties, agreements and covenants contained herein and subject to the terms and conditions herein set forth, the
Company agrees to issue and sell to the Initial Purchasers, and each of the Initial Purchasers agrees, severally and not jointly, to purchase from the Company the respective principal amount of the Notes set forth opposite such Initial
Purchaser’s name in Schedule I hereto at a purchase price of 96.33542625% of the aggregate principal amount thereof. Delivery to the Initial Purchasers of and payment for the Notes shall be made at a closing (the
“Closing”) to be held at 10:00 a.m., New York time, on November 30, 2009 (the “Closing Date”) at the New York offices of Proskauer Rose LLP. 
 The Company shall deliver to the Initial Purchasers one or more certificates representing the Notes in global form, registered in such names
and denominations as the Initial Purchasers may request against payment by the Initial Purchasers of the purchase price therefor (net of expenses of the Initial Purchasers that are reimburseable by the Company) by immediately available Federal funds
bank wire transfer to such bank account or accounts as the Company shall designate to the Initial Purchasers at least two business days prior to the Closing Date. The certificates representing the Notes in definitive form shall be made available to
the Initial Purchasers for inspection at the New York offices of Proskauer Rose LLP (or such other place as shall be reasonably acceptable to the Initial Purchasers) not later than 10:00 a.m. one business day immediately preceding the Closing Date.
Notes to be represented by one or more definitive global securities in book-entry form will be deposited on the Closing Date, by or on behalf of the Company, with The Depository Trust Company (“DTC”) or its designated custodian, and
registered in the name of Cede & Co. 
 4. Representations and Warranties of the Company and the
Guarantors. The Company and the Guarantors jointly and severally represent and warrant to the Initial Purchasers that, as of the date hereof and as of the Closing Date: 
 (a) No Material Misstatement or Omission. The Pricing Disclosure Package, and any amendment or supplement thereto as
of the date thereof and at all times subsequent thereto up to the Closing Date and the Final Offering Memorandum and any amendment or supplement thereto as of the date thereof and at all times subsequent thereto up to the Closing Date, do not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except that the representations and warranties set
forth in this Section 4(a) do not apply to statements or omissions made in reliance upon and in conformity with the Initial Purchasers Information (as defined in Section 11). No injunction or order has been issued and no
proceeding is pending or threatened, that either (i) asserts that any of the Transactions is subject to the registration requirements of the Securities Act or (ii) would prevent or suspend the issuance or

  

 3 

 
sale of any of the Notes or the use of the Pricing Disclosure Package, the Final Offering Memorandum or any amendment or supplement thereto, in any jurisdiction. The Pricing Disclosure Package
and Final Offering Memorandum, as of their respective dates, contained all the information specified in Rule 144A(d)(4) of the Securities Act. 
 (b) Additional Written Communication. The Company has not prepared, made, used, authorized, approved or distributed and will not prepare, make, use, authorize, approve or distribute any written
communication that constitutes an offer to sell or solicitation of an offer to buy the Notes (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i) and (ii) below) a
“Company Additional Written Communication”) other than (i) the Pricing Disclosure Package, (ii) the Final Offering Memorandum, and (iii) any electronic road show or other written communications, in each case used in
accordance with Section 5(c). Each such Company Additional Written Communication, when taken together with the Pricing Disclosure Package, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that this representation, warranty and agreement shall not apply to statements in or
omissions from each such Company Additional Written Communication made in reliance upon and in conformity with information furnished to the Company in writing by any of the Initial Purchasers expressly for use in any Company Additional Written
Communication. 
 (c) Subsidiaries. Each corporation, partnership, limited liability company or other
entity in which the Company, directly or indirectly through any of its subsidiaries, owns more than 50% of any class of equity securities or interests is listed on Schedule II attached hereto (the “Subsidiaries”). Each
Subsidiary that is an Unrestricted Subsidiary has an asterisk (“*”) next to its name on such schedule. 
 (d) Incorporation and Good Standing. Each of the Company and its Subsidiaries (i) has been duly organized or formed, as the case may be, is validly existing and, is in good standing under the laws of its jurisdiction of
organization, (ii) has all requisite corporate, limited liability company or partnership power and authority, as applicable, to carry on its business and to own, lease and operate its properties and assets as currently being operated, and
(iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation, limited liability company, partnership or other entity as the case may be, authorized to do business in each jurisdiction in which the nature
of such businesses or the ownership or leasing of such properties requires such qualification, except, in each case, where such failure would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on
(A) the properties, business, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, (B) the ability of the Company or the Guarantors to perform their
obligations in all material respects under any of the Transaction Documents, (C) the enforceability of any Collateral Agreement or the attachment, perfection or priority of any of the Liens or security interests intended to be created under the
Transaction Documents, (D) the validity or enforceability of any of the Transaction Documents, or (E) the consummation of any of the Transactions (each, a “Material Adverse Effect”). 
 (e) Capitalization and Other Stock Matters. All of the issued and outstanding shares of capital stock or membership
interests in, as the case may be, of the Company and the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable, and were not issued in violation of, and are not subject to, any preemptive or similar rights. The
table in the “Capitalization” section of the Offering Memorandum (including the footnotes thereto) sets forth, as of its date, (i) the actual cash and cash equivalents and capitalization of the Company

  

 4 

 
and the Subsidiaries on a consolidated basis and (ii) the as adjusted cash and cash equivalents and capitalization of the Company and the Subsidiaries on a consolidated basis after giving
effect to the Transactions and the other transactions described in the Offering Memorandum under the section entitled “Use of Proceeds.” Except as set forth in the table in the “Capitalization” section of the
Offering Memorandum, immediately following the Closing neither the Company nor any of the Subsidiaries will have any liabilities, absolute or accrued, contingent or otherwise, other than (A) liabilities that are reflected in the Financial
Statements (as hereinafter defined) or (B) liabilities incurred subsequent to the date thereof in the ordinary course of business, consistent with past practice, or in connection with the Transactions, that would not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect. All of the outstanding shares of capital stock or other equity interests of each of the Subsidiaries are owned, directly or indirectly, by the Company, free and clear of all liens,
security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively, “Liens), except as set forth in the Offering Memorandum and other than those imposed by the
Securities Act and the securities or “Blue Sky” laws of certain domestic or foreign jurisdictions and Liens constituting Permitted Liens. Except as disclosed in the Offering Memorandum, there are no outstanding (A) options, warrants,
subscriptions, calls or other rights for unaffiliated third parties to purchase from the Company or any of the Subsidiaries, (B) agreements, contracts, arrangements or other obligations of the Company or any of the Subsidiaries to issue to, or
to repurchase or otherwise acquire from, any unaffiliated third parties or (C) other rights of unaffiliated third parties to convert any obligation into or exchange any securities for, in the case of each of clauses (A) through (C), any
shares of capital stock of or other ownership or equity interests in the Company or any of the Subsidiaries. 
 (f) Organizational Authority. The Company and each of the Guarantors has all requisite corporate or partnership power and authority, as applicable, to execute, deliver and perform their respective obligations under (i) the
Transaction Documents to which they are a party and (ii) the Amended and Restated Credit Agreement, and to consummate the transactions contemplated thereby; and all necessary corporate or partnership action, as the case may be, has been taken
by the Company and each of the Guarantors to authorize the making, execution, delivery, performance and consummation, as the case may be, of the Transaction Documents and the Amended and Restated Credit Agreement. 
 (g) The Transactions. This Agreement has been duly and validly authorized, executed and delivered by the Company and
the Guarantors. At the Closing Date, the Transaction Documents and the Amended and Restated Credit Agreement will be duly and validly authorized by the Company and the Guarantors. Each of this Agreement, the Indenture, the Collateral Agreements and
the Amended and Restated Credit Agreement, when executed and delivered by the Company and the Guarantors, will constitute a legal, valid and binding obligation of each of the Company and the Guarantors, enforceable against each of the Company and
the Guarantors in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or hereafter in effect
relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. 
 (h) The Notes and Exchange Notes. The Notes, when issued, will be in the form contemplated by the Indenture. When
executed and delivered by the Company, the Guarantors and the Trustee, the Indenture will meet the requirements for qualification under the Trust Indenture Act of 1939, as amended (the “TIA”). At the Closing Date, the Notes, the
Exchange Notes and the Private Exchange Notes will have each been duly and validly authorized by the

  

 5 

 
Company and, in the case of the Notes, when delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement and the Indenture and authenticated by the Trustee,
will have been duly executed, authenticated, issued and delivered and will be legal, valid and binding obligations of the Company, entitled to the benefit of the Indenture, the Registration Rights Agreement and the Collateral Agreements, and
enforceable against the Company in accordance with their terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or
hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. The
Exchange Notes have been, or on or before the Closing Date will be, duly and validly authorized for issuance by the Company, and when issued, authenticated an delivered by the Company in accordance with the terms of the Registration Rights
Agreement, the Exchange Offer and the Indenture, the Exchange Notes will be legally binding and valid obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, except as
the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or hereafter in effect relating to creditors’ rights generally and
(ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. 
 (i) The Guarantees and Exchange Guarantees. The Guarantees, when issued, will be in the form contemplated by the
Indenture. At the Closing Date, the Guarantees will have been duly and validly authorized by the Guarantors and, when executed by the Guarantors, will have been duly executed, issued and delivered and will be legal, valid and binding obligations of
the Guarantors, entitled to the benefit of the Indenture, the Registration Rights Agreement and the Collateral Agreements, and enforceable against the Guarantors in accordance with their terms, except as the enforceability thereof may be limited by
(i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether
applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. The guarantees of the Exchange Notes have been duly and validly authorized by each of the Guarantors and, when the Exchange
Notes are issued, authenticated by the Trustee and delivered in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture, will be legally binding and valid obligations of the Guarantors, enforceable
against each of them in accordance with their terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. 
 (j) Registration Rights Agreement. At the Closing Date, the Registration Rights Agreement will be duly and validly
authorized by the Company and the Guarantors. The Registration Rights Agreement, when executed by the Company and the Guarantors, will constitute a legal, valid and binding obligation of the Company and the Guarantors, and enforceable against the
Company and the Guarantors in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, fraudulent conveyance and other laws now or hereafter
in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefore may be brought. No holder of
securities of the Company or any of the Subsidiaries will be entitled to have such securities registered under the registration statements required to be filed by the Company and the Guarantors with respect to the Notes pursuant to the Registration
Rights Agreement. 
  

 6 

 (k) No Violations. Neither the Company nor any of its Subsidiaries is
(i) in violation of its certificate of incorporation, by-laws or similar organizational documents (the “Charter Documents”), (ii) in violation of any federal, state, local or foreign statute, law (including, without
limitation, common law) or ordinance, or any judgment, decree, rule, regulation or order (collectively, “Applicable Law”) of any federal, state, local and other governmental authority, governmental or regulatory agency or body,
court, arbitrator or self-regulatory organization, domestic or foreign (each, a “Governmental Authority”) applicable to any of them or any of their respective properties or assets, or (iii) in breach of the terms or provisions
of or in default under any bond, debenture, note or other evidence of indebtedness, indenture, mortgage, deed of trust, lease or any other agreement or instrument to which any of them is a party or by which any of them or their respective property
or assets are or may be bound (collectively, “Applicable Agreements”), except with respect to (ii) and (iii) above for such violations, breaches or defaults that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. All Applicable Agreements material to the Company and its Subsidiaries are in full force and effect and are legal, valid and binding obligations of the Company or any of its Subsidiaries, as the case may
be. There exists no condition that, with the passage of time or otherwise, would constitute (a) a violation of the Charter Documents or Applicable Laws, (b) a breach of or default under any Applicable Agreement, or (c) result in the
imposition of any penalty or the acceleration of any indebtedness, except with respect to (b) and (c) above, that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (l) No Conflict. Neither the execution, delivery or performance of the Transaction Documents nor the consummation of
any transactions contemplated therein will violate or constitute a breach of or a default (with the passage of time or otherwise) under, require the consent of any person (other than consents already obtained and in full force and effect and
consents described under Section 4(p)) under, result in the imposition of a Lien on any properties or assets of the Company or any of its Subsidiaries (except for Liens pursuant to the Collateral Agreements), or result in an acceleration
of indebtedness under or pursuant to (i) the Charter Documents, (ii) any Applicable Agreement, or (iii) any Applicable Law. Immediately after consummation of the Offering and the Transactions, no Default or Event of Default under the
Notes, the Indenture or the Amended and Restated Credit Agreement will exist. 
 (m) Accurate Description.
To the extent described in the Pricing Disclosure Package and the Final Offering Memorandum, when executed and delivered, the Transaction Documents and the Amended and Restated Credit Agreement will conform in all material respects to the
descriptions thereof in the Pricing Disclosure Package and the Final Offering Memorandum. 
 (n) Incorporation
by Reference. Item 11 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 incorporated by reference into the Offering Memorandum (the “Incorporated Information”) complies in all
material respects with all applicable requirements of the Exchange Act, including the rules and regulations promulgated thereunder, and the Incorporated Information does not and (as amended or supplemented, if amended or supplemented) will not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of circumstances under which they were made, not misleading. 
  

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 (o) Summaries of Certain Information. The statements set forth in the
Offering Memorandum under the captions “Description of Notes,” “Description of Certain Indebtedness,” “Regulatory Environment” and “Certain U.S. Federal Income Tax Considerations,” insofar as they constitute
summaries of the legal matters, documents or proceedings referred to therein, fairly present, in all material respects, the information called for with respect to such legal matters, documents or proceedings. 
 (p) No Third Party Consents. Except as may be required by the Nevada Gaming Commission with respect to the pledge of
the capital stock of Landry’s Gaming, Inc., no consent, approval, authorization or order of any Governmental Authority, or third party is required for the issuance and sale by the Company of the Notes to the Initial Purchasers, the issuance of
the Guarantee by the Guarantors, or the consummation by the Company and the Guarantors of the other transactions contemplated by the Transaction Documents, except such as have been obtained and such as may be required under state securities or
“Blue Sky” laws in connection with the purchase and resale of the Notes by the Initial Purchasers. 
 (q) No Material Actions or Proceedings. Except as disclosed in the Pricing Disclosure Package and the Final Offering Memorandum, there is no action, claim, suit, demand, hearing, notice of violation or deficiency, or proceeding,
domestic or foreign (collectively, “Proceedings”), pending or, to the knowledge of the Company or any of the Subsidiaries, threatened, that either (i) seeks to restrain, enjoin, prevent the consummation of, or otherwise
challenge any of the Transaction Documents or any of the Transactions contemplated therein, or (ii) would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Neither the Company nor any of the
Subsidiaries are subject to any judgment, order, decree, rule or regulation of any Governmental Authority that would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 
 (r) All Necessary Permits. The Company and the Subsidiaries possess all material licenses, permits, certificates,
consents, orders, approvals and other authorizations from, and has made all material declarations and filings with, all Governmental Authorities presently required or necessary to own or lease, as the case may be, and to operate their respective
properties and to carry on their respective businesses as now or proposed to be conducted as set forth in the Pricing Disclosure Package and the Final Offering Memorandum (“Permits”). Each of the Company and its Subsidiaries has
fulfilled and performed all of its obligations with respect to such Permits and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other material impairment of the
rights of the holder of any such Permit. None of the Company or its Subsidiaries has received any notice of any proceeding relating to revocation or modification of any such Permit, except where such revocation or modification would not,
individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 
 (s) Title to
Properties. Each of the Company and its Subsidiaries has good and marketable title to all real property owned by it, good and valid title to all personal property owned by it and good and valid title to all leasehold estates in real and personal
property being leased by it and, as of the Closing Date, will be free and clear of all Liens (other than Permitted Liens). All Applicable Agreements to which the Company or any of its respective Subsidiaries is a party or by which any of them is
bound are valid and enforceable against each of the Company or such Subsidiary, as applicable, and, to the Company’s knowledge, are valid and enforceable against the other party or parties thereto in accordance with its terms and are in full
force and effect with only such exceptions as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 
  

 8 

 (t) Tax Law Compliance. All Tax returns required to be filed by the
Company and each of the Subsidiaries have been filed and all such returns are true, complete, and correct in all material respects. All material Taxes that are due and payable by the Company and any of its Subsidiaries have been paid other than
those (i) currently payable without penalty or interest or (ii) being contested in good faith and by appropriate proceedings and for which adequate reserves have been established in accordance with generally accepted accounting principles
of the United States, consistently applied (“GAAP”). To the knowledge of the Company there are no actual or proposed material Tax assessments due and payable against the Company or any of the Subsidiaries. The accruals and reserves
on the books and records of the Company and its Subsidiaries in respect of any material Tax liability for any period not finally determined are adequate to meet any assessments of Tax for any such period. For purposes of this Agreement, the term
“Tax” and “Taxes” shall mean all federal, state, local and foreign taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax, or penalties
applicable thereto. 
 (u) Intellectual Property Rights. Each of the Company and its Subsidiaries owns, or
has a valid and enforceable license to use, all patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures),
trademarks, service marks, logos, designs, domain names and trade names (collectively, “Intellectual Property”) used in the conduct of its business as is currently operated except as would not reasonably be expected to have a
Material Adverse Effect, and, as of the Closing Date, such Intellectual Property owned by the Company or its Subsidiaries will be free and clear of all Liens other than Permitted Liens except as would not reasonably be expected to have a Material
Adverse Effect. No claims or notices of any potential claim have been asserted by any person challenging the use of any such Intellectual Property by the Company or any of the Subsidiaries or questioning the validity, effectiveness or enforceability
of the Intellectual Property or any license or agreement related thereto, other than any claims that, if successful, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company, nor to
the Company’s knowledge, any other party to any licenses, sublicenses, and other agreements or arrangements to which the Company is a party and pursuant to which any other Person is authorized to have access to, or use of, Intellectual Property
owned by the Company, or to exercise any other right with regard thereto (“Intellectual Property Licenses”), is in breach or default under such Intellectual Property License, and no event has occurred which with notice or lapse of
time would constitute a breach or default by the Company (or to the Company’s knowledge, any other party thereto) or permit termination by the Company other than any claims that, if successful, would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, the use of such Intellectual Property by the Company or its Subsidiaries will not violate, misappropriate or infringe on the Intellectual Property rights of
any other person, and there are no pending or to the knowledge of the Company, threatened, proceedings or litigation or other adverse claims or communications by any person alleging any such violation, misappropriation or infringement. 

(v) Accounting Systems. Except as disclosed in the Pricing Disclosure Package and the Final Offering Memorandum,
the Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) material transactions are executed in accordance with management’s general or specific authorization, (ii) material
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any material differences. 
  

 9 

 (w) Preparation of the Financial Statements. The audited and
unaudited consolidated financial statements and related notes of the Company and its Subsidiaries contained in the Pricing Disclosure Package and the Final Offering Memorandum (the “Financial Statements”) present fairly the
financial position, results of operations, cash flows and changes in stockholders’ equity of the Company and its consolidated Subsidiaries, as of the respective dates and for the respective periods to which they apply and have been prepared in
accordance with GAAP consistently applied throughout the periods involved (except as otherwise expressly disclosed in the notes thereto) and comply as to form with the applicable accounting requirements of the Securities Act and the related rules
and regulations and has been accurately extracted from the financial statements of the Company and its Subsidiaries. The non-GAAP financial measures set forth in the Pricing Disclosure Package and the Final Offering Memorandum comply with Regulation
G and Item 10(e) of Regulation S-K. The financial data set forth under “Summary Consolidated Historical and Pro Forma Financial Information” and “Selected Consolidated Financial Information”
included in the Pricing Disclosure Package and Final Offering Memorandum has been prepared on a basis consistent with that of the Financial Statements and present fairly the financial position and results of operations of the Company and its
consolidated Subsidiaries as of the respective dates and for the respective periods indicated. The unaudited pro forma financial information contained in the Pricing Disclosure Package and Final Offering Memorandum have been prepared in accordance
with the requirements of Regulation S-X and give effect to assumptions used in the preparation thereof on a reasonable basis and in good faith. All other financial, statistical and market and industry-related data included in the Pricing Disclosure
Package and the Final Offering Memorandum are fairly and accurately presented and are based on or derived from sources that the Company believes to be reliable and accurate in all material respects. 
 (x) No Material Adverse Change. Subsequent to the respective dates as of which information is given in the Pricing
Disclosure Package and the Final Offering Memorandum, except as disclosed therein, (i) neither the Company nor any of its Subsidiaries has incurred any liabilities, direct or contingent, that are material, individually or in the aggregate, to
the Company, or has entered into any transactions not in the ordinary course of business, (ii) there has not been any material decrease in the capital stock or any material increase in long-term indebtedness or any material increase in
short-term indebtedness of the Company, or any payment of or declaration to pay any dividends or any other distribution with respect to the Company or any of its Subsidiaries, and (iii) there has not been any material adverse change in the
properties, business, operations, earnings, assets, liabilities or financial condition of the Company and the Subsidiaries in the aggregate. To the knowledge of the Company after reasonable inquiry, there is no event that is reasonably likely to
occur, which if it were to occur, would, individually or in the aggregate, have a Material Adverse Effect, except as disclosed in the Pricing Disclosure Package and the Final Offering Memorandum. 
 (y) Rating Agencies. No “nationally recognized statistical rating organization” (as such term is defined for
purposes of Rule 436(g)(2) under the Securities Act) (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company retaining any rating assigned to the Company or any of its
Subsidiaries or to any securities of the Company or any of the Subsidiaries, or (ii) has indicated to the Company that it is considering (A) the downgrading, suspension, or withdrawal of, or any review for a possible change that does not
indicate the direction of the possible change in, any rating so assigned, or (B) any change in the outlook for any rating of the Company or any of the Subsidiaries or any securities of the Company or any of the Subsidiaries. 
  

 10 

 (z) Use of Proceeds; Going Concern of the Company. All indebtedness
represented by the Notes is being incurred for the purposes set forth in the Pricing Disclosure Package and Final Offering Memorandum as indicated in the “Use of Proceeds” section of the Pricing Disclosure Package and Final
Offering Memorandum and in good faith. On the Closing Date, after giving pro forma effect to the Offering and the making of the loans and other credit extensions under the Amended and Restated Credit Agreement and the use of proceeds therefrom as
indicated in the “Use of Proceeds” section of the Pricing Disclosure Package and Final Offering Memorandum, the Company and the Guarantors (i) will be Solvent, (ii) will have sufficient capital for carrying on its
business as presently conducted and (iii) will be able to pay its debts as they mature. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value
(or present fair saleable value) of the assets of the Company and each Guarantor is not less than the total amount required to pay the liabilities of the Company and each Guarantor on its total existing debts and liabilities (including contingent
liabilities) as they become absolute and matured; (ii) the Company and each Guarantor is able to pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business;
(iii) assuming consummation of the Offering and issuance of the Notes and Guarantees as contemplated by this Agreement and the Pricing Disclosure Package and Final Offering Memorandum, neither the Company nor any Guarantor is incurring debts or
liabilities beyond its ability to pay as such debts and liabilities mature; (iv) neither the Company nor any Guarantor is engaged in any business or transaction, and does not propose to engage in any business or transaction, for which its
property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Company or any Guarantor is engaged; and (v) neither the Company nor any Guarantor is otherwise
insolvent under the standards set forth in Applicable Laws. 
 (aa) Market Manipulation. The Company has
not and, to its knowledge, no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Notes, (ii) sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, any of the Notes, or (iii) except as
disclosed in the Pricing Disclosure Package and the Final Offering Memorandum, paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company; provided, that no representation is
made in this subsection with respect to the actions of the Initial Purchasers. 
 (bb) Securities Act; Trust
Indenture Act. Without limiting any provision herein, no registration under the Securities Act and no qualification of the Indenture under the TIA is required for the sale of the Notes and Guarantees to the Initial Purchasers as contemplated
hereby or for the Exempt Resales, assuming (i) that the purchasers in the Exempt Resales are QIBs or Regulation S Persons and (ii) the accuracy of the Initial Purchaser’s representations and warranties contained in this Agreement.

 (cc) Rule 144A. The Notes are eligible for resale pursuant to Rule 144A under the Securities Act and no
other securities of the Company are of the same class (within the meaning of Rule 144A under the Securities Act) as the Notes and listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as
amended, including the rules and regulations promulgated thereunder (the “Exchange Act”), or quoted in a U.S. automated inter-dealer quotation system. No securities of the Company of the same class as the Notes have been offered,
issued or sold by the Company or any of its Affiliates within the six-month period immediately prior to the date hereof. 
  

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 (dd) Regulation D; Regulation S. Neither of the Company nor any of
its Affiliates or other person acting on behalf of the Company has offered or sold the Notes by means of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or, with respect to Notes sold
outside the United States to Regulation S Persons, by means of any directed selling efforts within the meaning of Rule 902 under the Securities Act, and the Company, any affiliate of the Company and any person acting on behalf of the Company have
complied with and will implement the “offering restrictions” within the meaning of such Rule 902; provided, that no representation is made in this subsection with respect to the actions of the Initial Purchasers. 
 (ee) Benefit Plans. With respect to each employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)), and each other employee benefit plan, program, policy or arrangement (collectively, “Benefit Plans”), maintained, sponsored or contributed to by the
Company, the Subsidiaries or any entity that would be deemed a “single employer” with the Company or any Subsidiary under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the
“Code”) or Section 4001 of ERISA (each, an “ERISA Affiliate”): (i) each Benefit Plan complies in form and has been maintained, operated and administered in accordance with its terms and Applicable Law,
including without limitation, ERISA and the Code, except where non-compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (ii) no “prohibited transaction,” within the
meaning of Section 4975 of the Code and Section 406 of ERISA, has occurred or is reasonably expected to occur with respect to the Benefit Plans that would reasonably be expected to, individually or in the aggregate, have a Material Adverse
Effect. None of the Company, any Subsidiary or any ERISA Affiliate contributes to, is required to contribute to, or otherwise participated in or participates in or in any way, directly or indirectly, has any liability with respect to any plan
subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA, including, without limitation, any “multiemployer plan” (within the meaning of Sections 3(37) or 4001(a)(3) of ERISA or Section 414(f) of the
Code) or any single employer pension plan (within the meaning of Section 4001(a)(15) of ERISA) which is subject to Sections 4063, 4064 and 4069 of ERISA. 
 (ff) Labor Matters. (i) Other than as disclosed in the Pricing Disclosure Package and the Final Offering
Memorandum, neither the Company nor any of its Subsidiaries is party to or bound by any collective bargaining agreement with any labor organization; (ii) none of the employees of the Company or any of its Subsidiaries is represented by a labor
union, and, to the knowledge of the Company, no union organizing activities are taking place that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; (iii) to the Company’s knowledge, no union
organizing or decertification efforts are underway or threatened against the Company or any of its Subsidiaries; (iv) no labor strike, work stoppage, slowdown, or other material labor dispute is pending against the Company or any of its
Subsidiaries, or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries; (v) there is no worker’s compensation liability, experience or matter that could be reasonably expected to have, individually or
in the aggregate, a Material Adverse Effect; (vi) to the knowledge of the Company, there is no threatened or pending liability against the Company or any of its Subsidiaries pursuant to the Worker Adjustment Retraining and Notification Act of
1988, as amended (“WARN”), or any similar state or local law; (vii) other than as disclosed in the Pricing Disclosure Package and the Final Offering Memorandum, there is no employment-related charge, complaint, grievance,
investigation, unfair labor practice claim, or inquiry of any kind, pending

  

 12 

 
against the Company or any of its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (viii) other than as disclosed in the
Pricing Disclosure Package and the Final Offering Memorandum, to the knowledge of the Company, no employee or agent of the Company or any of its Subsidiaries has committed any act or omission giving rise to liability for any violation identified in
subsection (vi) and (vii) above, other than such acts or omissions that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; and (ix) no term or condition of employment exists through
arbitration awards, settlement agreements, or side agreement to which the Company or its Subsidiaries is a party is contrary to the express terms of any applicable collective bargaining agreement. 
 (gg) Federal Reserve Regulations. None of the transactions contemplated in the Transaction Documents or the
application of the proceeds from the sale of the Notes will violate or result in a violation of Section 7 of the Exchange Act, (including, without limitation, Regulation T (12 C.F.R. Part 220), Regulation U (12 C.F.R. Part 221) or Regulation X
(12 C.F.R. Part 224) of the Board of Governors of the Federal Reserve System). 
 (hh) Investment Company
Act. Neither the Company nor any of its Subsidiaries is an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the United States Investment Company
Act of 1940, as amended, including the rules and regulations promulgated thereunder (the “Investment Company Act”). Neither the Company nor any of its Subsidiaries, after giving effect to the Offering and sale of the Notes and the
application of the proceeds thereof as described in the Pricing Disclosure Package and the Final Offering Memorandum, will be an “investment company” as defined in the Investment Company Act. 
 (ii) Brokers. The Company has not engaged any broker, finder, commission agent or other person (other than the Initial
Purchasers) in connection with the Offering or any of the transactions contemplated in the Transaction Documents, and the Company is not under any obligation to pay any broker’s fee or commission in connection with such transactions, except for
commissions and fees to the Initial Purchasers. 
 (jj) Environmental Matters. The Company and each of its
Subsidiaries (i) is in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to health and safety (as it applies to exposure to hazardous substances), or pollution or the protection of the
environment or the handling, storage, generation, discharge, treatment or disposal of or the release into the environment of hazardous or toxic substances, hazardous wastes, pollutants or contaminants (collectively and individually,
“Environmental Laws”), (ii) has received and is in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws (“Environmental Permits”) to conduct its
respective businesses and (iii) has not received written notice of a claim, and does not have knowledge of, any threatened or pending claim for damages to natural resources relating to or arising from, or the investigation or remediation of,
any release or disposal of hazardous or toxic substances, hazardous wastes, pollutants or contaminants, in each case, except where such non-compliance with Environmental Laws, such failure to receive and comply with required Environmental Permits,
or such claim would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business. Neither the Company nor any of its Subsidiaries has
been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, or any similar Environmental Laws requiring them to investigate or remediate any
pollutants or contaminants, except where such requirement would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

 13 

 (kk) Environmental Review. In the ordinary course of its business,
the Company periodically reviews the effects of Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs (if any) would not have a Material Adverse Effect. 
 (ll) Encumbrances and Restrictions. As of the Closing Date, other than (i) the Transactions and (ii) the
First Lien Credit Agreement, dated as of June 14, 2007, by and among Golden Nugget, Inc., Wachovia Bank, National Association, and the other lenders party thereto (iii) the Second Lien Credit Agreement, dated as of June 14, 2007, by
and among Golden Nugget, Inc., Wachovia Bank, National Association, and the other lenders party thereto and (iv) the Deed of Trust Note, dated as of May 10, 2000, payable to Wingate Realty Finance Corporation by Seawall Investments, LLC
and assumed by Island Hospitality, Inc. as of March 14, 2003, there will be no encumbrances or restrictions on the ability of any Subsidiary of the Company (x) to pay dividends or make other distributions on such Subsidiary’s capital
stock or to pay any indebtedness to the Company or any other Subsidiary of the Company, (y) to make loans or advances or pay any indebtedness to, or investments in, the Company or any other Subsidiary of the Company or (z) to transfer any
of its property or assets to the Company or any other Subsidiary of the Company (other than Permitted Liens or provisions that restrict any such transfer). 
 (mm) Valid Security Interest. Upon (i) execution and delivery of the Collateral Agreements by the Company and the Guarantors and the Collateral Agent (as defined therein) and compliance by the
Company and the Guarantors with their respective obligations thereunder and (ii) the filing or recording of the Collateral Agreements or appropriate financing statements with the appropriate filing records, registry or other public office,
together with the payment of the requisite filing or recordation fees related thereto, the security interest of the Collateral Agent in the Collateral (as defined in the Collateral Agreements) will be a valid and enforceable perfected security
interest (other than (i) in respect of the equipment subject to certificate of title laws, (ii) any deposit account and securities accounts not required to be subject to a control agreement pursuant to the terms of the Transaction
Documents and (iii) prior to the date they are required to be made, or otherwise delivered to the Collateral Agent for filing or recordation, pursuant to the terms of the Transaction Documents, other filings, recordings or other actions
necessary to perfect liens granted to the Collateral Agent), which security interests will be superior to and prior to the rights of all third persons other than holders of Permitted Liens. 
 (nn) Future Liens. As of the Closing Date, except with respect to Permitted Liens, there will be no currently
effective financing statement, security agreement or other document filed or recorded with any filing records, registry or other public office that purports to cover, affect or give notice of any present or possible future Lien on, or security
interest in, any assets or property of the Company or any Guarantor, except for Permitted Liens. 
 (oo)
Certificates. Each certificate signed by any officer of the Company or any of its Subsidiaries delivered to the Initial Purchasers shall be deemed a representation and warranty by the Company or any such Subsidiary thereof (and not
individually by such officer) to the Initial Purchasers with respect to the matters covered thereby. 
  

 14 

 (pp) Insurance. Each of the Company and its Subsidiaries are insured
by reputable insurers against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and locations in which they operate. All policies of insurance insuring the Company or any of its
Subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect. The Company and its Subsidiaries are in compliance with the terms of such policies and instruments in all material respects, and
there are no material claims by the Company or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. Neither the Company nor any of its
Subsidiaries has been refused any insurance coverage sought or applied for, and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (qq) Controls. Each of the Company and each of its Subsidiaries has established and maintains and evaluates
“disclosure controls and procedures” (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act) and “internal control over financial reporting” (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange
Act); except as described in the Pricing Disclosure Package and the Final Offering Memorandum, such disclosure controls and procedures are designed to ensure that material information relating to the Company, including its consolidated subsidiaries,
is made known to each of the Company’s chief executive officer and chief financial officer by others within the Company, and such disclosure controls and procedures are effective to perform the functions for which they were established; the
Company’s independent auditors and board of managers have been advised of: (i) all significant deficiencies, if any, in the design or operation of internal controls which could adversely affect the Company’s ability to record,
process, summarize and report financial data and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a role in the Company’s internal controls; all material weaknesses, if any, in internal
controls have been identified to the Company’s independent auditors; except as disclosed in the Pricing Disclosure Package and the Final Offering Memorandum, since the date of the most recent evaluation of such disclosure controls and
procedures and internal controls, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and
material weaknesses; the principal executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made all certifications required by the Sarbanes-Oxley Act of 2002, as amended, including the
rules and regulations promulgated thereunder (the “Sarbanes-Oxley Act”), and the statements contained in each such certification are complete and correct. 
 (rr) Compliance with Sarbanes-Oxley Act. There is and has been no failure on the part of the Company, the Subsidiaries
or any of the officers and directors of the Company, any of the Subsidiaries, in their capacities as such, to comply in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations in
connection therewith. 
 (ss) Exchange Act. The Company is subject to and is in full compliance with the
reporting requirements of Section 13 and Section 15(d), as applicable, of the Exchange Act. 
  

 15 

 (tt) Stamp or Transfer Taxes. There are no stamp or other issuance or
transfer taxes or duties or other similar fees or charges required to be paid in connection with the execution and delivery of this Agreement on the issuance or sale by the Company of the Notes. 
 (uu) Independent Accounting Firm. To the Company’s knowledge, Grant Thornton LLP, who has certified the audited
and unaudited financial statements contained in the Pricing Disclosure Package and the Final Offering Memorandum, is an independent registered public accounting firm with respect to the Company and its Subsidiaries within the applicable rules and
regulations adopted by the SEC and the Public Accounting Oversight Board (United States) and as required by the Securities Act. 
 (vv) FCPA. Neither the Company nor, to the knowledge of the Company, any director, officer, agent, employee or Subsidiary of the Company is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any
means or instrumentality of U.S. interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of
value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company and its Subsidiaries have
conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 
 (ww) Money Laundering Laws. The operations of the Company and its Subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 
 (xx) OFAC. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 5. Covenants of the Company and
the Guarantors. Each of the Company and the Guarantors jointly and severally agrees with each of the Initial Purchasers that: 
 (a) At any time prior to the date of the completion of the resale of the Notes by the Initial Purchasers, to (i) advise the Initial Purchasers as promptly as practicable after obtaining knowledge
(and, if requested by the Initial Purchasers, confirm such advice in writing) of (A) the issuance by any state securities commission of any stop order suspending the qualification or

  

 16 

 
exemption from qualification of any of the Notes for offer or sale in any jurisdiction, or the initiation of any proceeding for such purpose by any state securities commission or other regulatory
authority, or (B) the happening of any event that makes any statement of a material fact made in the Pricing Disclosure Package, any Company Additional Written Communication or the Final Offering Memorandum untrue or that requires the making of
any additions to or changes in the Pricing Disclosure Package, any Company Additional Written Communication or the Final Offering Memorandum in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, (ii) use its reasonable best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption from qualification of any of the Notes under any state securities or Blue Sky laws, and (iii) if,
at any time, any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of any of the Notes under any such laws, use its reasonable best efforts to obtain the
withdrawal or lifting of such order at the earliest possible time. 
 (b) To (i) furnish the Initial
Purchasers, without charge, as many copies of the Pricing Disclosure Package and the Final Offering Memorandum, and any amendments or supplements thereto, as the Initial Purchasers may reasonably request, and (ii) promptly prepare, upon the
Initial Purchasers’ reasonable request, any amendment or supplement to the Offering Memorandum that the Initial Purchasers, upon advice of legal counsel, determines may be necessary in connection with Exempt Resales (and the Company and the
Guarantors hereby consent to the use of the Pricing Disclosure Package and the Final Offering Memorandum, and any amendments and supplements thereto, by the Initial Purchasers in connection with Exempt Resales). 
 (c) Not to amend or supplement the Pricing Disclosure Package or the Final Offering Memorandum prior to the Closing Date, or
at any time prior to the completion of the resale by the Initial Purchasers of all the Notes purchased by the Initial Purchasers, unless the Initial Purchasers shall previously have been advised thereof and shall have provided their written consent
thereto. Before making, preparing, using, authorizing, approving or referring to any Company Additional Written Communications, the Company will furnish to the Initial Purchasers and counsel for the Initial Purchasers a copy of such written
communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Initial Purchasers reasonably object. 
 (d) So long as the Initial Purchasers shall hold any of the Notes, (i) if any event shall occur as a result of which, in
the reasonable judgment of the Company or any of the Initial Purchasers, it becomes necessary or advisable to amend or supplement the Pricing Disclosure Package or the Final Offering Memorandum in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or if it is necessary to amend or supplement the Pricing Disclosure Package or the Final Offering Memorandum to comply with Applicable Law, to prepare, at the expense of the Company,
an appropriate amendment or supplement to the Pricing Disclosure Package and the Final Offering Memorandum (in form and substance reasonably satisfactory to each of the Initial Purchasers) so that (A) as so amended or supplemented, the Pricing
Disclosure Package and the Final Offering Memorandum will not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading, and (B) the Pricing Disclosure Package and the Final Offering Memorandum will comply with Applicable Law and (ii) if in the reasonable judgment of the Company it becomes necessary or advisable to amend or supplement
the Pricing Disclosure Package or the Final Offering Memorandum so that the Pricing Disclosure Package and the Final Offering

  

 17 

 
Memorandum will contain all of the information specified in, and meet the requirements of, Rule 144A(d)(4) of the Securities Act, to prepare an appropriate amendment or supplement to the Pricing
Disclosure Package or the Final Offering Memorandum (in form and substance reasonably satisfactory to each of the Initial Purchasers) so that the Pricing Disclosure Package or the Final Offering Memorandum, as so amended or supplemented, will
contain the information specified in, and meet the requirements of, such rule. 
 (e) To cooperate with the
Initial Purchasers and the Initial Purchasers’ counsel in connection with the qualification of the Notes under the securities or Blue Sky laws of such jurisdictions as the Initial Purchasers may request and continue such qualification in effect
so long as reasonably required for Exempt Resales. 
 (f) Whether or not any of the Transactions contemplated
under the Transaction Documents are consummated or this Agreement is terminated, to pay (i) all costs, expenses, fees and taxes incident to and in connection with: (A) the preparation, printing and distribution of the Pricing Disclosure
Package and the Final Offering Memorandum and all amendments and supplements thereto (including, without limitation, financial statements and exhibits), and all other agreements, memoranda, correspondence and other documents prepared and delivered
in connection herewith, (B) the negotiation, printing, processing and distribution (including, without limitation, word processing and duplication costs) and delivery of, each of the Transaction Documents, (C) the preparation, issuance and
delivery of the Notes, (D) the qualification of the Notes for offer and sale under the securities or Blue Sky laws of the several states (including, without limitation, the fees and disbursements of the Initial Purchasers’ counsel relating
to such registration or qualification), (E) furnishing such copies of the Pricing Disclosure Package and the Final Offering Memorandum, and all amendments and supplements thereto, as may reasonably be requested for use by the Initial
Purchasers, and (F) the performance of the obligations of the Company and the Guarantors obligations under the Registration Rights Agreement, including but not limited to the Exchange Offer and any Shelf Registration Statement (ii) all
fees and expenses of the counsel, accountants and any other experts or advisors retained by the Company, (iii) all fees and expenses (including fees and expenses of counsel) of the Company in connection with approval of the Notes by DTC for
“book-entry” transfer, (iv) all fees charged by rating agencies in connection with the rating of the Notes, (v) all fees and expenses (including reasonable fees and expenses of counsel) of the Trustee and all collateral agents,
(vi) all costs and expenses in connection with the creation and perfection of the security interests under the Security Agreement (including without limitation, filing and recording fees, search fees, taxes and costs of title policies) and
(vii) all reasonable fees, disbursements and out-of-pocket expenses incurred by the Initial Purchasers in connection with its services to be rendered hereunder (including, without limitation, the fees and expenses of Proskauer Rose LLP as
counsel to the Initial Purchasers up to $250,000), travel and lodging expenses, word processing charges, messenger and duplicating services, facsimile expenses, costs and expenses relating to investor presentations on any “road show”
undertaken in connection with marketing the Notes and other customary expenditures up to $350,000. If the sale of the Notes provided for herein is not consummated because any condition to the to the obligations of the Initial Purchasers set forth in
Section 7 is not satisfied, because this Agreement is terminated pursuant to Section 9 or because of any failure, refusal or inability on the part of the Company to perform all obligations and satisfy all conditions on its
part to be performed or satisfied hereunder (other than in each case solely by reason of a default by the Initial Purchasers on its obligations hereunder after all conditions hereunder have been satisfied in accordance herewith), the Company agrees
to promptly reimburse the Initial Purchasers for all fees, disbursements and out-of-pocket expenses (including the fees and expenses of Proskauer Rose LLP as counsel for the Initial Purchasers up to $250,000), travel and lodging expenses, word
processing charges, messenger and duplicating services, facsimile expenses and other reasonable and customary expenditures) that shall have been incurred by the Initial Purchasers in connection with the proposed purchase and sale of the Notes.

  

 18 

 (g) To use the proceeds of the Offering in the manner described in the
Pricing Disclosure Package and the Final Offering Memorandum under the caption “Use of Proceeds.” 
 (h) To do and perform all things required to be done and performed under the Transaction Documents prior to and after the Closing Date. 
 (i) Not to, and to ensure that no affiliate (as defined in Rule 501(b) of the Securities Act) of the Company will, sell,
offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Securities Act) that would be integrated with the sale of the Notes in a manner that would require the registration under the
Securities Act of the sale to the Initial Purchasers or to the Subsequent Purchasers of the Notes. 
 (j) For so
long as any of the Notes remain outstanding, during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request, to any owner of the Notes in connection with any sale thereof and
any prospective Subsequent Purchasers of such Notes from such owner, the information required by Rule 144A(d)(4) under the Securities Act. 
 (k) To comply with the representation letter of the Company to DTC relating to the approval of the Notes by DTC for “book entry” transfer. 
 (l) For so long as any of the Notes remain outstanding, to furnish to the Initial Purchasers copies of all reports and other
communications (financial or otherwise) furnished by the Company to the Trustee or to the holders of the Notes and, as soon as available, copies of any reports or financial statements furnished to or filed by the Company with the SEC or any national
securities exchange on which any class of securities of the Company may be listed unless such reports or financial statements are filed with the SEC and are publicly available. 
 (m) Except in connection with the Exchange Offer or the filing of the Shelf Registration Statement, to not, and to not
authorize or permit any person acting on its behalf to, (i) distribute any offering material in connection with the offer and sale of the Notes other than the Pricing Disclosure Package and the Final Offering Memorandum and any amendments and
supplements to the Final Offering Memorandum prepared in compliance with this Agreement, or (ii) solicit any offer to buy or offer to sell the Notes by means of any form of general solicitation or general advertising (including, without
limitation, as such terms are used in Regulation D under the Securities Act) or in any manner involving a “public offering” within the meaning of Section 4(2) of the Securities Act. 
 (n) During the one-year period after the Closing Date (or such shorter period as may be provided for in Rule 144 under the
Securities Act, as the same may be in effect from time to time), to not, and to not permit any current or future Subsidiaries of either the Company or any other affiliates (as defined in Rule 144A under the Securities Act) controlled by the Company
to, resell any of the Notes which constitute “restricted securities” under Rule 144 that have been reacquired by the Company, any current or future Subsidiaries or any other “affiliates” (as defined in Rule 144A under the
Securities Act) controlled by the Company, except pursuant to an effective registration statement under the Securities Act. 
  

 19 

 (o) To pay all stamp, documentary and transfer taxes and other duties, if
any, which may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of the Notes or the sale thereof to the Initial Purchasers. 
 (p) To use its best efforts to complete on or prior to the Closing Date all filings and other similar actions required in
connection with the perfection of the security interests as and to the extent contemplated by the Collateral Agreements. 
 (q) To, as promptly as practicable and in no event later than 45 calendar days after the Closing Date, submit an application to the applicable Gaming Authorities (as defined below) requesting approval of
the grant of a Lien in favor of the Collateral Agent in 100% of the Capital Stock (as defined in the Gaming Pledge Agreement) of Landry’s Gaming, Inc. to secure the Obligations pursuant to the terms of the Transaction Documents. The Company
shall, as promptly as practicable and in no event later than 5 Business Days after receipt of the approval of the Gaming Authorities to the grant of a Lien in favor of the Collateral Agent in 100% of the Capital Stock of Landry’s Gaming, Inc.
to secure the Obligations pursuant to the terms of the Transaction Documents, (i) execute and deliver to the Collateral Agent a written notification of such delivery to the collateral agent (the “First Lien Agent”) under the
Credit Documents (as defined in the Gaming Pledge Agreement), together with copies of all stock certificates and stock powers so delivered and (ii) take all other steps necessary to perfect such Lien in favor of the Collateral Agent, including
obtaining from First Lien Agent a written acknowledgment that such First Lien Agent holds such stock certificates and stock powers subject to and in accordance with the terms of the Transaction Documents. For purposes of this Agreement,
“Gaming Authorities” means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of the United States or foreign government (including Native American governments), any
state, province, city, or other political subdivision thereof, whether now or hereafter existing, or any officer or official thereof, including, without limitation, any other agency with authority to regulate any gaming operation (or proposed gaming
operation) owned, managed or operated by the Company or its Subsidiaries. 
 (r) To use commercially reasonable
efforts to deliver to the Collateral Agent, as promptly as practicable and in no event later than 30 days after the Closing Date, control agreements with respect to certain Deposit Accounts (as defined below) of the Company to be determined by the
Collateral Agent in accordance with the Transaction Documents. For purposes of this Agreement, “Deposit Account” means a deposit account as that term is defined in the Uniform Commercial Code in effect in the State of New York.

 6. Representations and Warranties of the Initial Purchasers. Each Initial Purchaser, severally and not jointly,
represents and warrants that: 
 (a) It is a QIB and it will offer the Notes for resale only upon the terms and
conditions set forth in this Agreement and in the Pricing Disclosure Package and the Final Offering Memorandum. 
 (b) It is not acquiring the Notes with a view to any distribution thereof that would violate the Securities Act or the securities laws of any state of the United States or any other applicable jurisdiction. In connection with the Exempt
Resales, it will solicit offers to buy the Notes only from, and will offer and sell the Notes only to, (A) persons reasonably believed by the Initial Purchasers to be QIBs or (B) non-U.S. persons reasonably believed by the Initial
Purchasers to be Regulation S Persons; provided, however, that in purchasing such Notes, such persons are deemed to have represented and agreed as provided under the caption “Notice to Investors” contained in the
Pricing Disclosure Package and the Final Offering Memorandum. 
  

 20 

 (c) No form of general solicitation or general advertising in violation of
the Securities Act has been or will be used nor will any offers in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or, with respect to Notes to be sold in reliance on Regulation S under the
Securities Act, by means of any directed selling efforts be made by such Initial Purchasers or any of its representatives in connection with the offer and sale of any of the Notes. 
 7. Conditions. The obligations of the Initial Purchasers to purchase the Notes under this Agreement are subject to the
performance by each of the Company and each of the Guarantors of their respective covenants and obligations hereunder and the satisfaction of each of the following conditions: 
 (a) All of the representations and warranties of the Company and the Subsidiaries contained in this Agreement and in each of
the Transaction Documents shall be true and correct as of the date hereof and at the Closing Date, except to the extent that the failure of such representations and warranties (without giving effect to any “material,”
“materiality,” “Material Adverse Effect” or any similar terms, qualifications or limitations to such representations and warranties) to be true or correct individually or in the aggregate would not reasonably be expected to have
a Material Adverse Effect. On or prior to the Closing Date, the Company and each other party to the Transaction Documents (other than the Initial Purchasers) shall have performed or complied with all of the agreements and satisfied all conditions on
their respective parts to be performed, complied with or satisfied pursuant to the Transaction Documents (other than conditions to be satisfied by such other parties, which the failure to so satisfy would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect). 
 (b) No injunction, restraining order or order of
any nature by a Governmental Authority shall have been issued as of the Closing Date that would prevent or materially interfere with the consummation of the Offering or any of the transactions contemplated under the Transaction Documents. No stop
order suspending the qualification or exemption from qualification of any of the Notes in any jurisdiction shall have been issued and no Proceeding for that purpose shall have been commenced or, to the knowledge of the Company, be pending or
contemplated as of the Closing Date. 
 (c) No action shall have been taken and no Applicable Law shall have been
enacted, adopted or issued that would, as of the Closing Date, prevent the consummation of the Offering or any of the transactions contemplated under the Transaction Documents. No Proceeding shall be pending or, to the knowledge of the Company,
threatened other than Proceedings that (A) if adversely determined would not, individually or in the aggregate, adversely affect the issuance or marketability of the Notes, and (B) would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (d) Subsequent to the respective dates as of which data and
information is given in the Pricing Disclosure Package and the Final Offering Memorandum, there shall not have been any event that would have a Material Adverse Effect. 
 (e) On or after the date hereof, (i) there shall not have occurred any downgrading, suspension or withdrawal of, nor
shall any notice have been given of any potential or intended downgrading, suspension or withdrawal of, or of any review (or of any potential or intended review) for a possible change that does not indicate the direction of the possible change in,
any

  

 21 

 
rating of the Company or any securities of the Company (including, without limitation, the placing of any of the foregoing ratings on credit watch with negative or developing implications or
under review with an uncertain direction) by any “nationally recognized statistical rating organization” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act, (ii) there shall not have occurred any change,
nor shall any notice have been given of any potential or intended change, in the outlook for any rating of the Company or any securities of the Company by any such rating organization and (iii) no such rating organization shall have given
notice that it has assigned (or is considering assigning) a lower rating to the Notes than that on which the Notes were marketed. 
 (f) The Initial Purchasers shall have received on the Closing Date: 
 (i) certificates dated the Closing Date, signed by (1) the Chief Executive Officer of the Company and (2) the Chief Financial Officer of the Company, on behalf of the Company, to the effect that (a) the representations and
warranties set forth in Section 4 hereof and in each of the Transaction Documents are true and correct in all respects, except to the extent that the failure of such representations and warranties (without giving effect to any
“material,” “materiality,” “Material Adverse Effect” or any similar terms, qualifications or limitations to such representations and warranties) to be true or correct individually or in the aggregate would not
reasonably be expected to have a Material Adverse Effect, with the same force and effect as though expressly made at and as of the Closing Date, (b) the Company has performed and complied with all agreements and satisfied all conditions in all
material respects on its part to be performed or satisfied at or prior to the Closing Date, (c) at the Closing Date, since the date hereof or since the date of the most recent financial statements in the Pricing Disclosure Package and the Final
Offering Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or events have occurred, no information has become known nor does any condition exist that, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect, (d) since the date of the most recent financial statements in the Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any amendment or supplement thereto after the date hereof),
other than as described in the Pricing Disclosure Package and the Final Offering Memorandum or contemplated hereby, neither the Company nor any Subsidiary of the Company has incurred any liabilities or obligations, direct or contingent, not in the
ordinary course of business, that are material to the Company and the Subsidiaries, taken as a whole, or entered into any transactions not in the ordinary course of business that are material to the business, financial condition or results of
operations or prospects of the Company and the Subsidiaries, taken as a whole, and there has not been any change in the capital stock or long-term indebtedness of the Company or any Subsidiary of the Company that is material to the business,
financial condition or results of operations or prospects of the Company and the Subsidiaries, taken as a whole, and (e) the sale of the Notes has not been enjoined (temporarily or permanently). 
 (ii) a certificate, dated the Closing Date, executed by the Secretary of the Company and each Guarantor, certifying such
matters as the Initial Purchasers may reasonably request covering such matters as are customarily covered in such certificates. 
 (iii) a certificate of solvency, dated the Closing Date, executed by the principal financial or accounting officer of the Company substantially in the form previously approved by the Initial Purchasers or
its counsel. 
  

 22 

 (iv) the opinion of Haynes and Boone, LLP, counsel to the Company, dated the
Closing Date and addressed to the Initial Purchasers, substantially in the form of Exhibit A attached hereto. 
 (v) the opinion of Holme Roberts & Owen LLP, local Colorado counsel to the Company, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form of Exhibit B attached hereto. 
 (vi) the opinion of Carlin, Edwards, Brown & Howe, PLLC, local Michigan counsel to the Company, dated the Closing
Date and addressed to the Initial Purchasers, substantially in the form of Exhibit C attached hereto. 
 (vii) the opinion of Davis Wright Tremaine LLP, local Oregon counsel to the Company, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form of Exhibit D attached hereto. 
 (viii) the opinion of Steven Scheinthal, General Counsel of the Company, dated the Closing Date and addressed to the Initial
Purchasers, substantially in the form of Exhibit E attached hereto. 
 (ix) the opinion of Proskauer Rose
LLP, counsel to the Initial Purchasers, dated the Closing Date, in form satisfactory to the Initial Purchasers covering such matters as are customarily covered in such opinions. 
 (x) a copy of the (i) notice of redemption pursuant to and in accordance with Section 3.03 of the indenture governing
the 14% Notes, which notice shall state that, among other things, all issued and outstanding 14% notes are being called by the Company for redemption, (ii) irrevocable instructions to the trustee in accordance with Section 12.01(4) of the
indenture governing the 14% Notes to apply the deposited money towards the payment in full of the 14% Notes on the redemption date, and (iii) an instrument executed by the trustee for the 14% Notes reasonably satisfactory to the Initial
Purchasers acknowledging that (A) funds have been deposited with the trustee of the 14% Notes in an amount sufficient to pay and discharge all Obligations with respect to the 14% Notes and (B) satisfaction and discharge of the indenture,
in each case, which shall become effective immediately following the application of the net proceeds of the Offering as set forth under the “Use of Proceeds” section in the Pricing Disclosure Package and Final Offering Memorandum.

 (g) The Initial Purchasers shall have received (A) a customary comfort letter from Grant Thornton LLP,
independent auditors, with respect to the Company, dated as of the date hereof, in form and substance satisfactory to the Initial Purchasers and its counsel, with respect to the financial statements and certain financial information contained in the
Pricing Disclosure Package and the Final Offering Memorandum and (B) a customary bring-down comfort letter from Grant Thornton LLP, dated the Closing Date, in form and substance satisfactory to the Initial Purchasers and its counsel, to the
effect that Grant Thornton LLP reaffirms the statements made in its letter furnished pursuant to clause (A) with respect to the financial statements and certain financial information contained in the Pricing Disclosure Package and the Final
Offering Memorandum. 
 (h) Each of the Transaction Documents shall have been executed and delivered by all
parties thereto, and the Initial Purchasers shall have received a fully executed original of each of the Transaction Documents. 
  

 23 

 (i) The Amended and Restated Credit Agreement shall have been executed and
delivered by all parties thereto, and the Initial Purchasers shall have received a fully executed copy of the Amended and Restated Credit Agreement. 
 (j) The Initial Purchasers shall have received copies of all opinions, certificates, letters and other documents delivered under or in connection with the Offering or any transaction contemplated in the
Transaction Documents. 
 (k) The terms of each Transaction Document shall conform in all material respects to
the description thereof in the Pricing Disclosure Package and the Final Offering Memorandum. 
 (l) The
Collateral Agent shall have received (with a copy for the Initial Purchasers) on the Closing Date: 
 (i)
appropriately completed copies of Uniform Commercial Code financing statements naming the Company and each Guarantor as a debtor and the Collateral Agent as the secured party, or other similar instruments or documents to be filed under the UCC of
all jurisdictions as may be necessary or, in the reasonable opinion of the Collateral Agent and its counsel, desirable to perfect the security interests of the Collateral Agent pursuant to the Security Agreement; 
 (ii) appropriately completed copies of Uniform Commercial Code Form UCC-3 termination statements necessary to release all
Liens (other than Permitted Liens) of any Person in any collateral described in any Security Agreement previously granted by any Person; 
 (iii) certified copies of Uniform Commercial Code Requests for Information or Copies (Form UCC-11), or a similar search report certified by a party acceptable to the Collateral Agent, dated a date
reasonably near to the Closing Date, listing all effective financing statements which name the Company or any Guarantor (under its present name and any previous names) as the debtor, together with copies of such financing statements (none of which
shall cover any collateral described in any Collateral Agreement, other than such financing statements that evidence Permitted Liens); 
 (iv) such other approvals, opinions, or documents as the Collateral Agent may reasonably request in form and substance reasonably satisfactory to the Collateral Agent; and 
 (v) the Collateral Agent and its counsel shall be satisfied that (A) the Lien granted to the Collateral Agent, for the
benefit of the Secured Parties in the collateral described above is of the priority described in the Pricing Disclosure Package and the Final Offering Memorandum; and (B) no Lien exists on any of the collateral described above other than the
Lien created in favor of the Collateral Agent, for the benefit of the Secured Parties, pursuant to a Collateral Agreement, in each case subject to the Permitted Liens. 
 (m) All Uniform Commercial Code financing statements or other similar financing statements and Uniform Commercial Code Form
UCC-3 termination statements required pursuant to clause (l)(i) and (l)(ii) above (collectively, the “UCC Statements”) shall have been delivered to CT Corporation System or another similar filing service company acceptable to
the Collateral Agent (the “Filing Agent”). The Filing Agent shall have acknowledged in a writing that is reasonably satisfactory to the Collateral Agent and its counsel (i) the Filing Agent’s receipt of all UCC Statements,
(ii) that the UCC Statements have either been submitted for filing in the appropriate filing offices or will be submitted for filing in the appropriate offices on or before the Closing Date and (iii) that the Filing Agent will notify the
Collateral Agent and its counsel of the results of such submissions within a reasonable time after submissions. 
  

 24 

 (n) Concurrently with the closing of this Offering, the Company shall issue
a notice of redemption in accordance with Section 3.03 of the indenture governing the 14% Notes for all issued and outstanding 14% Notes and shall and deposit sufficient funds with the trustee of the 14% Notes to redeem all of the issued and of
outstanding 14% Notes as set forth in the “Use of Proceeds” Section of the Pricing Disclosure Package and Final Offering Memorandum. 
 (o) The Company shall have executed and delivered to Jefferies & Company, Inc. an engagement letter in connection with the Transactions in customary form as mutually agreed in good faith by the
Company and Jefferies & Company, Inc. 
 8. Indemnification and Contribution. 
 (a) The Company and each of the Guarantors shall, jointly and severally, indemnify and hold harmless each of the Initial
Purchasers and its directors, officers and affiliates, and each person, if any, who controls, within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, the Initial Purchasers (collectively, the “Purchaser
Indemnified Persons”) against any losses, claims, damages, liabilities, costs or expenses (collectively, “Losses”) of any kind to which the Purchaser Indemnified Persons may become subject under the Securities Act, the
Exchange Act or otherwise, to the fullest extent lawful, insofar as any such Losses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any
Company Additional Written Communication or the Offering Memorandum or any amendment or supplement thereto, (ii) the omission or alleged omission to state, in any Company Additional Written Communication or the Offering Memorandum or any
amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any breach by the Company or any
of the Guarantors of their respective representations, warranties and agreements set forth herein, material breach of Applicable Law, and subject to the provisions hereof, will reimburse, as incurred, the Purchaser Indemnified Persons for any legal
or other expenses reasonably incurred by the Purchaser Indemnified Persons in connection with investigating, defending against or appearing as a third-party witness in connection with any such Loss in respect thereof; provided, that the
Company and the Guarantors shall not be liable under the indemnity provided in this Section 8(a) to any Purchaser Indemnified Party for any Losses that are based on an untrue statement or omission or alleged untrue statement or omission
or alleged omission made in reliance on, and in conformity with, the Initial Purchasers Information (as defined in Section 11). The Company and the Guarantors shall not be liable under this Section 8 for any settlement of any
claim or action effected without their prior written consent, which shall not be unreasonably withheld. 
 (b)
Each of the Initial Purchasers severally and not jointly shall indemnify and hold harmless each of the Company and the Guarantors and their respective directors, officers and each person, if any, who controls the Company within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act against any Losses which the Company or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such Losses (or
actions in respect thereof) have resulted solely from any untrue statement or alleged untrue statement of any material fact contained in the Offering Memorandum, or any amendment or supplement thereto, or from the omission or alleged omission to
state, in the Offering Memorandum, or any amendment or supplement thereto, a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent (but only
to the extent) that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in

  

 25 

 
conformity with the Initial Purchasers Information; and, subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or other expenses incurred
by the Company, each of the Guarantors or any such director, officer or controlling person in connection with any such Loss or action in respect thereof. 
 (c) If any proceeding shall be brought or asserted against any person entitled to indemnification hereunder (an “Indemnified Party”), such Indemnified Party shall give prompt written
notice to the party or parties from which such indemnification is sought (the “Indemnifying Parties” and each, an “Indemnifying Party”); provided, that the failure to so notify the Indemnifying Parties shall
not relieve any of the Indemnifying Parties from any obligation or liability except to the extent (but only to the extent) that such Indemnifying Party has been prejudiced materially by such failure. In case any such action is brought against any
Indemnified Party, and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein and, to the extent that it may determine, jointly with any other Indemnifying Party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that if (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would present
such counsel with a conflict of interest, (ii) the defendants in any such action include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised by counsel in writing that there may be one or
more legal defenses available to it and/or other Indemnified Parties that are different from or additional to those available to the Indemnifying Party, or (iii) the Indemnifying Party shall not have employed counsel reasonably satisfactory to
the Indemnified Party to represent the Indemnified Party within a reasonable time after receipt by the Indemnifying Party of notice of the institution of such action, then, in each such case, the Indemnifying Party shall not have the right to direct
the defense of such action on behalf of such Indemnified Party or Parties and such Indemnified Party or Parties shall have the right to select separate counsel to defend such action on behalf of such Indemnified Party or Parties at the expense of
the Indemnifying Party. After notice from the Indemnifying Party to such Indemnified Party of its election so to assume the defense thereof and approval by such Indemnified Party of counsel appointed to defend such action, the Indemnifying Party
will not be liable to such Indemnified Party under this Section 8 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such Indemnified Party in connection with the defense thereof,
unless (i) the Indemnified Party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the Indemnifying Party shall not be
liable for the expenses of more than one separate counsel (in addition to one local counsel in any applicable jurisdiction) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same general
allegations or circumstances, designated by the Initial Purchasers in the case of paragraph (a) of this Section 8 or the Company in the case of paragraph (b) of this Section 8, representing the Indemnified Party
under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the Indemnifying Party has authorized in writing the employment of counsel for the Indemnified Party at the expense of the
Indemnifying Party. After such notice from the Indemnifying Party to such Indemnified Party, the Indemnifying Party will not be liable for the costs and expenses of any settlement of such action effected by such Indemnified Party without the prior
written consent of the Indemnifying Party (which consent shall not be unreasonably withheld), unless such Indemnified Party waived in writing its rights under this Section 8, in which case the Indemnified Party may effect such a
settlement without such consent; provided, that, in any case, any settlement shall be subject to paragraph (d) of this Section 8. None of the Indemnifying Parties shall, without the prior written consent of the Indemnified Party
(which consent shall not be unreasonably withheld), consent to entry of any judgment in or enter into any settlement of any pending or threatened Proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
any Indemnified Party is a party thereto) unless such judgment or settlement includes, as an unconditional term thereof, the giving by the claimant or plaintiff to each Indemnified Party of a release, in form and substance reasonably satisfactory to
the Indemnified Party, from all Losses that may arise from such Proceeding or the subject matter thereof (whether or not any Indemnified Party is a party thereto). 
  

 26 

 (d) If the indemnification provided for in this Section 8 is
unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party harmless for any Losses in respect of which this Section 8 would otherwise apply by its terms (other than by reason of exceptions provided in this
Section 8), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Initial Purchasers, on the other hand, from the Offering or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Initial Purchasers, on the other hand, in connection with the actions,
statements or omissions that resulted in such Losses (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial Purchasers, on the other
hand, shall be deemed to be in the same proportion as the total proceeds from the Offering (before deducting expenses) received by the Company, on the one hand, to the total discounts and commissions received by the Initial Purchasers, on the other
hand. The relative fault of the Company, on the one hand, and the Initial Purchasers, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Initial Purchasers, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission, and any other equitable considerations appropriate in the circumstances. The amount paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal or other fees
or expenses incurred by such party in connection with any Proceeding, to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section 8 was available to such party.

 Each party hereto agrees that it would not be just and equitable if contribution pursuant to this Section 8(d)
were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 8, none of the Initial Purchasers shall not be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial Purchaser under this
Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligation to contribute
hereunder shall be several in proportion to their respective purchase obligations hereunder and not joint. For purposes of the immediately preceding paragraph, each person, if any, who controls an Initial Purchaser within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Initial Purchasers, and each director of the Company and the Guarantors, each officer of the Company and the Guarantors and each
person, if any, who controls either of the Company or the Guarantors within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Company and the Guarantors. 

(e) The indemnification and contribution obligations contained in this Section 8 are in addition to any
liability that any of the Indemnifying Parties may otherwise have to the Indemnified Parties, and do not limit in any way rights or remedies which may otherwise be available at law or in equity. 
  

 27 

 9. Termination. The Initial Purchasers may terminate this Agreement at any
time prior to the Closing Date by written notice to the Company if any of the following has occurred: 
 (a)
since the date hereof, any Material Adverse Effect or development involving or expected to result in a prospective Material Adverse Effect that could, in any of the Initial Purchasers’ sole judgment, be expected to (i) make it
impracticable or inadvisable to proceed with the offering or delivery of the Notes on the terms and in the manner contemplated in the Pricing Disclosure Package and the Final Offering Memorandum, or (ii) materially impair the investment quality
of any of the Notes; 
 (b) the failure of the Company or the Guarantors to satisfy the conditions contained in
Section 7(a) hereof on or prior to the Closing Date; 
 (c) any outbreak or escalation of
hostilities, or declaration of war by the United States or other national or international calamity or crisis, including acts of terrorism, or material adverse change or disruption in economic conditions in, or in the financial markets of, the
United States (it being understood that any such change or disruption shall be relative to such conditions and markets as in effect on the date hereof), if the effect of such outbreak, escalation, calamity, crisis, act or material adverse change in
the economic conditions in, or in the financial markets of, the United States could be reasonably expected to make it, in any of the Initial Purchasers’ sole judgment, impracticable or inadvisable to market or proceed with the offering or
delivery of the Notes on the terms and in the manner contemplated in the Pricing Disclosure Package and the Final Offering Memorandum or to enforce contracts for the sale of any of the Notes; 
 (d) trading in the Company’s common stock shall have been suspended by the SEC or The New York Stock Exchange or the
suspension or limitation of trading generally in securities on the New York Stock Exchange or The NASDAQ Global Market shall have occurred or any setting of limitations on prices for securities on any such exchange shall have occurred; 

(e) the enactment, publication, decree or other promulgation after the date hereof of any Applicable Law that in the
Initial Purchasers’ counsel’s reasonable opinion materially and adversely affects, or could be reasonably expected to materially and adversely affect, the properties, business, prospects, operations, earnings, assets, liabilities or
condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole; 
 (f) any securities
of the Company shall have been downgraded or placed on any “watch list” for possible downgrading by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the
Securities Act; or 
 (g) the representation and warranty contained in the first sentence of Section 4(a) of
this Agreement is incorrect in any way; or 
 (h) the declaration of a banking moratorium by any Governmental
Authority; or the taking of any action by any Governmental Authority after the date hereof in respect of its monetary or fiscal affairs that in any of the Initial Purchasers’ opinion could reasonably be expected to have a material adverse
effect on the financial markets in the United States or elsewhere. 
 10. Survival of Representations and
Indemnities. The respective representations and warranties, covenants, indemnities and contribution and expense reimbursement provisions and other agreements, representations and warranties of the Company and the Guarantors set forth in or
made

  

 28 

 
pursuant to this Agreement shall remain operative and in full force and effect, and will survive, regardless of (i) any investigation, or statement as to the results thereof, made by or on
behalf of the Initial Purchasers, (ii) acceptance of the Notes, and payment for them hereunder, and (iii) any termination of this Agreement. Notwithstanding any termination of this Agreement, the Company shall remain liable for all
expenses pursuant to Sections 5(f) and 8. 
 11. Information Supplied by the Initial Purchasers. The
name of the Initial Purchasers set forth on the front cover, back cover and under the heading “Plan of Distribution” of the Offering Memorandum, the statements set forth on the cover page with respect to price and the
statements set forth in (a) the first sentence of the fourth paragraph, and (b) the first, second, third and fourth sentences of the sixth paragraph under the heading “Plan of Distribution” in the Pricing Disclosure
Package and the Final Offering Memorandum (to the extent such statements relate to the Initial Purchasers) (the “Initial Purchasers Information) constitute the only information furnished by the Initial Purchasers to the Company or the
Guarantors for the purposes of Sections 4(a) and 8 hereof. 
 12. No Fiduciary Relationship. The
Company and the Guarantors hereby acknowledge that the Initial Purchasers are acting solely as initial purchasers in connection with the purchase and sale of the Notes. The Company further acknowledges that the Initial Purchasers are acting pursuant
to a contractual relationship created solely by this Agreement entered into on an arm’s length basis, and in no event do the parties intend that the Initial Purchasers act or be responsible as a fiduciary to the Company, the Guarantors or their
respective management, stockholders or creditors or any other person in connection with any activity that the Initial Purchasers may undertake or have undertaken in furtherance of the purchase and sale of the Notes, either before or after the date
hereof. The Initial Purchasers hereby expressly disclaim any fiduciary or similar obligations, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company and the
Guarantors hereby confirm their understanding and agreement to that effect. The parties hereto agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views
expressed by the Initial Purchasers to the Company or the Guarantors regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Notes, do not constitute advice or recommendations to
the Company or the Guarantors. The Company and the Guarantors hereby waive and release, to the fullest extent permitted by law, any claims that either of the Company may have against the Initial Purchasers with respect to any breach or alleged
breach of any fiduciary or similar duty to the Company or the Guarantors in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions. 
 13. Defaulting Initial Purchaser. If, on the Closing Date, any one of the Initial Purchasers shall fail or refuse to purchase
Notes that it or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Notes which such defaulting Initial Purchaser agreed but failed or refused to purchase is not more than one tenth of the aggregate principal
amount of Notes to be purchased on such date, the other Initial Purchasers shall be obligated severally in the proportions that the principal amount of Notes set forth opposite their respective names in Schedule I hereto bears to the
aggregate principal amount of Notes set forth opposite the names of all such non defaulting Initial Purchasers to purchase the Notes which such defaulting Initial Purchaser agreed but failed or refused to purchase on such date. If, on the Closing
Date any Initial Purchaser shall fail or refuse to purchase Notes which it or they have agreed to purchase hereunder on such date and the aggregate principal amount of Notes with respect to which such default occurs is more than one tenth of the
aggregate principal amount of Notes to be purchased on such date, and arrangements satisfactory to the non defaulting Initial Purchasers and the Company for the purchase of such Notes are not made within 36 hours after such default, this Agreement
shall terminate without liability on the part of the non defaulting Initial Purchasers or of the Company or any Guarantor. Any action taken under this paragraph shall not relieve any defaulting Initial Purchasers from liability in respect of any
default of such Initial Purchasers under this Agreement. 
  

 29 

 14. Miscellaneous. 
 (a) Notices. Notices given pursuant to any provision of this Agreement shall be addressed as follows: 
  

	 	(i)	if to the Company, to: 

 Landry’s Restaurants, Inc. 
 1510 West Loop South 
 Houston, Texas 77027 
 Attention: Steven L. Scheinthal 
 with a copy to: 
 Haynes and Boone, LLP 
 One Houston Center 
 1221 McKinney Street 
 Suite 2100 
 Houston, TX 77010 
 Attention: Arthur S. Berner 
  

	 	(ii)	if to the Initial Purchasers, to: 

 Jefferies & Company, Inc. 
 520 Madison Avenue 
 New York, NY 10022 
 Attention: General Counsel 
 UBS Securities LLC 
 677 Washington Boulevard 
 Stamford, CT 06901 
 Attention: High Yield Syndicate Department 
 Deutsche Bank Securities, Inc. 
 60 Wall Street 
 New York, New York 10005 
 Name: Leveraged Finance Syndicate Desk 
 with a copy to: 
 Proskauer Rose LLP 
 1585 Broadway 
 New York, New York 10036 
 Attention: Ian Blumenstein 
 or in any case to such other address as the person to be notified may have requested in writing. 
 (b) Successors and Assigns. This Agreement has been and is made solely for the benefit of and shall be binding upon the Company and the Guarantors, the Initial Purchasers and, to the extent
provided in Section 8 hereof, the controlling persons, officers, directors, partners, employees, and affiliates referred to in Section 8, and their respective heirs, executors,

  

 30 

 
administrators, successors and assigns, all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of this Agreement. The term
“successors and assigns” shall not include a purchaser of any of the Notes from the Initial Purchasers merely because of such purchase. Notwithstanding the foregoing, it is expressly understood and agreed that each purchaser who purchases
Notes from the Initial Purchasers is intended to be a beneficiary of the covenants of the Company and the Guarantors contained in the Registration Rights Agreement to the same extent as if the Notes were sold and those covenants were made directly
to such purchaser by the Company and the Guarantors, and each such purchaser shall have the right to take action against the Company and the Guarantors to enforce, and obtain damages for any breach of, those covenants. 
 (c) GOVERNING LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 (d) VENUE. THE COMPANY AND EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY; AND (II) WAIVE (A) THEIR
RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE INITIAL PURCHASERS AND
FOR ANY COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B) ANY OBJECTION WHICH THEY MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (e) Counterparts. This Agreement may be signed in
various counterparts, which together shall constitute one and the same instrument. 
 (f) Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (g) Partial Unenforceability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  

 31 

 (h) Amendment. This Agreement may be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may be given, provided that the same are in writing and signed by all of the signatories hereto. 
 [Signature pages follow.] 
  

 32 

 Please confirm that the foregoing correctly sets forth the agreement among the Company, the
Guarantors and the Initial Purchasers. 
  

			
	 Very truly yours,
  
 THE COMPANY
  
 LANDRY’S RESTAURANTS, INC.,
 a Delaware corporation

		
	By:	 	/s/ Steven L. Scheinthal
		 	Name: Steven L. Scheinthal
		 	Title: EVP & General Counsel

			
	 GUARANTORS
  
 BRENNER’S ON THE BAYOU, INC., a Texas corporation
 C.A. MUER CORPORATION, a Michigan corporation
 CAPT. CRAB’S TAKE-AWAY OF 79TH STREET, INC., a Florida corporation
 CHLN, INC., a Delaware corporation
 CRAB HOUSE,
INC., a Florida corporation
 CRYO REALTY CORP., a Florida corporation
 FSI DEVCO, INC., a Nevada corporation
 HOSPITALITY HEADQUARTERS, INC., a Texas
corporation
 HOUSTON AQUARIUM, INC., a Texas corporation
 INN AT THE BALLPARK CATERING, INC., a Texas corporation
 LANDRY’S CRAB SHACK, INC., a Texas corporation
 LANDRY’S DEVELOPMENT, INC, a Texas corporation
 LANDRY’S DOWNTOWN AQUARIUM, INC., a Colorado
corporation
 LANDRY’S G.P., INC., a Delaware corporation
 LANDRY’S HARLOWS, INC, a Texas corporation
 LANDRY’S LIMITED, INC., a Delaware
corporation
 LANDRY’S PESCE, INC., a Texas corporation
 LANDRY’S SEAFOOD & STEAK HOUSE – CORPUS CHRISTI, INC., a Texas corporation
 LANDRY’S SEAFOOD HOUSE – ALABAMA, INC., an Alabama corporation
 LANDRY’S SEAFOOD HOUSE – ARLINGTON, INC., a Texas
corporation
 LANDRY’S SEAFOOD HOUSE – BILOXI, INC., a Mississippi corporation
 LANDRY’S SEAFOOD HOUSE – COLORADO, INC., a Colorado corporation
 LANDRY’S SEAFOOD HOUSE – FLORIDA, INC., a Florida corporation
 LANDRY’S SEAFOOD
HOUSE – LAFAYETTE, INC., a Louisiana corporation
 LANDRY’S SEAFOOD HOUSE – MEMPHIS, INC., a Tennessee corporation
 LANDRY’S SEAFOOD HOUSE – MINNESOTA, INC., a Minnesota corporation
 LANDRY’S SEAFOOD HOUSE – MISSOURI, INC., a Missouri corporation
 LANDRY’S SEAFOOD
HOUSE – NEVADA, INC., a Nevada corporation
 LANDRY’S SEAFOOD HOUSE – NEW MEXICO, INC., a New Mexico corporation
 LANDRY’S SEAFOOD HOUSE – NEW ORLEANS, INC., a Louisiana corporation
 LANDRY’S SEAFOOD HOUSE – NORTH CAROLINA, INC., a North Carolina corporation
 LANDRY’S SEAFOOD HOUSE – OHIO, INC., an Ohio corporation
 LANDRY’S SEAFOOD HOUSE – SAN LUIS, INC., a Texas
corporation
 LANDRY’S SEAFOOD HOUSE – SOUTH CAROLINA, INC., a South Carolina corporation
 LANDRY’S SEAFOOD INN & OYSTER BAR – GALVESTON, INC., a Texas corporation

  

					
			
	By:	 	/s/ Rick H. Liem	 	,
		 	Name: Rick H. Liem	 	
		 	Title: Vice President of each of the above identified entities	 	

			
	 GUARANTORS
  
 LANDRY’S SEAFOOD INN & OYSTER BAR – KEMAH, INC., a Texas corporation
 LANDRY’S SEAFOOD INN & OYSTER BAR – SAN ANTONIO, INC., a Texas corporation
 LANDRY’S SEAFOOD INN & OYSTER BAR – SUGAR CREEK, INC., a Texas corporation
 LANDRY’S SEAFOOD INN &
OYSTER BAR II, INC., a Texas corporation
 LANDRY’S SEAFOOD INN & OYSTER BAR, INC., a Texas corporation
 LANDRY’S SEAFOOD KEMAH, INC., a Texas corporation
 LANDRY’S TRADEMARK, INC., a Delaware corporation
 LCH ACQUISITION, INC., a Delaware corporation
 LSRI HOLDINGS, INC., a Delaware corporation
 MARINA
ACQUISITION CORPORATION OF FLORIDA, INC., a Florida corporation
 NASHVILLE AQUARIUM, INC., a Texas corporation
 V & A MANHATTAN, INC., a Delaware corporation
 RAINFOREST CAFE, INC., a Minnesota corporation
 RAINFOREST CAFE, INC. – CHA CHA, a Texas corporation
 RAINFOREST CAFE, INC. – KANSAS, a Kansas corporation
 RAINFOREST TRADEMARK, INC., a Delaware corporation
 SALTGRASS, INC., a Texas corporation
 SEAFOOD HOLDING SUPPLY, INC., a Delaware corporation
 SUMMIT AIRCRAFT SERVICES, INC., a Delaware corporation
 SUMMIT ONE NETWORK, INC., a Delaware corporation
 SUMMIT SEAFOOD SUPPLY, INC., a Delaware corporation
 SUMMIT SUPPLY, INC., a Delaware corporation
 THE HOFBRAU, INC., a Texas corporation
 T-REX CAFE – KANSAS CITY, INC., a Kansas corporation
 T-REX CAFE – ORLANDO, INC., a Florida corporation
 T-REX CAFE – RENO, INC., a Nevada corporation
 T-REX CAFE, INC., a Delaware corporation
 WEST END
SEAFOOD, INC., a Texas corporation
 WILLIE G’S GALVESTON, INC, a Texas corporation
 WILLIE G’S POST OAK, INC., a Texas corporation

  

			
		
	By:	 	/s/ Rick H. Liem
		 	Name: Rick H. Liem
		 	Title: Vice President of each of the above identified entities

			
	 GUARANTORS
  
 CHLN-MARYLAND, INC., a Maryland corporation
  
 RAINFOREST CAFÉ, INC. – BALTIMORE COUNTY, a Maryland corporation
  

FSI RESTAURANT DEVELOPMENT LIMITED, a Texas limited partnership
     By: Saltgrass, Inc., its Sole General Partner
  
 LANDRY’S MANAGEMENT, L.P., a Delaware limited partnership
     By:
Landry’s G.P., Inc., its Sole General Partner
  
 WSI FISH LIMITED, a
Texas limited partnership
     By: Saltgrass, Inc., its Sole General Partner

  

			
		
	By:	 	/s/ Steven L. Scheinthal
		 	Name: Steven L. Scheinthal
		 	Title: Vice President of each of the above identified entities

			
	 Accepted and Agreed to:
  
 INITIAL PURCHASERS
  
 JEFFERIES & COMPANY, INC.

		
	By:	 	 
		 	 Name:
 Title:

	
	UBS SECURITIES LLC
		
	By:	 	/s/ Francisco Pinto-Leite
		 	 Name: Francisco Pinto-Leite
 Title: Executive Director

		
	By:	 	/s/ William H. Gates
		 	 Name: William H. Gates
 Title: Managing Director

	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

			
	 Accepted and Agreed to:
  
 INITIAL PURCHASERS
  
 JEFFERIES & COMPANY, INC.

		
	By:	 	/s/ Illegible
		 	 Name: Illegible
 Title:
Managing Director

	
	UBS SECURITIES LLC
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

			
	 Accepted and Agreed to:
  
 INITIAL PURCHASERS
  
 JEFFERIES & COMPANY, INC.

		
	By:	 	 
		 	 Name:
 Title:

	
	UBS SECURITIES LLC
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	/s/ Illegible
		 	 Name: Illegible
 Title:
Director

		
	By:	 	/s/ Illegible
		 	 Name: Illegible
 Title:
Managing Director

 SCHEDULE I 
 INITIAL PURCHASERS 
  

				
	 Initial Purchaser
	  	Principal
Amount
	 Jefferies & Company, Inc.
	  	$	203,250,000
	 Deutsche Bank Securities Inc.
	  	 	101,625,000
	 UBS Securities LLC1
	  	 	101,625,000
		  	 	 
	 Total
	  	$	406,500,000
		  	 	 

  

	1	 UBS Securities LLC acknowledges and agrees that none of the Notes purchased by it hereunder have been or will be resold to UBS Global Asset Management.

 SCHEDULE II 
 PRICING TERM SHEET 

					
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 This summary pricing sheet relates only to the securities described below and should only be read
together with the Preliminary Offering Memorandum, subject to completion, dated November 9, 2009, relating to these securities and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information
in the Preliminary Offering Memorandum. This summary pricing sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum. Capitalized terms not defined herein have the meanings assigned to them in the Preliminary Offering
Memorandum. 
  

							
	 Issuer
	  	Landry’s Restaurants, Inc.
		
	 Security Description
	  	11.625% Senior Secured Notes due 2015.
	 Distribution
	  	144A / Regulation S – with Registration Rights.
		
	 Aggregate Principal Amount
	  	$406,500,000.
	 Gross Proceeds
	  	$400,105,755.
		
	 Coupon
	  	11.625%.
	 Maturity Date
	  	December 1, 2015.
		
	 Offering Price
	  	98.427%.
	 Yield to Maturity
	  	12.000%.
		
	 Ratings (Moody’s / S&P)1
	  	B3 / B.
		
	 Interest Payment Dates
	  	December 1 and June 1, commencing June 1, 2010.
	 Coupon Record Dates
	  	November 15 and May 15.
		
	 Original Issue Discount
	  	The notes will be issued with original issue discount for U.S. federal income tax purposes. Thus, in addition to the stated cash interest on the notes, U.S. holders will
be required to include the amounts representing the original issue discount in gross income on a consistent yield basis in advance of receipt of the cash payments to which such income is attributable.
		
	 Optional Redemption
	  	Not callable prior to December 1, 2012. Callable thereafter at the following prices:

								
				
	 	  	 For the period below
	  	Percentage	 	 	 
	  	On or after December 1, 2012	  	105.813	% 	 
	  	On or after December 1, 2013	  	102.906	% 	 
	  	On or after December 1, 2014	  	100.000	% 	 

							
		
	 Equity Clawback
	  	35% at 111.625% (prior to December 1, 2012).
		
	 Change of Control Offer
	  	101%.
	 Asset Sale Offer
	  	100%.
		
	 Trade Date
	  	Tuesday, November 17, 2009.
	 Settlement Date
	  	Monday, November 30, 2009 (T+8).

  

	1	 A securities rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is
subject to revision or withdrawal at any time by the assigning rating organization. 

  

					
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	 	  	144A	  	Regulation S
	 CUSIP Numbers
	  	51508L AJ2	  	U51300 AD0

			
		
	 Joint Book-Running Managers
	  	Jefferies & Company
		  	Deutsche Bank Securities
		  	UBS Investment Bank

 Please refer to the
“Modifications to ‘Business,’ ‘Use of Proceeds,’ ‘Description of Certain Indebtedness,’ and ‘Description of Notes’ in the Preliminary Offering Memorandum” on the following pages. 
 Modifications to “Business” in the Preliminary Offering Memorandum 
  

			
	Proposed Acquisition	  	On November 13, 2009, Pershing Square Capital Management, L.P. filed a Schedule
	(Pages 53-54)	  	13D with the SEC and disclosed that it, certain of its affiliates and Richard T. McGuire
		  	beneficially own approximately 9.9% of the outstanding shares of our common stock
		  	and that they do not intend to support the proposed acquisition of us by Mr. Fertitta.
		
	 Legal Proceedings
 (Pages
63-64)
	  	Ralph Biancalana, Individually and on behalf of all others similarly situated v. Tilman J. Fertitta, et al., a putative class action, was filed on November 10, 2009 in the
District Court of Harris County, 165th Judicial District, following Mr. Fertitta’s latest proposal to acquire all of our outstanding stock. We are named in the Petition as a defendant along with all of our directors. Plaintiff has alleged,
among other things, that in connection with the proposed merger transaction, our directors have knowingly and recklessly violated their fiduciary duty of care, have violated their fiduciary duties of duty, loyalty, good faith, candor and
independence, and that the transaction contains an inadequate and unfair price. Plaintiff also alleged that we aided and abetted our directors’ alleged breach of fiduciary duty. Plaintiff seeks to enjoin the transaction and the payment of a
termination fee to Mr. Fertitta. Plaintiff also requests declarations from the Court that the termination fee is unfair, and that our directors have breached their fiduciary duties to our shareholders. Plaintiff seeks recovery of attorneys fees and
costs. We believe this action is without merit and intend to vigorously contest this matter.

 Modifications to
“Description of Certain Indebtedness” in the Preliminary Offering Memorandum 
  

			
	Proposed Terms of Amended	  	
	Senior Secured Credit Facility	  	See Annex A

  

					
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 Modifications to “Description of Notes” in the Preliminary Offering
Memorandum 
  

			
	 Going-Private Transaction
 (Page 120)
	  	“Going Private Transactions” means the transactions contemplated by the Merger Agreement, which shall include (1) the contribution by the Permitted Holders to
Landry’s common equity capital, or to the common equity capital of an acquisition vehicle that will be merged or consolidated with Landry’s or a parent of such an acquisition vehicle which results in an acquisition vehicle being merged or
consolidated with Landry’s in connection with the Going Private Transactions, of not less than $40.0 million, and (2) the use of not more than $79.5 million of cash of Landry’s and its Restricted Subsidiaries to repurchase,
redemption redeem, or other otherwise retire retirement of not more than $119.5 million of the Landry’s common stock not owned by the Permitted Holders, which shall include the equity
contribution referred to in clause (1) above and not more than $69.5 million of cash of Landry’s and its Restricted Subsidiaries.

  

					
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 USE OF PROCEEDS 
 The net proceeds of this offering are expected to be approximately $384.1 million, after deducting transaction fees and expenses. The net proceeds of this offering will be used to refinance certain of our
existing indebtedness and for either general corporate purposes or, if consummated, the acquisition of us by Mr. Fertitta, our Chairman, President and Chief Executive Officer. 
 The following table sets forth the estimated sources and uses of funds in connection with the issuance of the notes. 
  

									
	 Sources of Funds
	  	 Uses of Funds

	(Dollars in thousands)
	Notes offered hereby	  	$	400,106	  	Repay existing senior secured notes (including accrued interest) (1)	  	$	309,865
		  			  	Transaction fees and expenses	  	 	16,000
		  			  	General corporate purposes (2)	  	 	74,241
		  	 	 	  		  	 	 
	 Total sources of funds
	  	$	400,106	  	 Total uses of funds
	  	$	400,106
		  	 	 	  		  	 	 

  

	(1)	The existing senior secured notes bear interest at 14.0% and mature on August 15, 2011. 

	(2)	If the proposed acquisition of us by Mr. Fertitta is consummated, we anticipate that this portion of the proceeds of this offering will be used to finance, in
part, the cash consideration payable in the transaction. 

  

					
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 CAPITALIZATION 
 The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2009, on an actual historical basis, as adjusted to give effect to the issuance of the notes
offered hereby, the application of the proceeds therefrom to repay certain of our existing indebtedness and pro forma for the consummation of the proposed acquisition of us by Mr. Fertitta. This information should be read in conjunction with
“Summary Historical and Pro Forma Consolidated Financial Information,” “Selected Consolidated Financial Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our
consolidated financial statements, including the related notes, included elsewhere in this offering memorandum. 
  

										
	 	  	As of September 30, 2009
	 	  	Actual	  	As Adjusted (1)	  	Pro Forma As
Adjusted
for the Proposed
Acquisition (2)
	 	  	(Unaudited)
	 	  	(Dollars in thousands)
	 Cash and cash equivalents
	  	$	44,998	  	$	124,985	  	$	52,836
		  	 	 	  	 	 	  	 	 
	 Long-term debt, including current maturities:
	  			  			  		
	 Senior secured revolving credit facility (3)
	  	 	—  	  	 	—  	  	 	—  
	 Senior secured term loan (3)
	  	 	160,600	  	 	160,600	  	 	160,600
	 Existing 14% notes (including unamortized original issue discount)
	  	 	295,500	  	 	—  	  	 	—  
	 Notes offered hereby (including unamortized original issue discount)
	  	 	—  	  	 	406,500	  	 	406,500
	 Existing 7.5% senior notes
	  	 	783	  	 	783	  	 	783
	 Existing 9.5% senior notes
	  	 	735	  	 	735	  	 	735
	 Debt at unrestricted and foreign subsidiaries
	  	 	497,366	  	 	497,366	  	 	497,366
		  	 	 	  	 	 	  	 	 
	 Total debt
	  	 	954,984	  	 	1,065,984	  	 	1,065,984
	 Total stockholders’ equity
	  	 	331,130	  	 	331,130	  	 	171,189
		  	 	 	  	 	 	  	 	 
	 Total capitalization
	  	$	1,286,114	  	$	1,397,114	  	$	1,237,173
		  	 	 	  	 	 	  	 	 

  

	(1)	Adjusted for the refinancing transactions, assuming Mr. Fertitta does not acquire all of the stock he does not already own for $14.75 per share, in cash.

	(2)	Pro forma as adjusted for the refinancing transactions, assuming Mr. Fertitta acquires all of the stock he does not already own for $14.75 per share, in cash.

	(3)	Concurrently with the consummation of this offering, we expect to amend our existing senior secured credit facility to extend the maturity and increase the total
commitments under the senior secured revolving credit facility to $75.0 million, none of which would have been drawn at September 30, 2009, and amend various other terms and conditions. See “Description of Certain Indebtedness –
Amended Senior Secured Credit Facility.” 

  

					
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 ANNEX A 
 SUMMARY OF PROPOSED TERMS OF AMENDED SENIOR SECURED CREDIT FACILITY 
 This
summary below describes the principal proposed terms of the amended senior secured credit facility of Landry’s Restaurants, Inc. Certain of the terms described below are subject to important limitations and exceptions. In addition, the summary
below describes the proposed terms of the amended senior secured credit facility, which are subject to change. This summary may not contain all of the information that you should consider before making an investment decision with respect to the
notes. 
  

	I.	Parties 

  

			
	 Borrower
	 	Landry’s Restaurants, Inc. (the “Company”).
		
	 Guarantors
	 	Each of the Company’s current and future domestic restricted subsidiaries. The Company’s unrestricted subsidiaries, including the subsidiaries that own and operate the
Company’s gaming division comprising of the Golden Nugget, will not be guarantors.
		
	Co-Lead Arrangers and Joint Book Runners	 	Wells Fargo Foothill, LLC (“WFF”), Jefferies Finance LLC and/or one or more of their respective designees (in such capacities, the “Arrangers”). The Arrangers
will perform the duties customarily associated with such role.
		
	 Collateral Agent
	 	WFF.
		
	 Administrative Agent
	 	WFF.
		
	 Lenders
	 	A syndicate of banks, financial institutions and other entities (collectively, the “Lenders”) arranged by the Arranger in consultation with the
Company.
	
	  
 II.     Types and Amount of Senior Credit Facilities

		
	 Facilities
	 	$235.6 million senior secured credit facilities (the “Credit Facilities”) comprised of:
		
		 	 •     $75.0 million of a senior secured revolving credit facility (the “Revolving Credit
Facility”);

		
		 	 •     $160.6 million of a senior secured term loan (the “Term
Loans”).

		
	 Term Loan Facility
	 	A four-year term loan facility in an aggregate principal amount equal to $160.6 million. The Term Loans will be repayable in equal quarterly installments in an aggregate
principal amount of $16 million for each year until maturity.

  

					
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	Revolving Credit Facility	 	 A four-year revolving credit facility in an aggregate principal amount of $75.0 million. Amounts repaid under the Revolving Credit
Facility may be reborrowed. Amounts outstanding under the Revolving Credit Facility are due at maturity.
  
 A portion of the Revolving Credit Facility not in excess of $25.0 million shall be available for letters of credit that are issued to (i) one or more Lenders to be selected by the Agent, or (ii) an
issuing bank selected by the Agent provided that the Agent has issued a guarantee of payment to such issuing bank. The face amount of any outstanding letters of credit will reduce the availability under the Revolving Credit Facility on a
dollar-for-dollar basis.
  
 A portion of the Revolving Credit Facility not in
excess of $5.0 million will be available for swing line loans from a Lender to be selected by the Agent on same-day notice. Any such swing line loan will reduce availability under the Revolving Credit Facility on a dollar-for-dollar
basis.

		
	Interest Rate Options	 	The Company may elect that the Credit Facilities bear interest at a rate per annum equal to (i) LIBOR plus 6.0%, or (ii) 5.0% plus the greater of (x) 4.0%, (y) the federal
funds rate plus 0.5% and (z) the prime rate.
		
	LIBOR Floor	 	2.00%.
		
	Option Prepayments and Commitment Reductions	 	Optional prepayments of borrowings under the Credit Facilities and optional reductions of the unutilized portion of the commitments under the Credit Facilities are permitted at
any time without premium or penalty (subject to certain limited exceptions).
		
	Mandatory Prepayments	 	 •   100% of the net proceeds of any sale or issuance of equity by, or capital contribution to, the
Company.

		
		 	 •   100% of the net proceeds of any incurrence of indebtedness after the closing.

		
		 	 •   100% of the net proceeds of any sale or other disposition of assets by the Company or any of its
subsidiaries, subject to certain reinvestment rights.

		
		 	 •   50% of excess cash flow for each fiscal year following December 31, 2009.

		
		 	 •   100% of the net cash proceeds of a “Qualified IPO” of Saltgrass, Inc. A “Qualified
IPO” means an underwritten initial public offering of Saltgrass, Inc. (exclusive of underwriter’s discounts and commissions and other expenses) that results in gross offering proceeds of at least a certain dollar threshold to be
determined.

  

	III.	Financial Covenants 

  

					
	 Maximum Leverage Ratio
	 	2.00 : 1.00 for all periods.
			
	Maximum Total Leverage Ratio	 	 Applicable Periods (12 months ended)
	  	 Applicable Ratio

		 	12/31/2009 through 6/30/2011	  	4.75 : 1.00
			
		 	9/30/2011 through 6/30/2012	  	4.50 : 1.00
			
		 	9/30/2012 through 3/31/2013	  	4.25 : 1.00
			
		 	6/30/2013 through 9/30/2013	  	4.00 : 1.00

  

					
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	Minimum Fixed Charge Coverage
Ratio	 	 Applicable Periods (12 months ended)
	  	 Applicable Ratio

		 	12/31/2009 through 12/31/2010	  	1.10 : 1.00
			
		 	3/31/2010 through 12/31/2011	  	1.15 : 1.00
			
		 	3/31/2012 through 12/31/2012	  	1.20 : 1.00
			
		 	3/31/2013 through 9/30/2013	  	1.25 : 1.00

  

	IV.	Negative Covenants 

  

			
	 Negative Covenants
	 	Limitations on indebtedness; liens; investments; loans and advances; asset sales; mergers, acquisitions, consolidations, liquidations, and dissolutions; dividends and other
payments with respect to equity interests and other restricted payments; transactions with affiliates; capital expenditures; prepayments of other indebtedness; modifications of organizational documents, acquisition documents and other documents;
limitations on certain restrictions on subsidiaries; limitations on issuance of capital stock and creation of subsidiaries; limitation on accounting changes; changes in fiscal year; no further negative pledges; anti-terrorism laws, money laundering
activities and dealing with embargoed persons.
		
	Permitted Indebtedness General Basket	 	$20.0 million.
		
	Permitted Purchase Money Indebtedness Basket	 	$15.0 million.
		
	Permitted Dispositions General Basket	 	$20.0 million.
		
	Permitted Investments Baskets	 	 •   $2.0 million expense reimbursement liabilities with unrestricted subsidiaries.

		
		 	 •   $1.0 million ordinary course loans and advances to employees.

		
		 	 •   100% of any dividends received from an unrestricted subsidiary (other than Golden Nugget,
Inc.).

		
		 	 •   $10.0 million annually ($2.5 million in 2009), subject to the Company having at least $25.0 million of
unrestricted cash and availability under the Revolving Credit Facility. Unused amounts may be carried forward to the next succeeding fiscal year, subject to certain limitations.

  

					
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	 Permitted Distributions Baskets
	  	 •   The designation of Saltgrass, Inc. as an unrestricted subsidiary in connection with a Qualified IPO,
such that

		
		  	 •   The pro forma first lien leverage ratio is less than or equal to 1.0 : 1.0; and

		
		  	 •   The net cash proceeds are applied to repay the Credit Facilities.

		
		  	 •   $2.5 million of dividends annually, subject to the Company having at least $25.0 million of
unrestricted cash and availability under the Revolving Credit Facility.

		
		  	 •   $10.0 million annually ($2.5 million in 2009), subject to the Company having at least $25.0 million of
unrestricted cash and availability under the Revolving Credit Facility

		
		  	 •   Payment of consideration in connection with going-private transaction of the Company by affiliates of
Tilman J. Fertitta if:

		
		  	 •   The pro forma first lien leverage ratio is less than or equal to 1:1.

		
		  	 •   The transaction occurs before December 31, 2010; and

		
		  	 •   The surviving entity agrees to the terms of the Guaranty and Security Agreement.

		
	 Certain Permitted Liens
	  	 •   Liens securing up to $35.0 million of Acquired Indebtedness. “Acquired Indebtedness” means
indebtedness of an entity whose assets or stock was acquired by Landry’s or a restricted subsidiary, provided that such indebtedness is either (i) purchase money indebtedness, a capital lease with respect to equipment or inventory or mortgage
financing with respect to real property; (ii) was in existence prior to the acquisition; and (iii) was not incurred in connection with the acquisition transaction.

		
		  	 •   Purchase money liens or the interests of lessor under capital leases to the extent that such liens or
interests secured permitted purchase money indebtedness so long as the lien attaches only to the asset acquired and the proceeds therefrom and such lien only secured the indebtedness to be incurred to acquire the asset acquired.

		
		  	 •   $20.0 million of other liens.

		
	 Transactions with Affiliates
	  	 •   Transactions greater than $7.5 million require a resolution from the Board of
Directors.

		
		  	 •   Transactions greater than $15.0 million require a fairness opinion.

		
		  	 •   $1.0 million ordinary course loans and advances to employees.

 THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. UNLESS
THEY ARE REGISTERED, THE NOTES MAY BE OFFERED ONLY IN TRANSACTIONS EXEMPT FROM OR NOT SUBJECT TO REGISTRATION UNDER THE SECURITIES ACT, OR ANY STATE SECURITIES LAWS. ACCORDINGLY, THE NOTES HAVE BEEN OFFERED ONLY TO QUALIFIED INSTITUTIONAL BUYERS AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT OR TO NON-U.S. PERSONS OUTSIDE THE UNITED STATES UNDER REGULATION S UNDER THE SECURITIES ACT. 
 TO ENSURE COMPLIANCE WITH INTERNAL REVENUE SERVICE CIRCULAR 230, YOU ARE HEREBY NOTIFIED THAT ANY DISCUSSION OF FEDERAL TAX MATTERS SET FORTH IN THIS SUMMARY WAS WRITTEN IN CONNECTION WITH THE PROMOTION OR MARKETING OF THE TRANSACTIONS
OR MATTERS ADDRESSED HEREIN AND WAS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY YOU, OR ANY NOTE HOLDER, FOR THE PURPOSE OF AVOIDING TAX-RELATED PENALTIES UNDER FEDERAL TAX LAW. YOU, OR ANY NOTE HOLDER, SHOULD SEEK ADVICE BASED ON
YOUR, OR THE HOLDER’S, PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR. 
  

					
	 	  	Page 9 of 10	  	

					
	Confidential – Summary of Final Terms	  	$406,500,000	  	November 17, 2009
			
		  	

	  	

 11.625% Senior Secured Notes due 2015 
  
  

 THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION IN SUCH JURISDICTION. 
 A copy of
the offering memorandum relating to this offering may be obtained by contacting Jefferies & Company, Inc. at 888-708-5831. 
 Any
disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via Bloomberg or another email system.

  

					
	 	  	Page 10 of 10	  	

 SCHEDULE III 
 SUBSIDIARIES OF THE COMPANY 
  

	1.	BRENNER’S ON THE BAYOU, INC., a Texas corporation 

  

	2.	C.A. MUER CORPORATION, a Michigan corporation 

  

	3.	CAPT. CRAB’S TAKE-AWAY OF 79TH STREET, INC., a Florida corporation 

  

	4.	CHLN, INC., a Delaware corporation 

  

	5.	CRAB HOUSE, INC., a Florida corporation 

  

	6.	CRYO REALTY CORP., a Florida corporation 

  

	7.	FSI DEVCO, INC., a Nevada corporation 

  

	8.	HOSPITALITY HEADQUARTERS, INC., a Texas corporation 

  

	9.	HOUSTON AQUARIUM, INC., a Texas corporation 

  

	10.	INN AT THE BALLPARK CATERING, INC., a Texas corporation 

  

	11.	LANDRY’S CRAB SHACK, INC., a Texas corporation 

  

	12.	LANDRY’S DEVELOPMENT, INC, a Texas corporation 

  

	13.	LANDRY’S DOWNTOWN AQUARIUM, INC., a Colorado corporation 

  

	14.	LANDRY’S G.P., INC., a Delaware corporation 

  

	15.	LANDRY’S LIMITED, INC., a Delaware corporation 

  

	16.	LANDRY’S PESCE, INC., a Texas corporation 

  

	17.	LANDRY’S SEAFOOD & STEAK HOUSE–CORPUS CHRISTI, INC., a Texas corporation 

  

	18.	LANDRY’S SEAFOOD HOUSE – ALABAMA, INC., an Alabama corporation 

  

	19.	LANDRY’S SEAFOOD HOUSE–ARLINGTON, INC., a Texas corporation 

  

	20.	LANDRY’S SEAFOOD HOUSE– BILOXI, INC., a Mississippi corporation 

  

	21.	LANDRY’S SEAFOOD HOUSE – COLORADO, INC., a Colorado corporation 

  

	22.	LANDRY’S SEAFOOD HOUSE – FLORIDA, INC., a Florida corporation 

  

	23.	LANDRY’S SEAFOOD HOUSE – LAFAYETTE, INC., a Louisiana corporation 

  

	24.	LANDRY’S SEAFOOD HOUSE – MEMPHIS, INC., a Tennessee corporation 

  

	25.	LANDRY’S SEAFOOD HOUSE – MINNESOTA, INC., a Minnesota corporation 

  

	26.	LANDRY’S SEAFOOD HOUSE – MISSOURI, INC., a Missouri corporation 

  

	27.	LANDRY’S SEAFOOD HOUSE – NEVADA, INC., a Nevada corporation 

  

	28.	LANDRY’S SEAFOOD HOUSE – NEW MEXICO, INC., a New Mexico corporation 

  

	29.	LANDRY’S SEAFOOD HOUSE – NEW ORLEANS, INC., a Louisiana corporation 

  

	30.	LANDRY’S SEAFOOD HOUSE – NORTH CAROLINA, INC., a North Carolina corporation 

  

	31.	LANDRY’S SEAFOOD HOUSE – OHIO, INC., an Ohio corporation 

  

	32.	LANDRY’S SEAFOOD HOUSE – SAN LUIS, INC., a Texas corporation 

  

	33.	LANDRY’S SEAFOOD HOUSE – SOUTH CAROLINA, INC., a South Carolina corporation 

  

	34.	LANDRY’S SEAFOOD INN & OYSTER BAR – GALVESTON, INC., a Texas corporation 

  

	35.	LANDRY’S SEAFOOD INN & OYSTER BAR – KEMAH, INC., a Texas corporation 

  

	36.	LANDRY’S SEAFOOD INN & OYSTER BAR – SAN ANTONIO, INC., a Texas corporation 

  

	37.	LANDRY’S SEAFOOD INN & OYSTER BAR – SUGAR CREEK, INC., a Texas corporation 

  

	38.	LANDRY’S SEAFOOD INN & OYSTER BAR II, INC., a Texas corporation 

  

	39.	LANDRY’S SEAFOOD INN & OYSTER BAR, INC., a Texas corporation 

  

	40.	LANDRY’S SEAFOOD KEMAH, INC., a Texas corporation 

  

	41.	LANDRY’S TRADEMARK, INC., a Delaware corporation 

  

	42.	LCH ACQUISITION, INC., a Delaware corporation 

  

	43.	LSRI HOLDINGS, INC., a Delaware corporation 

  

	44.	MARINA ACQUISITION CORPORATION OF FLORIDA, INC., a Florida corporation 

  

	45.	NASHVILLE AQUARIUM, INC., a Texas corporation 

  

	46.	V & A MANHATTAN, INC., a Delaware corporation 

	47.	RAINFOREST CAFE, INC., a Minnesota corporation 

  

	48.	RAINFOREST CAFE, INC. – CHA CHA, Texas corporation 

  

	49.	RAINFOREST CAFE, INC. – KANSAS, a Kansas corporation 

  

	50.	RAINFOREST TRADEMARK, INC., a Delaware corporation 

  

	51.	SALTGRASS, INC., a Texas corporation 

  

	52.	SEAFOOD HOLDING SUPPLY, INC., a Delaware corporation 

  

	53.	SUMMIT AIRCRAFT SERVICES, INC., a Delaware corporation 

  

	54.	SUMMIT ONE NETWORK, INC., a Delaware corporation 

  

	55.	SUMMIT SEAFOOD SUPPLY, INC., a Delaware corporation 

  

	56.	SUMMIT SUPPLY, INC., a Delaware corporation 

  

	57.	THE HOFBRAU, INC., a Texas corporation 

  

	58.	T-REX CAFE – KANSAS CITY, INC., a Kansas corporation 

  

	59.	T-REX CAFE – ORLANDO, INC., a Florida corporation 

  

	60.	T-REX CAFE–RENO, INC., a Nevada corporation 

  

	61.	T-REX CAFE, INC., a Delaware corporation 

  

	62.	WEST END SEAFOOD, INC., a Texas corporation 

  

	63.	WILLIE G’S GALVESTON, INC, a Texas corporation 

  

	64.	WILLIE G’S POST OAK, INC., a Texas corporation 

  

	65.	CHLN-MARYLAND, INC., a Maryland corporation 

  

	66.	RAINFOREST CAFÉ, INC. – BALTIMORE COUNTY, Maryland corporation 

  

	67.	FSI RESTAURANT DEVELOPMENT LIMITED, a Texas limited partnership 

  

	68.	LANDRY’S MANAGEMENT, L.P., a Delaware limited partnership 

  

	69.	WSI FISH LIMITED, a Texas limited partnership 

  

	70.	LANDRY’S HARLOWS, INC, a Texas corporation 

  

	71.	*LANDRY’S GAMING, INC., a Nevada corporation 

  

	72.	*GOLDEN NUGGET, INC., a Nevada corporation 

  

	73.	* LGE, INC., a Delaware corporation 

  

	74.	*TEXAS GAMING LLC, a Delaware limited liability company 

  

	75.	*GNLV, CORP., a Nevada corporation 

  

	76.	*GNL, CORP., a Nevada corporation 

  

	77.	*GOLDEN NUGGET EXPERIENCE, LLC, a Nevada limited liability company 

  

	78.	*LCHLN, INC., a Delaware corporation 

  

	79.	*ISLAND ENTERTAINMENT, INC., a Texas corporation 

  

	80.	*ISLAND HOSPITALITY, INC., a Texas corporation 

  

	81.	*NEVADA ACQUISITION CORP., a Delaware corporation 

  

	82.	*YORKDALE RAINFOREST RESTAURANT, INC., a company organized under the laws of Canada 

  

	83.	STITCHING RAINFOREST CAFÉ, a company organized under the laws of the Netherlands 

  

	84.	*RAINFOREST CAFÉ CANADA HOLDINGS, INC., a company organized under the laws of Canada 

  

	*	Designates an Unrestricted Subsidiary 

 EXHIBIT A 
 FORM OF OPINIONS OF COMPANY COUNSEL 
 Based upon the
foregoing, and subject to the qualifications set forth herein, we are of the opinion that: 
 1. The Company is a
corporation validly existing and in good standing under the laws of the State of Delaware and is duly qualified to do business as a foreign corporation in the State of Texas. Each Guarantor is a corporation or limited partnership validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization. 
 2. The Company and each
Guarantor organized under the laws of the State of Delaware or Texas (the “Covered Guarantors”) (a) has the corporate or limited partnership power and authority, as applicable, to execute, deliver and perform each Transaction Document
to which it is a party and to consummate the transactions contemplated thereby, (b) has taken all corporate or limited partnership action, as applicable, necessary to authorize the execution, delivery and performance of each Transaction
Document to which it is a party and the transactions contemplated by the Transaction Documents, (c) has duly executed and delivered each Transaction Document to which it is a party and (d) owns, leases and operates its properties and
assets and conducts its business as described in the Offering Memorandum. 
 3. The execution and
delivery by the Company and the Guarantors of each Transaction Document to which it is a party does not, and the performance by each of the Company and the Guarantors of its obligations thereunder, including the issuance and sale of the Notes to the
Initial Purchasers, the granting of the Liens provided for in the Transaction Documents, and the Transactions contemplated thereby, will not, (a) violate the certificate or articles of incorporation, certificate or articles of formation, bylaws
or limited partnership agreement, as applicable, of the Company and the Covered Guarantors, (b) violate any Applicable Law, (c) to our knowledge, violate any order, writ, judgment, injunction, decree, determination or award binding upon or
affecting the Company and the Guarantors, (d) result in the breach of, or constitute a default or require any payment to be made under, any agreement, document or instrument, any indenture, mortgage, deed of trust, agreement or instrument
(i) identified as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and (ii) listed on Schedule 12 attached hereto or (e) except for the Liens created under the Transaction Documents and Permitted Liens, result in
or require the creation or imposition of any Lien upon or with respect to any property of the Company and the Guarantors. 
 4. No Governmental Authorization (as defined below) and no notice to or filing with, any United States federal or New York or Texas governmental or Delaware corporate authority or regulatory body, is required for (a) the
issuance and sale by the Company of the Notes to the Initial Purchasers, the execution, delivery or performance by the Company or the Guarantors of any Transaction Document to which it is a party or for the consummation of the transactions

  

	2	 Schedule will include all agreements on Schedule 4.17 of the Amended and Restated Credit Agreement to the extent not filed with the SEC as an exhibit
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. 

 contemplated by the Transaction Documents except such as have been obtained and such as may be required
under state securities or “Blue Sky” laws in connection with the purchase and resale of the Notes by the Initial Purchasers, (b) the grant by the Company and the Guarantors of the Liens in the Article 9 Collateral (hereinafter
defined) granted by it pursuant to the Security Agreement, (c) the perfection or maintenance of the Liens in the Article 9 Collateral created under the Security Agreement or (d) the exercise by the Collateral Agent of its rights under the
Transaction Documents or the remedies in respect of the Article 9 Collateral pursuant to the Security Agreement, except for (i) the filings referred to in paragraph 8, (ii) the filing of the fixture filings and the recording of the
Mortgages in the real property records of the county in which the real property subject to such Mortgages is located and (iii) Governmental Authorization not required to consummate the transactions occurring on the date hereof but required to
be obtained or made after the date of this opinion letter to enable the Company and the Guarantors to comply with requirements of Applicable Law, including those required to maintain existence and good standing of the Company and the Guarantors.

 “Governmental Authorization” means any consent, approval, license, authorization or validation of, or filing,
recording or registration with, any governmental authority pursuant to any Applicable Law. 
 5. Each
Transaction Document is the legal, valid and binding obligation of each of the Company and the Covered Guarantors, and other than with respect to the Purchase Agreement, enforceable against the Company and the Covered Guarantors in accordance with
their terms. Assuming due authorization, execution and delivery by each [Uncovered Party]3 of each Transaction Document to which it is a party, each such Transaction Document is the legal, valid and binding obligation of each Uncovered Party that is a party thereto, and other than with respect
to the Purchase Agreement, enforceable against such Uncovered Party in accordance with their terms. 
 6. The Security
Agreement and, upon and subject to receipt of approval of the Gaming Authorities, the Gaming Pledge Agreement, are effective to create in favor of the Collateral Agent, as security for the payment of the Secured Obligations as defined therein, a
valid security interest (the “Article 9 Security Interest”) in the rights of each Noteholder Secured Party (as defined in the Security Agreement) in the Collateral described therein, in which a security interest may be created under
Article 9 of the Uniform Commercial Code as in effect in the State of New York (the “NYUCC”) (the “Article 9 Collateral”). 
 7. Each of the financing statements prepared by counsel to the Initial Purchasers listing a Covered Party as Guarantor has been reviewed by us (the “Financing Statements”) and is in
appropriate form for filing with the Secretary of the State of Delaware or Texas, as applicable. Upon the proper filing in the applicable Filing Offices of the Financing Statements, the Article 9 Security Interest in that portion of the Article 9
Collateral in which a security interest may be perfected by filing a financing statement under the Uniform Commercial Code as in effect in the State of Delaware (the “Delaware UCC”) and the State of Texas, (the “Texas UCC”) will
be perfected without any other action or notice. 
  

	3	 Definition will include all Guarantors incorporated in jurisdictions other than Delaware and Texas, as well as other parties to the Transaction
Documents, including Initial Purchasers, Collateral Agent, Administrative Agent, etc. 

 8. Each of the Mortgages to be recorded by the applicable County Clerks of the State
of Texas is in proper form (i) to be accepted for recording by the County Clerks of such Counties and (ii) upon such recording, to provide notice to third parties of the mortgage liens on the interest of the Company or the Guarantor party
to such Mortgage in the Collateral comprising the real property described therein. Each such Mortgage constitutes a fixture financing statement for purposes of the Texas UCC. 
 9. The Article 9 Security Interest in that portion of the Article 9 Collateral consisting of Certificated Securities (as defined in
Article 8 of the NYUCC) represented by the certificates identified on Schedule 5 to the Security Agreement (the “Pledged Securities”) will be perfected upon delivery to the Collateral Agent or its designee (including, prior to the
Discharge of the First Lien Priority Obligations, the First Lien Agent as bailee on behalf of the Collateral Agent), the original stock certificate (together with stock powers executed in blank) representing the Capital Stock of Landry’s
Gaming, Inc., subject to and pursuant to the terms of the Intercreditor Agreement and the other Indenture Documents. 
 10.
The Article 9 Security Interest in that portion of the Article 9 Collateral consisting of the uncertificated securities (as defined in Article 8 of the NYUCC) identified on Schedule 2 to the Security Agreement (the “Uncertificated Pledged
Securities”) will be perfected upon the execution and delivery by the issuer thereof of an agreement that it will comply with the instructions with respect to the Uncertificated Pledged Securities originated by the Collateral Agent without
further consent by the registered owner of such Uncertificated Pledged Securities. 
 11. Neither the Company nor any
Guarantor is or will be as a result of the Transactions, an “investment company” under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 12. The issuance and sale by the Company of the Notes as contemplated by the Purchase Agreement does not violate Regulation T, U and
X of the Board of Governors of the Federal Reserve System. 
 13. The authorized, issued and outstanding capital stock of
the Company is as set forth in the Pricing Disclosure Package and the Final Offering Memorandum under the caption “Capitalization.” 
 14. The Indenture is in sufficient form for qualification under the TIA. 
 15. The Notes and the Note Guarantees are in the form contemplated by the Indenture. The execution, delivery and performance of the Private Exchange Notes and the Private Exchange Guarantees have been duly and validly authorized by
the Company and the Covered Guarantors, and when executed and delivered by the Company and the Guarantors in accordance with the terms of the Registration Rights Agreement and the Indenture (assuming the due authorization, execution and delivery of
the Registration Rights Agreement and the Indenture by the Trustee and due authentication and delivery of such guarantees by the Trustee in accordance with the Indenture), will be legal, valid and binding obligations of the Company and the
Guarantors, entitled to the benefits of the Indenture, the Collateral Agreements and the Registration Rights Agreement, and enforceable against each of the Company and the Guarantors in accordance with their terms. 

 16. The statements in the Pricing Disclosure Package and the Final Offering
Memorandum under the captions “Description of Notes” and “Description of Certain Indebtedness” to the extent that such information constitute a summary of the legal matters, documents or proceedings referred to therein, fairly
present in all material respects such legal matters, documents and proceedings. The statements under the caption and “Certain United States Federal Income Tax Considerations,” in the Pricing Disclosure Package and the Final Offering
Memorandum, insofar as such statements summarize certain federal income and estate tax laws of the United States, constitute a fair summary of the principal U.S. federal income and estate tax consequences of an investment in the Notes. 

17. No registration under the Act of the Notes is required in connection with the issuance and sale of the Notes to the Initial
Purchasers as contemplated by the Purchase Agreement and the Pricing Disclosure Package and the Final Offering Memorandum or in connection with the initial resale of the Notes by the Initial Purchasers in accordance with Section 6 of the
Purchase Agreement, and the Indenture is not required to be qualified under the TIA, in each case assuming (i) (A) that the purchasers who buy the Notes in the initial resale thereof are qualified institutional buyers as defined in Rule
144A promulgated under the Act or (B) that the offer or sale of the Notes is made in an offshore transaction as defined in Regulation S, (ii) the accuracy of such Initial Purchasers’ representations in Section 6 of the Purchase
Agreement and those of the Company contained in the Purchase Agreement regarding the absence of a general solicitation in connection with the sale of the Notes to the Initial Purchasers and the initial resale thereof and (iii) the due
performance by the Initial Purchasers of the agreements set forth in Section 6 of the Purchase Agreement. 
 We have
participated in conferences with officers of the Company, representatives of the independent certified public accountants of the Company, and representatives of the Initial Purchasers and its counsel, at which conferences the contents of the Pricing
Disclosure Package, any Company Additional Written Communication and the Final Offering Memorandum and related matters were discussed and, although we have not independently verified and are not passing upon and assume no responsibility for the
accuracy, completeness or fairness of the statements contained in the Pricing Disclosure Package, any Company Additional Written Communication and the Final Offering Memorandum, on the basis of the foregoing, nothing has come to our attention that
causes us to believe that the Pricing Disclosure Package, any Company Additional Written Communication and the Final Offering Memorandum as of its date contained, or on the Closing Date contains, an untrue statement of a material fact or omitted or
omits to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading (it being understood that we express no view with respect to the financial statements and
notes thereto or other financial data included in the Pricing Disclosure Package, the Company Additional Written Communication and the Final Offering Memorandum). 

 EXHIBIT B 
 FORM OF OPINIONS OF LOCAL COLORADO COUNSEL 
 1. CHLN, Inc.
(“CHLN”) is duly qualified as a foreign corporation and is in good standing under the laws of the State of Colorado. 
 2. Landry’s Downtown Aquarium, Inc. (“LDA”) is a corporation validly existing and in good standing under the laws of the State of Colorado. 
 3. LDA has the requisite corporate power and authority to enter into the Transaction Documents to which it is a party and to perform its obligations thereunder. 
 4. The Transaction Documents to which LDA is a party have been duly authorized by all requisite corporate action on the part of LDA, and
have been duly executed and delivered by LDA. 
 5. The LDA Deed of Trust constitutes the legal, valid and binding obligation of
LDA, enforceable against LDA in accordance with its terms. 
 6. The execution and delivery of LDA of the Transaction Documents
to which it is a party do not, and performance by LDA of its obligations thereunder will not (a) violate its articles of incorporation, or its bylaws, (b) violate the provisions of any United States Federal or State Colorado statute, rule
or regulation known to us to be applicable to LDA, or (c) violate any material judgment or order of any United States Federal or State Colorado governmental authority known to us and binding upon LDA. 
 7. Landry’s Seafood House – Colorado, Inc. (“LSHC”) is a corporation validly existing and in good standing under the
laws of the State of Colorado. 
 8. LSHC has the requisite corporate power and authority to enter into the Transaction
Documents to which it is a party and to perform its obligations thereunder. 
 9. The Transaction Documents governed by Colorado
law to which LSHC is a party have been duly authorized by all requisite corporate action on the part of LSHC and have been duly executed and delivered by LSHC. 
 10. The LSHC Deed of Trust constitutes the legal, valid and binding obligation of LSHC, enforceable against LSHC in accordance with its terms. 
 11. The execution and delivery by LSHC of the Transaction documents to which it is a party do not, and performance by LSHC of its
obligations thereunder will not (a) violate its articles of incorporation, or its bylaws, (b) violate the provisions of any United States Federal or State Colorado statute, rule or regulation known to us to be applicable to LSHC, or
(c) violate any material judgment or order of any United States Federal or State Colorado governmental authority known to us and binding upon LSHC. 

 12. Each of the Deeds of Trust creates valid liens on and security interests in all right,
title and interest of the applicable Grantor in the Property described therein, to the extent liens and security interests can be created under the UCC and the real property laws of Colorado. 
 13. The Deeds of Trust and the Fixture Filings are in proper form for filing and recording in the real property records maintained by the
Clerks and Recorders of Colorado Counties; and the Financing Statements are in proper form for filing in the office of the Colorado Secretary of State. 
 14. Upon recordation and filing as set forth in Schedule I hereto, (a) the liens created by the Aquarium Deed of Trust will be perfected in all right, title and interest of LDA in that portion of the
Aquarium Property consisting of real property located in Colorado, (b) the security interest created by the Aquarium Deed of Trust will be perfected in all right, title and interest of LDA in that portion of the Aquarium Property consisting of
fixtures located in Colorado, and (c) the security interests created by the Aquarium Deed of Trust will be perfected in all right, title and interest of LDA in that portion of the Aquarium Property consisting of personal property with respect
to which a security interest can be perfected by the filing of financing statements in Colorado under the UCC. 
 15. Upon
recordation and filing as set forth in Schedule I hereto; (a) the liens created by the Seafood House Deed of Trust will be perfected in all right, title and interest of LSHC in that portion of the Seafood House Property, consisting of real
property located in Colorado, (b) the security interests created by the Seafood House Deed of Trust will be perfected in all right, title and interest of LSHC in that portion of the Seafood House Property consisting of fixtures located in
Colorado, and (c) the security interests created by the Seafood House Deed of Trust will be perfected in all right, title and interest of LSHC in that portion of the Seafood House Property consisting of personal property with respect to which a
security interest can be perfected by the filing of financing statements in Colorado under the UCC. 
 16. Upon recordation and
filing as set forth in Schedule I hereof, (a) the liens created by the CHLN Deed of Trust will be perfected in all right, title and interest of CHLN in that portion of the CHLN Property consisting of real property located in Colorado, and
(b) the security interests created by the CHLN Deed of Trust, will be perfected in all right, title and interest of CHLN in that portion of the CHLN Property consisting of fixtures located in Colorado. 
 17. No transfer tax, stamp tax or other fee, tax or governmental charge (other than filing and recording fees imposed by law) is required to
be paid in Colorado in connection with the execution, delivery, filing or recording of the Security Documents. 
 18. No consent
of or filing with any Colorado state governmental body, agency or authority is required in connection with the execution and delivery of the Transaction Documents by the Grantors. 

 19. The Transaction Documents generally provide that they are to be governed by the laws of
the State of New York. We note that Colorado courts have applied the “most significant relationship” approach of the Restatement (Second) of Conflict of Laws for resolving conflict of laws questions in contract cases. See Wood Brothers
Homes, Inc. v. Walker Adjustment Bureau, 198 Colo. 444, 601 P.2d 1369 (1979); Budd v. American Excess Insurance Company, et al., 928 F.2d 344 (10th Cir. 1991). Section 187 of the Restatement provides that the parties to a contract may stipulate
to their choice of law to govern the validity of a contract and the rights created thereby and the laws of the state chosen will be applied to those issues unless it is determined that the particular issue in dispute is one that the parties could
not have resolved by an explicit provision in their agreement and that either: (a) the chosen state has no substantial relationship to the parties or the transaction and there is no other reasonable basis for the parties’ choice, or
(b) that application of the law of the chosen state would be contrary to a fundamental policy of a state which has a materially greater interest in the issue than the chosen state, and that under Section 188 of the Restatement would be the
state of applicable law in the absence of an effective choice of law by the parties. Although it is not free from doubt, provided that (i) the State of New York has a substantial relationship (as that term is used in Section 187 of the
Restatement) and a reasonable relation (as such term is used in Section 1-105 of the UCC) to the parties and the Transaction and (ii) the application of New York law would not be contrary to a fundamental policy of a state which has a
materially greater interest than the State of New York in the determination of particular issues, under existing precedent the choice of law provisions contained in the Transaction Documents should be given effect by the courts of the State of
Colorado and the federal courts of the United States of America applying Colorado law. Because of the fundamentally factual nature of many of these issues, the unpredictability of which public policy issues may be present in a given situation, and
the fact that our opinion is based solely upon our review of the documents described above, we do not opine that any court would necessarily hold that any choice of law provision is binding on the parties. We further note that the substantive laws
of Colorado should be applicable to the Security Documents insofar as they relate to the issue of perfection and the effect of perfection or non-perfection of liens on and security interests in real property and fixtures and to the enforcement of
the Security Documents, the procedures under which they are foreclosed, the effect of foreclosure and other matters related to the enforcement of remedies against property located in the State of Colorado. 

 EXHIBIT C 
 FORMS OF OPINIONS OF LOCAL MICHIGAN COUNSEL 
 (i) CA Muer
Corporation (“CA Muer”) is a corporation duly organized and validly existing under the laws of the State of Michigan. 
 2. CA Muer has the corporate power and authority to execute, deliver and perform each Transaction Document to which it is a party and to consummate the transactions contemplated thereby, and the Transaction Documents constitute legal, valid
and binding obligations of CA Muer, and other than with respect to the Purchase Agreement, enforceable against CA Muer in accordance with their terms. 
 3. CA Muer (a) has taken all corporate actions necessary to authorize the execution, delivery and performance of each Transaction Document to which it is a party and the transactions contemplated by
the Transaction Documents and (b) has duly executed and delivered each Transaction Document to which it is a party. 
 4.
The Mortgages are in form satisfactory for recording in the Register of Deeds of the applicable County, in Michigan where the real property subject to the particular Mortgage is located and upon such recordation, the Mortgage shall constitute a
perfected security interest in and a perfected lien upon the real property, including such real property constituting fixtures under the laws of the State of Michigan, or rights described therein, in each case in favor of the Collateral Agent.

 5. No Governmental Authorization (as defined below) or consent, approval authorization or order of any third party, and no
notice to or filing with, any Michigan governmental or Michigan corporate authority or regulatory body, is required for (a) the due execution, delivery or performance by CA Muer of any Transaction Document to which it is or is to be a party or
for the consummation of the transactions contemplated by the Transaction Documents, (b) the grant by CA Muer of the Liens in the Article 9 Collateral (hereinafter defined) granted by it pursuant to the Transaction Documents, (c) the
perfection or maintenance of the Liens in the Article 9 Collateral created under the Transaction Documents (including the priority nature thereof required under the Transaction Documents) or (d) the exercise by the Collateral Agent of its
rights under the Transaction Documents or the remedies in respect of the Article 9 Collateral pursuant to the Transaction Documents, except for (i) the filings referred to in paragraph 6 below, (ii) the filing of the Mortgages in
the real property records of the county in which the real property subject to such Mortgages is located and (iii) Governmental Authorization not required to consummate the transactions occurring on the date hereof, but required to be obtained
or made after the date of this opinion letter to enable CA Muer to comply with requirements of Applicable Law, including those required to maintain existence and good standing of CA Muer. 
 “Governmental Authorization” means any consent, approval, license, authorization or validation of, or filing, recording or
registration with, any governmental authority pursuant to any Applicable Law. 

 6. The Financing Statements prepared by counsel to the Initial Purchasers listing CA Muer as
debtor has been reviewed by us and are in appropriate form for filing with the Secretary of the State of Michigan. Upon the proper filing in the applicable Filing Offices of the Financing Statements, the Article 9 Security Interest in that portion
of the Article 9 Collateral in which a security interest may be perfected by filing a financing statement under the Uniform Commercial Code as in effect in the State of Michigan (the “Michigan UCC”) will be perfected without any other
action or notice. 
 7. The Transaction Documents generally provide that they are to be governed by the laws of the State of New
York. We note that Michigan courts have applied the “most significant relationship” approach for resolving conflict of laws questions in contract cases. See Chrysler Corp. v Skyline Indus Servs, 448 Mich 113, 528 NW 2d 698 (1995).
Section 187 of the Restatement provides that the parties to a contract may stipulate to their choice of law to govern the validity of a contract and the rights created thereby and the laws of the state chosen will be applied to those issues
unless it is determined that the particular issue in dispute is one that the parties could not have resolved by an explicit provision in their agreement and that either: (a) the chosen state has no substantial relationship to the parties or the
transaction and there is no other reasonable basis for the parties’ choice, or (b) that application of the law of the chosen state would be contrary to fundamental policy of a state which has a materially greater interest in the issue than
the chosen state, and that under Section 188 of the Restatement would be the state of applicable law in the absence of an effective choice of law by the parties. Although it is not free from doubt, provided that (i) the State of New York
has a substantial relationship (as that term is used in Section 187 of the Restatement) and a reasonable relation (as such term is used in Section 1-105 of the UCC) to the parties and the Transaction and (ii) the application of New
York law would not be contrary to a fundamental policy of a state which has a materially greater interest than the State of New York in determination of particular issues, under existing precedent the choice of law provisions contained in the
Transaction Documents should be given effect by the courts of the State of Michigan and the federal courts of the United States of America applying Michigan law. Because of the fundamentally factual nature of many of these issues, the
unpredictability of which public policy issues may be present in any given situation, and the fact that our opinion is based solely upon our review of the documents described above, we do not opine that any court would necessarily hold that any
choice of law provision is binding on the parties. We further note that the substantive laws of Michigan should be applicable to the Collateral Agreements insofar as they relate to the issue of perfection and the effect of perfection or
non-perfection of liens on and security interests in real property and fixtures and to the enforcement of the Collateral Agreements, the procedures under which they are foreclosed, the effect of foreclosure and other matters related to the
enforcement of remedies against property located in the State of Michigan. 
 8. The execution and delivery by CA Muer of the
Transaction Documents to which it is a party do not, and performance by CA Muer of its obligations thereunder including the granting of the Liens provided for in the Transaction Documents, and the Transactions contemplated thereby will not violate
(a) its articles of incorporation, or bylaws, (b) violate the provisions of State of Michigan statute, rule or regulation known to us to be applicable to CA Muer, or (c) based on the Officer’s Certificate attached hereto as
Exhibit A, violate any judgment or order of any United States federal or State of Michigan governmental authority known to us and binding upon CA Muer. 

 9. No transfer tax, stamp tax or other fee, tax or governmental charge (other than filing
and recording fees imposed by law) is required to be paid in Michigan in connection with the execution, delivery, filing or recording of the Collateral Agreements. 

 EXHIBIT D 
 FORM OF OPINIONS OF LOCAL OREGON COUNSEL 
 1. The Deed
of Trust is in form sufficient to create in the Beneficiary’s favor a valid lien on the Mortgaged Property as security for all obligations of the Grantor stated in the Deed of Trust to be so secured. 
 2. The Deed of Trust is in form sufficient to be recorded in the real property records of Multnomah County, Oregon. 
 3. Recordation of the Deed of Trust in the real property records of Multnomah County, Oregon in which the Mortgaged Property is
located will constitute the only recording or filing in the State of Oregon necessary (i) to give constructive notice to third parties of the lien of the Deed of Trust upon the Mortgaged Property and (ii) to perfect a security interest in
fixtures included in the Mortgaged Property, in each case, which under the laws of the State of Oregon constitute an interest in fixtures under the Uniform Commercial Code as enacted and in effect in the State of Oregon, to the extent that the
Grantor’s interest in the Mortgaged Property is properly of record. 
 4. No transfer tax, stamp tax or other fee,
tax or governmental charge (other than filing and recording fees imposed by law) is required to be paid in Oregon in connection with the execution, delivery, filing or recording of the Deed of Trust. 

 EXHIBIT E 
 FORM OF OPINIONS OF GENERAL COUNSEL 
 1. Each [Other Guarantor]4 has been duly
formed or incorporated, as the case may be, is validly existing as a corporation or limited partnership, as the case may be, in good standing under the laws of the jurisdiction of its formation or incorporation, has the power and authority to own
lease and operate its current properties and conduct its business as described in the Pricing Disclosure Package and the Final Offering Memorandum and is duly qualified to transact business as a foreign corporation or limited partnership, as
applicable, and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would
not have a Material Adverse Effect. All of the outstanding shares of capital stock and other ownership interests, as applicable, of each of the Company and the Guarantors has been duly and validly authorized and issued, are fully paid and
nonassessable and were not issued in violation of any preemptive or similar right and are owned directly or indirectly by the Company, as applicable, free and clear of all security interests, liens, encumbrances, equities and claims or restrictions
on transferability (other than those imposed by the Act and the securities or “Blue Sky” laws of certain domestic or foreign jurisdictions) or voting (other than Permitted Liens) or, to my knowledge, any pending or threatened claim.

 2. Each Other Guarantor (a) has the corporate or limited partnership power and authority, as applicable, to
execute, deliver and perform each Transaction Document to which it is a party and to consummate the transactions contemplated thereby, (b) has taken all corporate or limited partnership action, as applicable, necessary to authorize the
execution, delivery and performance of each Transaction Document to which it is a party and the transactions contemplated by the Transaction Documents and (c) has duly executed and delivered each Transaction Document to which it is a party.
Each Transaction Document to which any Other Guarantor is a party has been duly authorized, executed and delivered by such Other Guarantor and is the legal, valid and binding obligation of such Other Guarantor, enforceable against such Other
Guarantor in accordance with its Terms. 
 3. No Governmental Authorization (as defined below) or
consent, approval authorization or order of any third party, and no notice to or filing with, any United States federal or governmental or corporate authority or regulatory body of the [Covered States]5, is required for (a) the due execution, delivery or performance by the Other Guarantors of any
Transaction Document to which it is or is to be a party or for the consummation of the transactions contemplated by the Transaction Documents, (b) the grant by the Other Guarantors of the Liens in the Article 9 Collateral (hereinafter defined)
granted by it pursuant to the Security Agreement, (c) the perfection or maintenance of the Liens in the Article 9 Collateral created under the 
  

	4	 This definition should pick up all subsidiaries incorporated in jurisdictions other than Delaware, Texas, Oregon, Michigan or Colorado; specifically,
Florida, Maryland, Nevada, Alabama, Mississippi, Louisiana, Tennessee, Minnesota, Missouri, New Mexico, North Carolina, Ohio, South Carolina and Kansas 

	5	 These states should include Florida, Maryland, Nevada, Alabama, Mississippi, Louisiana, Tennessee, Minnesota, Missouri, New Mexico, North Carolina,
Ohio, South Carolina and Kansas 

 Security Agreement (including the priority nature thereof required under the Transaction Documents) or
(d) the exercise by the Collateral Agent of its rights under the Transaction Documents or the remedies in respect of the Article 9 Collateral pursuant to the Security Agreement, except for (i) the filings referred to in paragraph 6
below, (ii) the approval of any Gaming Authority under the Gaming Pledge Agreement, (iii) the filing of the fixture filings and the recording of the Mortgages in the real property records of the county in which the real property subject to
such Mortgages is located and (iv) Governmental Authorization not required to consummate the transactions occurring on the date hereof but required to be obtained or made after the date of this opinion letter to enable the Other Guarantors to
comply with requirements of Applicable Law, including those required to maintain existence and good standing of the Other Guarantors. 
 “Governmental Authorization” means any consent, approval, license, authorization or validation of, or filing, recording or registration with, any governmental authority pursuant to any Applicable Law. 
 4. The execution and delivery by the Other Guarantors of each Transaction Document to which it is a party does not, and the
performance by each of the Other Guarantors of its obligations thereunder, including the granting of the Liens provided for in the Transaction Documents, and the Transactions contemplated thereby, will not, (a) violate the certificate or
articles of incorporation, certificate or articles of formation, bylaws or limited partnership agreement, as applicable, of the Other Guarantors, (b) violate any Applicable Law, (c) violate any order, writ, judgment, injunction, decree,
determination or award binding upon or affecting the Other Guarantors, or (d) except for the Liens created under the Transaction Documents and Permitted Liens, result in or require the creation or imposition of any Lien upon or with respect to
any property of the Company and its Subsidiaries. After consummation of the Offering and the transactions contemplated by the Transaction Documents, no Default or Event of Default will exist under the Indenture or the Amended and Restated Credit
Agreement. 
 5. No consent, approval, authorization or other order of, or resignation or filing with, any court or other
governmental or regulatory authority or agency, is required for the Company’s or any Guarantor’s execution, delivery and performance of any Transaction Document to which the Company or such Guarantor, as applicable, is a party, or
consummation of the transactions contemplated by the Transaction Documents, except the consent and approval of the Gaming Authorities (as defined in the Gaming Pledge Agreement) in connection with the Gaming Pledge Agreement and except as such
others as have been obtained or made by the Company and such Guarantor and are in full force and effect. 
 6. Each of
the financing statements prepared by counsel to the Initial Purchasers listing an Other Guarantor has been reviewed by me (the “Financing Statements”) and is in appropriate form for filing with the Secretary of the State of the applicable
Covered State. Upon the proper filing in the applicable Filing Offices of the Financing Statements, the Article 9 Security Interest in that portion of the Article 9 Collateral in which a security interest may be perfected by filing a financing
statement under the Uniform Commercial Code as in effect in the applicable Covered State will be perfected without any other action or notice, except where the failure to perfect would not be material.

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